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Bruno Biais holds a PHD in finance from HEC, received the Paris Bourse dissertation award and the CNRS bronze medal. He taught at Toulouse, Carnegie Mellon, Oxford, LSE, and now HEC. His research on finance, contract theory and experimental economics is published in Econometrica, Journal of Political Economy, American Economic Review, Review of Economic Studies, Journal of Finance, Review of Financial Studies  and Journal of Financial Economics. He was editor of the Review of Economic Studies and of the Journal of Finance. He is a fellow of the Econometric Society and the Finance Theory group and has been scientific adviser to the NYSE, Euronext, European Central Bank and Bank of England.

Scientific articles

Large Risks, Limited Liability and Dynamic Moral Hazard

Econometrica, January 2010, vol. 78, n° 1, pp 73-118, (in coll. with T. MARIOTTI, J-C. ROCHET, S. VILLENEUVE)

Credit, Wages, and Bankruptcy Laws

Journal of the European Economic Association, September 2009, vol. 7, n° 5, pp 939-973, (in coll. with T. MARIOTTI)

Hindsight Bias, Risk Perception, and Investment Performance

Management Science, June 2009, vol. 55, n° 6, pp 1018-1029, (in coll. with M. WEBER)

Political Predation and Economic Development

Economics & Politics, July 2009, vol. 21, n° 2, pp 255-277, (in coll. with J-P. AZAM, R. BATES)

Entrepreneurs and new ideas

RAND Journal of Economics, Winter 2008, vol. 39, n° 4, pp 1105-1125, (in coll. with E. PEROTTI)

Dynamic Security Design: Convergence to Continuous Time and Asset Pricing Implications

Review of Economic Studies, April 2007, vol. 74, n° 2, pp 345-390, (in coll. with T. MARIOTTI, G. PLANTIN, J-C. ROCHET)

Judgemental Overconfidence, Self-Monitoring, and Trading Performance in an Experimental Financial Market

Review of Economic Studies, April 2005, vol. 72, n° 2, pp 287-312, (in coll. with D. HILTON, K. MAZURIER, S. POUGET)

Market microstructure: A survey of microfoundations, empirical results, and policy implications

International Journal of Financial Markets and Derivatives, May 2005, vol. 8, n° 2, pp 217-264, (in coll. with L. GLOSTEN, C. SPATT)

Risque opérationnel et régulation du capital dans l'industrie de la gestion de fonds d'investissement en europe

Revue d'Économie Financière, 2005, vol. 79, n° 2, pp 197-211, (in coll. with C. CASAMATTA, J-C. ROCHET)

Strategic Liquidity Supply and Security Design

Review of Economic Studies, July 2005, vol. 72, n° 3, pp 615-649, (in coll. with T. MARIOTTI)

Scientific articles

Equilibrium Discovery and Preopening Mechanisms in an Experimental Market

Management Science, March 2014, vol. 60, n° 3, pp 753-769, (in coll. with C. BISIERE, S. POUGET)

Equilibrium Pricing and Trading Volume under Preference Uncertainty

Review of Economic Studies, October 2014, vol. 81, n° 4, pp 1401-1437, (in coll. with J. HOMBERT, P. O. WEILL)

Competing mechanisms in a common value environment: A corrigendum

Econometrica, January 2013, vol. 81, n° 1, pp 393-406, (in coll. with D. MARTIMORT, J-C. ROCHET)

Clearing, Counterparty Risk, and Aggregate Risk

International Monetary Fund (IMF) Economic Review, July 2012, vol. 60, n° 2, pp 193-222, (in coll. with F. HEIDER, M. HOEROVA)

Working papers

Who supplies liquidity, how and when?

TSE Working Papers , 2017


  • Ph.D., Finance, HEC Paris - France

Academic appointments

Academic responsabilities at HEC

  • 2018- Professor, Finance HEC Paris
  • 2018- Member of GREGHEC, the joint research laboratory CNRS-HEC Paris HEC Paris
  • 2017-2018 Distinguished Visiting Professor, Finance HEC Paris
  • 1989-1993 Assistant Professor HEC Paris

External Academic Responsabilities

  • 1993-2004 Professor Université de Toulouse

Awards & honors

  • 2012 Trading and Post-Trading
  • 2012 Elected Fellow of the Econometric Society. Appointed Economic Theory Fellow, by the Society for the Advancement of Economic Theory
  • 2002 Outstanding Referee Award, Review of Financial Studies
  • 1999 Junior Fellow of the Institut Universitaire de France
  • 1998 New York Stock Exchange Award for the Best paper on Equity Trading
  • 1994 CNRS Bronze Medal
  • 1990 Paris Bourse Award for Best PHD Dissertation