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Bruno BIAIS

Professor

Finance

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Biography

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. His current research project, entitled "Welfare, Incentives, and Dynamic Equilibrium" benefits from the support ot the European Resarch Council (ERC Advanced Grant).

Scientific articles

Machiavellian Privatization

American Economic Review, July 2002, vol. 92, n° 1, pp 240-258, (in coll. with E. PEROTTI)

Incentive-Compatible Contracts for the Sale of Information: Table 1

Review of Financial Studies, July 2002, vol. 15, n° 4, pp 987-1003, (in coll. with L. GERMAIN)

IPO Auctions: English, Dutch, … French, and Internet

Journal of Financial Intermediation, 2002, vol. 11, n° 1, pp 9-36, (in coll. with A-M. FAUGERON-CROUZET)

An Optimal IPO Mechanism

Review of Economic Studies, January 2002, vol. 69, n° 1, pp 117-146, (in coll. with P. BOSSAERTS, J-C. ROCHET)

Informal and Formal Credit Markets and Credit Rationing in Cote d'Ivoire

Oxford Review of Economic Policy, 3 February 2001, vol. 17, n° 4, pp 520-534, (in coll. with J-P. AZAM, M. DIA, C. MAUREL)

Competing Mechanisms in a Common Value Environment

Econometrica, July 2000, vol. 68, n° 4, pp 799-837, (in coll. with D. MARTIMORT, J-C. ROCHET)

Darwinian selection does not eliminate irrational traders

European Economic Review, July 2000, vol. 44, n° 3, pp 469-490, (in coll. with R. SHADUR)

Price Discovery and Learning during the Preopening Period in the Paris Bourse

Journal of Political Economy, 3 February 1999, vol. 107, n° 6, pp 1218-1248, (in coll. with P. HILLION, C. SPATT)

Short Sales Constraints, Liquidity and Price Discovery: An Empirical Analysis on the Paris Bourse

European Financial Management, November 1999, vol. 5, n° 3, pp 395-410, (in coll. with C. BISIERE, J-P. DECAMPS)

Optimal Leverage and Aggregate Investment

Journal of Finance, August 1999, vol. 54, n° 4, pp 1291-1323, (in coll. with C. CASAMATTA)

Books

Chapters in edited books

Proceedings

Working papers

Scientific articles

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)

HFT and Market Quality

Bankers, Markets & Investors (ex-Banque & Marchés), January-February 2014, n° 128, pp 5-19, (in coll. with T. FOUCAULT)

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)

Books

Chapters in edited books

Proceedings

Working papers

Education

  • Doctorate in Finance, HEC Paris - France

Academic appointments

Academic Responsibilities at HEC

  • 2018- Professor, Finance HEC Paris
  • 1989-1993 Assistant Professor HEC Paris

External Academic Responsibilities

  • 2005-2017 Directeur de Recherche CNRS Université de Toulouse
  • 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