Olivier DARMOUNI

Associate Professor

Finance

darmouni@hec.fr https://sites.google.com/site/olivierdarmouni/
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Biography

Olivier Darmouni est Professeur Associé et titulaire de la Chaire Pierre Andurand en Développement Durable. Olivier est un économiste financier dont les intérêts de recherche couvrent les marchés du crédit, la transition énergétique et la politique monétaire. Il applique diverses méthodes empiriques pour comprendre comment les frictions affectent le financement et l'investissement des entreprises. Avant de rejoindre HEC, Olivier était Professeur Associé à la Columbia Business School à New York. Olivier est titulaire d'un doctorat en économie de l'Université de Princeton.

Scientific articles

Pulp Friction: The Value of Quantity Contracts in Decentralized Markets

RAND Journal of Economics, Forthcoming, (in coll. with J. TOLVANEN, S. ESSIG ABERG)

Nonbank Fragility in Credit Markets: Evidence from a Two-Layer Asset Demand System

Journal of Finance, Forthcoming, (in coll. with K. Y. SIANI, K. XIAO)

Bond market stimulus: Firm-level evidence

Journal of Monetary Economics, April 2025, vol. 151, n° 103728, (in coll. with K. Y. Siani)

The Savings of Corporate Giants

Review of Financial Studies, October 2024, vol. 37, n° 10, pp 3024-3049, (in coll. with L. Mota)

Investment when new capital is hard to find

Journal of Financial Economics, April 2024, vol. 154, pp 103806, (in coll. with A. Sutherland)

Bank liquidity provision across the firm size distribution

Journal of Financial Economics, June 2022, vol. 144, n° 3, pp 908-932, (in coll. with G. Chodorow-Reich, S. Luck, M. Plosser)

Horizon effects and adverse selection in health insurance markets

Canadian Journal of Economics / Revue Canadienne d'Économique, May 2022, vol. 55, n° 2, pp 800-827, (in coll. with D. Zeltzer)

Learning about Competitors: Evidence from SME Lending

Review of Financial Studies, May 2021, vol. 34, n° 5, pp 2275-2317, (in coll. with A. Sutherland)

Informational Frictions and the Credit Crunch

Journal of Finance, August 2020, vol. 75, n° 4, pp 2055-2094,

The Effects of Quantitative Easing on Bank Lending Behavior

Review of Financial Studies, November 2017, vol. 30, n° 11, pp 3858-3887, (in coll. with A. Rodnyansky)

Working papers

Brown Capital (Re)Allocation

SSRN Electronic Journal , 2024

Nonbank Fragility in Credit Markets: Evidence from a Two-Layer Asset Demand System

SSRN Electronic Journal , 2022

Non-Bank Lending to Mid-Size Firms in Europe: Evidence from Corporate Securities

ECB Working Paper , 2022

The Rise of Bond Financing in Europe

ECB Working Paper , 2022

Pulp Friction: The Value of Quantity Contracts in Decentralized Markets

SSRN Electronic Journal , 2021

The Bond Lending Channel of Monetary Policy

SSRN Electronic Journal , 2019

Scientific articles

Bond market stimulus: Firm-level evidence

Journal of Monetary Economics, April 2025, vol. 151, n° 103728, (in coll. with K. Y. Siani)

Investment when new capital is hard to find

Journal of Financial Economics, April 2024, vol. 154, pp 103806, (in coll. with A. Sutherland)

The Savings of Corporate Giants

Review of Financial Studies, October 2024, vol. 37, n° 10, pp 3024-3049, (in coll. with L. Mota)

Bank liquidity provision across the firm size distribution

Journal of Financial Economics, June 2022, vol. 144, n° 3, pp 908-932, (in coll. with G. Chodorow-Reich, S. Luck, M. Plosser)

Working papers

Brown Capital (Re)Allocation

SSRN Electronic Journal , 2024

Nonbank Fragility in Credit Markets: Evidence from a Two-Layer Asset Demand System

SSRN Electronic Journal , 2022

Non-Bank Lending to Mid-Size Firms in Europe: Evidence from Corporate Securities

ECB Working Paper , 2022

The Rise of Bond Financing in Europe

ECB Working Paper , 2022

Education

  • Ph.D., Economics, Princeton University - USA

Academic appointments

Academic Responsibilities at HEC

  • 2025- Associate Professor, Finance HEC Paris

External Academic Responsibilities

  • 2020-2025 Associate Professor Columbia Business School

Scientific Activities

Editorial activities

  • American Economic Review, Econometrica, International Journal of Central Banking, Journal of Banking and Finance, Journal of Finance, Journal of Financial Economics, Journal of Financial Intermediation, JFQA, Journal of Financial Services Research, Journal of Monetary Economics, Journal of Money, Credit and Banking, Journal of Political Economy, Management Science, Quarterly Journal of Economics, Review of Finance, Review of Financial Studies

    • Awards & honors

    • 2023 2023 Robert Mundell Prize for his paper with Dan Zeltzer Horizon effects and adverse selection in health insurance markets, vol 55(2), pp. 800-827, May 2022