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Denis Gromb is the Antin I.P. Chair Professor of Finance at HEC Paris. He graduated from Ecole Polytechnique, where he also obtained a Ph.D. in Economics while visiting the London School of Economics.

His principal research interests include corporate finance, corporate governance, banking, the economics of organizations and the limits to arbitrage in financial markets. His articles have been published in leading academic journals in Economics and Finance.

Denis teaches courses related to Corporate Finance in different programs : Grande Ecole, Master in Economics, Part-time MBA, Executive MBA, and the Executive MSc in Finance.

He has previously been on the Finance faculty at MIT (1995-2001), London Business School (2001-2008), and INSEAD (2008-2015), and visited the London School of Economics (2007-2008).

Selected publications include:

·       “Large Shareholders, Monitoring and the Value of the Firm” with M. Burkart and F. Panunzi, Quarterly Journal of Economics (1997)

·       “Why Higher Takeover Premia Protect Minority Shareholders” with M. Burkart and F. Panunzi, Journal of Political Economy (1998)

·       “Equilibrium and Welfare in Markets with Constrained Arbitrageurs” with D. Vayanos, Journal of Financial Economics (2002)

·       “Public Trading and Private Incentives” with A. Faure-Grimaud, Review of Financial Studies (2004)

·       “Collusion and the Organization of Delegated Expertise” with D. Martimort, Journal of Economic Theory (2007)

·       “Limits of Arbitrage: The State of the Theory” with D. Vayanos, The Annual Review of Financial Economic (2010).

·       “Imperfect Competition in the Interbank Market for Liquidity as a Rationale for Central Banking” with V. Acharya and T. Yorulmazer, American Economic Journal: Macroeconomics (2012).

·       “Legal Investor Protection, and Takeovers” with M. Burkart, H. Muller, and F. Panunzi, Journal of Finance (2014).

Scientific articles

Culture in Organizations: Inertia and Uniformity

Journal of Law, Economics and Organization, 2006,

Minority Blocks and Takeover Premia

Journal of Institutional and Theoretical Economics, March 2006, vol. 162, n° 1, pp 39-42,

Public Trading and Private Incentives

Review of Financial Studies, 4 April 2004, vol. 17, n° 4, pp 985-1014,

Equilibrium and welfare in markets with financially constrained arbitrageurs

Journal of Financial Economics, November-December 2002, vol. 66, n° 2-3, pp 361-407,

Agency conflicts in public and negotiated transfers of corporate control

Journal of Finance (The), April 2000, vol. 55, n° 2, pp 647-677,

On the strength of corporate cultures

European Economic Review, April 1999, vol. 43, n° 4-6, pp 1021-1037,

Why Higher Takeover Premia Protect Minority Shareholders

Journal of Political Economy, February 1998, vol. 106, n° 1, pp 172-204,

Selection in Dynamic Entry Games

Games and Economic Behavior, 1997, vol. 21, pp 62-84,

Large Shareholders, Monitoring and the Value of the Firm

Quarterly Journal of Economics, 1997, vol. 112, n° 3, pp 693-728,

Working papers

Case Studies

Scientific articles

Imperfect Competition in the Interbank Market for Liquidity as a Rationale for Central Banking

American Economic Journal: Macroeconomics, 2011,

A Model of Financial Market Liquidity Based on Intermediary Capital

Journal of the European Economic Association, April-May 2010, vol. 8, n° 2-3, pp 456-466,

Limits of Arbitrage: The State of the Theory

The Annual Review of Financial Economic, 2010,

Collusion and the organization of delegated expertise

Journal of Economic Theory, November 2007, vol. 137, n° 1, pp 271-299,

Working papers

Case Studies


  • Ph.D., Economics, Ecole Polytechnique - France
  • Master in Mathematical Economics, Ecole Polytechnique - France
  • Engineering Degree, Ecole Polytechnique - France

Academic appointments

Academic responsabilities at HEC

  • 2015- Professor, Finance HEC Paris
  • 2015- Member of GREGHEC (CNRS) HEC Paris

External Academic Responsabilities

  • 2008-2015 Professor, Finance INSEAD
  • 2008-2009 Professor, Finance London Business School
  • 2007-2008 Visiting Professor, Finance London School of Economics & Political Science
  • 2001-2008 Associate Professor, Finance London Business School
  • 1999-2001 Associate Professor, Finance MIT, Massachusetts Institute of Technology, Sloan School of Management
  • 1995-1999 Assistant Professor, Finance MIT, Massachusetts Institute of Technology, Sloan School of Management

Scientific Activities

Editorial activities

  • April 2016- Associate Editor, Rand Journal of Economics

  • Awards & honors

    • 2018 Prix Vernimmen
    • 2018 2018 AFFI-CCMP Award for the best case in Finance for "Pradas Hong Kong IPO" in collaboration with Alberta Di Giuli
    • 2018 2018 Case Center Awards Competitions with "Prada's Hong Kong IPO", in collaboration with A. Di Giuli, in the category of finance, accounting and control
    • 2008 Fondation Banque de France Grant
    • 2007 ESRC Grant
    • 1994 The Review of Economic Studies Tour