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Augustin LANDIER

Professor

Finance

 Profile picture

Biography

Augustin Landier is professor of finance at HEC. Prior to that, he was professor at the Toulouse School of Economics. He has taught finance at New York University (2004-2009), at the University of Chicago (2002-2004), and was a Resident Scholar at the International Monetary Fund (2009).  He has been a visiting professor at Harvard Business School (2016) and Princeton (2013). He completed his PhD in Economics at the Massachusetts Institute of Technology in 2002, and graduated from Ecole Normale Superieure in Paris in 1998. His research is largely focused on behavioral finance, asset management, banking and corporate finance. It has been published in lead scientific Journals such as the Journal of Finance, the Quarterly Journal of Economics or the Review of Economic Studies. He was awarded the 2014 “best french young economist” award. He is also active in the public policy debate, was a member of the French Council of Economic Analysis (2010-1012 and 2014-2016) and has published several books, among which « Investing for Change » (Oxford Press 2009).

Scientific articles

Brokers and Order Flow Leakage: Evidence from Fire Sales

Journal of Finance (The), December 2019, vol. 74, n° 6, pp 2707-2749, (in coll. with A. BARBON, M. DI MAGGIO, F. FRANZONI)

Sticky Expectations and the Profitability Anomaly

Journal of Finance (The), April 2019, vol. 74, n° 2, pp 639-674, (in coll. with J.-P. BOUCHAUD, P. KRUEGER, D. THESMAR)

Taxing the Rich

Review of Economic Studies, July 1 2017, vol. 84, n° 3, pp 1186-1209, (in coll. with G. PLANTIN)

Banking integration and house price co-movement

Journal of Financial Economics, July 2017, vol. 125, n° 1, pp 1-25, (in coll. with D. SRAER, D. THESMAR)

The excess returns of "quality" stocks: a behavioral anomaly

Journal of Investment Strategies, June 2016, vol. 5, n° 3, pp 51-61, (in coll. with J-P. BOUCHAUD, S. CILIBERTI, G. SIMON, D. THESMAR)

The WACC Fallacy: The Real Effects of Using a Unique Discount Rate

Journal of Finance (The), June 2015, vol. 70, n° 3, pp 1253-1285, (in coll. with P. KRUEGER, D. THESMAR)

Vulnerable banks

Journal of Financial Economics, March 2015, vol. 115, n° 3, pp 471-482, (in coll. with R. GREENWOOD, D. THESMAR)

CEO Pay and Firm Size: An Update After the Crisis

Economic Journal, February 2014, vol. 124, n° 574, pp 40-59, (in coll. with Xavier Gabaix, Julien Sauvagnat)

Instabilities in large economies: aggregate volatility without idiosyncratic shocks

Journal of Statistical Mechanics: Theory and Experiment, October 2014, vol. 10, n° P10040, (in coll. with J. BONART, J.-P. BOUICHAUD, D. THESMAR)

Do Hedge Funds Manipulate Stock Prices?

Journal of Finance (The), December 2013, vol. 68, n° 6, pp 2383-2434, (in coll. with ITZHAK BEN-DAVID, FRANCESCO FRANZONI, RABIH MOUSSAWI)

Books

10 idées qui coulent la France

Flammarion

La société translucide

Fayard, Paris

Investing for Change: Profit from Responsible Investing

Oxford University Press

Le grand méchant marché - décryptage d'un fantasme français

Flammarion

Chapters edited in books

Regulating Systemic Risk through Transparency: Trade-Offs in Making Data Public

Risk Topography – Systemic Risk And Macro Modeling, Markus Brunnermeier and Arvind Krishnamurthy, University of Chicago Press

Working papers

Scientific articles

Brokers and Order Flow Leakage: Evidence from Fire Sales

Journal of Finance (The), December 2019, vol. 74, n° 6, pp 2707-2749, (in coll. with A. BARBON, M. DI MAGGIO, F. FRANZONI)

Sticky Expectations and the Profitability Anomaly

Journal of Finance (The), April 2019, vol. 74, n° 2, pp 639-674, (in coll. with J.-P. BOUCHAUD, P. KRUEGER, D. THESMAR)

Banking integration and house price co-movement

Journal of Financial Economics, July 2017, vol. 125, n° 1, pp 1-25, (in coll. with D. SRAER, D. THESMAR)

Taxing the Rich

Review of Economic Studies, July 1 2017, vol. 84, n° 3, pp 1186-1209, (in coll. with G. PLANTIN)

Books

10 idées qui coulent la France

Flammarion

La société translucide

Fayard, Paris

Investing for Change: Profit from Responsible Investing

Oxford University Press

Le grand méchant marché - décryptage d'un fantasme français

Flammarion

Chapters edited in books

Regulating Systemic Risk through Transparency: Trade-Offs in Making Data Public

Risk Topography – Systemic Risk And Macro Modeling, Markus Brunnermeier and Arvind Krishnamurthy, University of Chicago Press

Working papers

Education

  • Ph.D. in Economics, MIT, Sloan School of Management - USA
  • DEA, Economy, -, DELTA-EHESS - France
  • DEA de Philosophie des Sciences, Université de Paris I - France
  • Agregation de Mathematiques, Université de Paris VI - France
  • Concours Maths 1994-1998, ENS Paris - France
  • Maitrise de Mathematiques, Université de Paris VI - France

Academic appointments

Academic responsabilities at HEC

  • 2017- Professor, Finance HEC Paris
  • 2017- Member, GREGHEC (CNRS), GREGHEC HEC Paris

External Academic Responsabilities

  • 2009-2017 Professor, Finance Toulouse School of Economics
  • 2013-2013 Invited Visiting professor Princeton University
  • 2009-2009 Resident Scholar International Monetary Fund, IMF
  • 2008-2009 Adjunct Associate Professor New York University, Stern School of Business
  • 2004-2008 Assistant Professor New York University, Stern School of Business
  • 2002-2004 Assistant Professor University of Chicago

Scientific Activities

Membership in Academic or Professional Organisation

  • Member of the French Council of Economic Analysis (CAE)

Editorial activities

  • 2008- Chroniqueur Les Echos
  • Referee Reports: American Economic Review, European Economic Review, Journal of Applied Economics, Journal of Finance, Journal of Labor Economics, Journal of Public Economics, Quarterly Journal of Economics, Review of Economic Studies, Review of Financial Studies, Journal of Financial Economics

  • Conference organisation

  • 2012-2013 Commissaire Scientifique de l’Exposition sur l’Economie de la Cité des Sciences
  • Awards & honors

    • 2011 Europlace Best Paper on a Hot Topic Award