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Stefano LOVO

Professor

Finance

 Profile picture

Biography

Stefano Lovo received his Ph.D. in 2000 from CORE (Université Catholique de Louvain). He is a member of GREGHEC (CNRS).

His research focuses on information economics and its applications to financial markets and corporate finance. He has worked on various topics such as asymmetry of information among market-makers, inter-corporate asset sales, repeated games, market herd behavior, multi-unit auctions. His work is published or is in academic journals such as Econometrica, The Review of Economic Studies, Review of Financial Studies, among others.

Scientific articles

Credit rating agencies, information asymmetry and US bond liquidity

Journal of Business Finance & Accounting, Forthcoming, (in coll. with P. Raimbourg, F. Salvadè)

A Contracting Model of EntireFairness: An Analysis of Divestituresof Parent-Held Control Blocks

Journal of Law, Finance, and Accounting, 2021, vol. 6, n° 1, pp 89-123, (in coll. with M. B. SLOVIN, M. E. SUSHKA)

Divisional buyouts by private equity and the market for divested assets

Journal of Corporate Finance, December 2018, vol. 53, pp 21-37, (in coll. with U. HEGE, M. B. SLOVIN, M. E. SUSHKA)

Belief-free price formation

Journal of Financial Economics, February 2018, vol. 127, n° 2, pp 342-365, (in coll. with J. HÖRNER, T. TOMALA)

No-trade in second-price auctions with entry costs and secret reserve prices

Economics Letters, July 2017, vol. 156, pp 142-144, (in coll. with C. SPAENJERS)

Equity and Cash in Intercorporate Asset Sales: Theory and Evidence

Review of Financial Studies, February 2009, vol. 22, n° 2, pp 681-714, (in coll. with U. HEGE, M. Slovin, M. Sushka)

Retaliatory Equilibria in a Japanese Ascending Auction for Multiple Objects

Review of Economic Design, April 2006, vol. 10, n° 1, pp 1-8, (in coll. with G. Albano, F. Germano)

Bid Ask Price Competition with Asymmetric Information Between Market Makers

Review of Economic Studies, April 2006, vol. 73, n° 2, pp 329-355, (in coll. with R. Calcagno)

A Note on Risk Aversion and Herd Behavior in Financial Markets

Geneva Papers on Risk and Insurance Theory, July 2006, vol. 31, n° 1, (in coll. with J. Decamps)

Informational cascades with endogenous prices: The role of risk aversion

Journal of Mathematical Economics, February 2006, vol. 42, n° 1, pp 109-120, (in coll. with J. Décamps)

Working papers

ESG Investing: How to Optimize Impact?

Cahier de Recherche du Groupe HEC , 2020

Belief-free Price Formation

TSE Working Papers , 2017

Herding in Equity Crowdfunding

Cahier de Recherche du Groupe HEC , 2017

A Model of Trading and Price Indexes in the Art Market

Cahier de Recherche du Groupe HEC , 2016

Auctions with Participation Costs and Secret Reserve Prices

Cahier de Recherche du Groupe HEC , 2016

Markov Perfect Equilibria in Stochastic Revision Games

Cahier de Recherche du Groupe HEC , 2015

A Model of Trading in Unique Durable Assets

Cahier de Recherche du Groupe HEC , 2014

Belief-free Market Making

Mimeo , 2012

Natural Barrier to Entry in the Credit Rating Industry

Mimeo , 2010

Preopening and Equilibrium Selection

Cahier de Recherche du Groupe HEC , 2010

Scientific articles

A Contracting Model of EntireFairness: An Analysis of Divestituresof Parent-Held Control Blocks

Journal of Law, Finance, and Accounting, 2021, vol. 6, n° 1, pp 89-123, (in coll. with M. B. SLOVIN, M. E. SUSHKA)

Belief-free price formation

Journal of Financial Economics, February 2018, vol. 127, n° 2, pp 342-365, (in coll. with J. HÖRNER, T. TOMALA)

Divisional buyouts by private equity and the market for divested assets

Journal of Corporate Finance, December 2018, vol. 53, pp 21-37, (in coll. with U. HEGE, M. B. SLOVIN, M. E. SUSHKA)

No-trade in second-price auctions with entry costs and secret reserve prices

Economics Letters, July 2017, vol. 156, pp 142-144, (in coll. with C. SPAENJERS)

Working papers

ESG Investing: How to Optimize Impact?

Cahier de Recherche du Groupe HEC , 2020

Belief-free Price Formation

TSE Working Papers , 2017

Herding in Equity Crowdfunding

Cahier de Recherche du Groupe HEC , 2017

A Model of Trading and Price Indexes in the Art Market

Cahier de Recherche du Groupe HEC , 2016

Education

  • Ph.D. in Economics, Center for Operation Research and Econometrics (CORE), Université Catholique de Louvain - Belgium
  • Master of Arts in Economics, Universite Catholique de Louvain la Neuve - Belgium

Academic appointments

Academic Responsibilities at HEC

  • 2010- Professor HEC Paris
  • 2006-2010 Associate Professor, Finance HEC Paris
  • 2006-2007 Head, Finance and Economic Department HEC Paris
  • 2003-2005 Co-organisation, research seminar, Finance department HEC Paris
  • 2004- Member of GREGHEC, the joint research laboratory CNRS-HEC Paris HEC Paris

External Academic Responsibilities

  • 2007-2007 Visiting Professor Université de Toulouse I
  • 1999-2000 Post Doc, Institut d'Economie Industrielle Université des Sciences Sociales de Toulouse I
  • 1997-1999 Teaching Assistant for Prof. H. Polemarchakis (Advanced Microeconomics) Universite Catholique de Louvain la Neuve
  • 1996-1999 Research Assistant, CORE Universite Catholique de Louvain la Neuve
  • 1995-1996 Research activity at CORE for Fondazione Luigi Einaudi Universite Catholique de Louvain la Neuve
  • 1993-1995 Teaching Assistant for Prof. M Frigero (Applied Economics) Università degli Studi di Torino

Scientific Activities

Membership in Academic or Professional Organisation

  • Member, American Finance Association
  • Member, Western Finance Association
  • Member, Econometric Society
  • Member, Marie Curie Fellowship Association

Editorial activities

  • Reviewer, Journal of Mathematical Economics
  • Reviewer, Econometrica
  • Reviewer, International Journal of Industrial Organization
  • Reviewer, Review of Economic Studies
  • Reviewer, Rand Journal of Economics
  • Reviewer, Revue Finance

  • Awards & honors

    • 2010 Prix du Chercheur de l'annee 2010, Fondation HEC
    • 1999 PAI-UAP "First Price for Young Researcher" for the paper on "Bid-Ask Price Competition with Asymmetric Information Between Market Makers"