Stefano LOVO

Professor

Finance

lovo@hec.fr http://www.hec.fr/lovo
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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

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)

Risk Attitude, Beliefs Updating, and the Information Content of Trades: An Experiment

Management Science, June 2015, vol. 61, n° 6, pp 1378-1397, (in coll. with C. BISIERE, J. P. DECAMPS)

Asynchronicity and coordination in common and opposing interest games

Theoretical Economics, 2 December 2014, vol. 9, n° 2, pp 409-434, (in coll. with R. CALCAGNO, Y. KAMADA, T. SUGAYA)

Credit Rating Industry: A Helicopter Tour of Stylized Facts and Recent Theories

International Journal of Industrial Organization, September 2013, vol. 31, n° 5, pp 643-651, (in coll. with D. Jeon)

Belief-free equilibria in games with incomplete information: characterization and existence

Journal of Economic Theory, September 2011, vol. 146, n° 5, pp 1770-1795, (in coll. with J. Hörner, T. TOMALA)

Myopia and Monetary Equilibria

Journal of Mathematical Economics, September 2010, vol. 46, n° 5, pp 925-936, (in coll. with H. Polemarchakis)

Belief-free equilibria in games with incomplete information

Econometrica, July 2009, vol. 77, n° 2, pp 453-487, (in coll. with J. Hörner)

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 M. Slovin, U. HEGE, M. Sushka)

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)

Working papers

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

When Private Equity Can Afford to be Generous

Mimeo , 2010

Belief-free equilibria in games with incomplete information: characterization and existence

Cahier de Recherche du Groupe HEC , 2009

Belief-free equilibria in games with incomplete information: characterization and existence

Working Papers, Yale School of Management's Economics Research Network , 2009

Risk attitude, beliefs updating and the information content of trades : an experiment

Cahier de Recherche du Groupe HEC , 2009

Belief-free equilibria in games with incomplete information

Cahier de Recherche du Groupe HEC , 2008

Structuring Intercorporate Asset Sales: Theory and Evidence

Mimeo , 2008

Equity and Cash in Intercorporate Asset Sales: Theory and Evidence

Cahier de Recherche du Groupe HEC , 2006

Scientific articles

A Model of Trading in the Art Market

American Economic Review, July 2018, vol. 108, n° 3, pp 744-774, (in coll. with C. SPAENJERS)

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, 3 February 2018, vol. 53, pp 21-37, (in coll. with U. HEGE, M. B. SLOVIN, M. E. SUSHKA)

Zero-sum revision games

Games and Economic Behavior, July 2018, vol. 108, pp 504-522, (in coll. with F. GENSBITTEL, J. RENAULT, T. TOMALA)

Working papers

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

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

  • 2022-2023 Department Head, Finance HEC Paris

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

    • Awards & honors

    • 2025 2025 Faculty Impact award with Yurii Handziuk
    • 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"