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

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)

Ascending auctions for multiple objects: the case for the Japanese design

Economic Theory, August 2006, vol. 28, n° 2, pp 331-355, (in coll. with F. Germano, G. Albano)

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)

De l'impact de la microstructure d'un marché de permis de polluer sur la politique environnementale

Annales d'Economie et de Statistique, 2004, n° 74, pp 177-208, (in coll. with M. Germain, V. van Steenberghe)

A Comparison of Standard Multi-Unit Auctions With Synergies

Economics Letters, 2001, n° 71, pp 55-60, (in coll. with G. Albano, F. Germano)

Working papers

Myopia and Overlapping Generations

Mimeo , 2005

What is the Magic in an Equity Deal ? Theory and Evidence on the Means of Payment in Asset Sales

Mimeo , 2004

Linkage Principle, Multi-dimensional Signals and Blind Auctions

Cahier de Recherche du Groupe HEC , 2003

Market informational inefficiency, Risk Aversion and Quantity Grid

Cahier de Recherche du Groupe HEC , 2003

On Some Collusive and Signaling Equilibria in Ascending Auctions for Multiple Objects

Cahier de Recherche du Groupe HEC , 2002

Risk Aversion and Herd Behavior in Financial Markets

Cahier de Recherche du Groupe HEC , 2002

De l'impact de la microstructure d'un marché de permis de polluer sur la politique environnementale

Discussion paper - CORE, Université Catholique de Louvain , 2001

Market Efficiency and Price Formation when Dealers are Asymmetrically Informed

Cahier de Recherche du Groupe HEC , 2001

Infinitely Lived Representative Agent Exchange Economy with Myopia

Discussion paper - CORE, Université Catholique de Louvain , 2000

A Comparison of Standard Multi-Unit Auctions with Synergies

Discussion paper - CORE, Université Catholique de Louvain , 1999

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)

Working papers

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

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"