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Christophe SPAENJERS

Associate Professor

Finance

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Biography

Christophe Spaenjers is an Associate Professor of Finance at HEC Paris. He earned his Ph.D. at Tilburg University. 

His research interests include investments, investor behavior, household finance, corporate finance, and financial history.

He has published in journals such as the American Economic Review, Journal of Financial Economics, Management Science, and Oxford Economic Papers. Christophe Spaenjers teaches in the MBA programs.

Scientific articles

A Model of Trading in the Art Market

American Economic Review, March 2018, vol. 108, n° 3, pp 744-774, (in coll. with S. LOVO)

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 S. LOVO)

Organizational and Epistemic Change: The Growth of the Art Investment Field

Accounting, Organizations and Society, November 2016, vol. 55, pp 48 - 62, (in coll. with E. COSLOR)

Subjective life horizon and portfolio choice

Journal of Economic Behavior and Organization, August 2015, vol. 116, pp 94-106, (in coll. with S. M. SPIRA)

The Economics of Aesthetics and Record Prices for Art since 1701

Explorations in Economic History, July 2015, vol. 57, pp 79-94, (in coll. with W. GOETZMANN, E. MAMONOVA)

The price of wine

Journal of Financial Economics, November 2015, vol. 118, n° 2, pp 431-449, (in coll. with E. DIMSON, P. ROUSSEAU)

Investing in Emotional Assets

Financial Analysts Journal, March - April 2014, vol. 70, n° 2, pp 20-25, (in coll. with E. DIMSON)

Sentiment and Art Prices

Economics Letters, March 2014, vol. 122, n° 3, pp 432-434, (in coll. with J. PENASSE, L. RENNEBOOG)

Buying Beauty: On Prices and Returns in the Art Market

Management Science, January 2013, vol. 59, n° 1, pp 36-53, (in coll. with L. Renneboog)

Hard assets: The returns on rare diamonds and gems

Finance Research Letters, December 2012, vol. 9, n° 4, pp 220-230, (in coll. with L. Renneboog)

Chapters edited in books

Investment Returns and Economic Fundamentals in International Art Markets

Cosmopolitan Canvases: The Globalization Of Markets For Contemporary Art, O. Velthuis, S. Baia-Curioni (eds.), Oxford University Press, 129-146

The investment performance of art and other collectibles

Risk And Uncertainty In The Art World, A. Dempster (Ed.), Bloomsbury Publishing

Religion and finance

Socially Responsible Finance And Investing, H. Kent Baker, J. Nofsinger (Eds), John Wiley & Sons US

Working papers

Scientific articles

A Model of Trading in the Art Market

American Economic Review, March 2018, vol. 108, n° 3, pp 744-774, (in coll. with S. LOVO)

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 S. LOVO)

Organizational and Epistemic Change: The Growth of the Art Investment Field

Accounting, Organizations and Society, November 2016, vol. 55, pp 48 - 62, (in coll. with E. COSLOR)

Subjective life horizon and portfolio choice

Journal of Economic Behavior and Organization, August 2015, vol. 116, pp 94-106, (in coll. with S. M. SPIRA)

Chapters edited in books

Investment Returns and Economic Fundamentals in International Art Markets

Cosmopolitan Canvases: The Globalization Of Markets For Contemporary Art, O. Velthuis, S. Baia-Curioni (eds.), Oxford University Press, 129-146

The investment performance of art and other collectibles

Risk And Uncertainty In The Art World, A. Dempster (Ed.), Bloomsbury Publishing

Religion and finance

Socially Responsible Finance And Investing, H. Kent Baker, J. Nofsinger (Eds), John Wiley & Sons US

Working papers

Education

  • Ph.D. in Finance, Tilburg University - The Netherlands
  • M.Phil. in Finance, Tilburg University - The Netherlands
  • M.Sc. in Business Economics, Ghent University - Belgium

Academic appointments

Academic responsabilities at HEC

  • 2016- Associate Professor, Finance HEC Paris
  • 2011-2016 Assistant Professor, Finance HEC Paris
  • 2011- Member of GREGHEC (CNRS) HEC Paris

Scientific Activities

Editorial activities

  • Reviewer, Economics Letters, European Financial Management, Financial History Review, International Journal of Finance and Economics, Journal of Cultural Economics, Journal of Economic Behavior Organization, Journal of Socio-Eocnomics, Oxford Economic Papers, Quarterly Journal of Economics, Review of Finance

  • Conference organisation

  • 2014-2014 Co-organizer, Art, Mind and Markets - Yale School of Management
  • 2012-2014 Coordinator, Finance Brown Bag seminars, HEC Paris
  • Awards & honors

    • 2015 Fondation Banque de France "Young Researcher in Economics" 2015 Prize
    • 2013 American Association of Wine Economists Prize for the Best Conference Presentation