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Christophe SPAENJERS

Associate Professor

Finance

 Profile picture

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, Review of Financial StudiesJournal of Financial Economics, and Management Science. Christophe Spaenjers teaches in the MBA programs.

Scientific articles

“We’ll Always Have Paris”: Out-of-Country Buyers in the Housing Market

Management Science, July 2021, vol. 67, n° 7, pp 4120-4138, (in coll. with D. CVIJANOVIC)

Real and Private-Value Assets

Review of Financial Studies, August 2021, vol. 34, n° 8, pp 3497-3526, (in coll. with W. GOETZMANN, S. VAN NIEUWERBURGH)

The Rate of Return on Real Estate: Long-Run Micro-Level Evidence

Review of Financial Studies, August 2021, vol. 34, n° 8, pp 3572-3607, (in coll. with D. CHAMBERS, E. STEINER)

Art as an asset: Evidence from Keynes the collector

Review of Asset Pricing Studies, October 2020, vol. 10, n° 3, pp 490–520, (in coll. with D. CHAMBERS, E. DIMSON)

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)

Chapters in edited 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

“We’ll Always Have Paris”: Out-of-Country Buyers in the Housing Market

Management Science, July 2021, vol. 67, n° 7, pp 4120-4138, (in coll. with D. CVIJANOVIC)

Real and Private-Value Assets

Review of Financial Studies, August 2021, vol. 34, n° 8, pp 3497-3526, (in coll. with W. GOETZMANN, S. VAN NIEUWERBURGH)

The Rate of Return on Real Estate: Long-Run Micro-Level Evidence

Review of Financial Studies, August 2021, vol. 34, n° 8, pp 3572-3607, (in coll. with D. CHAMBERS, E. STEINER)

Art as an asset: Evidence from Keynes the collector

Review of Asset Pricing Studies, October 2020, vol. 10, n° 3, pp 490–520, (in coll. with D. CHAMBERS, E. DIMSON)

Chapters in edited 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 Responsibilities at HEC

  • 2021- Department Head, Finance HEC Paris
  • 2016- Associate Professor, Finance HEC Paris
  • 2011-2016 Assistant Professor, Finance HEC Paris
  • 2011- Member of GREGHEC, the joint research laboratory CNRS-HEC Paris 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