Skip to main content
About HEC About HEC Faculty & Research Faculty & Research Master’s programs Master’s programs MBA Programs MBA Programs PhD Program PhD Program Executive Education Executive Education Summer School Summer School HEC Online HEC Online About HEC Overview Overview Who
We Are Who
We Are
Egalité des chances Egalité des chances HEC Talents HEC Talents International International Campus
Life Campus
Sustainability Sustainability Diversity
& Inclusion Diversity
& Inclusion
Stories Stories The HEC
Foundation The HEC
Coronavirus Coronavirus
Faculty & Research Overview Overview Faculty Directory Faculty Directory Departments Departments Centers Centers Chairs Chairs Knowledge Knowledge Master’s programs Master in
Management Master in
Master in
International Finance Master in
International Finance
Masters Specialized
Ecole Polytechnique
-HEC programs Ecole Polytechnique
-HEC programs
programs Dual-Degree
students Visiting
Certificates Certificates Student
Life Student
MBA Programs MBA MBA Executive MBA Executive MBA TRIUM EMBA TRIUM EMBA PhD Program Overview Overview HEC Difference HEC Difference Program details Program details Research areas Research areas HEC Community HEC Community Placement Placement Job Market Job Market Admissions Admissions Financing Financing Executive Education Executive Masters Executive Masters Executive Certificates Executive Certificates Executive short programs Executive short programs Online Online Companies Companies Executive MBA Executive MBA Infinity Pass Infinity Pass Summer School Youth Programs Youth Programs Summer programs Summer programs HEC Online Overview Overview Degree Program Degree Program Executive certificates Executive certificates MOOCs MOOCs Summer Programs Summer Programs
PhD Program

HEC Paris PhD Candidate Maxime Bonelli, wins the EFA Doctoral Tutorial Prize 2022

Maxime Bonelli, PhD Candidate, Finance

Congratulations Maxime!

The European Finance Association (EFA) DT Co-Chairs awards the best paper presented at the 2022 EFA Doctoral Tutorial to Maxime Bonelli, HEC PhD in Finance.

Title: The Adoption of Artificial Intelligence by Venture Capitalists

I study the effects of artificial intelligence (AI) adoption by venture capitalists (VCs) to screen investment opportunities. First, I document a series of new facts. After AI adoption, VCs augment their investments in ``backward-similar'' startups, i.e., based on business ideas tried and tested by previous startups. Among these, VCs become better at picking high-quality startups that will survive and receive follow-on funding. However, VCs become less likely to finance startups that will achieve major breakthroughs, e.g., IPO or patenting. This is consistent with AI using historical data informative about "backward-similar" startups but not about breakthrough innovations. Second, for causal identification, I exploit a shock increasing some VCs' number of potential investment opportunities and thus incentive to adopt AI to automate screening. I find that VCs more exposed to the shock are more likely to adopt AI, and then to invest in "backward-similar'' startups that are of high-quality but nevertheless less likely to achieve an IPO. My results suggest that AI adoption by VCs might not enable more funding of breakthrough innovations.

Background: Before beginning his doctoral studies at HEC Paris, Maxime worked as a quantitative researcher in the asset management industry for more than four years. He holds a Ph.D. in Mathematics (Inria), a Master in Economics (Ecole polytechnique - ENSAE - HEC Paris) and an Engineering degree in Applied Mathematics (Ecole Polytechnique Université Nice Sophia Antipolis).

Maxime will be on the academic job market during the 2022-2023 academic year. Visit his website here


PhD - news - logo EFA