HEC Prof Johan Hombert awarded Best Young Researcher by the Fondation Banque de France
After Philip Valta in 2013, Johan Hombert, HEC Paris Assistant Professor in Finance and member of the Research Laborotary GREGHEC has won the prize of the “Best Young Researcher” by the Fondation Banque de France. This award is given to Johan Hombert for his overall research on the economics of financial markets and banking including empirical and applied theory papers.
His work on financial markets analyzes the impact of institutional and information frictions on the functioning of financial markets. His mains contributions in this area have been to investigate how (1) contractual frictions between asset managers and their investors and (2) the speed of collecting, processing and using information affect investment strategies, asset prices, market liquidity, volatility, and market efficiency. His work in banking focuses on the impact of banking deregulation on the financing of innovation and on the labor market for inventors.
See below his majors papers:
Overcoming Limits of Arbitrage: Theory and Evidence (Journal of Financial Economics, 2014), with David Thesmar. They show that arbitrageurs’ financing contracts determine their ability to exploit arbitrage opportunities. They develop a model to illustrate that arbitrageurs who secure long term capital can withstand temporary losses and exploit long term arbitrage opportunities.
Equilibrium Pricing and Trading Volume under Preference Uncertainty (forthcoming Review of Economic Studies), with Bruno Biais and Pierre-Olivier Weill. They argue that because information collection and processing in financial institutions is challenging, risk exposure is not observed in real time.
News Trading and Speed with Thierry Foucault and Ioanid Rosu. They study the effect of speed in financial markets
The Real Effects of Lending Relationships : Evidence from Innovative Firms and Inventor Mobility with Adrien Matray. They study the impact of banking deregulation in the U.S. on innovation.
More about Johan Hombert
Johan Hombert joined HEC Paris in 2010 after working for INSEE and teaching at ENSAE (National School of Statistics and Economic Administration), from which he himself graduated. He holds a PhD in economics from the Toulouse School of Economics as well as an engineering degree from Ecole Polytechnique. His research focuses on frictions in financial markets, entrepreneurship, and industrial organization.