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Bruno BIAIS

Professeur

Finance

 Profile picture

Biographie

Bruno Biais a obtenu à HEC Paris son doctorat, qui a reçu le prix de thèse de la Bourse de Paris. Il a reçu la médaille de bronze du CNRS. Il a enseigné à TSE, CMU, LSE et Oxford et est professeur à HEC Paris. Ses recherches, sur la finance d'entreprise, les marchés financiers, la théorie des contrats et l'économie expérimentale, ont été publiées dans Econometrica, Journal of Political Economy, American Economic Review, Review of Economic Studies, Journal of Finance, Review of Financial Studies et Journal of Financial Economics. Il a été éditeur du Journal of Finance et de la Review of Economic Studies. Il est Fellow de la Société d'Econométrie et du Finance Theory Group. Il a été conseiller scientifique de la BCE, du NYSE, de l'AMF et de la Banque d'Angleterre. Son projet de recherche intitulé "Welfare, Incentives, and Dynamic Equilibrium" bénéficie du soutien du European Research Council (ERC Advanced Grant).

 

Articles scientifiques

Committee-based Blockchains as Games between Opportunistic Players and Adversaries

Review of Financial Studies, 19 2024, vol. 37, n° 2, pp 409-443, (in coll. with Y. AMOUSSOU-GUENOU, M. POTOP-BUTUCARU, S. TUCCI-PIERGIOVANNI)

Equilibrium Bitcoin Pricing

Journal of Finance (The), avril 2023, vol. 78, n° 2, pp 967-1014, (in coll. with C. BISIÈRE, M. BOUVARD, C. CASAMATTA, A. MENKVELD)

Advances in Blockchain and Crypto Economics

Management Science, novembre 2023, vol. 69, n° 11, pp 6417-6426, (in coll. with A. Capponi, L. W. Cong, V. Gaur, K. Giesecke)

Incentive constrained risk sharing, segmentation and asset pricing

American Economic Review, novembre 2021, vol. 111, n° 11, pp 3575-3610, (in coll. with J. HOMBERT, P.-O. WEILL)

Variation margins, fire sales, and information-constrained optimality

Review of Economic Studies, novembre 2021, vol. 88, n° 6, pp 2654-2686, (in coll. with F. HEIDER, M. HOEROVA)

Endogenous Agency Problems and the Dynamics of Rents

Review of Economic Studies, novembre 2020, vol. 87, n° 6, pp 2542–2567, (in coll. with A. LANDIER)

The microstructure of the bond market in the 20th century

Review of Economic Dynamics, juillet 2019, vol. 33, pp 250-271, (in coll. with R. GREEN)

The Blockchain Folk Theorem

Review of Financial Studies, 2 décembre 2019, vol. 32, n° 5, pp 1662–1715, (in coll. with C. BISIÈRE, M. BOUVARD, C. CASAMATTA)

Risk-Sharing or Risk-Taking? Counterparty Risk, Incentives, and Margins

Journal of Finance (The), aout 2016, vol. 71, n° 4, pp 1669-1698, (in coll. with F. HEIDER, M. HOEREVA)

Dynamics of Innovation and Risk

Review of Financial Studies, mai 2015, vol. 28, n° 5, pp 1353-1380, (in coll. with JC. ROCHET, P. WOOLLEY)

Ouvrages

Microstructure des marchés financiers : institutions, modèles et tests empiriques

Presses Universitaires de France (PUF) (in coll. with T. FOUCAULT, P. Hillion)

Chapitres d'ouvrages

Strategic interactions in blockchain: a survey of game-theoretic approaches

Principles Of Blockchain Systems, A. F. Anta, C. Georgiou, M. Herlihy, & M. Potop-Butucaru, Morgan & Claypool Publishers, 155-174

Dynamic financial contracting

Advances In Economics And Econometrics Tenth World Congress, D. Acemoglu, M. Arellano, & E. Dekel, Cambridge University Press, Volume 1. Economic Theory, 125-171

Risk sharing, adverse selection and market structure

Financial Mathematics, Bruno Biais, Thomas Björk, Jakša Cvitanic, Nicole El Karoui, Elyés Jouini, Jean Charles Rochet, Wolfgang J. Runggaldier, Springer Berlin Heidelberg, 1656, 1-51

Actes de conférence

Rational vs byzantine players in consensus-based blockchains

2020 AAMAS Proceedings , 2020 (Y. AMOUSSOU-GUENOU, M. POTOP-BUTUCARU, S. TUCCI-PIERGIOVANNI)

Blockchains, Coordination, and Forks

2019 AEA Annual Meeting , 2019 , Atlanta , 109 (C. BISIÈRE, M. BOUVARD, C. CASAMATTA)

Cahiers de recherche

Dynamic Contracting with Many Agents

TSE Working Papers , 2024

Money and Taxes Implement Dynamic Optimal Mechanisms

Cahier de Recherche du Groupe HEC , 2023

Taxing Financial Transactions

SSRN Electronic Journal , 2022

Committee-based Blockchains as Games Between - Opportunistic players and Adversaries*

Cahier de Recherche du Groupe HEC , 2021

The blockchain folk theorem

TSE Working Papers , 2017

Who supplies liquidity, how and when?

TSE Working Papers , 2017

Articles scientifiques

Committee-based Blockchains as Games between Opportunistic Players and Adversaries

Review of Financial Studies, 19 2024, vol. 37, n° 2, pp 409-443, (in coll. with Y. AMOUSSOU-GUENOU, M. POTOP-BUTUCARU, S. TUCCI-PIERGIOVANNI)

Advances in Blockchain and Crypto Economics

Management Science, novembre 2023, vol. 69, n° 11, pp 6417-6426, (in coll. with A. Capponi, L. W. Cong, V. Gaur, K. Giesecke)

Equilibrium Bitcoin Pricing

Journal of Finance (The), avril 2023, vol. 78, n° 2, pp 967-1014, (in coll. with C. BISIÈRE, M. BOUVARD, C. CASAMATTA, A. MENKVELD)

Incentive constrained risk sharing, segmentation and asset pricing

American Economic Review, novembre 2021, vol. 111, n° 11, pp 3575-3610, (in coll. with J. HOMBERT, P.-O. WEILL)

Ouvrages

Microstructure des marchés financiers : institutions, modèles et tests empiriques

Presses Universitaires de France (PUF) (in coll. with T. FOUCAULT, P. Hillion)

Chapitres d'ouvrages

Strategic interactions in blockchain: a survey of game-theoretic approaches

Principles Of Blockchain Systems, A. F. Anta, C. Georgiou, M. Herlihy, & M. Potop-Butucaru, Morgan & Claypool Publishers, 155-174

Dynamic financial contracting

Advances In Economics And Econometrics Tenth World Congress, D. Acemoglu, M. Arellano, & E. Dekel, Cambridge University Press, Volume 1. Economic Theory, 125-171

Risk sharing, adverse selection and market structure

Financial Mathematics, Bruno Biais, Thomas Björk, Jakša Cvitanic, Nicole El Karoui, Elyés Jouini, Jean Charles Rochet, Wolfgang J. Runggaldier, Springer Berlin Heidelberg, 1656, 1-51

Actes de conférence

Rational vs byzantine players in consensus-based blockchains

2020 AAMAS Proceedings , 2020 (Y. AMOUSSOU-GUENOU, M. POTOP-BUTUCARU, S. TUCCI-PIERGIOVANNI)

Blockchains, Coordination, and Forks

2019 AEA Annual Meeting , 2019 , Atlanta , 109 (C. BISIÈRE, M. BOUVARD, C. CASAMATTA)

Cahiers de recherche

Dynamic Contracting with Many Agents

TSE Working Papers , 2024

Money and Taxes Implement Dynamic Optimal Mechanisms

Cahier de Recherche du Groupe HEC , 2023

Taxing Financial Transactions

SSRN Electronic Journal , 2022

Formation

  • Doctorat en Finance, HEC Paris - France

Nominations académiques

Responsabilités académiques à HEC

  • 2018- Professeur, Finance HEC Paris
  • 2018- Membre du GREGHEC, le laboratoire de recherche CNRS-HEC Paris HEC Paris
  • 2017-2018 Distinguished Visiting Professor, Finance HEC Paris
  • 1989-1993 Professeur Assistant HEC Paris

Responsabilités académiques externes

  • 2005-2017 Directeur de Recherche CNRS Université de Toulouse
  • 1993-2004 Professeur Université de Toulouse

Prix ​​& honneurs

  • 2012 Trading and Post-Trading
  • 2012 Elected Fellow of the Econometric Society. Appointed Economic Theory Fellow, by the Society for the Advancement of Economic Theory
  • 2002 Outstanding Referee Award, Review of Financial Studies
  • 1999 Junior Fellow of the Institut Universitaire de France
  • 1998 New York Stock Exchange Award for the Best paper on Equity Trading
  • 1994 CNRS Bronze Medal
  • 1990 Paris Bourse Award for Best PHD Dissertation