Denis Gromb

Professor of Finance

HEC Paris

1 rue de la Libération

78350 Jouy-en-Josas



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o   Download my CV

o   HEC’s finance seminar series

o   Financial Intermediation Research Society (FIRS):  great conference, great atmosphere/locations




o   “Large Shareholders, Monitoring and the Value of the Firm” with Mike Burkart and Fausto Panunzi, Quarterly Journal of Economics (1997)

o   “Selection in Dynamic Entry Games” with Jean-Pierre Ponssard and David Sevy, Games and Economic Behavior (1997)

o   “Why Higher Takeover Premia Protect Minority Shareholders” with Mike Burkart and Fausto Panunzi, Journal of Political Economy (1998)

o   “On the Strength of Corporate Cultures” with Juan Carrillo, European Economic Review (1999)

o   “Agency Conflicts in Public and Negotiated Transfers of Corporate Control” with Mike Burkart and Fausto Panunzi, Journal of Finance (2000)

o   “Equilibrium and Welfare in Markets with Constrained Arbitrageurs” with Dimitri Vayanos, Journal of Financial Economics (2002)

o   “Public Trading and Private Incentives” with Antoine Faure-Grimaud, Review of Financial Studies (2004)

o   “Minority Blocks and Takeover Premia” with Mike Burkart and Fausto Panunzi, Journal of Institutional and Theoretical Economics (2006)

o   “Culture in Organizations: Inertia and Uniformity” with Juan Carrillo, Journal of Law, Economics and Organizations (2006)

o   “Collusion and the Organization of Delegated Expertise” with David Martimort, Journal of Economic Theory (2007)

o   “A Model of Financial Market Liquidity Based on Intermediary Capital” with Dimitri Vayanos, Journal of the European Economic Association (2010).

o   “Limits of Arbitrage: The State of the Theory” with Dimitri Vayanos, Annual Review of Financial Economics (2010).

o   “Imperfect Competition in the Interbank Market for Liquidity as a Rationale for Central Banking” with Viral Acharya and Tanju Yorulmazer, American Economic Journal: Macroeconomics (2012)

o   Legal Investor Protection and Takeovers + On-line appendix with Mike Burkart, Holger Mueller and Fausto Panunzi, Journal of Finance5éà&’°





o   “Arbitrage and Its Limits” with Dimitri Vayanos, The Palgrave Encyclopedia of Strategic Management (2015).





o   “Is One Share - One Vote Optimal?”  

o   “Renegotiation in Debt Contracts”

o   “Innovation and Dynamic Entry Deterrence” with David Sevy

o   “Debt Design, Liquidation Value and Monitoring” with Mike Burkart and Fausto Panunzi

o   “Entrepreneurship in Equilibrium” with David Scharfstein

o    “The Dynamics of Delegated Expertise” with David Martimort

o   “Financially Constrained Arbitrage and Cross-market Contagion” with Dimitri Vayanos.

o   “Liquidity Dry-ups: A Framework and Policy Implications” with Dimitri Vayanos.

o    “The Dynamics of Financially Constrained Arbitrage,” with Dimitri Vayanos.





o   “The ‘Limits to Arbitrage’ Agenda” with Dimitri Vayanos, VOX, April 10, 2010. VOX is CEPR’s policy portal.

o   Les limites de l’arbitrage : un nouveau paradigme en Finance with Dimitri Vayanos, forthcoming in La Jaune et la Rouge, special issue on the implications of the crisis for Economics. J&R is the magazine of Ecole Polytechnique alumni.

o   “Back to School”, Wall Street Journal June 2010 article on how finance theories must account for the crisis.





o   “Infineon: Time to Cash-in Your Chips?” with Joël Peress

In late 2011, Infineon, the German semiconductor giant, is sitting on a €2.4bn cash balance representing 40% of its assets. As part of a financial policy review, management is receiving conflicting advice as to whether to pay out some of the cash holdings, how much and by which methods.

o   “Prada’s Hong Kong IPO” with Alberta Di Giuli

o   “The Brick House” with Joël Peress




o   M1: Corporate Finance

o   M2/PhD: Corporate Finance Theory

o   MBA: Corporate Finance

o   Executive Master in Finance: Corporate Restructuring, Advanced Corporate Finance





o   My former PhD students: Jeffrey Bevelander, Chris Couch (where are you?), Adolfo DeMotta (McGill), Martin Gonzalez Eiras (U. Copenhagen), Jennifer Huang (Texas Austin), Li Jin (Oxford U.), Arvind Krishnamurthy (Stanford), Augustin Landier (Toulouse School of Economics), Jan Mahrt-Smith (Toronto), Robert Marquez (UC Davis), Oguzhan Ozbas (USC), Rong Leng, Theos Dimopoulos (HEC Lausanne), Jason Sturgess (DePaul), Oguzhan Karakas (Boston College), Yuki Sato (U. Lausanne), Vincent Fardeau (Frankfurt School of Finance and Management) Claudia Custodio (Arizona State University), Moqi Xu (LSE), Alminas Zaldokas (HKUST), Stefan Zeume (U. Michigan).


o   Friends’ sites you might enjoy:

·      Mashid Mohadjerin: Photography

·      Safia Ouares: Video, graphic design, illustrations


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