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Denis Gromb Professor of Finance HEC Paris 1 rue de la Libération 78350 Jouy-en-Josas FRANCE Email : gromb@hec.fr Web : http://www.denisgromb.com/ |
ACADEMIC LINKS
o
HEC’s
finance seminar series
o
Financial Intermediation Research
Society (FIRS): great conference, great atmosphere/locations
PUBLICATIONS
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&’°
BOOK CHAPTERS
o
“Arbitrage and Its Limits”
with Dimitri Vayanos, The Palgrave Encyclopedia of Strategic Management (2015).
WORKING PAPERS
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
“Financing Capacity Investment Under
Uncertainty: An Optimal Contracting Approach” with Francis de Véricourt
o
“Financing the
Newsvendor” with Francis de Véricourt
o
“Drugs, Showrooms and Financial
Products: Competition and Regulation
when Sellers Provide Expert
Advice” with David Bardey, David Martimort and
Jérôme Pouyet
o
“The Paradox of Pledgeability” with Giorgia
Piacentino and Jason Donaldson
SHORT PAPERS, COLUMNS, PRESS CITATIONS
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.
- “On
Pricing Anomalies and the Limits of Arbitrage” with Dimitri Vayanos, INSEAD Knowledge, online INSEAD
research digest.
CASE STUDIES
o Infineon Technologies: Time to
Cash-in Your Chips?
with
Joël Peress
Winner of the 2014 EFMD competition, “Finance and Banking”
category
https://cb.hbsp.harvard.edu/cbmp/product/INS791-PDF-ENG
In late 2011,
Infineon, the 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 Bain Capital’s “Take Private” of
China Fire with Marc Kitten
In March 2011, China Fire, a
US-listed Chinese company under pressure from hedge funds, must evaluate a
buyout offer from private equity firm Bain Capital and management.
http://www.thecasecentre.org/educators/products/view?id=133859
o Bain Capital’s “Take Private” of
China Fire (Abridged) with Marc Kitten
http://www.thecasecentre.org/educators/products/view?id=135157
o Prada’s Hong Kong IPO with Alberta Di Giuli
http://www.thecasecentre.org/educators/products/view?id=135757
In March 2011, Prada is preparing
an IPO, set for June in Hong Kong. A team at Crédit Agricole’s CLSA unit is
setting a preliminary price range, structuring the offering and preparing the
IPO process. The case offers an opportunity to discuss the pros and cons of the
IPO, to value the IPO using multiples and DCF, to set of the number of primary
and secondary shares to be offered in the IPO, and to review the IPO process.
o Prada’s Hong Kong IPO (Abridged) with Alberta Di Giuli
http://www.thecasecentre.org/educators/products/view?id=135759
o The Brick House: Managing Growth with Joël Peress
o Apex Capital: The Nova LBO
TEACHING @ HEC
o
M1: Corporate Finance
o
M2/PhD: Corporate Finance Theory
o
MBA: Corporate
Finance
o Executive MiF: Corporate Restructuring, Advanced Corporate Finance
LINKS
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),
Sergio Gaspar (Cornerstone).
o
Friends’ sites
you might enjoy:
·
Mashid Mohadjerin: Photography
·
Safia Ouares: Video, graphic design,
illustrations
Visits since December 8th
2006: