Denis Gromb

Professor of Finance

INSEAD

Boulevard de Constance

Fontainebleau 77305

FRANCE

 

Email : denis.gromb@insead.edu

Web : http://www.denisgromb.com/

 

 

ACADEMIC LINKS

 

o   Download my CV

o   INSEAD's Finance Seminar

o   IODS (INSEAD OEE Data Services): First European portal for economic and financial data for researchers.

 

 

PUBLICATIONS

 

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

o   “Selection in Dynamic Entry Games” with JP. Ponssard and D. Sevy, Games and Economic Behavior (1997)

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

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

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

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

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

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

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

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

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

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

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

o   Legal Investor Protection and Takeovers + On-line appendix with M. Burkart, H. Mueller and F. Panunzi, Journal of Finance, forthcoming.

 

 

BOOK CHAPTERS

 

o   “Arbitrage and Its Limits” with D. Vayanos, The Palgrave Encyclopedia of Strategic Management, forthcoming.

 

 

WORKING PAPERS

 

o   “Is One Share - One Vote Optimal?”  

o   “Renegotiation in Debt Contracts”

o   “Innovation and Dynamic Entry Deterrence” with D. Sevy

o   “Debt Design, Liquidation Value and Monitoring” with M. Burkart and F. Panunzi

o   “Entrepreneurship in Equilibrium” with D. Scharfstein

o    “The Dynamics of Delegated Expertise” with D. Martimort

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

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

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

 

 

SHORT PAPERS, COLUMNS, PRESS CITATIONS

 

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

o   Les limites de l’arbitrage : un nouveau paradigme en Finance with D. 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.

 

 

CASE STUDIES

 

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

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

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

 

TEACHING @ INSEAD

 

o   MBA: Financial Markets and Valuation, Applied Corporate Finance, Value Creation in Corporate Restructurings.

o   Executive Education: ABN AMRO – INSEAD Private Banking Certification Programme

o   PhD: Corporate Finance Theory.

 

LINKS

 

o   My former PhD students: Jeffrey Bevelander, Chris Couch (where are you?), Adolfo DeMotta (McGill), Martin Gonzalez Eiras, Jennifer Huang (Texas Austin), Li Jin (HBS), Arvind Krishnamurthy (Northwestern), Augustin Landier (Toulouse School of Economics), Jan Mahrt-Smith (Toronto), Robert Marquez (Boston University), Oguzhan Ozbas (USC), Rong Leng, Jason Sturgess (Georgetown), Oguzhan Karakas (Boston College), Claudia Custodio (Arizona State University), Moqi Xu (LSE), Alminas Zaldokas (HKUST).

 

o   Friends’ sites you might enjoy:

·      Mashid Mohadjerin: Photography.

·      Safia Ouares: Video, graphic design, illustrations.

·      Little Ballroom: Cool band.

 

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