Denis Gromb

Professor of Finance


HEC Paris

1 rue de la Libération

78350 Jouy-en-Josas FRANCE


Email :

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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   “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




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 Technologies: Time to Cash-in Your Chips?   with Joël Peress

Winner of the 2014 EFMD competition, “Finance and Banking” category

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.


o   Bain Capital’s “Take Private” of China Fire (Abridged) with Marc Kitten


o   Prada’s Hong Kong IPO with Alberta Di Giuli

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


o   The Brick House: Managing Growth with Joël Peress

o   Apex Capital: The Nova LBO





o   M1: Corporate Finance

o   M2/PhD: Corporate Finance Theory

o   MBA: Corporate Finance

o   Executive MiF: 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), Sergio Gaspar (Cornerstone).


o   Friends’ sites you might enjoy:

·       Mashid Mohadjerin: Photography

·       Safia Ouares: Video, graphic design, illustrations


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