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Denis Gromb Antin
I.P. 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
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Financial Intermediation Research Society (FIRS): great conference, great atmosphere/locations
ANTIN
INFRASTRUCTURE PARTNERS
I coordinate a chair organized by HEC Paris and Antin Infrastructure Partners, a private
equity firm that is an active investor in infrastructures broadly defined
o
A paper on the Chair in French business
daily, Les Echos
PUBLICATIONS
o “Large Shareholders, Monitoring and the Value
of the Firm” with Mike Burkart (LSE) and Fausto Panunzi (U. Bocconi),
Quarterly Journal of Economics (1997)
o “Selection in Dynamic Entry Games” with
Jean-Pierre Ponssard (Ecole Polytechnique) and David Sevy, Games and
Economic Behavior (1997)
o “Why Higher Takeover Premia Protect Minority
Shareholders” with Mike Burkart (LSE) and Fausto Panunzi (U. Bocconi), Journal
of Political Economy (1998)
o “On the Strength of Corporate Cultures” with
Juan Carrillo (USC), European Economic Review (1999)
o “Agency Conflicts in Public and Negotiated
Transfers of Corporate Control” with Mike Burkart (LSE) and Fausto Panunzi
(U. Bocconi), Journal of Finance (2000)
o “Equilibrium and Welfare in Markets with
Constrained Arbitrageurs” with Dimitri Vayanos (LSE), Journal of Financial Economics (2002)
o “Public Trading and Private Incentives” with
Antoine Faure-Grimaud (LSE), Review of Financial Studies (2004)
o “Minority Blocks and Takeover Premia” with
Mike Burkart and Fausto Panunzi (U. Bocconi), Journal of Institutional and
Theoretical Economics (2006)
o “Culture in Organizations: Inertia and
Uniformity” with Juan Carrillo (USC), Journal of Law, Economics and
Organizations (2006)
o
“Collusion and the Organization of Delegated
Expertise” with David Martimort (PSE and
EHESS), Journal of Economic Theory (2007)
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“A Model of Financial Market Liquidity Based on
Intermediary Capital” with Dimitri Vayanos (LSE), Journal of the
European Economic Association (2010)
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“Limits of Arbitrage: The State of the Theory” with
Dimitri Vayanos
(LSE), 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 (LSE), Holger Mueller (NYU Stern) and Fausto
Panunzi (U. Bocconi), Journal of Finance
(2014)
o
“The Dynamics of Financially Constrained
Arbitrage,” with Dimitri Vayanos (LSE), forthcoming in the Journal
of Finance (2018)
o
“Financing Capacity Investment Under Uncertainty:
An Optimal Contracting Approach” with Francis de Véricourt (ESMT), Manufacturing
& Service Operations Management (2018) + Online
appendix
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“Financing
Capacity with Stealing and Shirking” with Francis de Véricourt (ESMT),
forthcoming in Management Science + Online appendix
o
“The Paradox of Pledgeability” with Jason Roderick
Donaldson (Washington University) and Giorgia Piacentino (Columbia Business
School), forthcoming in the Journal of
Financial Economics
o
“Controlling Sellers Who Provide Advice: Regulation
and Competition” with David Bardey (U. Los Andes), David Martimort (PSE and EHESS) and
Jérôme Pouyet (PSE, ENS and CNRS), forthcoming in the Journal of Industrial Economics
BOOK CHAPTERS
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“Arbitrage and Its Limits” with Dimitri Vayanos (LSE), The Palgrave Encyclopedia of Strategic
Management (2015)
WORKING PAPERS
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“Is One Share - One Vote Optimal?”
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“Renegotiation in Debt Contracts”
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“Innovation and
Dynamic Entry Deterrence” with David Sevy
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“Debt Design,
Liquidation Value and Monitoring” with Mike Burkart (LSE) and Fausto Panunzi
(U. Bocconi)
o
“Entrepreneurship in Equilibrium” with
David Scharfstein (HBS)
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“The Dynamics of Delegated Expertise” with
David Martimort (PSE and EHESS)
o “Financially Constrained Arbitrage and
Cross-market Contagion” with Dimitri Vayanos (LSE)
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“Liquidity Dry-ups: A Framework and Policy
Implications” with Dimitri Vayanos (LSE)
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“Financial Restructuring and the Resolution of Banks” with
Jean-Edouard Colliard (HEC Paris)
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“Conflicting Priorities: A Theory of
Covenants and Collateral” with Jason Roderick
Donaldson (Washington University) and Giorgia Piacentino (Columbia Business
School)
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.
- « Recrutement, primes à la publication,
salaires... : en recherche, les business schools constituent un monde à
part », AEFINFO.FR,
octobre 2018.
- Entretien
avec Peter Todd, Directeur d’HEC, Le
Monde des Grandes Ecoles, janvier 2019.
CASE STUDIES
o Infineon Technologies: Time to Cash-in Your Chips? with Joël Peress (INSEAD)
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 (Candesic and Imperial College)
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.
· Case:
http://www.thecasecentre.org/educators/products/view?id=133859
· Abridged version:
http://www.thecasecentre.org/educators/products/view?id=135157
· Mandarin version:
https://www.thecasecentre.org/educators/products/view?id=160076
o Prada’s Hong Kong IPO with Alberta Di Giuli (ESCP)
Winner of The
Case Centre’s 2018 Award in the Finance category (here)
Winner of the
AFFI-CCMP 2018 Award for best case in Finance
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.
· Case:
http://www.thecasecentre.org/educators/products/view?id=135757
· Abridged version:
http://www.thecasecentre.org/educators/products/view?id=135759
· Version française:
https://www.ccmp.fr/collection-hec-paris/cas-prada-ipo-a-hongkong
o Big Game: Goldman Sachs’ Elephant Hunt in Libya with Joël Peress (INSEAD)
The case focuses on the ill-fated relationship between the LIA,
Libya's new sovereign wealth fund, and Goldman Sachs, and the ultimately
disastrous $1.2bn derivatives (elephant) trades the LIA entered into in early
2008 on Goldman’s advice. The analysis deals with basic derivative instruments,
terminology and concepts (e.g., leverage) as well as valuation issues (e.g.,
put-call parity, binomial trees, Black-Scholes). In a subsequent lawsuit
brought by the LIA, Goldman Sachs was accused of having exploited the lack of
finance acumen of LIA staff. In October 2016, a London court ruled against the
LIA.
· Case:
https://hbsp.harvard.edu/product/IN1497-PDF-ENG
o Private
Equity and Infrastructure: Antin I.P.’s TowerCo Deal
o The Brick House: Managing Growth with Joël Peress (INSEAD)
o Apex Capital: The
Nova LBO
TEACHING @ HEC
o
M1: Corporate Finance
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M2/PhD: Corporate
Finance Theory
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MBA: Corporate Finance
o Executive
MiF: Advanced Corporate Finance, Corporate Restructuring
o Executive
MBA: Finance
LINKS
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My former PhD students: Jeffrey
Bevelander, Chris Couch (where are you?), Adolfo DeMotta (McGill), Martin
Gonzalez Eiras (U. Copenhagen), Jennifer
Huang (CK GSB), Li Jin (Oxford U.), Arvind
Krishnamurthy (Stanford), Augustin Landier (HEC
Paris), Jan
Mahrt-Smith (Toronto), Robert
Marquez (UC Davis), Oguzhan Ozbas (USC),
Rong Leng, Theos
Dimopoulos (HEC Lausanne), Jason
Sturgess (DePaul), Oguzhan Karakas
(Judge Institute, Cambridge U.), Yuki Sato (U. Lausanne),
Vincent Fardeau (NRU Higher School of Economics) Claudia Custodio (Imperial
College), Moqi
Xu (LSE), Alminas Zaldokas (HKUST), Stefan Zeume (U. Michigan), Sergio Gaspar (Cornerstone),
Simona Abis (Columbia Business
School), Sylvain Catherine
(Wharton), Thorsten
Martin (Bocconi), Charles Boissel (cyber-warrior), Victor Lyonnet (Ohio
State U.)
o
Friends’ sites you might enjoy:
·
Mashid
Mohadjerin: Photography
·
Safia
Ouares: Video, graphic design, illustrations
·
Great homemade
products: www.conserveries-sept-collines.com.
Visits since December 8th 2006: