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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
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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
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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)
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“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)
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“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)
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“The Dynamics of
Financially Constrained Arbitrage,” with Dimitri Vayanos (LSE), forthcoming in the Journal
of Finance (2018)
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“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
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“The Paradox of Pledgeability” with Jason Roderick
Donaldson (Washington University) and Giorgia Piacentino (Columbia Business
School), forthcoming in the Journal of
Financial 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)
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“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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“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)
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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
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“The ‘Limits to Arbitrage’
Agenda” with Dimitri Vayanos, VOX, April 10,
2010. VOX is CEPR’s policy portal.
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“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.
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“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 (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.
http://www.thecasecentre.org/educators/products/view?id=133859
o Bain Capital’s “Take Private” of China Fire (Abridged) with Marc Kitten (Candesic and Imperial College)
http://www.thecasecentre.org/educators/products/view?id=135157
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
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 (ESCP)
http://www.thecasecentre.org/educators/products/view?id=135759
o Prada: IPO à
Hongkong (Version Française) with
Alberta Di Giuli (ESCP)
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)
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
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M1: Corporate Finance
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M2/PhD: Corporate Finance Theory
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MBA: Corporate Finance
o Executive
MiF: Corporate Restructuring, Advanced Corporate Finance
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 (Texas Austin), 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
(Frankfurt School of Finance and Management) 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.)
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Friends’ sites you might enjoy:
·
Mashid
Mohadjerin: Photography
·
Safia
Ouares: Video, graphic design, illustrations
Visits since December 8th 2006: