MANAGEMENT RESEARCH CENTRE

MANAGEMENT RESEARCH CENTRE
Toulouse Business School
Financial Economics
The research of the Toulouse Business School Financial Economics Group deals with
theoretical modeling in Finance, Economics and Econometrics. A number of innovative studies
concern the microstructure of markets and behavioral finance. The Group also works on
empirical finance projects such as mutual fund and hedge fund performance. Jointly with the
engineering school ISAE, the Group supervises doctoral work in Applied Mathematics; it also
collaborates with Toulouse University’s Mathematics Institute (Europlace Project). Some
researchers work in partnership with the Institut Français des Administrateurs, the leading
French organization of corporate, CEOs and Directors. A number of studies have been
published in the most prestigious journals in Finance, such as The Review of Financial Studies,
Journal of Finance, Journal of Financial and Quantitative Analysis, and the Journal of Financial
Intermediation, The Journal of Industrial Economics, Econometric Theory. The Financial
Economics Group is ranked among the top research groups in Europe by Arizona State
University.
Head: Dr Laurent GERMAIN
 [email protected]
 00 33-5-61-29-49-43
Research Areas
Finance
- Collaboration with many universities in the UK, the USA and Ireland
- Market microstructure: Models of stock market organization and quotation methods
- Corporate Finance: Models of capital structure, mergers & acquisitions, venture capital
- Derivates: Pricing models
- Credit risk: Pricing of CDS
- Valuation models: Company valuation
- Empirical Finance: Models of mutual fund and hedge fund performance
- Corporate governance: Modeling of conflicts within boards of directors
Econometrics
Economics
- Environmental economics: Models of growth and sustainable development
- Industrial organization: Theory of the firm
- Theory of contracts and incentives: Incentives for managers
- Competition policy: Market regulation
- Growth theory: Macroeconomic models
Information systems
- The banking system and information systems: Optimization of banks’ information systems
Members
Dr Serge BAILE: Information systems
Dr Christophe BERNARD: Logistics, industrial organisation, finance
Dr Hervé BOCO: Continuous time models, interest rates, behavioral finance, mathematical finance
Dr Sylvain BOURJADE: Auction economics, IPOs, agency theory
Dr Jean-Claude GABILLON: Credit risk, corporate finance, derivatives
Dr Nadine GALY: Empirical finance
Dr Laurent GERMAIN: Behavioral finance, market microstructure, corporate finance
Dr Elie GRAY: Growth theory, economics of knowledge
Pr André GRIMAUD: Environmental economics, macroeconomics
Dr Florence JAMMES: Private law specialized property and real estate co-ownership law. Member of
the IEJUC (Institut des Etudes Juridiques de l'Urbanisme, de la Construction et de l'Environnement) and
CNEC in Paris (Commission Nationale des Experts en copropriété)
Dr Gilles LAFFORGUE : Environment, natural resources, energy, climate change, technical progress
Dr Sébastien MITRAILLE: Industrial organisation, logistics
Dr Catherine MULLER : Applied industrial organization, transports and networks economics, logistics
Dr Nicolas NALPAS: Behavioral finance, asset pricing
Dr Marie PIERRE: Commercial law, civil law
Dr Joanna POUSSET: Industrial organisation
Dr Crina PUNGULESCU: International finance
Dr Luc ROUGE: Environmental economics, macroeconomics
Dr David STOLIN: Mutual funds, empirical finance
Dr Jacques TOURNUT: Auctions, insurance
Dr Miguel URDANOZ ERVITI: Transportation economics, empirical industrial organization and logistics
Dr Anne VANHEMS: Econometrics
Dr Jean François VERDIE: International financial management, risk management, investments
valuation
Dr Gregory VOSS: European Intellectual Property Law, Corporate legal strategy, law of ICT
Dr Maxim ZAGONOV: Banking and financial intermediation, financial regulation, risk management,
financial asset pricing, corporate finance
Affiliated members
Dr Matthieu LAURAS: Supply Chain Management, Humanitarian Logistics, Crisis Management,
Performance Measurement Systems
Dr Christophe RAULT: Macro-econometrics, International Economics, Environmental Economics
Dr Fabrice ROUSSEAU: Associate researcher: Market microstructure, behavioral finance
Manel BEN AKAL: PhD candidate, under joint supervision with University of Manouba: Insurance,
finance
Olivier PRADES: PhD candidate
Key publications

Academic journal papers
CHANTREL, Etienne, GRIMAUD, André et TOURNEMAINE, Frédéric (2012) 'Pricing Knowledge and
Funding Research of New Technology Sectors in a Growth Model', Journal of Public Economic Theory,
Vol. 14, No. 3, juin: 493-520 [Aeres : O, Cnrs : 2]
GRAY, Elie et GRIMAUD, André (2011) 'Diffusion de la connaissance : étude d'un modèle de
croissance schumpetérien et applications', Revue Economique, Vol. 62, No. 3, mai: 579-588
BOURJADE, Sylvain et JULLIEN, Bruno (2011) 'The roles of reputation and transparency on the
behaviour of biased experts', Rand Journal of Economics, Vol. 42, No. 3, novembre: 575-594
SIMAR, Léopold et VANHEMS, Anne (2011) 'Probabilistic characterization of directional distances and
their robust versions', Journal of Econometrics, No. 166, octobre: 342-354
JOHANNES, Jan, VAN BELLEGEM, Sébastien et VANHEMS, Anne (2011) 'Convergence rates for illposed inverse problems with an unknown operator', Econometric Theory, Vol. 27, juin: 522-545
GERMAIN, Laurent, KLUGER, Brian, PUNGULESCU, Crina, STOLIN, David et WEAVER, Daniel
(2010) 'Intra-Dealer Integration', European Financial Management, Vol. 16, No. 4, septembre: 507-527
BOURJADE, Sylvain (2009) 'Strategic price discounting and rationing in uniform price auctions',
Economics Letters, Vol. 105, octobre: 23-27
BOURJADE, Sylvain, REY, Patrick et SEABRIGHT, Paul (2009) 'Private antitrust enforcement in the
presence of pre-trial bargaining', The Journal of Industrial Economics, Vol. 57, No. 3 SPECIAL ISSUE :
Cresse Symposium on Competiton Policy : Procedures, Institutions and Intellectual Property Rights;
Yannis Katsoulacos and David Ulph (eds), septembre: 372-409
GERMAIN, Laurent et DRIDI, Ramdan (2009) 'Noise and Competition in Strategic Oligopoly', Journal of
Financial Intermediation, Vol. 18, No. 2, mars: 311-327
MITRAILLE, Sébastien et THILLE, Henry (2009) 'Monopoly behaviour with speculative storage', Journal
of economic dynamics and control, Vol. 33, No. 7, juillet: 1451-1468
KESWANI, Aneel et STOLIN, David (2008) 'Which Money is smart? Mutual fund buys and sells of
individual and institutional investors', The Journal of Finance, Vol. 63, No. 1, février: 85-118
ROUGE, Luc et GRIMAUD, André (2008) 'Environment, Directed Technical Change and Economic
Policy', Environmental and resource economics, Vol. 41, No. 4, décembre: 439-463

Chapter in research book
GERMAIN, Laurent, NALPAS, Nicolas et VANHEMS, Anne (2011) "On-parametric hedge funds and
replication indices performance analysis : a robust directional application", Greg N.Gregoriou et Maher
Kooli, Hedge Funds Replication, Palgrave Macmillan : 90-105, novembre.

Text book
BERK, Jonathan, DEMARZO, Peter, CAPELLE-BLANCARD, Gunther, COUDERC, Nicolas et NALPAS,
Nicolas (2011) "Finance d'entreprise - 2ème édition", Pearson Education France, pp 1132, juin.