CRM Toulouse

CENTRE DE RECHERCHE EN MANAGEMENT
CENTER FOR RESEARCH IN MANAGEMENT

ECOLE DE MANAGEMENT  - IAE
Université Toulouse 1 Capitole - UMR 5303 CNRS

CENTRE DE RECHERCHE EN MANAGEMENT
CENTER FOR RESEARCH IN MANAGEMENT

ECOLE DE MANAGEMENT  - IAE
Université Toulouse 1 Capitole - UMR 5303 CNRS

TEAM

Scientific Committee


Sophie Moinas will coordinate the project. To ease communication, each of the three tasks of the project is placed under the supervision of one of the team’s member, that is, Laurence Lescourret, Fany Declerck, and Sophie Moinas.
To improve the monitoring of the ANR project, we created a Scientific Committee. This Scientific Committee defines the scientific orientation of the research agenda, follows and reports the evolution of all tasks.
  • Bruno BIAIS
  • Catherine CASAMATTA
  • Fany DECLERCK
  • Laurence LESCOURRET
  • Sophie MOINAS



Team


  • Kheira BENHAMIIS deputy head of financial sector and economic analysis unit in the French Ministry of Finan ce since october 2007. Her work focuses on market microstructure and the regulation of financial markets. She has defended her PhD in Finance at Toulouse University.
  • Bruno BIAIS, (member of the Scientific Committee) is Professor of Finance at Toulouse University, CEPR Fellow, Directeur de Recherche at CNRS. He is a member of the CRM, of Toulouse School of Economics, and of the IDEI. He has been a Junior Fellow of the Institut Universitaire de France, and DeutscheBank Chair Visiting Professor of European Financial Integration at Oxford University. He is a specialist in corporate finance and financial markets. He has published several papers on market microstructure, corporate finance and political economy in the Journal of Finance, Econometrica, the Journal of Political Economy, the American Economic Review, the Review of Economic Studies and many others. He has been a scientific adviser to the New York Stock Exchange, Euronext, The European Federation of Fund Management Companies and EuroMTS.
  • Christophe BISIERE obtained his PhD in Economics from Aix-Marseille University, and also earned a graduate and a master’s degree in Computer Science. He is currently Professor of Finance at Toulouse University Graduate School of Management (IAE Toulouse), and former Director of the Department of Economics and Management at Perpignan University. He is a member of the CRM, of Toulouse School of Economics, and of the IDEI. He spent 18 months as Research Fellow at the Securities and Exchange Commission (Washington D.C.). His research focuses on financial markets. He published theoretical and empirical works in Computational Economics, in Lecture Notes in Artificial Intelligence, in European Financial Management, among others. He is also the author of a book on the term structure of interest rates. He has significant experience of software development of decision-making and research tools in the financial domain. He is currently working on market structure issues, using large databases of high frequency data as well as experimental financial market games.
  • Catherine CASAMATTA (member of the Scientific Committee) is Professor of Finance at Toulouse University Graduate School of Management (IAE Toulouse) and academic fellow of Europlace Institute of Finance. She is a member of the CRM, of Toulouse School of Economics, and of the IDEI. Her main research interest is corporate finance (venture capital, the asset management industry, managerial compensation). Her work is published in top-tier scientific journals including the Journal of Finance and the Journal of Financial Intermediation. She is the Dean of the Toulouse IAE School of Management since 2010.
  • Fany DECLERCK (member of the Scientific Committee) is Professor of Finance at Toulouse University Graduate School of Management (IAE Toulouse). She is a member of the CRM, of Toulouse School of Economics, and of the IDEI. She is scientific adviser at the scientific council for database for the Ministry of education and research and scientific adviser at the scientific council of Toulouse University. After her Phd in finance, she spent 4 months as research fellow at the Centre for Studies in Economics and Finance (University of Salerno - Napoli, Italy). Her expertise as an academic is complemented by her professional experience, as she worked in the Research department at Euronext before joining Toulouse University. Her main interest research is in the microstructure of financial markets. Her work is based on large stocks and bonds databases of high frequency. She has published empirical studies in the Journal of Banking and Finance and the Journal of Financial Markets.
  • Thierry FOUCAULT is Professor of Finance at the HEC School of Management. He is a research fellow of the Centre for Economic Policy (CEPR) , a senior research fellow of the Europlace Institute of Finance and a member of GREGHEC (CNRS). His research focuses on the determinants of financial markets liquidity and the industrial organization of the securities industry. He has worked on various topics such as the role of volatility in limit order markets, the implications of automation for financial markets liquidity, competition among Stock Exchanges and cross-listings. His work is published in top-tier scientific journals including the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, the Rand Journal of Economics and the Journal of Financial Intermediation. He serves on the scientific committees of the Autorité des Marchés Financiers (the French public agency in charge of financial markets regulation), the Research Foundation of the Banque de France and on the board of the French Finance Association (AFFI). He is also a member of the editorial board of the Review of Finance. He received the best young French researcher award in Finance by the scientific committee of Europlace Institute of Finance in 2005 and the Research Prize of the Foundation HEC in 2006.
  • Laurence LESCOURRET (member of the Scientific Committee) is Assistant Professor in ESSEC Business School, and research fellow at the CREST. She has received the 2003 PhD thesis award from the French Finance Association and FNEGE. Initially interested in the theoretical analysis of pre-trade communication, and of the impact of order fragmentation on liquidity (via preferencing or multiple listing), she has tested some predictions of her models on the Nasdaq and on Euronext. She is currently working on various topics, such as the CDS market, or arbitrage opportunities and designated market makers in Euronext with S. Moinas. She is teaching courses on market microstructure, and trading. Her supervision of Master dissertations for ESSEC students in Finance has enabled her to have a direct access to the industry.
  • Sophie MOINAS (coordinator, head of the Scientific Committee) is Assistant Professor of Finance at Toulouse University Graduate School of Management (IAE Toulouse). She is a member of the CRM, of Toulouse School of Economics, and of the IDEI. She has received the 2005 PhD thesis award from the French Finance Association and Euronext. Her research field is in the microstructure of financial markets. She was initially interested in the transparency of limit order markets, and she has published a paper on pre-trade anonymity in the Review of Financial Studies, as well as a literature review of limit order books in Finance. She is currently working on various theoretical, empirical and experimental issues, such as market fragmentation, arbitrage opportunities and designated market makers in Euronext with L. Lescourret, or on an experiment on rational bubbles with S. Pouget.
  • Albert MENKVELD is Associate Professor of Finance at VU University Amsterdam. In 2002, he received a Tinbergen PhD from Erasmus University Rotterdam. He spent 18 months of his PhD as visiting scholar at Wharton and Stanford on a Fulbright scholarship. He visited NYU-Stern in 2004-2005 and he will be there again in 2008-2009. He has published in various journals, e.g. Journal of Finance, Journal of Business & Economic Statistics, and Journal of Financial Markets. In 2007 he received the Pierson medal ("Dutch Bates Clark") by the Royal Dutch Economic Association, in 2004 he received a VENI grant from the Netherlands Organization for Scientific Research (NWO) to fund his three-year research agenda, in 2003 he was awarded a Lamfalussy scholarship by the European Central Bank, and in 2001 the Josseph de la Vega Prize by the Federation of European Exchanges. In 2004 he became a member of the academic council of the Autorité des Marchés Financiers ("French SEC")
  • Sébastien POUGET is Professor of Finance at Toulouse University Graduate School of Management (IAE Toulouse). He is a member of the CRM, of Toulouse School of Economics, and of the IDEI. He has received the 2000 PhD thesis award from the French Finance Association. He is interested in various topics, such as market microstructure, psychology and finance, or experimental economics. His work is published in top-tier scientific journals including the Journal of Finance, the Review of Economic Studies, as well as in the Journal of Financial Markets. He has used simulations to analyze the behaviour of ‘adaptive traders’, but he likes as well designing optimal contracts or run experiments. In particular, this has or currently enables him to work with many of our team members (B. Biais, S. Moinas, S. Villeneuve, C. Bisière).
  • Giorgio VALENTE is Professor of Finance in the University of Leicester. He is interested in the FX and Fixed Income market microstructure. His main expertise is on the econometrics of these markets. His work is published in top-tier scientific journals including the Journal of Financial and Quantitative Analysis, the Journal of Business, as well as in the Review of Finance, the Journal of Money, Credit and Banking, the Journal of International Economics.
  • Stéphane VILLENEUVE is Professor of Mathematics at Toulouse University, and academic fellow of Europlace Institute of Finance. He is a member of the CRM, of Toulouse School of Economics, and of the IDEI. His main research interest is in Finance in continuous time (option pricing, risk management), applied to corporate finance (optimal dividend policy, real options, irreversible investment, issuance costs) . His work is published in top-tier scientific journals including the Annals of Applied Probability, Finance and Stochastics, Economic Theory, Mathematics of Operation Research, Journal of Economic Dynamics and Control. Being responsible for the Master of Financial Intermediation and actuarial studies in Toulouse School of Economics, he feels concerned by the development of algorithmic trading. In particular, he is interested in the programming of algorithms and the impact of potential errors, on the stability of the market.
  • Pierre-Olivier WEILL is Assistant Professor in UCLA, and NBER faculty research fellow. After his B.S. Applied Mathematics and Economics in Ecole Polytechnique (France), he has defended his PhD in Economics at Standford University under the supervision of Darrell Duffie, Thomas Sargent and Narayana Kocherlakota. His work is published in top-tier scientific journals including the Journal of Economic Theory, the Journal of Finance, the Review of Economic Studies. His main research interest is on liquidity in financial markets, under different perspectives (asset pricing, market microstructure, and macroeconomics).