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Bruno BIAIS

Professor

Finance

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Biography

Bruno Biais holds a PHD in finance from HEC, received the Paris Bourse dissertation award and the CNRS bronze medal. He taught at Toulouse, Carnegie Mellon, Oxford, LSE, and now HEC. His research on finance, contract theory and experimental economics is published in Econometrica, Journal of Political Economy, American Economic Review, Review of Economic Studies, Journal of Finance, Review of Financial Studies and Journal of Financial Economics. He was editor of the Review of Economic Studies and of the Journal of Finance. He is a fellow of the Econometric Society and the Finance Theory group and has been scientific adviser to the NYSE, Euronext, European Central Bank and Bank of England. His current research project, entitled "Welfare, Incentives, and Dynamic Equilibrium" benefits from the support ot the European Resarch Council (ERC Advanced Grant).

Scientific articles

Committee-based Blockchains as Games between Opportunistic Players and Adversaries

Review of Financial Studies, february 2024, vol. 37, n° 2, pp 409-443, (in coll. with Y. AMOUSSOU-GUENOU, M. POTOP-BUTUCARU, S. TUCCI-PIERGIOVANNI)

Equilibrium Bitcoin Pricing

Journal of Finance, April 2023, vol. 78, n° 2, pp 967-1014, (in coll. with C. BISIÈRE, M. BOUVARD, C. CASAMATTA, A. MENKVELD)

Advances in Blockchain and Crypto Economics

Management Science, November 2023, vol. 69, n° 11, pp 6417-6426, (in coll. with A. Capponi, L. W. Cong, V. Gaur, K. Giesecke)

Incentive constrained risk sharing, segmentation and asset pricing

American Economic Review, November 2021, vol. 111, n° 11, pp 3575-3610, (in coll. with J. HOMBERT, P.-O. WEILL)

Variation margins, fire sales, and information-constrained optimality

Review of Economic Studies, November 2021, vol. 88, n° 6, pp 2654-2686, (in coll. with F. HEIDER, M. HOEROVA)

Endogenous Agency Problems and the Dynamics of Rents

Review of Economic Studies, November 2020, vol. 87, n° 6, pp 2542–2567, (in coll. with A. LANDIER)

The microstructure of the bond market in the 20th century

Review of Economic Dynamics, July 2019, vol. 33, pp 250-271, (in coll. with R. GREEN)

The Blockchain Folk Theorem

Review of Financial Studies, december, 2 2019, vol. 32, n° 5, pp 1662–1715, (in coll. with C. BISIÈRE, M. BOUVARD, C. CASAMATTA)

Risk-Sharing or Risk-Taking? Counterparty Risk, Incentives, and Margins

Journal of Finance, aout 2016, vol. 71, n° 4, pp 1669-1698, (in coll. with F. HEIDER, M. HOEREVA)

Dynamics of Innovation and Risk

Review of Financial Studies, May 2015, vol. 28, n° 5, pp 1353-1380, (in coll. with JC. ROCHET, P. WOOLLEY)

Books

Microstructure des marchés financiers : institutions, modèles et tests empiriques

Presses Universitaires de France (PUF) (in coll. with T. FOUCAULT, P. Hillion )

Chapters in edited books

Strategic interactions in blockchain: a survey of game-theoretic approaches

Principles Of Blockchain Systems, A. F. Anta, C. Georgiou, M. Herlihy, & M. Potop-Butucaru, Morgan & Claypool Publishers, 155-174

Dynamic financial contracting

Advances In Economics And Econometrics Tenth World Congress, D. Acemoglu, M. Arellano, & E. Dekel, Cambridge University Press, Volume 1. Economic Theory , 125-171

Risk sharing, adverse selection and market structure

Financial Mathematics, Bruno Biais, Thomas Björk, Jakša Cvitanic, Nicole El Karoui, Elyés Jouini, Jean Charles Rochet, Wolfgang J. Runggaldier, Springer Berlin Heidelberg, 1656 , 1-51

Proceedings

Rational vs byzantine players in consensus-based blockchains

2020 AAMAS Proceedings , 2020 (Y. AMOUSSOU-GUENOU, M. POTOP-BUTUCARU, S. TUCCI-PIERGIOVANNI)

Blockchains, Coordination, and Forks

2019 AEA Annual Meeting , 2019 , Atlanta , 109 (C. BISIÈRE, M. BOUVARD, C. CASAMATTA)

Working papers

Dynamic Contracting with Many Agents

TSE Working Papers , 2024

Money and Taxes Implement Dynamic Optimal Mechanisms

Cahier de Recherche du Groupe HEC , 2023

Taxing Financial Transactions

SSRN Electronic Journal , 2022

Committee-based Blockchains as Games Between - Opportunistic players and Adversaries*

Cahier de Recherche du Groupe HEC , 2021

The blockchain folk theorem

TSE Working Papers , 2017

Who supplies liquidity, how and when?

TSE Working Papers , 2017

Scientific articles

Committee-based Blockchains as Games between Opportunistic Players and Adversaries

Review of Financial Studies, february 2024, vol. 37, n° 2, pp 409-443, (in coll. with Y. AMOUSSOU-GUENOU, M. POTOP-BUTUCARU, S. TUCCI-PIERGIOVANNI)

Advances in Blockchain and Crypto Economics

Management Science, November 2023, vol. 69, n° 11, pp 6417-6426, (in coll. with A. Capponi, L. W. Cong, V. Gaur, K. Giesecke)

Equilibrium Bitcoin Pricing

Journal of Finance, April 2023, vol. 78, n° 2, pp 967-1014, (in coll. with C. BISIÈRE, M. BOUVARD, C. CASAMATTA, A. MENKVELD)

Incentive constrained risk sharing, segmentation and asset pricing

American Economic Review, November 2021, vol. 111, n° 11, pp 3575-3610, (in coll. with J. HOMBERT, P.-O. WEILL)

Books

Microstructure des marchés financiers : institutions, modèles et tests empiriques

Presses Universitaires de France (PUF) (in coll. with T. FOUCAULT, P. Hillion )

Chapters in edited books

Strategic interactions in blockchain: a survey of game-theoretic approaches

Principles Of Blockchain Systems, A. F. Anta, C. Georgiou, M. Herlihy, & M. Potop-Butucaru, Morgan & Claypool Publishers, 155-174

Dynamic financial contracting

Advances In Economics And Econometrics Tenth World Congress, D. Acemoglu, M. Arellano, & E. Dekel, Cambridge University Press, Volume 1. Economic Theory , 125-171

Risk sharing, adverse selection and market structure

Financial Mathematics, Bruno Biais, Thomas Björk, Jakša Cvitanic, Nicole El Karoui, Elyés Jouini, Jean Charles Rochet, Wolfgang J. Runggaldier, Springer Berlin Heidelberg, 1656 , 1-51

Proceedings

Rational vs byzantine players in consensus-based blockchains

2020 AAMAS Proceedings , 2020 (Y. AMOUSSOU-GUENOU, M. POTOP-BUTUCARU, S. TUCCI-PIERGIOVANNI)

Blockchains, Coordination, and Forks

2019 AEA Annual Meeting , 2019 , Atlanta , 109 (C. BISIÈRE, M. BOUVARD, C. CASAMATTA)

Working papers

Dynamic Contracting with Many Agents

TSE Working Papers , 2024

Money and Taxes Implement Dynamic Optimal Mechanisms

Cahier de Recherche du Groupe HEC , 2023

Taxing Financial Transactions

SSRN Electronic Journal , 2022

Education

  • Doctorate in Finance, HEC Paris - France

Academic appointments

Academic Responsibilities at HEC

  • 2018- Professor, Finance HEC Paris
  • 1989-1993 Assistant Professor HEC Paris

External Academic Responsibilities

  • 2005-2017 Directeur de Recherche CNRS Université de Toulouse
  • 1993-2004 Professor Université de Toulouse

Awards & honors

  • 2012 Trading and Post-Trading
  • 2012 Elected Fellow of the Econometric Society. Appointed Economic Theory Fellow, by the Society for the Advancement of Economic Theory
  • 2002 Outstanding Referee Award, Review of Financial Studies
  • 1999 Junior Fellow of the Institut Universitaire de France
  • 1998 New York Stock Exchange Award for the Best paper on Equity Trading
  • 1994 CNRS Bronze Medal
  • 1990 Paris Bourse Award for Best PHD Dissertation