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Augustin LANDIER

Professor

Finance

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Biography

Augustin Landier is professor of finance at HEC. Prior to that, he was professor at the Toulouse School of Economics. He has taught finance at New York University (2004-2009), at the University of Chicago (2002-2004), and was a Resident Scholar at the International Monetary Fund (2009).  He has been a visiting professor at Harvard Business School (2016) and Princeton (2013). He completed his PhD in Economics at the Massachusetts Institute of Technology in 2002, and graduated from Ecole Normale Superieure in Paris in 1998. His research is largely focused on behavioral finance, asset management, banking and corporate finance. It has been published in lead scientific Journals such as the Journal of Finance, the Quarterly Journal of Economics or the Review of Economic Studies. He was awarded the 2014 “best french young economist” award. He is also active in the public policy debate, was a member of the French Council of Economic Analysis (2010-1012 and 2014-2016) and has published several books, among which « Investing for Change » (Oxford Press 2009).

Scientific articles

Socially Responsible Finance: How to Optimize Impact

Review of Financial Studies, Forthcoming, pp hhae055, (in coll. with S. LOVO)

The moral preferences of investors: Experimental evidence

Journal of Financial Economics, January 2025, vol. 163, n° 103955, (in coll. with J.-F. Bonnefon, P. Sastry, D. Thesmar)

Overreaction in Expectations: Evidence and Theory

Quarterly Journal of Economics, August 2023, vol. 138, n° 3, pp 1713-1764, (in coll. with H. Afrouzi, S. Y. Kwon, Y. Ma, D. Thesmar)

Banks' Exposure to Interest Rate Risk and The Transmission of Monetary Policy

Journal of Monetary Economics, January 2021, vol. 117, pp 543-570, (in coll. with M. GOMEZ, D. SRAER, D. THESMAR)

Entrepreneurship and Information on Past Failures: A Natural Experiment

Journal of Financial Economics, July 2021, vol. 141, n° 1, pp 102-121, (in coll. with C. CAHN, M. GIROTTI)

Endogenous Agency Problems and the Dynamics of Rents

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

Earnings Expectations during the COVID-19 Crisis

Review of Asset Pricing Studies, December 2020, vol. 10, n° 4, pp 598-617, (in coll. with D. Thesmar)

Sticky Expectations and the Profitability Anomaly

Journal of Finance, April 2019, vol. 74, n° 2, pp 639-674, (in coll. with J.-P. BOUCHAUD, P. KRUEGER, D. THESMAR)

Brokers and Order Flow Leakage: Evidence from Fire Sales

Journal of Finance, December 2019, vol. 74, n° 6, pp 2707-2749, (in coll. with A. BARBON, M. DI MAGGIO, F. FRANZONI)

Taxing the Rich

Review of Economic Studies, July 1 2017, vol. 84, n° 3, pp 1186-1209, (in coll. with G. PLANTIN)

Books

Le prix de nos valeurs

Flammarion (in coll. with D. THESMAR )

10 idées qui coulent la France

Flammarion (in coll. with David THESMAR )

La société translucide

Fayard, Paris (in coll. with D. THESMAR )

Investing for Change: Profit from Responsible Investing

Oxford University Press (in coll. with V. B. NAIR )

Le grand méchant marché - décryptage d'un fantasme français

Flammarion (in coll. with D. THESMAR )

Chapters in edited books

Regulating Systemic Risk through Transparency: Trade-Offs in Making Data Public

Risk Topography – Systemic Risk And Macro Modeling, Markus Brunnermeier and Arvind Krishnamurthy, University of Chicago Press

Working papers

The Moral Preferences of Investors: Experimental Evidence

NBER Working Paper Series - National Bureau of Economic Research , 2022

Who is Neoliberal? Durkheimian Individualism and Support for Market Mechanisms

NBER Working Paper Series - National Bureau of Economic Research , 2022

ESG News, Future Cash Flows, and Firm Value

Cahier de Recherche du Groupe HEC , 2021

Overreaction in Expectations: Evidence and Theory

Cahier de Recherche du Groupe HEC , 2021

Earnings Expectations in the COVID Crisis

Cahier de Recherche du Groupe HEC , 2020

ESG Investing: How to Optimize Impact?

Cahier de Recherche du Groupe HEC , 2020

Overreaction and Working Memory

NBER Working Paper Series - National Bureau of Economic Research , 2020

Scientific articles

The moral preferences of investors: Experimental evidence

Journal of Financial Economics, January 2025, vol. 163, n° 103955, (in coll. with J.-F. Bonnefon, P. Sastry, D. Thesmar)

Overreaction in Expectations: Evidence and Theory

Quarterly Journal of Economics, August 2023, vol. 138, n° 3, pp 1713-1764, (in coll. with H. Afrouzi, S. Y. Kwon, Y. Ma, D. Thesmar)

Banks' Exposure to Interest Rate Risk and The Transmission of Monetary Policy

Journal of Monetary Economics, January 2021, vol. 117, pp 543-570, (in coll. with M. GOMEZ, D. SRAER, D. THESMAR)

Entrepreneurship and Information on Past Failures: A Natural Experiment

Journal of Financial Economics, July 2021, vol. 141, n° 1, pp 102-121, (in coll. with C. CAHN, M. GIROTTI)

Books

Le prix de nos valeurs

Flammarion (in coll. with D. THESMAR )

10 idées qui coulent la France

Flammarion (in coll. with David THESMAR )

La société translucide

Fayard, Paris (in coll. with D. THESMAR )

Investing for Change: Profit from Responsible Investing

Oxford University Press (in coll. with V. B. NAIR )

Chapters in edited books

Regulating Systemic Risk through Transparency: Trade-Offs in Making Data Public

Risk Topography – Systemic Risk And Macro Modeling, Markus Brunnermeier and Arvind Krishnamurthy, University of Chicago Press

Working papers

The Moral Preferences of Investors: Experimental Evidence

NBER Working Paper Series - National Bureau of Economic Research , 2022

Who is Neoliberal? Durkheimian Individualism and Support for Market Mechanisms

NBER Working Paper Series - National Bureau of Economic Research , 2022

Education

  • Ph.D. in Economics, MIT, Sloan School of Management - USA
  • DEA, Economy, -, DELTA-EHESS - France
  • DEA de Philosophie des Sciences, Université de Paris I - France
  • Agregation de Mathematiques, Université de Paris VI - France
  • Concours Maths 1994-1998, ENS Paris - France
  • Maitrise de Mathematiques, Université de Paris VI - France

Academic appointments

Academic Responsibilities at HEC

  • 2017- Professor, Finance HEC Paris
  • 2017- Member of GREGHEC, the joint research laboratory CNRS-HEC Paris HEC Paris

Scientific Activities

Membership in Academic or Professional Organisation

  • Member of the French Council of Economic Analysis (CAE)

Editorial activities

  • 2008- Chroniqueur Les Echos
  • Referee Reports: American Economic Review, European Economic Review, Journal of Applied Economics, Journal of Finance, Journal of Labor Economics, Journal of Public Economics, Quarterly Journal of Economics, Review of Economic Studies, Review of Financial Studies, Journal of Financial Economics

  • Conference organisation

  • 2012-2013 Commissaire Scientifique de l’Exposition sur l’Economie de la Cité des Sciences
  • Awards & honors

    • 2011 Europlace Best Paper on a Hot Topic Award