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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

Banking integration and house price co-movement

Journal of Financial Economics, July 2017, vol. 125, n° 1, pp 1-25, (in coll. with D. SRAER, D. THESMAR)

The excess returns of "quality" stocks: a behavioral anomaly

Journal of Investment Strategies, June 2016, vol. 5, n° 3, pp 51-61, (in coll. with J-P. BOUCHAUD, S. CILIBERTI, G. SIMON, D. THESMAR)

Vulnerable banks

Journal of Financial Economics, March 2015, vol. 115, n° 3, pp 471-482, (in coll. with R. GREENWOOD, D. THESMAR)

The WACC Fallacy: The Real Effects of Using a Unique Discount Rate

Journal of Finance, June 2015, vol. 70, n° 3, pp 1253-1285, (in coll. with P. KRUEGER, D. THESMAR)

Instabilities in large economies: aggregate volatility without idiosyncratic shocks

Journal of Statistical Mechanics: Theory and Experiment, October 2014, vol. 10, n° P10040, (in coll. with J. BONART, J.-P. BOUICHAUD, D. THESMAR)

CEO Pay and Firm Size: An Update After the Crisis

Economic Journal, February 2014, vol. 124, n° 574, pp 40-59, (in coll. with Xavier Gabaix, Julien Sauvagnat)

Do Hedge Funds Manipulate Stock Prices?

Journal of Finance, february, 3 2013, vol. 68, n° 6, pp 2383-2434, (in coll. with ITZHAK BEN-DAVID, FRANCESCO FRANZONI, RABIH MOUSSAWI)

Bottom-Up Corporate Governance

Review of Finance, January 2013, vol. 17, n° 1, pp 161-201, (in coll. with J. Sauvagnat, D. Sraer, D. THESMAR)

L’Inflation, un « Black-Swan » sur nos radars ?

Risques, 2010, vol. 80, n° 3,

A Multiplicative Model of Optimal CEO Incentives in Market Equilibrium

Review of Financial Studies, february, 3 2009, vol. 22, n° 12, pp 4881-4917, (in coll. with Alex Edmans, Xavier Gabaix)

Books

Chapters in edited books

Working papers

Sticky Expectations and Stock Market Anomalies

Cahier de Recherche du Groupe HEC , 2016

Sticky Expectations and the Profitability Anomaly

Cahier de Recherche du Groupe HEC , 2016

Taxing the Rich

SSRN Electronic Journal , 2016

The Capacity of Trading Strategies

Cahier de Recherche du Groupe HEC , 2015

Banking Integration and House Price Comovement

Cahier de Recherche du Groupe HEC , 2013

Going for broke: New Century Corporation 2004-2006

Mimeo , 2009

Bottom-Up Corporate Governance

Working Paper Series, Social Science Research Network , 2005

Scientific articles

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)

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)

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)

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)

Books

Le grand méchant marché - décryptage d'un fantasme français

Flammarion (in coll. with D. THESMAR )

Chapters in edited books

Working papers

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

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