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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

Trade-offs in Staying Close: Corporate Decision Making and Geographic Dispersion

Review of Financial Studies, March 2009, vol. 22, n° 3, pp 1119-1148, (in coll. with Vinay B. Nair, Julie Wulf)

Optimal Dissent in Organizations

Review of Economic Studies, April 2009, vol. 76, n° 2, pp 761-794, (in coll. with D. Sraer, D. THESMAR)

Financial Contracting with Optimistic Entrepreneurs: Theory and Evidence

Review of Financial Studies, January 2009, vol. 22, n° 1, pp 117-150, (in coll. with D. THESMAR)

The Economics of Bank Restructuring : Understanding the Options

IMF Staff Position Notes, June 2009, vol. 2009/12, pp 1-39, (in coll. with K. UEDA)

Financial Risk Management: When Does Independence Fail?

American Economic Review, december, 2 2009, vol. 99, n° 2, pp 454-458, (in coll. with D. Sraer, D. THESMAR)

Les nouvelles frontières de la gouvernance du risque

Revue d'Économie Financière, 2008, vol. 7, n° 1, pp 399-403,

Why Has CEO Pay Increased So Much?

Quarterly Journal of Economics, February 2008, vol. 123, n° 1, pp 49-100, (in coll. with Xavier Gabaix)

Investigating Capitalism Aversion

Economic Policy, July 2008, vol. 23, n° 55, pp 466-497, (in coll. with M. Thoenig, D. THESMAR)

The Perverse Effects of Partial Labour Market Reform: Fixed-Term Contracts in France

Economic Journal, June 2002, vol. 112, n° 480, pp F214-F244, (in coll. with O. BLANCHARD)

Books

Chapters in edited books

Working papers

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)

Taxing the Rich

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

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)

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)

Books

Chapters in edited books

Working papers

Overreaction and Working Memory

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

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

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