Thank you for visiting my webpage! I am an associate professor of finance at EDHEC Business School in Nice, France and a CEPR research affiliate. Before joining EDHEC, I was at the Bank For International Settlements (BIS) in Basel, Switzerland. I hold a PhD from the Swiss Finance Institute at the University of Lugano and I spent part of my PhD as a predoctoral fellow at Harvard University. My research has been published in top finance journals including the Journal of Financial Economics and the Review of Financial Studies. You can contact me at [email protected] and download my CV here:




Published Papers

1) Trading Out of Sight: An Analysis of Cross-Trading in Mutual Fund Families, with A. Eisele, T. Nefedova, and K. Peijnenburg
Link to the paper
Journal of Financial Economics, forthcoming
Main Conferences: FIRS 2016, EFA 2015, AFA 2014
Media Coverage: Bloomberg, Reuters,
In short: We document that off-market transactions among funds affiliated with the same group are priced differently than similar transactions in the open market. This difference in pricing opportunistically reallocates performance from low- to high-value funds, thereby explaining a broad set of previous results in the mutual fund literature.

2) Noncognitive Abilities and Financial Distress: Evidence from a Representative Household Panel, with K. Peijnenburg
Link to the paper
Review of Financial Studies, forthcoming
Main Conference: Miami Behavioral 2016
Media Coverage: VOX EU
In short: Individuals with low noncognitive abilities are five times more likely to experience financial distress than individuals with high noncognitive abilities. This relation arises largely from worse financial choices and lack of financial insight, and only to a lesser degree reflects differential exposure to income shocks.

3) Threat of Entry and Debt Maturity: Evidence from Airlines
Link to the paper
Journal of Financial Economics, 2018 Vol 127, Issue 2, Pages 226-247
WFA Cubist Systematic Strategies Award for Outstanding Research
Main Conferences: WFA 2015, EFA 2015, SFS Finance Cavalcade 2015
In short: Incumbent airlines respond to looming threats by low-cost competitors extending debt maturity before actual entry occurs.
This result provides empirical confirmation of theoretical models of optimal debt maturity structure in the presence of rollover risk.

Working Papers

4) Family First? Kinship Ties and Stock Returns, with F. Leone and C. Sommavilla
Link to the paper
Main Conferences: FIRS and EFA
Media Coverage: The Times, Columbia Law School blog, Bloomberg
In short: We use textual analysis to construct a measure of nepotism for U.S. public firms. We show that nepotism is widespread and misvalued by the market.

5) Do Underpriced Firms Innovate Less?
Link to the paper
In short: Underpriced firms cut R&D spending to buy back their own shares at a discount. This finding is consistent with a model in which managers overlook innovation to implement short-term policies, as the market is inefficiently slow in pricing R&D.

Work in Progress and Permanent Working Papers

Debt De-risking (2020), with J. Cutura and A. Schrimpf

Trading and the Information Environment in Mutual Fund Families (in progress) with R. Evans and T. Nefedova

Security Lending and Fund Fees (in progress) with M. Zoican and T. Nefedova

The Social Costs of Private Shocks (2019) with S. Andersen and K. Peijnenburg

The Real Effects of Debt Transfers (2019) with M. Bottero, S. Lenzu, and F. Mezzanotti

The Illiquidity Rat Race (2019) with S. Malamud and A. Schrimpf

Are Star Funds Really Shining? (2016) with T. Nefedova and A. Eisele

Predation vs Cooperation in Fund Families (2014) with T. Nefedova and A. Eisele


Seminars and Conferences

Trading Out of Sight: BIS 5th Research Workshop, FIRS 2016 Lisbon, Swiss Winter Finance Conference 2016, EFA 2015 Vienna*, AFA 2014 Philadelphia, Bank for International Settlement Basel, Harvard Business School, EFMA Reading 2013*, AFFI Lyon 2013*, Paris Dauphine*, Geneva Conference on Liquidity and Arbitrage Trading 2012, 11th Swiss Doctoral Workshop in Finance, Study Center Gerzensee*;
Noncognitive Abilities and Financial Distress: Miami Behavioral 2016*, Behavioral Finance Conference Amsterdam*, Bocconi University*, the Erasmus School of Economics*, Lund University*, Maastricht University*, Tilburg University*;
Threat of Entry and Debt Maturity : WFA 2015 Seattle, EFA 2015 Vienna, SFS Finance Cavalcade 2015 Atlanta, Eurofidai/AFFI Paris 2014, Bocconi University, Stockholm School of Economics, Harvard Business School, Lugano (USI), Oxford University Said Business School, Cambridge Judge Business School, Cunef, Hong Kong University, Aalto Business School, Frankfurt School of Finance and Management;
Do Underpriced Firms Innovate Less?: Gerzensee Doctoral Seminar 2013;
Family First?: FIRS 2018 Barcelona**, EEA 2017 Lisbon, Nova SBE, EFA 2016 Oslo, Eurofidai 2016 Paris, Bank for International Settlements (BIS)

** Scheduled
* Presented by co-author