Alexander Guembel

Alexander Guembel
Curriculum vitae, 27.1.2015
Toulouse School of Economics
Manufacture des Tabacs, Bâtiment F
21, allée de Brienne
31000 Toulouse
email: [email protected]
Phone : +33 561 12 85 74
Date of birth: 18 November 1970
Employment
Since 2010
Professor of Finance, Université de Toulouse 1 Capitole
2009-2010
Associate Professor of Finance, Université de Toulouse 1 Capitole
2008-2009
Reader in Finance, Saïd Business School, University of Oxford
1999-2008
University Lecturer in Finance, Saïd Business School
1999-2009
Fellow of Lincoln College, University of Oxford
Other positions held
2008-2009
Chaire senieur, Toulouse School of Economics
2006 – 2007
Visiting Professor, Université de Toulouse 1 Capitole
Jan. – April 2006
Visiting Scholar, Wharton School, University of Pennsylvania
Sept. – Dec. 2001
Visiting Scholar, Fuqua School of Business, Duke University
Education
PhD in Economics
European University Institute; thesis title: “Essays on Delegated
Portfolio Management and Trade on Differential Information”.
Thesis committee: Pierpaolo Battigalli (co-supervisor), Bruno Biais
(Chair), James Dow (supervisor), Robert Waldmann.
(March 2000)
M.Phil in Economics
(1993 – 1995)
University of Oxford, Brasenose College
Philosophy, Politics
and Economics
(1992 – 1993)
University of Oxford, Mansfield College (visiting student)
Diplom
Wirtschaftsingenieur
(1989 – 1995)
Universtität Karlsruhe, with distinction (Master in Engineering and
Management)
Awards and scholarships
2010
Research Grant, Europlace Institute of Finance
1999
European University Institute Doctoral Grant
1995 – 1998
European Investment Bank Doctoral Fellowship
1992 – 1995
Studienstiftung des deutschen Volkes (German National Scholarship
Foundation)
1992 – 1993
DAAD scholarship to study Philosophy and Economics at Oxford
Publications in refereed journals
• “Good Cop, Bad Cop: Complementarities between Debt and Equity in Disciplining
Management,” (with Lucy White), Journal of Financial Intermediation, 23, 2014, pp 541569.
• “Managerial Legacies, Entrenchment and Strategic Inertia,” (with Catherine Casamatta),
Journal of Finance, 65, 2010, pp 2403-2436.
• “Sovereign Debt without Default Penalties,” (with Oren Sussman), Review of Economic
Studies, 76, 2009, pp 1297-1320.
• “Reputational Cheap Talk with Misunderstanding,” (with Silvia Rossetto) Games and
Economic Behavior, 67, 2009, pp 736-744.
• “Manipulation and the Allocational Role of Prices,” (with Itay Goldstein) Review of
Economic Studies, 75, 2008, pp 133-164.
•
“Trading on Short-Term Information,” Journal of Institutional and Theoretical Economics,
161, 2005, pp 428-452.
• “Should Short-Term Speculators be Taxed, or Subsidised?” Annals of Finance, 1, 2005, pp
327-348.
• “Herding in Delegated Portfolio Management: When is Comparative Performance
Information Desirable?” European Economic Review, 49, 2005, pp 599 – 626.
• “Optimal Exchange Rates: A Market Microstructure Approach,” (with Oren Sussman),
Journal of the European Economic Association, 2, 2004, pp 1242-1272.
• “Emerging Markets and Entry by Actively Managed Funds,” Greek Economic Review, 23
(1), 2004.
Other publications
• Bhattacharya, S., A. Dasgupta, A. Guembel and A. Prat, "Incentives in Funds
Management: A Literature Review," ch. 9 in the Handbook of Financial Intermediation
and Banking by A. Boot and A. Thakor (eds), 2008, Elsevier, North-Holland.
• “Managerial Power and Executive Pay,” Oxford Journal of Legal Studies, 26, 2006, pp
219-233.
Working papers
• “Incentives for Information Production in Markets where Prices Affect Real Investment,”
(with J. Dow and I. Goldstein)
• “A Welfare Analysis of Fragmented Liquidity Markets,” (with Oren Sussman)
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Work in progress
•
“Liquidity, Contagion and Crisis,” (with Oren Sussman)
•
“Long-term Investment and Managerial Turnover,” (with Stéphane Villeneuve)
Seminar and conference presentations
Herding in Delegated
Portfolio Management
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American Finance Association Annual Meeting, New York
1999.
Association of Southern European Economic Theorists, 1998.
French Finance Association, 1998.
Seminars at: CentER Tilburg, ESSEC, HEC Lausanne, IAE
Barcelona, LBS, Stockholm School of Economics.
Trading on ShortTerm Information
•
Western Finance Association Annual Meeting, 1999.
Should Short-term
Traders be Taxed or
Subsidised
•
•
European Finance Association Annual Meeting, 2000.
TMR Meeting on Financial Market Efficiency, Corporate
Finance and Regulation, 2000.
CEPR/ Studienzentrum Gerzensee ESSFM, 2000.
•
Optimal Exchange
Rates: A Marketmicrostructure
Approach
•
•
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LACEA, Madrid, 2002
CRENOS 2001 meetings, Alghero
Seminars at: Duke University, Federal Reserve Bank of
Philadelphia, LSE (FMG).
Good Cop, Bad Cop:
Complementarities
between Debt and
Equity in Disciplining
Management
•
American Finance Association Annual Meeting, Washington
D.C. 2003.
Oxford Finance Summer Symposium, 2002.
CEPR workshop on Corporate Governance and the New
Economy, Brussels, 2002.
Departmental seminar at INSEAD, Goethe University Frankfurt,
SOAS.
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Manipulation and the
Allocational Role of
Prices
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Managerial Legacies,
Entrenchment and
Strategic Inertia
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Incentives for
Information
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European Finance Association Annual Meeting, Berlin 2002.
American Finance Association Annual Meeting, Washington
D.C. 2003.
Departmental seminars at University of Amsterdam, Cass
School of Business, Lancaster University, HEC Paris, ISMA
Centre (Reading).
Workshop presentations at Nuffield College (Oxford), ESC
Toulouse.
American Finance Association Annual Meeting, Boston, 2006
CEMAF/ISCTE 10th Anniversary Finance Meeting, Lisbon,
2005
EFMA, Milan, 2005
ESSFM Gerzensee, 2005
Presentations at Nuffield College (Oxford), Saïd Business
School, LSE, Mannheim.
Western Finance Association Annual Meeting, Big Sky, 2007
European Finance Association Annual Meeting, Zürich, 2006
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Production in Markets
where Prices Affect
Real Investment
•
Sovereign Debt
without Default
Penalties
•
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European Central Bank conference on Corporate Finance and
Monetary Policy, 2006
FIRS conference, Shanghai, 2006
European Winter Finance Conference, Andermatt, 2006
American Economic Association Annual Meeting, Chicago 2007
Research Seminar at Bank for International Settlements, 2005,
Wharton School (University of Pennsylvania), Federal Reserve
Bank of Philadelphia, 2006, University of Toulouse, 2006
FIRS conference, Shanghai, 2006
Oxford Finance Summer Symposium, June 2006
Long-term Investment
and Managerial
Turnover
•
Seminars at University Paris Dauphine, University Pompeu
Fabra
A Welfare Analysis of
Fragmented Liquidity
Markets
•
Seminars at Luxembourg School of Finance, IESEG, ESCP
Paris, Queen Mary University London, Tinbergen Institute.
Teaching experience
MBA
Finance 1 (2004 – 2007). Nominated for best teacher award in 2005.
Mergers and Acquisitions (1999 – 2004) Elective course.
Macroeconomics (2000), class teacher for core course
Executive Education
Finance 1: Oxford Executive MBA (2006, 2009)
Corporate Restructuring: Cross Country MBA of the Fuqua School
of Business (2001, 2002)
Undergraduate
Finance (1999 – 2004): Lectures for undergraduate elective
Tutorials in Finance (1999 – present)
Finance (1999 – 2004): Compulsory 1st year lectures
Tutorials in Introduction to Management (1999 – present)
Supervision
Undergraduate and MBA project supervision
Co-supervision of DPhil students: Agris Preimanis (2006; The
Information Content of Firm’s Capital Investments, Price
Informativeness and the Information Role of Stock Prices), Filippo
Ippolito (2007; Essays in Corporate Finance)
Other
Finance: Master in International Management, University of
Toulouse (2006, 2008-2013)
Stock Markets: Master in Finance (MIF) Toulouse School of
Economics (since 2009)
Advanced Corporate Finance: Master in Corporate Finance, IAE
Toulouse (since 2009)
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Other activities
• Associate Editor, Journal of Finance (since 2012)
• Refereeing for American Economic Review, Annals of Finance, Econometrica, European
Economic Review, Economic Journal, Journal of the European Economic Association,
Journal of Finance, Journal of Financial Intermediation, Journal of International Money
and Finance, International Journal of Industrial Organization, Greek Economic Review,
Oxford Economic Papers, Quarterly Review of Economics and Finance, RAND Journal of
Economics, Review of Economic Studies, Review of Finance, Review of Financial Studies.
• Organisation of Finance Seminars at TSE, 2010 – 2012
• Organisation of Oxford Finance Research Center seminar series 2000 – 2001
• Organisation of Finance Research workshop (Oxford) 2003 – 2004, 2006 – 2008
• Co-organisation (with James Dow (LBS), Philip Bond (Wharton) and Lucy White (HBS))
of the European Winter Finance Conference (Andermatt, Feb 2006 & 2007) ; member of
programme committee since 2008.
• Senior Dean, Lincoln College, 2007-2008
• Director of the Master in Corporate Finance, IAE Toulouse (since 2013)
• Director of the “Parcours Recherche” of the Master in Finance, IAE Toulouse (since 2009)
Other work experience
• International Finance Corporation, The World Bank Group. Internship in the Capital
Markets Division, Europe Department. Washington, Summer, 1997.
• McKinsey & Comp. Summer Associate. Düsseldorf, Summer, 1995.
• Cornhill Insurance. Internship in the Investment Division. London, Spring, 1993.
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