CURRICULUM VITAE

Education

  • 2005 : Qualification to Supervise Research - Université Paris-Dauphine - Paris
  • 1999 : International Teachers Programme (ITP) - NYU - Stern School of Business - New York
  • 1997 : Post-Doctorate Institute of Finance and Accounting - London Business School - Londres
  • 1997 : PhD in Finance (Chairman: Jean TIROLE) - Toulouse School of Economics
  • 1994 : Post-Graduate Degree in Advanced Quantitative Economics - Toulouse School of Economics
  • 1993 : Master of Financial Engineering - Toulouse School of Economics
  • 1992 : Master of Management - Toulouse Business School - Toulouse

Teaching Experience

  • From 1997 to 2000 : Lecturer of Finance - École Nationale de la Statistique et d'Administration Economique (ENSAE) - Paris
  • From 1996 to 2000 : Assistant Professor in Finance - London Business School - Londres
  • Since 1993 : Lecturer of Finance - Institut Supérieur de l'Aéronautique et de l'Espace (ISAE-SUPAERO) - Toulouse
  • Since 1992 : Professor in Economics - Finance Toulouse Business School - Toulouse
  • From 1992 to 1996 : Research Fellow Toulouse School of Economics Toulouse

Management Duties

  • 2010 - 2016 : Head of the PO "Banking End Financial Market" - Toulouse Business School Toulouse
  • 2008 - 2015 : Head of MS/MSC program "Quant Finance" - Toulouse Business School Toulouse
  • 2008 - 2016 : Co-Founder Advanced Finance Program - Toulouse Business School Toulouse
  • 2004 - 2008 : Head of Department "Economics & Finance" - Toulouse Business School Toulouse
  • 2003 - 2010 : Head of the PO "Corporate Finance" - Toulouse Business School Toulouse
  • 1999 - 2016 : Head of Laboratory Finance, Economics and Econometrics - Toulouse Business School Toulouse
PUBLICATIONS
    • GERMAIN, L., N. NALPAS, G. BAECHLER - "Banking Consumer Behaviour analysis Synthesis" - 2012, Project for Luxembourg for Finance

    • GERMAIN, L. - "Habilitation à Diriger des Recherches : "Informations et Marchés Financiers"" - 2005

    • GERMAIN, L. - "Survey on Corporate Financing: the case of France in Collaboration with Siemens Financial Services and FAZ PRIME Institute (Mainz Germany)" - 2003

    • GALY, N., L. GERMAIN, W. LEE, "Market Reaction to the Malaysian Code on Corporate Governance", Revue Française de gouvernance d'entreprise, 2021, vol. 22/23, pp. 51-90 [fnege: 4]

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    • BAECHLER, G., L. GERMAIN, "What do we learn about CEOs’ behaviour through neurofinance?", RB Bankers, Markets & Investors, 2021, vol. 164, no. Special issue Behavioral Finance, pp. 39-47 [cnrs: 4]

    • BOCO, H., L. GERMAIN, F. ROUSSEAU, "When Overconfident Traders Meet Feedback Traders", Finance, 2021, vol. Vol. 42, no. 3, pp. 7-55 [cnrs: 2, fnege: 2, abs: 1]

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    • BAECHLER, G., L. GERMAIN, "A literature review on neurofinance", Finance, 2018, vol. 2018/2 (Vol. 39), pp. 9-41 [cnrs: 2, fnege: 2]

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    • BOCO, H., L. GERMAIN, F. ROUSSEAU, "Strategic Market Making and Risk Sharing", Journal of Mathematical Finance, 2017, vol. 07, no. 01, pp. 144-179

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    • BOURJADE, S., L. GERMAIN, C. LYON-CAEN, "Conseils d’administration : indépendance, collusion et conflits d’intérêts", Revue Française d'Économie, 2016, vol. XXXI, no. 2, pp. 3-25 [cnrs: 3]

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    • BOCO, H., L. GERMAIN, F. ROUSSEAU, "Heterogeneous noisy beliefs and dynamic competition in financial markets", Economic Modelling, April 2016, vol. 54, no. 54, pp. 347-363 [cnrs: 2, abs: 2]

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    • GERMAIN, L., F. ROUSSEAU, A. VANHEMS, "Irrational Market Makers", Finance, April 2014, vol. 35, no. 1, pp. 107-145 [cnrs: 2, fnege: 2]

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    • GALY, N., L. GERMAIN, D. HILTON, R. MATHES, "In which media are analysts' recommendations most followed?", RB Bankers, Markets & Investors, November 2014, no. 133, pp. 34-46

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    • GERMAIN, L., N. GALY, W. LEE, "Corporate governance reform in Malaysia: Board size, independence and monitoring", Journal of Economics and Business, September 2014, vol. 75, pp. 126-162 [abs: 2]

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    • GERMAIN, L., B. KLUGER, C. PUNGULESCU, D. STOLIN, D. WEAVER, "Intra-Dealer Integration", European Financial Management, September 2010, vol. 16, no. 4, pp. 507-527 [cnrs: 3, abs: 3]

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    • GERMAIN, L., R. DRIDI, "Noise and Competition in Strategic Oligopoly", Journal of Financial Intermediation, March 2009, vol. 18, no. 2, pp. 311-327 [cnrs: 2, abs: 3]

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    • GERMAIN, L., "Strategic Noise in Competitive Markets for the Sale of Information", Journal of Financial Intermediation, April 2005, vol. 14, no. 2, pp. 179-209

    • DRIDI, R., L. GERMAIN, "Bullish Bearish Strategies of Trading: A Non Linear Equilibrium", Journal of Financial and Quantitative Analysis, December 2004

    • GERMAIN, L., "High Speed of Learning in Financial Markets", Finance, December 2003, vol. 24, pp. 79-86

    • BIAIS, B., L. GERMAIN, "Incentive Compatible Contracts for the Sale of Information", Review of Financial Studies, July 2002, vol. 15, no. 4, pp. 987-1003

    • GERMAIN, L., "Efficience des Marchés Financiers", Les Echos, March 1998, vol. special issue

    • GERMAIN, L., "Market efficiency : A mirror for information", Financial Times, May 1997, vol. Special issue

    • GERMAIN, L., "Positive anticipatory emotions for becoming a millionaire: a neurofinance experiment" in 40th Conference of the French Finance Association (AFFI), mai, 2024, Lille, France

    • BOCO, H., G. BAECHLER, L. GERMAIN, C. LYON-CAEN, "Sustainable corporate boards with employee representation " in Conférence ICFBA, 2023, Montpellier, France

    • GERMAIN, L., H. BOCO, F. ROUSSEAU, "High Frequency Trading: Strategic Competition Between Slow and Fast Traders" in 26th Annual Conference of the Multinational Finance Society, Jerusalem School of Business Administration, Jerusalem, Israel, June 30 - July 3, 2019

    • BOURJADE, S., L. GERMAIN, "Executive Compensation, Monitoring and Collusion in Boards of Directors" in 18th annual Meeting , 11-13 july, Paris, Meeting of the association for public economy theory, 2017

    • FU, J., D. LACOSTE, L. GERMAIN, S. NICHOLAS, E. MAITLAND, "Emerging Market Business Groups: Diversification and Internationalization of Qiye Jituan" in AIB 2017 Annual Meeting, Dubai, UAE, 2-5/07/2017, Academy of International Business, 2017, Dubaï

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    • GERMAIN, L., N. GALY, W. LEE, "Market reaction to the malaysian code on corporate governance" in Conference Financial and Corporate Governance, April, 2014, Brisbane, Australia

    • FU, J., D. LACOSTE, L. GERMAIN, "Diversification, Internationalization and Institutional Context" in AOM Annual Conference, Orlando, Florida 9-13/08/2013, AOM Annual Conference, 2013, Orlando, United States of America

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    • BAECHLER, G., L. GERMAIN, N. NALPAS, "Risk aversion, asset allocation and the role of banks around financial crisis" in Conférence IFABS, June, 2013, Nottingham, Great Britain

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    • BAECHLER, G., L. GERMAIN, N. NALPAS, "Risk aversion, asset allocation and the role of banks around financial crisis" in International Conference FEBS, June, 2013, Paris, France

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    • BOURJADE, S., L. GERMAIN, "Optimal monitoring and collusion in board of directors" in Finance Workshop, June, 2013, Toulouse, France

    • BOCO, H., L. GERMAIN, F. ROUSSEAU, "Heterogeneous beliefs and imperfect competition in sequential auction markets" in Conférence des Grandes Ecoles Essec, February, 2013, Paris, France

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    • BOURJADE, S., L. GERMAIN, "Optimal Monitoring and Collusion in Board of Directors" in Congrès EARIE, 2012, Rome, Italy

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    • BOCO, H., L. GERMAIN, F. ROUSSEAU, "When overconfident traders meet feedback traders" in AFFI - The 28th annual International Conference of the French Finance Association, 2011, Montpellier, France

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    • BOCO, H., L. GERMAIN, F. ROUSSEAU, "When overconfident traders meet feedback traders" in Séminaire Inter-Business Schools, 2011, Rouen, France

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    • BOCO, H., L. GERMAIN, F. ROUSSEAU, "When overconfident traders meet feedback traders" in Midwest Finance Association, 2011, Chicago, United States of America

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    • GALY, N., L. GERMAIN, "Media coverage of analysts' recommandations and firm share prices" in AFFI, 2011, Montpellier, France

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    • BOCO, H., L. GERMAIN, F. ROUSSEAU, "Strategic market making and risk sharing" in EFMA, 2010, Aarhus, Denmark

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    • BOCO, H., L. GERMAIN, F. ROUSSEAU, "Strategic market making and risk sharing" in Association française de finance, 2010, St Malo, France

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    • GALY, N., L. GERMAIN, "Media Coverage of Analysts' Recommendations and firm Share Prices" in ATINER, 2010, Athènes, Greece

    • NALPAS, N., L. GERMAIN, A. VANHEMS, "Hedge funds performance appraisal: a comparison of different nonparametric approaches" in International Federation of Operational Research Societies (IFORS 2008), 2008, Sandton, South Africa

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    • GALY, N., L. GERMAIN, "Market competition and share prices: the case of the Airbus-Boeing duopoly" in The European financial management association, 2008, Athènes, Greece

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    • NALPAS, N., L. GERMAIN, A. VANHEMS, "Hedge Funds Performance : A non Parametric Approach" in 47 ème Congrès de la SCSE, 2007, Québec, Canada

    • GABILLON, J.-C., L. GERMAIN, "Optimal Dynamic Financial Policy" in Conférence de l'AFFI, 2007, Bordeaux, France

    • GALY, N., L. GERMAIN, "Product market competition and share value : the Airbus-Boeing duopoly" in Conférence de l'Association Française de Finance, 2007, Bordeaux, France

    • GALY, N., L. GERMAIN, "Product market competition and share value : the Airbus-Boeing duopoly" in Cahier de Recherche, 2007, Toulouse, France

    • GERMAIN, L., F. ROUSSEAU, A. VANHEMS, "Optimistic and Pessimistic Trading in Financial Markets" in Conférence de l'European Financial Management Association, 2006, Durham, Great Britain

    • GERMAIN, L., F. ROUSSEAU, "Strategic Market Making and Risk Sharing" in European Financial Management Association Annual Meeting, 2006, Madrid, Spain

    • GALY, N., L. GERMAIN, D. HILTON, R. MATHE, "Recommandations sur les titres, média et valeur de marché." in Congrès International AFFI (Association Française de Finance), 2006, Poitiers, France

    • GERMAIN, L., F. ROUSSEAU, "Strategic Market Making and Risk Sharing" in Paper accepted at the Australiasian Finance Conference, 2005, Sydney, Australia

    • GALY, N., L. GERMAIN, D. HILTON, R. MATHE, "Recommandations sur les titres, média et valeur de marché." in Financial analysis : New challenges., 2005, Boulogne sur Mer, France

    • DRIDI, R., L. GERMAIN, "Noise and Competition in Strategic Oligopoly", Groupe ESC Toulouse, 2004, Toulouse, France

    • GERMAIN, L., "Strategic Noise in Competitive Markets for the Sale of Information", Les Cahiers de la Finance, 2004, Toulouse, France

    • GERMAIN, L., J.-F. VERDIE, J.-M. DECAUDIN, "L’Evaluation Financière de la Marque" in Les ateliers de l’ANVIE, May, 2003, Paris, France

    • GERMAIN, L., "Risk Averse Strategic Market Makers", June, 2002, Strasbourg, France

    • GERMAIN, L., "Strategic Noise in Competitive Markets for the Sale of Information", INSEAD, 2001, Paris, France

    • DRIDI, R., L. GERMAIN, "Noise and Competition in a Strategic Oligopoly" in Western Finance Association, SFS,, June, 2001, Tucson, Arizona, United States of America

    • DRIDI, R., L. GERMAIN, "Noise and Competition in a Strategic Oligopoly", November, 2001

    • DRIDI, R., L. GERMAIN, "Noise and Competition in a Strategic Oligopoly" in Financial Markets Group Finance Seminar, June, 2001, Londres, Great Britain

    • DRIDI, R., L. GERMAIN, "Noise and Competition in Strategic Oligopoly", Groupe ESC Toulouse, 2001, Toulouse, France

    • DRIDI, R., L. GERMAIN, "Noise and Competition in a Strategic Oligopoly" in American Finance Association, January, 2001, New Orleans, United States of America

    • GERMAIN, L., "Strategic Noise in Competitive Markets for the Sale of Information", London Business School, 2000, Londres, Great Britain

    • GERMAIN, L., "Noise and Competition in a Strategic Oligopoly", June, 2000, Toulouse

    • GERMAIN, L., "Bullish Bearish Non Linear Strategies of Trading" in European Commission Conference, May, 2000, Pompeu Fabra, Barcelona, Spain

    • DRIDI, R., L. GERMAIN, "Bullish Bearish Non Linear Strategies of Trading" in Finance Seminar, April, 2000, Athens

    • DRIDI, R., L. GERMAIN, "Noise and Competition in a Strategic Oligopoly" in Finance Seminar, October, 2000, Paris, France

    • DRIDI, R., L. GERMAIN, "Bullish Bearish Non Linear Strategies of Trading" in World Congress of the Econometric Society, August, 2000, Seattle, United States of America

    • GERMAIN, L., "Incentive Compatible Contracts for the Sale of Information", January, 2000, Boston, United States of America

    • GERMAIN, L., "High Speeds of Learning in Financial Markets", Association Française de Finance, 1999, Aix en Provence, France

    • GERMAIN, L., "Incentive Compatible Contracts for the Sale of Information" in TMR Meeting, European Commission Conference, February, 1999, Great Britain

    • GERMAIN, L., "Strategic Noise in Competitive Markets for the Sale of Information", European University Institute of Florence, 1999, Florence, Italy

    • GERMAIN, L., "Strategic Noise in Competitive Markets for the Sale of Information", London School of Economics, 1999, Great Britain

    • GERMAIN, L., "High Speeds of Learning in Financial Markets", EEA (European Economic Association), 1999, Saint Jacques de Compostelle, Spain

    • GERMAIN, L., "High Speeds of Learning in Financial Markets" in Oxford Finance Seminar, Oxford University, 1999, Oxford, Great Britain

    • GERMAIN, L., "Strategic Noise in Competitive Markets for the Sale of Information", London Business School, 1999

    • GERMAIN, L., "Strategic Noise in Competitive Markets for the Sale of Information", Université de Lille, 1998

    • GERMAIN, L., "Incentive Compatible Contracts for the Sale of Information" in IFA Finance Seminar, April, 1998, Londres, Great Britain

    • GERMAIN, L., "Incentive Compatible Contracts for the Sale of Information" in Finance Seminar, April, 1998, Paris, France

    • GERMAIN, L., "Incentive Compatible Contracts for the Sale of Information" in FMG Seminar, January, 1998, Londres, Great Britain

    • GERMAIN, L., "Incentive Compatible Contracts for the Sale of Information" in Séminaire d'Economie, 1998, Toulouse, France

    • GERMAIN, L., "Strategic Noise in Competitive Markets for the Sale of Information" in European Economic Association, 1998, Berlin, Germany

    • GERMAIN, L., "Strategic Noise in Competitive Markets for the Sale of Information", Econometric Society European Meeting, 1998, Berlin, Germany

    • GERMAIN, L., "Incentive Compatible Contracts for the Sale of Information", January, 1997, Toulouse, France

    • GERMAIN, L., E. BONHOURE, "1.7. Corporate governance in France (2008-2016)" in Corporate Governance: New Challenges and Opportunities., Alexander N. Kostyuk, Udo Braendle, Vincenzo Capizzi Eds, Virtus Interpress, chap. 1, 2017

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    • GABILLON, J.-C., L. GERMAIN, N. NALPAS, "The financial crisis and the credit derivatives pricing models" in Rethinking Valuation and Pricing Models., Wehn & Hoppe & Gregoriou Ed., pp. 147-176, 2012

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    • GERMAIN, L., N. NALPAS, A. VANHEMS, "Non-parametric hedge funds and replication indices performance analysis : a robust directional application" in Hedge Funds Replication., Greg N.Gregoriou et Maher Kooli Ed., pp. 90-105, 2011

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    • GERMAIN, L., F. ROUSSEAU, A. VANHEMS, "Strategic Financial Intermediaries with Brokerage Activities" in Handbook of Trading., Greg N. Gregoriou Ed., chap. Ch 26, pp. 389-402, 2010

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    • GERMAIN, L., "L’efficience des marchés, indice de la transparence" in L’art de la Finance., pp. 124-125, 1998

    • GERMAIN, L., "Market Efficiency : A Mirror for Information" in Mastering Finance., pp. 160-162, 1998

    • BAECHLER, G., H. BOCO, L. GERMAIN - "De la vertu des mesures anti-OPA" - 2020, Les Echos

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    • GERMAIN, L., G. BAECHLER - "La neurofinance explique l'irrationalité des marchés" - 2018, Forbes

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    • GERMAIN, L., H. BOCO - "Les conséquences du trading à haute fréquence sur les marchés financiers" - 2017, Analyse financière

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    • GERMAIN, L., A. VANHEMS - "Bulles et irrationalité : une affaire de traders ?" - 2015, TBSearch

    • GERMAIN, L., N. NALPAS - "Comment la finance est-elle enseignée à TBS ?" - 2014, Finance Grandes Ecoles et Universités

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    • GERMAIN, L. - "L'impact de la crise sur le comportement des investisseurs décrypté scientifiquement par des chercheurs de TBS" - 2014, Le Journal des Grandes Ecoles et Universités

    • GERMAIN, L., A. VANHEMS - "Les market makers ne se comprtent pas toujours rationnellement" - 2014, TBSearch

    • GERMAIN, L., "Quel avenir pour le Trading Haute Fréquence ?" Les Matinales de la recherche. June 2017, Paris

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    • 2015 Best Article Award Revue Finance Association Française de Finance (AFFI)
    • 2012 Bronze Medal of Aeronautics Ministère de la Défense et des Transports
    • 2009 Who’s Who in America Marquis
    • 2007 Who’s Who in the World Marquis
EXPERTISE
    • Corporate Finance
    • Advanced Finance
    • Corporate Governance
    • Research Methodology
    • Market Microstructure
    • Law and Economics
    • Corporate Governance
    • Market Abuse
    • Financial Markets
    • Market Microstructure
    • Neurofinance
      • Editorial board member of the European Financial Management Association
      • Editor RIMEFI
      • 2008 : Delegate French Institute of Directors IFA, Midi-Pyrénées
      • 2000 - 2016 : Research Management Program - Toulouse Business School Toulouse
      • 1993 : Consultant in Corporations

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