GERMAIN Laurent
Department: Economics and Finance
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
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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
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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]
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]
BAECHLER, G., L. GERMAIN, "A literature review on neurofinance", Finance, 2018, vol. 2018/2 (Vol. 39), pp. 9-41 [cnrs: 2, fnege: 2]
BOCO, H., L. GERMAIN, F. ROUSSEAU, "Strategic Market Making and Risk Sharing", Journal of Mathematical Finance, 2017, vol. 07, no. 01, pp. 144-179
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]
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]
GERMAIN, L., F. ROUSSEAU, A. VANHEMS, "Irrational Market Makers", Finance, April 2014, vol. 35, no. 1, pp. 107-145 [cnrs: 2, fnege: 2]
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
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]
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]
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]
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
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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
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
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
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
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
BOURJADE, S., L. GERMAIN, "Optimal Monitoring and Collusion in Board of Directors" in Congrès EARIE, 2012, Rome, Italy
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
BOCO, H., L. GERMAIN, F. ROUSSEAU, "When overconfident traders meet feedback traders" in Séminaire Inter-Business Schools, 2011, Rouen, France
BOCO, H., L. GERMAIN, F. ROUSSEAU, "When overconfident traders meet feedback traders" in Midwest Finance Association, 2011, Chicago, United States of America
GALY, N., L. GERMAIN, "Media coverage of analysts' recommandations and firm share prices" in AFFI, 2011, Montpellier, France
BOCO, H., L. GERMAIN, F. ROUSSEAU, "Strategic market making and risk sharing" in EFMA, 2010, Aarhus, Denmark
BOCO, H., L. GERMAIN, F. ROUSSEAU, "Strategic market making and risk sharing" in Association française de finance, 2010, St Malo, France
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
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
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
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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
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
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
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
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
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GERMAIN, L., H. BOCO - "Les conséquences du trading à haute fréquence sur les marchés financiers" - 2017, Analyse financière
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
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
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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
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- Corporate Finance
- Advanced Finance
- Corporate Governance
- Research Methodology
- Market Microstructure
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- Law and Economics
- Corporate Governance
- Market Abuse
- Financial Markets
- Market Microstructure
- Neurofinance
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- Editorial board member of the European Financial Management Association
- Editor RIMEFI
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- 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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