DENISGROMB

CONTACTDETAILS

INSEAD,BoulevarddeConstance,77305FontainebleauCedex,France
Email:denis.gromb@insead.edu
Web:http://www.denisgromb.com/

EMPLOYMENT

INSEAD
ProfessorofFinance

September2008present

LondonBusinessSchool
ProfessorofFinance

May2008June2009
AssociateProfessorofFinance
July2001May2008

LondonSchoolofEconomics
VisitingProfessorofFinance
September2007September2008

MIT,SloanSchoolofManagement
AssociateProfessorofFinance
January1999June2001
AssistantProfessorofFinance
July1995December1999

FreeUniversityofBrussels
PostDoctoralFellow

July1994June1995

EDUCATION

LondonSchoolofEconomics
VisitingDoctoralStudent

September1992June1994

EcolePolytechnique,Paris
Ph.D.Economics

September1990April1994
MasterinMathematicalEconomics
September1989September1990
EngineeringDegree

August1986June1989

PRINCIPALFIELDSOFINTEREST

CorporateFinance
CorporateGovernance
Banking
LimitstoArbitrage
EconomicsofOrganizations

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PUBLICATIONS

Large Shareholders, Monitoring and the Value of the Firm with M. Burkart and F. Panunzi,
QuarterlyJournalofEconomics(1997)

Selection in Dynamic Entry Games with JP. Ponssard and D. Sevy, Games and Economic
Behavior(1997)

Why HigherTakeoverPremiaProtectMinorityShareholders with M.Burkart and F. Panunzi,

JournalofPoliticalEconomy(1998)

OntheStrengthofCorporateCultureswithJ.Carrillo,EuropeanEconomicReview(1999)

AgencyConflictsinPublicandNegotiatedTransfersofCorporateControlwithM.Burkartand
F.Panunzi,JournalofFinance(2000)

EquilibriumandWelfareinMarketswithConstrainedArbitrageurswithD.Vayanos,Journalof
FinancialEconomics(2002)

Public Trading and Private Incentives with A. FaureGrimaud, Review of Financial Studies
(2004)

MinorityBlocksandTakeoverPremiawithM.BurkartandF.Panunzi,JournalofInstitutional
andTheoreticalEconomics(2006)

CultureinOrganizations:InertiaandUniformitywithJ.Carrillo,JournalofLaw,Economicsand
Organizations(2006)

CollusionandtheOrganizationofDelegatedExpertisewithD.Martimort,JournalofEconomic
Theory(2007)

AModelofFinancialMarketLiquidityBasedonIntermediaryCapitalwithD.Vayanos,Journal
oftheEuropeanEconomicAssociation(2010).

LimitsofArbitrage:TheStateoftheTheorywithD.Vayanos,TheAnnualReviewofFinancial
Economic(2010).

ImperfectCompetitionintheInterbankMarketforLiquidityasaRationaleforCentralBanking
withV.AcharyaandT.Yorulmazer,AmericanEconomicJournal:Macroeconomics(2012).

LegalInvestorProtection,andTakeoverswithM.Burkart,H.Muller,andF.Panunzi,Journalof
Finance(2014).

BOOKCHAPTERS

ArbitrageandItsLimitswithD.Vayanos,ThePalgraveEncyclopediaofStrategicManagement,
(forthcoming)

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WORKINGPAPERS

IsOneShareOneVoteOptimal?
RenegotiationinDebtContracts
InnovationandDynamicEntryDeterrencewithD.Sevy
DebtDesign,LiquidationValueandMonitoringwithM.BurkartandF.Panunzi
EntrepreneurshipinEquilibriumwithD.Scharfstein
TheDynamicsofDelegatedExpertisewithD.Martimort
LiquidityDryups:AFrameworkandPolicyImplicationswithD.Vayanos
TheDynamicsofFinanciallyConstrainedArbitragewithD.Vayanos
FinanciallyConstrainedArbitrageandCrossmarketContagionwithD.Vayanos
FinancingtheNewsvendorwithFrancisdeVricourt

WORKINPROGRESS(provisionaltitles)

DynastieswithM.Burkart,F.PanunziandP.Volpin
OrganizingExpertswithUncorrelatedSignalswithD.Martimort
Flexiblevs.DedicatedTechnologyforaNewsvendorunderFinancialConstraintswithFrancis
deVricourt

SHORTPAPERS,COLUMNS,PRESSCITATIONS

TheLimitstoArbitrageAgendawithD.Vayanos,VOX,April10,2010.VOXisapolicyportal
set up by the Centre for Economic Policy Research (CEPR). This column can be found at:
http://www.voxeu.org/index.php?q=node/4841
Leslimitesdelarbitrage:unnouveauparadigmeenFinance,withD.Vayanos,forthcomingin
La Jaune et la Rouge, special issue on the implications of the crisis for Economics. J&R is the
magazineofEcolePolytechniquealumni.
BacktoSchool,WallStreetJournalJune2010articleonhowfinancetheoriesmustaccountfor
thecrisis.
OnPricingAnomaliesandtheLimitsofArbitragewithD.Vayanos,INSEADKnowledge,online
INSEADresearchdigest.

CASESTUDIES

Infineon:TimetoCashinYourChips?withJ.Peress
PradasHongKongIPOwithA.DiGiuli

GRANTSANDAWARDS

1994:TheReviewofEconomicStudiesTour
2006:FondationBanquedeFrancegrant
2007:ESRCgrant
2008:FondationBanquedeFrancegrant
2011,2014:NomineeforBestElectiveTeacherAward
DeansCommendationforExcellenceinMBATeaching(requiresteachingevaluationsof4.5/5.0
foratleasttwoMBAcourses):200910,201011,201112,201213,201314
2013:InstituteforNewEconomicThinkinggrant

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SEMINARPRESENTATIONS

19912008:
TheReviewofEconomicStudiesTour(1994):London,Brussels,Toulouse,andTelAviv.
AFA(2002,Atlanta),AmsterdamUniversity(2002,2002),BankofEngland(2007,2008),BankofItaly
(2007),BaselUniversity (1995),NHHBergen (2003, 2006), UCBerkeley (1995, 1998), Universityof
Besancon (2003, 2005), Bocconi University (2007), Boston University (1995, 2000, 2009), Bristol
(2002), University of British Columbia (1995), Carnegie Mellon University (1995, 1999), Catholic
UniversityofLouvain(1995),CEMFIMadrid(1994,2006),CEPRGerzenseeMeetings(1995,2002),
CIRANO Montreal (2001), City Business School (2002), City University of Hong Kong (2005),
University of Chicago (1995, 1999, 2003), Columbia University (2004), Copenhagen (2007), CREST
Paris (2008), Duke University (1999, 2007), Durham (2007), Ecole des Ponts et Chausses Paris
(1996, 2001), EFA (Berlin 1998), ESC Paris (2007), ESADEIESE (2008), ESC Toulouse (2007), ESSEC
(2008), University of Essex (2009), European Econometrics Society Uppsala (1993), EEA (Helsinki
(1993),Berlin(1998)),UniversityofFlorida(1999),FrankfurtUniversity(2004,2004),FreeUniversity
ofBrussels(1991,1994,1995,2003),GlendonCollegeToronto(1997),HarvardUniversity(1994,
1998),Helsinki(2007),IDCHerzlyia(2006),HKUST(2008),UniversityofIllinoisatUrbanaChampaign
(2007), INFORMS New Orleans (1995), INSEAD (2003, 2007), INSEAD Finance Brown Bag (2008),
Institut Henri Poincar Paris (2003, 2007), Lancaster (2008), Lausanne (2001, 2007), Lehman
BrothersLondon(2003),LondonBusinessSchool(1995,1997,2001,2001,2004),LSE(1994,1995,
2000,2001,2001,2002,2004,2007,2008,2008),UCLA(1995),Mannheim(2002,2008),University
of Maryland (1999), MIT (1994, 1995, 1996, 1999, 2009), Michigan State University (2004),
UniversityofMichigan(2004),MinnesotaUniversity(1995,2000),Munich(2002),NYU(1995,2001,
2007), NTU Singapore (2008), University of Naples (2007), University of North Carolina (2001),
NorthwesternUniversity(1995,1999,2007),NewYorkFed(2001),NuffieldCollegeOxford(2003),
OhioStateUniversity(1998),OsloBI(2003,2007),OxfordSaidBusinessSchool(1998,2002),Paris
SchoolofEconomics(2007),Rochester(2000),Rome(2001),Salerno(2003),SminaireETAPEParis
(2004), Sminaire Roy Paris (2003), Singapore Management University (2008), Society for
Economic Theory (Ischia (2001)), Sorbonne Paris (2008), Southampton (2003), Stanford University
(1995,1998),StockholmSchoolofEconomics(1996,1999,2003),TelAvivUniversity(1994),Tilburg
(2002),ToulouseUniversity(1994,1995,2002),UCL(2003),UniversitParisDauphine(1994,2007,
2008), Universitat Pompeu Fabra (2003), USC (2003), University of Toronto (2003), University of
Vienna (2010), Warwick Business School (2001), Washington University (2001), Western Finance
Association(ParkCity(2002)),andWharton(1995,2007).

200910: EEA (Barcelona (2009)), Amsterdam University (2009), Free University of Brussels (2009),
Oslo BI (2009), Dartmouth College (2009), McGill University (2009), Queens University (2009),
Stanford University (2009), LSE Antoine FaureGrimaud Memorial Conference (2009), Toulouse
University (2009), Science Po Paris (2009), Finance Forum, keynote speaker (Madrid 2009), ISCTE
Nova Lisbon (2009), Porto (2009), Sminaire Roy Paris (2009), THEMAESSEC (2010), Columbia
(2010), Imperial College (2010), University of Vienna (2010), Pireus (2010). INSEAD: Economics
Symposium(2009),INSEADFinanceBrownBag(2010),INSEADEconomicsBrownBag(2010).

201011:ParisDauphineworkshopMarketswithFrictions(2010),BanquedeFrance(2010),New
EconomicSchool,Moscow(2010),CEMFI(2010),UniversitatPompeuFabra(2010),CarlosIII(2010),
Oxford Said Business School (2010), Warwick Business School (2010), HKUST Symposium (2010),
Naples (2011), IFN Stockholm (2011), INSEAD Economics Brown Bag (2011), Bocconi University
(2011), Finance and Risk Workshop LEMNA Nantes University (2011), NHH Bergen (2011),
UniversityofToronto(2011),AFFIMontpellier(2011).

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201112: CEPR Gerzensee Meetings (2011), Tilburg (2011), Rotterdam (2001), IE Madrid (2011),
National Bank of Serbia (2011), INSEAD Economics Symposium (2011), IESEG Paris (2012), Central
EuropeanUniversity,Budapest(2012),CheungKongGSB,Beijing(2012),RenminUniversity,Beijing
(2012),TsinghuaUniversity,Beijing(2012),UniversityofZrich(2012),LuxembourgLSF(2012),Koc
University,Istanbul(2012).

201213: Duisenberg School of Finance and Tinbergen Institute (2012), University of Colorado
(2012),UniversityofUtah(2012),ArizonaStateUniversity(2012),XCREST(2013),IESEG(2013),EIEF
andConsob,Rome(2013).

201314:Mannheim(2013),FrankfurtSchoolofFinance(2013),Geneva(2013),UniversityofBath
SchoolofManagement(2013)

201415 (including scheduled): HEC Paris (2014), Universit ParisDauphine (2014), University of
New South Wales (2015), University of Sydney (2015), University of Technology Sydney (2015),
CambridgeUniversity(2015).

TEACHING

INSEAD
MBAFinancialMarketsandValuation(Core1):200910(2),201112(4)
MBAAppliedCorporateFinance:200809(4),200910(3),201011(6),201112(2),201213(2),
201314(6),201415(5)
MBAValueCreationinCorporateRestructuring:200910(1),201011(2),201112(1)
MBAIndividualStudyProjects:200910(1);201112(1);201314(2)
EMBAProjects:2012(1)
INSEAD Business Foundations Certificate with Sorbonne University, Financial Markets and
Valuation201314,201415
MASTERINFINANCECorporateRestructuring201314(1)
ABNAMROINSEADPrivateBankingCertificationProgram,Valuation:20112013(5)
FinanceforExecutives(FFE):201314(1),201415(4)
PhD Corporate Finance Theory: 200809, 200910, 201011 (2), 201112, 201213, 201314,
201415
PhDFamilyBusinesses(withMortenBennedsen):201213(1),201415(1)
Masterclass to prospective students: Moscow (2010), Athens (2011), Milan (2012), London
(2014)

Othercasebasedcourses:
AdvancedCorporateFinance(LBS[20042007])
Mergers,LBOsandDistressedRestructurings(LBS[20022006],LSE[2008])
CoreCorporateFinance(MIT[19992001])

Otherlecturebasedcourses:
FinanceTheory(MIT[19961999])
CorporateFinanceTheory(LSE[2008])

Otherdoctoralcourses:

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CorporateFinance(CEMFIMadrid[1994],MIT[19962000],LBS[20012007],LSE [2007],Ecole
PolytechniqueParis [2001], Besanon [2005], Exeter [2005], Toulouse [2005], INSEAD [2006],
PSEHECENSAE [2007, 2008, 2009, 2010, 2011, 2011, 2012, 2013], ParisDauphine University
[2007,2008])
CorporateGovernance(Exeter[2007],LBSESRCSummerSchool[2007,2008,2009])

SUPERVISIONANDJURYS

DoctoralThesisSupervision
ArvindKrishnamurthy
MITFinance
RobertMarquez
MITEconomics
JanMahrtSmith
MITFinance
ChristopherCouch
MITManagementSc.
MartinGonzalezEiras
MITEconomics
AdolfoDeMotta
MITEconomics
JeffreyBevelander
MITFinance
AugustinLandier
MITEconomics
RongLeng

LBSFinance

JasonSturgess

LBSFinance

TheodosiosDimopoulos LBSFinance

OguzhanKarakas
LBSFinance

YukiSato

LSEFinance

VincentFardeau
LSEFinance

LSEFinance

ClaudiaCustodio
AlminasZaldokas
INSEADFinance
StefanZeume

INSEADFinance
SergioGaspar

INSEADFinance

DoctoralThesis:CommitteeMember(External)
LucyWhite

Toulouse

FredericLoss

Toulouse

GyongyiLoranth
Brussels

RobertKosowski
LSE

LSE

PalomaLopezGarcia
RimZaabar

Toulouse

SylvainBourjade
Toulouse

HindSami

Lyon

KasperMeisnerNielsen Copenhagen
MaximilienLaye
EcolePolytechnique
PeterKondor

LSE

SridharArcot

LSE

XuewenLiu

LSE

FannyMougin

Besanon

Toulouse

DavidSraer
ShanZhao

Toulouse

JohanHombert

Toulouse

SarahDraus

ParisDauphine
MatthieuBouvard
Toulouse

KonradRaff

Toulouse

DenisGromb

1998
1998
1998
1999
2000
2001
2002
2002
2007
2008
2009
2010
2011
2012
2012
2012
2014
TBC

2001
2001
2003
2003
2003
2004
2005
2005
2005
2006
2006
2006
2007
2007
2007
2008
2009
2009
2009
2010

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 MarcelVorage

Amsterdam

2010
FranoisBelot

ParisDauphine
2010
MoqiXu

INSEAD

2011
VijayYadav

INSEAD

2011
MarioDanieleAmore
Copenhagen
2012
JulienSauvagnat
Toulouse

2012
JeanNolBarrot
HEC

2012
IlhamRiachi

LouvainlaNeuve
2012
YvesOytana

Besanon

2013

HEC

2014
HdiBenamar

ResearchDirection,Rapporteur

NihatAktas

Lille

2010
CatherineBobtcheff
Toulouse

2014

PROFESSIONALACTIVITIESANDSERVICE

AssociateEditorship
ReviewofEconomicStudies:20022005
ReviewofFinancialStudies:20022005
EconomicPolicyPanel:20032005
JournaloftheEuropeanEconomicAssociation:20042007
ReviewofFinance:20052014
JournalofLaw,FinanceandAccounting:2014present
FinancialIntermediationResearchSociety(FIRS),boardmember:2013present

Refereeing
American Economic Review, Annales dEconomie et de Statistiques, Bulletin of Economic Research,
Econometrica,Economica,EconomicJournal,EconomicBulletin,EconomicInquiry,EconomicsLetters,
European Economic Review, Games and Economic Behavior, International Journal of Industrial
Organization, Journal of Banking and Finance, Journal of Business, Journal of Corporate Finance,
Journal of Economics and Management Strategy, Journal of the European Economic Association,
Journal of Economic Theory, Journal of Empirical Finance, Journal of Finance, Journal of Financial
Economics, Journal of Financial Intermediation, Journal of Financial and Quantitative Analysis,
Journal of Industrial Economics, Journal of Institutional and Theoretical Economics, Journal of Law,
EconomicsandOrganizations,JournalofLaw,FinanceandAccounting,JournalofMoneyCreditand
Banking, Journal of Political Economy, Journal of Public Economics, Management Science,
MathematicsandFinancialEconomics,QuantitativeFinance,QuarterlyJournalofEconomics,RAND
Journal of Economics, Real Estate Economics, Review of Corporate Finance Studies, Review of
Economic Studies, Review of Finance, Review of Financial Studies, Revue Finance, Theory and
Decision.

AdhocReviewerforPublishers
AcademicPress,Irvin,McGrawHill

ConferenceOrganization
CEPRsESSFM(Gerzensee)
CorporateFinanceMeetings,London:Fall2002,SpringFall2003,Summer2005

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EFA Program Committee: Moscow 2005, Bergen 2009, Frankfurt 2010, Stockholm 2011,
Copenhagen2012,Cambridge2013,Lugano2014
EFALugano2014TrackChairforCorporateFinanceTheory
SelectionCommittee:TheoreticalandAppliedEconomics,ESEM2003
NBERSummerInstitute,CorporateFinance2004,withAntoinetteSchoar
ChinaInternationalConferenceinFinance,ProgramCommittee,Kunming2005
WFAProgramCommittee,Keystone2006
AFAProgramCommittee,Chicago2007,SanFrancisco2008
FundacionRamonAreces,CorporateGovernance,ProgramCommittee,Madrid2008
SpringParisCorporateFinanceConference,ProgramCommittee,2009,2010,2011
EEAProgramCommittee:2009,2010,2011,2012,2013
ESSECHECINSEADPSEWorkshoponEconomicsandFinance2009,2010,2011
CorporateFinanceandEconomicPerformance,CEPR,St.Gallen,2010
PaulWoolleyConference,LSE,ProgrammeCommittee:2008,2009,2010,2011
Adam Smith Corporate Finance Conference, CEPR: Oxford 2012, Oxford 2013, London 2014,
London2015
JournalofCorporateFinance,FamilyFirms,SpecialIssueConference,Beijing2013
EdinburghCorporateFinanceConference,ProgramCommittee,2014,2015
MidwestFinanceAssociationannualmeetings,Review&ProgramCommittee,Orlando2014
DoctoralConference,UniversitParisDauphine,MasterClass,Paris2014
AmericanFinanceAssociationMeetings,SessionChair,Boston2015
European Financial Management Association (EFMA) Annual Meeting, Program Committee, 2015
FinancialIntermediationResearchSociety(FIRS)AnnualMeeting, Program Committee, Reykjavik
2015

ProfessionalMembershipsandAffiliations
AmericanEconomicAssociation(AEA)
AmericanFinanceAssociation(AFA)
EuropeanFinanceAssociation(EFA)
CentreforEconomicPolicyResearch(CEPR)
SocietyforFinancialStudies
EuropeanCorporateGovernanceInstitute(ECGI)
PaulWoolleyCentrefortheStudyofCapitalMarketDysfunctionalityatLSE

InternalPanelsandCommittees
LBS:CurriculumadvisortotheHeadofFinanceprograms(20052007)
LBS:MastersinFinanceReviewCommittee(2007):Designedanewcurriculum
INSEAD:FacultyEvaluationCommittee200910,201011(Chair),201112,201213(Chair)
INSEAD:MBAAdmissionsCommittee201011
INSEADFinance:Seminarcoorganizer200809,200910,201011
INSEADFinance:BrownBagorganizer200809,200910,201011,201112,201213,201314
INSEADFinance:Recruitingcoorganizer200809,200910
INSEADFinance:PhDProgramReviewGroup200910
INSEAD:QualityofLifeTaskforce(Chair)2011
INSEADFinance:AcademicCouncillor(FredericoGavazzoni2012present)
INSEAD:R&DCommittee201314,201415
INSEAD:GEMBAAdmissionsInterviews2013,2014

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ExternalPanelsandCommittees
CEPRExecutiveCommittee19982001
PortugueseScience&TechnologyFoundation:EconomicsandBusinesspanel,2008
ItalianCommitteeforResearchEvaluation(CIVR):EconomicsandStatisticspanel,2005
SwissNationalScienceFoundation:ReviewpanelforFINRISK20082013
AFANominatingCommittee2008
FondationBanquedeFrance:ScientificCouncil2008present
InstitutEuroplacedeFinance(EIF),ScientificCouncil2008present
EuropeanCentreforCorporateControlStudies(ECCCS),ScientificAdvisoryBoard2009present
ChairFBFHECDauphine,ScientificCouncil2009present
MemberoftheFNRSScientificCommissionSciencesHumainesetSociales20102011
IAEToulouse:RecruitingCommittee2010present
AXAResearchFund,refereeforpostdocapplications,2010present
EvaluationCommitteeforPromotiontoResearchDirector:NihatAktas,Lille2,2010
SKEMAResearchAdvisoryCommittee(RAC)2010present
EuropeanFinanceAssociation(EFA)ExecutiveCommittee2011present
ToulouseUniversity1:EconomicsFacultySelectionCommittee,2011present
AFFIFNEGEPrizefortheBestFrenchThesisinCorporateFinance:Committee2012
2012IFAPrize,jury:annualprizegivenbytheInstitutFranaisdesAdministrateursforthebest
doctoralthesisincorporategovernanceataFrenchschool
EvaluatorfortheEuropeanResearchCouncilsERCStartingGrant5thCall2012

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