Bio and Research Interests

Research interests

Market Microstructure
Corporate Finance
Financial contracting
Political Economy
Psychology and Economics
Experimental Economics


Bruno Biais holds a Ph.D. from HEC and is Professor at the Toulouse School of Economics (CRM/CNRS IDEI). His work has been published in Econometrica, the JPE, the AER, the Review of Economic Studies, the Journal of Finance and the RFS. He taught at HEC, CMU, LBS, Oxford and LSE. He has been a scientific adviser of Euronext and the NYSE. He received the CNRS bronze medal and is a Fellow of the Econometric Society. He has been editor of the Review of Economic Studies and is co-editor of the Journal of Finance.

Current position

2004Senior researcher at CRM (CNRS)

Former positions

1994Professor of Finance, Université Toulouse I
1993Assistant Professor, Carnegie Mellon University
1989 - 1993Assistant Professor, HEC


1989Ph D in finance, HEC
1987Institut d'Economie Politique - Paris
1986DEA de Philosophie - Université Paris IV
1985Écoles des Hautes Études Commerciales - Paris

Grants and awards

2017Awarded the ILB 2017 best paper for "Risk-sharing or risk-taking? Counterparty-risk, incentives and margins"
2014Appointed Fellow of the Finance Theory Group.Awarded the “Financial Engineering and Banking Society Distinguished Scholar Award.”
2012 - 2017Senior ERC grant for the project "Trading and Post Trading"
2011Fellow of the Econometric Society. Economic Theory Fellow of the Society for the Advancement of Economic Theory.
1999Fellow of the Institut Universitaire de France
1998NYSE award for the best paper on equity trading
1994CNRS bronze medal
1990Paris Bourse Ph.D. dissertation award
Nominated for the best young French economist award
Syntec Conseil en Management Award