DenisGromb Page1

DENISGROMB

CONTACTDETAILSINSEAD,BoulevarddeConstance,77305FontainebleauCedex,FranceEmail:denis.gromb@insead.eduWeb:http://www.denisgromb.com/EMPLOYMENTINSEADProfessorofFinance September2008presentLondonBusinessSchoolProfessorofFinance May2008June2009AssociateProfessorofFinance July2001May2008 LondonSchoolofEconomicsVisitingProfessorofFinance September2007September2008MIT,SloanSchoolofManagementAssociateProfessorofFinance January1999June2001AssistantProfessorofFinance July1995December1999FreeUniversityofBrusselsPostDoctoralFellow July1994June1995EDUCATIONLondonSchoolofEconomicsVisitingDoctoralStudent September1992June1994EcolePolytechnique,ParisPh.D.Economics September1990April1994MasterinMathematicalEconomics September1989September1990EngineeringDegree August1986June1989PRINCIPALFIELDSOFINTEREST CorporateFinance CorporateGovernance Banking LimitstoArbitrage EconomicsofOrganizations

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PUBLICATIONS Large Shareholders,Monitoring and theValueof the FirmwithM.Burkart and F.Panunzi,

QuarterlyJournalofEconomics(1997)

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

WhyHigherTakeoverPremiaProtectMinorityShareholderswithM.BurkartandF.Panunzi,JournalofPoliticalEconomy(1998)

OntheStrengthofCorporateCultureswithJ.Carrillo,EuropeanEconomicReview(1999)

AgencyConflictsinPublicandNegotiatedTransfersofCorporateControlwithM.Burkartand

F.Panunzi,JournalofFinance(2000)

EquilibriumandWelfareinMarketswithConstrainedArbitrageurswithD.Vayanos,JournalofFinancialEconomics(2002)

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

(2004)

MinorityBlocksandTakeoverPremiawithM.BurkartandF.Panunzi,Journalof InstitutionalandTheoreticalEconomics(2006)

CultureinOrganizations:InertiaandUniformitywithJ.Carrillo,JournalofLaw,Economicsand

Organizations(2006)

CollusionandtheOrganizationofDelegatedExpertisewithD.Martimort,JournalofEconomicTheory(2007)

AModelofFinancialMarketLiquidityBasedonIntermediaryCapitalwithD.Vayanos,Journal

oftheEuropeanEconomicAssociation(2010).

LimitsofArbitrage:TheStateoftheTheorywithD.Vayanos,TheAnnualReviewofFinancialEconomic(2010).

ImperfectCompetitionintheInterbankMarketforLiquidityasaRationaleforCentralBanking

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

LegalInvestorProtection,andTakeoverswithM.Burkart,H.Muller,andF.Panunzi,JournalofFinance(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 FinancingtheNewsvendorwithFrancisdeVricourtWORKINPROGRESS(provisionaltitles) DynastieswithM.Burkart,F.PanunziandP.Volpin OrganizingExpertswithUncorrelatedSignalswithD.Martimort Flexiblevs.DedicatedTechnology foraNewsvendorunderFinancialConstraintswithFrancis

deVricourtSHORTPAPERS,COLUMNS,PRESSCITATIONS The LimitstoArbitrageAgendawithD.Vayanos,VOX,April10,2010.VOX isapolicyportal

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,forthcominginLa Jauneet laRouge, special issueon the implicationsof the crisis forEconomics. J&R is themagazineofEcolePolytechniquealumni.

BacktoSchool,WallStreetJournalJune2010articleonhowfinancetheoriesmustaccountforthecrisis.

OnPricingAnomaliesandtheLimitsofArbitragewithD.Vayanos,INSEADKnowledge,onlineINSEADresearchdigest.

CASESTUDIES Infineon:TimetoCashinYourChips?withJ.Peress PradasHongKongIPOwithA.DiGiuliGRANTSANDAWARDS 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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SEMINARPRESENTATIONS19912008: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),UniversityofBesancon (2003, 2005), Bocconi University (2007), Boston University (1995, 2000, 2009), Bristol(2002), University of British Columbia (1995), Carnegie Mellon University (1995, 1999), CatholicUniversityofLouvain(1995),CEMFIMadrid(1994,2006),CEPRGerzenseeMeetings(1995,2002),CIRANO Montreal (2001), City Business School (2002), City University of Hong Kong (2005),UniversityofChicago (1995,1999, 2003),ColumbiaUniversity (2004),Copenhagen (2007),CRESTParis (2008), DukeUniversity (1999, 2007), Durham (2007), Ecole des Ponts et Chausses Paris(1996,2001),EFA (Berlin1998),ESCParis (2007),ESADEIESE (2008),ESCToulouse (2007),ESSEC(2008),UniversityofEssex (2009),EuropeanEconometricsSociety Uppsala (1993),EEA (Helsinki(1993),Berlin(1998)),UniversityofFlorida(1999),FrankfurtUniversity(2004,2004),FreeUniversityofBrussels (1991,1994,1995,2003),GlendonCollegeToronto(1997),HarvardUniversity (1994,1998),Helsinki(2007),IDCHerzlyia(2006),HKUST(2008),UniversityofIllinoisatUrbanaChampaign(2007), INFORMS NewOrleans (1995), INSEAD (2003,2007), INSEADFinanceBrownBag (2008),Institut Henri Poincar Paris (2003, 2007), Lancaster (2008), Lausanne (2001, 2007), LehmanBrothersLondon (2003),LondonBusinessSchool (1995,1997,2001,2001,2004),LSE (1994,1995,2000,2001,2001,2002,2004,2007,2008,2008),UCLA(1995),Mannheim(2002,2008),Universityof 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),ParisSchoolofEconomics(2007),Rochester(2000),Rome(2001),Salerno(2003),SminaireETAPEParis(2004), Sminaire Roy Paris (2003), Singapore Management University (2008), Society forEconomicTheory (Ischia (2001)),SorbonneParis (2008), Southampton (2003), StanfordUniversity(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 ofVienna (2010),Warwick Business School (2001),WashingtonUniversity (2001),Western FinanceAssociation(ParkCity(2002)),andWharton(1995,2007).200910:EEA (Barcelona (2009)),AmsterdamUniversity (2009),FreeUniversityofBrussels (2009),Oslo BI (2009), Dartmouth College (2009), McGill University (2009), Queens University (2009),Stanford University (2009), LSE Antoine FaureGrimaud Memorial Conference (2009), ToulouseUniversity (2009),SciencePoParis (2009),FinanceForum,keynote speaker (Madrid2009), ISCTENova Lisbon (2009), Porto (2009), Sminaire Roy Paris (2009), THEMAESSEC (2010), Columbia(2010), Imperial College (2010), University of Vienna (2010), Pireus (2010). INSEAD: EconomicsSymposium(2009),INSEADFinanceBrownBag(2010),INSEADEconomicsBrownBag(2010).201011:ParisDauphineworkshopMarketswithFrictions(2010),BanquedeFrance(2010),NewEconomicSchool,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),NationalBankofSerbia (2011), INSEADEconomicsSymposium (2011), IESEGParis (2012),CentralEuropeanUniversity,Budapest(2012),CheungKongGSB,Beijing(2012),RenminUniversity,Beijing(2012),TsinghuaUniversity,Beijing(2012),UniversityofZrich(2012),LuxembourgLSF(2012),KocUniversity,Istanbul(2012).201213: Duisenberg School of Finance and Tinbergen Institute (2012), University of Colorado(2012),UniversityofUtah(2012),ArizonaStateUniversity(2012),XCREST(2013),IESEG(2013),EIEFandConsob,Rome(2013).201314:Mannheim(2013),FrankfurtSchoolofFinance(2013),Geneva(2013),UniversityofBathSchoolofManagement(2013)201415 (including scheduled): HEC Paris (2014), Universit ParisDauphine (2014), University ofNew South Wales (2015), University of Sydney (2015), University of Technology Sydney (2015),CambridgeUniversity(2015).TEACHINGINSEAD 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],EcolePolytechniqueParis [2001], Besanon [2005], Exeter [2005], Toulouse [2005], INSEAD [2006],PSEHECENSAE [2007, 2008, 2009, 2010, 2011, 2011, 2012, 2013], ParisDauphineUniversity[2007,2008])

CorporateGovernance(Exeter[2007],LBSESRCSummerSchool[2007,2008,2009])SUPERVISIONANDJURYSDoctoralThesisSupervision ArvindKrishnamurthy MITFinance 1998 RobertMarquez MITEconomics 1998 JanMahrtSmith MITFinance 1998 ChristopherCouch MITManagementSc. 1999 MartinGonzalezEiras MITEconomics 2000 AdolfoDeMotta MITEconomics 2001 JeffreyBevelander MITFinance 2002 AugustinLandier MITEconomics 2002 RongLeng LBSFinance 2007 JasonSturgess LBSFinance 2008 TheodosiosDimopoulos LBSFinance 2009 OguzhanKarakas LBSFinance 2010 YukiSato LSEFinance 2011 VincentFardeau LSEFinance 2012 ClaudiaCustodio LSEFinance 2012 AlminasZaldokas INSEADFinance 2012 StefanZeume INSEADFinance 2014 SergioGaspar INSEADFinance TBCDoctoralThesis:CommitteeMember(External) LucyWhite Toulouse 2001 FredericLoss Toulouse 2001 GyongyiLoranth Brussels 2003 RobertKosowski LSE 2003 PalomaLopezGarcia LSE 2003 RimZaabar Toulouse 2004 SylvainBourjade Toulouse 2005 HindSami Lyon 2005 KasperMeisnerNielsen Copenhagen 2005 MaximilienLaye EcolePolytechnique 2006 PeterKondor LSE 2006 SridharArcot LSE 2006 XuewenLiu LSE 2007 FannyMougin Besanon 2007 DavidSraer Toulouse 2007 ShanZhao Toulouse 2008 JohanHombert Toulouse 2009 SarahDraus ParisDauphine 2009 MatthieuBouvard Toulouse 2009 KonradRaff Toulouse 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 HdiBenamar HEC 2014ResearchDirection,Rapporteur NihatAktas Lille 2010 CatherineBobtcheff Toulouse 2014PROFESSIONALACTIVITIESANDSERVICEAssociateEditorship ReviewofEconomicStudies:20022005 ReviewofFinancialStudies:20022005 EconomicPolicyPanel:20032005 JournaloftheEuropeanEconomicAssociation:20042007 ReviewofFinance:20052014 JournalofLaw,FinanceandAccounting:2014present FinancialIntermediationResearchSociety(FIRS),boardmember:2013presentRefereeingAmericanEconomicReview,AnnalesdEconomieetdeStatistiques,BulletinofEconomicResearch,Econometrica,Economica,EconomicJournal,EconomicBulletin,EconomicInquiry,EconomicsLetters,European Economic Review, Games and Economic Behavior, International Journal of IndustrialOrganization, Journal of Banking and Finance, Journal of Business, Journal of Corporate Finance,Journal of Economics andManagement Strategy, Journal of the European Economic Association,Journal of Economic Theory, Journal of Empirical Finance, Journal of Finance, Journal of FinancialEconomics, Journal of Financial Intermediation, Journal of Financial and Quantitative Analysis,Journalof IndustrialEconomics, Journalof InstitutionalandTheoreticalEconomics, JournalofLaw,EconomicsandOrganizations,JournalofLaw,FinanceandAccounting,JournalofMoneyCreditandBanking, Journal of Political Economy, Journal of Public Economics, Management Science,MathematicsandFinancialEconomics,QuantitativeFinance,QuarterlyJournalofEconomics,RANDJournal of Economics, Real Estate Economics, Review of Corporate Finance Studies, Review ofEconomic Studies, Review of Finance, Review of Financial Studies, Revue Finance, Theory andDecision.AdhocReviewerforPublishersAcademicPress,Irvin,McGrawHillConferenceOrganization 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

2015ProfessionalMembershipsandAffiliations AmericanEconomicAssociation(AEA) AmericanFinanceAssociation(AFA) EuropeanFinanceAssociation(EFA) CentreforEconomicPolicyResearch(CEPR) SocietyforFinancialStudies EuropeanCorporateGovernanceInstitute(ECGI) PaulWoolleyCentrefortheStudyofCapitalMarketDysfunctionalityatLSEInternalPanelsandCommittees 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