Peer-reviewed articles

“Demand for information, uncertainty and the response of U.S. treasury securities to news”with Hedi Benamar and Clara Vega. Review of Financial Studies. 

“Noisy Stock Prices and Corporate Investmentwith Olivier Dessaint, Laurent Frésard, and Adrien Matray. Review of Financial Studies.

“Corporate Strategy, conformism, and the stock market” with Laurent Frésard. Review of Financial Studies.

“Data Abundance and Asset Price Informativeness”, with Jérôme Dugast. Journal of Financial Economics.

“Toxic Arbitrage”, with Roman Kozhan and Wing Wah Tham. Review of Financial Studies 30, 1053-1094, 2017.

“News Trading and Speed”  with Johan Hombert and Ioanid Rosu. Journal of Finance, 71, 335-382, 2016.

“Equilibrium Fast Trading”, with Bruno Biais and Sophie Moinas, Journal of Financial Economics, 116, 292-313, 2015.

“Illiquidity Contagion and Liquidity Crashes”,  with Giovani Cespa, Review of Financial Studies, 27, June 2014 (Lead article).

“Learning from Peers’ stock prices and corporate investment”, with Laurent Fresard, Journal of Financial Economics 111, 554-577, 2014.

“Sale of price information by exchanges: does it promote price discovery?”, with Giovanni Cespa Management Science 60, 148-165, January 2014

“Liquidity Cycles, and Make/Take Fees in Electronic Markets”, with Ohad Kadan, and Eugene Kandel, Journal of Finance 68, 299-341. 2013

“Cross-listings, Investment-to-Price Sensitivity and the Learning Hypothesis”, with Laurent Fresard,Review of Financial Studies, 25, 3305-3350; 2012.

“Trading fees and efficiency in limit order markets”, with Jean Edouard Colliard, Review of Financial Studies, 25, 3389-3421; 2012.

“Individual Investors and Volatility”, with David Sraer and David Thesmar, Journal of Finance, 66, 1369-1405; 2011.

“Cross-Listing, Stock Price Informativeness and Investment Decisions”, with Thomas Gehrig, Journal of Financial Economics, 88, 146-168; 2008.

“Competition for Order Flow and Smart Order Routing Systems”, with Albert Menkveld, Journal of Finance, 63, 119-158, 2008

“Does Anonymity Matter in Electronic Limit Order Markets?”, with Sophie Moinas and Erik Theissen, Review of Financial Studies, 20, 1707-1747; Winter 2007.

“Limit Order Book as a Market for Liquidity”, with Ohad Kadan and Eugene Kandel,  Review of Financial Studies, 18, 1171-1217; Winter 2005.

“Reputation-Based Pricing and Price Improvements”, with Gabriel Desgranges, », Journal of Economics and Business, 57, 493-527, 2005.

“Competition For listings”, with Christine Parlour, RAND Journal of Economics, 35, 329-355; Summer 2004.

“Market Making with Costly Monitoring: An Analysis of the SOES Controversy”, with Patrik Sandas and Ailsa Roell, Review of Financial Studies, 16, 345-384; 2003

“Information Sharing, Liquidity and Transaction Costs in Floor-Based Trading Systems”, with Laurence Lescourret

“Equity Trading Systems in Europe: A survey of the Recent Changes”, with M. Demarchi

  • Published in Annales d’Economie et Statistiques, Octobre/Décembre 2000.
  • Paper Available here: aecodemarchifoucault

“Minimum Price Variations, Time Priority and Quote Dynamics”, with Tito Cordella, », Journal of Financial Intermediation, 8, 141-173; July 1999.

“Order Flow Composition and Trading Cost in a Dynamic Limit Order Market,” Journal of Financial Markets, 2, 99-134; May 1999.

“Floors, Dealer Markets and Limit Order Markets”, with Bruno Biais and François Salanié, Journal of  Financial Markets, 1, 523-584; October 1998.

“Marchés Financiers et Asymétries d’Information: Une Revue de la Littérature Recente”, with B. Biais

  • Published in Actualité Economique, 1994