Rady School of Management
Otterson Hall, Room 3S151
9500 Gilman Drive #0553
La Jolla, CA 92093-0553
Phone: (858) 822-7456
Fax: (858) 534-0744
Financial architecture and corporate investment
Estimation of size distributions
Mutual funds and asset pricing
Assistant Professor of Finance
Champonnois' main research interests are corporate finance, international finance and industrial organization. He received his Ph.D. in economics from Princeton University. He was a Lamfalussy Fellow at the European Central Bank in 2005. While at Princeton, he served as a teaching assistant on courses dealing with corporate finance and accounting, international macroeconomics and the regulation of international financial markets.
PapersComparing Financial Systems: A Structural Analysis (2010)
This paper analyzes the qualitative and quantitative determinants of firm size heterogeneity. We present a simple theory of the firm in which firm size dispersion increases with goods substitutability (an industry-specific factor), with external investors risk-tolerance and labor market flexibility (two country-specific factors). Empirically, in an industry-country panel, industry characteristics explain 3 times more of the differences in firm size distribution than country characteristics.
Work in ProgressUnverifiable Risk, Bank Competition and the Resilience of the Financial sector (2010)
When bank loan contracts are incomplete and the entrepreneur's risk decision is not describable ex ante and verifiable ex post ("unverifiable risk"), aggregate risk is higher and the financial sector is more vulnerable to adverse shocks. An increase in bank competition mitigates the risk-shifting incentives and improves the resilience of the financial sector.
The Impact of Financial Integration on Investment and Financing
After financial integration, the larger firms raise more external finance, the smaller firms raise less or no external finance but overall, aggregate investment and welfare increases.
Investment Behavior during a Financial Crisis: New Evidence from International Equity Funds, with Harald Hau, Joel Peress, Massimo Massa and Hï¿½lï¿½ne Rey