新規更新April 19, 2018 at 01:56AM
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Augustin Landier
Arbraxan: New entry Augustin Landier
'''Augustin Landier''' (born in [[1974]]) is a [[France|French]] [[economist]] who currently works at the [[Toulouse School of Economics]].<ref>[https://ift.tt/2vw2K0W Faculty profile of Augustin Landier on the website of the Toulouse School of Economics. Retrieved April 18th, 2018.]</ref> His research interests include [[corporate finance]], [[corporate governance]], [[asset management]], [[organization science]], and [[behavioural economics]].<ref>[https://ift.tt/2Hw5Pmx Homepage of Augustin Landier. Retrieved April 18th, 2018.]</ref> In 2014, he was awarded the [[Prix du meilleur jeune économiste de France|Prize of the Best Young Economist of France]].<ref>[https://ift.tt/2vpspsm Le Cercle des économistes (May 26th, 2014). Augustin Landier, prix du meilleur jeune économiste 2014. ''Le Monde''. Retrieved April 18th, 2018.]</ref>
== Biography==
Augustin Landier studied mathematics at the [[École Normale Supérieure]], a French ''[[grande école]]'' from 1994 to 1998, earning a master's degree in mathematics in 1994 from [[Paris 6]], passing his [[agrégation]] therein in 1995, and earning two [[Master of Advanced Studies]] in the [[philosophy of science]] and [[economics]], respectively, from [[Paris 1]] in 1996 and from [[EHESS]] in 1998. Thereafter, he studied at the [[Massachusetts Institute of Technology]], where he earned a [[Ph.D.]] in economics in 2002. After his graduation, he became an assistant professor of finance at the Graduate School of Business of the [[University of Chicago]] (2002-04) before moving to the [[New York University]]'s [[Stern School of Business]] and direcing Old Lane LP, founding Ada Investment Management, and researching at the [[International Monetary Fund]]. In 2009, Landier returned to France, where he has been working as full professor at the [[Toulouse School of Economics]]. Additionally, he is a member of the Scientific Council of the [[Banque de France]], a consultant for the [[European Central Bank|ECB]], and has repeatedly been a member of the Council of Economic Analysis, the French [[Council of Economic Advisers]].<ref>[https://ift.tt/2Hw5QqB Curriculum vitae of Augustin Landier. Retrieved April 18th, 2018.]</ref>
Landier has been awarded several prizes for his research, including the Robert Solow Prize, the Edouard Bonnefous Prize and the Rossi Prize by the [[Académie des Sciences Morales et Politiques]], and the [[Prix du meilleur jeune économiste de France|the Prize of the Best Young Economist in France]] by Le Monde and the Cercle des Économistes.<ref>[https://ift.tt/2Hw5QqB Curriculum vitae of Augustin Landier. Retrieved April 18th, 2018.]</ref>
== Research==
Augustin Landier's research interests include [[corporate finance]], [[corporate governance]], [[asset management]], [[organization science]], and [[behavioural economics]].<ref>[https://ift.tt/2Hw5Pmx Homepage of Augustin Landier. Retrieved April 18th, 2018.]</ref> According to [[IDEAS/RePEc]], he is among the top 4% of economists by research output.<ref>[https://ift.tt/2J8Co7x Ranking of economists registered on IDEAS/RePEc. Retrieved April 18th, 2018.]</ref> Key findings of his research include the following:
* Landier and [[Xavier Gabaix]] develop a model wherein heterogeneous CEOs are matched to firms through competitive assignment and a CEO's pay depends on the size of his firm and the total firm size, resulting in small differences in CEO talent commanding large differences in pay, which in turn explains all of the sixfold increase of U.S. CEO pay between 1980 and 2003.<ref>[https://ift.tt/2Hx4mN4 Gabaix, X., Landier, A. (2008). Why has CEO Pay Increased So Much? ''Quarterly Journal of Economics'', 123(1), pp. 49-100.]</ref>
* Landier and [[Olivier Blanchard]] find that French reforms that allowed firms to hire workers on fixed-term contracts substantially increased turnover, especially in entry-level jobs, without substantially decreasing unemployment duration.<ref>[https://ift.tt/2J6t2ZD Blanchard, O., Landier, A. (2002). The Perverse Effects of Partial Labour Market Reform: Fixed-Term Contracts in France. ''Economic Journal'', 112(480), pp. F214-F244.]</ref>
* Landier and [[David Thesmar]] find that short-term debt is robustly correlated with "optimistic" expectation errors, reflecting that optimistic entrepreneurs are likely to prefer short-term debt since it allows them to take a bet on their projects' success and to let investors impose adaptation decisions in bad states.<ref>[https://ift.tt/2Hx4ooa Landier, A., Thesmar, D. (2009). Financial Contracting with Optimistic Entrepreneurs. ''Review of Financial Studies'', 22(1), pp. 117-150.]</ref>
* Landier, Gabaix and Alex Edmans develop a theory explaining the level and sensitivity of CEO pay in competitive markets by embedding a moral hazard problem into a talent assignment model; based on the theory, they argue that firm size is associated with lower shares of firm ownership and is unrelated to the quotient of dollar change in wealth per percentage change in firm value and annual pay, and that incentive pay is effective at solving certain agency problems with multiplicative impacts on firm value, whereas problems with additive impacts are better addressed through direct monitoring.<ref>[https://ift.tt/2J6dS6U Edmans, A., Gabaix, X., Landier, A. (2008). A Multiplicative Model of Optimal CEO Incentives in Market Equilibrium. ''Review of Financial Studies'', 22(12), pp. 4881-4917.]</ref>
* Landier, Viday Nair and Julie Wulf find that geographically dispersed firms are less employee-friendly, that layoffs of divisional employees are less common the nearer their division is located to the corporate headquarter, and that firms to divest out-out-state entities before in-state, suggesting key roles for the ease of information transfer and social factors.<ref>[https://ift.tt/2qIgiBP Landier, A., Nair, V.B., Wulf, J. (2009). Trade-offs in Staying Close: Corporate Decision Making and Geographic Dispersion. ''Review of Financial Studies'', 22(3), pp. 1119-1148.]</ref>
== References==
== External links==
[https://ift.tt/2Hw5Pmx Homepage of Augustin Landier]
[[Category:1974 births]]
[[Category:French economists]]
[[Category:Financial economists]]
[[Category:Academics of the Toulouse School of Economics]]
[[Category:MIT alumni]]
[[Category:École Normale Supérieure alumni]]
== Biography==
Augustin Landier studied mathematics at the [[École Normale Supérieure]], a French ''[[grande école]]'' from 1994 to 1998, earning a master's degree in mathematics in 1994 from [[Paris 6]], passing his [[agrégation]] therein in 1995, and earning two [[Master of Advanced Studies]] in the [[philosophy of science]] and [[economics]], respectively, from [[Paris 1]] in 1996 and from [[EHESS]] in 1998. Thereafter, he studied at the [[Massachusetts Institute of Technology]], where he earned a [[Ph.D.]] in economics in 2002. After his graduation, he became an assistant professor of finance at the Graduate School of Business of the [[University of Chicago]] (2002-04) before moving to the [[New York University]]'s [[Stern School of Business]] and direcing Old Lane LP, founding Ada Investment Management, and researching at the [[International Monetary Fund]]. In 2009, Landier returned to France, where he has been working as full professor at the [[Toulouse School of Economics]]. Additionally, he is a member of the Scientific Council of the [[Banque de France]], a consultant for the [[European Central Bank|ECB]], and has repeatedly been a member of the Council of Economic Analysis, the French [[Council of Economic Advisers]].<ref>[https://ift.tt/2Hw5QqB Curriculum vitae of Augustin Landier. Retrieved April 18th, 2018.]</ref>
Landier has been awarded several prizes for his research, including the Robert Solow Prize, the Edouard Bonnefous Prize and the Rossi Prize by the [[Académie des Sciences Morales et Politiques]], and the [[Prix du meilleur jeune économiste de France|the Prize of the Best Young Economist in France]] by Le Monde and the Cercle des Économistes.<ref>[https://ift.tt/2Hw5QqB Curriculum vitae of Augustin Landier. Retrieved April 18th, 2018.]</ref>
== Research==
Augustin Landier's research interests include [[corporate finance]], [[corporate governance]], [[asset management]], [[organization science]], and [[behavioural economics]].<ref>[https://ift.tt/2Hw5Pmx Homepage of Augustin Landier. Retrieved April 18th, 2018.]</ref> According to [[IDEAS/RePEc]], he is among the top 4% of economists by research output.<ref>[https://ift.tt/2J8Co7x Ranking of economists registered on IDEAS/RePEc. Retrieved April 18th, 2018.]</ref> Key findings of his research include the following:
* Landier and [[Xavier Gabaix]] develop a model wherein heterogeneous CEOs are matched to firms through competitive assignment and a CEO's pay depends on the size of his firm and the total firm size, resulting in small differences in CEO talent commanding large differences in pay, which in turn explains all of the sixfold increase of U.S. CEO pay between 1980 and 2003.<ref>[https://ift.tt/2Hx4mN4 Gabaix, X., Landier, A. (2008). Why has CEO Pay Increased So Much? ''Quarterly Journal of Economics'', 123(1), pp. 49-100.]</ref>
* Landier and [[Olivier Blanchard]] find that French reforms that allowed firms to hire workers on fixed-term contracts substantially increased turnover, especially in entry-level jobs, without substantially decreasing unemployment duration.<ref>[https://ift.tt/2J6t2ZD Blanchard, O., Landier, A. (2002). The Perverse Effects of Partial Labour Market Reform: Fixed-Term Contracts in France. ''Economic Journal'', 112(480), pp. F214-F244.]</ref>
* Landier and [[David Thesmar]] find that short-term debt is robustly correlated with "optimistic" expectation errors, reflecting that optimistic entrepreneurs are likely to prefer short-term debt since it allows them to take a bet on their projects' success and to let investors impose adaptation decisions in bad states.<ref>[https://ift.tt/2Hx4ooa Landier, A., Thesmar, D. (2009). Financial Contracting with Optimistic Entrepreneurs. ''Review of Financial Studies'', 22(1), pp. 117-150.]</ref>
* Landier, Gabaix and Alex Edmans develop a theory explaining the level and sensitivity of CEO pay in competitive markets by embedding a moral hazard problem into a talent assignment model; based on the theory, they argue that firm size is associated with lower shares of firm ownership and is unrelated to the quotient of dollar change in wealth per percentage change in firm value and annual pay, and that incentive pay is effective at solving certain agency problems with multiplicative impacts on firm value, whereas problems with additive impacts are better addressed through direct monitoring.<ref>[https://ift.tt/2J6dS6U Edmans, A., Gabaix, X., Landier, A. (2008). A Multiplicative Model of Optimal CEO Incentives in Market Equilibrium. ''Review of Financial Studies'', 22(12), pp. 4881-4917.]</ref>
* Landier, Viday Nair and Julie Wulf find that geographically dispersed firms are less employee-friendly, that layoffs of divisional employees are less common the nearer their division is located to the corporate headquarter, and that firms to divest out-out-state entities before in-state, suggesting key roles for the ease of information transfer and social factors.<ref>[https://ift.tt/2qIgiBP Landier, A., Nair, V.B., Wulf, J. (2009). Trade-offs in Staying Close: Corporate Decision Making and Geographic Dispersion. ''Review of Financial Studies'', 22(3), pp. 1119-1148.]</ref>
== References==
== External links==
[https://ift.tt/2Hw5Pmx Homepage of Augustin Landier]
[[Category:1974 births]]
[[Category:French economists]]
[[Category:Financial economists]]
[[Category:Academics of the Toulouse School of Economics]]
[[Category:MIT alumni]]
[[Category:École Normale Supérieure alumni]]
https://ift.tt/2vpsvAe
