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Arturo Bris

Professor of Finance, IMD

Research Fellow, Yale International Center for Finance

Research Associate, European Corporate Governance Institute

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Working Papers

Published Papers

Book Chapters and Other Publications

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IMD

Ch. de Bellerive 23,
P.O. Box 915
CH-1001 Lausanne,
Switzerland

Tel: + 41 (0)21 618 0667
Fax: + 41 (0)21 618 0707

E-Mail: arturo dot bris at imd dot ch

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Working Papers

The Euro and Corporate Financing, January 2011 (Joint with Yrjo Koskinen and Mattias Nilsson)

The Value of a Global Brand. Is Perception Reality? December 2010 (Joint with Willem Smit and Michael Sorell)

TV or not TV? Subtitling, English Skills, and Economic Outcomes, January 2009 (Joint with Augusto Rupérez and Albert Banal-Estañol), under review

Separated by a Common Currency? Evidence from the Euro, September 2008. (Joint with Augusto Rupérez Micola), under review

The Effect of APR Violations on the Seniority and Timing of Debt Issuance, October 2007 (Joint with S. Abraham Ravid and Ronald Sverdlove)

The Dynamics of Large and Small Chapter 11 Cases: An Empirical Study, November 2005. (Joint with Douglas Baird and Ning Zhu), under review.

Short Selling Activity in Financial Stocks and the SEC July 15th Emergency Order

Media Coverage

Wall Street Journal

Financial Times

Live Interview in CNBC Europe

Wall Street Journal Europe

Research Report

Shorting Financial Stocks Should Resume (Wall Street Journal)

New York Times coverage

International Herald Tribune

Interview in World Radio Switzerland

Publications

The Value of Information in Cross Listing, Journal of Corporate Finance, forthcoming (Joint with Salvatore Cantale, Emir Hrnjic, and George Nishiotis).

A Theory of Optimal Expropriation, Mergers and Industry Competition, Journal of Banking and Finance, forthcoming (Joint with Neil Brisley and Christos Cabolis).

The Euro and Corporate Valuations, 2009, joint with Yrjö Koskinen and Mattias Nilsson. Review of Financial Studies, Rev. Financ. Stud. (2009) 22 (8): 3171-3209.

Adopting Better Corporate Governance: Evidence from Cross-Border Mergers, 2008, Journal of Corporate Finance 14, issue 3, pages 224-240, (joint with Neil Brisley and Christos Cabolis).

The Value of Investor Protection: Evidence from Cross-Border Mergers, 2008, Review of Financial Studies 21(2):605-648 (Joint with Christos Cabolis)

A Breakdown of the Valuation Effects of International Cross-Listing, 2007, European Financial Management, Volume 13, Number 3, pp. 498-530(33). (Joint with Salvatore Cantale and George Nishiotis).

Efficiency and the Bear: Short Sales and Markets Around the World, 2007, Journal of Finance, Volume 62, Number 3, pp. 1029-1079(51). (Joint with Will Goetzmann and Ning Zhu)

Good Stewards, Cheap Talkers, or Family Men? The Impact of Mutual Fund Closures on Fund Managers, Flows, Fees, and Performance, 2007, Review of Financial Studies 20(3):953-982 (Joint with Huseyin Gulen, Padma Kadiyala, and P. Raghavendra Rau).

Economics of Bankruptcy, in The New Palgrave Dictionary of Economics, 2nd edition, edited by Steven N. Durlauf and Lawrence E. Blume, Palgrave Macmillan (Basingstoke and New York), forthcoming.

The Real Effects of the Euro: Evidence from Corporate Investments, 2005, Review of Finance 9, 1-37.(joint with Yrjö Koskinen and Mattias Nilsson)

Who Should Pay for Bankruptcy Costs?', 2005, Journal of Legal Studies 34, 295-343.(joint with Ivo Welch and Alan Schwartz)

The Costs of Bankruptcy, 2006, Journal of Finance 61, 1253-1303 (joint with Ivo Welch and Ning Zhu).

The Optimal Concentration of Creditors, 2005, Journal of Finance 60, 2193-2212.(Joint with Ivo Welch)

Nominated for the Brattle Prize for the best corporate finance paper in the Journal of Finance.

Corporate Leverage and Currency Crises, Journal of Financial Economics (2002), Vol 63/2, pp 275-31. (Joint with Yrjö Koskinen)

Toehold,Takeover Premium, and the Probability of Being Acquired, Journal of Corporate Finance (2002), vol 8/3, pp. 227-253

Corporate Financial Policies and Performance Around Currency Crises, Journal of Business 77, no. 4.(Joint with Yrjö Koskinen and Vicente Pons)

Bank Capital Requirements and Managerial Self-Interest, Quarterly Review of Economics and Finance (2004), vol 44/1, pp 77-101. (Joint with Salvatore Cantale )

Do Insider Trading Laws Work? , European Financial Management (2005), vol 11:3.

Book Chapters

Short Sales in Global Perspective, in Frank Fabozzi, ed., The Theory and Practice of Short-Selling, Wiley. (Joint with Will Goetzmann and Ning Zhu)

The Effect of Merger Laws on Merger Activity: International Evidence, in Greg N. Gregoriou and Luc Renneboog , eds., International Mergers and Acquisitions Activity Since 1990: Quantitative Analysis of Recent Research, Elsevier, forthcoming (Joint with Christos Cabolis and Vanessa Janowski)

Corporate Governance Convergence Through Cross-Border Mergers: The Case of Aventis, in Greg N. Gregoriou and Luc Renneboog , eds., International Mergers and Acquisitions Activity Since 1990: Quantitative Analysis of Recent Research, Elsevier, forthcoming (Joint with Christos Cabolis).

Managing Complexity in the Financial Services Industry, in Ulrich Steger, Wolfgang Amann , eds, Managing Complexity in Global Organization, Wiley, forthcoming

Other Publications

"Global Growing Pains", Financial Times, April 6, 2006

"Integrating Corporate Governance Systems", Financial Times, October 5, 2006 (Joint with Christos Cabolis)

Comment on "Financial Liberalization and Growth: Empirical Evidence" (by Arturo Galindo, Alejandro Micco, and Guillermo Ordoñez), Economia 3 (2002), 253-255

"Información Privilegiada: ¿Funciona la ley?", El Mundo, December 13, 2002.

"Algunos Problemas Pendientes en Finanzas Corporativas (I), (II)", Expansión, December 23 and 26, 2006

PROFESSIONAL ACTIVITIES

“A Theory of Optimal Expropriation, Mergers and Industry Competition”
			July 2006 October 2006 March 2006 June 2006		China International Finance Conference, Xi’an, China. The Politics of Corporate Governance, Copenhagen, Denmark ECGI Conference on Alternative Views of Corporate Governance, Zurich, Switzerland European Financial Management Association Meetings, Madrid, Spain

“Good Stewards, Cheap Talkers, or Family Men? The Impact of Mutual Fund Closures on Fund Managers, Flows, Fees, and Performance”
			January 2006		American Finance Association Meetings, Boston. U.S.

“The Dynamics of Large and Small Chapter 11 Cases: An Empirical Study”
			November 2006 October 2006 July 2006 March 2006		NBER Corporate Finance Meeting, Boston, U.S. The Politics of Corporate Governance, Copenhagen, Denmark China International Finance Conference, Xi’an, China. Alternative Views of Corporate Governance, Zurich, Switzerland

“Efficiency and the Bear: Short Sales and Markets Around the World”
			April 2003 August 2003 October 2003		International Finance Conference, Georgia Tech, Atlanta, GA European Finance Association, Glasgow, U.K. 14th Annual Conference On Financial Economics and Accounting

“The Optimal Concentration of Creditors”
			August 2002		European Finance Association, Berlin, Germany
“Adopting Better Corporate Governance: Evidence from Cross-Border Mergers”
			October 2002 June 2003 August 2003		Fifth Annual Symposium in Finance and Accounting, University of Maryland Western Finance Association Meetings, Los Cabos, Mexico European Finance Association, Glasgow, U.K.
“The Euro is Good After All: Corporate Evidence”
			August 2002 April 2002 July 2002 April 2003 April 2003 June 2003		NBER Summer Institute, Cambridge, MA NYU Salomon Center Conference on the Euro CEPR Summer Symposium, Gerzensee, Switzerland International Finance Conference, Georgia Tech, Atlanta, GA Global Investment Forum, Banff, Canada Western Finance Association Meetings, Los Cabos, Mexico
“When do bidders purchase a toehold? Theory and Tests”.
			June 1998		European Financial Management Association, Lisbon, Portugal
			June 1998		Western Finance Association Meetings, Monterey, US
			November 1997		Southern Finance Association Meetings, Baltimore, US
			September 1997		European Economic Association, Toulouse, France.
			August 1997		European Meetings of the Econometric Society, Toulouse, France.
			June 1997		French Finance Association Meetings, Grenoble, France.
“Bank Capital Requirements and Managerial Self-Interest”.
			November 1997		Southern Finance Association Meetings, Baltimore, US
			September 1997		European Economic Association, Toulouse, France.
			August 1997		European Finance Association, Vienna, Austria.
			May 1997		II Nordic Finance Symposium, Stockholm, Sweden.
"Debt, Information Acquisition and the Takeover Threat".
			April 1999		Texas Finance Festival, Kerrville, US.
			January 1999		American Finance Association Meetings, New York, US
			August 1999		European Finance Association, Helsinki, Finland
"Who Should Pay for Bankruptcy Costs?".
			September 2003		American Law and Economics Association, Toronto, Canada

	“Do Insider Trading Laws Work?
			July 2001		CEPR European Summer Symposium in Financial Markets, Gerzensee, Switzerland
			August 2001 October 2001 October 2003		European Finance Association, Barcelona, Spain The World Bank Bank of Canada
	"Corporate Leverage and Currency Crises".
		March 2000			Southeast Economics Conference, Georgetown, US
		April 1999			Georgia Tech International Finance Conference, Atlanta, US
		January 2001			American Finance Association Meetings, New Orleans, US
	"Corporate Financial Policies and Performance Around Currency Crises”
			January 2002		American Finance Association Meetings, Atlanta, US
			August 2001		European Finance Association Meetings, Barcelona, Spain.

WORKSHOP PRESENTATIONS
				McGill University (2002), Northwestern University (2001), World Bank (2001), New York University (2001), University of Alberta (2002), Yale Law School (2001), University of North-Carolina (1998), University of Southern California (1998), Stanford University (1998), University of Rochester (1998), University of Illinois at Urbana-Champaign (2003), Darden School, Virginia (2003), University of Western Ontario, Canada (2003), Universitat Pompeu Fabra, Barcelona (2003), Universidad Carlos III de Madrid (2003), Baruch College (2003), Drexel University (2005), SUNY Binghamton (2004), Boston University (2004), UC Davis (2004), Rutgers (2004), UC Irvine (2004), INSEAD (2004), London Business School (2005) , University of North Carolina-Chapel Hill (2005), University of Amsterdam (2005), Tilburg University (2005), IESE (2005).

PROFESSIONAL SERVICE

				Associate Editor, Pacific Basic Finance Journal Associate Editor, European Financial Management (January 2007) Member, American Finance Association Member, Society for Financial Studies Member, American Law and Econmics Association
				Member, European Finance Association

Referee, Journal of Finance; Journal of Financial Economics, Review of Financial Studies, American Economic Review, Journal of Law, Economics and Organizations, Journal of Law and Economics, Journal of Financial and Quantitative Analysis, Review of Finance, Rand Journal of Economics, Journal of International Money and Finance, European Economic Review, Economia, Financial Management, Investigaciones Económicas, Journal of Banking and Finance, Journal of Money, Credit and Banking, National Science Foundation, Social Sciences and Humanities Research Council of Canada.

KEYNOTE SPEECHES

		Greek Securities Exchange Commission, April 2006, “Financial Regulation: Race to the Top, or Race to the Botton?”, Athens, Greece. Trends CEO Summit, December 2005, “The Real Effects of the Euro”, Brussels, Belgium. Bank of Spain, Finance Forum, November 2005, “The Euro is Good After All: Evidence from Firm Policies”, Madrid, Spain

AWARDS

June 2006

July 2005

June 2005

September 2004

June 2004

European Financial Management Readers' Choice Best Paper Award, for the best paper published in the Journal in 2005, "Do Insider Trading Laws Work?"

European Financial Management Best Paper Award, for the best paper published in the Journal in 2005, "Do Insider Trading Laws Work?"

Best Paper Award, 3rd China International Finance Research Conference.

"Efficiency and the Bear: Short Sales and Markets Around the World"

First “Jaime Fernández de Araoz Award in Corporate Finance”

BSI / Gamma Foundation Research Grant

Q-Group Research Grant

May 2003

May 2001

Yale School of Management Alumni Association Teaching Award

2001 FMA European Conference, Best Paper Award, Paris, France.

"Corporate Financial Policies Prior to Currency Crises"

May 2001

Yale School of Management Alumni Association Teaching Award

November 1997

Outstanding Paper in Financial Institutions, Southern Finance Association Meetings, Baltimore, US

“Bank Capital Requirements and Managerial Self-Interest”.