Pierre Chaigneau

Pierre Chaigneau

Associate Professor & Commerce '77 Fellow of Finance

Overview

Pierre Chaigneau is an Associate Professor of Finance at the Smith School of Business at Queen's University. He obtained a PhD in Finance from the London School of Economics, a MSc in Economics at Ecole Normale Superieure, and a MSc in Management (grande Ecole program) from HEC Paris, and was previously Associate Professor of Finance at HEC Montreal.

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Academic Area

  • Finance

Interest Topics

  • Crisis Management
  • Economics
  • Finance & Investment
  • Governance
  • Risk

Faculty Details

Profile

Full Bio

Pierre Chaigneau is an Associate Professor of Finance at the Smith School of Business at Queen's University.

He obtained a PhD in Finance from the London School of Economics, a MSc in Economics at Ecole Normale Superieure, and a MSc in Management (grande Ecole program) from HEC Paris, and was previously Associate Professor of Finance at HEC Montreal.

His research focuses on the use of financial information for the optimal design of contracts and mechanisms in corporate finance. Applications include corporate governance, executive compensation, and financial stability.

His research has been presented at major conferences including the American Finance Association, the Northern Finance Association, the Western Finance Association, the SFS Cavalcade, the Econometric Society Winter Meeting, and the Risk Theory Society. His papers have been published in top academic journals including the Journal of Finance, the Journal of Financial Economics, and the Journal of Financial and Quantitative Analysis.

Academic Degrees

PhD in Finance  
London School of Economics (2010)

Master of Research in Economics (DEA du Delta) (mention très bien)
École Normale Supérieure (ENS) at Paris-Jourdan (EHESS) (2005)

Master of Science in Management (grande école program)
HEC Paris (2004)

Classe préparatoire HEC
St Michel de Picpus, Paris (2000)

Academic Experience

Smith School of Business, Queen’s University
Associate Professor of Finance* (2019 - Present)
Commerce ’77 Fellow of Finance (2017 - Present)
Assistant Professor of Finance* (2016-2019)
(*) parental leave in 2017-2018 and 2019-2020

HEC Montréal
Associate Professor of Finance (2015-2019) (on leave 2016-2019)
Assistant Professor of Finance (2009-2015)

Publications

Published and Forthcoming Papers

How should performance signals affect contracts?, with Alex Edmans and Daniel Gottlieb. Review of Financial Studies, forthcoming.

CEO gender-based termination concerns: Evidence from initial severance agreements, with Felice Klein and Cynthia Devers. Journal of Management 2021, 47(3), 567-596. Lead article of the March 2021 issue. Featured in Harvard Business Review’s September 2020 Idea Watch.

The informativeness principle without the first-order approach, with Alex Edmans and Daniel Gottlieb. Games and Economic Behavior 2019, 113, 743-755.

Does improved information improve incentives?, with Alex Edmans and Daniel Gottlieb. Journal of Financial Economics 2018, 130(2), 291-307.

The effect of monitoring on CEO compensation in a matching equilibrium, with Nicolas Sahuguet. Journal of Financial and Quantitative Analysis 2018, 53, 1297-1339.

Transparency in the financial system: rollover risk and crises, with Adolfo de Motta and Matthieu Bouvard. Journal of Finance 2015, 70(4), 1805-1837.

Risk aversion, prudence, and compensationEuropean Journal of Finance 2015, 21(15), 1357-1373.

Risk shifting and the regulation of bank CEOs compensationJournal of Financial Stability 2013, 9(4), 778-789.

Explaining the structure of CEO incentive pay with decreasing relative risk aversionJournal of Economics and Business 2013, 67, 4-23. Lead article of the special issue on Executive Compensation.

Published Short Papers

Downside risk neutral probabilities, with Louis Eeckhoudt. Economic Theory Bulletin 2020, 8, 65-77.

The optimal timing of CEO compensationFinance Research Letters 2018, 24, 90-94.

Prudence and the convexity of compensation contracts, with Nicolas Sahuguet and Bernard Sinclair-Desgagné. Economics Letters 2017, 157, 14-16.

Changes in probability distributions and the form of compensation contractsEconomic Theory Bulletin 2015, 3(2), 223-232.

Other Publications

Maybe the stock market isn’t crazy after all for flying so high amid the worst economic dip in 90 years, 2020, Financial Post, and Smith Business Insight.

Women CEOs negotiate better severance agreements than men, 2020, The Conversation, and Smith Business Insight.

Fostering financial stability with reverse convertible bonds, 2018, Duke GFMC blog post.

Managerial compensation and firm value in the presence of socially responsible investorsJournal of Business Ethics 2018, 149(3), 747-768.

Executive pay: what does luck have to do with it? 2018, Smith Business Insight.

The uproar over executive pay isn’t entirely warranted, 2018, The Conversation, and Financial Post.

Performance sociale des entreprises, 2018, Gestion 43 (2).

Les parachutes dorés et autres contrats en or, 2016, Gestion 41 (3).

The gender gap reversed: gender, risk aversion, and CEO severance pay contracts, 2015 Academy of Management Proceedings, with Felice Klein.

Executive compensation at Lehman Brothers (case study), 2014, with Inès Benbahtane.

Thomas Piketty et l’illusion des inégalités, 2014, Les Echos.

Expliquer et contenir la prise de risque excessive des banques, 2013, L’Actualité Économique 89 (2).

Insurance, prudence and economic growth, 2010, for Institut Économique de Montréal.

Report on ISF, the French wealth tax, 2007, with Laurent Blivet (BCG), for Institut Montaigne.

L’Art du Management 3, Dunod, 2005, co-authored with HEC Paris professors.

Teaching

Smith School of Business

  • Mgmt 822/922 Corporate Finance: Theory (lecturer, PhD course)
  • Mgmt 821/921 Capital Markets: Theory (lecturer, PhD course)
  • Comm 322 Advanced Corporate Finance (lecturer, BSc course)

HEC Montréal

  • Capital Markets Theory (lecturer, MSc course)
  • Investments (lecturer, BSc course)
  • Financial Management (lecturer, BSc course)

London School of Economics

  • Applied Corporate Finance (class teacher, MSc course)
  • Corporate Finance, Investments and Financial Markets (lead class teacher, BSc course)
  • Principles of Finance (class teacher, BSc course)

Short Visits

  • May 2011, May 2013: McGill
  • July 2013, Oct 2015: Wharton
  • June 2018: Paris Dauphine  

PhD Thesis Committee

  • Saad Khan (Queen’s Econ PhD, placement at HEC Montréal)
  • Stephen Snudden (Queen’s Econ PhD, placement at Wilfrid Laurier University)
  • Samuel Ouzan (HEC Montréal Finance PhD, placement at NEOMA)
  • Burcin Col (McGill Finance PhD, placement at Pace University)

Presentations

Seminars and Conference Presentations

(*) presentation by co-author

2020. Accounting and Economics Society webinar, European Finance Association (discussant), Midwest Finance Association (discussant), Northern Finance Association (discussant), Corporate Finance Day (discussant).

2019. American Accounting Association, McGill, HEC/McGill Spring Finance Workshop, Telfer Conference on Accounting and Finance (discussant).

2018. American Finance Association(*) (ASSA), European Finance Association (discussant), Executive Compensation Conference (Erasmus University Rotterdam, presenter & discussant), HEC/McGill Spring Finance Workshop, Queen’s University (econ), Université Paris Dauphine, University of Waterloo.

2017. American Finance Association(*) (ASSA), Northern Finance Association, SFS Cavalcade (*).

2016. Econometric Society North American Winter Meeting(*) (ASSA).

2015. Academy of Management annual meeting (*), Econometric Society world congress, Queen’s University, Stress Testing and Macro-prudential Regulation conference at LSE (discussant), Western Finance Association.

2014. 11th Corporate Finance conference at Washington University in St Louis, 18th Symposium on Ethics at IESE, Bank of Canada, Financial Intermediation Research Society (discussant×2), Midwest Finance Association, Northern Finance Association, Queen’s University, Risk Theory Society, Western Finance Association.

2013. Canadian Economic Association, Mathematical Finance Days (IFM2), University of North Carolina.

2012. UQAM, Mathematical Finance Days (IFM2), Northern Finance Association, Association Française de Finance (Affi) December meeting.

2011. University of Waterloo, Association Française de Finance (Affi) December meeting.

2010. McGill, Northern Finance Association, Australasian Finance and Banking Conference, Mathematical Finance Days (IFM2).

2009. University of Colorado at Boulder, EDHEC, HEC Montréal, Hong Kong University, Southwestern Finance Association, University of Melbourne, University of Warwick, Wharton.

Awards

Honours and Scholarships

2017-2020. Research Fellowship, Queen’s University

2015-2016. Research Professorship, HEC Montréal

2008-2009. LSE Fellowship, Finance department

2005-2008. LSE Scholarship

2005. Mention très bien at DEA du Delta, the highest distinction

2002. Merrill Lynch Case Study: member of the best French team

Grants & Funding

SIG grant (2018-2020)
SSHRC | $2,500

Research Fellowship (2017-2020)
Queen’s University | $45,000

Montreal Institute of Structured Finance and Derivatives Research Grant (joint project with Christian Dorion and Kokouvi Tewou ) (2016-2019)
MISFD | $35,000

Special Research Funds (2016-2019)
Queen’s University | $45,000

Fonds de recherche (2015-2016)
HEC Montréal | $10,000

Government Research Grant (2013-2016)
FQRSC | $39,500

Financement interne (2010-2013)
HEC Montréal | $33,200

Fellowship (2008-2009)
London School of Economics | 1,500

Service

Referee

  • American Law and Economics Review
  • Canadian Journal of Administrative Sciences
  • Corporate Governance: An International Review
  • Econometrica
  • Economic Journal
  • European Journal of Finance
  • Finance
  • Financial Management
  • Games and Economic Behavior
  • International Economic Review
  • International Finance
  • International Journal of Industrial Organization
  • International Review of Financial Analysis
  • Journal of Accounting Research
  • Journal of Banking and Finance
  • Journal of Economic Behavior & Organization
  • Journal of Economic Theory
  • Journal of Finance
  • Journal of Financial Intermediation
  • Journal of Financial Stability
  • Management Science
  • RAND Journal of Economics
  • Review of Economic Studies
  • Review of Finance
  • Review of Financial Studies
  • Risks  

Memberships

  • American Economic Association
  • American Finance Association
  • European Finance Association
  • Northern Finance Association  

Program Committee/Reviewer

  • Agence Nationale de la Recherche
  • European Finance Association
  • European Science Foundation (Member of the College of Expert Reviewers)
  • Northern Finance Association