Alexander Guembel. Curriculum vitae, Manufacture des Tabacs, Bâtiment F Phone : , allée de Brienne Toulouse

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1 Alexander Guembel Curriculum vitae, Toulouse School of Economics Manufacture des Tabacs, Bâtiment F Phone : , allée de Brienne Toulouse Date of birth: 18 November 1970 Employment Since Other positions held Jan. April 2006 Sept. Dec Education PhD in Economics (March 2000) M.Phil in Economics ( ) Philosophy, Politics and Economics ( ) Diplom Wirtschaftsingenieur ( ) Professor of Finance, Université de Toulouse 1 Capitole Associate Professor of Finance, Université de Toulouse 1 Capitole Reader in Finance, Saïd Business School, University of Oxford University Lecturer in Finance, Saïd Business School Fellow of Lincoln College, University of Oxford Chaire senieur, Toulouse School of Economics Visiting Professor, Université de Toulouse 1 Capitole Visiting Scholar, Wharton School, University of Pennsylvania Visiting Scholar, Fuqua School of Business, Duke University European University Institute; thesis title: Essays on Delegated Portfolio Management and Trade on Differential Information. Thesis committee: Pierpaolo Battigalli (co-supervisor), Bruno Biais (Chair), James Dow (supervisor), Robert Waldmann. University of Oxford, Brasenose College University of Oxford, Mansfield College (visiting student) Universtität Karlsruhe, with distinction (Master in Engineering and Management) Awards and scholarships 2010 Research Grant, Europlace Institute of Finance 1999 European University Institute Doctoral Grant European Investment Bank Doctoral Fellowship Studienstiftung des deutschen Volkes (German National Scholarship Foundation) DAAD scholarship to study Philosophy and Economics at Oxford

2 Publications in refereed journals Good Cop, Bad Cop: Complementarities between Debt and Equity in Disciplining Management, (with Lucy White), Journal of Financial Intermediation, 23, 2014, pp Managerial Legacies, Entrenchment and Strategic Inertia, (with Catherine Casamatta), Journal of Finance, 65, 2010, pp Sovereign Debt without Default Penalties, (with Oren Sussman), Review of Economic Studies, 76, 2009, pp Reputational Cheap Talk with Misunderstanding, (with Silvia Rossetto) Games and Economic Behavior, 67, 2009, pp Manipulation and the Allocational Role of Prices, (with Itay Goldstein) Review of Economic Studies, 75, 2008, pp Trading on Short-Term Information, Journal of Institutional and Theoretical Economics, 161, 2005, pp Should Short-Term Speculators be Taxed, or Subsidised? Annals of Finance, 1, 2005, pp Herding in Delegated Portfolio Management: When is Comparative Performance Information Desirable? European Economic Review, 49, 2005, pp Optimal Exchange Rates: A Market Microstructure Approach, (with Oren Sussman), Journal of the European Economic Association, 2, 2004, pp Emerging Markets and Entry by Actively Managed Funds, Greek Economic Review, 23 (1), Other publications Bhattacharya, S., A. Dasgupta, A. Guembel and A. Prat, "Incentives in Funds Management: A Literature Review," ch. 9 in the Handbook of Financial Intermediation and Banking by A. Boot and A. Thakor (eds), 2008, Elsevier, North-Holland. Managerial Power and Executive Pay, Oxford Journal of Legal Studies, 26, 2006, pp Working papers Incentives for Information Production in Markets where Prices Affect Real Investment, (with J. Dow and I. Goldstein) A Welfare Analysis of Fragmented Liquidity Markets, (with Oren Sussman) 2

3 Work in progress Liquidity, Contagion and Crisis, (with Oren Sussman) Long-term Investment and Managerial Turnover, (with Stéphane Villeneuve) Seminar and conference presentations Herding in Delegated Portfolio Management Trading on Short- Term Information American Finance Association Annual Meeting, New York Association of Southern European Economic Theorists, French Finance Association, Seminars at: CentER Tilburg, ESSEC, HEC Lausanne, IAE Barcelona, LBS, Stockholm School of Economics. Western Finance Association Annual Meeting, Should Short-term Traders be Taxed or Subsidised Optimal Exchange Rates: A Marketmicrostructure Approach Good Cop, Bad Cop: Complementarities between Debt and Equity in Disciplining Management Manipulation and the Allocational Role of Prices Managerial Legacies, Entrenchment and Strategic Inertia Incentives for Information European Finance Association Annual Meeting, TMR Meeting on Financial Market Efficiency, Corporate Finance and Regulation, CEPR/ Studienzentrum Gerzensee ESSFM, LACEA, Madrid, 2002 CRENOS 2001 meetings, Alghero Seminars at: Duke University, Federal Reserve Bank of Philadelphia, LSE (FMG). American Finance Association Annual Meeting, Washington D.C Oxford Finance Summer Symposium, CEPR workshop on Corporate Governance and the New Economy, Brussels, Departmental seminar at INSEAD, Goethe University Frankfurt, SOAS. European Finance Association Annual Meeting, Berlin American Finance Association Annual Meeting, Washington D.C Departmental seminars at University of Amsterdam, Cass School of Business, Lancaster University, HEC Paris, ISMA Centre (Reading). Workshop presentations at Nuffield College (Oxford), ESC Toulouse. American Finance Association Annual Meeting, Boston, 2006 CEMAF/ISCTE 10 th Anniversary Finance Meeting, Lisbon, 2005 EFMA, Milan, 2005 ESSFM Gerzensee, 2005 Presentations at Nuffield College (Oxford), Saïd Business School, LSE, Mannheim. Western Finance Association Annual Meeting, Big Sky, 2007 European Finance Association Annual Meeting, Zürich,

4 Production in Markets where Prices Affect Real Investment Sovereign Debt without Default Penalties Long-term Investment and Managerial Turnover A Welfare Analysis of Fragmented Liquidity Markets European Central Bank conference on Corporate Finance and Monetary Policy, 2006 FIRS conference, Shanghai, 2006 European Winter Finance Conference, Andermatt, 2006 American Economic Association Annual Meeting, Chicago 2007 Research Seminar at Bank for International Settlements, 2005, Wharton School (University of Pennsylvania), Federal Reserve Bank of Philadelphia, 2006, University of Toulouse, 2006 FIRS conference, Shanghai, 2006 Oxford Finance Summer Symposium, June 2006 Seminars at University Paris Dauphine, University Pompeu Fabra Seminars at Luxembourg School of Finance, IESEG, ESCP Paris, Queen Mary University London, Tinbergen Institute. Teaching experience MBA Finance 1 ( ). Nominated for best teacher award in Mergers and Acquisitions ( ) Elective course. Macroeconomics (2000), class teacher for core course Executive Education Finance 1: Oxford Executive MBA (2006, 2009) Corporate Restructuring: Cross Country MBA of the Fuqua School of Business (2001, 2002) Undergraduate Finance ( ): Lectures for undergraduate elective Tutorials in Finance (1999 present) Finance ( ): Compulsory 1 st year lectures Tutorials in Introduction to Management (1999 present) Supervision Undergraduate and MBA project supervision Co-supervision of DPhil students: Agris Preimanis (2006; The Information Content of Firm s Capital Investments, Price Informativeness and the Information Role of Stock Prices), Filippo Ippolito (2007; Essays in Corporate Finance) Other Finance: Master in International Management, University of Toulouse (2006, ) Stock Markets: Master in Finance (MIF) Toulouse School of Economics (since 2009) Advanced Corporate Finance: Master in Corporate Finance, IAE Toulouse (since 2009) 4

5 Other activities Associate Editor, Journal of Finance (since 2012) Refereeing for American Economic Review, Annals of Finance, Econometrica, European Economic Review, Economic Journal, Journal of the European Economic Association, Journal of Finance, Journal of Financial Intermediation, Journal of International Money and Finance, International Journal of Industrial Organization, Greek Economic Review, Oxford Economic Papers, Quarterly Review of Economics and Finance, RAND Journal of Economics, Review of Economic Studies, Review of Finance, Review of Financial Studies. Organisation of Finance Seminars at TSE, Organisation of Oxford Finance Research Center seminar series Organisation of Finance Research workshop (Oxford) , Co-organisation (with James Dow (LBS), Philip Bond (Wharton) and Lucy White (HBS)) of the European Winter Finance Conference (Andermatt, Feb 2006 & 2007) ; member of programme committee since Senior Dean, Lincoln College, Director of the Master in Corporate Finance, IAE Toulouse (since 2013) Director of the Parcours Recherche of the Master in Finance, IAE Toulouse (since 2009) Other work experience International Finance Corporation, The World Bank Group. Internship in the Capital Markets Division, Europe Department. Washington, Summer, McKinsey & Comp. Summer Associate. Düsseldorf, Summer, Cornhill Insurance. Internship in the Investment Division. London, Spring,