Imperial College London


Business School

Professor of Finance



+44 (0)20 7594 9161g.chemla Website




Ms Moira Rankin +44 (0)20 7594 9113




3.0453 Prince's GateSouth Kensington Campus





Gilles is a Professor of Finance at Imperial College Business School, a research fellow at Centre National de la Recherche Scientifique, a research fellow at Centre for Economic Policy Research (CEPR), a programme director at CEPREMAP (a French equivalent to CEPR), and a member of the American Finance Association, American Economic Association, Western Finance Association, and European Finance Association. He has also worked in corporate finance at BNP Paribas, as an independent consultant for a variety of corporate, financial, and governmental institutions and professional and international organisations, and as an Assistant Professor of Finance at the Sauder School of Business, University of British Columbia. Gilles holds a PhD in economics from the London School of Economics, an MSc in economics from the Paris School of Economics, a degree in mathematics from the University Paris-Diderot, and is a graduate engineer from the Ecole Nationale des Ponts et Chaussées

Gilles' research interests include corporate finance, corporate governance, mergers and acquisitions, private equity and venture capital, capital budgeting, capital structure, corporate risk management, security design and securitization, debt markets, asset allocation, pension funds, fintech, financial regulation and policymaking, industrial organization, managerial economics, energy markets, and finance, sustainable development, and randomized controlled trials in finance, economics, and medicine. Gilles' research has been published in several top journals, and has been presented at multiple institutions including Harvard, MIT, Stanford, Berkeley, Princeton, UCLA, Columbia, LBS, LSE, Oxford, Cambridge, and Insead.

Gilles' most recent articles examine

1. ABS markets and mandated retention schemes::

Chemla, G., and C. Hennessy, 2014, "Skin in the Game and Moral Hazard", Journal of Finance, 69, 4, 1597-1641.

2. Corporate debt market overheating in times of crisis and a new role for government debt where the government can be thought of as a borrower of first resort:

Chemla, G., and C. Hennessy, 2016, "Government as Borrower of First Resort", Journal of Monetary Economics, December, volume 84, 1-16.

3. Reasons that explain reward-based crowdfunding and crowdfunding mechanisms

Chemla, G., and K. Tinn, 2017, "Learning through Crowdfunding", Management Science, second round.

4. The limitations of the use of randomized controlled trials in policymaking and in testing new medical treatments:

Chemla, G., and C. Hennessy, 2017, "The Paradox of Policy-Relevant Experiments", mimeo.

Chemla, G., and C. Hennessy, 2017, "Bayesian Expectancy Contaminates Double Blind, Randomized Medical Trials", mimeo.

5. The determinants and value implications of pension fund investment in alternative assets.

Atanasova, C., and G. Chemla, 2017, "Familiarity Breeds Alternative Investment: Evidence from Corporate Defined-Benefit Pension Plans", mimeo.

6. The real effects of mergers and acquisitions, corporate governance arrangements, private equity and venture capital, and the dynamics of capital budgeting and financing decisions.


Gilles has had several advisory or other non-executive director roles, and he has interacted with a large number of corporations, financial institutions, regulators, policy-makers, and international organizatons. He is also an accomplished teacher who has lectured a wide variety of degree and executive education courses and obtained several teaching prizes.

Selected Publications

Journal Articles

Chemla G, Hennessy CA, 2016, Government as borrower of first resort, Journal of Monetary Economics, Vol:84, ISSN:0304-3932, Pages:1-16

Chemla G, Hennessy CA, 2014, Skin in the Game and Moral Hazard, Journal of Finance, Vol:69, ISSN:0022-1082, Pages:1597-1641

Aid R, Chemla G, Porchet A, et al., 2011, Hedging and Vertical Integration in Electricity Markets, Management Science, Vol:57, ISSN:0025-1909, Pages:1438-1452

de Bettignies J-E, Chemla G, 2008, Corporate venturing, allocation of talent, and competition for star managers, Management Science, Vol:54, ISSN:0025-1909, Pages:505-521

More Publications