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 and Co-director of Imperial's Centre for Financial Technology. He is also a research fellow at Centre National de la Recherche Scientifique, a research fellow at Centre for Economic Policy Research (CEPR), and a member of the American Finance Association, American Economic Association, Western Finance Association, and European Finance Association. He currently serves as an Associate Editor at the Journal of Empirical Finance.

Gilles holds a PhD in economics from the London School of Economics, an MSc in economics from the Paris School of Economics, and he is a graduate engineer from the Ecole Nationale des Ponts et Chaussées. Prior to joining Imperial, Gilles was an Assistant Professor of Finance at the Sauder School of Business, University of British Columbia. 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 he has served in a wide range of boards.

Gilles' research interests include corporate finance, corporate governance, mergers and acquisitions, private equity and venture capital, capital budgeting, capital structure, corporate risk management, energy markets, security design and securitization, debt markets, asset allocation, pension funds, crowdfunding, fintech, financial regulation and policymaking, mathematical modelling as well as data science in finance, economics, and medicine. Gilles' research has been published in top academic journals, and has been presented at multiple institutions including Harvard, MIT, Stanford, Berkeley, Princeton, UCLA, Columbia, NYU, Minnesota, LBS, LSE, Oxford, Cambridge, and Insead.

Most unpublished academic articles written by Gilles can be found on his SSRN page:

Gilles' most recent articles examine

1. Financial technology

Chemla, G., and K. Tinn, 2020, "Learning through Crowdfunding", Management Science, 66 (5), 1783-1801 (lead article).

Chemla, G., and K. Tinn, 2019, "How wise are crowds on crowdfunding platforms?", Handbook of Alternative Finance, Cambridge University Press, in press.

Chemla, G., and M. Milone, 2020, "Human judgement and data-based lending", in progress.

2. Causal inference with natural experiments, medical randomized controlled trials, and structural estimation:

Chemla, G., and C. Hennessy, 2019, "Controls, Belief Updating, and Bias in Medical RCTs", Journal of Economic Theory.

Chemla, G., and C. Hennessy, 2020, "Rational Expectations and the Paradox of Policy-Relevant Experiments", Journal of Monetary Economics, in press.

Chemla, G., and C. Hennessy, 2020, "Equilibrium Counterfactuals in Structural Models", International Economic Review, second round.

Hennessy, C., and G. Chemla, 2020, "Signaling, Random Assignment, and Causal Effect Estimation".

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

Atanasova, C., and G. Chemla, 2020, "Familiarity Breeds Alternative Investment: Evidence from Corporate Defined-Benefit Pension Plans", Review of Finance, revised and resubmitted.

4. Corporate governance

Chemla, G., A. Rivera, and L. Shi, 2020, "CEO Overcompensation", in progress

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

Chemla G, Hennessy C, 2014, Skin in the Game and Moral Hazard, The Journal of Finance, ISSN:1540-6261

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

Bettignies J, Chemla G, 2007, Corporate venturing, allocation of talent, and competition for star managers, Management Science, Vol:54, ISSN:1526-5501, Pages:505-521

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