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), a senior research fellow at the Rimini Centre for Economic Analysis (RCEA), 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 on 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Most unpublished academic articles written by Gilles can be found on his SSRN page: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, 2021, "How wise are crowds on crowdfunding platforms?", Handbook of Technological Finance, Cambridge University Press, Raghu Rau, Robert Waldrop, Luigi Zingales (eds).

Chemla, G., and M. Milone, 2022, "Does machine learning reduce financial constraints",  in progress.

2. Causal inference in finance, economics, medicine and social sciences

Chemla, G., and C. Hennessy, 2023, "Discretionary Choice, Motivation, and the SUTVA",.

Hennessy, C., and G. Chemla, 2022, "Signaling, Instrumentation, and CFO Decision-Making", Journal of Financial Economics, 144, 3, 849-863.

Chemla, G., and C. Hennessy, 2021, "Equilibrium Counterfactuals", International Economic Review, 62, 2, 639-669.

Chemla, G., and C. Hennessy, 2020, "Rational Expectations and the Paradox of Policy-Relevant Experiments", Journal of Monetary Economics, 114, 168-181.

Chemla, G., and C. Hennessy, 2019, "Controls, Belief Updating, and Bias in Medical RCTs", Journal of Economic Theory, 184, 104929.

3. Corporate governance and asset management

Chemla, G., A. Rivera, and L. Shi, 2023, "Too Much, Too Soon, For Too Long: The Dynamics of Competitive Executive Compensation", Journal of Finance, revise and resubmit.

Atanasova, C., and G. Chemla, 2023, "Familiarity Breeds Alternative Investment: Evidence from Corporate Defined-Benefit Pension Plans", Review of Finance, third round.

Gilles has had several 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

Hennessy C, Chemla G, 2022, Signaling, instrumentation, and CFO decision-making, Journal of Financial Economics, Vol:144, ISSN:0304-405X, Pages:849-863

Chemla G, Hennessy C, 2021, Equilibrium counterfactuals, International Economic Review, Vol:62, ISSN:0020-6598, Pages:639-669

Chemla G, Hennessy C, 2020, Rational expectations and the paradox of policy-relevant natural experiments, Journal of Monetary Economics, Vol:114, ISSN:0304-3932, Pages:368-381

Chemla G, Tinn K, 2020, Learning through Crowdfunding, Management Science, Vol:66, ISSN:0025-1909, Pages:1783-1801

Chemla G, Christopher Hennessy, 2019, Controls, belief updating, and bias in medical RCTs, Journal of Economic Theory, Vol:184, ISSN:0022-0531

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, Vol:69, ISSN:1540-6261, 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

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

Chemla, G., Habib, M., Ljungqvist, 2007, An analysis of shareholder agreements, Journal of the European Economic Association, Vol:5, ISSN:1542-4766, Pages:93-121

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