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), 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, and he 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, energy markets, security design and securitization, debt markets, asset allocation, pension funds, fintech, financial regulation and policymaking, mathematical modelling and data science 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, NYU, Minnesota, LBS, LSE, Oxford, Cambridge, and Insead.

Gilles' most recent articles examine

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

Chemla, G., and K. Tinn, 2019, "Learning through Crowdfunding", Management Science, 2019.

2. Challenges faced by common statistical inference techniques such as randomized experiments, medical randomized controlled trials, and structural estimation in overcoming bias due to subject expectations about future policymaking:

Chemla, G., and C. Hennessy, 2019, "Rational Expectations and the Paradox of Policy-Relevant Experiments", Journal of Monetary Economics, in press.

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

Chemla, G., and C. Hennessy, 2018, "Equilibrium Counterfactuals in Structural Models", new paper.

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

Atanasova, C., and G. Chemla, 2018, "Familiarity Breeds Alternative Investment: Evidence from Corporate Defined-Benefit Pension Plans", Review of Finance, second round.

4. Published papers on the real effects of mergers and acquisitions, corporate governance arrangements, private equity and venture capital, mandated retention in ABS markets, and debt market overheating and the role of the government as borrower of first resort.


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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