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-directof 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 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, served in various boards.

Prior to joining Imperial, Gilles was 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, crowdfunding, fintech, financial regulation and policymaking, mathematical modelling and 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Most unpublished academic articles written by Gilles can be found on his SSRN page: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. Reasons that explain reward-based crowdfunding and crowdfunding mechanisms

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

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

2. Challenges faced by common statistical inference techniques such as randomized experiments, medical randomized controlled trials, and structural estimation in overcoming bias:

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

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, 2020, "Equilibrium Counterfactuals in Structural Models", available at:

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

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.


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

More Publications