About me
Welcome to my website! I’m a PhD Candidate in Finance at HEC Paris. My primary research interests are macro-finance, financial intermediation, and corporate finance. You can download my CV here.Contact
Email: antoine.hubert-de-fraisse@hec.edu
Featured Paper
Long-Term Bond Supply, Term Premium, and the Duration of Corporate Investment
[Latest Version] [SSRN] [Internet Appendix]
Abstract: Using large and plausibly exogenous shocks to the maturity structure of U.S. government debt, I find that a higher supply of long-term government bonds, increases firms’ discount rates at long horizons leading to a crowding-out of long-duration investment. This crowding out occurs through reallocations of capital away from long-duration investment towards short-duration investment, both across industries, within industries across firms and within firms across divisions. Such changes to the average duration of investment explain a significant share of changes to the average maturity of corporate debt. These results identify important real effects of policies which affect the net supply of long-term bonds, such as quantitative easing by central banks.
Selected presentations: EFA Doctoral Tutorial (2024, upcoming), SFS Cavalcade NA (2024), UCLA Anderson (2024), Berkeley Haas (2024), The Chicago Booth Treasury Markets Conference (2024), Dauphine Finance PhD Workshop (2024), Economic Letters Summer School at Bocconi (2024), AFA (2024), SED (2023), FIRS Annual Meeting (2023), Adam Smith Workshop (2023), Chicago Booth Finance Brownbag (2023), MFA (2023), FIFI Conference (2022), FIRS Annual Meeting Ph.D. Student Session (2022).
Selected posters: 21st Macro-Finance Workshop of the Macro Finance Society (2023), Macro Finance Research Program Summer Session for Young Scholars at UChicago (2022).