Portrait of Professor Giovanni Cespa

Professor Giovanni Cespa

Professor of Finance

Bayes Business School, Faculty of Finance

Contact

Visit Giovanni Cespa

Room BR5050, Bunhill Row

Postal address

Bayes Business School
106 Bunhill Row
London
EC1Y 8TZ
United Kingdom

About

Overview

Giovanni Cespa obtained a PhD in Economics from the Universitat Autonoma de Barcelona. He has previously held teaching and visiting positions in various institutions such as the Universitat Pompeu Fabra (Barcelona), the University of Salerno (Italy), Ente Einaudi (Rome), IESE (Barcelona), and Queen Mary, University of London. His research interests are in the areas Market Microstructure, Corporate Finance, and Corporate Governance. Giovanni has published his articles in the Review of Economic Studies, the Journal of Finance, the Review of Financial Studies, and the Rand Journal of Economics, among others. Currently, he is a research fellow at the CEPR (Financial Economics programme).

Qualifications

  • PhD, Universitat Autonoma de Barcelona, Spain, 1999

Employment

  • Director of the PhD in Finance, Bayes Business School (formerly Cass), Sep 2016 – May 2020
  • Research Fellow, Centre for Economic Policy Research, London, Jun 2013 – present
  • Reader in Finance, Bayes Business School (formerly Cass), Jan 2010 – Jan 2014
  • Reader in Finance, Queen Mary University of London, London, 2007 – 2010

Fellowships

  • Rientro dei cervelli, Universita di Napoli, Jan – May 2004
  • Ramon y Cajal, Universitat Pompeu Fabra, Jan 2003 – Jan 2005
  • Ente Luigi Einaudi, Ente Luigi Einaudi, Apr 2000 – Jul 2007

Memberships of professional organisations

  • Research Fellow (Financial Economics), Centre for Economic Policy Research (CEPR), Jun 2013 – present
  • Research Affiliate (Financial Economics), The Centre for Economic Policy Research (CEPR), Jan 2004 – present
  • Research Affiliate, CSEF, Jan 2004 – present

Award

  • FIR (2008) Finance and Sustainability European Research Award
    For the paper "Corporate Social Responsibility and Managerial Entrenchment."

Languages

French, Italian and Spanish; Castilian.

Expertise

Primary topics

  • Microeconomics
  • Financial Regulation
  • Asset Pricing
  • Economics
  • Financial Economics
  • Financial Institutions
  • Financial Markets
  • Industrial Organization
  • Capital Markets
  • Finance

Research

My recent research focusses on the relationship between liquidity and asset pricing. In relation to this, a project of mine was awarded an ESRC grant (terminated in December 2012), which led to the production of four papers, all of which have been published (the Review of Economic Studies, Management Science, the Journal of Finance, the Review of Financial Studies).
My current projects focus on the impact of High Frequency Trading on market fragility, the welfare of market participants, and platform competition. The effect of insider trading disclosure in fragmented markets. The impact of ETF on market quality and welfare, in segmented markets.

Research topics

Liquidity and asset pricing

Relationship between liquidity risk premia and asset prices

Dynamic trading in markets with asymmetric information

Effect of dynamic strategies on asset pricing anomalies

Sale of financial market information

Impact of price information sales on the equilibrium of asset markets

Regulation of insider trading

Impact of fragmentation on insider trading strategies

Publications

Conference papers and proceedings (29)

  1. Cespa, G. and Foucault, T. (2012). Illiquidity Contagion and Liquidity Crashes. Liquidity and Financial Crisis 12-13 October, Wharton School, Philadelphia, PA.
  2. Cespa, G. and Foucault, T. (2012). Illiquidity Spillovers and Liquidity Crashes. Frontiers of Finance 14-15 September, Warwick Business School.
  3. Cespa, G. and Foucault, T. (2012). Illiquidity Spillovers and Liquidity Crashes. Comision Nacional del Mercado de Valores, Madrid 12-14 September, Madrid.
  4. Cespa, G. and Foucault, T. (2012). Illiquidity Contagion and Liquidity Crashes. European Finance Association Meeting 15-18 August, Copenhague.
  5. Cespa, G. and Vives, X. (2011). Higher Order Expectations, Illiquidity, and Short-term Trading. SED Annual Meeting Gent/Belgium.
  6. Cespa, G. and Foucault, T. (2011). Learning from prices, liquidity spillovers, and market segmentation. Royal Economic Society UK.
  7. Cespa, G. and Foucault, T. (2011). Learning from prices, liquidity spillovers, and market segmentation. Stern Microstructure Meeting New York.
  8. Cespa, G. and Vives, X. (2011). Higher Order Expectation, Illiquidity, and Short-term Trading. ESSEC Business School.
  9. Cespa, G. and Foucault, T. (2011). Dealer Attention, Liquidity Spillovers, and Endogenous Market Segmentation. American Finance Association Denver (US).
  10. Cespa, G. and Vives, X. (2011). Higher Order Expectation, Illiquidity, and Short-term Trading. CNMV conference "Securities Markets: The Crisis and the Challenges Ahead" Madrid (Spain).
  11. Cespa, G. and Vives, X. (2011). Higher Order Expectations, Illiquidity, and Short-term Trading. European Summer Symposium in Economic Theory Gerzensee/Switzerland.
  12. Cespa, G. and Vives, X. (2010). Higher order expectations, rational confusion, and short-term trading. ELSE-UCL Workshop in Financial Economics: Markets and Institutions UCL (London).
  13. Cespa, G. and Vives, X. (2010). Short-Term Trading, Rational Confusion, and Higher Order Expectations. European Finance Association Frankfurt.
  14. Cespa, G. and Vives, X. (2010). Short-Term Trading, Rational Confusion, and Higher Order Expectations. IESEG Workshop in Asset Pricing Paris.
  15. Cespa, G. and Foucault, T. (2010). Dealer Attention, Liquidity Spillovers, and Endogenous Market Segmentation. Paris School of Economics.
  16. Cespa, G. and Foucault, T. (2010). Dealer Attention, Liquidity Spillovers, and Endogenous Market Segmentation. Acquisition, Use and Transmission of Private Information in Financial Markets: Theory and Applications European University Institute (Firenze).
  17. Cespa, G. and Foucault, T. (2010). Dealer Attention, Liquidity Spillovers, and Endogenous Market Segmentation. CSEF-IGIER 6th Symposium on Economics and Institutions Capri.
  18. Cespa, G. and Vives, X. (2010). Dynamic Trading and Asset Prices: Keynes vs. Hayek. American Finance Association Atlanta (US).
  19. Cespa, G. and Vives, X. (2010). Dynamic Trading and Asset Prices: Keynes vs. Hayek. World Congress of Econometric Society Shanghai (China).
  20. Cespa, G. and Foucault, T. (2009). Insiders-Outsiders, Transparency, and the Value of the Ticker. WG Hart Legal Workshop on Law Reform and Financial Markets Institute of Advanced Legal Studies (London).
  21. Cespa, G. and Foucault, T. (2008). Insiders-Outsiders, Transparency, and the Value of the Ticker. The Industrial Organisation of Securities Markets: Competition, Liquidity and Network Externalities Center for Financial Studies (Frankfurt).
  22. Cespa, G. and Foucault, T. (2008). Insiders-Outsiders, Transparency, and the Value of the Ticker. Western Finance Association Waikoloa (US).
  23. Cespa, G. and Foucault, T. (2008). Insiders-Outsiders, Transparency, and the Value of the Ticker. Warwick Business School.
  24. Cespa, G. and Vives, X. (2008). Dynamic Trading and Asset Prices: Keynes vs. Hayek. 2008 NSF/NBER/CEME Conference on General Equilibrium and Mathematical Economics Brown University (US).
  25. Cespa, G. and Foucault, T. (2008). Insiders-outsiders, transparency and the value of the ticker.
  26. Cestone, G. and Cespa, G. (2007). Corporate Social Responsibility and Managerial Entrenchment. 6th Toulouse Conference on Environment and Resource Economics: "Environment, Finance and Corporate Behavior" Toulouse, France.
  27. Cespa, G. and Vives, X. (2007). Dynamic Trading and Asset Prices: Keynes vs. Hayek. CEPR, European Summer Symposium in Financial Markets Gerzensee.
  28. Cespa, G. and Vives, X. (2007). Dynamic Trading and Asset Prices: Keynes vs. Hayek. CEPR-CREI Conference Financial Crises: Past, Theory, Future. UPF (Barcelona).
  29. Cespa, G. and Vives, X. (2007). Dynamic Trading and Asset Prices: Keynes vs. Hayek. FMA European Conference IESE (Barcelona).

Journal articles (11)

  1. Cespa, G. and Vives, X. (2022). Exchange Competition, Entry, and Welfare. The Review of Financial Studies, 35(5), pp. 2570–2624. doi:10.1093/rfs/hhab101.
  2. Cespa, G., Gargano, A., Riddiough, S.J. and Sarno, L. (2022). Foreign Exchange Volume. The Review of Financial Studies, 35(5), pp. 2386–2427. doi:10.1093/rfs/hhab095.

    [publisher’s website]

  3. CESPA, G. and VIVES, X. (2015). The Beauty Contest and Short‐Term Trading. The Journal of Finance, 70(5), pp. 2099–2154. doi:10.1111/jofi.12279.

    [publisher’s website]

  4. Cespa, G. and Foucault, T. (2014). Illiquidity Contagion and Liquidity Crashes. Review of Financial Studies, 27(6), pp. 1615–1660. doi:10.1093/rfs/hhu016.
  5. Cespa, G. and Foucault, T. (2014). Sale of Price Information by Exchanges: Does It Promote Price Discovery? Management Science, 60(1), pp. 148–165. doi:10.1287/mnsc.2013.1735.

    [publisher’s website]

  6. Cespa, G. and Vives, X. (2012). Dynamic trading and asset prices: Keynes vs. Hayek. Review of Economic Studies, 79(2), pp. 539–580. doi:10.1093/restud/rdr040.
  7. Cespa, G. (2008). Information sales and insider trading with long-lived information. JOURNAL OF FINANCE, 63(2), pp. 639–672. doi:10.1111/j.1540-6261.2008.01327.x.
  8. Cespa, G. and Cestone, G. (2007). Corporate Social Responsibility and Managerial Entrenchment. Journal of Economics & Management Strategy, 16(3), pp. 741–771. doi:10.1111/j.1530-9134.2007.00156.x.

    [publisher’s website]

  9. Cespa, G. (2005). Giffen goods and market making. Economic Theory, 25(4). doi:10.1007/s00199-003-0461-5.

    [publisher’s website]

  10. Cespa, G. (2004). A Comparison of Stock Market Mechanisms. The RAND Journal of Economics, 35(4), pp. 803–803. doi:10.2307/1593775.

    [publisher’s website]

  11. Cespa, G. (2002). Short-term investment and equilibrium multiplicity. European Economic Review, 46(9), pp. 1645–1670. doi:10.1016/s0014-2921(02)00256-8.

    [publisher’s website]

Reports (8)

  1. Cespa, G., Gargano, A., Riddiough, S. and Sarno, L. (2021). Foreign Exchange Volume. CEPR Discussion Paper: CEPR.
  2. Cespa, G. and Foucault, T. (2011). Learning From Prices, Liquidity Spillovers, and Market Segmentation. Centre for Economic Policy Research.
  3. Cespa, G. and Vives, X. (2011). Expectations, Liquidity, and Short-term Trading. CEPR.
  4. Cespa, G. and Vives, X. (2009). Dynamic Trading and Asset Prices: Keynes vs. Hayek. CEPR.
  5. Cespa, G. and Foucault, T. (2008). Insiders-Outsiders, Transparency and the Value of the Ticker. CEPR.
  6. Cespa, G. and Cestone, G. (2004). Corporate Social Responsibility and Managerial Entrenchment..
  7. Cespa, G. (2004). Information Sales and Insider Trading. Centre for Economic Policy Research.
  8. Cespa, G. and Cestone, G. (2004). Corporate Social Responsibility and Managerial Entrenchment. CEPR.

Scholarly editions (11)

  1. Cespa, G. and Vives, X. (2017). High Frequency Trading and Fragility.
  2. Cespa, G. and Vives, X. (2011). Higher Order Expectations, Illiquidity, and Short-term Trading.
  3. Cespa, G. and Focault, T. (2011). Learning from Prices, Liquidity Spillovers, and Market Segmentation.
  4. Foucault, T. and Cespa, G. (2008). Insiders-outsiders, transparency and the value of the ticker.
  5. Cespa, G. (2007). Information Sales and Insider Trading with Long-lived Information.
  6. Cespa, G. and Cestone, G. (2002). Stakeholder Activism, Managerial Entrenchment, and the Congruence of
    Interests between Shareholders and Stakeholders.
  7. Cespa, G. Long run relationships and price rigidity.
  8. Cespa, G. A comparison of stock market mechanisms.
  9. Cespa, G. Giffen Goods and Market Making.
  10. Cespa, G. and Vives, X. High Frequency Trading and Fragility.
  11. Cespa, G. and Colla, P. Market Fragmentation, Dissimulation, and the Disclosure of Insider Trades.

Working papers (2)

  1. Cespa, G. and Vives, X. (2011). Expectations, Liquidity, and Short-term Trading. CESifo Group Munich.
  2. Cespa, G. (2003). A Comparison of Stock Market Mechanism.

Other

  1. Cespa, G. and Vives, X. (2011). Higher Order Expectations, Illiquidity, and Short-Term Trading.

Education

Course Directorship

- 2017 - present, PhD in Finance, Director

Professional activities

Editorial activity (15)

  1. Journal of Financial Markets, Referee, 2016 – present.
  2. Review of Financial Studies, Referee, 2013 – present.
  3. Review of Asset Pricing Studies, Referee, 2012 – present.
  4. American Economic Review, Referee, 2010 – present.
  5. Journal of Economic Theory, Referee, 2010 – present.
  6. Econometrica, Referee, 2009 – present.
  7. Economica, Referee, 2008 – present.
  8. The B.E. Journal of Theoretical Economics, Referee, 2007 – present.
  9. JEEA, Referee, 2006 – present.
  10. European Economic Review, Referee, 2006 – present.
  11. Review of Economic Studies, Referee, 2005 – present.
  12. Review of Finance, Referee, 2005 – present.
  13. Journal of Finance, Referee, 2004 – present.
  14. Economic Theory, Referee, 2004 – present.
  15. Rand Journal of Economics, Referee, 2003 – present.

Events/conferences (49)

  1. American Finance Association. (Conference) Chicago, US (2017). Invited speaker.
    Paper: Market Fragmentation, Dissimulation, and the Disclosure of Insider Trades
    Author: Cespa G.
    Co-authors: P. Colla
  2. Wharton Conference on Liquidity and Financial Crises. (Conference) Philadelphia, US (2016). Invited speaker.
    Paper: High Frequency Trading and Fragility
    Author: Cespa G
    Co-authors: X. Vives
  3. American Finance Association. (Conference) San Francisco, US (2016). Invited speaker.
    Paper: The welfare impact of High Frequency Trading
    Author: Cespa G
    Co-authors: X. Vives
  4. Rotterdam School of Management. (Seminar) Rotterdam, Netherlands (2015). Invited speaker.
    Paper: The welfare impact of high frequency trading
    Author: Cespa G
    Co-authors: X. Vives
  5. INSEAD. (Seminar) Fontainebleau, France (2015). Invited speaker.
    Paper: The welfare impact of high frequency trading
    Author: Cespa G
    Co-authors: X. Vives
  6. HEC, Paris. (Seminar) Paris, France (2015). Invited speaker.
    Paper: The welfare impact of high frequency trading
    Author: Cespa G
    Co-authors: X. Vives
  7. GSE workshop on "Information, Competition and Market Frictions". (Conference) Barcelona, Spain (2015). Invited speaker.
    Paper: The welfare impact of High Frequency Trading
    Author: Cespa G
    Co-authors: X. Vives
  8. DB Talk. (Public lecture) Deutsche Bank, London (2014). Invited speaker.
    Paper: Illiquidity Contagion and Liquidity Crashes
    Author: Cespa G
    Co-authors: T. Foucault
  9. ME@Ravello. (Conference) Italy (2014). Invited speaker.
    Paper: Expectations, Liquidity, and Short-term trading
    Author: Cespa G
    Co-authors: X. Vives
  10. Frontiers of Finance. (Conference) U.K. (2014). Invited speaker.
    Paper: Expectations, Liquidity, and Short-term trading
    Author: Cespa G
    Co-authors: X. Vives
  11. Conference on High Frequency Trading, Imperial College Business School. (Conference) London (2014). Invited speaker.
    Paper: The welfare impact of High Frequency Trading
    Author: Cespa G
    Co-authors: X. Vives
  12. Leuven University, Belgium. (Seminar) Leuven, Belgium (2013). Invited speaker.
    Paper: Expectations, liquidity, and short term trading
    Author: Cespa GC
    Co-authors: X. Vives
  13. FSA, Seminar. (Seminar) London (2013). Invited speaker.
    Paper: Illiquidity contagion and liquidity crashes
    Author: Cespa G
    Co-authors: T. Foucault
  14. Barcelona GSE conference. (Conference) Barcelona, Spain (2013). Invited speaker.
    Paper: Expectations, liquidity, and short-term trading
    Author: Cespa G
    Co-authors: X. Vives
  15. 9th annual central bank workshop on the Microstructure of Financial Markets. (Conference) Frankfurt, Germany (2013). Invited speaker.
    Paper: The welfare impact of high frequency trading
    Author: Cespa G
    Co-authors: X. Vives
  16. 6th Financial Risks International Forum. (Conference) Paris, France (2013). Invited speaker.
    Paper: Expectations, liquidity, and short-term trading
    Author: Cespa G
    Co-authors: X. Vives
  17. Lunch seminar, London School of Economics, Financial Markets Group. (Seminar) London (2012). Invited speaker.
    Paper: Expectations, liquidity, and short term trading
    Author: Cespa G
    Co-authors: X. Vives
  18. Warthon conference, "Liquidity and Financial Crises". (Conference) Philadelphia, US (2012). Invited speaker.
    Paper: Illiquidity contagion and liquidity crashes
    Author: Cespa G
    Co-authors: T. Foucault
  19. Frontiers of Finance, Warwick Business School. (Conference) Warwick University (2012). Invited speaker.
    Author: Cespa G
    Co-authors: T. Foucault
  20. European Finance Association. (Conference) Denmark (2012). Invited speaker.
    Paper: Illiquidity contagion and liquidity crashes
    Author: Cespa G
    Co-authors: T. Foucault
  21. Comision Nacional del Mercado de Valores. (Conference) Madrid, Spain (2012). Invited speaker.
    Paper: Illiquidity contagion and liquidity crashes
    Author: Cespa G
    Co-authors: T. Foucault
  22. (Seminar) ESSEC Business School (2011). Invited speaker.
    Paper: Higher Order Expectation, Illiquidity, and Short-term Trading
    Author: Cespa G
    Co-authors: Xavier Vives
  23. (Seminar) Universite Paris Dauphine - Paris (2011). Invited speaker.
    Paper: Higher Order Expectation, Illiquidity, and Short-term Trading
    Author: Cespa G
    Co-authors: Xavier Vives
  24. Stern Microstructure Meeting. (Conference) New York (2011). Invited speaker.
    Paper: Learning from prices, liquidity spillovers, and market segmentation
    Author: Cespa G
    Co-authors: Thierry Foucault
  25. SED Annual Meeting. (Conference) Gent/Belgium (2011). Invited speaker.
    Paper: Higher Order Expectations, Illiquidity, and Short-term Trading
    Author: Cespa G
    Co-authors: X. Vives
  26. Securities Markets: The Crisis and the Challenges Ahead. (Conference) Madrid (CNMV) (2011). Invited speaker.
    Paper: Higher Order Expectation, Illiquidity, and Short-term Trading
    Author: Cespa G
    Co-authors: Xavier Vives
  27. Royal Economic Society. (Conference) UK (2011).
    Paper: Learning from prices, liquidity spillovers, and market segmentation
    Author: Cespa G
    Co-authors: Thierry Foucault
  28. European Summer Symposium in Economic Theory. (Conference) Gerzensee/Switzerland (2011). Invited speaker.
    Paper: Higher Order Expectations, Illiquidity, and Short-term Trading
    Author: Cespa G
    Co-authors: X. Vives
  29. CNMV conference "Securities Markets: The Crisis and the Challenges Ahead". (Conference) Madrid (Spain) (2011). Invited speaker.
    Paper: Higher Order Expectation, Illiquidity, and Short-term Trading
    Author: Cespa G
    Co-authors: Xavier Vives
  30. American Finance Association. (Conference) Denver (US) (2011). Invited speaker.
    Paper: Dealer Attention, Liquidity Spillovers, and Endogenous Market Segmentation
    Author: Cespa G
    Co-authors: Thierry Foucault
  31. (Seminar) Paris School of Economics (2010). Invited speaker.
    Paper: Dealer Attention, Liquidity Spillovers, and Endogenous Market Segmentation
    Author: Cespa G
    Co-authors: Thierry Foucault
  32. IESEG Workshop in Asset Pricing. (Workshop) Paris (2010). Invited speaker.
    Paper: Short-Term Trading, Rational Confusion, and Higher Order Expectations
    Author: Cespa G
    Co-authors: X. Vives
  33. ELSE-UCL Workshop in Financial Economics: Markets and Institutions. (Workshop) UCL (London) (2010). Invited speaker.
    Paper: Higher order expectations, rational confusion, and short-term trading
    Author: Cespa G
    Co-authors: X. Vives
  34. World Congress of Econometric Society. (Conference) Shanghai (China (2010). Invited speaker.
    Paper: Dynamic Trading and Asset Prices: Keynes vs. Hayek
    Author: Cespa G
    Co-authors: X. Vives
  35. European Finance Association. (Conference) Frankfurt (2010). Invited speaker.
    Paper: Short-Term Trading, Rational Confusion, and Higher Order Expectations
    Author: Cespa G
    Co-authors: X. Vives
  36. CSEF-IGIER 6th Symposium on Economics and Institutions. (Conference) Capri (2010). Invited speaker.
    Paper: Dealer Attention, Liquidity Spillovers, and Endogenous Market Segmentation
    Author: Cespa G
    Co-authors: T. Foucault
  37. American Finance Association. (Conference) Atlanta (US) (2010). Invited speaker.
    Paper: Dynamic Trading and Asset Prices: Keynes vs. Hayek
    Author: Cespa G.
    Co-authors: X. Vives
  38. Acquisition, Use and Transmission of Private Information in Financial Markets: Theory and Applications. (Conference) European University Institute (Firenze) (2010). Invited speaker.
    Paper: Dealer Attention, Liquidity Spillovers, and Endogenous Market Segmentation
    Author: Cespa G
    Co-authors: T. Foucault
  39. (Seminar) University of Cambridge (2009). Invited speaker.
    Paper: Dynamic Trading and Asset Prices: Keynes vs. Hayek
    Author: Cespa G
    Co-authors: X. Vives
  40. (Seminar) Cass Business School (2009). Invited speaker.
    Paper: Dynamic Trading and Asset Prices: Keynes vs. Hayek
    Author: Cespa G
    Co-authors: X. Vives
  41. WG Hart Legal Workshop on Law Reform and Financial Markets. (Workshop) Institute of Advanced Legal Studies (London) (2009). Invited speaker.
    Paper: Insiders-Outsiders, Transparency, and the Value of the Ticker
    Author: Cespa G
    Co-authors: T. Foucault
  42. (Seminar) Warwick Business School (2008). Invited speaker.
    Paper: Insiders-Outsiders, Transparency, and the Value of the Ticker
    Author: Cespa G
    Co-authors: T. Foucault
  43. Western Finance Association. (Conference) Waikoloa (US) (2008). Invited speaker.
    Paper: Insiders-Outsiders, Transparency, and the Value of the Ticker
    Author: Cespa G
    Co-authors: T. Foucault
  44. The Industrial Organisation of Securities Markets: Competition, Liquidity and Network Externalities. (Conference) Center for Financial Studies (Frankfurt) (2008). Invited speaker.
    Paper: Insiders-Outsiders, Transparency, and the Value of the Ticker
    Author: Cespa G
    Co-authors: T. Foucault
  45. 2008 NSF/NBER/CEME Conference on General Equilibrium and Mathematical Economics. (Conference) Brown University (US) (2008). Invited speaker.
    Paper: Dynamic Trading and Asset Prices: Keynes vs. Hayek
    Author: Cespa G
    Co-authors: X. Vives
  46. (Seminar) European University Institute (Firenze) (2007). Invited speaker.
    Paper: Dynamic Trading and Asset Prices: Keynes vs. Hayek
    Author: Cespa G
    Co-authors: X. Vives
  47. FMA European Conference. (Conference) IESE (Barcelona) (2007). Invited speaker.
    Paper: Dynamic Trading and Asset Prices: Keynes vs. Hayek
    Author: Cespa G
    Co-authors: X. Vives
  48. CEPR, European Summer Symposium in Financial Markets. (Conference) Gerzensee (2007). Invited speaker.
    Paper: Dynamic Trading and Asset Prices: Keynes vs. Hayek
    Author: Cespa G
    Co-authors: X. Vives
  49. CEPR-CREI Conference “Financial Crises: Past, Theory, Future.” (Conference) UPF (Barcelona) (2007). Invited speaker.
    Paper: Dynamic Trading and Asset Prices: Keynes vs. Hayek
    Author: Cespa G
    Co-authors: X. Vives

Media appearances (4)

  1. Persistent noise, investors’ expectations, and market meltdowns. (2014) Voxeu website (website).
  2. Europe rails against high-frequency trading. (2013) SNL .com (website).
  3. Signal Failure: why Illiquidity in One Asset can Spread Quickly to Others. (2012) The Economist (website).
  4. Expectations and Asset Prices: Keynes meets Hayek. (2012) Voxeu (website).