The Laboratory of Excellence for Financial Regulation (LabEx-ReFi) is a research centre dedicated to the evaluation of regulation policies. It aims to improve the understanding of financial systems and regulations’ implications, and to provide public authorities with independent academic expertise and guidelines for action. The LabEx-ReFi has been created as an initiative of CNAM, ENA, University Paris 1 Panthéon-Sorbonne (CES, PRISM and IRJS) and ESCP Europe (the project leader) in the context of the “Grand Emprunt”. Learn more here


Research Seminar, Law & Finance – with Colin Mayer – University of Oxford (Finance)
Mar 28 @ 18 h 00 min – 19 h 30 min
This event is part of the ETH Zurich – Sorbonne Paris 1 – ESCP Europe
Labex ReFi – Law & Finance Seminar
Organized by Alain Pietrancosta (Sorbonne Law School – University of Paris 1),  Christophe Moussu (ESCP Europe) and Gerard Hertig (ETH Zurich)

 Colin Mayer



(CV & Bio here)

University of Oxford (Finance)

will present:

Law & Regulation

Abstract :

This chapter documents the evolution of ownership and control of firms around the world over a hundred year period from the beginning of the 20th century to today. It records the substantial changes that have taken place in the nature of stock markets and contrasts these with the persistent patterns of ownership that are observed in many countries around the world. In particular, it documents the growth in dispersion in ownership that took place in
many countries from the early part of the 20th century. It reports that this took place in the absence of formal systems of investor protection but in the presence of institutional developments that facilitated the building of trust between investors and firms. Contrary to the view that concentrations of ownership necessarily undermine the operation of equity markets by exploiting minority interests, the chapter argues that in many countries they
played a central role not just in exercising control but also in promoting relations between investors and firms that were central to the development of their stock markets. In particular, concentrations of ownership in the hands of families may have been a source of public as well as private benefits. The chapter concludes by looking at recent changes and argues that these reinforce the long-run patterns of the relative decline of the UK and US stock  markets, the continued decline of family firms in the UK, the growth of private equity and the emergence of new forms of concentrated shareholdings.


Link 1Link 2

79 avenue de la République 75011 Paris

Thursday, March 28, 2019

18:00-19:30, Room Dalsace – Batiment 3 – étage 1
For security reason, please register before the deadline.
wednesday, march 27
NB. If you are prevented from coming, we would be obliged if you could inform us as soon as possible at


Past and coming events of the Law & Finance Seminar
Research Seminar, ReFi – Mayer Colin – University of Oxford
Mar 29 @ 12 h 00 min – 13 h 30 min



Organized by Prof. Gunther Capelle-Blancard (Université Paris I Panthéon-Sorbonne, Labex ReFi) and Prof. Christophe Moussu (ESCP Europe, Labex ReFi).

Mayer Colin,

University of Oxford 

(cv & bio)


Abstract :



79 avenue de la République 75011 Paris
Friday, march 29 , 2019

12:00am  to  13:30pm, Room 4310


For security reason, please register before the deadline.
Deadline: 28 march 2019

NB. If you are prevented from coming, we would be obliged if you could inform us as soon as possible at
Crises and Networks in finance : New challenges for the industry 11-12 April 2019    
Apr 11 @ 13 h 45 min – Apr 12 @ 0 h 45 min




Crises and Networks in finance : New challenges for the industry

                                                                               11-12 April 2019                                                                            


Jointly organized by Ecole Normale Supérieure de Lyon – IXXI and LabEx ReFi

Sponsored by Vivienne investment


The 2008 financial crisis has been the most important threat for the world-wide banking and financial system since the market crash of October 1929 and the Great Depression. It has led to many substantial analyses not only of the origins of the crisis but also and above all of the mechanisms that enabled it to spread throughout the world and the reasons for its massive impact on the economy world-wide.

Ten years later, it is natural to wonder whether the efforts made to improve the regulation governing the economic and financial networks have been effective, whether the mechanisms inducing fast and world-wide spreading of systemic risks are better understood and controlled, and whether efficient risk management strategies have been designed and implemented.

To investigate these issues, it appears mandatory and beneficial to have recourse to the large variety of tools and concepts aiming to address the analysis of “complex systems and phenomena”, stemming from many different scientific fields, ranging from econometric (structural) vs micro-founded (agent-based) modeling to graph theory and statistical signal processing.

The goal of the proposed workshop is thus to gather an interdisciplinary panel of world-leading experts from different fields of science (Accounting, Financial Economics, Mathematics, Physics, Statistics…), both from academy and industry. A series of seven presentations will hence address “Crises and network in finance” with different perspectives, such as impact of network topology, structural instabilities, extreme event forecasting, estimation in large dimension…


April 11th (Thursday)

13:45  Welcome address

14:00  Didier Sornette (ETH Zurich)
The “endo-exo” problem in financial market price fluctuations, criticality & the ARMA point process

15:00     Luidas Giraitis (              Queen Mary University)
Standard testing procedures for white noise and heteroskedasticity

16:00     Coffee Break

16:30     Minyue Dong (HEC Lausanne)
Textual Analysis of Bank’s Pillar 3 Documents

17:30     Jean-Philippe Bouchaud (Capital Fund Management)
Macroeconomic instabilities in Agent Based and Network models


April 12th (Friday)

9:00     Thomas Lux (University of Kiel)
The Dynamics of the Interbank Market: Statistical Stylized Facts and Agent-Based Models

10:00 Coffee break

10:30 Cécile Batisdon (University of Toulon and IXXI)
Graph-based era segmentation of financial globalization

11:30  Monica Billio (Ca’ Foscari University)
Disagreement in Signed Financial Networks

12:30  Concluding Remarks


Venue : Ecole Normale Supérieure de Lyon, Descartes Campus, 46 allée d’Italie 69364 Lyon cedex 7.  Room D2 128.

Registration : Registration is free of charge but mandatory. click HERE


Cecile Batisdon is associate professor at the University of Toulon (France). Her research focuses on financial integration issues in advanced and developing economies. She is also a member of the Cliometry and Complexity team (CAC, ENS Lyon, France), where she works on the network dimension of financial globalization in a cliometric perspective.

Monica Billio is professor of Econometrics and head of the Department of Economics of the Ca’ Foscari University of Venice. Her main research interests include financial econometrics, business cycle analysis, dynamic latent factor models and simulation-based inference techniques. She is involved in many research projects financed by the European Commission, Eurostat and the Italian Ministry of Research (MIUR).

Jean-Philippe Bouchaud is founder and Chairman of Capital Fund Management. He has been an adjunct professor of physics at École Polytechnique since 2009 and is co-director of the CFM-Imperial Institute of Quantitative Finance at Imperial College London. His work covers the physics of disordered and glassy systems, granular materials, the statistics of price formation, stock market fluctuations and the modelling of financial risks. He has been named Quant of the Year 2017 by Risk Magazine. He is member of the French Academy of Sciences.

Minyue Dong is an associate professor of accounting at Ecole des Hautes Etudes Commerciales (HEC) de Lausanne. She is an expert in financial security and bank accounting. Professor Dong recently became co-editor of the International Journal of Accounting.

Liudas Giraitis is professor of econometrics at Queen Mary University of London. Professor Giraitis is a world-recognized expert in statistical theory, with significant experience in application to finance. He has completed extensive research on long memory and integrated I(d). His research bridges the fields of econometrics, statistics and probability theory, with a substantial emphasis on time series analysis.

Thomas Lux holds the chair of Monetary Economics and International Finance at the University of Kiel. Professor Lux has been the Head of the Research Area “Financial Markets and Macroeconomic Activity” at the Kiel Institute for the World Economy from 2008 to 2013 and the Bank of Spain Professor in Computational Economics at University Jaume I from 2011 to 2016. His research interests cover theoretical and empirical


LABEX ReFi is partner of the

Alliance – Columbia Blockchain Innovation Challenge (BIC)

The Alliance Program is partnering with Columbia Entrepreneurship and the Columbia Venture Competition to launch a Blockchain Innovation Challenge (BIC). The is open to students and recent graduates from Columbia University, Sciences Po, Ecole Polytechnique and Paris 1 – Panthéon Sorbonne.
Teams of students and recent graduates from all four institutions are invited to submit proposals for new or existing ventures using blockchain technology to create innovative solutions in a range of areas, including (but not limited to): crypto protocols, finance, asset management, investment, insurance, supply chain, property, healthcare, online publishing, journalism, entertainment, the Internet of Things, voting and elections.

Awards :

  • First Prize: $30,000
  • Each of the 3 remaining finalists: $5,000


  • December: launch of the call for applications
  • Feb 7th: deadline for applications March
  • 1st: shortlisted teams announced
  • March 7th: Interview of shortlisted teams by each of the 4 institutions
  • April 4th: Finalists pitch their project at the finals of the Columbia Venture Competition
  • April 5th: Finalists invited to attend the Columbia Startup Festival, where the winner will be announced
Applications (including project description, CVs and budget sheet) should be sent by email to:


Full detail on the dedicated webpage —> (click here)


“Financial Regulation and Stability after Brexit“

21 November 2018 (4 pm – 7:30 pm)

In presence of:

Didier Reynders, Deputy Prime Minister and Minister of Foreign Affairs and European Affairs

Michel Barnier, European Union Chief Negotiator

 Palais d’Egmont, Brussels

The Brexit negotiations are in a difficult phase and it is hard to predict what relationship the UK will have with the EU in the future. The UK is most likely to exit the Single Market on 29 March 2019 or 31 December 2020. Financial institutions based in the UK will thus lose their passporting rights to the European market. This conference will examine some of the most important issues raised by this profound regime change.

Learn more here

Il y a 10 ans la crise.

La régulation financière et ses nouveaux enjeux

in partnership with


September 20, 2018, Paris

Program here

Cliquez ici pour suivre l’intégralité de la conférenc

35th Annual Conference of the French Finance Association (AFFI)

in partnership with


May 22-24, 2018, Paris

website conference here

International Conference on Public Authority and Finance

The End of Cash: a Challenge to Public Authority?

New York, April 26 & 27, 2018

Location: School of International and Public Affairs (SIPA) Columbia University New York.

in association with final Capstone Workshop Presentation.

Learn more here

Économie financière : leçons du passé, questions d’avenir

Conférence en l’honneur de Christian de Boissieu


Le 21 septembre 2017

à l’Université Paris 1 Panthéon-Sorbonne

Panthéon, appartement Décanal (le matin) & Péristyle de la Sorbonne (l’après-midi)

Learn more here

Conference with Benoît Cœuré

Member of the ECB’s Executive Board



Le jeudi 23 novembre 2017 à 19h

Learn more here 


International Conference on Public Authority and Finance

Paris, September 1 and 2, 2017

The Laboratory of Excellence on Financial Regulation is pleased to announce a call for papers for its International Conference on Public Authority and Finance, to be held in Paris on September 1 and 2, 2017. This conference is being organised by: Labex ReFI (Paris). It is partnered by the Centre on Corporate Governance, Columbia Law School (New York), the Blavatnik School of Government, University of OxfordDIW (Berlin), Policy Network (London), and the Université Sorbonne Nouvelle – Paris 3 (CERVEPAs, Paris).

Learn more here

International Advisory Board Workshop

This workshop is organized in conjunction with the International Advisory Board annual Meeting. Please find here the composition of the IAB.

Organized by

Pr Gerard Hertig and Pr Christophe Moussu

Learn more here


Paper in a Peer Reviewed Journal

Kahalé Nabil (ESCP Europe, Labex Refi) (2017)

Superreplication of Financial Derivatives via Convex Programming.

Management Science

Laern more here

Paper in a Peer Reviewed Journal

Oleg Chuprinin, Sérgio Gaspar (Labex Refi), Massimo Massa, (2017)

Adjusting to the Information Environment: News Tangibility and Mutual Fund Performance.

Management Science

Laern more here

Paper in a Peer Reviewed Journal

Capelle-Blancard G. (Labex Refi) & O. Havrylchyk (Labex Refi), 2017

Incidence of bank levy and market power

Review of finance

21(3), 1023-1046

Laern more here

Paper in a Peer Reviewed Journal

FOUQUAU, J. (Labex Refi), PORTES, R. and A. L. DELATTE (2017)

Regime-Dependent Sovereign Risk Pricing during the Euro Crisis,

Review of finance

21(1), 363-385.

Laern more here

Edited Book


From Resilience to Growth

Edited by
Raphaël Douady
Clément Goulet
Pierre-Charles Pradier

Learn more here

Paper in a Peer Reviewed Journal

Alexandre Garel (Labex Refi) and Arthur Petit-Romec (Labex Refi) (2017)

Bank capital in the crisis: It’s not just how much you have but who provides it

Journal of Banking & Finance

Volume 75, February 2017, Pages 152-166.

Laern more here


France balks at reforms that will standardise banking rules

A one-size-fits-all approach to regulation will affect Europe more than the US

Laern more here

by Catherine Lubochinsky, professor of economics at Université Paris 2 Panthéon-Assas and Labex ReFi member

Il faut faire une politique de relance

Learn more here

by Christian de Boissieu, Président du conseil scientifique du LabEx ReFi

La déferlante actuelle pourrait accroître la multibancarisation

Selon la chercheuse Jézabel Couppey-Soubeyran, l’arrivée d’Orange et d’autres acteurs oblige les établissements historiques à modifier leur activité, dans la banque de détail notamment.

Laern more here

by Jézabel Couppey-Soubeyran, Maître de conférences en économie à Paris-I Panthéon-Sorbonne, Membre du LabEx ReFi

Jézabel Couppey-Soubeyran est l’auteure de Blablabanque

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