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{{short description|French economist (born 1974)}}
{{Use mdy dates|date=May 2018}}
{{Use mdy dates|date=May 2018}}
{{Infobox person
| name = Augustin Landier
| image =
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| birth_name = <!-- if different -->
| birth_date = {{birth year and age|1974}}
| birth_place =
| death_date =
| death_place =
| other_names =
| occupation = French economist
| years_active =
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| website = https://sites.google.com/site/augustinlandier/
}}
'''Augustin Landier''' (born in 1974) is a French economist who currently works at the [[Toulouse School of Economics]].<ref>[https://www.tse-fr.eu/people/augustin-landier Faculty profile of Augustin Landier on the website of the Toulouse School of Economics. Retrieved April 18, 2018.]</ref> His research interests include [[corporate finance]], [[corporate governance]], [[asset management]], [[organizational studies|organization science]], and [[behavioural economics]].<ref>[https://sites.google.com/site/augustinlandier/ Homepage of Augustin Landier. Retrieved April 18, 2018.]</ref> In 2014, he was awarded the [[Prix du meilleur jeune économiste de France|Prize of the Best Young Economist of France]].<ref>[http://www.lemonde.fr/economie/article/2014/05/26/prix-du-meilleur-jeune-economiste-2014_4425970_3234.html Le Cercle des économistes (May 26th, 2014). Augustin Landier, prix du meilleur jeune économiste 2014. ''Le Monde''. Retrieved April 18, 2018.]</ref>
'''Augustin Landier''' (born in 1974) is a French economist who currently works at the [[Toulouse School of Economics]].<ref>[https://www.tse-fr.eu/people/augustin-landier Faculty profile of Augustin Landier on the website of the Toulouse School of Economics. Retrieved April 18, 2018.]</ref> His research interests include [[corporate finance]], [[corporate governance]], [[asset management]], [[organizational studies|organization science]], and [[behavioural economics]].<ref>[https://sites.google.com/site/augustinlandier/ Homepage of Augustin Landier. Retrieved April 18, 2018.]</ref> In 2014, he was awarded the [[Prix du meilleur jeune économiste de France|Prize of the Best Young Economist of France]].<ref>[http://www.lemonde.fr/economie/article/2014/05/26/prix-du-meilleur-jeune-economiste-2014_4425970_3234.html Le Cercle des économistes (May 26th, 2014). Augustin Landier, prix du meilleur jeune économiste 2014. ''Le Monde''. Retrieved April 18, 2018.]</ref>


== Biography ==
== Biography ==
Augustin Landier studied mathematics at the [[École Normale Supérieure]], a French ''[[grande école]]'' from 1994 to 1998, earning a master's degree in mathematics in 1994 from [[Paris 6]], passing his [[agrégation]] therein in 1995, and earning two [[Master of Advanced Studies]] in the [[philosophy of science]] and economics, respectively, from [[Paris 1]] in 1996 and from [[EHESS]] in 1998. Thereafter, he studied at the [[Massachusetts Institute of Technology]], where he earned a PhD in economics in 2002.


Augustin Landier studied mathematics at the [[École Normale Supérieure]], a French ''[[grande école]]'' from 1994 to 1998, earning a master's degree in mathematics in 1994 from [[Paris 6]], passing his [[agrégation]] therein in 1995, and earning two [[Master of Advanced Studies]] in the [[philosophy of science]] and economics, respectively, from [[Paris 1]] in 1996 and from [[EHESS]] in 1998. Thereafter, he studied at the [[Massachusetts Institute of Technology]], where he earned a PhD in economics in 2002. After his graduation, he became an assistant professor of finance at the Graduate School of Business of the [[University of Chicago]] (2002–04) before moving to the [[New York University]]'s [[Stern School of Business]] and directing Old Lane LP, founding Ada Investment Management, and researching at the [[International Monetary Fund]]. In 2009, Landier returned to France, where he has been working as full professor at the [[Toulouse School of Economics]]. Additionally, he is a member of the Scientific Council of the [[Banque de France]], a consultant for the [[European Central Bank|ECB]], and has repeatedly been a member of the Council of Economic Analysis, the French [[Council of Economic Advisers]].<ref>[https://drive.google.com/file/d/0B3F4h5ACTrb5dTZpd3Azb1FWbzQ/view Curriculum vitae of Augustin Landier. Retrieved April 18th, 2018.]</ref>
After his graduation, he became an assistant professor of finance at the Graduate School of Business of the [[University of Chicago]] (2002–04) before moving to the [[New York University]]'s [[Stern School of Business]] and directing Old Lane LP, founding Ada Investment Management, and researching at the [[International Monetary Fund]]. In 2009, Landier returned to France, where he has been working as full professor at the [[Toulouse School of Economics]]. Additionally, he is a member of the Scientific Council of the [[Banque de France]], a consultant for the [[European Central Bank|ECB]], and has repeatedly been a member of the Council of Economic Analysis, the French [[Council of Economic Advisers]].<ref name="auto">[https://drive.google.com/file/d/0B3F4h5ACTrb5dTZpd3Azb1FWbzQ/view Curriculum vitae of Augustin Landier. Retrieved April 18th, 2018.]</ref>


Landier has been awarded several prizes for his research, including the Robert Solow Prize, the Edouard Bonnefous Prize and the Rossi Prize by the [[Académie des Sciences Morales et Politiques]], and the [[Prix du meilleur jeune économiste de France|Prize of the Best Young Economist in France]] by Le Monde and the Cercle des Économistes.<ref>[https://drive.google.com/file/d/0B3F4h5ACTrb5dTZpd3Azb1FWbzQ/view Curriculum vitae of Augustin Landier. Retrieved April 18th, 2018.]</ref>
Landier has been awarded several prizes for his research, including the Robert Solow Prize, the Edouard Bonnefous Prize and the Rossi Prize by the [[Académie des Sciences Morales et Politiques]], and the [[Prix du meilleur jeune économiste de France|Prize of the Best Young Economist in France]] by Le Monde and the Cercle des Économistes.<ref name="auto"/>

According to the [[Uber Files]] leaks, in 2014 Landier and [[David Thesmar]] accepted a 100,000 Euro fee to carry out a study on behalf of [[Uber]] as “actionable for direct PR to prove Uber’s positive economic role”.<ref>[https://www.lemonde.fr/en/les-decodeurs/article/2022/07/10/uber-files-company-paid-economists-to-endorse-its-arguments_5989668_8.html Le Monde. Retrieved July 12th, 2022]</ref><ref>[https://www.theguardian.com/news/2022/jul/12/uber-paid-academics-six-figure-sums-for-research-to-feed-to-the-media The Guardian. Retrieved July 12th, 2022]</ref> The study, co-authored by Uber employee Daniel Szomoru, was published in March 2016. The authors argued that Uber drivers would earn nearly double the minimum wage.<ref>[http://pinguet.free.fr/landieruber16.pdf Landier, Szomoru, and Thesmar 2016]</ref> In an answer on [[Twitter]], Landier and Thesmar claim that they had exposed the conflict of interest from the start in the study, and that they do show that drivers came from poor neighborhood and gained in productivity throughout their association with [[Uber]].<ref>{{Cite web |url=https://twitter.com/dthesmar/status/1546965604430749698 |access-date=2022-07-15 |website=Twitter |language=en}}</ref>


== Research ==
== Research ==
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Augustin Landier's research interests include corporate finance, corporate governance, asset management, organization science, and behavioural economics.<ref>[https://sites.google.com/site/augustinlandier/ Homepage of Augustin Landier. Retrieved April 18th, 2018.]</ref> According to [[IDEAS/RePEc]], he is among the top 4% of economists by research output.<ref>[https://ideas.repec.org/top/top.person.all.html#pla423 Ranking of economists registered on IDEAS/RePEc. Retrieved April 18th, 2018.]</ref> Key findings of his research include the following:
Augustin Landier's research interests include corporate finance, corporate governance, asset management, organization science, and behavioural economics.<ref>[https://sites.google.com/site/augustinlandier/ Homepage of Augustin Landier. Retrieved April 18th, 2018.]</ref> According to [[IDEAS/RePEc]], he is among the top 4% of economists by research output.<ref>[https://ideas.repec.org/top/top.person.all.html#pla423 Ranking of economists registered on IDEAS/RePEc. Retrieved April 18th, 2018.]</ref> Key findings of his research include the following:


* Landier and [[Xavier Gabaix]] develop a model wherein heterogeneous CEOs are matched to firms through competitive assignment and a CEO's pay depends on the size of his firm and the total firm size, resulting in small differences in CEO talent commanding large differences in pay, which in turn explains all of the sixfold increase of U.S. CEO pay between 1980 and 2003.<ref>[https://academic.oup.com/qje/article-abstract/123/1/49/1889842 Gabaix, X., Landier, A. (2008). Why has CEO Pay Increased So Much? ''Quarterly Journal of Economics'', 123(1), pp. 49–100.]</ref>
* Landier and [[Xavier Gabaix]] develop a model wherein heterogeneous CEOs are matched to firms through competitive assignment and a CEO's pay depends on the size of his firm and the total firm size, resulting in small differences in CEO talent commanding large differences in pay, which in turn explains all of the sixfold increase of U.S. CEO pay between 1980 and 2003.<ref>{{Cite web|url=https://academic.oup.com/qje/article-abstract/123/1/49/1889842|title=|accessdate=July 12, 2022}}</ref>
* Landier and [[Olivier Blanchard]] find that French reforms that allowed firms to hire workers on fixed-term contracts substantially increased turnover, especially in entry-level jobs, without substantially decreasing unemployment duration.<ref>[https://onlinelibrary.wiley.com/doi/full/10.1111/1468-0297.00047 Blanchard, O., Landier, A. (2002). The Perverse Effects of Partial Labour Market Reform: Fixed-Term Contracts in France. ''Economic Journal'', 112(480), pp. F214-F244.]</ref>
* Landier and [[Olivier Blanchard]] find that French reforms that allowed firms to hire workers on fixed-term contracts substantially increased turnover, especially in entry-level jobs, without substantially decreasing unemployment duration.<ref>{{Cite journal|url=https://academic.oup.com/ej/article/112/480/F214/5085303|title=The Perverse Effects of Partial Labour Market Reform: Fixed-Term Contracts in France|first1=Olivier|last1=Blanchard|first2=Augustin|last2=Landier|date=June 1, 2002|journal=The Economic Journal|volume=112|issue=480|pages=F214–F244|accessdate=July 12, 2022|doi=10.1111/1468-0297.00047|s2cid=153725295 }}</ref>
* Landier and [[David Thesmar]] find that short-term debt is robustly correlated with "optimistic" expectation errors, reflecting that optimistic entrepreneurs are likely to prefer short-term debt since it allows them to take a bet on their projects' success and to let investors impose adaptation decisions in bad states.<ref>[https://academic.oup.com/rfs/article-abstract/22/1/117/1586882 Landier, A., Thesmar, D. (2009). Financial Contracting with Optimistic Entrepreneurs. ''Review of Financial Studies'', 22(1), pp. 117–150.]</ref>
* Landier and [[David Thesmar]] find that short-term debt is robustly correlated with "optimistic" expectation errors, reflecting that optimistic entrepreneurs are likely to prefer short-term debt since it allows them to take a bet on their projects' success and to let investors impose adaptation decisions in bad states.<ref>{{Cite web|url=https://academic.oup.com/rfs/article-abstract/22/1/117/1586882|title=|accessdate=July 12, 2022}}</ref>
* Landier, Gabaix and Alex Edmans develop a theory explaining the level and sensitivity of CEO pay in competitive markets by embedding a moral hazard problem into a talent assignment model; based on the theory, they argue that firm size is associated with lower shares of firm ownership and is unrelated to the quotient of dollar change in wealth per percentage change in firm value and annual pay, and that incentive pay is effective at solving certain agency problems with multiplicative impacts on firm value, whereas problems with additive impacts are better addressed through direct monitoring.<ref>[https://academic.oup.com/rfs/article-abstract/22/12/4881/1574895 Edmans, A., Gabaix, X., Landier, A. (2008). A Multiplicative Model of Optimal CEO Incentives in Market Equilibrium. ''Review of Financial Studies'', 22(12), pp. 4881–4917.]</ref>
* Landier, Gabaix and [[Alex Edmans]] develop a theory explaining the level and sensitivity of CEO pay in competitive markets by embedding a moral hazard problem into a talent assignment model; based on the theory, they argue that firm size is associated with lower shares of firm ownership and is unrelated to the quotient of dollar change in wealth per percentage change in firm value and annual pay, and that incentive pay is effective at solving certain agency problems with multiplicative impacts on firm value, whereas problems with additive impacts are better addressed through direct monitoring.<ref>{{Cite web|url=https://academic.oup.com/rfs/article-abstract/22/12/4881/1574895|title=|accessdate=July 12, 2022}}</ref>
* Landier, Viday Nair and Julie Wulf find that geographically dispersed firms are less employee-friendly, that layoffs of divisional employees are less common the nearer their division is located to the corporate headquarter, and that firms to divest out-out-state entities before in-state, suggesting key roles for the ease of information transfer and social factors.<ref>[https://academic.oup.com/rfs/article-abstract/22/3/1119/1578237 Landier, A., Nair, V.B., Wulf, J. (2009). Trade-offs in Staying Close: Corporate Decision Making and Geographic Dispersion. ''Review of Financial Studies'', 22(3), pp. 1119–1148.]</ref>
* Landier, Viday Nair and Julie Wulf find that geographically dispersed firms are less employee-friendly, that layoffs of divisional employees are less common the nearer their division is located to the corporate headquarter, and that firms to divest out-out-state entities before in-state, suggesting key roles for the ease of information transfer and social factors.<ref>{{Cite web|url=https://academic.oup.com/rfs/article-abstract/22/3/1119/1578237|title=|accessdate=July 12, 2022}}</ref>


== References ==
== References ==
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== External links ==
== External links ==


[https://sites.google.com/site/augustinlandier/ Homepage of Augustin Landier]
* {{Official|https://sites.google.com/site/augustinlandier/ }}

{{authority control}}


{{DEFAULTSORT:Landier, Augustin}}
{{DEFAULTSORT:Landier, Augustin}}
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[[Category:French economists]]
[[Category:French economists]]
[[Category:Financial economists]]
[[Category:Financial economists]]
[[Category:Academics of the Toulouse School of Economics]]
[[Category:Academic staff of the Toulouse School of Economics]]
[[Category:Massachusetts Institute of Technology alumni]]
[[Category:MIT School of Humanities, Arts, and Social Sciences alumni]]
[[Category:École Normale Supérieure alumni]]
[[Category:École Normale Supérieure alumni]]
[[Category:Living people]]
[[Category:Living people]]

Latest revision as of 09:04, 5 January 2024

Augustin Landier
Born1974 (age 49–50)
OccupationFrench economist
Websitehttps://sites.google.com/site/augustinlandier/

Augustin Landier (born in 1974) is a French economist who currently works at the Toulouse School of Economics.[1] His research interests include corporate finance, corporate governance, asset management, organization science, and behavioural economics.[2] In 2014, he was awarded the Prize of the Best Young Economist of France.[3]

Biography[edit]

Augustin Landier studied mathematics at the École Normale Supérieure, a French grande école from 1994 to 1998, earning a master's degree in mathematics in 1994 from Paris 6, passing his agrégation therein in 1995, and earning two Master of Advanced Studies in the philosophy of science and economics, respectively, from Paris 1 in 1996 and from EHESS in 1998. Thereafter, he studied at the Massachusetts Institute of Technology, where he earned a PhD in economics in 2002.

After his graduation, he became an assistant professor of finance at the Graduate School of Business of the University of Chicago (2002–04) before moving to the New York University's Stern School of Business and directing Old Lane LP, founding Ada Investment Management, and researching at the International Monetary Fund. In 2009, Landier returned to France, where he has been working as full professor at the Toulouse School of Economics. Additionally, he is a member of the Scientific Council of the Banque de France, a consultant for the ECB, and has repeatedly been a member of the Council of Economic Analysis, the French Council of Economic Advisers.[4]

Landier has been awarded several prizes for his research, including the Robert Solow Prize, the Edouard Bonnefous Prize and the Rossi Prize by the Académie des Sciences Morales et Politiques, and the Prize of the Best Young Economist in France by Le Monde and the Cercle des Économistes.[4]

According to the Uber Files leaks, in 2014 Landier and David Thesmar accepted a 100,000 Euro fee to carry out a study on behalf of Uber as “actionable for direct PR to prove Uber’s positive economic role”.[5][6] The study, co-authored by Uber employee Daniel Szomoru, was published in March 2016. The authors argued that Uber drivers would earn nearly double the minimum wage.[7] In an answer on Twitter, Landier and Thesmar claim that they had exposed the conflict of interest from the start in the study, and that they do show that drivers came from poor neighborhood and gained in productivity throughout their association with Uber.[8]

Research[edit]

Augustin Landier's research interests include corporate finance, corporate governance, asset management, organization science, and behavioural economics.[9] According to IDEAS/RePEc, he is among the top 4% of economists by research output.[10] Key findings of his research include the following:

  • Landier and Xavier Gabaix develop a model wherein heterogeneous CEOs are matched to firms through competitive assignment and a CEO's pay depends on the size of his firm and the total firm size, resulting in small differences in CEO talent commanding large differences in pay, which in turn explains all of the sixfold increase of U.S. CEO pay between 1980 and 2003.[11]
  • Landier and Olivier Blanchard find that French reforms that allowed firms to hire workers on fixed-term contracts substantially increased turnover, especially in entry-level jobs, without substantially decreasing unemployment duration.[12]
  • Landier and David Thesmar find that short-term debt is robustly correlated with "optimistic" expectation errors, reflecting that optimistic entrepreneurs are likely to prefer short-term debt since it allows them to take a bet on their projects' success and to let investors impose adaptation decisions in bad states.[13]
  • Landier, Gabaix and Alex Edmans develop a theory explaining the level and sensitivity of CEO pay in competitive markets by embedding a moral hazard problem into a talent assignment model; based on the theory, they argue that firm size is associated with lower shares of firm ownership and is unrelated to the quotient of dollar change in wealth per percentage change in firm value and annual pay, and that incentive pay is effective at solving certain agency problems with multiplicative impacts on firm value, whereas problems with additive impacts are better addressed through direct monitoring.[14]
  • Landier, Viday Nair and Julie Wulf find that geographically dispersed firms are less employee-friendly, that layoffs of divisional employees are less common the nearer their division is located to the corporate headquarter, and that firms to divest out-out-state entities before in-state, suggesting key roles for the ease of information transfer and social factors.[15]

References[edit]

  1. ^ Faculty profile of Augustin Landier on the website of the Toulouse School of Economics. Retrieved April 18, 2018.
  2. ^ Homepage of Augustin Landier. Retrieved April 18, 2018.
  3. ^ Le Cercle des économistes (May 26th, 2014). Augustin Landier, prix du meilleur jeune économiste 2014. Le Monde. Retrieved April 18, 2018.
  4. ^ a b Curriculum vitae of Augustin Landier. Retrieved April 18th, 2018.
  5. ^ Le Monde. Retrieved July 12th, 2022
  6. ^ The Guardian. Retrieved July 12th, 2022
  7. ^ Landier, Szomoru, and Thesmar 2016
  8. ^ Twitter https://twitter.com/dthesmar/status/1546965604430749698. Retrieved July 15, 2022. {{cite web}}: Missing or empty |title= (help)
  9. ^ Homepage of Augustin Landier. Retrieved April 18th, 2018.
  10. ^ Ranking of economists registered on IDEAS/RePEc. Retrieved April 18th, 2018.
  11. ^ https://academic.oup.com/qje/article-abstract/123/1/49/1889842. Retrieved July 12, 2022. {{cite web}}: Missing or empty |title= (help)
  12. ^ Blanchard, Olivier; Landier, Augustin (June 1, 2002). "The Perverse Effects of Partial Labour Market Reform: Fixed-Term Contracts in France". The Economic Journal. 112 (480): F214–F244. doi:10.1111/1468-0297.00047. S2CID 153725295. Retrieved July 12, 2022.
  13. ^ https://academic.oup.com/rfs/article-abstract/22/1/117/1586882. Retrieved July 12, 2022. {{cite web}}: Missing or empty |title= (help)
  14. ^ https://academic.oup.com/rfs/article-abstract/22/12/4881/1574895. Retrieved July 12, 2022. {{cite web}}: Missing or empty |title= (help)
  15. ^ https://academic.oup.com/rfs/article-abstract/22/3/1119/1578237. Retrieved July 12, 2022. {{cite web}}: Missing or empty |title= (help)

External links[edit]

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