Arturo Bris

Finance, Technology, Competitiveness
Author - Researcher - Speaker

Publications in Top Academic Journals

Bris, Arturo, William N. Goetzmann, and Ning Zhu (2007), “Efficiency and the bear: Short sales and markets around the world”, JOURNAL OF FINANCE 62-3, pp. 1029-1079.

Bris, Arturo, Yrjo Koskinen, and Mattias Nilsson (2014), “The euro and corporate financing before the crisis”, JOURNAL OF FINANCIAL ECONOMICS 114-3, pp. 554-575.

Bonardi, Jean-Philippe , Arturo Bris, Marius Brülhart, Jean-Pierre Danthine, Eric Jondeau, Dominic Rohner, and Mathias Thoenig (2020), “The Case for Reopening Economies by Sector,” HARVARD BUSINESS REVIEW, May.

Arturo Bris

Arturo Bris is Professor of Finance at IMD. Since January 2014 he is also leading the world-renowned IMD World Competitiveness Center.

At IMD he directed the Advanced Strategic Management program from 2009-2014. He has directed programs for senior executives in several industries and continents.
Prior to joining IMD, Professor Bris was the Robert B & Candice J. Haas Associate Professor of Corporate Finance at the Yale School of Management (USA). A Research Associate of the European Corporate Governance Institute, and a member of the Yale International Institute for Corporate Governance, he has worked extensively on issues of Corporate Governance, Financial Regulation, and International Valuation.

His research and consulting activities focus on the international aspects of financial regulation, and in particular on the effects of bankruptcy, short sales, insider trading, and merger laws. Arturo Bris has also researched and lectured on the effects of the Euro on the corporate sector, as well as on the valuation impact of corporate governance changes. 

Media & Articles

current Research

Bris Arturo, and Maryam Zargari (2021), “A Bullshit Job? A Global Study on the Value of CEOs”

This paper presents strong evidence that existing studies overestimate the impact of CEOs on the performance of the firms they lead. Ours is a comprehensive study of more than 3,692 CEOs in 2,103 firms in 22 countries, and for the period 1991-2019. Our objective is to assess the direct impact of CEOs on firm results—measured as Total Shareholder Return and ROIC—after controlling for global, country, industry, and firm effects. L…

Castelli, Massimiliano, Philipp Salman, and Arturo Bris (2020), “Will Globalization survive Covid-19?”

Globalization, already slowing before the COVID-19 pandemic, will likely take multiple hits in its wake. The pandemic and health emergency measures introduced may lead to a prolonged recession, which could be worse than the one experienced in 2009. But will the impact be strong enough to turn an already ongoing post-Global Financial Crisis (GFC) ‘slowbalization’ into outright deglobalization?

Ben-Hur Shlomo, Arturo Bris, Jose Caballero, and Marco Pistis (2019), “The Drivers of International Mobility of Managers and Executives: Evidence from OECD countries”

This paper investigates the drivers of managers’ and executives’ migration to OECD countries. It builds a model based on four attractiveness factors of the country of destination. Namely, economic conditions, cultural affinity, institutions and quality of life. The paper finds that economic incentives do not motivate managers’ nor executives’ mobility. Instead, it is the quality of life, some cultural aspects and the institutional quality o…

Bris, Arturo (2017), “Insider Trading Prior to Credit Rating Downgrades? Evidence from the European Sovereign Debt Crisis”

Our paper presents strong evidence of securities lending market anticipation of sovereign bond dowgrades in Europe during the period 2008-2012. We construct a sample of bonds from 18 European countries which includes members of the Euroland; EU, non-euro members, as well as non- EU countries. We find that, in the five days preceding a downgrade to speculative grade, securities lending demand and supply increase significantly with respect to…