Recent working papers and forthcoming publications:

The antitrust FinTech challenge“.

“(In)efficiency in Information Acquisition and Aggregation through Prices” (with A. Pavan and S. Sundaresan).

“Revisiting the Anticompetitive Effects of Common Ownership” (with J. Azar).

“Exchange Competition, Entry, and Welfare” (with G. Cespa), forthcoming at The Review of Financial Studies. Web appendix

Information Technology and Bank Competition” (with Z. Ye).

“Financial Markets, Common Ownership and Product Market Outcomes” (with A. Banal-Estañol and J. Seldeslachts).

“Market Transparency and Fragility” (with G. Cespa).


Lectures and Talks:

Trust in financial institutions, Future Trends Forum, 2020.

“Common Ownership and Competition Policy”, The Cambridge-INET Institute 2nd Symposium on Competition Policy 2020.

“Digital Disruption in Banking”, 46th annual meeting EFA 2019.


“Competition and Regulation in the Financial Sector”, G7 & Banque de France Conference 2019.

Oligopoly and Ownership Structure, Walras-Bowley Lecture 2018.

Presidential Address “Common Ownership, Market Power and Innovation”, EARIE 2018.

On the Possibility of Informationally Efficient Markets“, Joseph Schumpeter Lecture 2014, European Economic Association.


Selected recent publications:

“Market Power and Welfare in Asymmetric Divisible Good Auctions” (with C. Manzano), Theoretical Economics, 2021, 16, 1095-1137.

Resilience of the financial system to natural disasters, 2021 (with P. Bolton, H. Hong, M. Kacperczyk), CEPR, pp. 154.

“Costly Interpretation of Asset Prices” (with J. Mondria and L. Yang), online in advance at Management Science, 2021.

“General Equilibrium Oligopoly and Ownership Structure” & Comments (with J. Azar), Econometrica, 2021, 89, 3, 999–1048.

The bank business model in the post Covid-19 world, 2020 (with E. Carletti, S. Claessens, A. Fatás), CEPR, pp. 158.

“Duopoly Information Equilibrium: Cournot and Bertrand”Journal of Economic Theory, 1984, 34, 1, 71-94, included in the special issue of the Journal of Economic Theory’s 50th anniversary, 2020.

“Information Frictions and Market Power: A Laboratory Study” & Online Appendix (with A. Bayona and J. Brandts), Games and Economic Behavior, 2020, 122, 354-369.

“Diversification, Common Ownership, and Strategic Incentives” (with A. Banal-Estañol and J. Seldeslachts), AEA Papers and Proceedings, 2020, 110, 561-564.

Sound at last? Assessing a decade of financial regulation, 2019 (with P. Bolton, S. Cecchetti, J.P. Danthine), CEPR, pp. 132.

“Digital Disruption in Banking”, The Annual Review of Financial Economics, 2019, 11, 243-272.

“Common Ownership, Market Power, and Innovation”, International Journal of Industrial Organization, 2020, 70, 102528.

“Competition Policy in Banking in the European Union” (with J. Maudos), Review of Industrial Organization, 2019, 55, 1, 27-46.

“Common Ownership and the Secular Stagnation Hypothesis”, (with J. Azar), AEA Papers and Proceedings, 2019, 109, 322-326.

“Competition and Stability in Modern Banking: A Post-Crisis Perspective”International Journal of Industrial Organization, 2019, 64, 55-69.

“Overlapping Ownership, R&D Spillovers and Antitrust Policy” & Online Appendix & Web simulation (with A. López), Journal of Political Economy, 2019, 127, 5, 2394-2437.

“Endogenous Public Information and Welfare in Market Games”, Review of Economic Studies, 2017, 84, 2, 935-963.


Recent opinion articles and media exposure:

Experimentos naturales en economía, La Vanguardia, 14/10/2021

Is an energy winter coming to Europe?, Project Syndicate, 13/10/2021

El test del aeropuerto (segunda parte), La Vanguardia, 16/09/2021

Fre a l’ampliació de l’aeroport?, Els Matins TV3, 09/09/2021

Messi y la gestión del talento, La Vanguardia, 20/08/2021

Regulating oligopolistic exchanges,, 1/07/2021

Europa necessita un mercat únic digital, Ara, 13/06/2021

How resilient is the financial system to natural disasters?, The Banker, 10/06/2021