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Department
Département
Finance
Teaching areas
Domaine d’enseignement
Finance
Research areas
Domaine de recherche
Corporate Finance
Corporate Social Responsibility
Climate Change
Behavioral Finance
Skills
Finance
Corporate finance
Behavioural finance
Financial regulation
Conséquences of Covid
Climate issues
Financial assets
Biography
Biographie
Alexandre Garel is an Associate Professor of Finance at Audencia Business School. His research interests include corporate finance, behavioral finance, climate finance, and corporate social responsibility. He served as a scientific advisor for KPMG Corporate Finance. He received his Ph.D. in Finance from the University of Paris 1 Panthéon-Sorbonne and ESCP Europe in 2016.
Diplomas
PhD in Finance
ESCP Europe Business School, Paris
(2016)
Postgraduate Master Degree in European Economics
College of Europe, Bruges
(2012)
Experiences
Assistant Professor
Auckland University of Technology, Auckland
2016 - 2019
Scientific Advisor for KPMG
Cabinet KPMG, Paris
2015 - 2016
Publications
Published
GAREL A., BART FRIJNS B., SHUSHU LIAO S., (2025). Employee demographic diversity and firm performance.
Financial Management, 54 (2), 305-330
GAREL A., ARTHUR ROMEC A., ZHOU F., (2025). Shareholder engagements in banks.
Economics Letters
BOURVEAU T., GAREL A., PETER JOOS P., PETIT-ROMEC A., (2024). When attention is away, analysts misplay: distraction and analyst forecast performance.
Review of Accounting Studies, 29 (1), 916 - 958
FRANÇOIS DERRIEN F., GAREL A., PETIT-ROMEC A., JEAN-PHILIPPE WEISSKOPF J.-P., (2024). Online Reputation and Debt Capacity.
Journal of Financial and Quantitative Analysis, 59 (3), 1100 - 1140
GAREL A., PETIT-ROMEC A., SAUTNER Z., WAGNER A., (2024). Do investors care about biodiversity?.
Review of Finance, 28 (4), 1151–1186
ALEX EDMANS A., ADRIAN FERNANDEZ-PEREZ A., GAREL A., IVAN INDRIAWAN I., (2022). Music Sentiment and Stock Returns Around the World.
Journal of Financial Economics, 145 (2 - Part A), 234-254
BOURVEAU T., BROCHET F., GAREL A., (2022). The Capital Market Consequences of Tenure-Based Voting Rights: Evidence from the Florange Act.
Management Science, 68 (12), 9107–9128
GAREL A., PETIT-ROMEC A., (2022). CEO Exposure to Abnormally Hot Temperature and Corporate Carbon Emissions.
Economics Letters, 210 (January 2022), Article N° 110156
GAREL A., ARTHUR PETIT-ROMEC A., VANDER VENNET R., (2022). Institutional Shareholders and Bank Capital.
Journal of Financial Intermediation, 50 (April 2022), Article N° 100960
ADRIAN FERNANDEZ-PEREZ A., GAREL A., IVAN INDRIAWAN I., (2022). In the mood for sustainable funds?.
Economics Letters, 217 (August 2022), Article N° 110691
DODD O., FRIJNS B., GAREL A., (2022). Cultural Diversity Among Directors and Corporate Social Responsibility .
International Review of Financial Analysis, 83 (October 2022), Article N°102337
SEAN FOLEY S., FRIJNS B., GAREL A., TAI-YONG ROH T.-Y., (2022). Who buys Bitcoin? The Cultural Determinants of Bitcoin Activity.
International Review of Financial Analysis, 84 (November 2022), 102385
GAREL A., PETIT-ROMEC A., (2021). Engaging Employees for the Long-Run: Long-Term Investors and Employee-Related CSR.
Journal of Business Ethics, 174 (1), 35-63
GAREL A., MOUSSU C., OHANA S., PETIT-ROMEC A., (2021). Does Analyst Coverage Impede Long-Term Investments? Evidence from Health and Safety Programs.
Comptabilité Contrôle Audit, 27 (2021/2), 41-73
GAREL A., MARTÍN-FLORES J. M., PETIT-ROMEC A., SCOTT AYESHA A., (2021). Institutional Investor Distraction and Earnings Management .
Journal of Corporate Finance, 66 (February 2021), Article N° 101801
GAREL A., PETIT-ROMEC A., (2021). The Resilience of French Companies to the COVID-19 Crisis.
Finance, 42 (2021/3), 99-137
ABDUL NOURY A., ABEL FRANÇOIS F., OLIVIER GERGAUD O., GAREL A., (2021). How does COVID-19 affect electoral participation? evidence from the French municipal elections.
PLOS ONE
GAREL A., PETIT-ROMEC A., (2021). Investor Rewards to Environmental Responsibility: Evidence from the COVID-19 Crisis .
Journal of Corporate Finance, 68 (June 2021), Article N° 101948
FRIJNS B., GAREL A., (2021). The Effect of Cultural Distance between an Analyst and a CEO on Analysts’ Earnings Forecast Performance.
Economics Letters, 205 (August 2021), Article N° 109957
GAREL A., (2021). La Bourse au rythme de la musique.
Harvard Business Review
GAREL A., LE PENDEVEN B., (2021). Calendar effects and crowdfunded projects.
Economics Bulletin, 41 (3), 1407-1417
CAPELLE-BLANCARD G., DEROZIERS A., GAREL A., ARTHUR PETIT-ROMEC A., (2021). L'investissement socialement responsable. Changement structurel et faux-semblant.
Revue Française de Gestion, 2021/7 (300), 61-99
ADRIAN FERNANDEZ-PEREZ A., GAREL A., IVAN INDRIAWAN I., (2020). Natural gas storage forecast s: Is the crowd wiser?.
Energy Journal, 41 (5), 213-238
GAREL A., PETIT-ROMEC A., (2020). Investor Horizons and Employee Satisfaction: A test of the long-term perspective vision of CSR.
Economics Bulletin, 40 (1), 765-781
FERNANDEZ-PEREZ A., GAREL A., INDRIAWAN I., (2020). Music sentiment and stock returns.
Economics Letters, 192 (July 2020), article n° 109260
GAREL A., MARTÍN-FLORES J. M., ARTHUR PETIT-ROMEC A., (2020). Stock Market Listing and the Persistence of Bank Performance across Crises.
Journal of Banking and Finance, 118 (September 2020), Article n° 105885
CHEN J., GAREL A., ALIREZA TOURANI-RAD A., (2019). The value of academics: Evidence from academic independent director resignations in China.
Journal of Corporate Finance, 58, 393-414
GAREL A., REROLLE J.-F., (2018). Fundamental Investors Reduce the Distraction on Management from Random Market “Noise”: Evidence from France.
Journal of Applied Corporate Finance, 30 (1), 62-69
GAREL A., ARTHUR PETIT-ROMEC A., (2017). Bank capital in the crisis: It's not just how much you have but who provides it.
Journal of Banking and Finance, 75, 152-166
GAREL A., (2017). WHEN OWNERSHIP STRUCTURE MATTERS: A REVIEW OF THE EFFECTS OF INVESTOR HORIZON ON CORPORATE POLICIES.
Journal of Economic Surveys, 31 (4), 1062-1094
GAREL A., (2017). Myopic market pricing and managerial myopia.
Journal of Business Finance and Accounting, 44 (9-10), 1194-1213
Forthcoming
GAREL A., ARTHUR ROMEC A., RONI MICHAELY R., ALBERTA DI GIULI A., (2024). Climate Change and Mutual Fund Voting on Climate Proposals.
Management Science
GAREL, A., PETIT-ROMEC, A. (2021). Financial Reforms. A Modern Guide to Financial Shocks and Crises. Edward Elgar Publishing.
GAREL A., (2024). Firm-Level Nature Dependence.
GAREL A., (2022). Music sentiment and stock returns around the world.
Press articles
GAREL A., (2024). On fait le bilan… du bilan carbone.
The Conversation
GAREL A., (2024). L’apparition de régulations pour protéger la biodiversité expose les entreprises à des risques de transition.
Le Monde
GAREL A., (2024). Mon épargne contribue-t-elle à la restauration de la biodiversité ?.
The Conversation
GAREL A., (2024). Do Investors Care about Biodiversity?.
Harvard Law School Forum on Corporate Governance
GAREL A., (2024). Les marchés anticipent le nouveau mandat Trump.
Les Echos
GAREL A., (2023). Comment la musique permet de deviner l’évolution des Bourses.
Les Echos
GAREL A., (2022). Finance comportementale. Quand la musique rythme l'evolution des cours de Bourse.
Courrier International
GAREL A., (2022). Huit ans apres le bilan mitige de la loi Florange.
The Conversation
GAREL A., (2022). Why being sad is good for ESG.
Bloomberg
GAREL A., (2022). Bourse : la dépression saisonnière fait de vous un investisseur plus responsable.
Les Echos
GAREL A., (2022). Feeling Sad? You’re More Likely to Put Money Into ESG Funds.
Bloomberg
GAREL A., (2022). Bourse : la dépression saisonnière fait de vous un investisseur plus responsable.
Les Echos
GAREL A., (2022). Les entreprises réduisent plus leurs émissions de CO₂ lorsque leurs dirigeants ont été exposés à des températures trop élevées.
Le Monde
GAREL A., (2021). Mood, music and money: what our Spotify playlists reveal about the emotional nature of financial markets.
The Conversation
GAREL A., (2020). Quel sens donner à la chute des cours de bourse pendant la crise du Covid-19 ?.
The Conversation
GAREL A., (2020). Investors reward environmental responsibility in the COVID-19 crisis.
voxeu.org
GAREL A., (2019). Effets réels de la présence des investisseurs de long terme dans les entreprises cotées.
Réalités Industrielles, (Novembre), 13-17
Broadcast
GAREL A., (2023). ISR et performance : un mirage à long terme ?.
B SMART
GAREL A., (2022). Finance verte : la racine de la transition ecologique.
France 24
GAREL A., (2022). Interview radio: la musique joyeuse ferait monter le cours des bourses.
Radio Television Suisse
GAREL A., (2022). Comment développer la finance durable?.
B SMART
Professional conference
GAREL A., (2024). Eclairage académique avec l’Af2i : les investisseurs prennent-ils en considération la biodiversité ?.
GAREL A., (2019). Colloque "Finance, entreprise et long terme".
Scientific activities
Reviewer for an academic journal
Management Science
2023
Ecological Economics
2023
Contemporary Accounting Research
2023
Review of Finance
2022
Energy Economics
2022
Journal of Business Ethics
2021
Journal of Corporate Finance
2020
International Review of Economics and Finance
2020
Managerial Finance
2020
Finance Research Letters
2020
European Accounting Review
2020
Journal of Banking and Finance
2020
British Journal of Management
2020
Economics Bulletin
2020
Member of the scientific board of an academic association
AFFI conference 2020 AFFI conference 2020
2020
Doctoral supervision
(2019) A. ANGELA ANDERSEN : The social capital of boardrooms.
(2019) S. SHENGZE XU : Institutional Investor ownership and environment-friendly corporate policies.