PhD Dissertation Defense, Markus Bak-Hansen, Finance

Congratulations to Dr Markus BAK-HANSEN, Finance, who successfully defended his doctoral dissertation at HEC Paris on the 4th of October, 2024.

Specialisation: Finance

Title: Essays on the Financial Market

Supervisor: Professor Jean-Edouard Colliard, HEC Paris

Jury members:

Professor Jean-Edouard COLLIARD, HEC Paris, France
Professor Thierry FOUCAULT, HEC Paris, France
Professor Jérôme DUGAST, Université Paris-Dauphine, France
Professor Laurence DAURES, ESSEC Business School, France

Abstract:

This thesis consists of three chapters that explore different aspects of financial markets. The first chapter analyzes the role of dealer- customer relationships in over-the-counter markets, showing that strong relationships lead to better trading terms across asset classes. The second chapter investigates the influence of reference prices in U.S. corporate bond markets, revealing their va lue in providing accurate asset valuations but also highlighting risks of potential manipulation by dealers. The third chapter examines retail options trading, finding that while it increases participation in equity markets, it often results in lower returns due to high transaction costs.

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