David Thesmar is a Professor of Finance at HEC, Paris, and a Research Fellow at CEPR. His research interests are: behavioral finance, financial intermediation, corporate finance and governance. His papers have been published in major finance and economics journals, such as the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, the Review of Economic Studies, the Quarterly Journal of Economics, the American Economic Review, and Econometrica. He is also a member of the Council of Economic Analysis, a body of experts appointed by the French Prime Minister that provide advice on policy issues. He has written two popular books (Le Grand Méchant Marché, 2007, and La Société Translucide, 2010, both with Augustin Landier) on the relationship between the French, markets and the state. He is a regular Columnist with the French economic newspaper Les Echos, and is a regular participant to French radio shows. Professor Thesmar obtained his undergraduate degree from Ecole Polytechnique and ENSAE in Paris, and his PhD from the Paris School of Economics.