Essec\Faculty\Model\Profile {#2233
#_id: "B00827950"
#_source: array:39 [
"bid" => "B00827950"
"academId" => "36602"
"slug" => "dugast-jerome"
"fullName" => "Jerome DUGAST"
"lastName" => "DUGAST"
"firstName" => "Jerome"
"title" => array:2 [
"fr" => "Professeur associé"
"en" => "Associate Professor"
]
"email" => "b00827950@essec.edu"
"status" => "ACTIF"
"campus" => "Campus de Cergy"
"departments" => []
"phone" => ""
"sites" => []
"facNumber" => "36602"
"externalCvUrl" => "https://sites.google.com/view/jeromedugast/home?pli=1"
"googleScholarUrl" => "https://scholar.google.fr/citations?user=tO03EgIAAAAJ&hl=en"
"facOrcId" => "https://orcid.org/https://orcid.org/0000-0001-8233-8627"
"career" => array:5 [
0 => Essec\Faculty\Model\CareerItem {#2236
#_index: null
#_id: null
#_source: array:7 [
"startDate" => "2025-09-01"
"endDate" => null
"isInternalPosition" => true
"type" => array:2 [
"en" => "Other appointments"
"fr" => "Autres positions"
]
"label" => array:2 [
"fr" => "Professeur associé"
"en" => "Associate Professor"
]
"institution" => array:2 [
"fr" => "ESSEC Business School"
"en" => "ESSEC Business School"
]
"country" => array:2 [
"fr" => "France"
"en" => "France"
]
]
+lang: "fr"
+"parent": Essec\Faculty\Model\Profile {#2233}
}
1 => Essec\Faculty\Model\CareerItem {#2239
#_index: null
#_id: null
#_source: array:7 [
"startDate" => "2021-09-01"
"endDate" => "2025-08-31"
"isInternalPosition" => true
"type" => array:2 [
"fr" => "Positions académiques principales"
"en" => "Full-time academic appointments"
]
"label" => array:2 [
"fr" => "Professeur"
"en" => "Professor"
]
"institution" => array:2 [
"fr" => "Université Paris Dauphine-PSL"
"en" => "Université Paris Dauphine-PSL"
]
"country" => array:2 [
"fr" => "France"
"en" => "France"
]
]
+lang: "fr"
+"parent": Essec\Faculty\Model\Profile {#2233}
}
2 => Essec\Faculty\Model\CareerItem {#2240
#_index: null
#_id: null
#_source: array:7 [
"startDate" => "2016-09-01"
"endDate" => "2018-08-31"
"isInternalPosition" => true
"type" => array:2 [
"fr" => "Positions académiques principales"
"en" => "Full-time academic appointments"
]
"label" => array:2 [
"fr" => "Post-Doctorant"
"en" => "Post-Doctorate"
]
"institution" => array:2 [
"fr" => "Université du Luxembourg"
"en" => "Université du Luxembourg"
]
"country" => array:2 [
"fr" => "Luxembourg"
"en" => "Luxembourg"
]
]
+lang: "fr"
+"parent": Essec\Faculty\Model\Profile {#2233}
}
3 => Essec\Faculty\Model\CareerItem {#2241
#_index: null
#_id: null
#_source: array:7 [
"startDate" => "2013-09-01"
"endDate" => "2016-08-31"
"isInternalPosition" => true
"type" => array:2 [
"fr" => "Positions académiques principales"
"en" => "Full-time academic appointments"
]
"label" => array:2 [
"fr" => "Chercheur"
"en" => "Researcher"
]
"institution" => array:2 [
"fr" => "Banque de France"
"en" => "Banque de France"
]
"country" => array:2 [
"fr" => "France"
"en" => "France"
]
]
+lang: "fr"
+"parent": Essec\Faculty\Model\Profile {#2233}
}
4 => Essec\Faculty\Model\CareerItem {#2242
#_index: null
#_id: null
#_source: array:7 [
"startDate" => "2018-09-01"
"endDate" => "2021-08-31"
"isInternalPosition" => true
"type" => array:2 [
"fr" => "Positions académiques principales"
"en" => "Full-time academic appointments"
]
"label" => array:2 [
"fr" => "Professeur associé"
"en" => "Associate Professor"
]
"institution" => array:2 [
"fr" => "Université Paris Dauphine-PSL"
"en" => "Université Paris Dauphine-PSL"
]
"country" => array:2 [
"fr" => "France"
"en" => "France"
]
]
+lang: "fr"
+"parent": Essec\Faculty\Model\Profile {#2233}
}
]
"diplomes" => array:5 [
0 => Essec\Faculty\Model\Diplome {#2235
#_index: null
#_id: null
#_source: array:6 [
"diplome" => "DIPLOMA"
"type" => array:2 [
"fr" => "Diplômes"
"en" => "Diplomas"
]
"year" => "2013"
"label" => array:2 [
"en" => "Doctor of Philosophy, Business administration, Finance"
"fr" => "Doctor of Philosophy, Sciences de Gestion, Finance"
]
"institution" => array:2 [
"fr" => "HEC Paris"
"en" => "HEC Paris"
]
"country" => array:2 [
"fr" => "France"
"en" => "France"
]
]
+lang: "fr"
+"parent": Essec\Faculty\Model\Profile {#2233}
}
1 => Essec\Faculty\Model\Diplome {#2237
#_index: null
#_id: null
#_source: array:6 [
"diplome" => "DIPLOMA"
"type" => array:2 [
"fr" => "Diplômes"
"en" => "Diplomas"
]
"year" => "2019"
"label" => array:2 [
"en" => "Habilitation à diriger des recherches, Business administration, Finance"
"fr" => "Habilitation à diriger des recherches, Sciences de Gestion, Finance"
]
"institution" => array:2 [
"fr" => "Université Paris Dauphine-PSL"
"en" => "Université Paris Dauphine-PSL"
]
"country" => array:2 [
"fr" => "France"
"en" => "France"
]
]
+lang: "fr"
+"parent": Essec\Faculty\Model\Profile {#2233}
}
2 => Essec\Faculty\Model\Diplome {#2234
#_index: null
#_id: null
#_source: array:6 [
"diplome" => "DIPLOMA"
"type" => array:2 [
"fr" => "Diplômes"
"en" => "Diplomas"
]
"year" => "2008"
"label" => array:2 [
"en" => "Master Analysis and policy in economics"
"fr" => "Master Analyse et Politique Economiques"
]
"institution" => array:2 [
"fr" => "Paris School of Economics"
"en" => "Paris School of Economics"
]
"country" => array:2 [
"fr" => "France"
"en" => "France"
]
]
+lang: "fr"
+"parent": Essec\Faculty\Model\Profile {#2233}
}
3 => Essec\Faculty\Model\Diplome {#2238
#_index: null
#_id: null
#_source: array:6 [
"diplome" => "DIPLOMA"
"type" => array:2 [
"fr" => "Diplômes"
"en" => "Diplomas"
]
"year" => "2008"
"label" => array:2 [
"en" => "ENSAE Diploma"
"fr" => "Diplôme de l'ENSAE"
]
"institution" => array:2 [
"fr" => "L'École nationale de la statistique et de l'administration économique (ENSAE)"
"en" => "L'École nationale de la statistique et de l'administration économique (ENSAE)"
]
"country" => array:2 [
"fr" => "France"
"en" => "France"
]
]
+lang: "fr"
+"parent": Essec\Faculty\Model\Profile {#2233}
}
4 => Essec\Faculty\Model\Diplome {#2232
#_index: null
#_id: null
#_source: array:6 [
"diplome" => "DIPLOMA"
"type" => array:2 [
"fr" => "Diplômes"
"en" => "Diplomas"
]
"year" => "2008"
"label" => array:2 [
"en" => "Ecole Polytechnique Diploma"
"fr" => "Diplôme de l'Ecole Polytechnique"
]
"institution" => array:2 [
"fr" => "École Polytechnique"
"en" => "École Polytechnique"
]
"country" => array:2 [
"fr" => "France"
"en" => "France"
]
]
+lang: "fr"
+"parent": Essec\Faculty\Model\Profile {#2233}
}
]
"bio" => array:2 [
"fr" => "<p>Jérôme Dugast est professeur associé en finance à l'ESSEC Business School. Il est membre du Finance Theory Group et fellow Louis Bachelier. Diplômé de l'École Polytechnique en 2008, il possède également un diplôme de l'ENSAE et un master en économie de la Paris School of Economics. Jérôme a obtenu son doctorat en finance à HEC Paris en 2013. Avant de rejoindre l'ESSEC, il a travaillé à la Banque de France, à l’Université du Luxembourg et à l’Université Paris-Dauphine - PSL. Ses recherches se concentrent sur le rôle de l’information dans les marchés financiers et sur leur structure. Ses travaux ont été publiés dans des revues prestigieuses telles que <i>Journal of Finance</i>, <i>Journal of Financial Economics</i> et <i>Review of Economic Studies.</i></p>\n"
"en" => "<p>Jérôme Dugast is Associate Professor of Finance at ESSEC Business School. He is a member of the Finance Theory Group and a Louis Bachelier Fellow. Jérôme graduated from Ecole Polytechnique in 2008. He also holds the ENSAE Diploma and a Master in Economics from the Paris School in Economics. Jérôme obtained his PhD in Finance from HEC Paris in 2013. Before joining ESSEC, he worked at Banque de France, the University of Luxembourg, and Université Paris Dauphine - PSL. His research focuses on the role of information in financial markets, and the structure of financial markets. His work has been published in the Journal of Finance, the Journal of Financial Economics, and the Review of Economic Studies.</p>\n"
]
"department" => array:2 [
"fr" => "Finance"
"en" => "Finance"
]
"industrrySectors" => array:2 [
"fr" => null
"en" => null
]
"researchFields" => array:2 [
"fr" => null
"en" => null
]
"teachingFields" => array:2 [
"fr" => null
"en" => null
]
"distinctions" => []
"teaching" => []
"otherActivities" => []
"theses" => []
"indexedAt" => "2025-12-06T04:21:23.000Z"
"contributions" => array:4 [
0 => Essec\Faculty\Model\Contribution {#2244
#_index: "academ_contributions"
#_id: "15910"
#_source: array:18 [
"id" => "15910"
"slug" => "15910-equilibrium-data-mining-and-data-abundance"
"yearMonth" => "2025-02"
"year" => "2025"
"title" => "Equilibrium Data Mining and Data Abundance"
"description" => "DUGAST, J. et FOUCAULT, T. (2025). Equilibrium Data Mining and Data Abundance. <i>Journal of Finance</i>, 80(1), pp. 211-258."
"authors" => array:2 [
0 => array:3 [
"name" => "DUGAST Jerome"
"bid" => "B00827950"
"slug" => "dugast-jerome"
]
1 => array:1 [
"name" => "FOUCAULT Thierry"
]
]
"ouvrage" => ""
"keywords" => array:2 [
0 => "Data abundance"
1 => "Data miners"
]
"updatedAt" => "2025-09-18 10:34:58"
"publicationUrl" => "https://doi.org/10.1111/jofi.13397"
"publicationInfo" => array:3 [
"pages" => "211-258"
"volume" => "80"
"number" => "1"
]
"type" => array:2 [
"fr" => "Articles"
"en" => "Journal articles"
]
"support_type" => array:2 [
"fr" => "Revue scientifique"
"en" => "Scientific journal"
]
"countries" => array:2 [
"fr" => null
"en" => null
]
"abstract" => array:2 [
"fr" => "We study theoretically how the proliferation of new data (“data abundance”) affects the allocation of capital between quantitative and nonquantitative asset managers (“data miners” and “experts”), their performance, and price informativeness. Data miners search for predictors of asset payoffs and select those with a sufficiently high precision. Data abundance raises the precision of the best predictors, but it can induce data miners to search less intensively for high-precision signals. In this case, their performance becomes more dispersed and they receive less capital. Nevertheless, data abundance always raises price informativeness and can therefore reduce asset managers' average performance."
"en" => "We study theoretically how the proliferation of new data (“data abundance”) affects the allocation of capital between quantitative and nonquantitative asset managers (“data miners” and “experts”), their performance, and price informativeness. Data miners search for predictors of asset payoffs and select those with a sufficiently high precision. Data abundance raises the precision of the best predictors, but it can induce data miners to search less intensively for high-precision signals. In this case, their performance becomes more dispersed and they receive less capital. Nevertheless, data abundance always raises price informativeness and can therefore reduce asset managers' average performance."
]
"authors_fields" => array:2 [
"fr" => "Finance"
"en" => "Finance"
]
"indexedAt" => "2025-12-06T04:21:49.000Z"
]
+lang: "fr"
+"_score": 7.738371
+"_ignored": array:2 [
0 => "abstract.en.keyword"
1 => "abstract.fr.keyword"
]
+"parent": null
}
1 => Essec\Faculty\Model\Contribution {#2246
#_index: "academ_contributions"
#_id: "15912"
#_source: array:18 [
"id" => "15912"
"slug" => "15912-a-theory-of-participation-in-otc-and-centralized-markets"
"yearMonth" => "2022-11"
"year" => "2022"
"title" => "A Theory of Participation in OTC and Centralized Markets"
"description" => "DUGAST, J., USLU, S. et WEILL, P.O. (2022). A Theory of Participation in OTC and Centralized Markets. <i>Review of Economic Studies</i>, 89(6), pp. 3223-3266."
"authors" => array:3 [
0 => array:3 [
"name" => "DUGAST Jerome"
"bid" => "B00827950"
"slug" => "dugast-jerome"
]
1 => array:1 [
"name" => "USLU Semih"
]
2 => array:1 [
"name" => "WEILL Pierre-Olivier"
]
]
"ouvrage" => ""
"keywords" => array:2 [
0 => "Over-the-counter (OTC) markets"
1 => "Centralized markets"
]
"updatedAt" => "2025-09-18 10:37:57"
"publicationUrl" => "https://doi.org/10.1093/restud/rdac010"
"publicationInfo" => array:3 [
"pages" => "3223-3266"
"volume" => "89"
"number" => "6"
]
"type" => array:2 [
"fr" => "Articles"
"en" => "Journal articles"
]
"support_type" => array:2 [
"fr" => "Revue scientifique"
"en" => "Scientific journal"
]
"countries" => array:2 [
"fr" => null
"en" => null
]
"abstract" => array:2 [
"fr" => "Should regulators encourage the migration of trade from over-the-counter (OTC) to centralized markets? To address this question, we study a model in which banks make costly decisions to participate in an OTC market, a centralized market, or both markets at the same time. Banks differ in their ability to take large positions, what we call their trading capacity. In equilibrium, intermediate-capacity banks find it optimal to participate in the centralized market. In contrast, low- and high-capacity banks find it optimal to participate in the OTC market, due to an endogenous complementarity. Namely, low-capacity banks receive worse terms of trade than in the centralized market but better risk sharing, thanks to the intermediation services offered by high-capacity banks. High-capacity banks receive worse risk sharing than in the centralized market, but profit from the provision of intermediation services to low-capacity banks. While the social optimum has qualitatively similar participation patterns, it prescribes that more customers migrate to the centralized market, and that more dealers enter the OTC market."
"en" => "Should regulators encourage the migration of trade from over-the-counter (OTC) to centralized markets? To address this question, we study a model in which banks make costly decisions to participate in an OTC market, a centralized market, or both markets at the same time. Banks differ in their ability to take large positions, what we call their trading capacity. In equilibrium, intermediate-capacity banks find it optimal to participate in the centralized market. In contrast, low- and high-capacity banks find it optimal to participate in the OTC market, due to an endogenous complementarity. Namely, low-capacity banks receive worse terms of trade than in the centralized market but better risk sharing, thanks to the intermediation services offered by high-capacity banks. High-capacity banks receive worse risk sharing than in the centralized market, but profit from the provision of intermediation services to low-capacity banks. While the social optimum has qualitatively similar participation patterns, it prescribes that more customers migrate to the centralized market, and that more dealers enter the OTC market."
]
"authors_fields" => array:2 [
"fr" => "Finance"
"en" => "Finance"
]
"indexedAt" => "2025-12-06T04:21:49.000Z"
]
+lang: "fr"
+"_score": 7.738371
+"_ignored": array:2 [
0 => "abstract.en.keyword"
1 => "abstract.fr.keyword"
]
+"parent": null
}
2 => Essec\Faculty\Model\Contribution {#2248
#_index: "academ_contributions"
#_id: "15913"
#_source: array:18 [
"id" => "15913"
"slug" => "15913-unscheduled-news-and-market-dynamics"
"yearMonth" => "2018-12"
"year" => "2018"
"title" => "Unscheduled News and Market Dynamics"
"description" => "DUGAST, J. (2018). Unscheduled News and Market Dynamics. <i>Journal of Finance</i>, 73(6), pp. 2537-2586."
"authors" => array:1 [
0 => array:3 [
"name" => "DUGAST Jerome"
"bid" => "B00827950"
"slug" => "dugast-jerome"
]
]
"ouvrage" => ""
"keywords" => []
"updatedAt" => "2025-09-18 10:39:56"
"publicationUrl" => "https://doi.org/10.1111/jofi.12717"
"publicationInfo" => array:3 [
"pages" => "2537-2586"
"volume" => "73"
"number" => "6"
]
"type" => array:2 [
"fr" => "Articles"
"en" => "Journal articles"
]
"support_type" => array:2 [
"fr" => "Revue scientifique"
"en" => "Scientific journal"
]
"countries" => array:2 [
"fr" => null
"en" => null
]
"abstract" => array:2 [
"fr" => "When unscheduled news arrives, investors react with a stochastic delay yet still may exploit new information. In this context, I study the equilibrium dynamics of limit order markets. Continuous idiosyncratic liquidity shocks result in trades on both sides of the order book. News therefore arrives at random times. Following news, order flows become unbalanced and market depth is consumed, leading to positive covariance between price variability, trading volume, and order book unbalances. Holding the unconditional price variability constant, news frequency has a negative effect on both market depth and the variability-volume covariance."
"en" => "When unscheduled news arrives, investors react with a stochastic delay yet still may exploit new information. In this context, I study the equilibrium dynamics of limit order markets. Continuous idiosyncratic liquidity shocks result in trades on both sides of the order book. News therefore arrives at random times. Following news, order flows become unbalanced and market depth is consumed, leading to positive covariance between price variability, trading volume, and order book unbalances. Holding the unconditional price variability constant, news frequency has a negative effect on both market depth and the variability-volume covariance."
]
"authors_fields" => array:2 [
"fr" => "Finance"
"en" => "Finance"
]
"indexedAt" => "2025-12-06T04:21:49.000Z"
]
+lang: "fr"
+"_score": 7.738371
+"_ignored": array:2 [
0 => "abstract.en.keyword"
1 => "abstract.fr.keyword"
]
+"parent": null
}
3 => Essec\Faculty\Model\Contribution {#2245
#_index: "academ_contributions"
#_id: "15914"
#_source: array:18 [
"id" => "15914"
"slug" => "15914-data-abundance-and-asset-price-informativeness"
"yearMonth" => "2018-11"
"year" => "2018"
"title" => "Data abundance and asset price informativeness"
"description" => "DUGAST, J. et FOUCAULT, T. (2018). Data abundance and asset price informativeness. <i>Journal of Financial Economics</i>, 130(2), pp. 367-391."
"authors" => array:2 [
0 => array:3 [
"name" => "DUGAST Jerome"
"bid" => "B00827950"
"slug" => "dugast-jerome"
]
1 => array:1 [
"name" => "FOUCAULT Thierry"
]
]
"ouvrage" => ""
"keywords" => array:2 [
0 => "Asset prices"
1 => "Market efficiency"
]
"updatedAt" => "2025-09-18 10:42:44"
"publicationUrl" => "https://doi.org/10.1016/j.jfineco.2018.07.004"
"publicationInfo" => array:3 [
"pages" => "367-391"
"volume" => "130"
"number" => "2"
]
"type" => array:2 [
"fr" => "Articles"
"en" => "Journal articles"
]
"support_type" => array:2 [
"fr" => "Revue scientifique"
"en" => "Scientific journal"
]
"countries" => array:2 [
"fr" => null
"en" => null
]
"abstract" => array:2 [
"fr" => "Information processing filters out the noise in data but it takes time. Hence, low precision signals are available before high precision signals. We analyze how this feature affects asset price informativeness when investors can acquire signals of increasing precision over time about the payoff of an asset. As the cost of low precision signals declines, prices are more likely to reflect these signals before more precise signals become available. This effect can ultimately reduce price informativeness because it reduces the demand for more precise signals (e.g., fundamental analysis). We make additional predictions for trade and price patterns."
"en" => "Information processing filters out the noise in data but it takes time. Hence, low precision signals are available before high precision signals. We analyze how this feature affects asset price informativeness when investors can acquire signals of increasing precision over time about the payoff of an asset. As the cost of low precision signals declines, prices are more likely to reflect these signals before more precise signals become available. This effect can ultimately reduce price informativeness because it reduces the demand for more precise signals (e.g., fundamental analysis). We make additional predictions for trade and price patterns."
]
"authors_fields" => array:2 [
"fr" => "Finance"
"en" => "Finance"
]
"indexedAt" => "2025-12-06T04:21:49.000Z"
]
+lang: "fr"
+"_score": 7.738371
+"_ignored": array:2 [
0 => "abstract.en.keyword"
1 => "abstract.fr.keyword"
]
+"parent": null
}
]
"avatar" => "https://faculty.essec.edu/wp-content/uploads/avatars/B00827950.jpg"
"contributionCounts" => 4
"personalLinks" => array:2 [
0 => "<a href="https://orcid.org/https://orcid.org/0000-0001-8233-8627" target="_blank">ORCID</a>"
1 => "<a href="https://scholar.google.fr/citations?user=tO03EgIAAAAJ&hl=en" target="_blank">Google scholar</a>"
]
"docTitle" => "Jerome DUGAST"
"docSubtitle" => "Professeur associé"
"docDescription" => "Département: Finance<br>Campus de Cergy"
"docType" => "cv"
"docPreview" => "<img src="https://faculty.essec.edu/wp-content/uploads/avatars/B00827950.jpg"><span><span>Jerome DUGAST</span><span>B00827950</span></span>"
"academ_cv_info" => ""
]
#_index: "academ_cv"
+lang: "fr"
+"_score": 5.045573
+"_ignored": array:2 [
0 => "bio.en.keyword"
1 => "bio.fr.keyword"
]
+"parent": null
}
