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prof. dr. Xavier Vives

prof. dr. Xavier Vives

Acclaimed expert on Economy, Finance and Globalization.
Languages : English, Spanish

  • Categories

  • Economy & Finance
    • Banking
    • Emerging Markets
    • Globalisation
    • Knowledge Economy
  • Employability

  • Lecture
  • Seminar
  • Workshop / Masterclass
  • Subjects

  • Competition and regulation in banking
  • Corporate Governance
  • Challenges in the energy sector
  • European financial integration/Financial architecture
  • Mergers and economic nationalism in the EU
  • Competition policy in Europe
  • Globalization and industrial policy
  • Globalization and the innovation map in Europe
  • All Topics

Xavier Vives is Professor of Economics and Finance and academic director of the Public-Private Sector Research Center at the Spanish IESE Business School. He holds a Ph.D. in Economics from UC Berkeley. He is a member of the Economic Advisory Group on Competition Policy at the European Commission; of the European Economic Advisory Group at CESifo; Vicepresident of the Spanish chapter of the International Association for Energy Economics, and President of the Spanish Economic Association

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Xavier Vives is Professor of Economics and Finance and academic director of the Public-Private Sector Research Center at the Spanish IESE Business School. He holds a Ph.D. in Economics from UC Berkeley.

He is a member of the Economic Advisory Group on Competition Policy at the European Commission; of the European Economic Advisory Group at CESifo; Vicepresident of the Spanish chapter of the International Association for Energy Economics, and President of the Spanish Economic Association for 2008. Research Fellow of the Center for Economic Policy Research, where he served as Director of the Industrial Organization Program in 1991-1997. He is also a member of the European Academy of Sciences and Arts, Fellow of the Econometric Society since 1992 and member of its Council since 2006, Fellow of the European Economic Association since 2004 and member of its Executive Committee since 1998.

From 2001 to 2005 he was Professor of Economics and Finance and The Portuguese Council Chaired Professor of European Studies at INSEAD, Research Professor at ICREA-UPF, 2003-2006, and from 1991 to 2001, Director of the Institut d'Anàlisi Econòmica, CSIC. He has taught at Harvard University, Universitat Autònoma de Barcelona, Universitat Pompeu Fabra, the University of California at Berkeley, the University of Pennsylvania, and New York University (King Juan Carlos I Chair).

His fields of interest are industrial organization and regulation, the economics of information, and banking and financial economics. He has published in the main international journals and is the author of Information and Learning in Markets: the Impact of Market Microstructure (Princeton University Press, 2008), Oligopoly Pricing: Old Ideas and New Tools (MIT Press, 1999), editor of Corporate Governance: Theoretical and Empirical Perspectives (CUP, 2000), and co-editor of Capital Markets and Financial Intermediation (CUP, 1993). He has been editor of main international academic journals and currently he is the Editor of the Journal of the European Economic Association, and Co-editor of the Journal of Economics and Management Strategy.

His current research interests include dynamic rivalry, innovation and competition, banking crisis and regulation, information and financial markets, competition policy, and the location of headquarters.

He has received several research awards: King Juan Carlos I Prize in 1988; the Catalan Society for Economics Prize in 1996; the Narcís Monturiol Medal in 2002, and the Catalonia Economics Prize in 2005.

Dr. Vives has been a consultant on competition, regulation, and corporate governance issues for the World Bank, the Inter-American Development Bank, the European Commission as well as for major international corporations.

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Financial Times, 2 Maart 2007

Airbus and the damage done by economic patriotism

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Financial Times, 21 december 2006

European competition policy needs urgent reform

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Fiancial Times, 15 september 2006

Barriers need to be lifted for an integrated market

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Financial Times, 15 december 2005

COMMENT: Brussels has not gone far enough in its merger reforms

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Wall Street Journal, 13 Mei 2005

Europe Banks Future on the Urge to Merge
 

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Cover van Information and Learning in Markets: the Impact of Market Microstructure

Information and Learning in Markets: the Impact of Market Microstructure

Title: Information and Learning in Markets: the Impact of Market Microstructure
Author: Xavier Vives
Language: English
Publisher: Princeton University Press
Book: Hardcover, 416 pages ISBN-13: 978-0691127439

The ways financial analysts, traders, and other specialists use information and learn from each other are of fundamental importance to understanding how markets work and prices are set. This graduate-level textbook analyzes how markets aggregate information and examines the impacts of specific market arrangements--or microstructure--on the aggregation process and overall performance of financial markets. Xavier Vives bridges the gap between the two primary views of markets--informational efficiency and herding--and uses a coherent game-theoretic framework to bring together the latest results from the rational expectations and herding literatures.

Vives emphasizes the consequences of market interaction and social learning for informational and economic efficiency. He looks closely at information aggregation mechanisms, progressing from simple to complex environments: from static to dynamic models; from competitive to strategic agents; and from simple market strategies such as noncontingent orders or quantities to complex ones like price contingent orders or demand schedules. Vives finds that contending theories like informational efficiency and herding build on the same principles of Bayesian decision making and that "irrational" agents are not needed to explain herding behavior, booms, and crashes. As this book shows, the microstructure of a market is the crucial factor in the informational efficiency of prices.

  • Provides the most complete analysis of the ways markets aggregate information
  • Bridges the gap between the rational expectations and herding literatures
  • Includes exercises with solutions
  • Serves both as a graduate textbook and a resource for researchers, including financial analysts
Cover van Oligopoly Pricing: Old Ideas and New Tools

Oligopoly Pricing: Old Ideas and New Tools

Title: Oligopoly Pricing: Old Ideas and New Tools
Author: Xavier Vives
Language: English
Publisher: The MIT Press
Book: Paperback, 448 pages
ISBN-13: 978-0262720403

The "oligopoly problem"--the question of how prices are formed when the market contains only a few competitors--is one of the more persistent problems in the history of economic thought. In this book Xavier Vives applies a modern game-theoretic approach to develop a theory of oligopoly pricing.

Vives begins by relating classic contributions to the field--including those of Cournot, Bertrand, Edgeworth, Chamberlin, and Robinson--to modern game theory. In his discussion of basic game-theoretic tools and equilibrium, he pays particular attention to recent developments in the theory of supermodular games. The middle section of the book, an in-depth treatment of classic static models, provides specialized existence results, characterizations of equilibria, extensions to large markets, and an analysis of comparative statics with a view toward applied work. The final chapters examine commitment issues, entry, information transmission, and collusion using a variety of tools: two-stage games, the modeling of competition under asymmetric information and mechanism design theory, and the theory of repeated and dynamic games, including Markov perfect equilibrium and differential games.

Cover van Corporate Governance: Theoretical and Empirical Perspectives

Corporate Governance: Theoretical and Empirical Perspectives

Title: Corporate Governance: Theoretical and Empirical Perspectives
Author: Xavier Vives
Language: English
Publisher: Cambridge University Press
Book: Paperback, 246 pages
ISBN-13: 978-0521032032

Corporate governance is an active area of research and public debate. The recent generalization of "shareholder value" ideas and institutional investment, the establishment of codes of best practice for boards of directors, and the controversy about whether market oriented or bank/relations oriented systems are better for economic performance provide cogent examples. The volume takes stock of the most recent research in the topic, criticizes the standard agency view, and presents new ideas and analysis about the role of competition, the political economy of corporate governance, and the effects of different systems on growth and performance.