Cass Business School


Cass Business School
Professor of Finance

Giovanni Cespa obtained a PhD in Economics from the Universitat Autonoma de Barcelona. He has previously held teaching and visiting positions in various institutions such as the Universitat Pompeu Fabra (Barcelona), the University of Salerno (Italy), Ente Einaudi (Rome), IESE (Barcelona), and Queen Mary, University of London. His research interests are in the areas Market Microstructure, Corporate Finance, and Corporate Governance. Giovanni has published his articles in the Review of Economic Studies, the Journal of Finance, the Review of Financial Studies, and the Rand Journal of Economics, among others. Currently, he is a research fellow at the CEPR (Financial Economics programme).


PhD, Universitat Autonoma de Barcelona, Spain, 1999


  • Director of the PhD in Finance, Cass Business School, Sep 2016 – present
  • Research Fellow, Centre for Economic Policy Research, London, Jun 2013 – present
  • Reader in Finance, Cass Businees School, Jan 2010 – Jan 2014
  • Reader in Finance, Queen Mary University of London, London, 2007 – 2010


  • Rientro dei cervelli, Universita di Napoli, Jan – May 2004
  • Ramon y Cajal, Universitat Pompeu Fabra, Jan 2003 – Jan 2005
  • Ente Luigi Einaudi, Ente Luigi Einaudi, Apr 2000 – Jul 2007

Memberships of Professional Organisations

  • Research Fellow (Financial Economics), Centre for Economic Policy Research (CEPR), Jun 2013 – present
  • Research Affiliate (Financial Economics), The Centre for Economic Policy Research (CEPR), Jan 2004 – present
  • Research Affiliate, CSEF, Jan 2004 – present


  • FIR (2008) Finance and Sustainability European Research Award
  • For the paper "Corporate Social Responsibility and Managerial Entrenchment."


French, Italian and Spanish; Castilian.


Primary Topics

Microeconomics Financial Regulation Asset Pricing Economics Financial Economics Financial Institutions Financial Markets Industrial Organization Capital Markets Finance


My recent research focusses on the relationship between liquidity and asset pricing. In relation to this, a project of mine was awarded an ESRC grant (terminated in December 2012), which led to the production of four papers, all of which have been published (the Review of Economic Studies, Management Science, the Journal of Finance, the Review of Financial Studies). My current projects focus on the impact of High Frequency Trading on market fragility, the welfare of market participants, and platform competition. The effect of insider trading disclosure in fragmented markets. The impact of ETF on market quality and welfare, in segmented markets.

Research Topics

Liquidity and asset pricing

Relationship between liquidity risk premia and asset prices

Dynamic trading in markets with asymmetric information

Effect of dynamic strategies on asset pricing anomalies

Sale of financial market information

Impact of price information sales on the equilibrium of asset markets

Regulation of insider trading

Impact of fragmentation on insider trading strategies

Journal Articles (9)

  • Cespa, G. and Vives, X. (2015). The Beauty Contest and Short-Term Trading. Journal of Finance, 70(5), pp. 2099–2154. doi:10.1111/jofi.12279.
  • Cespa, G. and Foucault, T. (2014). Illiquidity Contagion and Liquidity Crashes. Review of Financial Studies, 27(6), pp. 1615–1660. doi:10.1093/rfs/hhu016.
  • Cespa, G. and Foucault, T. (2014). Sale of price information by exchanges: Does it promote price discovery? Management Science, 60(1), pp. 148–165. doi:10.1287/mnsc.2013.1735.
  • Cespa, G. and Vives, X. (2012). Dynamic trading and asset prices: Keynes vs. Hayek. Review of Economic Studies, 79(2), pp. 539–580. doi:10.1093/restud/rdr040.
  • Cespa, G. (2008). Information sales and insider trading with long-lived information. Journal of Finance, 63(2), pp. 639–672. doi:10.1111/j.1540-6261.2008.01327.x.
  • Cespa, G. and Cestone, G. (2007). Corporate social responsibility and managerial entrenchment. Journal of Economics and Management Strategy, 16(3), pp. 741–771. doi:10.1111/j.1530-9134.2007.00156.x.
  • Cespa, G. (2005). Giffen goods and market making. Economic Theory, 25(4), pp. 983–997. doi:10.1007/s00199-003-0461-5.
  • Cespa, G. (2004). A comparison of stock market mechanisms. RAND Journal of Economics, 35(4), pp. 803–823.
  • Cespa, G. (2002). Short-term investment and equilibrium multiplicity. European Economic Review, 46(9), pp. 1645–1760. doi:10.1016/S0014-2921(02)00256-8.

Course Directorship

  • 2017 - present, PhD in Finance, Director

Editorial Activities (15)

  • Journal of Financial Markets, Referee, 2016 – present.
  • Review of Financial Studies, Referee, 2013 – present.
  • Review of Asset Pricing Studies, Referee, 2012 – present.
  • American Economic Review, Referee, 2010 – present.
  • Journal of Economic Theory, Referee, 2010 – present.
  • Econometrica, Referee, 2009 – present.
  • Economica, Referee, 2008 – present.
  • The B.E. Journal of Theoretical Economics, Referee, 2007 – present.
  • JEEA, Referee, 2006 – present.
  • European Economic Review, Referee, 2006 – present.
  • Review of Economic Studies, Referee, 2005 – present.
  • Review of Finance, Referee, 2005 – present.
  • Journal of Finance, Referee, 2004 – present.
  • Economic Theory, Referee, 2004 – present.
  • Rand Journal of Economics, Referee, 2003 – present.

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