Professor Arturo Bris

Director of IMD World Competitiveness Center


Arturo Bris is Professor of Finance at IMD. Since January 2014 he is also leading the world-renowned IMD World Competitiveness Center.

At IMD he directed the Advanced Strategic Management program from 2009-2014. He has directed programs for senior executives in several industries and continents. Prior to joining IMD, Professor Bris was the Robert B & Candice J. Haas Associate Professor of Corporate Finance at the Yale School of Management (USA). A Research Associate of the European Corporate Governance Institute, and a member of the Yale International Institute for Corporate Governance, he has worked extensively on issues of Corporate Governance, Financial Regulation, and International Valuation.

His research and consulting activities focus on the international aspects of financial regulation, and in particular on the effects of bankruptcy, short sales, insider trading, and merger laws. Arturo Bris has also researched and lectured on the effects of the Euro on the corporate sector, as well as on the valuation impact of corporate governance changes.

Arturo is passionate about global competitiveness, financial development and macroeconomics. His latest research identifies the relationship between income inequality, social mobility and competitiveness. He is also developing a competitiveness-based investment portfolio that track the best and worst economies.

His work has been published in the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, the Journal of Legal Studies, and the Journal of Business, among others. His latest book, Blockchange! provides insights on how to survive the crypto economy.

Professor Bris taught Corporate Finance and Investment Banking at Yale from 1998 to 2005, where he received the Best Teacher Award twice. His consulting experience includes companies in both the US and Europe.

He is the President of the Board of Trustees of the IMD Pension Foundation, and a member of the Supervisory Board of the International School of Lausanne. He is a frequent speaker in international conferences, and appears regularly on international media outlets.

Professor Arturo Bris ranks among the top one hundred most-read finance academics in the world. He graduated in Law and Economics from Universidad Autónoma de Madrid, and received an MSc from CEMFI (Foundation of the Bank of Spain). He holds a PhD in Management from INSEAD. He enjoys reading, road- and mountain-biking, and playing bass guitar.


S. Abraham (Avri) Ravid, Ronald Sverdlove, Arturo Bris and Gabriela Coiculescu (2015) “Conflicts in bankrupcy and the sequence of debt issues,” Journal of Financial and Quantitative Analysis. Vol. 50, no. 6, pp. 1353-1388.

Arturo Bris, Yrjö Koskinen, Mattias Nilsson (2014) “The euro and corporate financing before the crisis,” Journal of Financial Economics. Vol. 114, Issue 3, pp. 554-575.

Arturo Bris, Christos Cabolis (2008) “The value of investor protection: Firm evidence from cross-border mergers,” The review of financial studies. Vol 21(2) 605-648.

Arturo Bris, Yrjö Koskinen, Mattias Nilsson (2008) “The euro and corporate valuations,” The Review of Financial Studies. Vol 22(8) 3171-3209.

Arturo Bris, William N Goetzmann, Ning Zhu (2007) “Efficiency and the bear: Short sales and markets around the world,” The journal of finance. 62(3) 1029-1079.

Arturo Bris, Ivo Welch, Ning Zhu (2006) “The costs of bankruptcy: Chapter 7 liquidation versus Chapter 11 reorganization,” The journal of finance. 61(3) 1253-1303

Arturo Bris, Huseyin Gulen, Padma Kadiyala, P Raghavendra Rau (2006), “Good stewards, cheap talkers, or family men? The impact of mutual fund closures on fund managers, flows, fees, and performance,” The Review of Financial Studies. 20(3), 953-982.

Arturo Bris, Yrjö Koskinen, Mattias Nilsson (2005) “The real effects of the euro: evidence from corporate investments,” Review of Finance. 10 (1) 1-37.

Arturo Bris, Ivo Welch (2005) “The optimal concentration of creditors,” The Journal of Finance. 60(5) 2193-2212.

Arturo Bris, Yrjö Koskinen (2002). “Corporate leverage and currency crises,” Journal of Financial Economics. 63(2), 275-310.


Redmer Huizinga, Arturo Bris (2018), Blockchange! : how to survive the crypto economy, Troi Studio.


Arturo Bris's Google Scholar Profile



Arturo Bris is Professor of Finance at IMD business school. He leads the World Competitiveness Center and teaches in custom programs as well as in IMD's flagship program Orchestrating Winning Performance.