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The Wharton School, Finance Department
Steinberg-Dietrich Hall
3620 Locust Walk
Philadelphia, PA 19104 USA
Phone: +1(215)4291334
Website: www.aymericbellon.com
Citizenship: French
  • University of Pennsylvania, Wharton
    Ph.D. in Finance
2016 - 2022
  • ENSAE ParisTech, France
    MA in Data Science
2013 - 2016
  • Ecole Normale Superieure Paris-Saclay, France
    M.A. in Economics
2011 - 2016










Corporate Finance, Bankruptcy, Sustainable Finance, Entrepreneurship, Energy and Climate Finance

Personal Wealth, Self-Employment, and Business Ownership (joint with J. Anthony Cookson,
Erik Gilje and Rawley Heimer) Review of Financial Studies. (2021) 34(8): 3935-3975.
We study the effect of personal wealth on entrepreneurial decisions using data on mineral payments from Texas shale drilling to individuals throughout the United States. Large cash windfalls increase business formation by 0.8 to 2.1 percentage points, but do not affect transitions to self-employment. By contrast, cash windfalls signifcantly extend self-employment spells, but do not a ect the duration of business ownership. Our fndings help reconcile contrasting fndings in prior work: liquidity constraints have different effects on entrepreneurial activity that may depend on the entrepreneur's motivations. 


Fresh Start or Fresh Water: The impact of Environmental Lender Liability (JMP)
This paper investigates how the environmental liability of lenders a ects debtors' behavior. I use U.S.
Census Bureau micro-data and the passage of the Lender Liability Act as a novel identiiccation strategy
to answer this question. Firms increase on-site pollution, cut investment in abatement technology, and
incur 17.54% more environmental regulatory violations when secured lenders become less responsible
for the cleanup cost of their collateral. The e ects are stronger for rms close to bankruptcy or with
high environmental risks. This lower environmental compliance slightly benefits employment, but does
not change wages or production. Overall, Financial constraints that may be alleviated due to reduced
lender liability do not result in pollution mitigation investment or increased production; instead, my
findings suggest that reduced lender liability lessens banks' incentives to in uence the practices of their

Disclaimer: The biography is as of the date the speaker presented.
Event Name Authors Present their Winning Research Papers
Event Date 2022-06-29

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