Adrien Matray is a PhD candidate in Finance at HEC-Paris under the supervision of David Thesmar. Before beginning his PhD he did a MA in Economics at the Paris School of Economics in 2009 and a MA in Finance at the Ecole Polytechnique in 2008. His research focuses on the real effects of banking deregulation, behavioural economics and finance, entrepreneurship, household finance, housing and testing macroeconomic theories using micro data. In behavioural finance he's especially interested in understanding how people evaluate risks and what are the biases that could lead to systemic errors (such as overconfidence, bounded rationality, and availability bias). Adrien is applying these questions to both firms and households. His research on housing focuses both on “macro” questions (the effect of housing bubbles for firm costs, local employment) and on the effects for households, such as whether they understand the risks associated with ARM mortgages or how a decrease in their credit constraint interacts with biases such as bounded rationality or impatience. Adrien is visiting the FMG from September 2013 to September 2014.