Affiliate Professor
Gunther Capelle-Blancard is Professor at the University of Paris 1 Panthéon-Sorbonne, and research associate at Paris School of Business. From 2007 to 2009, he was scientific advisor at the French Council of Economic Analysis, an independent, non partisan advisory body reporting to the Prime Minister. Then, from 2009 to 2013, he was Deputy-Director of the CEPII, a research center in international economics. His research interests include financial markets, financial regulation and taxation, ethics, and corporate social responsibility. His research has been published in international peer-reviewed journals such as Review of Finance, The Journal of Banking & Finance, The European Financial Management Journal, Business Ethics, The Journal of Environmental Economics and Management, The Journal of Investing, The European Journal of Finance... Gunther has a PhD from the University of Paris 1, which has been awarded by the Chancelleries des Universités de Paris. He won also the Euronext prize from the French finance association for the best PhD thesis in finance.



  • PhD, Economics (graduated in 2001)


Big Data
Big Data


Scientific Article
Title Authors Source Date
Non-Standard Errors Gunther CAPELLE-BLANCARD, Albert Menkveld, Anna Dreber, Felix Holzmeister, Thomas Renault Journal of Finance 01/2024
The impact of the capital gains tax on the Korean derivatives market Gunther CAPELLE-BLANCARD, Emna Khemakhem Finance Research Letters 01/2024
L’investissement socialement responsable: Changement structurel et faux semblant Gunther CAPELLE-BLANCARD, Adrien Desroziers, Alexandre Garel, Arthur Petit-Romec Revue Française de Gestion 12/2021
Shareholders and the environment: a review of four decades of academic research Gunther CAPELLE-BLANCARD, Adrien Desroziers, Bert Scholtens Environmental Research Letters 12/2021
Socially Responsible Investing Strategies under Pressure: Evidence from Covid-19 Gunther CAPELLE-BLANCARD, Adrien Desroziers, David Zerbib Journal of Portfolio Management 01/2021
Tax havens Gunther CAPELLE-BLANCARD Bankers, Markets&Investors (ex Banque et Marchés) 03/2019
Every Little Helps? ESG news disclosure and stock market reaction Gunther CAPELLE-BLANCARD, Aurélien Petit Journal of Business Ethics 01/2019
Sovereign bond yield spreads and sustainability: An empirical analysis of OECD countries Gunther CAPELLE-BLANCARD, Bert Scholtens, Patricia Crifo, Marc-Arthur Diaye, R. Oueghlissi Journal of Banking & Finance 01/2019
What is the point of (the hundreds of thousands of billions of) stock transactions? Gunther CAPELLE-BLANCARD Comparative Economic Studies 01/2019
Incidence of bank levy and market power Gunther CAPELLE-BLANCARD Review of Finance 01/2018
The weighting of CSR dimensions: one size does not fit all Gunther CAPELLE-BLANCARD Business & Society 01/2018
Curbing the growth of stock trading? Order-to-trade ratios and financial transaction taxes Gunther CAPELLE-BLANCARD Journal of International Financial Markets, Institutions & Money 01/2017
Every Little Helps? ESG news disclosure and stock market reaction Gunther CAPELLE-BLANCARD Journal of Business Ethics 01/2017
The abolition of the “Impôt sur les opérations de bourse” did not foster the French stock market Gunther CAPELLE-BLANCARD Finance Research Letters 01/2017
More bankers, more growth? Evidence from OECD countries Gunther CAPELLE-BLANCARD Economic Notes 01/2016
The impact of the French securities transaction tax on market liquidity and volatility Gunther CAPELLE-BLANCARD International Review of Financial Analysis 01/2016
The performance of socially responsible funds: Does the screening process matter? Gunther CAPELLE-BLANCARD European Financial Management Journal 01/2014
Mesurer les performances extra-financières : Le véritable défi de l’ISR Gunther CAPELLE-BLANCARD Revue Française de Gestion 01/2013
Speculation and agricultural commodity prices: A panel granger causality analysis Gunther CAPELLE-BLANCARD International Economics 01/2012
Trends in the literature on socially responsible investment: Looking for the keys under the lamppost Gunther CAPELLE-BLANCARD Business Ethics: A European Review 01/2012
Title Authors Source Date
Economie internationale Gunther CAPELLE-BLANCARD Pearson Education, Paris 01/2015
Finance d’entreprise Gunther CAPELLE-BLANCARD Pearson Education, Paris 01/2014
Title Authors Source Date
Financial transaction taxation in Europe Gunther CAPELLE-BLANCARD Edward Edgar 01/2014
The ability of banks to shift corporate income taxes to customers Gunther CAPELLE-BLANCARD MIT Press 01/2014
The burden of bank taxation: Corporate income tax vs. bank levy Gunther CAPELLE-BLANCARD Edward Edgar 01/2014
L’intermédiation financière Gunther CAPELLE-BLANCARD Economica, Paris. 01/2013
Who pays bank taxes? Gunther CAPELLE-BLANCARD VoxEU E-book 01/2013
Academic communication
Title Authors Source Date
How to curb the growth of stock trading? Order-to-trade ratios and financial transaction tax Gunther CAPELLE-BLANCARD BAFFI CAREFIN Centre for Applied Research on International Markets, Banking, Finance and Regulation Research Paper Series 01/2017
« CSR Disclosures and Stock Market Reaction » Gunther CAPELLE-BLANCARD SEEK Workshop – Corporate Social Responsibility and Credit Costs 01/2013
Responsabilité sociale et performance des entreprises Gunther CAPELLE-BLANCARD Conférence annuelle de la Chaire Finance Durable et Investissement Responsable 01/2011
Le concept d’efficience des marchés financiers Gunther CAPELLE-BLANCARD Université d’Été en Histoire de la Pensée et Méthodologie Économiques 01/2007
Mondialisation et places financières », Paris, 2006 Gunther CAPELLE-BLANCARD Congrès annuel de l’Institut Europlace de Finance 01/2006