Skip to main content
Cristina Escallon

Massimo Massa

Professor of Finance


Massimo Massa is the Rothschild Chaired Professor of Banking and a Professor of Finance at INSEAD. He is the Co-Director of the Hoffmann Research Fund. Massimo Massa teaches international finance, corporate finance, asset management, behavioural finance, and governance in MBA, EMBA, PhD and Executive Education programmes. He has an MBA from the Yale School of Management and an MA and a PhD in Financial Economics from Yale University. He is a CPA and an Auditor. He has previously worked in the Bank of Italy.

His research interests include asset management, corporate finance, behavioural finance, and financial intermediation. He has published articles on M&A, alliances, capital structure, dividend policy, share repurchases, IPOs, mutual funds, hedge funds, short-selling, behavioural biases, banking, asset management, international finance, the role of media and social networks in financial markets, ownership structure, corporate governance, family firms. His publications have been featured in top academic journals and his research has been quoted in major magazines, newspapers, professional journals, and forums. He is an Associate Editor of the Journal of Empirical Finance and the Review of Finance.

Professor Massa has been a consultant with several companies on strategic issues related to governance and corporate financial and growth strategies. He co-directs the Hoffmann Fund for research in family firms. He co-directs Value Creation for Owners and Directors programme and has managed several programmes for corporations and banks, including ABN AMRO, Maybank, Société Générale, Fineco, Technip, Mubadala, Bertelsmann. Professor Massa is also teaching in the International Directors Programme and directing the Developing Leaders in Global Banking programme and Strategic Management in Banking.

Professor Massa's current research focuses on the link between corporate financial strategies, governance, and type of ownership and how this affects value creation and growth in corporations as well as the strategies of asset managers and banks and their synergies.

Latest posts

Sort by

Family Business

The Power of Distinct Owners as Value Catalysts

M. Massa, L. Van der Heyden, K. Taraporevala

Uncovering the unique elements owners need to achieve business success and resilience.


Regulating the ‘Wild West’ of Token-Based Business

A Madhavji, M Massa, M Madhavji

Evolving standards of crypto regulation may actually result in sharper oversight than is common in the non-token world.

Economics & Finance

Short Sellers Hiding in the Noise

B. von Beschwitz, O. Chuprinin & M. Massa

How a soft news story enables short sellers to hide their sales amongst the noise traders.

Economics & Finance

How the Market Reacts to Media “Bias”

The stock market is incapable of distinguishing between actual and perceived media bias.

Economics & Finance

The Risks of Fast News Analytics and Institutional Trading

High frequency news analytics services give institutional traders an edge by speeding up reaction times to new information. But this efficiency comes at a price.

Economics & Finance

Who’s Afraid of BlackRock?

Should large asset managers be subjected to the same scrutiny as banks and insurers? The industry says financial giants like BlackRock pose no threat to the marketplace. But our research tells a very different story.