The stock market
is going passive.

I am an Assistant Professor of Finance at ESG UQAM (École des sciences de la gestion, Université du Québec à Montréal). I received my PhD in Finance from McGill University in 2024 and hold an MSc in Finance and Economics from the London School of Economics.

My research centers on the shift from active to passive investing and its consequences for equity markets. I construct the Indexing Inclusion Ratio (IXI), a holdings-based measure of realized passive ownership adjusted for Active Share, and use it to document how passive capital flows reduce stock demand elasticity, inflate prices beyond fundamental value, and compress long-run expected returns. A related project studies how active fund managers respond to the growing dominance of passive capital, tracing the channels through which indexing affects their behavior and performance.

A second line of work examines climate risk in asset pricing. I develop a demand-system framework in which investors differ in both their climate beliefs and their exposure to nontradable climate background risk, and study how these two forces jointly determine equilibrium demand for green and brown assets.