LAURENT FRESARD February 22, 2017 Robert H. Smith School of Business Phone: 301-405-9639 University of Maryland lfresard@rhsmith.umd.edu 4425 Van Munching Hall College Park, MD 20742 ACADEMIC POSITIONS Assistant Professor, Robert H. Smith School of Business, University of Maryland, 2011- Assistant Professor, HEC School of Management, France, 2008-2011 EDUCATION PhD in Finance, University of Neuchatel, Switzerland, 2009 MS in Economics, University of Lausanne, Switzerland, 2004 BA in Economics, University of Neuchatel, Switzerland, 2003 PUBLICATIONS Extending Industry Specialization through Cross-Border Acquisitions, with Uli Hege and Gordon Phillips, 2016, Review of Financial Studies (forthcoming) What s your Identification Strategy? Technology Adoption within Corporate Finance, with Don Bowen and Jerome Taillard, 2015, Management Science (forthcoming) How does Corporate Investment Respond to Increased Entry Threat?, with Philip Valta, 2015, Review of Corporate Finance Studies (2016) 5, 1-35. Learning from Peers Stock Prices and Corporate Investment, with Thierry Foucault, Journal of Financial Economics (2014) 111, 554-577. Regulating Conflicts of Interest: The Effect of Sanctions and Enforcement, with Michel Dubois and Pascal Dumontier, Review of Finance (2014) 18, 489-526. Cross-Listing, Investment Sensitivity to Stock Price and the Learning Hypothesis, with Thierry Foucault, Review of Financial Studies (2012) 25, 3305-3350. Cash Savings and Stock Price Informativeness, Review of Finance (2012) 16, 985-1012. The Pernicious Effect of Contaminated Data in Risk Management, with Christophe Pérignon and Anders Wilhelmsson, Journal of Banking and Finance (2011) 35, 2569-2584. The Value of Excess Cash and Corporate Governance: Evidence from U.S. Cross-Listings, with Carolina Salva, Journal of Financial Economics (2010) 98, 359-384. 1
Financial Strength and Product Market Behaviors: The Real Effects of Corporate Cash Holdings, Journal of Finance (2010) 64, 1097-1122. RESEARCH IMPACT Google Scholar citations: 930 SSRN downloads / citations: 6,442/ 46 Web of Science citations: 125 WORKING PAPERS Innovation Activities and the Incentives for Vertical Acquisitions and Integration, with Gerard Hoberg and Gordon Phillips, R&R at the Journal of Finance Corporate Strategy, Conformism, and the Stock Market, with Thierry Foucault, R&R at the Review of Financial Studies Ripple Effects of Noise on Corporate Investment, with Olivier Dessaint, Thierry Foucault, and Adrien Matray, R&R at the Review of Financial Studies Does Firm Investment Respond to Peers Investment? with Cecilia Bustamante GRANTS, AWARDS, AND HONORS Oliver Williamson Award for the best Paper presented at the 2015 ISNIE conference Nexans Prize, University of Neuchatel, 2015 Distinguished Referee Award, Review of Financial Studies, 2014 Institute Europlace of Finance Grant, 2011 HEC Research Foundation Grant, 2010 NYSE-Euronext Prize for the best Ph.D. Dissertation, 2010 May Rosset Reutter Prize for the best Ph.D. Dissertation, University of Neuchatel, 2009 LECG Prize for the best Ph.D. Paper on Investments, 2008 Chicago Quantitative Alliance Prize for the best EFA / EIASM Doctoral Tutorial Paper, 2008 Swiss Finance Institute Prize, 2008 Swiss Finance Institute Scholarship, 2005-2006 Ecole Prize for the best final grades, University of Lausanne, 2004 FIER Scholarship, 2003-2004 Henry Grandjean Prize for the best undergraduate thesis, University of Neuchatel, 2003 TEACHING Empirical Corporate Finance, PhD in Finance, Robert H. Smith School of Business, 2012- Financial Management, MS in Finance and MBA, Robert H. Smith School of Business, 2012- Valuation in Corporate Finance, MS and MBA, Robert H. Smith School of Business, 2011- Empirical Corporate Finance, MS in Quantitative Finance, HEC Paris, 2010 Quantitative Asset Management, MS in Finance, HEC Paris, 2008-2010 Quantitative Portfolio Management, Executive Program, University of Geneva, 2007-2008 Foundations of Finance, IOMBA, University of Geneva, 2008-2011 2
PHD DISSERTATION COMMITTEE Philip Valta, EPFL, 2010, placed at HEC Paris MaryJane Rabier, Robert H. Smith School of Business, 2014, placed at McGill Gianpaolo Parise, University of Lugano, 2015, placed at the Bank for International Settlements (BIS) Austin Starkweather, 2016, placed at Cornerstone Donald Bowen, Robert H. Smith School of Business, in progress Xiaoyuan Hu, Robert H. Smith School of Business, in progress INVITED UNIVERSITY PRESENTATIONS University of North Carolina (USA), scheduled Hong Kong University of Science and Technology, Hong Kong (Hong Kong) scheduled Hong Kong University, Hong Kong (Hong Kong) scheduled National University of Singapore, Singapore (Singapore) scheduled Nanyang Technological University, Singapore (Singapore) scheduled Dartmouth College (USA), 2016 University of Lugano (Switzerland), 2016 University of Geneva (Switzerland), 2016 University of Lausanne (Switzerland), 2016 University of Rochester, Rochester (USA) 2016 University of California San Diego, La Jolla (USA) 2016 University of Pittsburgh, Pittsburgh (USA) 2016 University of Arizona, Tucson (USA), 2015 Nova University, Lisbon (Portugal), 2015 University of Zurich, Zurich (Switzerland), 2015 University of Pennsylvania, Wharton, Philadelphia (USA), 2015 Georgetown University, Washington DC (USA), 2015 University of Oklahoma, Norman (USA), 2015 Queen s University, Kingston (Canada), 2015 University of California Los Angeles, Los Angeles (USA), 2014 University of Washington, Seattle (USA), 2014 University of York, Toronto (Canada), 2014 Georges Washington University, Washington DC (USA), 2014 University of Amsterdam, Amsterdam (The Netherlands), 2014 University of Toronto, Toronto (Canada), 2014 Arizona State University, Tempe (USA), 2013 University of Maryland, College Park (USA), 2013 University of Alberta, Edmonton (Canada), 2013 University of British Columbia, Vancouver (Canada), 2013 Boston College, Boston (USA), 2012 HEC Montreal, Montreal (Canada), 2012 BI, Oslo (Norway), 2012 Helsinki School of Economics, Helsinki (Finland), 2012 Copenhagen Business School, Copenhagen (Denmark), 2012 Babson College, Boston (USA), 2012 McGill University, Montreal (Canada), 2012 University of Toulouse, Toulouse (France), 2011 University of Maryland, College Park (USA), 2011 3
University of Manchester, Manchester (UK), 2011 University of Indiana, Bloomington (USA), 2010 University of Illinois, Urbana-Champaign (USA), 2010 University of Amsterdam, Amsterdam (The Netherlands), 2010 Univarsita Cattolica, Milano (Italy), 2010 University of Neuchatel, Neuchatel (Switzerland), 2010 University of Leuven, Louvain (Belgium), 2010 EM-Lyon, Lyon (France), 2010 IE Madrid, Madrid (Spain), 2009 Haute Ecole de Commerce (HEC), Geneva (Switzerland), 2009 Ecole Polytechnique Fédérale de Lausanne (EPFL), Lausanne (Switzerland), 2009 HEC Lausanne, Lausanne (Switzerland), 2009 University of Lugano, Lugano (Switzerland), 2009 HEC Paris, Jouy-en-Josas (France), 2008 Imperial College, London (UK), 2008 University of Zurich, Zurich (Switzerland), 2007 CONFERENCES PRESENTATIONS American Finance Association Meetings, Chicago (USA), 2017 NBER Corporate Finance Conference, 2016 MIT Junior Finance Conference, Boston (USA), 2016 UBC Summer Conference, Vancouver (Canada), 2016 Western Finance Association Meeting, Park City (USA), 2016 American Finance Association Meetings, San Francisco (USA), 2016 WFA-CFAR Conference, Washington University, St. Louis (USA), 2014 American Finance Association Meetings, Boston (USA), 2014 American Economic Association Meetings, Boston (USA), 2014 Columbia Conference on Corporate Governance around the World, New York (USA), 2014 London Business School Finance Symposium, London (UK), 2014 Society for Financial Research (SFS) Finance Cavalcade, Charlottesville (USA), 2012 Oxford Adam Smith Workshop for Asset Pricing and Corporate Finance, Oxford (UK), 2012 Paris Spring Corporate Finance Conference, Paris (France), 2012 Utah Winter Finance Conference, Snowbird (USA), 2011 European Winter Finance Conference, Andermatt (Switzerland), 2011 Darden International Finance Conference, Charlottesville (USA), 2011 Paris Spring Corporate Finance Conference, Paris (France), 2011 European Finance Association Meetings, Frankfurt (Germany), 2010 French Finance Association Meeting, Paris (France), 2009 European Finance Association Meetings, Bergen (Norway), 2009 INSEAD-HEC-PSE Finance Workshop, Paris (France), 2009 European Winter Finance Conference, Klosters (Switzerland), 2009 Frontiers of Finance Conference, Belize City (Belize), 2008 Chicago Quantitative Alliance Meeting, Chicago (USA), 2008 European Finance Association Meetings, Athens (Greece), 2008 European Financial Management Association Meetings, Prague (Czeck Republic), 2008 Financial Management Association Meetings, Orlando (USA), 2008 Swiss Finance Institute PhD Workshop, Gerzensee (Switzerland), 2008 European Finance Association Meetings, Ljubljana (Slovenia), 2007 Financial Management Association Meetings, Orlando (USA), 2007 French Finance Association Meetings, Paris (France), 2007 4
European Finance Association Meetings, Vienna (Austria), 2007 International Conference on Corporate Governance, Bern (Switzerland), 2007 Swiss Finance Institute PhD Workshop, Gerzensee (Switzerland), 2007 PROFESSIONAL SERVICES Referee Activities for Journals o Journal of Finance o Journal of Financial Economics o Review of Financial Studies o Review of Finance o Review of Economics and Statistics o Journal of Financial and Quantitative Analysis o Management Science o Journal of Financial Intermediation o Journal of Empirical Finance o Journal of Banking and Finance o Journal of Financial Markets o Financial Management o Managerial Finance o Journal of International Business Studies o Finance o Journal of Financial Services Research o European Financial Management o International Review of Finance Grant Evaluations o Agence National de la Recherche (ANR) (3x) o Research Grants Council (RGC) of Hong Kong (3x) Conference Committee Member o European Finance Association Conference 2009-present o IFABS Conference 2015 o European Finance Association Doctoral Tutorial 2009, Bergen (Norway) Memberships o Finance, Organization and Markets (FOM) Research Group o American Finance Association o Western Finance Association o European Finance Association Conference discussions o Finance, Organization and Markets (FOM) Conference, Dartmouth (USA), 2016 o American Finance Association Meeting, Boston (USA), 2015 o Finance, Organization and Markets (FOM) Conference, Los Angeles (USA), 2014 o Western Finance Association Meeting, Monterrey (USA), 2014 o Society for Financial Research (SFS), Washington DC (USA), 2014 o Sonoran Finance Conference, Scottsdale (USA), 2014 o Western Finance Association Meeting, Lake Tahoe (USA), 2013 o American Finance Association Meeting, Atlanta (USA), 2010 o European Finance Association Meeting, Frankfurt (Germany), 2010 o Paris Corporate Finance Conference, Paris (France), 2010 o ESSEC Private Equity Conference, Paris (France), 2010 5
o ECCCS Conference, Lille (France), 2010 o European Finance Association Meeting, Bergen (Norway), 2009 o French Finance Association Meeting, Paris (France), 2009 o European Finance Association Meeting, Athens (Greece), 2009 University Service o Junior Corporate Finance Conference, Organizer, 2016 o Recruiting Committee Member, R.H. Smith School of Business, 2012 o PhD Committee Member, R.H. Smith School of Business, 2014 o Seminar Coordinator, R.H. Smith School of Business, 2012 2013 o Recruiting Committee Member, HEC Paris, 2009 2011 o Seminar Coordinator, HEC Paris, 2009 2001 6