Laurent Fresard


Associate Professor of Finance


Robert H. Smith School of Business

University of Maryland

4425 Van Munching Hall

College Park, MD 20742

Email: lfresard[at]

Phone: 301-405-9639


Curriculum Vitae


Google Scholar






Financial Strength and Product Market Behavior: The Real Effects of Corporate Cash Holdings

Journal of Finance (2010) 65, 1097-1122


The Value of Excess Cash and Corporate Governance: Evidence from U.S. Cross-Listings (with C. Salva) 

Journal of Financial Economics (2010) 98, 359-384


Cash Savings and Stock Price Informativeness   

Review of Finance (2012) 16, 985-1012


The Pernicious Effect of Contaminated Data in Risk Management (with Christophe Perignon and Anders Wilhilmsson)

Journal of Banking and Finance (2011) 35, 2569-2584


Cross-Listing, Investment Sensitivity to Stock Price and the Learning Hypothesis (with Thierry Foucault) 

Review of Financial Studies (2012) 25, 3305-3350


Regulating Conflicts of Interest: The effects of Sanctions and Enforcement (with Michel Dubois and Pascal Dumontier)

Review of Finance (2014) 18, 489-526


Learning from Peers' Stock Prices and Corporate Investment (with Thierry Foucault) 

Journal of Financial Economics, (2014) 111, 554-577


How does Corporate Investment Respond to Increased Entry Threats? (with Philip Valta)

Review of Corporate Finance Studies, (2016) 5, 1-35 (Editor's Choice)


What's your Identification Strategy? Innovation in Corporate Finance Research (with Don Bowen and Jerome Taillard)

Management Science (forthcoming)


Extending Industry Specialization through Cross-Border Acquisitions (with Uli Hege and Gordon Phillips)

Review of Financial Studies (forthcoming)

(Internet Appendix)





Working Papers


Does Firm Investment Respond to Peers' Investment? (with Cecilia Bustamante)


Ripple Effects of Noise on Corporate Investment (with Olivier Dessaint, Thierry Foucault, and Adrien Matray)


Corporate Strategy, Conformism, and the Stock Market (with Thierry Foucault)

(Internet Appendix)

VOX Column


Using Product Text to Capture Vertical Integration and Firm Boundaries (with Gerard Hoberg and Gordon Phillips)

"Oliver Williamson Award for best paper at the 2015 ISNIE Conference (Harvard)"

(Internet Appendix)


The Growth of Finance and the Allocation of talent (with Francesco D'Acunto)






Tariff data for manufacturing industries (SIC4) - 1974-2005 (zipped file)


Identification in Corporate Finance - Articles classification 1965-2012 (xls)