Skip to main content
About HEC About HEC Faculty & Research Faculty & Research Master’s programs Master’s programs MBA Programs MBA Programs PhD Program PhD Program Executive Education Executive Education Summer School Summer School HEC Online HEC Online About HEC Overview Overview Who We Are Who We Are Egalité des chances Egalité des chances Career Center Career Center International International Campus Life Campus Life Stories Stories The HEC Foundation The HEC Foundation Faculty & Research Overview Overview Faculty Directory Faculty Directory Departments Departments Centers Centers Chairs Chairs Knowledge Knowledge Master’s programs Master in
Management Master in
Management
Dual-Degree
programs Dual-Degree
programs
MSc International
Finance MSc International
Finance
Specialized
Masters Specialized
Masters
Student Life Student Life Certificates Certificates
MBA Programs MBA MBA EMBA EMBA TRIUM EMBA TRIUM EMBA PhD Program Overview Overview HEC Difference HEC Difference Program details Program details Research areas Research areas HEC Community HEC Community Placement Placement Job Market Job Market Admissions Admissions Financing Financing Summer School Youth Leadership Initiative Youth Leadership Initiative Summer programs Summer programs Admissions Admissions FAQ FAQ HEC Online Overview Overview Degree Program Degree Program Executive certificates Executive certificates MOOCs MOOCs

Laurent FRESARD

Visiting Professor

 Profile picture

Biography

Laurent Frésard received a Ph.D. in Finance from the University of Neuchâtel, Switzerland.His main research interests include corporate finance and more specifically liquidity management and international listings. His work has been published in the Journal of Finance and Journal of Financial Economics, among others.

Scientific articles

Learning from peers' stock prices and corporate investment

Journal of Financial Economics, March 2014, vol. 111, n° 3, pp 554-577, (in coll. with Thierry FOUCAULT)

Cash Savings and Stock Price Informativeness

Review of Finance, 2012,

Cross-Listing, Investment Sensitivity to Stock Price and the Learning Hypothesis

Review of Financial Studies, November 2012, vol. 25, n° 11, pp 3305-3350, (in coll. with T. FOUCAULT)

The Pernicious Effects of Contaminated Data in Risk Management

Journal of Banking and Finance, October 2011, vol. 35, n° 10, pp 2569-2583, (in coll. with C. PERIGNON, A. Wilhelmsson)

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

Journal of Finance (The), June 2010, vol. 65, n° 3, pp 1097-1122,

The value of excess cash and corporate governance: evidence from U.S. cross-listings

Journal of Financial Economics, November 2010, vol. 98, n° 2, pp 359-384, (in coll. with C. Salva)

Working papers

Cross-Listing, Investment Sensitivity to Stock Price and the Learning Hypothesis

Centre for Economic Policy Research, Londres , 2011

Conflicts of Interests in the Financial Analysis Industry: Why Did Europeans Get MAD?

Mimeo , 2010

The Foreign Firm Discount

Mimeo , 2010

Scientific articles

Learning from peers' stock prices and corporate investment

Journal of Financial Economics, March 2014, vol. 111, n° 3, pp 554-577, (in coll. with Thierry FOUCAULT)

Cash Savings and Stock Price Informativeness

Review of Finance, 2012,

Cross-Listing, Investment Sensitivity to Stock Price and the Learning Hypothesis

Review of Financial Studies, November 2012, vol. 25, n° 11, pp 3305-3350, (in coll. with T. FOUCAULT)

The Pernicious Effects of Contaminated Data in Risk Management

Journal of Banking and Finance, October 2011, vol. 35, n° 10, pp 2569-2583, (in coll. with C. PERIGNON, A. Wilhelmsson)

Working papers

Cross-Listing, Investment Sensitivity to Stock Price and the Learning Hypothesis

Centre for Economic Policy Research, Londres , 2011

Conflicts of Interests in the Financial Analysis Industry: Why Did Europeans Get MAD?

Mimeo , 2010

The Foreign Firm Discount

Mimeo , 2010

Education

  • Doctorat en Management, Université de Neuchâtel - Switzerland
  • M.S in Economics (with honors), HEC Lausanne - Switzerland
  • B. S. in Economics (with honors), Université de Neuchâtel - Switzerland

Academic appointments

Academic responsabilities at HEC

  • 2012- Visiting Professor HEC Paris
  • 2009-2011 Seminar Coordinator, HEC Paris, 2009 present HEC Paris
  • 2008-2011 Assistant Professor, Finance HEC Paris

Scientific Activities

Editorial activities

  • Referee, Journal of Empirical Finance, European Financial Management, Review of Finance, Agence Nationale de la Recherche (ANR), Journal of Financial Economics, International Review of Finance, Review of Finance

  • Awards & honors

    Membership in Academic or Professional Organisation

    • 2010 Prix AFFI-NYSE-EURONEXT 2009 pour "Three essays on corporate cash holdings", these, Universite de Neuchatel
    • 2009 Prize May Rosset Reutter for the best Ph.D. Dissertation defended at the University of Neuchatel (2009)
    • 2008 Prize "LECG" for the best Ph.D. Paper on Investments presented at the European Finance Association Meeting in Athens
    • 2008 Chicago Quantitative Alliance (CQA) prize for the best Ph.D. paper presented at the European Finance Association Meeting in Athens (August 2008)
    • 2008 Prize for the best paper presented at the Swiss Finance Institute Doctoral Workshop in Gerzensee (June 2008)
    • 2004 Prize "d'Ecole" for the best final grades in the Msc in Economics, HEC, University of Lausanne
    • 2003 Prize "Henry Grandjean" for the best undergraduate thesis in Economics, University of Neuchatel