Bart Lambrecht

Professor of Finance
Director of the Cambridge Centre for Finance (CCFin)
Director of the Cambridge Endowment for Research in Finance (CERF)

BA (University of Antwerp), MPhil, PhD (University of Cambridge)

Research interests

Various aspects of corporate finance such as real options and investment under uncertainty; mergers and acquisitions; payout policy; managerial agency and the role of asymmetric information; bankruptcy; and the financing of firms; housing and household finance.

Subject group: Finance

Professional experience

Professor Lambrecht is a Research Fellow of the CEPR. He is an Associate Editor of the Journal of Banking and Finance, the Review of Finance, and Financial Management. and a member of the editorial board of the Journal of Business Finance & Accounting. He is an Associate of the Real Options Group. He is a member of the Cambridge Finance Management Board, of the advisory board of the Cambridge INET Institute, and of the Cambridge Corporate Governance Network.

Previous appointments

Prior to joining Cambridge Judge Business School Professor Lambrecht was a professor at the University of Lancaster, and a senior lecturer at the University of Cambridge. Bart Lambrecht has held visiting positions at the University of Calgary, MIT and UCLA.

Awards & honours

• Cambridge Judge Business School Teaching Award, 2014
• MBA Teacher of the Year Award, Lancaster University Management School, 2011
• Emerald Management Reviews'' Emerald Citation of Excellence for the paper "A Theory of Takeovers and Disinvestment", published in the Journal of Finance (with Stewart Myers), 2007

Selected publications

Here are a selection of Bart Lambrecht''s publications. Please see the "Selected publications" tab above for a more comprehensive list.

Lambrecht, B.M. and Myers, S.C. (2017) "The dynamics of investment, payout and debt." Review of Financial Studies (DOI: 10.1093/rfs/hhx081) (published online Jul 2017; forthcoming in print) (available online via the SSRN)

Acharya, V.V. and Lambrecht, B.M. (2015) "A theory of income smoothing when insiders know more than outsiders." Review of Financial Studies, 28(9): 2534-2574 (DOI: 10.1093/rfs/hhv026) 

Lambrecht, B.M. and Myers, S.C. (2012) "A Lintner model of payout and managerial rents." Journal of Finance, 67(5): 1761-1810 (DOI: 10.1111/j.1540-6261.2012.01772.x)

Lambrecht, B.M. and Myers, S.C. (2008) "Debt and managerial rents in a real-options model of the firm." Journal of Financial Economics, 89(2): 209-231 (DOI: 10.1016/j.jfineco.2007.07.007)

Lambrecht, B.M. and Myers, S.C. (2007) "A theory of takeovers and disinvestment." Journal of Finance, 62(2): 809-845 (DOI: 10.1111/j.1540-6261.2007.01224.x) (Winner of an Emerald Citation of Excellence from Emerald Management Reviews)

Lambrecht, B.M. (2004) "The timing and terms of mergers motivated by economies of scale." Journal of Financial Economics, 72(1): 41-62 (DOI: 10.1016/j.jfineco.2003.09.002)

Journal articles

Lambrecht, B.M., Perraudin, W.R.M. and Satchell, S.E. (1996) "Approximating the finite sample bias for maximum likelihood estimators using the score." Econometric Theory, 12(1): 199 (DOI: 10.1017/S0266466600006502)

Lambrecht, B. and Perraudin, W. (1996) "Creditor races and contingent claims." European Economic Review, 40(3-5): 897-907

Lambrecht, B.M., Perraudin, W.R.M. and Satchell, S.E. (1997) "Approximating the finite sample bias for maximum likelihood estimators using the score - solution." Econometric Theory, 13(2): 310-312 (DOI: 10.1017/S0266466600005806)

Lambrecht, B., Perraudin, W. and Satchell, S. (1997) "Time to default in the UK mortgage market." Economic Modelling, 14(4): 485-499

Lambrecht, B.M. (2000) "The timing of arbitrage: an options approach." Finance, 21(2): 131-167

Lambrecht, B.M. (2001) "The impact of debt financing on entry and exit in a duopoly." Review of Financial Studies, 14(3): 765-804

Lambrecht, B. and Perraudin, W. (2003) "Real options and preemption under incomplete information." Journal of Economic Dynamics and Control, 27(4): 619-643

Lambrecht, B.M., Perraudin, W.R.M. and Satchell, S.E. (2003) "Mortgage default and possession under recourse: a competing hazards approach." Journal of Money, Credit and Banking, 35(3): 425-442

Lambrecht, B.M. (2004) "The timing and terms of mergers motivated by economies of scale." Journal of Financial Economics, 72(1): 41-62 (DOI: 10.1016/j.jfineco.2003.09.002)

Lambrecht, B.M. (2005) "Mergers and acquisitions as a response to economic change." Journal of Financial Transformation, 13: 73-76

Hsu, Y.-W. and Lambrecht, B.M. (2007) "Preemptive patenting under uncertainty and asymmetric information." Annals of Operations Research, 151(1): 5-28 (DOI: 10.1007/s10479-006-0125-5)

Lambrecht, B.M. and Myers, S.C. (2007) "A theory of takeovers and disinvestment." Journal of Finance, 62(2): 809-845 (DOI: 10.1111/j.1540-6261.2007.01224.x) (Winner of an Emerald Citation of Excellence from Emerald Management Reviews)

Lambrecht, B.M. and Myers, S.C. (2008) "Debt and managerial rents in a real-options model of the firm." Journal of Financial Economics, 89(2): 209-231 (DOI: 10.1016/j.jfineco.2007.07.007)

Cunha, M.R., Lambrecht, B.M. and Pawlina, G. (2008) "The Dutch housing market: trends, risks and outlook." Journal of Financial Transformation, 22: 18-22

Lambrecht, B.M. (2009) "Discussion of The role of collateral in entrepreneurial finance." Journal of Business Finance and Accounting, 36(3-4): 456-460 (DOI: 10.1111/j.1468-5957.2009.02139.x)

Lambrecht, B.M. and Pawlina, G. (2010) "Corporate finance and the (in)efficient exercise of real options." Multinational Finance Journal, 14(1-2): 129-156

Cunha, M.R., Lambrecht B.M. and Pawlina, G. (2011) "Household liquidity and incremental financing decisions: theory and evidence." Journal of Business Finance and Accounting, 38(7-8): 1016-1052 (DOI: 10.1111/j.1468-5957.2011.02248.x)

Lambrecht, B.M. and Myers, S.C. (2012) "A Lintner model of payout and managerial rents." Journal of Finance, 67(5): 1761-1810 (DOI: 10.1111/j.1540-6261.2012.01772.x)

Lambrecht, B.M. and Pawlina, G. (2013) "A theory of net debt and transferable human capital." Review of Finance, 17(1): 321-368

Acharya, V.V. and Lambrecht, B.M. (2015) "A theory of income smoothing when insiders know more than outsiders." Review of Financial Studies, 28(9): 2534-2574 (DOI: 10.1093/rfs/hhv026) 

Lambrecht, B.M. and Myers, S.C. (2016) "Agency dynamics in corporate finance." Annual Review of Financial Economics, 8: 53-80 (DOI: 10.1146/annurev-financial-121415-032937)

Lambrecht, B.M., Pawlina, G. and Teixeira, J.C.A. (2016) "Making, buying, and concurrent sourcing: implications for operating leverage and stock beta." Review of Finance, 20(3): 1013-1043 (DOI: 10.1093/rof/rfv027)

Lambrecht, B.M. (2017) "Real options in finance." Journal of Banking and Finance (DOI: 10.1016/j.jbankfin.2017.03.006) (published online Mar 2017; forthcoming in print)

Lambrecht, B.M. and Myers, S.C. (2017) "The dynamics of investment, payout and debt." Review of Financial Studies (DOI: 10.1093/rfs/hhx081) (published online Jul 2017; forthcoming in print) (available online via the SSRN)

Book chapters

Lambrecht, B.M. (2000) "Strategic sequential investments and sleeping patents." In Brennan, M.J. and Trigeorgis, L. (eds.): Project flexibility, agency, and competition: new developments in the theory and application of real options. New York: Oxford University Press, pp.297-323

Working papers

For Professor Lambrecht''s working papers, please visit the Social Science Research Network

BBC Radio Cambridgeshire: The Dotty McLeod Breakfast Show 15 December 2014

Peterborough City Council has launched new private finance initiative. The idea is that private investors will put money which will pay for …

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