M. Cecilia Bustamante's webpage


Assistant Professor

Department of Finance

Robert H. Smith School of Business

4423 Van Munching Hall

20742 College Park - MD

e-mail: mcbustam at rhsmith.umd.edu

twitter: @mcecibustamante

Research Interests

Dynamic corporate finance, industrial organization, and asset pricing implications of corporate decisions.


The dynamics of going public, 2012, Review of Finance 16, 577-618.

Strategic investment and industry risk dynamics, 2015, Review of Financial Studies 28 (2), 297-341.

How do frictions affect corporate investment? A structural approach, 2016, Journal of Financial and Quantitative Analysis 51, 1863-1895.

Product market competition and industry returns (with A. Donangelo), 2017, Review of Financial Studies 30, 4216–4266.  (Internet Appendix)

Agency, firm growth and managerial turnover (with R. Anderson, S. Guibaud and M. Zervos), 2018, Journal of Finance 73, 419—464. 

Working Papers

Does Firm Investment Respond to Peers' Investment? (with L. Fresard), 2018.

Banks' Screening and the Leverage of Newly-Founded Firms (with F. D'Acunto), 2019.

Knowledge Cycles and Corporate Investment (with J. Cujean and L. Fresard), 2019.

Work in Progress

Supply Chain Bargaining and Asset Prices, 2019.

Real Options Strategic Bargaining Games with Applications to Corporate Finance, 2019.

Recent Seminars/Presentations/Discussions

2012: LSE-FMG, Texas Finance Festival, CEPR Gerzensee, EFA, UdeSA, UCLA, UT Austin.

2013: AEA Meetings, University of Reading, WFA Meetings, EFA Meetings, University of Rochester, University of Maryland, Vienna Graduate School of Finance, University of Tilburg, UTDT Summer Conference.

2014:  Cambridge University, LSE/FMG, University of Exeter.

2015: SFS Cavalcade, BI Oslo, Duke University, Cornell University, University of Minnesota, Drexel  University.

2016: Boston University, BI Oslo Production Asset Pricing Workshop, UTDT Summer Conference.

2017: FMA Mexico, AFFECT Women in Finance Conference, George Mason University, WBS Frontiers in Finance Conference, SFS Cavalcade, CKGSB, Asian Econometric Society Meetings, FIRS Hong Kong, University of Maryland.

2018: University of Illinois at Urbana Champaign, EIEF Roma, iTAM Finance Conference, ESSEC, UNITTN, EFA, AMBS, HEC Paris, COAP Conference, UTDT Summer Economics Conference.

2019: Arizona State University, University of Michigan, Texas A&M College Station, UCSC Corporate Theory Conference, WFA, Swedish House of Finance, WAPFIN NYU, University of Maryland (scheduled), FOM Conference (scheduled).

2020: American Finance Association (scheduled), Paris Dauphine (scheduled), Federal Board of Governors (scheduled), QMUL (scheduled).  


Krowe Excellence in Teaching Award 2018, University of Maryland.

Centro Einaudi Visiting Scholar, May 2018.

Kauffman Foundation Research Fellow, 2017-2018.

Distinguished Teaching Award 2016-2017, University of Maryland.

Editor's Choice, Review of Financial Studies, for Strategic Investment and Industry Risk Dynamics, 2015.

Best finance Dissertation in Switzerland, Award by Foundation Nicholas Porphyrogenis, 2009.  

Best paper Award by a PhDc in Switzerland, SFI Annual Meetings, 2006.  

Best Undergraduate Thesis in Economics Award, Universidad Torcuato di Tella, Argentina.

Other links

The program of the first Junior Corporate Finance Conference at UMD, organized by my colleague Laurent Fresard and myself, and held on April 15-16, 2016 on campus.  

The RFS Editorial Blog, including a blog by Prof. Andrew Karolyi on the paper Strategic Investment and Industry Dynamics (2015).  The follow up paper that is mentioned in this blog is now my paper Supply Chain Bargaining and Asset Prices (2018).

A link to an applied research blog by the London School of Economics (LSE for Business), where I post blogs from time to time.  The latest blog on our paper on Product market competition and industry returns (joint with A. Donangelo) can be found here.

The Website of the Macro Finance Society, a society pursuing research and discussion on the link between macroeconomics and financial economics.

A link to Libertango by Astor Piazzolla, a music genius to praise.