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Staff Profiles

Home > Staff Profiles > Professor Bart Lambrecht

Professor Bart Lambrecht

BA (Antwerp); MPhil, MA, PhD (Cambridge)

Chair

Department

Accounting and Finance

Contact

Room: C42
Tel: +44 1524 5 92711
Fax: + 44 (0)1524 847321
Email:

Professional Role

Director of Research

Associate of the Real Options Group and member of the Editorial Board of the Journal of Business Finance and Accounting.

Current Teaching

Financial Management (core course) (MBA);
Doctoral seminars (PhD);
Advanced Corporate Finance (elective course) (MSc)

Research Interests

My area of research is corporate finance.  I have a particular interest in:

1. Financing of firms and corporations
2. Corporate restructuring (mergers and acquisitions; corporate insolvency)
3. Real options
4. Housing and Household finance

1. Financing of firms and corporations

This work examines how a firm's capital structure influences product market competition and corporate default. Related work analyzes various aspects of the interaction between capital structure, investment policy, payout policy and corporate governance.

Lambrecht B.M., Myers S.C., 2010, "A Lintner Model of Dividends and Managerial Rents", NBER working paper 16210, forthcoming Journal of Finance

Lambrecht B.M., Myers S.C., 2008, "Debt and Managerial Rents in a Real-Options Model of the Firm", Journal of Financial Economics, vol 89(2), 209-231

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

Lambrecht B.M., Pawlina G., 2011, "A Theory of Negative Debt and Transferable Human Capital", SSRN working paper, forthcoming Review of Finance

V. Acharya and Lambrecht B M, 2011, "A Theory of Income Smoothing when Insiders Know more than Outsiders", SSRN and NBER working paper, under submission

Lambrecht B M and S C Myers, 2011, "The Dynamics of Debt, Payout and Investment", in progress

2. Corporate Restructuring
This work studies the timing and terms of mergers and acquisitions, and the restructuring of firms in declining markets.
The work considers the role of economic uncertainty, managerial incentives, debt financing, payout policy, economies of scale, product market competition and corporate governance in the timing of corporate restructurings.

Lambrecht B M, 2004, 'The timing and terms of mergers motivated by economies of scale', Journal of Financial Economics, vol 72(1), 41-62

Lambrecht B M, Myers S C., 2007,  'A Theory of Takeovers and Disinvestment', Journal of Finance, vol 62(2), 809-845  

3. Real Options
This research considers the valuation of investments under uncertainty and incorporates strategic behaviour between agents into the valuation framework.  The work also analyses investors' decisions under different information structures (complete, incomplete and asymmetric information).

Lambrecht B M, Pawlina G, Teixeira Joao, 2010, "Outsourcing, Integration and Investment in Costly Capacity", SSRN working paper, under submission

Hsu Y, Lambrecht B M, forthcoming, "Preemptive patenting under uncertainty and asymmetric information", Annals of Operations Research 151(1), pp. 5-28

Lambrecht B M, Perraudin W R M, 2003, 'Real Options and preemption under incomplete information', Journal of Economic Dynamics and Control, vol 27(4), pp.619-643

Lambrecht B M, 2000, 'The timing of arbitage: an options approach', Finance, vol 21(2), pp.131-167

Lambrecht B M, 2000, 'Strategic sequential investments and sleeping patents', in Project Flexibility, Agency and Product Market Competition: New Developments in the Theory and Application of Real Options Analysis, (eds) Brennan M J, Trigeorgis L, Oxford University Press, Oxford, pp.297-323

Lambrecht B M, Perraudin W R M, 1996, 'Creditor races and contingent claims', European Economic Review, vol 40, pp.897-907

4. Housing and household finance
This work examines the timing of mortgage default and repossession in the UK (period 1987-1992). More recent work studies the role of housing finance for homeownership in the Netherlands (period 1992-2005). We document in particular the proliferation of mortgages with non-compulsary repayment features (such as interest-only mortgages) and discuss their role for loosening borrowers' financing constraints as well as their long term effect on loan-to-values in the housing market.

  Lambrecht B M, Perraudin W R M, Satchell S E, 2003, 'Mortgage default and possession: a competing hazards approach', Journal of Money, Credit and Banking, vol 35(2), pp.425-442

Lambrecht B M, Perraudin W R M, Satchell S E, 1997, 'Time to default in the UK mortgage market', Economic Modelling, vol 14(4), pp.485-499

Cunha R, Lambrecht B M, Pawlina G., 2008, 'Determinants of Outstanding Mortgage Loan to Value Ratios: Evidence from the Netherlands', mimeo Lancaster University

Cunha R, Lambrecht B M, Pawlina G, 2011, "Household Liquidity and Incremental Finance Decisions: Theory and Evidence", Journal of Business Finance and Accounting 38(7-8), 1016-1052

Research Grants

"Corporate Investment under Uncertainty and Competition " (ESRC award R000271099; 10/2000-09/2003; budget: £107911; end of award grade: outstanding)

"Investment and Financing Policy of Corporations and Households" (ESRC reserach grant RES-062-23-0078; 10/2006-09/2009; budget: £242268 (fEC £302835); joint with G. Pawlina; end of award grade: outstanding )

Profile

Bart Lambrecht has a BA in applied economics from the University of Antwerp (UFSIA). He did his graduate studies at the University of Cambridge where he obtained an MPhil in Finance and a Phd in Economics. Prior to joining the University of Lancaster in 2003 as a finance professor, he was a lecturer and senior lecturer at the University of Cambridge. Bart Lambrecht has held visiting positions at the University of Calgary (2001), UCLA (2002) and MIT (2009).

CURRICULUM VITAE (downloadable in pdf format)

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