Cecilia Bustamante Directory Page

Cecilia Bustamante

Cecilia Bustamante

Associate Professor

PhD in Finance, Swiss Finance Institute, University of Lausanne


4423 Van Munching Hall

Dr. M. Cecilia Bustamante is an asociate professor of finance at the Robert H. Smith School of Business at the University of Maryland.  

Her research interests include applied dynamic corporate finance, industrial organization, and the asset pricing implications of corporate decisions.  Her recent work elaborates on how competitive pressures in product markets affect corporate investment decisions and firms’ exposure to systematic risk.  Cecilia has also studied the underlying determinants of waves in public equity offerings, and is currently analyzing how to reward CEOs optimally depending on the investment opportunities that firms may have. 

Cecilia received her PhD in Finance from the Swiss Finance Institute at the University of Lausanne, and was a Visiting Scholar at the Haas School of Business at UC Berkeley during her PhD studies.  Before pursuing an academic career, Cecilia also worked as a consultant in forensic finance supporting multinational firms in international arbitration procedures.


Smith Finance Professor Honored at Women’s Event

Professor M. Cecilia Bustamante at the University of Maryland’s Robert H. Smith School of Business was an invited speaker at the first…

Read News Story : Smith Finance Professor Honored at Women’s Event
Fearless Idea 7: Embrace Competition

SMITH BRAIN TRUST — People who study financial economics regularly assume that the markets in which firms sell their products are…

Read News Story : Fearless Idea 7: Embrace Competition



How Do Banks Finance the Unproven Startup?

Women Leading Research 2019: M. Cecilia Bustamante

Read the article : How Do Banks Finance the Unproven Startup?

In Press, 2017

Bustamante MC, Donangelo A. Industry Concentration and Markup: Implications for Asset Pricing. Review of Financial Studies. In Press, 2017.


Anderson R, Bustamante MC, Guibaud S, Zervos M. Agency, firm growth and managerial turnover. Journal of Finance. 2017.


Bustamante MC. How do frictions affect corporate investment? A structural approach. Journal of Financial and Quantitative Analysis [Internet]. 2016;51 (6) :1-34.


Bustamante MC. Strategic investment and industry risk dynamics. Review of Financial Studies [Internet]. 2015;28 :297-341. 


Bustamante MC. The Dynamics of Going Public. Review of Finance [Internet]. 2012;16 :577-618.

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