Laurent Barras

Associate Professor, Finance
Academic title(s): 

Desmarais Scholar

Laurent Barras
Contact Information
Email address: 
laurent.barras [at]
Alternate email address: 
karen.robertson [at]

Bronfman Building [Map]
1001 rue Sherbrooke Ouest
Montreal, Quebec
H3A 1G5


PhD, Finance, Swiss Finance Institute, University of Geneva, Switzerland
MEF, University of Geneva, Switzerland
BBS, University of Geneva, Switzerland


Laurent Barras conducts empirical research on performance measurement and asset pricing. Some of his recent research focuses on mutual fund performance and on return predictability in the hedge fund industry. His research has appeared in leading academic journals, such as the Journal of Finance, and has been cited in several international newspapers such as the New York Times or Forbes. Professor Laurent Barras also consults for the hedge fund industry. Laurent Barras received a PhD degree in Finance from the Swiss Finance Institute at the University of Geneva (Switzerland) in 2007, where he has taught undergraduate and graduate-level courses. Prior to joining McGill's Faculty of Management in July 2009, Laurent Barras was a visiting researcher at Imperial College, London (UK).

Curriculum vitae: 
Tenured & Tenure Track
Research areas: 
Empirical Asset Pricing
Mutual & Hedge Funds
Performance Measurement
Return Predictability
Selected publications: 

Published Papers

  • "Skill, Scale, and Value Creation in the Mutual Fund Industry”, 2021, Journal of Finance, Forthcoming, with P. Gagliardini and O. Scaillet
  • "Reassessing False Discoveries in Mutual Fund Performance: Skill, Luck, or Lack of Power? A Reply”, 2020, Journal of Finance (Replication and Corrigenda), 1-34, with O. Scaillet and R. Wermers
  • "A Large-Scale Approach for Evaluating Asset Pricing Models", 2019, Journal of Financial Economics 134, 549-569
  • “Does Variance Risk Have Two Prices? Evidence from the Equity and Option Markets”, 2016, Journal of Financial Economics 121, 79-92, with A. Malkhozov
  • "Hedge Fund Return Predictability Under the Magnifying Glass", 2013, Journal of Financial and Quantitative Analysis 48, 1057-1083, with D. Avramov and R. Kosowski
  • "False Discoveries in Mutual Fund Performance: Measuring Luck in Estimated Alphas", 2010, Journal of Finance 65, 179-216, with O. Scaillet and R. Wermers
  • "International Conditional Asset Allocation Under Specification Uncertainty", 2007, Journal of Empirical Finance 14, 443-464
  • "How to Diversify Internationally? A Comparison of Conditional and Unconditional Asset Allocation Methods", 2003, Financial Markets and Portfolio Management 17, 194-212, with D. Isakov
Awards, honours, and fellowships: 


Desmarais Faculty Scholar Award, McGill University, Canada (2018-2021)

Swiss Finance Institute/Banque Privée Espirito Santo Outstanding Paper Prize for "False Discoveries in Mutual Fund Performance: Measuring Luck in Estimated Alphas” (2008)


  • 2020 SSHRC Individual Research Grant
  • 2018 CDI Research Grant (with A. Malkhozov and G. Rousselet)
  • 2016 SSHRC Individual Research Grant
  • 2016 CDI Research Grant (with A. Ardia, P. Gagliardini, and O. Scaillet)
  • 2013 CDI Research Grant (with A. Malkhozov)
  • 2011 SSHRC Individual Research Grant
  • 2011 FQRSC New Researcher Grant
  • 2008 Grant for Advanced Researcher, Swiss National Science Foundation
  • 2007 Grant for Young Researcher, Swiss National Science Foundation

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