Department of Finance

The Department of Finance is one of the most research-oriented finance departments in Europe. It hosts a diverse group of scholars who have reached international reputation in key areas of current research in theoretical and empirical finance, including banking, corporate governance, financial regulation, law and economics, private equity, financial econometrics, market microstructure, pension finance and credit derivatives. The department offers high quality education at the undergraduate, graduate and executive levels. Its members are active in the CentER, TILEC and Netspar research centers in Tilburg, and in several top-level research institutions. It hosts weekly seminars with leading scholars from the US and Europe, and has an active visitors programme. Its PhD students have been placed in top US and European schools, including Chicago GSB, Toronto and Cambridge.

Forthcoming Publications

Lieven Baele, with Geert Bekaert and Koen Inghelbrecht, 'The Determinants of Stock and Bond Return Comovements', Review of Financial Studies.
Hans Degryse with Stijn Ferrari and Frank Verboven, 'Investment and Usage of New Technologies: Evidence from a Shared ATM Network', American Economic Review.
Hans Degryse with Nancy Masschelein and Janet Mitchell, 'Staying, dropping, or switching: the impacts of bank mergers on small firms', Review of Financial Studies.
Vasso Ioannidou, with Allen Berger and Scott Frame, 'Tests of ex ante ex post theories of collateral using private and public information', Journal of Financial Economics.
Vasso Ioannidou and Steven Ongena, 'Time for a Change: Loan Conditions and Bank Behavior When Firms Switch Banks', Journal of Finance.
Frank de Jong and Joost Driessen, with Dion Bongaerts, 'Derivative Pricing with Liquidity Risk: Theory and Evidence from the Credit Default Swap Market', Journal of Finance
Theo Nijman and Bas Werker with Ralph Koijen, 'When Can Life-cycle Investors Benefit from Time-varying Bond Risk Premia?', Review of Financial Studies.
Luc Renneboog with Alexander Haslam, Clara Kulich, Michelle Ryan, and Grzegorz Trojanowski, 'Who gets the carrot and who gets the stick? Evidence of gender disparities in executive remuneration', Strategic Management Journal.
Frans de Roon, with Cheol Eun, Sandy Lai, and Zhe Zhang, 'International Diversification with Factor Funds', Management Science.
Christophe Spaenjers, with Elroy Dimson, 'Ex post: The investment performance of collectible stamps', Journal of Financial Economics.
Oliver Spalt, with Ernst Maug and Ingolf Dittmann, 'Sticks or Carrots? Optimal CEO Compensation when Managers are Loss-Averse', Journal of Finance
Bas Werker, with Eric Renault, 'Causality Effects in Return Volatility Measures with Random times', Journal of Econometrics

Recent Publications

Fabio Castiglionesi with Sandro Brusco, 'Liquidity coinsurance, moral hazard and financial contagion', Journal of Finance 62 (5), 2275-2302, 2007.
Marco Da Rin with Laura Bottazzi and Thomas Hellmann, 'Who are the active investors? Evidence from venture capital', Journal of Financial Economics, 89 (3), 488-512, 2008.
Hans Degryse with M. van Achter and G. Wuyts, 'Dynamic order submission strategies with competition between a dealer market and a crossing network' , Journal of Financial Economics, 91 (3), 319-338, 2009.
Joost Driessen with Pascal Maenhout and Grigory Vilkov, 'The Price of Correlation Risk: Evidence from Equity Options', Journal of Finance, 64 (3), 1377-1406, 2009.
Joost Driessen with Martijn Cremers and Pascal Maenhout, 'Explaining the Level of Credit Spreads: Option-Implied Jump Risk Premia in a Firm Value Model', Review of Financial Studies, 21 (5), 2209-2242, 2008.
Juan Carlos Rodriguez with Ralph Koijen and Alessandro Sbuelz, 'Momentum and mean reversion in strategic asset allocation', Management Science 55 (7), 1199-1213, 2009.
Paul Sengmuller with Daniel Dorn, 'Trading as entertainment', Managment Science, 55 (4), 591-603, 2009.
Paul Sengmuller with Daniel Dorn and Guy Huberman, 'Correlated trading and returns', Journal of Finance, 64 (2), 858-920, 2009.

Tilburg School of Economics and Management

Department of Finance

See also