Publications
2024
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Jochem, T., Ormazabal, G., & Rajamani, A. (2024). Why have CEO pay levels become less diverse? (R&R JF). European Corporate Governance Institute (ECGI). https://doi.org/10.2139/ssrn.3716765
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Heilmann, C., Szymanowska, M., & Vergara Fernandez, M. (2024). Financial Economics: What Kind of Science Is It? In J. Sandberg, & L. Warenski (Eds.), The Philosophy of Money and Finance (pp. 111-128). https://doi.org/10.1093/oso/9780192898807.003.0007
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Roor, A., & Maas, K. (Accepted/In press). Do impact investors live up to their promise? A systematic literature review on (im)proving investments' impacts. Business Strategy and the Environment. https://doi.org/10.1002/bse.3644
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Fisar, M., Greiner, B., Huber, C., Katok, E., Ozkes, A. I., & the Management Science Reproducibility Collaboration (2024). Reproducibility in Management Science. Management Science, 70(3), 1343–1356. https://doi.org/10.1287/mnsc.2023.03556
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Becker, B., Campello, M., Thell, V., & Yan, D. (Accepted/In press). Credit Risk, Debt Overhang, and the Life Cycle of Callable Bonds. Review of Finance. https://doi.org/10.1093/rof/rfae001
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Bartels, J., & Schramade, W. (2024). Investing in human rights: overcoming the human rights data problem. Journal of Sustainable Finance and Investment, 14(1), 199-219. https://doi.org/10.1080/20430795.2022.2053943
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Ahmad, M. F., Aktas, N., Cumming, D., & Xu, G. (2024). Board reforms and M&A performance: international evidence. Journal of International Business Studies. https://doi.org/10.1057/s41267-023-00674-3
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Rajamani, A., & Schlingemann, F. P. (2024). Real effects of stock market valuations: Local valuation spillovers in M&A activity. https://www.ecgi.global/sites/default/files/Real%20effects%20of%20stock%20market%20valuations:%20Local%20valuation%20spillovers%20in%20M&A%20activity.pdf
2023
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Emery, L., & Koëter, J. (2023). The Size Premium in a Granular Economy. https://doi.org/10.2139/ssrn.4597933
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de Arriba - Sellier, N. (Author). (2023). Losing patience: The ECB’s supervision of climate risks. Web publication/site https://eulawlive.com/op-ed-losing-patience-the-ecbs-supervision-of-climate-risks-by-nathan-de-arriba-sellier/
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de Arriba - Sellier, N. (Author). (2023). Obligations without accountability? The ECB and the European Climate Law. Web publication/site https://eulawlive.com/op-ed-obligations-without-accountability-the-ecb-and-the-european-climate-law-by-nathan-de-arriba-sellier/
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de Arriba - Sellier, N. (Author). (2023). The ISSB’s new standards: breaking ground or low hanging fruits?. Web publication/site https://www.ecgi.global/blog/issb’s-new-standards-breaking-ground-or-low-hanging-fruits
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Reinders, H. J. (2023). Financial stability in a changing environment. [Doctoral Thesis, Erasmus University Rotterdam]. Erasmus University Rotterdam (EUR).
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Ralcheva, A. (2023). Crowdfunding: A disruptive innovation in entrepreneurial finance? [Doctoral Thesis, Erasmus University Rotterdam]. Erasmus University Rotterdam (EUR).
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Mazzola, F. (2023). Externalities in economics and finance: Essays on spillover effects and economic decisions. [Doctoral Thesis, Erasmus University Rotterdam]. Erasmus University Rotterdam (EUR).
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van Eijkel, R., Luiten, W., Elsenburg, W., & Roosenboom, P. (2023). De markt voor kinderopvang: De rol van private equity binnen de kinderopvangsector. Ministry of Social Affairs. https://www.rijksoverheid.nl/documenten/kamerstukken/2023/04/11/eindrapport-seo-markt-voor-kinderopvang
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Schoenmaker, D., & Schramade, W. (2023). Corporate Finance for Long-Term Value. https://doi.org/10.1007/978-3-031-35009-2
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Roosenboom, P., & Fidrmuc, J. (Accepted/In press). Public-to-Private Transactions. In D. Cumming, & B. Hammer (Eds.), The Palgrave Encyclopedia of Private Equity (pp. 1-5). Palgrave Macmillan. https://doi.org/10.1007/978-3-030-38738-9_113-1
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Gianfrate, G., Schoenmaker, D., & Wasama, S. (2023). Cost of capital and climate risks. In Handbook of Business and Climate Change (pp. 480-502). Edward Elgar Publishing.
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on behalf of RADICON-NL consortium, Olde Keizer, R. A. C. M., Marouane, A., Kerstjens-Frederikse, W. S., Deden, A. C., Lichtenbelt, K. D., Jonckers, T., Vervoorn, M., Vreeburg, M., Henneman, L., de Vries, L. S., Sinke, R. J., Pfundt, R., Stevens, S. J. C., Andriessen, P., van Lingen, R. A., Nelen, M., Scheffer, H., Stemkens, D., ... Oegema, R. (2023). Rapid exome sequencing as a first-tier test in neonates with suspected genetic disorder: results of a prospective multicenter clinical utility study in the Netherlands. European Journal of Pediatrics, 182(6), 2683-2692. https://doi.org/10.1007/s00431-023-04909-1
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Xu, G., & Fich, E. (2023). Assimilation Effects in Financial Markets. Journal of Financial and Quantitative Analysis, 58(7), 2890-2927. https://doi.org/10.1017/S0022109022001168
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Vergara Fernandez, M., Heilmann, C., & Szymanowska, M. (2023). Contextualist model evaluation: models in financial economics and index funds. European Journal for Philosophy of Science, 13(1), Article 6. https://doi.org/10.1007/s13194-022-00506-5
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Vergara Fernandez, M., Heilmann, C., & Szymanowska, M. (2023). Describing model relations: The case of the capital asset pricing model (CAPM) family in financial economics. Studies in History and Philosophy of Science, 97, 91-100. https://doi.org/10.1016/j.shpsa.2022.12.002
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van Eijkel, R., Luiten, W., Elsenburg, W., & Roosenboom, P. (2023). Kritiek Van Huizen valt buiten bereik van ons onderzoek en is deels onjuist. Economisch-Statistische Berichten. https://esb.nu/kritiek-van-huizen-valt-buiten-bereik-van-ons-onderzoek-en-is-deels-onjuist/
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van Dijk, M., Menkveld, A. J., Dreber, A., Holzmeister, F., Huber, J., Johannesson, M., Kirchler, M., Neususs, S., Razen, M., Wagner, W., Verwijmeren, P., Vogel, S., van der Wel, M., Mazzola, F., Yang, A., & Zhou, C. (Accepted/In press). Non-Standard Errors*. Journal of Finance. https://doi.org/10.2139/ssrn.3961574
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Schoenmaker, D., & Stegeman, H. (2023). Can the Market Economy Deal with Sustainability? Economist (Netherlands), 171(1), 25-49. https://doi.org/10.1007/s10645-022-09416-6
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Schoenmaker, D., Schramade, W., & Winter, J. (2023). Corporate Governance Beyond the Shareholder and Stakeholder Model. Erasmus Law Review, 2023(1). https://doi.org/10.5553/ELR.000237
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Roosenboom, P. (2023). Dealplafond in zicht? Fusie en Overname (M & A Magazine), 52. https://mena.nl/artikel/mededingingsautoriteiten-blokkeren-vaker-overnames
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Roosenboom, P. (2023). Er gloort weer hoop voor een beursgang nu 'grote jongen' CVC zijn debuut wil maken in Amsterdam. NRC Handelsblad. https://www.nrc.nl/nieuws/2023/08/23/met-cvc-gaat-nog-een-grote-jongen-van-private-equity-naar-de-beurs-a4172614
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Roosenboom, P. (2023). Nieuwe klap voor mkb: Geld lenen wordt moeilijker en duurder. De Financiële Telegraaf. https://www.telegraaf.nl/financieel/126827700/nieuwe-klap-voor-mkb-geld-lenen-wordt-moeilijker-en-duurder#:~:text=Een%20hogere%20rente%20is%20niet,de%20zoveelste%20klap%20voor%20ondernemers.&text=De%20malaise%20op%20de%20kapitaalmarkt,om%20financiering%20aan%20te%20trekken.
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Roosenboom, P. (2023). Onderzoekers raden begrenzen winstuitkering in de kinderopvang af. Het Financieele Dagblad. https://fd.nl/samenleving/1472668/onderzoekers-raden-begrenzen-winstuitkering-in-de-kinderopvang-af-iae3caFYj7M7
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Roosenboom, P. (2023). Private equity en accountants. De Accountant. https://www.accountant.nl/siteassets/accountant.nl/blad/2023-nr.-2/accountant-2023-nr2-private-equity-en-accountants.pdf
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Roosenboom, P. (2023). Private equity en haar maatschappelijke verantwoordelijkheid. MAB, 97(11/12), 351. https://doi.org/10.5117/mab.97.113461
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Reinders, H. J., Schoenmaker, D., & van Dijk, M. (2023). A finance approach to climate stress testing. Journal of International Money and Finance, 131, Article 102797. https://doi.org/10.1016/j.jimonfin.2022.102797
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Pazienza, M., de Jong, M., & Schoenmaker, D. (2023). Why Corporate Sustainability Is Not Yet Measured. Sustainability (Switzerland), 15(7), Article 6275. https://doi.org/10.3390/su15076275
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Luo, M., Manconi, A., & Schumacher, D. (2023). Returns to Scale from Labor Specialization: Evidence from Asset Management Mergers. Review of Corporate Finance Studies, Article cfad024. Advance online publication. https://doi.org/10.1093/rcfs/cfad024
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Legierse, W. (2023). Offering Method and Pricing of IPOs: An Analysis of Stock IPOs in the Netherlands, 1918–1939. Economist (Netherlands), 171(3), 207-238. https://doi.org/10.1007/s10645-023-09422-2
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Larrain, B., Roosenboom, P., Sertsios, G., & Urzúa I., F. (2023). Ownership Concentration and Firm Value: New Evidence from Owner Stakes in IPOs. Management Science. Advance online publication. https://doi.org/10.1287/mnsc.2021.01039
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Kennedy, S., Fuchs, M., van Ingen, W., & Schoenmaker, D. (2023). A resilience approach to corporate biodiversity impact measurement. Business Strategy and the Environment, 32(5), 2567-2582. https://doi.org/10.1002/bse.3140
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Kempf, E., Luo, M., Schäfer, L., & Tsoutsoura, M. (2023). Political ideology and international capital allocation. Journal of Financial Economics, 148(2), 150-173. https://doi.org/10.1016/j.jfineco.2023.02.005
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Döttling, R., & Ratnovski, L. (2023). Monetary Policy and Intangible Investment. Journal of Monetary Economics, 134, 53-72. https://doi.org/10.1016/j.jmoneco.2022.11.001
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Deloof, M., de Jong, A., & Legierse, W. (2023). Going public: evidence from stock and bond IPOs in Belgium, 1839–1935. Cliometrica, 17(3), 433-466. https://doi.org/10.1007/s11698-022-00258-5
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Beck, T., Döttling, R., Lambert, T., & van Dijk, M. (2023). Liquidity creation, investment, and growth. Journal of Economic Growth, 28(2), 297-336. https://doi.org/10.1007/s10887-022-09217-1
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Beck, T., Silva-Buston, C., & Wagner, W. (2023). The Economics of Supranational Bank Supervision. Journal of Financial and Quantitative Analysis, 58(1), 324-351. https://doi.org/10.1017/s0022109022000588
Research
Research of the Department of Finance deals with two main focal areas:
- Corporate Finance which studies investments and financing decisions within the firm.
- Investments which concentrates on the mechanics of financial markets and investments in stocks, bonds, and derivatives, among other vehicles.
Centres, Projects, and Experts
High-profile and relevant research is constantly being developed by Finance Department faculty members who connect to ERIM through its F&A research programme. These scholars share their knowledge through a variety of initiatives, including Centres of Expertise. Support for their research may come from companies, the European Government, grants or other forms of sponsorship.
Some notable Centres of Expertise associated with the Finance Department:
Mutual Funds and Hedge Funds
Directors: Prof. Marno Verbeek, Dr. Joop Huij.
Mutual Funds and hedge funds are amongst the most interesting areas of research in finance today. The work of this centre is to examine the wide variety of investment approaches leading to high performance and best practices.
Erasmus Platform for Sustainable Value Creation
The purpose of this platform is to develop new insights through research and education in close collaboration with leading sustainable finance players in the industry and academia. The platform brings together academic faculty research, PhD, Master and Bachelor students, MBAs and executive education, NGOs and professionals in the financial industry.
Department news
Read our departmental news from 2022 back to 2008.
Faculty
View our faculty overview:
Education
Bachelor Programme
The department of Financial Management contributes to the curriculum of both the Bachelor of Science in International Business Administration programme as well as the Bachelor of Science in Business Administration (in Dutch “Bedrijfskunde”) programme. The department provides courses in finance and accounting.
Course topics include: Corporate Finance, International Financial Management, Financial Accounting, and management accounting.
In addition to introductory courses, we also offer elective courses and bachelor research projects on Mergers and Acquisitions, Investment Strategies, Real Estate Finance, Financial Control and Financial Accounting.
MSc in Finance and Investments
The MSc in Finance and Investments concentrates on a wide variety of questions facing financial specialists. The programme focuses on financial decision-making from a management perspective. You will acquire state-of-the-art knowledge and hands-on experience in one of the most dynamic business areas.
The MSc in Finance and Investments offers you a wide variety of topics in the field of finance and investments. Typical challenges relate to financial decisions that companies and investors have to make.
PhD in Management
Talented young researchers get the opportunity to do pioneering and innovative PhD research at ERIM, a top research institute in Europe. In its PhD programme in Management, ERIM offers PhD candidates personal supervision by internationally acclaimed management researchers and excellent research facilities, including a state-of-the-art behavioural lab and advanced survey technology. In addition, a special support programme pays for research expenses like conference visits, international research visits, and data collection. All ERIM’s PhD students are paid a competitive salary and receive career development support.
Research events
Each year, we host several international conferences with speakers and discussants from a wide variety of schools and locations. The 10th Erasmus Liquidity Conference will place on June 13 and 14, 2024.
Departmental news
Read our latest news, or our news archive.
Contact us
Department of Finance is located in Mandeville (T) building on Woudestein campus, Erasmus University Rotterdam. You can find the campus map here.
Visiting Address
Rotterdam School of Management, Erasmus University
Department of Finance
Mandeville (T) Building, Room 08-25
Burgemeester Oudlaan 50
3062 PA Rotterdam
The Netherlands
Postal Address
P.O. Box 1738
3000 DR Rotterdam
The Netherlands