Finance

RSM’s department of Finance is dynamic and international. "We are a meeting place for ambitious academics and dedicated educators in the field of corporate finance and investments," says Marno Verbeek, Department Chair. "As a group we collectively manage one of the School's largest master programmes, engage in top quality research, and organise high-quality specialised conferences."

The RSM Finance Group is dynamic and international. We do high quality research that is published in top-tier journals and has both academic and practical impact. We provide a demanding MSc programme in Finance and Investments to prepare future leaders in business and finance.

Marno Verbeek, Department Chair

A circle of experts

RSM Finance is part of the Erasmus Finance Group, which includes faculty from the Erasmus School of Economics (ESE) at Erasmus University Rotterdam. "We address a wide variety of areas – research into corporate finance, the predictability of stock returns, asset management, sustainable finance, credit risk, financial innovation, FinTech, entrepreneurial finance and corporate governance, among others," says Professor Verbeek. "Our research and education focus on positive change that enables people and organisations to thrive. We co-operate with the industry on topics such as sustainable finance and climate risk, and we share our latest research with each other during our lunchtime Brown Bag Seminars – it's inspiring to work as a community of finance."

Weekly seminars

"The Erasmus Finance Group has an outstanding weekly seminar series that can compete with those from the best business schools in the world," says Professor Verbeek. Such speakers as Daron Acemoglu (MIT), Harrison Hong (Princeton), Maureen O’Hara (Cornell), and Lucian Taylor (Wharton School of Business) present each week to an audience that includes faculty and PhD researchers.

Annual conferences

The group also organises highly visible academic conferences each year, including the Professional Asset Management and Erasmus Liquidity series, which feature renowned international keynote speakers. "As a group, RSM Finance is proud of the quality of our research, our programmes, and the renowned finance scholars who like to visit, teach and learn with us," says Professor Verbeek.

About our research

Publications

2023

Reinders, H. J. (2023). Financial stability in a changing environment. [Doctoral Thesis, Erasmus University Rotterdam]. Erasmus University Rotterdam (EUR).
Ralcheva, A. (2023). Crowdfunding: A disruptive innovation in entrepreneurial finance? [Doctoral Thesis, Erasmus University Rotterdam]. Erasmus University Rotterdam (EUR).
Mazzola, F. (2023). Externalities in economics and finance: Essays on spillover effects and economic decisions. [Doctoral Thesis, Erasmus University Rotterdam]. Erasmus University Rotterdam (EUR).
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
Schoenmaker, D., & Schramade, W. (2023). Corporate Finance for Long-Term Value. https://link.springer.com/book/10.1007/978-3-031-35009-2
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
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.
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
Xu, G., & Fich, E. (2023). Assimilation Effects in Financial Markets. Journal of Financial and Quantitative Analysis. https://doi.org/10.1017/S0022109022001168
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
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
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/
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
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
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
Roosenboom, P. (2023). Dealplafond in zicht? Fusie en Overname (M & A Magazine), 52. https://mena.nl/artikel/mededingingsautoriteiten-blokkeren-vaker-overnames
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
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.
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
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
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
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
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
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
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
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
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
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

2022

Emery, L., & Woeppel, M. (2022). Patent-Right Uncertainty and Mergers and Acquisitions. https://doi.org/10.2139/ssrn.4249384
Metzger, D., Böhm, M., & Stromberg, P. (2022). Since You're So Rich, You Must Be Really Smart': Talent and the Finance Wage Premium. Review of Economic Studies https://doi.org/10.2139/ssrn.2780367
Cosemans, M., & Schoenmaker, D. (2022). Carbon Bias in Index Investing. Rotterdam School of Management (RSM), EUR. Advance online publication. https://doi.org/10.2139/ssrn.4016221
Brogger, A., & van Binsbergen, J. (2022). The Future of Emissions. https://doi.org/10.2139/ssrn.4241164
Legierse, W. (2022). The Timing and Pricing of Initial Public Offerings: Evidence from the Low Countries. [Doctoral Thesis, Erasmus University Rotterdam]. Erasmus University Rotterdam (EUR).
Fu, G. (2022). Agency Problems in the Mutual Fund Industry. [Doctoral Thesis, Erasmus University Rotterdam]. Erasmus University Rotterdam (EUR).
Brennenraedts, R., den Hertog, P., Janssen, M., Ott, J., Roosenboom, P., & Smeitink, A. (2022). Tussentijdse evaluatie Invest-NL. Ministry of Economics Affairs. https://www.dialogic.nl/2022/12/12/invest-nl-kan-bijdragen-aan-maatschappelijke-transities-maar-niet-in-alle-gevallen/
Kong, LJ., Maes, F., Qin, TB., & Spijkers, O. (2022). 'Water Law as Environmental Law': An Introduction to the Special Issue. Chinese Journal of Environmental Law, 6(2), 117-123. https://doi.org/10.1163/24686042-12340080
Stenzel, A., & Wagner, W. (2022). Opacity, liquidity and disclosure requirements. Journal of Business Finance and Accounting, 49(5-6), 658-689. https://doi.org/10.1111/jbfa.12574
Rösch, D. M., Subrahmanyam, A., & van Dijk, M. A. (2022). Investor short-termism and real investment. Journal of Financial Markets, 59, Article 100645. https://doi.org/10.1016/j.finmar.2021.100645
Roosenboom, P. (2022). Non-bancaire markt in opkomst. Jaarbericht Staat van het mkb 2022, 51-53. https://cms.staatvanhetmkb.nl/wp-content/uploads/2022/11/Jaarbericht-Staat-van-het-MKB-2022_Ondernemen-in-het-ondertussen.pdf
Roosenboom, P. (2022). Vermogend private equity in opmars als koper van mkb-bedrijven. Het Financieele Dagblad.
Pazienza, M., de Jong, M., & Schoenmaker, D. (2022). Clarifying the Concept of Corporate Sustainability and Providing Convergence for Its Definition. Sustainability (Switzerland), 14(13), Article 7838. https://doi.org/10.3390/su14137838
Li, Y., Krefeld-Schwalb, A., Wall, D., Johnson, E. J., Toubia, O., & Bartels, D. M. (2022). The More You Ask, the Less You Get: When Additional Questions Hurt External Validity. Journal of Marketing Research, 59(5), 963-982. Article https://journals.sagepub.com/doi/pdf/10.1177/00222437211073581. https://doi.org/10.1177/00222437211073581
Lambert, T., Wagner, W., & Zhang, E. (2022). Banks, Political Capital, and Growth. Review of Corporate Finance Studies, 12(3), 613-655. https://doi.org/10.1093/rcfs/cfac005
Koh, P. S., Reeb, D. M., Sojli, E., Tham, W. W., & Wang, W. (2022). Deleting unreported innovation. Journal of Financial and Quantitative Analysis, 57(6), 2324 - 2354. https://doi.org/10.1017/s0022109021000764
Igan, D., Lambert, T., Wagner, W., & Zhang, E. Q. (2022). Winning connections? Special interests and the sale of failed banks. Journal of Banking and Finance, 140, Article 106496. https://doi.org/10.1016/j.jbankfin.2022.106496
Huizinga, H., Todtenhaupt, M., Voget, J., & Wagner, W. (2022). Taxation and the external wealth of nations: Evidence from bilateral portfolio holdings. Journal of International Money and Finance, 122, Article 102548. https://doi.org/10.1016/j.jimonfin.2021.102548
Galil, K., Samuel , M., Offer, S., & Wagner, W. (2022). Bailouts and the Modeling of Bank Distress. Journal of Financial Research, 46(1), 7-30. https://doi.org/10.1111/jfir.12313
Ellul, A., Jotikasthira, C., Kartasheva, A., Lundblad, C., & Wagner, W. (2022). Insurers as Asset Managers and Systemic Risk. Review of Financial Studies, 35(12), 5483-5534. https://doi.org/10.1093/rfs/hhac056
Duijm, P. (2022). Foreign-funded credit: Funding the credit cycle? International Finance, 25(2), 167-182. https://doi.org/10.1111/infi.12406
Dottling, R., & Kim, S. (2022). Sustainability Preferences Under Stress: Evidence from COVID-19. Journal of Financial and Quantitative Analysis. https://doi.org/10.1017/S0022109022001296
De Jong, A. (2022). Research in business history: From theorising to bizhismetrics. Australian Economic History Review, 62(1), 66-79. https://doi.org/10.1111/aehr.12221
De Jong, A., & Legierse, W. (2022). What causes hot markets for equity IPOs? An analysis of initial public offerings in the Netherlands, 1876-2015. European Review of Economic History, 26(2), 208-233. https://doi.org/10.1093/ereh/heab011
Bongaerts, D., Roll, R., Rösch, D., van Dijk, M., & Yuferova, D. (2022). How Do Shocks Arise and Spread Across Stock Markets? A Microstructure Perspective: A microstructure perspective. Management Science, 68(4), 3071-3089. https://doi.org/10.1287/mnsc.2021.3979
Bongaerts, D., & Schlingemann, F. P. (Accepted/In press). The real effects of ratings actions: Evidence from corporate asset sales. Management Science. https://doi.org/10.2139/ssrn.2866484
Beck, T., Buston Silva, C., & Wagner, W. (Accepted/In press). The economics of supranational bank supervision. Journal of Financial and Quantitative Analysis. https://doi.org/10.2139/ssrn.3130124
Baquero, G., & Verbeek, M. (2022). Hedge Fund Flows and Performance Streaks: How Investors Weigh Information. Management Science, 68(6), 4151-4172. https://doi.org/10.1287/mnsc.2021.4067, https://doi.org/10.1287/mnsc.2021.4067

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.

News archive

Faculty

View our faculty overview:

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 Professional Asset Management Conference will place on June 12 and 13, 2023.

All conferences

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