Publications
2025
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Driessen, J., Koeter, J., & Wilms, O. (2025). Horizon Effects in the Pricing Kernel: How Investors Price Short-term versus Long-term Risks. Journal of Financial and Quantitative Analysis. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3462415
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Driessen, J., Ebert, S., & Koeter, J. (2025). Π-CAPM: The Classical CAPM with Probability Weighting and Skewed Assets. Review of Financial Studies. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3711478
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Kang, X. (2025). The intersection of asset allocation and factor investing. [Doctoral Thesis, Erasmus University Rotterdam]. Erasmus University Rotterdam (EUR).
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Hut, X. (2025). Essays on sustainable finance. [Doctoral Thesis, Erasmus University Rotterdam]. Erasmus University Rotterdam (EUR).
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de Arriba - Sellier, N., & van Caenegem, A. (2025). Sustainability-related Materiality in the Sustainable Finance Disclosure Regulation (SFDR). In M. Siri, K. Alexander, & M. Gargantini (Eds.), The Cambridge Handbook of European Sustainable Finance: Regulation, Supervision and Governance (pp. 251-279). Cambridge University Press. https://doi.org/10.2139/ssrn.4881034, https://doi.org/10.1017/9781009483971.014
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de Arriba - Sellier, N. (2025). Sustainable Finance: Green Taxonomies as Instruments of System Change? In J. Van Zeben, & C. Hilson (Eds.), A Research Agenda for Environmental Law (pp. 157-170). Edward Elgar Publishing. https://doi.org/10.4337/9781035324408.00019
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Silva-Buston, C., Ossandon Busch, M., & Wagner, W. (2025). International banking and cross-border supervisory cooperation: Lessons from Latin America. Latin American Journal of Central Banking, Article 100165. Advance online publication. https://doi.org/10.1016/j.latcb.2025.100165
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Schoenmaker, D., & Schramade, W. (2025). Teaching finance for responsible management. International Journal of Management Education, 23(2), Article 101170. https://doi.org/10.1016/j.ijme.2025.101170
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Reinders, H. J., Schoenmaker, D., & van Dijk, M. (2025). Climate risk stress testing: A critical survey and classification. Journal of Climate Finance, 10, Article 100061. https://doi.org/10.1016/j.jclimf.2025.100061
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Fich, E., & Xu, G. (2025). Do salient climatic risks affect shareholder voting? Review of Finance, 29(2), 567-602. https://doi.org/10.1093/rof/rfaf003
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Emery, L. P., & Faccio, M. (2025). Exposing the Revolving Door in Executive Branch Agencies. Journal of Financial and Quantitative Analysis. Advance online publication. https://doi.org/10.1017/S0022109024000589
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De Vito, A., Jacob, M., Schindler, D., & Xu, G. (2025). How do corporate tax hikes affect investment allocation within multinationals? Review of Finance, 29(2), 531-565. https://doi.org/10.1093/rof/rfaf006/7978928, https://doi.org/10.1093/rof/rfaf006
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Cosemans, M., & Frehen, RGP. (2025). Strategic Insider Trading and its Consequences for Outsiders: Evidence from the Eighteenth Century. Journal of Financial Economics, 164(2), Article 103974. https://doi.org/10.1016/j.jfineco.2024.103974
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Belleflamme, P., Lambert, T., & Schwienbacher, A. (2025). Spillovers in Crowdfunding. Journal of Economics and Management Strategy. Advance online publication. https://doi.org/10.1111/jems.12625
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Beck, T., Silva-Buston, C., & Wagner, W. (2025). Supervisory cooperation and regulatory arbitrage. Review of Finance, 29(2), 381-413. https://doi.org/10.1093/rof/rfae041
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Alves, R., Krüger, P., & van Dijk, M. (2025). Drawing up the bill: Are ESG ratings related to stock returns around the world? Journal of Corporate Finance, 93, Article 102768. https://doi.org/10.1016/j.jcorpfin.2025.102768
2024
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de Arriba - Sellier, N. (2024). Symposium: Climate Protection as a European Fundamental Right under the ECHR and beyond: Editorial. Web publication/site, EU Law Live. https://eulawlive.com/symposia/climate-protection-as-a-european-fundamental-right-under-the-echr-and-beyond-demo/
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Rajamani, A., & Schlingemann, F. P. (2024). Local spillovers in M&A activity .
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Jochem, T., Ormazabal, G., & Rajamani, A. (2024). Why have CEO pay levels become less diverse? (R&R Journal of Finance). European Corporate Governance Institute (ECGI). https://doi.org/10.2139/ssrn.3716765
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de Arriba - Sellier, N. (2024). The Net-Zero Ledger: Accountability and Regulation of Corporate Climate Pledges. Erasmus Platform for Sustainable Value Creation.
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Lambert, T. (2024). The Rise of Crowdfunding. In Oxford Research Encyclopedia of Economics and Finance Oxford University Press. https://doi.org/10.1093/acrefore/9780190625979.013.1002
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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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Degryse, H., & Wagner, W. (2024). Banking and macro risks. Journal of Financial Stability, 74, Article 101291. https://doi.org/10.1016/j.jfs.2024.101291
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Yan, D. (2024). Do Private Firms (Mis)Learn from the Stock Market? Review of Finance, 28(5), 1483-1511. https://doi.org/10.1093/rof/rfae020
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Xu, G. (2024). News Bias in Financial Journalists’ Social Networks. Journal of Accounting Research, 62(4), 1145-1182. https://doi.org/10.1111/1475-679X.12560
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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. (2024). Non-Standard Errors*. Journal of Finance. https://doi.org/10.2139/ssrn.3961574
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Schoenmaker, D., & Schramade, W. (2024). Shareholder primacy or stakeholder governance? Finance Research Letters, 69, Article 106244. https://doi.org/10.1016/j.frl.2024.106244
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Schoenmaker, D., & Schramade, W. (2024). Which discount rate for sustainability? Journal of Sustainable Finance and Accounting, 3, Article 100010. https://doi.org/10.1016/j.josfa.2024.100010
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Roor, A., & Maas, K. (2024). Do impact investors live up to their promise? A systematic literature review on (im)proving investments' impacts. Business Strategy and the Environment, 33(4), 3707-3732. https://doi.org/10.1002/bse.3644
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Okat, D., Paaso, M., & Pursiainen, V. (2024). Trust in Traditional Finance and Consumer Fintech Adoption. Review of Corporate Finance Studies. https://doi.org/10.1093/rcfs/cfae011
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Luo, M., Manconi, A., & Schumacher, D. (2024). Returns to Scale from Labor Specialization: Evidence from Asset Management Mergers. Review of Corporate Finance Studies, 13(2), 384-427. Article cfad024. https://doi.org/10.1093/rcfs/cfad024
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Larrain, B., Roosenboom, P., Sertsios, G., & Urzúa I., F. (2024). Ownership Concentration and Firm Value: New Evidence from Owner Stakes in IPOs. Management Science, 70(7), 4441-4464. https://doi.org/10.1287/mnsc.2021.01039
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Lambert, T., Ralcheva, A., & Roosenboom, P. (2024). Democratizing entrepreneurship: New evidence from Kickstarter. Oxford Business Law Blog. https://blogs.law.ox.ac.uk/oblb/blog-post/2024/04/democratizing-entrepreneurship-new-evidence-kickstarter
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Heesterbeek, C. J., Lenaerts, L., the Dutch NIPT Consortium, Tjan-Heijnen, V. C. G., Amant, F., van Rij, M. C., Theunis, M., de Die-Smulders, C. E. M., Vermeesch, J. R., & Macville, M. V. E. (2024). Comprehensive Recommendations for the Clinical Management of Pregnant Women With Noninvasive Prenatal Test Results Suspicious of a Maternal Malignancy. JCO Oncology Practice, 20(8), 1027-1034. https://doi.org/10.1200/OP.23.00594
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Heesterbeek, C. J., Tjan-Heijnen, V. C. G., the Dutch NIPT Consortium, Heimovaara, J. H., Lenaerts, L., Lok, C., Vriens, I. J. H., Van Opstal, D., Boon, E. M. J., Sie, D., de Die-Smulders, C. E. M., Amant, F., & Macville, M. V. E. (2024). Prenatal cell-free DNA testing of women with pregnancy-associated cancer: a retrospective cross-sectional study. The Lancet Regional Health - Europe, 45, Article 101024. https://doi.org/10.1016/j.lanepe.2024.101024
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Gianfrate, G., Rubin, M., Ruzzi, D., & van Dijk, M. (2024). On the resilience of ESG firms during the COVID-19 crisis: evidence across countries and asset classes. Journal of International Business Studies, 55(8), 1069-1084. https://doi.org/10.1057/s41267-024-00718-2
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Fisar, M., Greiner, B., Huber, C., Katok, E., Ozkes, A. I., the Management Science Reproducibility Collaboration, Szymanowska, M., Bongaerts, D., Rose, J., Gonzalez Jimenez, V., & Lambert, T. (2024). Reproducibility in Management Science. Management Science, 70(3), 1343–1356. https://doi.org/10.1287/mnsc.2023.03556
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Dottling, R. (2024). Bank Capital Regulation in a Zero Interest Environment. Journal of the European Economic Association. https://doi.org/10.1093/jeea/jvae048
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Dottling, R., & Kim, S. (2024). Sustainability Preferences Under Stress: Evidence from COVID-19. Journal of Financial and Quantitative Analysis, 59(2), 435-473. https://doi.org/10.1017/s0022109022001296
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de Arriba - Sellier, N. (2024). Confronter la Tempête à Venir: La Supervision des Risques Climatiques et Environnementaux par la BCE. Revue des Affaires Européennes – Law & European Affairs, 2023(3), 869-884.
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de Adelhart Toorop, R., Schoenmaker, D., & Schramade, W. (2024). Decision Rules for Corporate Investment †. International Journal of Financial Studies, 12(1), Article 24. https://doi.org/10.3390/ijfs12010024
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Bongaerts, D., De Luca, S. D., & Van Achter, M. (2024). Circuit Breakers and Market Runs. Review of Finance, 28(6), 1953-1989. https://doi.org/10.1093/rof/rfae029
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Bongaerts, D., & Schoenmaker, D. (2024). Liquidity and clientele effects in green debt markets. Journal of Corporate Finance, 86, Article 102582. https://doi.org/10.1016/j.jcorpfin.2024.102582
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Bongaerts, D., & Schlingemann, F. P. (2024). The real effects of ratings actions: Evidence from corporate asset sales. Management Science, 70(3), 1505–1528. https://doi.org/10.2139/ssrn.2866484, https://doi.org/10.1287/mnsc.2023.4754
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Becker, B., Campello, M., Thell, V., & Yan, D. (2024). Credit Risk, Debt Overhang, and the Life Cycle of Callable Bonds. Review of Finance, 28(3), 945-985. 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, 55(5), 616-637. https://doi.org/10.1057/s41267-023-00674-3
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Ahmad, M. F., Lambert, T., Martín-Flores, J. M., & Romec, A. (2024). Does democracy shape international merger activity? Journal of International Economics, 152, Article 103995. https://doi.org/10.1016/j.jinteco.2024.103995
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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
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:
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.
Read the archive of our departmental news spanning from the year 2008 all the way through 2024.
Faculty
View our faculty overview:
Education
The Department of Finance contributes to the curriculum of both the Bachelor of Science in International Business Administration programme and the Bachelor of Science in Business Administration (in Dutch “Bedrijfskunde”) programmes. The department provides courses in corporate finance and investments.
In the third year of the BSc programmes, the department contributes to the Performance Analysts track and the Financial Strategists track, with courses on Portfolio Management, Non-Financial Performance, Financial Strategy, and Risk and Assurance.
In addition to these courses, we also offer minors and electives on Corporate Finance, Alternative Investments, Sustainable Finance, Household Finance, Banking and Financial Intermediation.
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.
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.
PhD Placement
Read more about our PhD Placements:
Departmental news
April 2024
- The paper `Circuit Breakers and Market Runs' by Dion Bogaerts (co-authored by Sarah Draus and Mark van Achter) has been accepted for publication in the Review of Finance.
December 2023
- The paper ‘Reproducibility in Management Science’ by Thomas Lambert, Marta Szymanowska, and Dion Bogaerts (co-authored by 700+) has been published in Management Science.
- Arjen Mulder has won the RSM Teaching Innovation Award.
November 2023
- Guosong Xu's paper "Board reforms and M&A performance: International evidence" (co-authored by Nihat Aktas, Douglas Cumming and, Ahmad Farooq) has been accepted for publication in the Journal of International Business Studies.
June 2023
- Arjen Mulder has won the Best Professor of the Year Award for his Finance course in the first year of the Bachelor in International Business Administration.
- Florian Madertoner has won the Best Professor of the Year Award for his Corporate Finance course in the second year of the Bachelor in International Business Administration.
- The paper ‘Ownership Concentration and Firm Value: New Evidence from Owner Stakes in IPOs’ by Peter Roosenboom (co-authored by Borja Larrain, Giorgo Sertsios, and Francisco Urzua Infante) has been accepted for publication in Management Science.
- Francesco Mazzola has won the Best Paper Award in Memory of Radha Gopalan at the Finest 2023 Spring Workshop for his paper ‘Sharing SME Cash Flow Data’.
- Francesco Mazzola has won the 10th SUERF/UniCredit Foundation Prize for his paper ‘Electronic Foreclosures’.
- The paper ‘Non-Standard Errors’ co-authored by Wolf Wagner, Mathijs van Dijk, and Francesco Mazzola has been accepted in The Journal of Finance.
- Mancy Luo's paper ‘Political Ideology and International Capital Allocation’ (co-authored with Elisabeth Kempf, Larissa Schaefer, and Margarita Tsoutsoura) has been accepted for publication in the Journal of Financial Economics.
- Dion Bogaerts was appointed Full Professor in Financial Technology and Data Analytics. His research and teaching interests lie in the behavior of credit rating agencies, the pricing of credit risky instruments, the origins and effects of market illiquidity, and FinTech (with a focus on Blockchain and AI). Dion holds a Ph.D. degree in Finance from the University of Amsterdam.
- Dong Yan starts as an Associate Professor at RSM's Finance Department. Dong has a Ph.D. in Finance from The Hong Kong University of Science and Technology. Her research and teaching interests include corporate investment, the real effects of financial markets, private firms, internal capital markets, and M&A.
- Andreas Brøgger starts as an Assistant Professor at RSM's Finance Department. Andreas has a Ph.D. in Finance from Copenhagen Business School. His research and teaching interests are in Asset Pricing, Asset Management, and Sustainable Finance.
- Ran Guo starts as a Lecturer at RSM's Finance Department.
- Reinier de Adelhart Toorop starts as a Part-Time Lecturer at RSM's Finance Department. Reinier holds a Ph.D. in Theoretical Particle Physics from Leiden University. His teaching interests are in Sustainable Finance.
- Nathan de Arriba Sellier joins RSM's Finance Department, partly as director of the Platform on Sustainable Value Creation and partly as a researcher within the department. He is working to bolster the research center, advance its research agenda, and maximize the impact of the novel methods and ideas that support the transition to a sustainable economic and financial system. Nathan holds a Ph.D. in law from Leiden University & Erasmus University Rotterdam.
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
