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.
View our faculty overview:
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.
Each year, we host several international conferences with speakers and discussants from a wide variety of schools and locations.
Read more about our PhD Placements:
September 2025
Florian Madertoner is featured in RSM News for winning his tenth consecutive RSM Professor Award. We are very proud of this amazing achievement. The full article can be found here.
The paper ‘Entrepreneur Debt Aversion and Financing Decisions: Evidence from COVID-19 Support Programs’ (co-authored by Vesa Pursiainen and Sami Torstila) by Mikael Paaso has been accepted for publication in Management Science.
Eva Rood has joined the Erasmus Platform for Sustainable Value Creation (EPSVC) as director, next to Nathan de Arriba-Sellier. Eva is also the director of RSM's Positive Change Initiative.
Shiwei Ye has won the best PhD Paper Award at the 22nd Corporate Finance Day with her paper ‘Task Efficiency and Signaling in the Age of GenAI: Effort Reallocation and Firm Value Effects’.
August 2025
- Thu Nguyen stars as a Lecturer at RSM’s Finance Department. Her research and teaching interests lies in the areas of Asset Pricing, Alternative Investments, Investments, Portfolio Management as well as Blockchain and Decentralized Finance. in Thu holds a Ph.D. degree in Finance from the University of Amsterdam.
- The paper ‘Opioid Crisis and Real Estate Prices’ (co-authored with Claudia Custodio and Dragana Cvijanovic) by Moritz Wiedemann has been accepted for publication in the Journal of Financial and Quantitative Analysis.
July 2025
- The paper ‘Why Have CEO Pay Levels Become Less Diverse?’ (co-authored with Torsten Jochem and Gaizka Ormazabal) by Anjana Rajamani has been accepted for publication in the Journal of Finance.
June 2025
- 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 as well as the Best Course Award for his Finance course.
- Florian Madertoner has won the Best Professor of the Year Award for both the IBA and BA Corporate Finance Course as well as the Best Course Award for both his Corporate Finance Couses.
April 2025
- Marta Szymanowska was appointed Full Professor in Macro-Finance and the Philosophy of Finance. Her research and teaching interest lies in the areas of Asset Pricing and Philosophy of Finance. Marta holds a Ph.D. degree in Finance from Tilburg University.
- The paper ‘Too Levered for Pigou: Carbon Pricing, Financial Constraints, and Leverage Regulation’ (co-authored by Magdalena Rola-Janicka) by Robin Döttling has been accepted for publication in the Journal of Financial Economics.
- The paper ‘Market Dominance in the Digital Age’ by Logan Emery has been accepted for publication in the Review of Finance.
March 2025
- Thomas Lambert has received a distinguished research fellowship from TU Dresden.
January 2025
- The paper ‘Π-CAPM: The Classical CAPM with Probability Weighting and Skewed Assets’ (co-authored by Joost Driesen and Sebastian Ebert) by Joren Koëter has been accepted for publication in the Review of Financial Studies.
- The paper ‘Horizon Effects in the Pricing Kernel: How Investors Price Short-term versus Long-term Risks’ (co-authored by Joost Driesen and Ole Wilms) by Joren Koëter has been accepted for publication in the Journal of Financial and Quantitative Analysis.
- The paper “The Impact of Financial Education of Executives on Financial Practices of Medium and Large Enterprises" (co-authored by Cláudia Custódio and Diogo Mendes) by Daniel Metzger has been accepted for publication in the Journal of Finance.
December 2024
- The paper ‘Do salient climatic risks affect shareholder voting?’ (co-authored by Eliezer Fich) by Guosong Xu has been accepted for publication in the Review of Finance.
- RSM secures €1.5 million research grant on sustainable food systems – Professors Dirk Schoenmaker and Mathijs van Dijk have secured a €1.5 million grant from the Dutch Research Council (NWO) to explore ‘integrated value’ methods in sustainable food systems. The project tackles environmental and economic challenges in the agri-food value chain. Read more here.
November 2024
- The paper ‘How Do Corporate Tax Hikes Affect Investment Allocation withing Multinationals’ (co-authored by Antonio De Vito, Martin Jacob and Dirk Schindler) by Guosong Xu has been accepted for publication in the Review of Finance.
- The paper ‘Strategic Insider Trading and Its Consequences for Outsiders: Evidence from the Eighteenth Century’ (co-authored by Rik Frehen) by Mathijs Cosemans has been accepted for publication in the Journal of Financial Economics.
October 2024
- The paper ‘Supervisory Cooperation and Regulatory Arbitrage’ (co-authored by Thorsten Beck and Consuelo Silva Buston) by Wolf Wagner has been accepted for publication in the Review of Finance.
September 2024
- Lisa Knauer starts as an Assistant Professor at RSM’s Finance Department. Lisa has a Ph.D. in Finance from the TUM School of Management, Technical University of Munich (TUM). Her research and teaching interests include the intersection of empirical corporate finance and municipal finance. In particular she is interested in how municipal finance and fiscal policy affect corporate financing and investment decisions.
- Moritz Wiedemann starts as an Assistant Professor at RSM’s Finance Department. Moritz has a Ph.D. in Finance from Imperial College London. His research and teaching interests include Empirical Corporate Finance, Sustainable Finance and Health & Finance.
June 2024
- The paper ‘On the Resilience of ESG Firms during the COVID-19 crisis: Evidence across Countries and Asset Classes’ by Mathijs van Dijk (co-authored by Gianfranco Gianfrate, Mirco Rubin and Dario Ruzzi ) has been accepted for publication in the Journal of International Business Studies.
May 2024
- The paper ‘News Bias in Financial Journalists’ Social Networks’ by Guosong Xu has been accepted for publication in the Journal of Accounting Research.
- Arjen Mulder has won the Best Course Award for his Finance course in the first year of the Bachelor in International Business Administration.
- Florian Madertoner and Celine Koning have won the Best Course Award for their Corporate Finance course in both the Bachelor in International Business Administration and the Bachelor in Business Administration.
- Florian Madertoner has won the Best Professor Award for both the IBA and BA Corporate Finance Course.
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.
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 08-51
Burgemeester Oudlaan 50
3062 PA Rotterdam
The Netherlands
Postal Address
P.O. Box 1738
3000 DR Rotterdam
The Netherlands
