Prof. Mathijs van Dijk

Professor of Business Administration, with particular reference to Financial Markets

Rotterdam School of Management (RSM)

Erasmus University Rotterdam

Connected with

Profile

Mathijs A. van Dijk personal website for recent working papers, data, etc.) is professor of finance at Rotterdam School of Management, Erasmus University (RSM) His research focus is international finance and investments. He has published in leading academic journals such as the *Review of Financial Studies*, the *Journal of Financial Economics*, the *Journal of Accounting and Economics*, and the *Review of Finance*. Professor van Dijk has presented his work extensively at international conferences and seminars at academic institutions including, among others, Boston College, Dartmouth, Duke, Harvard, HEC Paris, INSEAD, and UCLA. He is also a frequent speaker at industry events and has written for practitioner-oriented journals such as the *Financial Analysts Journal*. His work has been covered by, e.g., The Economist, the New York Times, Volkskrant, NRC, VOXEU, the World Bank "All About Finance" blog, the Oxford Business Law Blog, and the Harvard Law School Forum on Corporate Governance and Financial Regulation. Professor van Dijk has been a visiting graduate student at Warwick Business School and Princeton University and a visiting research scholar at the Ohio State University, Duke University, and UCLA. He obtained his MSc in Econometrics (cum laude) from Erasmus University and his PhD in Finance from Maastricht University. In 2008, he received a 600,000 euro Vidi-grant from the Netherlands Organisation for Scientific Research (NWO) for a five-year research program on "Liquidity Black Holes". In 2014, he held his inaugural address as a finance professor (entitled “The Social Value of Finance”).

Publications

Article (23)

Academic (22)
- Dijk, M., van Dalen, HP., & Hyde, M. (2020). Who Bears the Brunt? The Impact of Banking Crises on Younger and Older Workers. Journal of the Economics of Ageing, 17, [100264]. https://doi.org/10.1016/j.jeoa.2020.100264
- Hou, K., & Dijk, M. (2019). Resurrecting the Size Effect: Firm Size, Profitability Shocks, and Expected Stock Returns. The Review of Financial Studies, 32(7), 2850-2889. https://doi.org/10.1093/rfs/hhy104
- Hanselaar, R., Stulz, RM., & Dijk, M. (2018). Do Firms Issue More Equity When Markets Become More Liquid? Journal of Financial Economics, 133(1), 64-82. https://doi.org/10.1016/j.jfineco.2018.12.004
- Dreu, CKW., & Dijk, M. (2018). Climatic Shocks Associate with Innovation in Science and Technology. PLoS One (online), 13(1). https://doi.org/10.1371/journal.pone.0190122
- Rosch, D., Subrahmanyam, A., & Dijk, M. (2017). The dynamics of market efficiency. The Review of Financial Studies, 30(4), 1151-1187. https://doi.org/10.1093/rfs/hhw085
- Guenster, A., & Dijk, M. (2016). The impact of European antitrust policy: Evidence from the stock market. International Review of Law and Economics, 46, 20-33. https://doi.org/10.1016/j.irle.2015.12.001
- Nguyen, TT., & Dijk, M. (2012). Corruption, Growth, and Governance: Private vs. State-owned Firms in Vietnam. Journal of Banking and Finance, 36(11), 2935-2948. https://doi.org/10.1016/j.jbankfin.2012.03.027
- Hou, K., & Dijk, M. (2012). The Implied Cost of Capital: A New Approach. Journal of Accounting and Economics, 53(3), 504-526. https://doi.org/10.1016/j.jacceco.2011.12.001
- Karolyi, GA., Lee, K-H., & Dijk, M. (2012). Understanding Commonality in Liquidity Around the World. Journal of Financial Economics, 105(1), 82-112. https://doi.org/10.1016/j.jfineco.2011.12.008
- Koedijk, CG. K., Tims, B., & Dijk, M. (2011). Why Panel Tests of Purchasing Power Parity Should Allow for Heterogeneous Mean Reversion. Journal of International Money and Finance, 30(1), 246-267. https://doi.org/10.1016/j.jimonfin.2010.10.004
- Dijk, M. (2011). Is Size Dead? A Review of the Size Effect in Equity Returns. Journal of Banking and Finance, 35(12), 3263-3274. https://doi.org/10.1016/j.jbankfin.2011.05.009
- Moerman, GA., & Dijk, M. (2010). Inflation Risk and International Asset Returns. Journal of Banking and Finance, 34(4), 840-855. https://doi.org/10.1016/j.jbankfin.2009.09.014
- Jong, A., Rosenthal, L., & Dijk, M. (2009). The risk and return of arbitrage in dual-listed companies. Review of Finance, 13(3), 495-520. https://doi.org/10.1093/rof/rfn031
- Dijk, M., & Roosenboom, P. (2009). The market reaction to cross-listings: Does the destination market matter? Journal of Banking and Finance, 33(10), 1898-1908. https://doi.org/10.1016/j.jbankfin.2009.04.010
- Brounen, D., Dijk, M., & Eichholtz, PMA. (2008). Corporate Real Estate and Corporate Takeovers: International Evidence. Journal of Real Estate Research, 30(3), 293-314. http://hdl.handle.net/1765/16937
- Koedijk, CG. K., Lothian, JR., & Dijk, M. (2006). Foreign Exchange Markets. Journal of International Money and Finance, 25(1), 1-6. https://doi.org/10.1016/j.jimonfin.2005.10.001
- Koedijk, CG. K., & Dijk, M. (2004). Global Risk Factors and the Cost of Capital. Financial Analysts Journal, 60(2), 32-38. http://hdl.handle.net/1765/16940
- Koedijk, CG. K., & Dijk, M. (2004). The Cost of Capital of Cross-Listed Firms. European Financial Management, 10(3), 465-486. http://hdl.handle.net/1765/16939
- Koedijk, CG. K., Tims, B., & Dijk, M. (2004). Purchasing Power Parity and the Euro Area. Journal of International Money and Finance, 23(7/8), 1081-1107. https://doi.org/10.1016/j.jimonfin.2004.08.005
- Koedijk, CG. K., Kool, C., Schotman, P., & Dijk, M. (2002). The cost of capital in international financial markets: local or global? Journal of International Money and Finance, 21(6), 905-930. https://doi.org/10.1016/S0261-5606(02)00028-1
- Koedijk, CG. K., Schotman, PC., & Dijk, M. (1998). The Re-emergence of PPP in the 1990s. Journal of International Money and Finance, 17(1), 51-61. https://doi.org/10.1016/S0261-5606(97)98051-7
- Dijk, M., & Bergeijk, P. (1997). Resource Misallocation and Mark-ups: An Alternative Estimation Technique for Harberger Triangles. Economics Letters, 54, 165-167. https://doi.org/10.1016/S0165-1765(97)00021-9
Professional (1)
- Bongaerts, DGJ. D., Kang, X., & Dijk, M. (2020). Conditional Volatility Targeting. Financial Analysts Journal, 76(4), 54-71. https://doi.org/10.1080/0015198X.2020.1790853

Chapter (3)

Academic (3)
- Flood, MD., Koedijk, CG. K., Dijk, M., & van Leeuwen, IW. (2010). Securities Trading, Asymmetric Information, and Market Transparency. In G. N. Gregoriou (Ed.), The Handbook of Trading: Strategies for Navigating and Profiting from Currency, Bond, and Stock Markets (pp. 317-341). Mcgraw Hill.
- Nguyen, TT., & Dijk, M. (2009). Corruption and Public Governance: Evidence from Vietnam. In G.N. Gregoriou (Ed.), Emerging Markets: Performance, Analysis and Innovation (pp. 693-713). Chapman-Hall/Taylor and Francis London, UK. Boca Raton
- Koedijk, CG. K., Dijk, M., & van Leeuwen, IW. (2008). The Impact of Inter-Dealer Trading on Market Liquidity Under Asymmetric Information. In F-S. L. Greg N. Gregoriou (Ed.), Stock Market Liquidity: Implications for Market Microstructure and Asset Pricing (pp. 267-285). John Wiley & Sons Inc..

Digital or Visual Products (1)

Professional (1)
- Dijk, M. (Author), Dul, J. (Author), & Albuquerque de Sousa, J. (Author). (2017). What makes new stock markets succesful?. Digital or Visual Products, RSM Discovery. http://hdl.handle.net/1765/100254

Inaugural speech (1)

Popular (1)
- Dijk, M. (2014). The social value of finance. Erasmus Research Institute of Management (ERIM). http://hdl.handle.net/1765/51323

Web publication/site (4)

Academic (4)
- Beck, T. (Author), Albuquerque de Sousa, J. (Author), Bergeijk, P. (Author), & Dijk, M. (Author). (2017). Nascent stock exchanges — tales of success and failure. Web publication/site, The World Bank.
- Beck, T. (Author), Albuquerque de Sousa, J. (Author), Bergeijk, P. (Author), & Dijk, M. (Author). (2017). Understanding the Success and Failure of Nascent Stock Exchanges. Web publication/site, University of Oxford Business Law Blog.
- Albuquerque de Sousa, J. (Author), Beck, T. (Author), Bergeijk, P. (Author), & Dijk, M. (Author). (2017). Wat verklaart het succes en falen van prille aandelenbeurzen?. Web publication/site
- Albuquerque de Sousa, J. (Author), Beck, T. (Author), Bergeijk, P. (Author), & Dijk, M. (Author). (2016). Nascent stock exchanges: Explaining success and failure. Web publication/site, VoxEU.org - Center for Economic Policy Research (CEPR).

Working paper (1)

Academic (1)
- Albuquerque de Sousa, J., Beck, T., Bergeijk, P., & Dijk, M. (2016). Nascent markets: Understanding the success and failure of new stock markets. International Institute of Social Studies. ISS working papers. General series Vol. 623

Additional activities (1)

Journal of Empirical Finance (Journal)

Editorial work (Academic)

Media

Media items

Waarom het goed gaat op de aandelenbeurzen, ondanks corona

Now that the pandemic has been with us for a year and the global economy has been dealt an unprecedented blow, the stock exchanges are recording record highs and people have more money than they know what to do with. So why aren’t…
Erasmus Magazine Tuesday, 23 March 2021
‘Rijk worden van duurzaam beleggen is een sprookje’

Interview with Mathijs van Dijk, professor Finance at the RSM, who also started as scientific director of the direction of Netspar at January 1st. The interview discusses his expertise in sustainable investment and what role…
Het Koninklijk Actuarieel Genootschap Monday, 1 February 2021
Coronaverveling jaagt steeds meer mensennaar de beurs. Ontstaat er een bubbel?

Bored of sitting at home due to the corona crisis plus a savings interest rate of almost zero: this combination makes many people invest but investors are getting nervous. For a moment, the AEX, the indicator of the Amsterdam…
De Volkskrant Thursday, 28 January 2021
Investors should always strive to understand observed performance

Mathijs van Dijk is Professor of Financial Markets at the RSM, Erasmus University. In this article he talks about recent factor performance and some of the challenges raised by the pressing need to take sustainability into…
robeco.nl Wednesday, 2 December 2020
Coronawetenschap: ‘Dit is een goede aanleiding om meer bij te dragen aan het maatschappelijk debat

Mathijs van Dijk, Professor of Finance at the RSM, is researching the impact of Covid-19 on the banking sector together with colleagues Dirk Schoenmaker and Henk Jan Reinders. “By analyzing changes in the stock market, we can make…
Erasmus Magazine Wednesday, 28 October 2020
‘Momentum om tijdens coronacrisis te vergroenen is nog niet verloren’

National governments do not seem to really seize the corona crisis to take extra steps with sustainability, but pension funds and companies are continuing to take it.The Pension Pro Investors Council believes that in any case…
PensioenPro Sunday, 11 October 2020
‘Bottom-up is beste benadering om klimaatrisico’s in te schatten’

Pension funds must map the climate risks of their investments.Professor of financial markets Mathijs van Dijk is skeptical about macro models that claim to do this. "Bottom-up is better. Van Dijk, affiliated with the RSM…
PensioenPro Tuesday, 6 October 2020
How Bad Will European Economies Get? Key Challenges For Each Country

Mathijs van Dijk of RSM has commented in an article by Forbes discussing how the corona crisis will affect the European Economies.
Forbes Wednesday, 15 April 2020
Waarom de aandelenbeurzen ineens zo hard onderuitgaan

An article written by Mathijs van Dijk of RSM, discussing why stock exchanges are plunging in the current crisis.
Het Financieele Dagblad Wednesday, 18 March 2020
An arcane business structure loses its charm

Mathijs van Dijk, professor of Business Administration at RSM, has commented on the claim that dual-nationality arrangements for blue-chip companies such as Unilever are dying out.
The Economist Friday, 16 March 2018
How developing countries can make a new stock exchange successful, according to new research

Developing countries must first have a sound banking system before setting up a new stock exchange, according to a new study at Rotterdam School of Management, Erasmus University (RSM).The research - the first of its kind to focus…
ResponseSource Thursday, 11 May 2017
Beleggen: 'Ga niet als een beursbokito op jacht naar rendement'

This week, Triodos Bank is the first bank in the Netherlands to reduce savings for normal internet savings accounts to 0 percent. Other banks are following in its footsteps. For Mathijs van Dijk "I have deposited most of my money…
Nu.nl Friday, 7 April 2017
Wat maakt nieuwe aandelenbeurzen succesvol?

Emerging economies that open a stock exchange in order to create an economic boost, is regularly sees but are difficult to create or even fail. Researchers, included Mathijs can Dijk, studied what makes successful stock markets in…
EUR.nl Tuesday, 21 March 2017
Voor het eerst twee EUR-hoogleraren bij Universiteit van Nederland

Two professors from EUR are invited to speak in the tv programme Universiteit van Nederland. One of whom is Mathijs van Dijk, who will discuss whether investing is a game of chance.
Erasmus Magazine Friday, 2 September 2016

Discovery items

Professor’s opinion: Why have stock markets suddenly crashed?

How can we make sense of this 33 per cent drop in share prices? Prof. Mathijs van Dijk shares his perspectives in Het Financieele Dagblad. Read it here in English

Stock market liquidity is key factor in firms’ decision to raise new capital

This study shows that firms raise more equity capital when stock market liquidity has recently improved.

Does climate change affect global innovation?

In history, surges of innovation often suddenly occurred after long uneventful periods. Did climate change pressure people to innovate?

What makes new stock markets successful?

A successful financial market can help grow a developing economy. But what determines its success?

Mathijs van Dijk: Financial crises reduce life expectancy

Mathijs van Dijk explains how banking crises can affect the nation's health - and not just the financial world.

Courses

Investments

Study year: 2021/2022, 2020/2021, 2019/2020, 2018/2019
Code: BM01FI
Level: ERIM, Exchange, IM/CEMS, Master

Corporate Finance

Study year: 2021/2022, 2020/2021, 2019/2020, 2018/2019
Code: BM02FI
Level: ERIM, Exchange, IM/CEMS, Master

Business Ethics

Study year: 2021/2022, 2020/2021, 2019/2020, 2018/2019
Code: BM07FI
Level: ERIM, Exchange, IM/CEMS, Master

Valuation

Study year: 2021/2022, 2020/2021
Code: BM08FI
Level: ERIM, Exchange, IM/CEMS, Master

Financial Modelling

Study year: 2021/2022, 2020/2021
Code: BM09FI
Level: ERIM, Exchange, IM/CEMS, Master

Finance & Investments Honours Class

Study year: 2021/2022, 2020/2021, 2019/2020
Code: BMHON1FI
Level: Master

Introduction Week

Study year: 2021/2022, 2020/2021
Code: BMIWFI
Level: Master

Derivatives

Study year: 2021/2022, 2020/2021, 2019/2020, 2018/2019, 2017/2018
Code: BMME021
Level: Master, Master, Master, Master

Banking and Financial Institutions

Study year: 2021/2022, 2020/2021, 2019/2020, 2018/2019, 2017/2018
Code: BMME023
Level: Master, Master, Master, Master

Treasury management

Study year: 2021/2022, 2020/2021, 2019/2020, 2018/2019
Code: BMME024
ECTS: 6 Level: Master, Master, Master, Master, Master

Mergers and acquisitions

Study year: 2021/2022, 2020/2021, 2019/2020, 2018/2019, 2017/2018
Code: BMME025
Level: Master, Master, Master, Master

Advanced valuation & value creation

Study year: 2021/2022, 2020/2021, 2019/2020, 2018/2019, 2017/2018
Code: BMME027
Level: Master, Master, Master, Master

FinTech

Study year: 2021/2022, 2020/2021, 2019/2020, 2018/2019
Code: BMME028
Level: Master, Master, Master, Master

Real Estate Finance

Study year: 2021/2022, 2020/2021, 2019/2020, 2018/2019
Code: BMME030
Level: Master, Master, Master, Master

Entrepreneurial finance & private equity

Study year: 2021/2022, 2020/2021, 2019/2020, 2018/2019
Code: BMME034
Level: Master, Master, Master, Master

Quantitative Investment Strategies

Study year: 2021/2022, 2020/2021, 2019/2020, 2018/2019, 2017/2018
Code: BMME036
Level: Master, Master, Master, Master

Financial Distress and Corporate Restructuring

Study year: 2021/2022, 2020/2021, 2019/2020, 2018/2019
Code: BMME098
Level: Master, Master, Master, Master

Sustainable Finance

Study year: 2021/2022, 2020/2021, 2019/2020, 2018/2019, 2017/2018
Code: BMME113
Level: Master, Master, Master, Master

Behavioral Finance

Study year: 2021/2022, 2020/2021, 2019/2020, 2018/2019
Code: BMME115
Level: Master, Master, Master, Master, Master

Financial Data Analytics

Study year: 2021/2022, 2020/2021, 2019/2020, 2018/2019
Code: BMME116
Level: Master, Master, Master, Master

Private Equity

Study year: 2021/2022, 2020/2021, 2019/2020, 2018/2019
Code: BMME132
Level: Master

Risk Management and Fixed Income

Study year: 2021/2022
Code: BMME173
Level: Master, Master, Master, Master

FI master thesis

Study year: 2021/2022, 2020/2021, 2019/2020, 2018/2019
Code: BMMTFI
Level: Master

Research Skills

Study year: 2021/2022, 2020/2021, 2019/2020, 2018/2019
Code: BMRMFI
Level: Master

MSc Finance & Investments

Study year: 2021/2022, 2020/2021, 2019/2020
Code: BMTTFI

Past courses

Financial analysis & valuation

Study year: 2020/2021, 2019/2020, 2018/2019
Code: BM05FI
ECTS: 5 Level: Master

Investments

Study year: 2020/2021, 2019/2020, 2018/2019, 2017/2018, 2016/2017
Code: BM05FI-A
ECTS: 4

Master thesis orientation and topic selection

Study year: 2020/2021, 2019/2020, 2018/2019
Code: BM06FI
ECTS: 1 Level: Master

Portfolio management

Study year: 2020/2021, 2019/2020, 2018/2019, 2017/2018
Code: BMME020
ECTS: 6 Level: Master, Master, Master, Master

Risk management

Study year: 2020/2021, 2019/2020, 2018/2019
Code: BM04FI
ECTS: 5 Level: Master

Macro-economical and institutional context

Study year: 2019/2020, 2018/2019
Code: BKB008

Macroeconomics & Institutional Context

Study year: 2019/2020, 2018/2019
Code: BAP070

Quantitative Methods for Finance

Study year: 2019/2020, 2018/2019
Code: BMME097
ECTS: 6 Level: Master, Master, Master, Master

Alternative investments: beyond stocks and bonds

Study year: 2018/2019
Code: BKBMIN009
ECTS: 15 Level: Bachelor, Bachelor 3, Bachelor 3

Corporate Finance

Study year: 2018/2019
Code: BM02FI-A
ECTS: 4 Level: Master

Corporate Governance

Study year: 2018/2019
Code: BMME114
ECTS: 6 Level: Master, Master

Fixed Income and Its Applications

Study year: 2018/2019
Code: BMME031
ECTS: 6 Level: Master

Seminar Asset Pricing 1

Study year: 2018/2019, 2017/2018, 2014/2015, 2013/2014, 2012/2013
Code: BERMAMC007
ECTS: 5 Level: Master

Seminar Asset Pricing 2

Study year: 2018/2019, 2017/2018, 2014/2015, 2013/2014, 2012/2013
Code: BERMASC032
ECTS: 5 Level: Master

Trading and exchanges

Study year: 2018/2019
Code: BMME033
ECTS: 6 Level: Master

Investments

Study year: 2014/2015
Code: RSM01FI
ECTS: 5 Level: Master

Honours programme MSc Finance & Investments

Study year: 2012/2013
Code: BKMME144
ECTS: 10 Level: Master

Investments

Study year: 2012/2013
Code: BKM04FI
ECTS: 5 Level: Master

Professor’s opinion: Why have stock markets suddenly crashed?

How can we make sense of this 33 per cent drop in share prices? Prof. Mathijs van Dijk shares his perspectives in Het Financieele Dagblad. Read it here in English

+31 10 4081124

madijk@rsm.nl

Visiting address

Office: Mandeville Building T08-45
Burgemeester Oudlaan 50
3062 PA Rotterdam

Postal address

Postbus 1738
3000 DR Rotterdam
Netherlands

Find this faculty member's ancillary activities.

Prof. Mathijs van Dijk

Profile

Publications

Article (23)

Academic (22)

Professional (1)

Chapter (3)

Academic (3)

Digital or Visual Products (1)

Professional (1)

Inaugural speech (1)

Popular (1)

Web publication/site (4)

Academic (4)

Working paper (1)

Academic (1)

Additional activities (1)

Media

Media items

Discovery items

Courses

Past courses

Financial analysis & valuation

Investments

Master thesis orientation and topic selection

Portfolio management

Risk management

Macro-economical and institutional context

Macroeconomics & Institutional Context

Quantitative Methods for Finance

Alternative investments: beyond stocks and bonds

Corporate Finance

Corporate Governance

Fixed Income and Its Applications

Seminar Asset Pricing 1

Seminar Asset Pricing 2

Trading and exchanges

Investments

Honours programme MSc Finance & Investments

Investments

Professor’s opinion: Why have stock markets suddenly crashed?