Tilburg School of Economics and Management

Tilburg University's largest School ranks amongst the top Schools in Europe due to its excellent quality in education and research which contributes to a better understanding of society.

Department of Finance


The Department of Finance is one of the most research-oriented finance departments in Europe. It consistently ranks among Europe's top 4 in UT-Dallas rankings. In 2010 it was among the top 10 institutions by papers published in the Journal of Finance. The department hosts a diverse group of scholars who have reached international reputation in key areas of current research, including banking, corporate governance, entrepreneurial finance, financial regulation, law and economics, private equity, financial econometrics, market microstructure, pension finance and credit derivatives.

The department offers high quality education at the undergraduate, graduate and executive levels. Its PhD graduates have been placed in top US and European schools, including Chicago GSB, HEC Paris, the Federal Reserve Board, and Toronto. Department members are active in the CentER, EBC, TILEC and Netspar research centers in Tilburg, and in several international top-level research institutions. The department hosts over 30 seminars a year with leading scholars from the US and Europe, and has an active visitors program.

Forthcoming top publications

  • Fabio Braggion, with Lyndon Moore. "Dividend Policies in an Unregulated Market: The London Stock Exchange 1895-1905", Review of Financial Studies.
  • Joost Driessen, with Otto van Hemert, "Pricing of commercial real estate securities during the 2007-2009 financial crisis", Journal of Financial Economics.
  • Alberto Manconi, with Massimo Massa and Ayako Yasuda `The behavior of intoxicated investors: the role of institutional investors in propagating the financial crisis of 2007-2008’ , Journal of Financial Economics.
  • Steven Ongena, with Jiménez Gabriel, José Luis Peydró and Jesús Saurina, 'Credit Supply and Monetary Policy: Identifying the Bank Balance-Sheet Channel with Loan Applications, ' American Economic Review
  • Luc Renneboog with Alexander Haslam, Clara Kulich, Michelle Ryan, and Grzegorz Trojanowski, 'Who gets the carrot and who gets the stick? Evidence of gender disparities in executive remuneration', Strategic Management Journal.
  • Frans de Roon, with Marta Szymanowska, 'Asset Pricing Restrictions on Predictability: Frictions Matter' Management Science.
  • Oliver Spalt, with Alok Kumar and Jeremy Page, 'Religious Beliefs, Gambling Attitudes, and Financial Market Outcomes', Journal of Financial Economics.

Recent top core publications

  • Lieven Baele, with Geert Bekaert and Koen Inghelbrecht, 'The Determinants of Stock and Bond Return Comovements', Review of Financial Studies, 23(6), 2374-2428.
  • Fabio Castiglionesi with Sandro Brusco, 'Liquidity coinsurance, moral hazard and financial contagion', Journal of Finance 62 (5), 2275-2302, 2007.
  • Marco Da Rin, with Laura Bottazzi and Thomas Hellmann, ‘Who are the active investors? Evidence from venture capital’, Journal of Financial Economics, 89(3), 488-512, 2008.
  • Joost Driessen with Pascal Maenhout and Grigory Vilkov, 'The Price of Correlation Risk: Evidence from Equity Options', Journal of Finance, 64 (3), 1377-1406, 2009.
  • Joost Driessen with Martijn Cremers and Pascal Maenhout, 'Explaining the Level of Credit Spreads: Option-Implied Jump Risk Premia in a Firm Value Model', Review of Financial Studies, 21 (5), 2209-2242, 2008.
  • Joost Driessen and Frank de Jong with Dion Bongaerts (2011) 'Derivative pricing with liquidity risk: Theory and evidence from the credit default swap market,' Journal of Finance, 66(1), 203-240, 2011.
  • Vasso Ioannidou, with Allen Berger and Scott Frame, 'Tests of ex ante ex post theories of collateral using private and public information', Journal of Financial Economics, vol. 100, 85-97.
  • Vasso Ioannidou with Steven Ongena 'Time for a Change: Loan Conditions and Bank Behavior When Firms Switch Banks,' Journal of Finance, 65(4) 1847-187 8, 2010.
  • Theo Nijman and Bas Werker with Ralph Koijen, 'When Can Life-cycle Investors Benefit from Time-varying Bond Risk Premia?', Review of Financial Studies, 23(2), 741-780, 2010.
  • Juan Carlos Rodriguez with Ralph Koijen and Alessandro Sbuelz, 'Momentum and mean reversion in strategic asset allocation', Management Science 55 (7), 1199-1213, 2009.
  • Frans de Roon, with Cheol Eun, Sandy Lai, and Zhe Zhang, 'International Diversification with Factor Funds', Management Science, 56(9), 1500-1518, 2010.
  • Paul Sengmuller with Daniel Dorn, 'Trading as entertainment', Management Science, 55 (4), 591-603, 2009.
  • Paul Sengmuller with Daniel Dorn and Guy Huberman, 'Correlated trading and returns', Journal of Finance, 64 (2), 858-920, 2009.
  • Oliver Spalt with Ingolf Dittmann, and Ernst Maug 'Stick or Carrots? Optimal CEO Compensation when Managers are Loss Averse,' Journal of Finance, 65(6), 2015-2050, 2010.

Top publications by part-time faculty

  • Hans Degryse with Nancy Masschelein and Janet Mitchell, 'Staying, dropping, or switching: the impacts of bank mergers on small firms', Forthcoming, Review of Financial Studies.
  • Hans Degryse with M. van Achter and G. Wuyts, 'Dynamic order submission strategies with competition between a dealer market and a crossing network' , Journal of Financial Economics, 91 (3), 319- 338, 2009.
  • Hans Degryse with Stijn Ferrari and Frank Verboven, 'Invest ment and Usage of New Technologies: Evidence from a Shared ATM Network', American Economic Review, 100(3), 1046-1079, 2010.
  • Kris Jacobs, with Lofti Karoui ‘Conditional volatility in affine term-structure models: Evidence from Treasury and swap markets 217; Journal of Financial Economics, 91(3), 288-318, 2009.
  • Kris Jacobs, with Peter Christoffersen and Chayawat Ornthanalai `Dynamic jump intensities and risk premia: Evidence from S&P500 returns and options.` Forthcoming, Journal of Financial Economics
  • José Maria Liberti, with Andrew Hertzberg and Daniel Paravisini `Public Information and Coordination: Evidence From a Credit Registry Expansion', Journal of Finance, 66(2), 379-412, 2011.