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CentER is a world-class research institute that draws on the academic expertise of some of the most outstanding minds in the field of economics and business.

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Research Group Finance

Research in the Finance Group is geared towards fundamental scientific research in corporate finance and investment. The yardstick used is publications in the top financial reviews. Interaction between the Finance Group and other CentER research groups (especially micro and econometrics) remains one of our strengths. We value these collaborations enormously as they guarantee a continuous flow of pertinent information between research fields.

The Finance Group continuous to be very active in both the fields of corporate finance and investment and asset pricing.

In corporate finance, the group is working both on theoretical and empirical issues. Current theoretical, empirical, and policy areas of extended interest include corporate governance (in particular managerial compensation), market microstructure, and relationship banking. The group further continues to be engaged in theoretical and empirical research across a wide range of topics including the interaction between product and capital markets, venture capital finance, trade credit, market liquidity, debt renegotiation, structural pricing, investment constraints, incremental capital structure decisions, IPOs, and transitional finance. Several members of the Finance Group are also actively involved in the Microeconomics Group.

The research area of investment, asset pricing, and financial econometrics covers more and more topics. Mutual funds, hedge funds, and institutional investors continue to be a major research topic. There is ongoing empirical research with US and European data on performance and risk-behavior of managers. Style-analysis of mutual funds is a topic, as well as well as the behavior of mutual fund investors. Related to this, the research field of market microstructure is very active, also focussing on high-frequency empirical asset pricing.

In investment, the study of robustness of hedging strategies is relatively new. With respect to asset pricing, option (mis-)pricing, multiname derivatives (copulas), and interest derivatives remain key points of interests. Computational issues related to these are also studied. In the domain of financial econometrics, semiparametric duration models are studied. Models of volatility remain of interest as well. Another topic deals with risk factors such as momentum, but also the valuation of inflation and other economic risks.

Both sub-areas have, in the past, led to a continuous stream of top publications and PhD theses. We are very happy that some of these publications are in the indisputably very best journals in the field of finance. Both sub-areas overlap in important aspects. Theoretical research in market microstructure is of key importance in the empirical analysis of high-frequency asset pricing data. Also, results on management compensation schemes are vital in understanding the role of, e.g., mutual fund managers and their incentives.

Staff Members Finance

Students Finance

PhD students

    • Ricardo Barahona
    • Tamas Barko
    • Filip Bekjarovski (Joint PhD Université de Sciences Sociale Toulouse)
    • Ling Ni Boon (Joint PhD Université Paris Dauphine)
    • Joao Boavida
    • Peter Brok
    • Geraldine David (Joint PhD Free University of Brussels)
    • Maaike Diepstraten
    • Baran Duzce
    • Mintra Dwarkasing
    • Andinet Worku Gebreselassie (External)
    • Yi He
    • Camille Hebert (Joint  Université Paris Dauphine)
    • Ferenc Horvath
    • Nick Huberts
    • Kristy Jansen
    • Elisabeth Kempf
    • Jac Kragt (External)
    • Ivo Kuiper (External)
    • Maria Lavrutich
    • Manxi Luo
    • Xiaoyin Ma
    • Matjaž Maletic
    • Paola Morales Acevedo
    • Diana Morales Arenas
    • Ekaterina Neretina
    • Gabor Neszveda
    • Andreas Rapp
    • Emanuele Rizzo
    • Emerson Schmitz (External)
    • Lei Shu
    • Zorka Simon
    • Zhaneta Tancheva
    • Ayse Terzi
    • Patrick Tuijp
    • Cara Vansteenkiste
    • Ran Xing
    • Haikun Zhu

    Research Master students: Year 2 

      • Yixing Cai
      • Pranav Desai
      • Xue Gao
      • Lazlo Horvath
      • Emiel Jerphanion
      • Joren Koëter
      • Wen-Kai Lin
      • Dimitrios Orfanakos
      • Lingbo Shen
      • Martijn de Vries
      • Nan Zhao

      Research Master students: Year 1

          • Gleb Gertsman
          • Jin Yong Lee
          • Yan Liu
          • Abinash Pati
          • Chao Zhang

          Extramural Fellows Finance

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