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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

Joint PhD Program

  • Geraldine David (ULB, Brussels)
  • Ling Ni Boon (Universite Paris-Dauphine)

Research Master students: Year 2 

  • Filip Bekjarovski
  • Peter Brok
  • Ricardo Barahona
  • Yixing Cai
  • Xue Gao
  • Mikael Homanen
  • Lazlo Horvath
  • Kristy Jansen
  • Zaici Li
  • Andre Lot
  • Ekaterina Neretina
  • Zilong Niu
  • Dimitrios Orfanakos
  • Mohammad Talaie

Research Master students: Year 1

      • Emiel Jerphanion
      • Lingo Shen
      • Nan Zhao

      Extramural Fellows Finance

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