TILEC-AFM
Research Network on Financial Market Regulation
ANNUAL REPORT 2007
By
Hans Degryse
Joe McCahery
Erik Vermeulen
27
Contents
1.
Introduction
3
2.
People
5
2.1
The chairholders
5
2.2
The network of senior researchers
5
2.2.1
The network in Economics
5
2.2.2
The network in Law
7
2.3
Junior/senior researchers in Economics and Law
8
2.4
Support
9
2.5
Governance
9
3.
The research program and research results
10
3.1
The research program in Economics
10
3.2
The research program in Law
16
3.3.
Multidisciplinary research
21
4.
The education program
22
4.1
The education program in Economics
22
4.2
The education program in Law
22
5.
The activity program
29
5.1
TILEC-AFM seminars with the Department of Finance
29
5.2
TILEC-AFM seminars
30
5.3
TILEC-AFM workshops
31
6.
The outreach program
34
Appendix A: Publications
35
Appendix B: Activities
52
2
1.
Introduction
This annual report describes the research and network activities that took place in 2007 within
the framework of the agreement that was signed between Tilburg University (represented by
TILEC) and the Autoriteit Financiële Markten (AFM) on September 15, 2005. The agreement
stipulates that after every calendar year, but before the end of the first quarter of the next year,
a report is submitted to the supervisory board.
The current report is submitted to fulfill this requirement for 2007. The report aims to inform
AFM, TILEC, and other stakeholders about the activities that have been organized and the
research that has been undertaken within that framework. It describes the activities of the
TILEC-AFM Chairholders and the other Tilburg Network Members within the “TILEC-AFM
Research Network on Financial Market Regulation” during the calendar year 2007. This
Network has been established at the occasion of this agreement and all the activities and
research findings can be found on the website: http://www.tilburguniversity.nl/tilec/afm.
The agreement specifies the available financial means, the persons involved (chairholders,
senior researchers and junior researchers) and stipulates, in point 5, that the following goals
are to be achieved:
a.
het verrichten van onderzoek naar de juridische en economische aspecten van het
gedragstoezicht op financiële markten, zowel in nationaal als in internationaal
perspectief;
b.
het participeren in discipline-overstijgend onderzoek, gezien de juridische en
economische aspecten die aan het werkterrein van de AFM zijn verbonden;
c.
het begeleiden van promotieonderzoekers op het gebied van financieel gedragstoezicht;
d.
het in beperkte mate verzorgen van onderwijs (in keuzevakvorm) op het hiervoor
genoemde vakgebied;
e.
het in beperkte mate begeleiden van studenten bij afstudeertheses op het gebied van
financieel gedragstoezicht;
f.
het in samenwerking met het AFM-netwerk organiseren van workshops en seminars,
symposia en congressen;
g.
het mede vormgeven en begeleiden van de maatschappelijke discussie over het vraagstuk van gedragstoezicht op financiële markten.
3
The remainder of this report is structured according to the goals that are to be achieved. As
the people are key, Section 2 describes the persons involved in the TILEC-AFM Research
Network on Financial Market Regulation. Section 3 describes the research program and the
results achieved during the calendar year 2007 in Economics and in Law. Section 4 describes
the status of the education program, while section 5 shows the activity program of 2007.
Section 6 describes the outreach program, while, finally, section 7 offers the financial
statements. The Appendices provide an overview of all publications and presentations by the
chairholders and the publications related to the network of the Tilburg Network Members.
4
2.
People
2.1
The chairholders
As of January 1, 2006, the Belgian financial economist Professor Hans Degryse has been
appointed as the AFM chairholder in economics. Professor Hans Degryse holds the Chair in
Financial Market Regulation within FEB-Department of Finance and TILEC.
As of September 1, 2006, Professors Joseph McCahery and Erik Vermeulen are jointly
appointed in the Faculty of Law to the Chair in Financial Market Regulation in order to
provide academic leadership in the legal regulation of financial markets.
2.2
The network of senior researchers
2.2.1. The network in Economics
During the years 2006 and 2007, the TILEC-AFM Network on Financial Market Regulation
has been established; see website http://www.tilburguniversity.nl/tilec/afm. This website
displays the members of the research network, the activities within the research network as
well as relevant publications. Following a practice as initiated by the ECB-CFS network on
Capital Markets and Financial Integration in Europe, researchers become member when
having actively participated in a TILEC-AFM network activity.
We make a distinction between members from Tilburg University (including the FTE
allocation), and members from other institutions and universities.
The members of the network, especially those at Tilburg University, help in improving the
exposure of the chairs initiated by AFM and TILEC, and stimulate the scientific discussion
and research on financial market supervision. Also, several Tilburg researchers are working
together with the chairholders on topics related to the TILEC-AFM research network on
financial market regulation.
Members at the end of 2007 (as displayed on the website) are:
5
From Tilburg University (FTE time in brackets):
•
Jan Bouwens, Tilburg University (0.05)
•
Eric van Damme, Tilburg University and TILEC (0.0)
•
Hans Degryse, Tilburg University, TILEC and CESIfo (0.8)
•
Jenke ter Horst, Tilburg University (0.05)
•
Joachim Inkmann, Tilburg University (0.05)
•
Frank de Jong, Tilburg University (0.05)
•
Philip Joos, Tilburg University (0.05)
•
Jérémie Lefebvre (AIO on TILEC-AFM research network on financial market
regulation)
•
Theo Nijman, Tilburg University, Netspar (0.05)
•
Steven Ongena, Tilburg University and TILEC (0.05)
•
Maria Fabiana Penas, Tilburg University and TILEC (0.05)
•
Luc Renneboog, Tilburg University and TILEC (0.05)
•
Marco da Rin, Tilburg University (0.05)
•
Wolf Wagner, Tilburg University (0.05)
•
Bas Werker, Tilburg University (0.05)
Outside Tilburg University:
•
Franklin Allen, University of Pensylvania
•
Efraim Benmelech, Harvard University
•
Allen Berger, Federal Reserve Board
•
Ekkehart Boehmer, Texas A&M University
•
Eric de Bodt, University of Lille
•
Elena Carletti, University of Frankfurt
•
Ingolf Dittmann, Erasmus School of Economics, Rotterdam
•
Ben Dubow, Financial Services Authority
•
Mara Faccio, Vanderbilt University
•
Mark Flannery, University of Florida
•
Julian Franks, London Business School
•
Abe de Jong, Erasmus University
•
Luc Laeven, International Monetary Fund
•
Ulrike Malmendier, Stanford GSB
•
Albert J. Menkveld, Free University Amsterdam
6
•
Alan Morrison, Oxford Said Business School
•
Daniel Paravisini, Colombia Business School
•
Koen Schoors, Ghent University
•
Mark Seasholes, Haas School of Business, Berkeley
•
Per Strömberg, Swedish Institute of Financial Research
•
Ian Tonks, University of Exeter
•
Irem Tuna, Wharton School UP
•
Uwe Walz, Goethe University Frankfurt
•
Gunther Wuyts, University of Leuven
•
David Yermack, New York University
All presenters in activities that are organized by the network will be added to the research
network. In 2008, this will be for example Thierry Foucault (HEC-Paris), Lucy White
(Harvard Business School and University of Lausanne), Maureen O’Hara (Cornell), Tarun
Chordia (Emory) and Andrey Bodnaruk (Maastricht).
2.2.2. The network in Law
Professors McCahery and Vermeulen seek to bring together a unique interdisciplinary group
of leading international academics with backgrounds in law, economics and finance. From the
law side, a set of professional fellows have been invited to join the network.
From Tilburg University (FTE time in brackets):
•
Joe McCahery, Tilburg University (0.4)
•
Erik Vermeulen, Tilburg University and TILEC (0.4)
Outside Tilburg:
•
William W. Bratton, Georgetown University
•
George S. Dallas, Standard & Poor'
s
•
Guido Ferrarini, University of Genoa
•
Merrit B. Fox, Colombia University
•
Paolo Giudici, Free University of Bolzano
•
Léo Goldschmidt, Bank Degroof
•
Gérard Hertig, Swiss Institute of Technology
7
2.3
•
Masato Hisatake, Ministry of Economics Japan
•
Howell E. Jackson, Harvard Law School
•
Winfred Knibbeler, Freshfields Bruckhaus Deringer
•
Reinier H. Kraakman, Harvard Law School
•
François Kristen, Universiteit van Amsterdam
•
Donald C. Langevoort, Georgetown University
•
Alain Pietrancosta, University of Paris
Junior/Senior Researchers in Economics and Law
Elena Carletti has been appointed starting of 2007 as extramural TILEC research fellow and
visits Tilburg University regularly in the framework of the TILEC-AFM research network.
She also cooperates actively with some of the Tilburg network members.
Sofia Johan has been appointed as an AFM Senior Researcher and visits Tilburg University
regularly.
Jose Miguel Mendoza was invited to become an AFM Research Fellow and will participate in
a number of the research projects mentioned above.
Jérémie Lefebvre started on August 1, 2006 as a FEB research AIO on the TILEC-AFM
research network on financial market regulation. Jérémie is working on insider trading and
market manipulation on Dutch financial markets, using an interesting data set made available
by AFM. In 2007 he has given his first presentation in a TILEC-AFM research network
activity and his first paper has been presented at several occasions, for example the CESifo
workshop on Regulation of Financial Markets in January 2008.
A research AIO in law will be appointed shortly on securities regulation in the Netherlands
and EU.
8
Support
2.4
Elvira van Vliet has been appointed as part-time secretary to the research network since
March 1, 2006.
Governance
2.5
The supervisory board consists of
•
Drs. A. Baan (AFM)
•
Prof. dr. E. van Damme (TILEC)
•
Prof.dr. S. Maijoor (AFM)
•
Prof. mr. Th. Raaijmakers (FRW/Business Law)
•
Prof. dr. B. Werker (FEB/Finance)
9
3.
The research program and research results
We make a distinction between research undertaken by the chairholders (who are (partly) paid
by the network due to the Tilburg University-AFM agreement) and the other Tilburg
members of the research network.
3.1
The research program in Economics
The research line "Financial Market Regulation" deals with the efficient and smooth
functioning of financial markets (in a broad sense, i.e. including financial intermediaries such
as banks, pension funds, insurance companies, etc.).
The research by Hans Degryse (and his co-authors) during 2007 has mainly focused on three
broad issues:
1.
Market Microstructure: Design and Regulation of Financial Markets.
A longstanding question in the market microstructure literature relates to the optimal design
of a trading system. While trading in a particular stock was up to now often concentrated in
one national market, recent technological advances and the start of MiFID (Markets in
Financial Instruments Directive) allows for the occurrence of new trading platforms and
systems. At the same time, the MiFID also regulates the transparency of the order flow at
these trading systems.
The literature on competition between simultaneously operating trading systems is quite
underdeveloped. Therefore, given the new market environment, we modeled how investors
behave when simultaneous trading at several differently organized markets is possible. The
markets that have been considered are a dealer market (DM) and a crossing network (CN).
The latter is a facility that matches financial assets at a prespecified time at a price derived
from another market. Examples are ITG’s POSIT, NASDAQ Crossing Network or Xetra
XXL. Also MiFID might encourage the creation of such systems. Despite the prevalence of
CNs next to continuous markets, the dynamic aspects and welfare implications of the
coexistence of these systems have not yet been well explored.
10
We address two important policy questions that also relate to long-standing issues within the
market microstructure literature. First, where do investors trade when there are multiple
trading venues for a single asset? More specifically, we consider the choice between a CN and
a continuous dealer market (DM) under different degrees of transparency. Second, what is the
optimal organization and structure of financial markets? In particular, we study whether
coexistence of a CN and a DM creates added value in terms of welfare and investigate the
optimal transparency level when markets coexist. We can summarize our main findings
around the two policy questions that we address. The first set of results relates to order
submission strategies and order flow patterns. Common to the three informational settings,
CN and DM are shown to cater for different types of traders: investors with a higher
willingness to trade are more inclined to trade at a DM. Further, we find that the CN’s order
flow increases when an asset exhibits a higher “relative spread” (i.e. a higher bid-ask spread
in proportion to its underlying value). Moreover, the existence of a CN results in “order
creation” due to the participation of “CN-only traders”: investors who have a relatively lower
willingness to trade submit orders to a CN, whereas they would never trade at a DM. We also
find a “trade diversion” effect, which occurs because the introduction of a CN causes some
trades to be diverted away from the DM to the CN. A key result of our paper is that the
transparency and partial opaqueness settings generate systematic patterns in order flow. In
particular, current CN order flow stimulates the arrival of future CN counterparties. In
addition, current CN order flow hinders future CN orders on the same market side. The
intuition for our key result is that the net order imbalance created by the current order is more
(less) favorable for future orders on the opposite (same) market side, which is reflected in
their respective execution probabilities. Under complete opaqueness, these patterns do not
arise because traders do not observe any order flow. The result that order flow is informative
about execution probabilities is novel to the market microstructure literature. The reasoning
for this informativeness of order flow is that, when markets are partially opaque, observing no
order flow relative to a DM trade may be perceived as good news for a successive CN order
as it increases the potential for good counterparties. However, no order may also be perceived
as bad news when it entails the preemption of a successive CN order. Overall, these
theoretical insights point to a time-varying order flow at a CN and trade flow at a DM, even in
the absence of asymmetric information. This has important policy implications for
supervisory authorities that are attempting to correctly infer the presence of informed trading.
Further, these insights need to be accounted for when measuring “normal” order flow. The
paper is accepted for publication at the Journal of Financial Economics.
11
In future work, it would be interesting to test the empirical implications of the above paper.
For example, examine the liquidity at Euronext (Amsterdam) after MiFID and link it up with
order flow and trades at other trading platforms like MTFs and SIs (allowed in MiFID). Also
contacts with some Canadian crossing networks have been established. At the occasion of his
inaugural lecture in January 2007, Hans Degryse investigated the to-be-expected implications
of MiFID based upon a literature review on the design of trading systems.
What is the impact of legal insider trading and how clean are financial markets? It has been
shown in the literature that legal insider trades create market reactions around those trades. In
ongoing work by Hans Degryse, Frank de Jong and Jérémie Lefebvre, a registry of legal
insider trading for Dutch listed firms is employed to investigate short-term stock market
reactions around legal insider trades. Regulations stipulate that insiders are not allowed to
trade shares of their own company based on private and price-sensitive information. It has
been shown nevertheless that insiders have superior knowledge either on the future prospects
of their firm or on the mispricing of the stock by the market. Using standard event study
methodology, we examine stock price behavior before and after insider trading to analyze the
information content of the trades. This analysis allows us to study the impact of changes in
the regulation concerning insider trading. Finally, our results suggest that insiders use their
special information to obtain abnormal returns from their trade, but also to facilitate their
liquidity trades.
The results of this first research line have been presented in two important events organized at
the premises of the AFM, allowing AFM employees as well as other researchers to take
advantage of the research output of the TILEC-AFM research network on financial market
regulation. The first one was an internal “verdiepingssessie” on the topic of MiFID held in
April, where Hans Degryse presented the main insights of his inaugural lecture. The second
workshop related to market cleanliness and insider trading held in October, where Jérémie
Lefebvre presented the results of his joint work with Frank de Jong and Hans Degryse.
The purpose is to continue the research in this area. Ongoing work investigates the bid-ask
spread and related measures of information asymmetry around insider trades. Market
microstructure theories suggest that bid-ask spread and other liquidity measures are affected
by adverse selection due to information asymmetry.
12
In the (Euronext) Amsterdam stock exchange, insider trading, which might be triggered by
private information, is revealed to the public at least 2 days after the trade date (due to a info
processing lag between the date of notification by insiders and the public dissemination of the
insider trades). If private information is the motivation for insider trading, does the market
detect this possible adverse selection? Does the adverse selection component of the bid-ask
spread reflect potential informed trading around insider trading dates?
2.
The Internal Organization of Financial Intermediaries and banking competition
The organizational structure of financial institution and its implications for lending
technology and banking competition is a second topic of research within the TILEC-AFM
research network. Does the way in which banks are organized internally matter for
competition and hence customers? This question poses itself acutely for example in the
unfolding ABN-AMRO case, and is researched both theoretically and empirically in DP
2007-18 and 2007-19. It is shown that the organizational structures of both the rival banks
and the lending bank matter for branch reach and loan pricing. The geographical footprint of
the lending bank is smaller when rival banks are large and hierarchically organized. Such
rival banks may rely more on hard information. Geographical reach increases when rival
banks have inferior communication technology, have a wider span of organization, and are
further removed from a decision unit with lending authority. Rival banks'size and the number
of layers to a decision unit also soften spatial pricing. Thus, the organizational structure and
technology of rival banks in the vicinity does influence local banking competition.
Other related work has focused on how banking mergers affect firm-bank lending
relationships (joint work with Janet Mitchell and Nancy Masschelein) (paper is under
revision). Also, in another paper published in the Journal of Financial Intermediation, Hans
Degryse and Steven Ongena have considered how interbank competition affects bank
orientation. Recent banking theory significantly disagrees regarding the impact of competition
on bank orientation—i.e., the choice of relationship-based versus transactional banking. The
impact of interbank competition on bank branch orientation is empirically investigated
employing a unique data set containing detailed information on bank–firm relationships. Bank
branches facing stiff local competition engage considerably more in relationship-based
lending. These results illustrate that competition and relationships are not necessarily
inimical. Further, Degryse and Nguyen study the link between the organization of interbank
13
markets and the stability of the financial system. They find that the move towards a moneycentre structure goes together with less contagion risk.
In ongoing work, Cerqueiro, Degryse and Ongena (TILEC DP2007-26) study banking
competition and loans to small- and medium-sized firms (SMEs). Over the past decades, credit
scoring technologies have tremendously developed but bankers often rely on their experience
and distrust the blind use of quantitative information. Thus, the decisions to grant a loan and
the financial conditions attached to it are taken on the basis of a mixture of statistical methods
("rules") and subjective judgments ("discretion"). Cerqueiro, Degryse and Ongena estimate
(in TILEC DP-2007-26) a model of the determinants of interest rates to SMEs in the US and
Belgium is estimated. Unexplained deviations from a very predictive linear loan-pricing
model are interpreted as evidence of the banks'discretionary use of market power in the loan
rate-setting process. From the analysis, it emerges that "discretion" plays a large role if (i)
loans are small and uncollateralized; (ii) firms are small, risky and difficult to monitor; (iii)
firms'owners are older, and (iv) the banking market where the firm operates is large and
highly concentrated. Overall, the costs banks face in searching information and borrowers'
difficulty to switch lenders seem to be the main sources of market power in the credit market.
Finally, Ferrari, Verboven and Degryse (in TILEC DP 2007- 35) study investment in a shared
Automated Teller Machine network and investigates whether firms have the correct incentives
and whether consumers make the proper usage decisions, when new technologies become
available. It is shown that banks substantially underinvested in the shared ATM network and
thus provided too little geographic coverage. This contrasts with earlier findings of strategic
overinvestment in networks with partial incompatibility. Furthermore, consumer usage of the
available ATM network is too low because of the zero retail fees for cash withdrawals at
branches. A direct promotion of investment (through subsidies or other means) can improve
welfare, but the introduction of retail fees on cash withdrawals at branches would be more
effective, even if this does not encourage investment per se.
3.
Switching costs and financial literacy
Firms often have the possibility to individually or jointly reduce consumers' switching costs.
One example of such an action is increasing financial literacy, or reducing the impact of
financial literacy for switching by providing a “switching guide” for checking accounts,
mortgage products, other financial products. In ongoing work, Bouckaert, Degryse and
Provoost study a two-period model where firms decide on the adoption of a switching-cost14
reducing technology. We show that the results crucially hinge on how this technology reduces
customers' switching costs. In particular, firms enhance market power when adopting
technologies that reduce consumers'switching costs with a lump sum (i.e. equally valued by
all consumers). This change increases the profitability of second-period poaching, relaxing
overall competition. In contrast, firms enhance market power by not adopting technologies
that reduce switching costs proportionally (e.g. financial literacy improvements are less
valued by highly educated consumers and more by less educated consumers).
The research achievements by the other network members are reflected in their lists of
publications (see Appendix A). We here only highlight those research findings that were
published or are forthcoming in top finance journals:
•
Elena Carletti (joint with V. Cerasi and S. Daltung), “Multiple-bank Lending:
Diversification and free-riding in monitoring”, Journal of Financial Intermediation,
16, 425 – 451, (with V. Cerasi and S. Daltung). This paper analyzes the optimality of
multiple-bank lending, when firms and banks are subject to moral hazard and
monitoring is essential. Multiple-bank lending leads to higher per-project monitoring
whenever the benefit of greater diversification dominates the costs of free-riding and
duplication of effort. The model predicts a greater use of multiple-bank lending when
banks have lower equity, firms are less profitable and monitoring costs are high. These
results are consistent with some empirical observations concerning the use of
multiple-bank lending in small and medium business lending.
•
Frank de Jong “Pseudo market timing: a reappraisal”, forthcoming in Journal of
Financial and Quantitative Analysis. (with M. Dahlquist). The average firm going
public or issuing new equity underperforms the market in the long run. This
underperformance could be related to the endogeneity of the number of new issues, if
new issues cluster after periods of high abnormal returns on new issues. In such a
case, ex-post measures of new issue abnormal returns may be negative on average,
despite the absence of ex-ante abnormal returns. We evaluate this endogeneity
problem in event studies of long-run performance. We argue that it is unlikely that the
endogeneity of the number of new issues explains the long-run underperformance of
equity issues.
•
Marco da Rin “Who are the Active Investors? Evidence from Venture Capital” (with
Laura Bottazzi and Thomas Hellmann), ), Journal of Financial Economics,
forthcoming. This paper examines the determinants and consequences of investor
15
activism in venture capital. Using a hand-collected sample of European venture capital
deals, it shows the importance of human capital. Venture capital firms with partners
that have prior business experience are more active recruiting managers and directors,
helping with fundraising, and interacting more frequently with their portfolio
companies. Independent venture capital firms are also more active than ’captive’
(bank-, corporate-, or government-owned) firms. After controlling for endogeneity,
investor activism is shown to be positively related to the success of portfolio
companies.
•
Bas
Werker
”The impact of overnight periods on option pricing”,
Journal of Financial and Quantitative Analysis, 42, 517-534, (with M.J. Boes and F.C.
Drost) This paper investigates the effect of closed overnight exchanges on option
prices. During the trading day, asset prices follow the literature’s standard affine
model that allows for stochastic volatility and random jumps. Independently, the
overnight asset price process is modeled by a single jump. We find that the overnight
component reduces the variation in the random jump process significantly. However,
neither the random jumps nor the overnight jumps alone are able to empirically
describe all features of option prices. We conclude that both random jumps during the
day and overnight jumps are important in explaining option prices, where the latter
account for about one quarter of total jump risk.
3.2
The research program in Law
In 2006, the Research Program in Law was set up. The policy areas are depicted below.
1.
Private Equity and Hedge Funds
Policymakers and the media have drawn attention to the confusion that private equity funds
and, particularly, hedge funds, are currently causing in the world of finance and corporate
governance. As private equity and hedge funds are now entering the corporate governance
scene with a fury, adding a new dimension to the struggle between shareholders and
managers, questions arise increasingly about their proper role in relation to management and
other shareholders and creditors. The recent wave of private equity based buyouts of publicly
listed companies has also prompted questions about whether private equity can perhaps be
16
detrimental to the market or to the targeted company. Moreover, the sophisticated use of
financial engineering techniques, in particular the funding of acquisitions with large amounts
of debt, which are subsequently loaded on the acquired businesses, raises suspicion.
Hedge funds, like private equity funds, provide markets and investors with substantial
benefits. Since these funds tend to be engaged in extensive market research before taking
significant trading positions, they enhance liquidity and contribute to market efficiency. Yet,
regulators are concerned about the lack of understanding and regulatory mechanisms to
protect possible downsides of hedge funds’ investments. Hedge funds are reluctant to disclose
any information about their investors and investing strategies. The fact that they pursue
aggressive short selling techniques in order to make profit on overvalued stock just adds to
the negative reputation of these funds. When they sell short, they sell borrowed shares under
the expectation that they will be able to buy the shares back in the market at a lower price.
Obviously, this phenomenon gives hedge funds an incentive to actively drive down the stock
price by voting the borrowed shares in value-reducing ways. This so-called “empty voting”
strategy of decoupling voting rights from economic ownership has recently added a new
dimension in the corporate governance discussions. Naturally, given the inherent difficulties
with detection, there is some confusion about the extent of the actual use and the effect of
empty voting strategies on firms. Nevertheless, we have already seen policymakers respond,
in the UK (in the context of takeovers) and Hong Kong (generally), by adopting new
disclosure measures to reduce the adverse effects of empty voting.
Questions arise also increasingly about the hedge funds’ role in relation to management and
other shareholders and creditors. Unlike earlier periods, the new activist investors are more
directly engaged in investment fund management.
These funds not only endeavour to deliver high returns by diligent research and insightful
analysis, but also by actively reshaping a portfolio firm’s business policy and strategy. Many
argue that the investment style of these funds fits into the current corporate governance
movement of shareholder activism. Proponents of this view urge regulators to adopt a ‘handsoff’ approach, pointing to the overall increase in share price and performance of firms
associated with hedge funds. Others are of the opinion that it would be overly costly if activist
shareholders were too much involved in the daily management of the firm, in particular, if
they hold more votes than economic ownership.
17
They point to the fact that funds’ activism is mainly directed toward short-term payoffs, and
argue that the transfer of effective control to a team of specialists (i.e., the board of
management) will add to efficiency and long-term wealth creation. Complaints by managers
and shareholder groups arguably encourage policymakers to consider increasing regulation
and supervision over collective investment pools and their actions.
2.
Cross-border cooperation among Securities Regulators and Commissions
The incidence of cross-border offerings and sale of securities has made it increasingly evident
that enhanced cooperation among securities regulators is needed to ensure fair and transparent
markets and efficient enforcement. It is common knowledge that regulatory cooperation is
necessary to identify potential risks, assist in resolution of compliance problems and further
develop standards for effective enforcement.
3.
Cross-border Clearing and Settlement
Clearing and settlement are the processes by which securities transactions are finalized.
Clearing occurs between trading and settlement and ensures that the seller and buyer have
agreed on an identical transaction and that the seller owns the securities being sold, before
establishing final positions for settlement. Settlement is the transfer of securities from the
seller to the buyer and funds from the buyer to the seller. The European Commission has been
investigating concerns about the efficiency of cross-border clearing and settlement in the EU
for some time.
4.
The Listing and Regulation of Hybrid Corporate Structures
Hybrid business forms are the fastest growing business segment of the market in the United
States. Approximately 30% of the 100 fastest growing firms in the United States are
structured as limited liability companies. These companies are less than five years old, but
their annual sales exceed US$ 1 million This trend is to some extent driven by the recent
tendency of investment funds, faced with an ever-growing fierce and global competition, to
embrace complex structures that help optimize the financial results for each group of
investors.
18
In 2007 the AFM Chair in Law focused mainly on two policy areas that are currently
considered to be of paramount importance in the field of financial market regulation: (1)
private equity funds and hedge funds and (2) hybrid business structures. Some of the
highlights are outlined below:
(1) In March 2007, Professor McCahery organized a conference on Activist Investors, Hedge
Funds and Corporate Governance. The conference examined the economic and governance
effects of private equity and hedge fund strategies in Europe and the United States. There
were panel discussions on the role of hedge funds and private equity in corporate governance
by some of the leading academics, practitioners and regulators in the field, such as Paul
Koster (AFM), Jaap Winter (University of Amsterdam) and Florencio Lopez-de-Silanes
(University of Amsterdam). Professors McCahery and Vermeulen commented on papers on
hedge funds, governance and debt buyers. A collection of the presented papers will be
published in 2008.
(2) In October 2007, Professor McCahery organized a conference on Corporate Governance
and Financing of Family Firms. An objective in organizing the conference was to examine the
variety of financing options available to family run firms, and the corporate governance
mechanisms used by family run companies to resolve conflicts, ensure superior performance
and negotiate successful successions. The conference outcomes will be included in a study by
the law chairholders (in conjunction with a corporate finance professor).
(3) In December 2007, the Consultative Commission on Industrial Change (CCMI) – a
section of the European Economic and Social Committee (EESC) – held a members-only
seminar, with the aim of compiling detailed technical information on the workings of private
equity funds and of gauging the real importance of these funds to European businesses. The
CCMI welcomed speakers from a variety of backgrounds, such as academia, pension funds,
traditional banks, trade unions and associations representing private equity funds in Europe,
each of whom explained their different approaches to the subject. Professor Vermeulen
presented and discussed the law chairholders view on the topic. The seminar provided some
interesting views which will be incorporated in a paper that will be published in 2008.
(4) The law chairholders also participated in other projects related to financial markets and
institutions. (A) Professor Vermeulen contributed to a report issued by the International
Chamber of Commerce Commission on Financial Services and Insurance. The report was
derived from the Fourth Corporate Governance Roundtable which was held in Prague on 18
April 2007.
19
Topics explored in detail included the development of stock exchanges, disclosure and
accounting. (B) Professor Vermeulen was a member of the Working Group that drafted and
developed a common set of corporate governance guidelines and policies that were adopted
by development finance institutions representing collective assets of $1,000bn. The policies
and guidelines cover securing commitments to good corporate governance, the rights and
equitable treatment of shareholders, the role of stakeholders, disclosure and transparency and
the composition and responsibilities of boards of directors. (C) Professor McCahery was the
lead researcher for the Monitoring Committee Corporate Governance on the Investor
Appreciation Project. He wrote the final report for the Monitoring Committee in which the
views of 118 institutional investors were assessed in terms of corporate governance standards,
executive compensation and the role of board. (D) Professor McCahery was member of the
Experts Group of the OECD on Private Equity on the development of principles for the
governance of private equity funds.
(5) In 2007, the law chairholders finished a book on Corporate Governance of Non-Listed
Companies that will be published by Oxford University Press in April 2008. The volume
examines policy and economic measurements to develop a framework for understanding what
constitutes good governance of non-listed companies, such as private equity and hedge funds,
joint ventures and family-owned firms.
(6) In a number of articles the law chairholders (see Appendix A) discussed the rationale used
by proponents for introducing new regulation for hedge funds and private equity funds. There
is a division of opinion regarding whether this alternative asset sector should be subject to
new regulation. The analysis shows that the contractual basis for each fund type is usually
adequate to address the agency problems that abound in this sector.
(7) Sofia Johan defended her thesis on the Law and Economics of Private Equity Financing.
Her Ph.D. thesis was awarded “cum laude”. Professor McCahery was her supervisor.
(8) Jose Miguel Mendoza contended in a paper on Securities Regulation that AIM covered a
funding gap for companies whose specific characteristics preclude them from listing in senior
markets such as NASDAQ, the New York Exchange or the London Stock Exchange. The
paper endeavored to show that AIM'
s regulatory model is optimal - imposing low compliance
costs on firms, but ensuring adequate disclosure and transparency levels - given the type of
companies that seek an AIM listing and the sophisticated nature of its investors.
20
3.3.
Multidisciplinary research
Obviously, developing this research takes time. During 2007, for example, the chairholders
have been actively interacting at two research conferences stimulating each other’s research
ideas.
The first conference was the workshop “The microstructure of financial markets”, in
conjunction with the inaugural lecture of Hans Degryse, held on 19 January 2007. The other
conference was at the seminar “Understanding the influence of private equity and hedge
funds”, held at the AFM on 13 February 2007. The research by the law chairholders focuses
on law and economics and comparative law. As follows from the highlighted research above,
they increasingly work with economists on projects, papers and presentations related to
financial market regulation.
21
4.
The education program
4.1.
The education program in Economics
In several courses in the Masters Programs in Finance, attention has been drawn to issues
related to financial regulation. For example, in the course Treasury Management, a couple of
lectures are spent on banking and financial market regulation. Also, Luc Laeven has been
teaching a topics course on “Corporate Governance and Financial Regulation” within the
Advanced topics in finance course. Several bachelor and master theses were written on topics
related to financial market regulation. Examples are:
•
Erik Stijnen on “The impact of insider trading and the market abuse directive”
• Elena Ilina: “Life Insurance regulation: an empirical analysis of the regulatory effect
on the capital holdings of Dutch life Insurance companies”
• Kristel Frencken: “Sarbanes-Oxley as a determinant of listing and delisting decisions”
•
Bart Schmitz: “Liquidity and the turn of the month effect in the UK, Australia and the
Netherlands”
• Wen Chang: “The US bank regulatory and supervisory system”
Yvonne de Haas will start an internship at the AFM to study efficiency of financial
supervision (supervisor at AFM: Teunis Brosens; supervisor at Tilburg University: Hans
Degryse).
4.2.
The education program in Law
The new Master’s Programme in International Business Law has started in 2007-2008.
Specific courses dealing with the AFM Chair’s main policy areas of research have been
taught during Tilburg University’s Master’s Programme in International Business Law. These
courses introduce students to the legal foundations of financial market regulation and
encourage them to participate in redesigning the existing framework by providing their
specific insight in such matters. Banking and Securities Regulation, taught by Professor
Joseph A. McCahery, deals with cross-border cooperation among Securities Regulators and
Commissions, clearing and settlement and listings. International Business Law II, taught by
22
Professor Erik P.M. Vermeulen, addresses private equity funds and hedge funds as well as
listings on traditional and alternative markets. More than twenty master theses were written in
the area of financial market regulation.
This program, which also offers graduate students the opportunity to absorb a large amount of
the institutional and legal analysis concerning securities and financial market regulation at the
European law and national level, provides a strong foundation for working with complex
international transactions. The training program includes a series of Master courses offered in
the International Business Law program, such as Banking and Securities Regulation,
International Business Law I (Mergers and Acquisitions), International Business Law II
(Alternative Asset Investments), and Financial Law. The Master level courses are taught as 6
credit courses and form the mandatory core of the program in International Business Law. In
addition, an introductory course to company law and securities regulation, which is
mandatory for all undergraduate students in Law at Tilburg University, is designed to
introduce the key mechanisms of company law regulation and the instruments of securities
law. Finally, the Chair holders of the AFM offer in-house training courses to practising
lawyers in securities market regulation and company law.
Further, a European Master’s in Transnational Trade Law and Finance has been
initiated.
The course contains 120 ECTS credits that the students will follow in two academic years and
in three of the four participating institutions.
23
The Programme offers one year of core courses, which provide the fundamental competencies
at an advanced level, needed to be able to confront trans-national trade cases. The itinerary is
built in a complementary manner starting with the University of Deusto that will focus on the
European set up, and moving forward to a more comparative and worldwide approach in the
case of Tilburg.
For the second year three specialization areas offered: Law and Finances in the Institute of
Law and Finance in Frankfurt University and European Business Law and Industrial and
Intellectual Property in the Robert Schumann Strasbourg University.
The Programme presents therefore two important elements:
-
The core courses that must be followed by all the students. This part of the Master
offers every European or non-European student the necessary tools for the analysis of
transnational trade operations.
-
The specialization in which the students can choose and the professional or research
path.
The course also offers linguistic and thematic preparatory courses.
24
MASTERPROGRAMMA RECHT EN MANAGEMENT
TOEZICHT EN COMPLIANCE
Eerste Semester
september - december
Primer
3 credits
In this introductory course, students will be introduced to the basic notions and ideas that will
allow them to better understand the different areas comprising compliance issues. The lectures
will focus on the main elements of corporate finance and the law and economics of financial
markets.
Finance and Compliance
6 credits
Part I
Financial Statement Analysis
4 credits
IFRS Financial Statements – principle-based approach versus rule-based approach
Basic concepts of IASB
Fair presentation and compliance with IFRS
Consolidated financial statements – subsidiaries – associates – Jointly controlled entities
Business combinations – acquisitions – goodwill
Intangible and tangible assets
XBRL - disclosure – presentation
Other topics (like interim reporting, changes in accountancy policies, etc.)
Part II (twee mogelijkheden)
Algemeen kader en eisen 2 credits
Contractmanagement
aan financiële
ondernemingen (beperkt
aantal studenten)
Betrouwbaarheid
Deskundigheid
Bedrijfsvoering
25
2 credits
Eerste Semester
september - december
Advanced Company Law
6 credits
This course will focus on Company Law issues. The lectures will introduce students to the main
company law directives, including directives on legal capital, auditing and accounts, mergers,
branches and headquarters, major shareholdings and take-overs. Special attention will be given to
landmark decisions of the European Court of Justice, and national implementation of directives.
Finally, the course will assess the implications of the EC’s recent modernization efforts in the area
of corporate governance.
Corporate Governance and Compliance
6 credits
This course is designed to introduce students to main corporate governance regimes around the
world, focusing particularly on Europe, Asia and the United States. The course is intended to
analyze the relevant issues in each of these systems and to foster discussions as to the solutions
provided by legislators across the globe to similar governance problems.
International Business Law II - Alternative
6 credits
Investment Strategies
This course will focus on the central legal issues related to private equity and alternative
investments. The lectures will address four main themes: (1) the structure and governance of
private equity investment funds and the structuring of investment transactions; (2) the design of
contractual arrangements between the various participants in funds and deals; (3) the analysis of
strategies that can be employed to harvest and maximize the total return on the investment; and (4)
a review of the current state of the private equity industry.
Banking and Securities Regulation
6 credits
This course introduces students to regulation of banks and financial intermediaries. The first part
of the course will address international aspects of US and EU banking regulation, the
infrastructure of capital adequacy and clearing and settlement procedures. The second part of the
course will address the regulation of US securities markets and the new reforms for European
securities markets.
26
Tweede Semester
januari - juni
Compliance Thema’s
6 credits
Part I
Organisatie Compliance
4 credits
Identificeren van compliance issues (2 colleges)
Opstellen van kaders voor beleid en procedures
Creëren van awareness voor compliance
Adviseren en communiceren inzake compliance
Monitoren van compliance
Managen van toezichthouders
Consumentenbescherming (zorgplicht) (2 colleges)
Regelingen voor een zorgvuldige behandeling van de consument
Fraude en Identificatie (2 colleges)
Richtlijnen voor identificatie en acceptatie van (nieuwe) klanten en hun transacties.
Regelingen ter voorkoming van wederrechtelijk ontrekken of doen toevloeien van waarden
aan de organisatie.
Recht op privacy (2 colleges)
Regelingen voor het zorgvuldig verwerken, bewaren en verstrekken van persoonsgegevens.
Toezicht en handhaving (3 colleges)
Toezichtsinstrumenten (informatie krijgen en informatie halen)
Systeem van afdeling 5:2 Awb
Overige toezichtinstrumenten
Reparatoire sancties
Punitieve sancties
Overige handhavingsinstrumenten
Part II (twee mogelijkheden)
Markttoetreding
2 credits
Verzekeraars:
financiële markten
governance, risk &
(beperkt aantal
compliance
studenten)
Betrouwbaarheid
Deskundigheid
Bedrijfsvoering
27
2 credits
Tweede Semester
januari - juni
Effectenrecht
6 credits
In deze cursus zal het gebied bloot gelegd worden dat begint bij de aanbieding van effecten
(kapitaalvrager) en eindigt bij de koper van de effecten (kapitaalverschaffer). Tussen dit begin- en
eindpunt spelen vragen zoals welke informatie moet een uitgevende instelling bij en na de emissie
verstrekken en op grond waarvan, wat indien die informatie niet of onvolledig wordt gegeven,
welke rol spelen de beleggingsondernemingen die effecten en financiële instrumenten voor de
belegger aan- of verkopen respectievelijk beheren en aan welke regels zijn zij gebonden, wat is
voorwetenschap en wanneer is een uitgevende instelling een beleggingsinstelling en wat zijn
hiervan de consequentiest.
Drie keuzemogelijkheden om af te studeren
I Stage Toezichthouder +
18 credits
stageverslag (beperkt aantal
studenten)
Of
II Stage bedrijf + stageverslag
18 credits
(beperkt aantal studenten)
Of
III Masterscriptie
18 credits
28
5.
The activity program
The TILEC-AFM network on Financial Market Regulation has organised several
seminars and workshops during the year 2007. The goal of these seminars and
workshops is to expose researchers and financial supervisors to the most recent research
related to financial market supervision and regulation. It allows also interaction between
the different members of the TILEC-AFM Research Network on Financial Market
Regulation.
The activities are of various types:
•
Joint TILEC-AFM seminars with the Department of Finance. These are
organised by the chairholder in Economics in cooperation with the Department
of Finance; they take place in Tilburg, within the context of the regular
Finance (Monday) seminars; the emphasis is on issues in economics/finance;
•
TILEC-AFM seminars. These are organised by the chairholders jointly in
cooperation with TILEC. They take place in Tilburg within the regular TILEC
(Friday) seminars and focus on both economics and legal issues;
•
TILEC-AFM workshops. These are activities of a somewhat larger scale, who
may take place in Amsterdam, Tilburg, or elsewhere in the country, or abroad.
Typically, the chairholders in Law will take the lead.
5.1
TILEC-AFM seminars with the Department of Finance
Monday, 12 March 2007
TILEC-AFM seminar with the Department of Finance with Franklin Allen, Wharton University of Pennsylvania at 16.00 in K 834. Franklin spoke on “Financing firms in
India”.
Monday, 25 June 2007
TILEC-AFM seminar with the Department of Finance with David Yermack, Stern
School of Business - New York University at 16.00 in K 834. David spoke on "Where
29
are the shareholders’ mansions? CEOs’ home purchases, stock sales, and subsequent
company performance".
Monday, 3 September 2007
TILEC-AFM seminar with the Department of Finance with Ian Tonks, University of
Exeter at 16.00 in K834. Ian spoke on "Return persistence and fund flows in the worst
performing mutual funds".
Monday, 5 November 2007
TILEC-AFM seminar with the Department of Finance with Mark Seasholes, Haas
School of Business, Berkerly at 16.00 in K834. Mark spoke on “Information
Asymmetries, Common Factors, and International Portfolio Choice".
Tuesday, 18 December 2007
TILEC-AFM seminar with the Department of Finance with Allen Berger, Federal
Reserve Board, at 16.00, K 834. Allen spoke on “Why Do Borrowers Pledge
Collateral? New Empirical Evidence on the Role of Asymmetric Information”.
5.2
TILEC-AFM Seminars
Friday, 23 February 2007
Topic: Mergers in Banking.
TILEC-AFM seminar with Winfred Knibbeler, Freshfields Bruckhaus Deringer and
Steven Ongena (TILEC) at 12.30 in M634. Winfred spoke on “Application of merger
rules in the banking sector”. Steven spoke on "The economic impact of merger control,
what is special about bankin”.
Thursday, 24 May 2007
TILEC-AFM seminar with Uwe Walz, Goethe University Frankfurt and Joe McCahery,
TILEC, at 12.30 in M634. Uwe spoke on "Tying Lending and Underwriting: Scope
Economies, Incentives, and Reputation". Joe spoke on "Bank Reputation in the Private
Debt Market".
30
Friday 14 December 2007
TILEC-AFM seminar with Eric de Bodt, University of Lille and François Kristen,
Universiteit van Amsterdam , at 12.30 in M534. Eric spoke on “Legal insider trading
and market efficiency". François spoke on “Getting inside the definition of inside
information”.
5.3
TILEC-AFM Workshops
Friday, 19 January 2007
Workshop "The microstructure of financial markets". On 19 January 2007, the TILECAFM Research Network on Financial Market Regulation organized a conference in
conjunction with the inaugural lecture of Professor Hans Degryse.
Programme
Coffee/tea and registration
13.00-13.15
Introduction by Prof. Dr. Erik Vermeulen and Prof. Dr. Hans
Degryse, Tilburg University
13.15-14.20
Prof. Dr. Ekkehart Boehmer, Mays Business School at Texas
A&M University
Institutional Investors and the Informational Efficiency of Prices.
14.20-14.40
Coffee/tea
14.40-15.45
Albert
J.
Menkveld,
Free
University
of
Amsterdam
Competition for Order Flow and Smart Order Routing Systems
15.45-16.15
Coffee/tea
16.00-16.15
Participants make their way to the Auditorium in Cobbenhagen building
16.15-17.0
Inaugural lecture, Competition on financial markets: does market design
matter
17.00
Reception
31
Tuesday, 13 February 2007
Seminar Understanding the Influence of Private Equity and Hedge Funds.
On Tuesday, 13 February the AFM and TILEC jointly organized a seminar in the center
of Amsterdam to address questions concerning the Understanding of the Influence of
Hedge Funds and Private Equity. The program, which was developed by Joseph
McCahery and Erik Vermeulen, sought to offer regulators, market participants and the
public with insights from contemporary research on the development of the industry, its
practices and challenges as well as the trade-offs involved with increasing the level of
regulation versus self-regulation.
Programme
15.30-16.0
Registration
16.00-16.10
Opening remarks by Hans Degryse, Professor of Economics at the
CentER for Economic Research, Tilburg University and TILEC
16.10-16.40
Guido Ferrarini, Professor of Law, University of Genoa, Board member
of
Telecom
Italia
S.p.A.
and
Autostrade
S.p.A.
Empty voting and hidden ownership.
16.40-17.10
Gerald Spindler, Professor of Commercial Law, University of Göttingen,
Faculty of Law
Hedge funds in Germany
17.10-17.40
Joseph McCahery, Professor of Corporate Governance and Innovation,
University of Amsterdam, Professor of Financial Market Regulation,
TILEC, Tilburg University and Erik Vermeulen, Professor of Financial
Market Regulation and Professor of Law and Management, TILEC,
Tilburg University, Senior Legal Counsel, Philips International B.V.
Internal organization, regulation and governance of private equity and
hedge funds
32
17.40-18.0
Concluding remarks by Paul Koster, Member of the Executive Board,
Netherlands Authority for the Financial Markets
18.00-18.45
Drinks
Thursday, 15 March 2007
Howell Jackson, Professor of Law van Harvard University visited The Netherlands at
14 and 15 March. He presented his new paper "Public Enforcement of Securities Law:
Preliminary Evidence" and the developments of his new research at AFM on 15 March
from 4.00 till 6.00 p.m.
Monday, 2 April 2007
An internal “verdiepingssessie” on the Markets in Financial Instruments Directive
“MiFID” was held at AFM, Amsterdam; speakers are Hans Degryse and Albert
Menkveld.
Tuesday, 2 October 2007
TILEC-AFM
seminar,
15.00-17.00,
AFM,
Vijzelgracht
50,
Amsterdam.
The AFM and TILEC jointly organized a seminar titled "Market Cleanliness and Legal
Insider Trading in Dutch Financial Markets" at AFM to address questions concerning
the market cleanliness of Dutch financial markets. Clean and transparent financial
markets are important to protect market integrity. Two speakers, Dr. Bas ter Weel
(AFM) and Drs. Jérémie Lefebvre (TILEC) presented their recent research to discuss
the impact of the market abuse directive on market cleanliness and the impact of legal
insider trading on Dutch stock markets. The seminar was organized within the
framework of the "TILEC-AFM Research Network on Financial Market Regulation".
Thursday, 11 October 2007
Seminar, in cooperation with the Tilburg Center of Finance (TCF), on Hedge Funds and
Private Equity at 13.00 in TZ3, TiasNimbas building. Speakers were Marco da Rin,
Tilburg University. Marco spoke on “Private Equity in Perspective”. Ludovic
Phalippou, University of Amsterdam. Ludovic spoke on “Caveats when Venturing into
Private Equity”. Narayan Naik, London Business School. Narayan spoke on “Hedge
Fund
Clones:
Complements
33
or
Substitutes?”.
6.
The outreach program
The three different chairholders have also been actively involved in presenting seminars
and participation at workshops at other universities, and national and international
conferences. In this way, the chairholders contribute to the visibility of the TILECAFM Research Network on Financial Market Regulation. A complete list is provided in
Appendix B.
In addition to the Professorial Fellows Program, the AFM Chair in Law intends to
undertake from time to time research projects sponsored by outside organizations.
These projects can be the basis for one or more publishable studies and for reform or
other actions in a particular area of financial market regulation. Studies may involve
one or more authors and can draw on the talents of AFM Professorial Fellows, Research
Students, practitioners as well as policymakers and regulators.
34
APPENDIX A: PUBLICATIONS
A1
ACADEMIC PUBLICATIONS
A 1.1 Refereed journals
Chairholders
Degryse, H.A.
“Interbank exposures: an empirical examination of contagion risk in the Belgian
banking system”, International Journal of Central Banking, 3(3), 123–172, (with G.
Nguyen).
“Dynamic Order Submission Strategies with Competition between a Dealer Market and
a Crossing Network”, forthcoming in Journal of Financial Economics, (with M. Van
Achter and G. Wuyts).
Degryse, H.A. and S. Ongena
“The impact of competition on bank orientation”, Journal of Financial Intermediation,
16, 399–424.
McCahery, J.A.
“The equilibrium content of corporate federalism”, Corporate Practice Commentator,
Vol 48, 4, 855–939, (with W. Bratton).
“Editorial”, European Business Law Review, 8 (1), 1-5.
Vermeulen, E.P.M. and J.A. McCahery
“Corporate government, “Investor protection and performance in the Netherlands”,
Revue Trimestrielle de Droit Financier, 3, 95-100.
“The breakthrough rule and implementation of the takeover directive in the
Netherlands”, Revue Trimestrielle de Droit Financier, 1, 29-30.
35
“Traditional and innovative approaches to legal reform: ‘the New Company Law’”,
European Business Organization Law Review, 8, 7-57.
TILEC/AFM Research network members
Bouwens, J.F.M.G.
“Assessing the performance of business unit managers”, Journal of Accounting
Research, 45(4), 667-697, (with L.A.G.M. van Lent).
Carletti, E.
“Multiple-bank lending: Diversification and free-riding in monitoring”, Journal of
Financial Intermediation, 16, 425–451, (with V. Cerasi and S. Daltung).
“Bank mergers, competition and liquidity”, Journal of money, credit and banking,
39(5), 1067–1107, (with P. Hartmann and G. Spagnolo).
“Mark-to-market accounting and cash-in-the-market pricing”, forthcoming in Journal of
Accounting and Economics, (with F. Allen).
Da Rin, M.
“Who are the active investors? Evidence from venture capital”, forthcoming in Journal
of Financial Economics, (with L. Bottazzi and T. Hellmann).
Johan, S.
“Advise and monitoring in venture capital finance”, Financial markets and portfolio
Management, 21(1), 3-43, (with D. Cumming).
“Regulatory harmonization and the development of private equity markets”, Journal of
Banking and Finance, 31, issue 10, 3218–3250, (with D. Cumming).
“Socially responsible institutional investment in private equity”, Journal of Business
Ethics, 75 (4), (with D. Cumming).
36
“Hedge Fund Forum Shopping”, forthcoming in Journal of Business and Employment
Law, (with D. Cumming).
“Pre-planned venture capital exit strategies”, forthcoming in European Economic
Review, (with D. Cumming).
Horst, J.R. ter
“Model uncertainty, financial markets integration and the home bias puzzle”, Journal of
International Money and Finance, 26(4), 606-630, (with L. Baele and C. Pungulescu).
“Self-selection,
survival
and
look-ahead bias in the hedge fund industry”,
Review of Finance, II, 605–632, (with M.J.C.M. Verbeek).
“An empirical analysis of the pricing of bank issued options versus options exchange
options”, forthcoming in European Financial Management, (with C.H. Veld).
“Behavioral preferences for individual securities: The case for call warrants and call
options”, forthcoming in European Financial Management, (with C.H. Veld).
Horst, J.R. ter and L.D.R. Renneboog
“The price of ethics: Evidence from mutual funds”, forthcoming in Journal of
Corporate Finance, (with C. Zhang).
“Socially responsible investments: Institutional aspects, performance and investor
behavior”, forthcoming in Journal of Banking and Finance (with C. Zhang).
Jong, F.C.J.M. de
“Privatization and stock market liquidity”, Journal of Banking and Finance, 31(2),
297-316, (with B. Bortolotti, G. Nicodano and I. Schindele).
“Pseudo market timing: a reappraisal”, forthcoming in Journal of Financial and
Quantative Analysis, (with M. Dahlquist).
37
“Pension fund investments and the valuation of liabilities under conditional indexation”,
forthcoming in Insurance : Mathematics & Economics.
Joos, P.P.M.
”IPO failure risk”, Journal of Accounting Research, 45(2), 333-371, (with E. Demers).
“Earnings and equity valuation in the biotech industry: Theory and evidence”,
forthcoming in Financial Management, (with A. Zhdanov).
Nijman, T.E.
“Saving and investing over the life cycle and the role of collective pension funds”,
De Economist, 155(4), 347-415, (with A.L. Bovenberg, R.S.J. Koijen and C.N.
Teulings).
“Estimating the term structure of mortality”, forthcoming in Insurance, Mathematics &
Economics 2005, (with N. Hari, A.M.B. de Waegenaere and B. Melenberg).
“Longevity risk in portfolios of pension annuities”, forthcoming in Insurance,
Mathematics & Economics 2006,
(with N.Hari, A.M.B. de Waegenaere and B.
Melenberg).
Ongena, S.
“Financial integration and entrepreneurial activity. Evidence from foreign bank entry in
emerging markets”, forthcoming in Review of Finance, (with M. Gianetti).
Penas, M.F.
“Lending to small businesses: The role of loan maturity in addressing information
problems”, forthcoming in Small Business Economics, (with H. Ortiz-Molina).
Renneboog, L.D.R.
“The incentive to give incentives: on the relative seniority of debt claims and
managerial compensation”, Journal of Banking and Finance, 31(6), 1795-1815, (with
R. Calcagno).
38
“Does ownership matter? A study of German and UK IPOs”, Managerial Finance,
33(7), 368-387, (with M. Goergen).
”Control structures and payout policy”, Managerial Finance, 33(1), 43-64, (with G.
Trojanowski).
“Why do public firms go private in the UK?”,
Journal of Corporate Finance, 13(4),
591–628, (with T. Simons and M. Wright).
“Corporate restructuring and bondholder wealth”, forthcoming in European Financial
Management, 33, (with P.G. Szilagyi).
Wagner, W.B.
“Aggregate liquidity shortages, idiosyncratic liquidity smoothing and banking
regulation”, Journal of Financial Stability, 3(1), 18-32.
“The liquidity of bank assets and banking stability”, Journal of Banking and Finance,
Elsevier, 31 (1), 121–139.
“International risk sharing and government moral hazard”, Open Economics Review,
Springer, 18 (5), 577–598.
“Financial development and the opacity of banks”, Economics Letters, Elsevier, 97 (1),
6–10.
“The homogenization of the financial system and liquidity crises”, forthcoming in
Journal of Financial Intermediation.
Werker, B.J.M.
“Local asymptotic normality and efficient estimation for INAR(p) models”,
forthcoming in Journal of Time Series Analysis, (with F. C. Drost and R. van den
Akker).
39
“Semiparametrically efficient inference based on signs and ranks for median restricted
models”, forthcoming in Journal of the Royal Statistical Society, Series B, (with M.
Hallin and C. Vermandele).
“Note on integer-valued bilinear time series models”, forthcoming in Statistics and
Probability Letters, (with F.C. Drost and R. van den Akker).
Werker, B.J.M. and Th.E. Nijman
“Performance information dissemination in the mutual fund industry”, forthcoming in
Journal of Financial Markets.
A 1.2 Other journals
Chairholders
Vermeulen, E.P.M. and J.A. McCahery
“The
rise
of
“Hybrid
business
Forms””,
SecJure,
Vol.
2007,
4.
TILEC/AFM Research network members
Carletti, E.
“Kapitalreguliering von Banken und Systemische Risiken im Lichte van Basel II”,
forthcoming in Zeitschrift für das gesamte Kreditwesen, (with J.P. Krahnen).
B.J.M. Werker
“Discussion of “Quantile autoregression”by R. Koenker and Z. Xiao”, forthcoming in
Journal
of
the
American
Statistical
A 1.3 Bookchapters
Chairholders
40
Association,
(with
M.
Hallin).
Degryse H.A. and S. Ongena
“Rules, discretion and loan rates”, in D. Evanoff (Ed.), Federal Reserve Bank of
Chicago Conference on Bank Structure and Competition Proceedings. Chicago: Federal
Reserve Bank, 100-109, (with G.M. Cerqueiro).
McCahery, J.A.
“Legal options: Towards better EC company law regulation”, in S. Weatherill, ed.,
Better Regulation, Hart Publications, 219-245, (with G. Hertig).
“EU takeover regulation and the one share one vote controversy”, in G. N. Gregoriou
and L. Renneboog (eds), International Mergers and Acquisitions Activity Since 1990,
Recent Research and Quantitative Analysis, Elsevier, (with A. Khachuryan).
“Corporate governance”, in
The Princeton Encyclopedia of Political Economy,
Princeton University Press, forthcoming.
Vermeulen, E.P.M.
“De economische structuur van het vennootschapsrecht”, in W.C.T. Weterings ed.,
Recht en Economie, The Hague: Boom Juridische Uitgevers, forthcoming 2008 (with C.
van der Elst)
Vermeulen, E.P.M. and J.A. McCahery
“How should we regulate private equity and hedge funds?”, in Private equity en
aandeelhoudersactivisme, Amsterdam: Amsterdam Center for Corporate Finance, 89–
98.
“Monitoring and enforcement of corporate governance in the Netherlands”, in Bouwen
en bezinning. Regels van wenselijk en onwenselijk financieel recht, Serie vanwege het
van der Heijden Instituut te Nijmegen, Deventer: Kluwer, 235-249.
“The influence of corporate mobility on European company and bankruptcy law”,
Brazil: Lex Mercator, forthcoming.
41
TILEC/AFM Research network members
Bouwens, J.F.M.G.
“Does EVA add value?”, in T. Hopper, D. Northcott & R. Scapens (Eds.), Issues in
Management Accounting, London: FT Prentice Hall, 245-268, (with R. Spekl).
Carletti, E.
”Competition and regulation in banking”, forthcoming in A. Boot and A. Thakor (eds.),
Handbook in Financial Intermediation, Elsevier, Noord-Holland.
Johan, S.
The profile of venture capital exits in Canada, in: L. Renneboog, ed., International
mergers and acquisitions activity since 1990: Quantitative Analysis and recent
research, Elsevier, part 2, chapter 9, 195-219,
(with D. Cumming).
Nijman, T.E.
“Optimal risk-sharing in private and collective pension contracts”, in S.G. van der Lecq
& O.W. Steenbeek (Eds.), Costs and Benefits of Collective Pension Systems, Springer
Berlin Heidelberg New York, part 2, chapter 5, 75-93 (with C.G.E. Boender, A.L.
Bovenberg and S. van Hoogdalem).
Ongena, S.
Comments and observations on the paper Financial and real integration by Baier, S.L
and Dwyer, G.P.”, forthcoming in P. Savona, I. Hasan and C. Zazzara (Eds.), Money,
Derivatives, Innovation and Growth, Fifth Colloquium by the Associazone Guido Carli
and Fondazione Cesefin Albert Predieri.
Renneboog, L.D.R.
“Ownership, managerial control and the governance of companies listed on the Brussels
stock exchange”, in R. van Frederikslust, J. Ang & S. Sudarsanam Eds.), Corporate
Governance and Corporate Finance: A European Perspective, Oxford: Routledge, 313346.
42
“Understanding mergers and acquisitions: Corporate governance and regulatory issues”,
in G. Gregoriou & L.D.R. Renneboog (Eds.), Corporate Governance and Regulatory
Impact on Mergers and Acquisitions: Research and Analysis on Activity Worldwide
since 1990, Massachusetts: Elsevier, 1-18, (with G. Gregoriou).
“Who disciplines the management of poorly performing companies?”, in R. van
Frederikslust, J. Ang & S.Sudarsanam (Eds.), Corporate Governance and
Corporate Finance: A European Perspec-tive, Oxford: Routledge, 313-346 (with J.
Franks and C. Mayer).
“Why are the levels of controls so different in German and UK companies? Evidence
from initial public offerings”, in R. van Frederikslust, J. Ang & S. Sudarsanam (Eds.),
Corporate Governance and Corporate Finance: A European perspective, Oxford:
Routledge, 191-220 (with M. Goergen).
“Understanding mergers and acquisitions: An overview of the recent research”, in G.
Gregoriou & L.D.R. Renneboog (Eds.), International Mergers and Acquisitions Activity
Since 1990: Recent Research and Quantitative Analysis, Massachusettes: Elsevier, 120, (with G. Gregoriou).
“The long-term operating performance of European mergers and acquisitions”, in G.
Gregoriou & L.D.R. Renneboog (Eds.), International Mergers and Acquisitions Activity
Since 1990: Recent Research and Quantitative Analysis, Massachusetts: Elsevier, 79116, (with M. Martynova and S. Oosting).
“How do bondholders fare in mergers and acquisitions?” in G. Gregoriou & L.D.R.
Renneboog (Eds.), International Mergers and Acquisitions Activity Since 1990: Recent
Research and Quantitative Analysis, Massachusetts: Elsevier, 117-134, (with P.G.
Szilagyi).
A 1.4 Monographs and edited books
Chairholders
43
Degryse, H.A.
Competition on financial markets: does market design matter?, Inaugural lecture, 19
January 2007, Tilburg.
Vermeulen, E.P.M. and J.A. McCahery
Understanding (un)incorporated business forms, Moscow: National Council of
Corporate Governance (Russian translation by J. Molokova and A. Molotnikov).
Corporate governance of non-listed companies, Oxford: Oxford University Press,
forthcoming.
The law, economics and organization of alliances and joint ventures, Cambridge:
Cambridge University Press, forthcoming.
Vermeulen, E.P.M. and G.T.M.J. Raaijmakers
Vennootschaps- en effectenrecht, Nijmegen: Ars Aequi Wetsedities (2007/2008/2009).
TILEC/AFM Research network members
Carletti, E.
Banks, markets and liquidity, forthcoming in the Reserve bank of Australia’s 2007
Conference Volume, Financial System Structure and Resilience.
L.D.R. Renneboog
Corporate governance and regulatory impact on mergers and acquisitions: research
and analysis on activity worldwide since 1990, Massachusetts: Elsevier, (with G.
Gregoriou).
International mergers and acquisitions activity since 1990: Recent research and
quantitative analysis and recent research, Massachusetts: Elsevier, (with G.
Gregoriou).
44
A2
PROFESSIONAL PUBLICATIONS
A. 2.1 Articles in professional journals
Chairholders
Degryse, H.A.
“Competition between exchanges, what to expect from MiFID?”, Bank en
Financiewezen, 71, 2007/7, 453-459.
Vermeulen, E.P.M.
“De grensoverschrijdende rol van Europese rechtspersonen”, Weekblad voor
Privaatrecht, Notariaat en Registratie (WPNR), 138(6721), 723–731.
Vermeulen, E.P.M. and J.A. McCahery
“How should we regulate private equity and hedge funds?”, Maandblad voor
Accountancy en Bedrijfseconomie, 81 (special), 344–350.
“Is de "nieuwe" BV aantrekkelijk in internationaal verband?”, Tijdschrift voor
de Ondernemingsrechtpraktijk (TOP), 2 (special), 263-271.
TILEC/AFM Research network member
Renneboog, L.D.R.
“Leveraged and management buyouts in Europe: Are target firms overvalued?”, MCA,
Tijdschrift voor organisaties in control”, 11 (3), 16–28.
A3
DISCUSSION PAPERS
A 3.1 TILEC Discussion Papers
Chairholders
45
DP 2007-004 Hans Degryse
Competition
on
financial
markets:
Does
market
design
matter?
DP 2007-017 Hans Degryse, Mark van Achter and Gunther Wuyts
Dynamic order submission strategies with competition between a dealer market and a
crossing network
DP 2007-018 Geraldo Cerqueiro, Hans Degryse and Steven Ongena
Distance, bank organizational structure, and credit
DP
2007-019
Hans
Degryse,
Luc
Laeven
and
Steven
Ongena
The impact of organizational structure and lending technology on banking competition
DP 2007-026 Geraldo Cerqueiro, Hans Degryse and Steven Ongena
Rules versus discretion in loan rate setting
DP
2007-035
Stijn
Ferrari,
Frank
Verboven
and
Hans
Degryse
Investment and usage of new technologies: evidence from a shared ATM network
DP Erik Vermeulen and Joe McCahery, forthcoming
Solving the regulatory puzzle: Understanding private equity and hedge funds
TILEC/AFM Research network members
DP 2007-010 Wolf Wagner
Loan market competition and bank risk-taking
DP 2007-015 Wolf Wagner and Lars Norden
Credit Derivatives and Loan Pricing
DP 2007-012 Luc Renneboog, Jenke ter Horst and Chendi Zhang
The
price
of
ethics:
Evidence
from
46
socially
responsible
mutual
funds
DP
2007-013
Luc
Renneboog,
Jenke
ter
Horst
and
Chendi
Zhang
Socially responsible investments: Methodology, risk exposure and performance
A 3.2 Discussion Papers published in other series
Chairholders
Degryse H.A. and S. Ongena
“Rules versus discretion in loan rate setting”, CentER Discussion Paper, 2007-59, (with
G.M. Cerqueiro).
“Competition and regulation in retail banking”, background paper in Competition and
Regulation in Retail Banking, OECD Competition Committee Roundtable 69, 15-58 .
McCahery, J.A.
“Optional rather than mandatory EU company law: Framework and specific proposals”,
ECGI – Law Working Paper no. 78, ETH Zurich and University of AmsterdamBusiness School, (with G. Hertig).
McCahery, J.A. and E.P.M. Vermeulen
“How does corporate mobility affect lawmaking? A comparative analysis”, ECGI Law
Working Paper (91/2008), forthcoming, (with William W. Bratton).
“Understanding corporate mobility in the EU, towards the foundations of a European
‘Internal affairs doctrine’, Working Paper for the 5th European Company Law and
Corporate Governance Conference, Berlin, 27-28 June 2007.
“Traditional and innovative approaches to legal reform: “the New Company Law”,
RIETI internet publication (Japan), 07-E-033, 1-36.
TILEC/AFM Research network members
47
Carletti, E.
“Stakeholder capitalism, corporate governance and firm value”, Center for Financial
Studies Working Paper, 2007-26, (with F. Allen and R. Marquez).
“Banks, markets and liquidity”, Working Paper, Warton Financial Institutions Center,
University of Pennsylvania, 2007-24, (with F. Allen).
Carletti E. and S. Ongena
“The economic impact of merger control”, European Central Bank working paper, no.
786, Frankfurt am Main, Germany, (with P. Hartmann).
Inkman, J.
“Pension liability valuation and asset allocation in the presence of funding risk, Netspar
Discussion Paper, 2007–008, (with D. Blake).
“How deep is the annuity market participation puzzle?”, Netspar Discussion Paper,
2007-011, (with P. Lopes and A. Michaelides).
Johan, S.
“Pre-seed government venture capital funds, Working Paper, York University Schulich School of Business and TILEC, (with D. Cuming).
Joos, P.P.M.
“International earnings comparability”, Tilburg University Working Paper, under
Review Journal of Accounting Research, November 2007, (with C. Beuselinck and S.
vander Meulen).
“The quality of mandatory IFRS disclosures: evidence form share-based payment
disclosures”, Tilburg University Working Paper, December 2007, (with L. Goh and K.
Soonawalla).
“Learning from history to predict shakeouts in nascent stage industries”, Tilburg
University Working Paper, under Review of Accounting Studies.
48
Nijman, T.E.
“Strategic and tactical allocation to commodities for retirement savings schemes,
Forthcoming in Netspar Discussion Papers, (with Laurens A.P. Swinkels).
“When can life-cycle investors benefit from time-varying bond risk premia? Appendix”,
Forthcoming in Netspar Discussion Papers, (with R.S.J. Koijen and B.J.M. Werker).
Ongena S.
“Hazardous times for monetary policy: What do twenty-three million bank loans say
about the effects of monetary policy on credit risk?, CentER Discussion Paper, 2007–
75, (with G. Jiminez and J. Saurina).
Penas, M.F. and M. da Rin
“The effect of venture capital on innovation strategies”, NBER working paper, no.
13636, November 2007.
Renneboog, L.D.R. and J.R. ter Horst
“The price of ethics: evidence from socially responsible mutual funds”, CentER
Discussion Paper, 2007–29, (with C. Zhang).
“Socially responsible investments: methodology, risk and performance”, CentER
Discussion Paper, 2007–31.
Wagner, W.
“The marketability of bank assets and managerial rents: implications for financial
stability”, Discussion Paper Series 2: Banking and Financial Studies 2007, 12 ,
Deutsche Bundesbank, Research Centre, (with F. Fecht).
“Bank behaviour with access to credit risk transfer markets”, Research Discussion
Papers 4, Bank of Finland.
Werker, B.J.M.
“Note on integer-valued bilinear time series models”, CentER Discussion Paper, 200747, (with F.C. Drost and R. van den Akker).
49
“Efficient estimation of autoregression parameters and innovation distributions for
semiparametric integer-valued AR(p)models”, CentER Discussion Paper, 2007-23,
(with F.C. Drost and R. van den Akker).
A4
POPULARIZING PUBLICATIONS
A 4.1 Articles in newspapers
Chairholders
Vermeulen, E.P.M. and J.A. McCahery
“ABN oordeel ondernemingskamer juist”, Het Financieele Dagblad, 25 May 2007.
“Aim market: Columbian joints the gang of Aim cheerleaders”, Daily Telegraph, 18
September 2007.
TILEC/AFM Research network members
Bouwens, J.F.M.G.
“Pietje-precies meet efficiëntie niet; keuzes aanpassen, Het Financieele Dagblad, 18
January 2007.
“Beloning fondsmanagers moet fors omhoog”, Het Financieel Dagblad, 23 February
2007.
“Plan Klink werkt averechts; middel erger dan kwaal”, Het Financieele Dagblad, 6
April 2007.
“Topbeloning (4)”, Het Financieele Dagblad, 25 April 2007.
“Rol bonden moet niet toenemen in bedrijf”, Het Financieele Dagblad, 18 May 2007.
“De prestatie van de prof”, Het Financieel Dagblad, 9 June 2007
50
“Besteed onderzoeksgeld nuttiger”, Het Financieele Dagblad, 31 August 2007.
“Ambitieloze ouders”, Het Financieele Dagblad, 17 September 2007.
“Top krijgt niet te veel”, Het Financieele Dagblad, 1 October 2007.
“Leve het prestatieloon”, Het Financieele Dagblad, 15 October 2007.
“Prive beïnvloedt zaak”, Het Financieele Dagblad, 29 October 2007.
“Actieve journalisten”, Het Financieele Dagblad, 12 November 2007.
“Daarom zijn er weinig vrouwen aan de top: Dat is evolutionair bepaald”, NRC
Handelsblad, 14 November 2007.
“Meer cito-toetsen”, Het Financieele Dagblad, 26 November 2007.
A 4.2 Other popularizing contributions
TILEC/AFM Research network members
P.P.M. Joos
“Auditor importance: The role of assurance in a well-functioning market”, published in
VITE International Magazine, 14–16, April 2007.
Ongena, S.
“The impact of short-term interest rates on risk taking: Hard evidence”, VoxEU.org, 17
October, (with I. Vasso and J.L. Peydró).
51
APPENDIX B: ACTIVITIES
B1
PRESENTATIONS AND LECTURES
Chairholders
Degryse, H.A.
'
The impact of organizational structure and lending technology on banking competition'
at the Sveriges Riksbank, 13 March 2007.
“Banning price discrimination by dominant firms”, CESIfo Applied MicroConference
in Munich, 16 – 17 March 2007.
Discussant for the paper by Freixas and Parigi “Banking regulation and prompt
corrective action”, CESifa Applied MicroConference in Munich, 16 – 17 March 2007.
“Financial markets: What to expect from MiFID?” presentation at the Belgium
Financial Forum, 22 March 2007.
"The impact of bank organization and lending technology on banking competition"
(joint paper with Luc Laeven and Steven Ongena) on a CORE seminar, 18 April 2007.
“Rules versus discretion in loan rate setting” (joint work with Geraldo Cerqueiro and
Steven Ongena), 2nd Conference on Banking Regulation – Integration and Financial
Stability, Mannheim, 30 – 31 October 2007.
McCahery, J.A.
“Regulation of Hedge Funds and Private Equity”, AFM, Amsterdam, 13 February 2007.
“Syndicate lending in the private debt market”, Moscow Higher School of Economics,
Conference on Corporate Governance and Financial Markets and the Cambridge
University Conference on Corporate Governance, March 2007.
52
“Corporate governance and enforcement in the Netherlands’, enforcement and
corporate governance rules”, Harvard Law School and the Swiss Federal Institute of
Technology Zurich, Cambridge, United States of America, March 2007.
“Monitoring and enforcement in the Netherlands”, Harvard Law School Conference on
Enforcement in Corporate and Securities Law, March 30, 2007.
“One share-one vote”, the European Policy Forum Conference, June 20, 2007.
“Private debt markets and covenants”, TILEC-AFM seminar, June 28, 2007.
“Corporate governance of family firms”, Conference on Family Firms and Governance,
Solvay Business School, Brussels, October 4, 2007.
“Corporate mobility”, the Anton Philips Conference, Tilburg, November 5, 2007.
“Private debt markets”, Swiss Finance Institute, Lugano, Switserland, November 8,
2007.
“Innovative company law”, Workshop on innovation and business law, November 16,
2007.
“Anti-takeover measures and the ABN-AMRO case”, Conference on securities and
company law enforcement, University of Bolzano, Italy, December 1, 2007.
Vermeulen, E.P.M.
“Solving the regulatory puzzle: Understanding private equity and hedge funds”, TILECAFM Seminar, Amsterdam, The Netherlands, February 2007.
“Comment on professor Robert Thompson - The limits of hedge fund activism”,
Activist Investors, Hedge Funds and Corporate Governance, University of Amsterdam
and Vanderbilt Law School, Amsterdam, The Netherlands, March 2007.
53
Roundtable discussion on corporate governance: The past experiences and the way
forward, DFI conference on corporate governance: Collaborating on our approach as
emerging markets investors, Amsterdam, the Netherlands, March 2007.
“Disclosure for non-listed companies: The good, the bad and the ugly’, Anton Philips
Fund Conference on Disclosure, accounting and internal control of business
organizations, Tilburg University, April 2007.
“Corporate
governance
en
de
structuur
van
de
onderneming”,
Kluwer
Verdiepingscursus Leergang voor Bedrijfsjuristen, Amsterdam, The Netherlands, April
2007.
“Corporate governance of non-listed companies”, ICC Commission on Financial
Services and Insurance: 4th Corporate Governance Roundtable, Prague, Czech
Republic, April 2007.
“Actualiteiten
ondernemingsrecht:
internationale
invloed
op
het
Nederlandse
ondernemingsrecht”, Banning Advocaten, ‘s-Hertogenbosch, The Netherlands, May
2007.
“Value creation by ‘Company’ Lawyers”, JUVAT-dag, Tilburg University, The
Netherlands, May 2007 (with Jan-Willem Prakke).
“Company mobility: Does Europe offer the right framework?”, 5th European Company
and Corporate Governance Conference, BDI-Federation of German Industries, June
2007.
“The changing role of the CFO in an ever-changing ‘corporate governance’ climate”,
CFO-TOP The Strategy-Focused CFO, Groot-Bijgaarden, Belgium, June 2007 (with
Christoph van der Elst).
“The legal framework for PE & VC Investments: A Dutch perspective”, Forum
Company Law: Venture Capital, Center for Business and Corporate Law, Düsseldorf
Law School, Germany, August 2007.
54
“Understanding corporate mobility in the EU”, Summer School on European Business
Law 2007, Düsseldorf Law School, Germany, August 2007.
“Is de ‘nieuwe’ BV voldoende aantrekkelijk?”, Juridisch Genootschap Eindhoven, The
Netherlands, September 2007.
“Private equity and family firms: A valuable partnership?”, Corporate Governance and
Financing of Family Firms, Solvay Business School, Brussels, Belgium, October 2007.
“De macht van de aandeelhouders”, VVD congres JOVD, Rotterdam, The Netherlands,
November 2007.
“Understanding private equity", EESC Conference on Private Equity, Brussels,
Belgium, December 2007.
“De nieuwe Nederlandse BV", TPR presentation, Ghent University, Ghent, Belgium,
December 2007.
TILEC/AFM Research network members
Lefebvre, J.
“An empirical analysis of insider trading in the Netherlands”, TILEC/AFM seminar,
AFM Amsterdam, 2 October 2007.
“An empirical analysis of insider trading in the Netherlands”, NAKE day, Utrecht
University, 26 October 2007.
B2
PROFESSIONAL CONSULTATIONS AND COMMITTEES
Chairholders
Degryse, H.A.
55
On September 7 – 8, 2007 , Hans Degryse and Steven Ongena were members of the
scientific committee of the conference on '
Information in bank asset prices: theory and
empirics'at the Ghent University.
PhD Supervisor of Mark Van Achter (K.U. Leuven) on “Essays on the market
microstructure of Financial Markets” (Promotion in May 2007)
PhD Committee, Essays on the Use of Convertible Bonds and the Security Issuance
Decisiony, Igor Loncarski, Tilburg University (Economics), December 2007.
PhD Committee, Corporate Governance and the Agency Costs of Debt and Outside
Equity, Peter Szilagyi, Tilburg University (Economics), December 2007.
McCahery, J.A.
Co-organisor the Ministry of Economic Affairs/University of Amsterdam/Vanderbilt
University Conference on Activist Investors, Hedge Funds and Corporate Governance,
March 8-9, 2007.
PhD Committee, Characterising EC Regulation: Emulation, Innovation, Re-Regulation,
Duncan Matthews, London School of Economics (Law), April 2007.
Promoter, Sofia John, PhD, The Law and Economics of Private Equity Financing,
Empirical Studies, Tilburg University (Law), May 2007.
PhD Committee, How Chinese are Entrepreneurial, Marleen Dielman, Leiden
University School of Business, June 2007.
PhD Committee, Law and Economics of Corporate Bankruptcy, Groningen University,
June 2007.
Co-organisor of the University of Copenhagen/ECGI Conference on proportionality
between ownership and control in EU listed companies, September 18, 2007.
56
Organizer, conference at the Solvay Business School on Family Firms and Corporate
Governance, October 4, 2007.
PhD Committee, Corporate Governance and the Agency Costs of Debt and Outside
Equity, Peter Szilagyi, Tilburg University (Economics), December 2007.
Vermeulen, E.P.M.
Member
Legal
Committee,
European
Association
of
Listed
Companies
(EALIC), Brussels, Belgium, 2007 – Present.
Board Member, Stichting Beroepsopleiding Bedrijfsjuristen (Center for Postgraduate
Studies), University of Nijmegen, The Netherlands, 2006 – Present.
Board Member, Juridisch Genootschap Eindhoven, The Netherlands, 2005 – Present.
Member DFI Working Group on Corporate Governance, FMO (FinancieringsMaatschappij voor Ontwikkelingslanden), 2007.
Chief External Advisor, Corporate Law Reform in Colombia.
Co-Chairman, High Level Group of Corporate Law Experts, Research Network of
Hybrid Business Forms.
B3
EDITORIAL AND REFEREE ACTIVITIES
Chairholders
Degryse, H.A.
Referee for Journal of Money, Credit and Banking, Journal of Finance, Review of
Finance, Journal of Banking and Finance, Journal of Financial Intermediation, Journal
of Business Finance and Accounting, Journal of the European Economic Association,
International Journal of Industrial Organization.
Vermeulen, E.P.M.
57
Member Editorial Board Tijdschrift voor de Ondernemingsrechtpraktijk (TOP).
McCahery, J.A.
Referee for Economics Bulletin, Journal of Corporate Law Studies, EBOR, Oxford
University Press, Cambridge University Press, Routledge
B4
GRANTS AND AWARDS
Lefebvre, J.
“Best thesis award”, from Netspar (Network for Studies on Pension, Aging and
Retirement), in the category 2nd year M.Phil. The award was given together with a
scholarship of 3.000 EUR, 26 January 2007.
58