TILEC-AFM
Research Network on Financial Market
Regulation
ANNUAL REPORT 2006
By
Hans Degryse
Joe McCahery
Erik Vermeulen
1
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 researchers
8
2.4
Support
8
2.5
Governance
8
3.
The research program and research results
9
3.1
The research program in Economics
9
3.2
The research program in Law
13
3.3.
Multidisciplinary research
16
4.
The education program
17
4.1
The education program in Economics
17
4.2
The education program in Law
17
5.
The activity program
19
5.1
TILEC/AFM/Finance seminars
19
5.2
TILEC/AFM seminars
21
5.3
TILEC/AFM workshops
21
6.
The outreach program
22
Appendix A: Publications
23
Appendix B: Activities
37
2
1.
Introduction
This annual report describes the activities that took place in 2006 within the
framework of the agreement that was signed between Tilburg University
(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 will be submitted to the supervisory board.
This report is submitted to fulfill this requirement for 2006. 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 2006. 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 and senior 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;
3
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.
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
AFM- Research Network on Financial Market Regulation. Section 3 describes
the research program and the results achieved during the calendar year 2006 in
Economics and in Law. Section 4 describes the status of the education program,
while section 5 shows the activity program of 2006. 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
is 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 year 2006, 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 network activity.
We make a distinction between members from Tilburg University (including the
FTE allocation), and members from other institutions and universities. Members
at the end of 2006 (as displayed on the website) are:
From Tilburg University (FTE time in brackets):
5
•
Jan Bouwens, Tilburg University (0.0)
•
Hans Degryse, Tilburg University, TILEC and CESIfo
•
Jenke ter Horst, Tilburg University (0.1)
•
Frank de Jong, Tilburg University (0.1)
•
Joachim Inkmann, Tilburg University (0.05)
•
Jérémie Lefebvre (AIO op TILEC-AFM research network on financial
market regulation)
•
Theo Nijman, Tilburg University, Netspar (0.1)
•
Steven Ongena, Tilburg University and TILEC (0.05)
•
Maria Fabiana Penas, Tilburg University and TILEC ((0.05)
•
Luc Renneboog, Tilburg University and TILEC (0.1)
•
Eric van Damme, Tilburg University and TILEC (0.0)
•
Bas Werker, Tilburg University (0.05)
Outside Tilburg University:
•
Ingolf Dittmann, Erasmus School of Economics, Rotterdam
•
Abe de Jong Erasmus Unviversity
•
Ben Dubow, Financial Services Authority
•
Mark Flannery, University of Florida
•
Mara Faccio, Vanderbilt University
•
Julian Franks, London Business School
•
Luc Laeven, International Monetary Fund
•
Ulrike Malmendier, Stanford GSB
•
Albert J. Menkveld, Free University Amsterdam
•
Alan Morrison, Oxford Said Business School
•
Daniel Paravisini, Colombia Business School
•
Koen Schoors, Ghent University
•
Per Strömberg, Swedish Institute of Financial Research
•
Irem Tuna, Wharton School UP
•
Gunther Wuyts, University of Leuven
All future presenters in activities organized by the network will be added to the
research network.
6
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. Commitments have been secured already
from William W. Bratton and Donald Langevoort of Georgetown University,
George S. Dallas of Standard & Poor’s, Guido Ferrarini, University of Genoa,
Merritt K. Fox of Columbia University, Paolo Giudici of the Free University of
Bolzano, Léo Goldschmidt of Brussels University, Gerard Hertig of the Swiss
Federal Institute of Technology (ETH Zurich), Howell Jackson of Harvard
University, Masato Hisatake of the Japanese Research Institute of Economics,
Trade and Industry, Reinier Kraakman of Harvard University, and Alain
Pietrancosta, University of Paris. The objective of this group of Professorial
Fellows is to attract some of the leading experts in the field in order to (1)
promote dialogue among policymakers at the AFM and scholars in the field of
financial markets, (2) maximize the impact of the research of the AFM-chair in
Law and (3) encourange the implementation of effective financial market
regulation and supervision.
To this end, a second group of scholars have been invited to participate
including: Professor Eilis Ferran of University of Cambridge, Professor Klaus
Hopt of The Max Planck Institute of Foreign Private and Private International
Law, Professor Gerald Spindler of University of Göttingen and Professor Eddy
Wymeersch of University of Ghent.
In December 2006, Sofia Johan was appointed as the Senior Researcher in Law.
Johan, already a member of TILEC, specializes in alternative asset investments
and will defend her PhD thesis on The Law and Economics of Private Equity
Financing on 16 May 2007. The holders of the AFM Chair welcome her
international focus and experience which giver her a unique perspective on the
many issues surrounding the regulation and supervision of financial markets.
7
Her involvement will also undoubtedly strengthen the Network’s proposed
research directions.
Junior Researchers
2.3
Jérémie Lefebvre started on August 1 as FEB research AIO on the TILEC-AFM
research network on financial market regulation. Hans Degryse and Frank de
Jong supervise him. Jérémie is working on insider trading and market
manipulation on Dutch financial markets, using an interesting data set made
available by AFM. His first results should be available in June 2007.
The junior researcher in FRW (Law) has not yet been appointed.
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)
8
3.
The research program and research results
We make a distinction between research undertaken by the chairholders (who
are paid due to the Tilburg University-AFM agreement) and other 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,). There is a long tradition of regulating and supervising banks and financial
markets in many countries. The recent harmonization process within the EU,
however, has led to changes in the organization of many national supervisory
authorities. Moreover, it has raised several new questions about the
implementation of financial markets'supervision.
The research by Hans Degryse during 2006 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 as
well as the MiFID (Markets in Financial Instruments Directive) allow 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
theoretical literature on competition between simultaneously operating trading
systems is quite underdeveloped. Therefore, given the new market environment,
Degryse, Van Achter and Wuyts model how investors behave when
simultaneous trading at several differently organized markets is possible. In joint
9
work with Mark Van Achter and Gunther Wuyts, Hans Degryse has studied how
dealership markets and crossing networks dynamically interact with each other
when investors can choose between trading systems. This has resulted in a
publication in a special volume in “Competition and Regulation of Network
Industries”. Other related work has obtained a revise and resubmit at the Journal
of Financial Economics.
Jan Bouckaert, Hans Degryse and Theon van Dijk have studied how certain bans
on price discrimination by dominant firms may affect competition on (financial)
markets. A recent interesting application of their paper is the EU investigation of
the lowering of fees by Euronext on the threat of EuroSETS.
2.
The Internal Organization of Financial Intermediaries
Privacy policies determine the amount of information that is available to firms.
Privacy policies therefore may shape firms’ strategies. In general, the US and
EU have two different approaches on how personal customer information can be
dealt with: “opt out” and “opt in”. Opt out implies that the standard is that
personal information may be employed unless the consumer explicitly opts out
such that its information cannot be employed. With opt in, the standard is that no
personal information may be employed unless the consumer explicitly allows for
it by opting in. This privacy regulation has impact on how banks and financial
institutions should be optimally organized, and how firms having different
entities can implement best practices for their consumers. First results have been
included in a discussion paper (Jan Bouckaert and Hans Degryse, Opt In versus
Opt Out: A free entry analysis of privacy policies).
Jan Bouckaert and Hans Degryse, in a paper published in the Economic Journal,
studied how banks may relax competition on credit markets by voluntary giving
away some of their informational advantage.
A recent literature has emerged showing that the internal organization of
financial intermediaries shapes banks decisions about how to interact with
clients (see e.g. Stein (2000)). For example, Liberti and Mian (2006) show that
10
the sensitivity of loan amounts granted to borrowers towards subjective
information is higher when the decisions are taken at the bottom of the hierarchy
than when taken at the top of a hierarchy. Hans Degryse, Luc Laeven and Steven
Ongena have considered how the impact of organizational structure and lending
technology affects banking competition. Other related work has focused on how
banking mergers affect firm-bank lending relationships (joint work with Janet
Mitchell and Nancy Masschelein). Also, in a series of publications, Hans
Degryse, Maria Fabiana Penas and Steven Ongena have considered how the
consolidation of the banking sector may affect small firm financing and
entrepreneurship. Finally, in three research papers, Hans Degryse studies (1) the
impact of financial development and the role of different types of financial
institutions on province growth in China (with Alex Cheng), (2) the link
between the organization of interbank markets and the stability of the financial
system (with Gregory Nguyen), and (3) the impact of bank orientation
(relationship lending versus transactional lending) on banking competition (with
Steven Ongena).
3.
Corporate Governance and Investment
Hans Degryse and Abe de Jong, in a paper published in the International
Journal of Industrial Organization, studied the investment-cash flow sensitivity
of Dutch publicly listed firms. Investment-cash flow sensitivities can be
attributed to overinvestment resulting from the abuse of managerial discretion,
but also to underinvestment due to information problems. The Dutch corporate
governance structure presents a number of distinctive features, in particular the
limited influence of shareholders, the presence of large blockholders, and the
importance of bank ties.
Degryse and de Jong expect that in The Netherlands, the managerial discretion
problem is more important than the asymmetric information problem. They use
Tobin'
s Q to discriminate between firms with these problems, where LOW Q
firms face the managerial discretion problem and HIGH Q firms the asymmetric
information problem. As hypothesized, they find substantially larger
investment-cash flow sensitivity for LOW Q firms. Moreover, specifically in
11
the LOW Q sample, they find that firms with higher (bank) debt have lower
investment-cash flow sensitivity. This finding shows that leverage, and
particularly bank debt, is a key disciplinary mechanism which reduces the
managerial discretion problem.
Next to own research projects, several bachelor and master thesis were written
on topics related to financial market regulation. Further detail is given in
Section 4.
The research achievements by the other network members are reflected in their
lists of publications (see Appendix A). We only highlight a couple of interesting
research findings that were published in top finance journals:
•
Renneboog, Luc, “Insider trading, news releases and ownership
concentration”, Journal of Finance, 61(6), 2931-2973, (with J. Fidrmuc
and M. Goergen). This paper investigates the market'
s reaction to UK
insider transactions and analyzes whether the reaction depends on the
firm'
s ownership. There are three major findings. First, differences in
regulation between the UK and US, in particular the speedier reporting
of trades in the UK, may explain the observed larger abnormal returns in
the UK. Second, ownership by directors and outside shareholders has an
impact on the abnormal returns. Third, it is important to adjust for news
released before directors'trades. In particular, trades preceded by news
on mergers & acquisitions and CEO replacements contain significantly
less information.
•
Renneboog, Luc “Explaining the diversity of shareholder lockup
agreements”, Journal of Financial Intermediation, 15(2), 254-280 (with
Marc Goergen and Arif Khurshed). This paper investigates whether
shareholder lockup agreements in France and Germany mitigate
problems of agency and asymmetric information. Despite minimum
requirements in terms of the length and percentage of shares locked up,
lockup agreements are not only highly diverse across firms but also
across the different shareholders of a single firm as most firms have
12
different agreements in place for executives, non-executives and venture
capitalists. The diversity across firms and types of shareholders can be
explained by firm characteristics - such as the level of uncertainty - as
well as the type and importance of each shareholder within the firm.
3.2
The research program in Law
In 2006, the Research Program in Law was set up. It was described in a
Statement that was discussed with representatives from AFM and TILEC in
December 2006. This section reproduces parts of that Statement.
The AFM Chair represents a collaborative effort of the faculty of law and the
faculty of economics to conduct academic research of the highest level in
Europe, strengthen the existing ties between European, American and Asian
researchers, and to prepare the grounds for intellectual exchange among scholars
and policymakers. The AFM Chair will thus allow for the creation of a forum in
which scholars across the globe will be able to engage in academic exchange
and professional collaboration. The AFM Chair in Law will initially focus on
four main policy areas that are considered to be of paramount importance in the
field of financial market regulation. The policy areas are depicted below.
1.
Private Equity and Hedge Funds
In recent years there has been a rapid increase in the number of hedge funds,
most of which are established in overseas jurisdictions. Questions about possible
regulatory approaches are publicly debated. The following questions are
frequently asked: How well does anyone really understand the risks that arise
from the in-large-part secret market conduct of hedge funds or from their
strategies for high return in financial assets and derivatives markets? Should
there be a separate product regime for hedge funds? Which changes in
regulatory reporting requirements could be considered? These questions become
13
all the more pressing for regulators as these funds increasingly become a vehicle
for the retail investor.
The research under this area will focus mainly on the following topics: (1)
definitions, (2) distinguishing hedge funds from other types of funds, (3)
transparency, suitability and proficiency, as well as possible regulatory
approaches, (4) comparative research, (5) impact on market confidence, (6)
benefits and limitations of ongoing supervision of certain types of funds, (7)
code of conduct and (8) fund listings.
These objectives will be further developed in the International Business Law
Master Program, in Summer Courses and in Seminars and Conferences.
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. As the
recent corporate governance scandals have revealed, international cooperation is
necessary to identify potential risks, assist in resolution of compliance problems
and further develop standards for effective enforcement. The research under this
area will focus mainly on the following topics: (1) EU Initiatives, (2)
IOSCO/International developments, (3) standards, (4) fraud and accounting
violations, and (5) jurisdictional issues.
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
thesecurities 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
14
for some time: (1) Giovanni Group – first group (2001), (2) Giovanni Group –
second group (2003), (3) EC Communication (2004), and (4) EC Report (2005).
Clearing and settlement services, meanwhile, remain largely fragmented into
different national regimes that do not always run smoothly across borders. This
has made cross-border share trades much more expensive than national ones. In
March 2006, Mr. McGreevy and Ms. Kroes followed up on an earlier warning
by threatening to take action both on the regulatory and on the antitrust front
unless the industry took steps to curb costs before the summer break. In reaction
to this deadline, the industry has set forth a code of conduct that is still being
analyzed by experts across Europe.
The research under this area will focus mainly on the following topics: EC
Initiatives; international developments; comparative research; corporate
governance issues and “vertical silos”.
4.
Listing and Alternative Markets
Alternative markets lighter regulatory touch – for example, regarding listing
rules and disclosure – provides more flexibility and lower costs in the long-run
for smaller companies. This makes alternative markets more attractive to hightechnology and environmentally friendly firms. Yet, alternative markets have
been developed over the last decades with a various degree of success. However,
it is submitted that companies and investors should be wary of being seduced by
alternative markets. Lighter regulation does not necessarily create a better
market.
The research under this area will mainly try to answer the following questions:
(1) what is the role of securities and exchange commissions? (2) What is the
effect of less heavy regulation on investors’ expectations? (3) Could tighter
regulation make a better market?
15
3.3.
Multidisciplinary research
Obviously, developing this research takes time. Results will be reported only in
later years.
16
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. Some examples are:
•
Erik Stijnen on “Financial market regulation in the EU: is there room
for improvement?”
•
Koen Broeders on “Alternative Trading Systems and Liquidity”
•
Mark van de Paal on “Insider trading and market manipulation in stock
markets”
•
4.2.
Mark Verhallen on “The supervision on financial markets”.
The education program in Law
In 2006, plans have been made with respect to the new Master’s Programme in
International Business Law that will run from 2007-2008.
Specific courses dealing with the AFM Chair’s main policy areas of research
will be taught during Tilburg University’s Master’s Programme in International
Business Law. These courses will introduce students to the legal foundations of
financial market regulation and will furthermore 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, will deal with cross-border cooperation among Securities Regulators
and Commissions, clearing and settlement and listings. International Business
17
Law II, taught by Professor Erik P.M. Vermeulen, will address private equity
funds and hedge funds as well as listings on traditional and alternative markets.
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 a seminar on the role of the business
lawyer in commercial and financial markets. 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.
The AFM Chair also sponsors training and education in the law and economics
of financial market regulation. This training program offers advanced students
the opportunity to undertake research in particular subject areas leading toward a
PhD degree in econ or law.
The AFM Chair in Law sponsors Jose Miguel Mendoza who is currently
completing a Master degree in the International Business Law at Tilburg
University. His work currently involves research in the area of alternative
markets. He expects to publish his interim results as a TILEC working paper in
the Summer of 2007. It is the intention to offer Jose Miguel Mendoza a position
as a AFM researcher in Law at Tilburg University which will give him the
opportunity to finish his PhD thesis before the end of 2009.
18
5.
The activity program
The TILEC-AFM network on Financial Market Regulation has organised
several seminars and workshops during the year 2006. 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:
•
TILEC/AFM/FINANCE seminars. 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/Finance Seminars
27 March 2006
Alan Morrison , Oxford Said Business School
The demise of investment-banking partnerships: theory and evidence.
3 April 2006
19
Koen Schoors, Ghent university
Sophisticated discipline in nascent markets: evidence from post-communist
Russia.
10 April 2006
Irem Tuna, Wharton School UP
The book-to-price effect in stock returns: accounting for leverage.
19 June 2006
Mark Flannery, University of Florida
Major investments, firm financing decisions and long-run performance.
28 June 2006
Mara Faccio, Vanderbilt Business School
Sudden deaths: taking stock of political connections.
11 September 2006
Daniel Paravisini, Columbia Business School
Local bank financial constraints and firm access to external finance.
2 October 2006
Per Strömberg, Swedish Institute of Financial Research
What are firms? Evolution form early business plans to public companies.
16 October 2006
Ingolf Dittmann, Erasmus School of Economics
Executive Stock Options when managers are loss-averse.
8 November 2006
Julian Franks, London Business School
Do bankruptcy codes matter? A study of France, Germany and the UK.
20
18 December 2006
Ulrike Malmendier, University of California
Superstar CEOs.
5.2
TILEC/AFM Seminars
17 November 2006
Abe de Jong, Erasmus University
The price impact of block trades in the Netherlands; liquidity or information?
Ben Dubow, Financial Services Authority
Measuring market cleanliness
24 November 2006
Albert J. Menkveld, Free University of Amsterdam
Designated market makers for small-cap stocks: is one enough?
Gunther Wuyts, University of Leuven
Dynamic order submission strategies with competition between a dealer market
and a crossing network.
5.3
TILEC/AFM workshop
The first such activity (titled “Understanding the Influence of Private Equity and
Hedge Funds”) took place on 13 February 2007 and will be reported on in more
detail in the annual Report on 2007.
21
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 TILEC-AFM Research Network on Financial Market
Regulation. A complete list is provided in Appendix B2.
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.
On December 11, 2006, Professor Joseph McCahery presented his joint article,
with Professor Erik Vermeulen, on ‘The Influence of Corporate Mobility on
European Company and Bankruptcy Law’ at the BOVESPA Stock Exchange
conference on Mergers and Acquisitions in Sao Paolo. This paper will be
published shortly by the organizer of the BOVESPA conference, Lex Mercator
in Brazil.
22
APPENDIX A: PUBLICATIONS
A1
Academic publications
A 1.1 Refereed journals
Chairholders
Degryse, H.A.
“Entry and strategic information display in credit markets”, Economic Journal,
116 (513), 702-720, (with J.M.C. Bouckaert).
Degryse, H.A. and A. de Jong
“Investment and internal finance: Asymmetric information or managerial
discretion?”, International Journal of Industrial Organization, 24(1), 125-147.
Degryse, H.A. and G. Wuyts
“Crossing networks: Competition and design”, Competition and regulation of
network industries, 353-370, (with M. van Achter) .
McCahery, J.A.
“Can France serve as an inspiration for EU law on management self-dealing?”,
Corporate Finance and Capital Markets Law Review, 1(1), 48-50.
“Creditor protection in a cross-border context: Comment”, European Business
Organization Law Review, 7(1), 455-459.
“Harmonisatie in het Europese vennootschaprecht: de politieke economie van
economische
integratie”,
Handelingen
Nederlandse
Juristen-Vereniging:
Europese integratie, 139(1), 155-205.
23
“Optimal rather than mandatory EU company law”, European Company and
Financial Law Review, 3(4), 341-362, (with G. Hertig).
“The equilibrium content of corporate federalism”, Wake Forest Law Review,
2006(41), 619-696, (with W.W. Bratton).
TILEC/AFM Research network members
Bouwens, J.F.M.G.
“Performance measure properties and the effect of incentive contracts”, Journal
of Management Accounting Research, 18, 55-75 (with L.A.G.M. van Lent).
“De invloed van het assortiment op de behoefte aan managementaccountinginformatie”, Management Control & Accounting, 2006(2), 30.
“Performance-effecten van economic value added. Een overzicht van de
empirische literatuur”, Management Control & Accounting, 2006(5), 20 (with R.
Speklé).
“Redactioneel: waar control over gaat”, Management Control & Accounting,
2006(1), 1.
“Wat verdient de controller?”, Management Control & Accounting, 2006(5), 25
(with F. Hartmann).
Horst, J.R. ter and L.D.R. Renneboog
“Internationale ontwikkelingen op het terrein van goed ondernemingsbestuur”,
Maandblad voor Accountancy en Bedrijfseconomie, 651-663, (with P.J.W.
Duffhues).
Ongena, S.
“On the sequencing of projects, reputation building, and relationship finance”,
Finance Research Letters, 3(1), 23-39, (with D. Egli and D.C. Smith).
24
“Leveraged buy-outs in the UK and Europe: retrospect and prospect”, Journal of
Applied Corporate Finance, 18(3), 38-55, (with L. Scholes, T. Simons and M.
Wright).
“Insider trading, news releases and ownership concentration”, Journal of
Finance, 61(6), 2931-2973, (with J. Fidrmuc and M. Goergen).
“Explaining the diversity of shareholder lockup agreements”, Journal of
Financial Intermediation, 15(2), 254-280 (with M. Goergen and A. Kurshed).
A 1.2 Other journals
Chairholders
Degryse, H., S. Ongena and M.F. Penas
“Repercusiones de la integracion y consolidacion de los sectores bancarios
europeos sobre la innovacion y las actividas de los emprendedores”, Papeles de
economia Espanola, 110, 73-89.
McCahery,J.A. and E.P.M. Vermeulen
“The Contractual Basis for Hedge Fund Oriented Governance”, VITE Bulletin,
Vol. 33, 16-18.
Vermeulen, E.P.M.
“De rol van hedge funds: symbiose of parasiet”, Tijdschrift voor de
ondernemingspraktijk. Vol. 1, 44-46.
“Een juiste corporate governance structuur: Een stap in de richting van een
innovatieve economie”, Ars Aequi. Vol. 55, 498-500.
TILEC/AFM Research network members
25
Ongena, S.
“Cross-border banking and competition policy”, European Central Bank
Research Bulletin, 4, 7-10, (with E. Carletti and P. Hartmann).
A 1.3 Book chapters
Chairholders
Degryse, H.A., S. Ongena and M.F. Penas
“Consolidations of the European banking sector: Impact on innovation”, in
L.D.R. Renneboog (ed.), Advances in Corporate Finance and Asset Pricing,
Amsterdam: Elsevier, 161-186.
McCahery, J.A.
“A legal options approach to EC company law”, in G. Ferranini and E.
Wymeersch (eds.), Investor protection in Europe: corporate law making, the
MiFID and beyond, Oxford: Oxford University Press, (with G. Hertig).
“After Enron: modernising company law and improving securities regulation in
Europe and the US”, in J. Armour and J.A. McCahery (eds.), After Enron:
improving corporate law and improving securities regulation in Europe and the
US, Oxford: Hart Publications, (with J. Armour).
“Company and takeover law reforms in Europe: Misguided harmonization or
regulatory competition?”, in J. Armour and J.A. McCahery (eds.), After Enron:
Improving corporate law and modernising securities regulation in Europe and
the US, Oxford: Hart Publications, (with G. Hertig).
“Comparative corporate governance and the theory of the firm: the case against
global cross reference”, in T. Clarke & M. Dela Rama (eds.), Corporate
governance and globalization, London: Sage Publications, ltd., (with W.W.
Bratton).
26
“The equilibrium content of corporate federalism”, in L. Bouchez, M. Knubben,
J.A. McCahery and L. Timmerman (eds.), The quality of corporate law and the
role of corporate law judges, Amsterdam: ACCF/Ministry of Economic
Affairs/OECD, (with W.W. Bratton).
“The political Economy of European Integration, in D. Curtin, A. Klip, J. Smits
and J.A. McCahery (eds.), European Integration and Law, Antwerp: Intersentia.
McCahery, J.A. and E.P.M. Vermeulen
“Does the European company prevent the Delaware effect”, in M.J.G.C.
Raaijmakers et al (eds.), The European company: Corporate governance and
cross-border reorganizations from a legal and tax perspective. The Hague:
Boom Juridische uitgevers.
Vermeulen, E.P.M.
“De plaats en inrichting van een nieuw BV-recht in een innovatieve economie”,
in Preadvies 2006: De vereenvoudigde BV, Deventer: Kluwer, p. 113-180.
“De plaats en inrichting van een nieuw BV-recht in een innovatieve economie”,
in Verslag van de vergadering van de Vereeniging Handelsrecht, Deventer:
Kluwer, p. 27-39.
“The role of law in developing efficient corporate governance frameworks”, in
Corporate Governance of Non-Listed Companies in Emerging Markets, Paris:
OECD publishing, p. 91-133.
TILEC/AFM Research network members
Horst, J.R. ter
“Why do companies issue convertible bonds? A review of the theory and
empirical evidence”, in L.D.R. Renneboog (ed), Advances in Corporate Finance
and Asset Pricing, Amsterdam: Elsevier (with I. Loncarski and C.H. Veld).
Horst, J.R. ter and B.J.M. Werker
27
“Incorporating estimation risk in portfolio choice”, Advances in Corporate
Finance and Asset Pricing, in L.D.R. Renneboog (ed), Amsterdam: Elsevier
(with F.A. de Roon).
Nijman, T.E.
“Optimale risicodeling in individuele en collectieve pensioencontracten”, in
Kosten en Baten van Collectieve Pensioensystemen. Deventer: Kluwer (with
C.G.E. Boender, A.L. Bovenberg and S. van Hoogdalem).
“Introduction”, in Faire value and pension fund management. Amsterdam:
Elsevier Science (with N. Kortleve and E. Ponds).
“Valuation and risk management of inflation sensitive pension rights”, in Fair
Value and Pension Fund Management. Amsterdam: Elsevier Science (with
R.S.J. Koijen).
“Solvency tests for Dutch pension funds”, in Views. Riskmatrix Publishers.
Nijman, T.E. and B.J.M. Werker
“A risk measure for retail investment products”, in Advances in Corporate
Finance and Asset Pricing. Amsterdam: Elsevier.
Renneboog, L.
“Shareholder lock-in contracts: Share price and trading volume effects at the
lock-in expiry”, in L. Renneboog (ed.), Advances in Corporate Finance and
Asset Pricing, Amsterdam: Elsevier, 235-276, (with P.P. Angenendt and M.
Goergen).
“Mergers and acquisitions in Europe”, in L. Renneboog (ed.), Advances in
Corporate Finance and Asset Pricing, Amsterdam: Elsevier, 13-75, (with M.
Martynova).
28
“The life and works of Piet Duffhues”, in L. Renneboog (ed.) Advances in
Corporate Finance and Asset Pricing – Special edition, Amsterdam: Elsevier,
VII-XVIII, (with J. Grazell).
“Corporate restructuring and governance, valuation and asset pricing”, in L.
Renneboog (ed.), Advances in Corporate Finance and Asset Pricing,
Amsterdam: Elsevier, 1-11.
“Corporate governance and shareholder value”, in D. Lowe and R. Leiringer
(eds.), Commercial management of projects: Defining the discipline, Blackwell
Publishing, 100-131, (with M. Goergen).
A 1.4 Monographs and edited books
Chairholders
McCahery, J.A.
The quality of corporate law and the role of corporate law judges, Amsterdam:
ACCF/Ministry of Economic Affairs/OECD, (with L. Bouchez, M. Knubben
and L. Timmerman).
After Enron: improving corporate law and modernising securities regulation in
Europe and the US, Oxford: Hart Publications, (with J. Armour).
European integration and law, Antwerp: Intersentia, (with D. Curtin, A.H. Klip
and J.M. Smits).
McCahery, J.A. and E.P.M. Vermeulen
Understanding (un)incorporated business forms, Amsterdam: Amsterdam
Center for Corporate Finance.
Understanding (un)incorporated Business Forms (Russian Translation),
Moscow: National Council on Corporate Governance.
29
Vermeulen, E.P.M.
Making sense of corporate governance: The case of non-listed companies,
Inaugural lecture, 3 February 2006.
Vennootschaps- en effectenrecht, Ars Aequi Wetsedities (Ars Aequi Wetsedities
(2006-2007)), Nijmegen: Ars Aequi, (with G.T.M.J. Raaijmakers).
De vereenvoudigde BV, (preadvies van de vereeniging ‘Handelsrecht’ 2006),
Deventer: Kluwer (with A. van Duuren, H.Portengen and B. Bier).
TILEC/AFM Research network members
Joos, P.P.M.
Convergence of Accounting Standards: Blessing or Curse?, Tilburg: Tilburg
University Press, 2006.
Nijman, T.E., N. Kortleve and E. Ponds
Fair value and pension fund management, Amsterdam: Elsevier Publishers,
2006.
Renneboog, L.
Advances in corporate finance and asset pricing, Amsterdam: Elsevier, March
2006, 22 chapters.
International mergers and acquisitions activity sind 1990 (Volume 1):
Quantitative analysis and recent research, Massachusetts: Elsevier, 21 chapters,
(with G. Gregoriou).
International mergers and acquisitions activity since 1990 (Volume 2): Analysis
on the impact of takeover regulation and corporate governance, Massachusetts:
Elsevier, 21 chapters, (with G. Gregoriou).
30
A2
Professional publications
A 2.1 Reports
TILEC/AFM Research network members
Nijman, T.E.
“The determinants of the money’s worth of participation in collective pension
schemes”, (with R.S.J. Koijen and N. Hari).
A. 2.2 Articles in professional journals
Chairholders
Degryse, H.A., S. Ongena and M.F. Penas,
“Consolidation of the European banking sectors and small firm financing”,
Bank- en Financiewezen, 70(5), 265-271.
“Financiele integratie en kredietverlening aan MKBs”, Maandblad voor
Accountancy en Bedrijfseconomie, 80(11), 589-597.
TILEC/AFM Research network member
A3
Discussion Papers
A 3.1 TILEC Discussion Papers
Chairholders
DP 2006-009 Xiaoqiang Cheng and Hans Degryse
The Impact of Bank and Non-Bank Financial Institutions on Local Economic
Growth in China.
31
DP 2006-015 Hans Degryse, Mark Van Achter and Gunther Wuyts
Crossing Networks: Competition and Design.
DP 2006-016 Hans Degryse and Grégory Nguyen
Interbank Exposures: An Empirical Examination of Contagion Risk in the
Belgian Banking System.
DP 2006-024 Jan Bouckaert and Hans Degryse
Opt in versus opt out: a free-entry analysis of privacy policies.
DP 2006-034 Hans Degryse, Nancy Masschelein and Janet Mitchell
Staying, dropping, or switching: the impacts of bank mergers on SMEs.
TILEC/AFM Research network members
DP 2006-003 Marina Martynova and Luc Renneboog
Mergers and Acquisitions in Europe.
DP 2006-005 Luc Renneboog, Jenke ter Horst, and Chendi Zhang
Is Ethical Money Financially Smart?
DP 2006-007 Luc Renneboog and Peter G. Szilagyi
Corporate restructuring and bondholder wealth.
DP 2006-008 Marc Goergen, Arif Khurshed and Luc Renneboog
Why are the French so different from the Germans? Underpricing of IPOs on
the Euro New Markets.
DP 2006-011 Luc Renneboog and Peter G. Szilagyi
How Do Mergers and Acquisitions Affect Bondholders in Europe? Evidence on
the Impact and Spillover of Governance and Legal Standards.
DP 2006-019 Luc Renneboog and Peter G. Szilagyi
How relevant is dividend policy under low shareholder protection?
32
DP 2006-022 Mike Wright, Luc Renneboog, Tomas Simons and Louise
Scholes
Leveraged Buyouts in the U.K. and Continental Europe: Retrospect and
Prospect.
DP 2006-029 Marina Martynova and Luc Renneboog
The Performance of the European Market for Corporate Control: Evidence from
the 5th Takeover Wave.
DP 2006-030 Marina Martynova, Sjoerd Oosting and Luc Renneboog
The long-term operating performance of European mergers and acquisitions.
A 3.2 Discussion Papers published in other series
Chairholders
Degryse, H.A. and S. Ongena
“The impact of competition on bank orientation”, CentER Discussion Paper,
2006-68.
Degryse, H.A. and L. Laeven
“The impact of organizational structure and lending technology on banking
competition”, CentER Discussion Paper, 2006-67.
McCahery, J.A.
“A legal options approach to EC Company Law”, A Berkeley program in law
and economics working paper, 21 February 2006, (with G. Hertig).
“After Enron: Improving Corporate Law and Modernising Securities Regulation
in Europe and the US”, ACLE Working Paper, 2006-07 (with J. Armour).
“Transatlantic Corporate Governance Reform: Brussels Sprouts or Washington
Soup?”, ACLE Working Paper, 2006-02 (with A. Khachaturyan).
33
McCahery, J.A. and E.P.M. Vermeulen
“Corporate governance and innovation: Venture Capital, Joint Ventures and
Family Business”, ECGI Discussion Paper, Law series 65.
“The new company law: What matters in an innovative economy?”, ECGI
Discussion Paper, Law series 75, (with M. Hisatake and J. Saito).
Vermeulen, E.P.M.
“Understanding corporate governance of non-listed companies”, Paris, France:
OECD paper Project Corporate Governance , Organization of Economic
Corporation and Development.
TILEC/AFM Research network members
Bouwens, J.F.M.G. and L.A.G.M. van Lent
“Assessing the Performance of Business Unit Managers”, CentER Discussion
Paper, 2006-92.
Horst, J.R. ter and I. Loncarski and C. H. Veld
“The convertible arbitrage strategy analyzed”, CentER Discussion Paper, 200698.
Horst, J.R. ter and I. Loncarski and C. H. Veld
“Why do Companies issue convertible Bond Loans? An empirical Analysis for
the Canadian Market”, CentER Discussion Paper, 2006-65.
Horst, J.R. ter, L.D.R. Renneboog and C. Zhang
“Is Ethical Money Financially Smart?”, CentER Discussion Paper, 2006-9.
Nijman, T.E., R.S.J. Koijen en B.J.M. Werker
“Optimal Portfolio Choice with Annuitization”, CentER Discussion Paper,
2006-78.
34
A4
Popularizing contributions
A 4.1 Articles in newspapers
Chairholders
McCahery, J.A.
“Versterk de ondernemingskamer”, Het Financieele Dagblad, 20 December
2006.
Vermeulen, E.P.M.
“Aparte code niet beursgenoteerde ondernemingen”, Staatscourant, 6 February
2006.
TILEC/AFM Research network members
Bouwens, J.F.M.G.
“Te hoge beloning duidt op zwak bestuur”, Het Financieele Dagblad, 6 January
2006.
“Essent schiet met zoveel bonuscriteria altijd raak”, Het Financieele Dagblad,
23 March 2006.
“Leerzame lessen uit Ahold-zaak: Het Ahold-effect”, Het Financieele Dagblad,
19 June 2006.
A 4.2 Other popularizing contributions
TILEC/AFM Research network members
35
Nijman, T.E.
“Strenghts and weaknesses of the Dutch standardized approach to measure
solvency risk for pension plans”, Life and Pensions, 1 April 2006.
“Workers and society will benefit from greater variety of options: Dutch
pension system needs tailor-made approach”, Investments and Pension Europe,
1 August 2006.
36
APPENDIX B: ACTIVITIES
B1
Presentations and lectures
Chairholders
Degryse, H.
“The impact of organizational structure and lending technology on banking
competition”, Joint Lunch seminar Center for Financial Studies/European
Central Bank/Deutsche Bundesbank, 14 February 2006.
Opt in versus opt out: a free-entry analysis of privacy policies, CESifo Area
Conference, Munich, 10 – 11 March 2006.
“Pre and post-trade transparency: recente inzichten uit de academische
literatuur”, AFM MiFID day, 20 April 2006.
“The impact of organizational structure and lending technology on banking
competition”, CEPR-European Summer Symposium in Financial Markets,
Gerzensee, 17-22 July 2006.
“The impact of organizational structure and lending technology on banking
competition”, EFA congres, Zurich, 23-26 August 2006.
“Changing geography of banking”, Conference of Ancona, 22 September 2006.
“Competition and Regulation in Retail Banking”, Paris, OECD roundtable, 16
October 2006.
“The impact of integration and consolidation of European Banking sectors on
innovation and entrepreneurship”, Conference on Comparative Financial
Systems, Zaragoza, 17 – 18 October 2006.
37
Co-chair and discussant of C.R.E.D.I.T conference “Risks in Small Business
Lending” in Venice, 25 – 26 September 2006.
“Banning Price Discrimination by Dominant Firms”, Namur, Université
FUNDP, 5 December 2006.
McCahery, J.A.
“Review of Private Company Law Reforms in the Netherlands”, Anton Philips
Conference on Corporate Governance and Innovation, Tilburg, 3 February 2006.
“The Role of the Board in Related Party Transactions”, India Ministry of
Company Affairs/OECD Policy Dialogue on Corporate Governance, New Delhi,
India, 16 February 2006.
“Corporate Governance and Innovation”, REITI and Tokyo University
Conference on Innovation, Tokyo, 27 February 2006.
”Comment on Concentrated Ownership and Takeovers”, ECGTN Young
Scholars Workshop on Corporate Governance, Zurich, 8-9 March 2006.
“Tax Competition and Corporate Mobility in the EU”, Oxford University Law
School/European Law Center Conference on Better Regulation, Oxford, 17
March 2006.
“Regulatory Competition and the Competition for Capital in the EU”, Wake
Forest University Law School Business Law Conference on Federalism Wake
Forest, 7 April 2006.
“Evolutionary Federalism in the EU”, University of Maastricht Lasw School
Faculty Seminar, Maastricht, 1 May 2006.
“Private and Public Company Law Reform in the EU”, Asser Institute, The
Hague, 6 June 2006.
38
“Legal Options and Regulatory Competition in the EU”, University of
Maastricht Law School 25th Anniversary Conference, Maastricht, 8 June, 2006.
“Preadvies—Political Economy of Economic Integration in Europe”, NJV,
Maastricht, 9 June 2006.
“The New Company Law: Legal and Economic Developments”, The Hague, 27
June 2006.
“Corporate Structure: The Inner Structure of Business Forms”, National Council
on Corporate Governance, Moscow, 29 June 2006.
“Theory of Bond Pricing and Covenants”, ECGTN, Venice, 16 September 2006.
“Netherlands and Foreign Systems of Corporate Governance”, Grotius
Corporate Governance, Utrecht, 18 September 2006.
“Assessing Conflicts of Interest, Frontiers of Regulatory Impact Analysis”, EPF,
Sciences Po, AEI-Brookings Joint Center, Brussels, 26 September 2006.
“One Share-One Vote”, EPF Conference, Helsinki, 3 October 2006.
“Stock Market Performance in Russia”, York University-Higher Economics
Faculty, Moscow, 13 October 2006.
“A Theory of Bond Pricing and Covenants”, ACCF Annual Meeting,
Amsterdam, 30 November 2006.
“Corporate Governance and Innovation: Venture Capital, Family Firms and
Joint Ventures”, Free University Faculty of Economics and Business Conference
on Venture Capital, Bolzano, 1 December 2006.
39
“EU Takeover Directive and One share-One Vote Rule”, Bovespa Conference
on Corporate Control and Share Dispersion, Sao Paulo, 11 December 2006.
“Trends in Executive Pay in Europe and the US”, Bovespa Conference on
Corporate Control and Share Dispersion, Sao Paulo, 11 December 2006.
“Alternative Stock Exchanges and the Competition for Listings”, Bovespa
Conference on Corporate Control and Share Dispersion, Sao Paulo, 12
December 2006.
“Conflicts of Interests”, Levy & Salomao Workshop, Sao Paulo, 13 December
2006.
Vermeulen, E.P.M
“The governance of non-listed companies”, Amsterdam, Corporate Governance
Course University of Amsterdam, Amsterdam, February 2006.
“De Flexibilisering van het BV-recht (en meer in het algemeen het contractuele
perspectief op het ondernemingsrecht)”, Corporate Governance Course
University of Amsterdam, Amsterdam, February 2006.
“Liquidization
and
Securitization:
Joint
Ventures,
Innovation
and
Entrepreneurship”, Policy Symposium: What Financing Mechanisms and
Organizations of Business Entities Best Facilitate Innovation? RIETI/University
of Tokyo- CARF, Tokyo, Japan, 27-28 February 2006.
“Entrepreneurs’ Perspective: What Facilitates their Innovation?”, Policy
symposium: What Financing Mechanisms and Organizations of Business
Entities Best Facilitate Innovation?, RIETI/University of Tokyo-CARF Policy
Symposium, Tokyo, Japan, 27-28 February 2006.
“Vereenvoudiging BV-recht”, Banning Advocaten, ‘s Hertogenbosch, The
Netherlands, April 2006.
40
“Corporate Governance and Innovation” Presentation Central University of
Finance and Economics, Beijing, China, 20 April 2006.
“Actualiteiten Ondernemingsrecht” , Presentatie Banning Advocaten ’sHertogen-bosch, May 2006.
“De plaats en inrichting van een nieuw BV-recht in een innovatieve economie”
Presentatie voor de Vereeniging van Handelsrecht, Utrecht, June 2006.
Private and Public Company Law Reform in the EU, Asser Institute, The Hague,
June 2006.
“Regulation of hedge funds in Europe”, Panel discussion – Anton Philips Fund
Symposium on Large Shareholder Involvement in Corporate Governance,
Tilburg, June 2006.
“Hybrid business entities: LLP”, Presentation International Conference –
Ministry of Justice, The Hague, June 2006.
“Hybrid business forms: the new company law”, Club van 20 seminar – Van
Benthem & Keulen. Utrecht, September 2006.
“Het juridisch kader van corporate governance: de commissaris”, MESA
Workshop – De commissaris in het familiebedrijf., Key Note Speaker,
Maarsbergen, October 2006.
“Vormen van Ondernemingen” Lecturer Center for Postgraduate Studies,
Radboud Universiteit Nijmegen, SBB, 2006.
TILEC/AFM Research network members
Renneboog, L.
41
Organizer Workshop European Corporate Governance Training Network,
Venice International University, Venice, 16 September 2006.
B3
Professional consultations and committees
Chairholders
Degryse, H.
FIRS Programme Committee, conference in Shanghai, June 2006.
EARIE Programme Committee, conference in Amsterdam, September 2006.
Discussant on EFA congres and Conference on Risk, Regulation and
Competition: Banking in Transition Economies, Gent, September 1-2, 2006.
Vermeulen, E.P.M.
Juridisch Genootschap Eindhoven Bestuurslid 2006.
Preadviseur “Vereenvoudiging Nederlands BV-recht” van de Nederlandse
Veeeniging van Handelsrecht.
Lid Stichtingsbestuur “Stichting Beroepsopleiding Bedrijfsjuristen” Center for
Postgraduate Studies, Radbout University Nijmegen.
Member Legal Scholar Network: One Share One Vote. Study commissioned by
the European Commission (European Corporate Governance Institute).
Expert on Coroporate Governance Non-Listed Companies, Organization of
Economic Corporation and Development (OECD).
42
TILEC/AFM Research network members
Horst, J.R. ter
Board of directors of European Financial Management Association (EFMA),
2004-2006.
European Finance Association (EFA), Zurich, 2006.
Financial Risk Indicator, AFM, 2006.
Renneboog, L.
Member of the Program Committee of the Finance Management Association
(FMA) conference, organised at Salt Lake City, 2006.
Werker, B.J.M.
Financial Risk Indicator, AFM, 2006.
B4
Editorial and referee activities
Chairholders
Degryse, H.A.
Referee for Review of Finance, Journal of Banking and Finance, Journal of
Financial Intermediation, International Journal of Industrial Organization,
Journal of Money Credit and Banking.
McCahery, J.A.
E Journal of Corporate Law, Economics Bulletin, European Business
Organization Law Review, The yearbook of European Environmental Law.
Vermeulen, E.P.M.
Tijdschrift voor Ondernemingspraktijk (TOP) Lid Redactie (editor), 2006.
43
Referee for Routledge and referee for Corporate Governance: An International
Review.
TILEC/AFM Research network members
Ongena. S.
Associate Editor, Maandblad voor Accountancy en Bedrijfseconomie.
Renneboog, L.
Associate Editor of European Financial Management.
B 5 Grants, awards and honours
TILEC/AFM Research network members
Penas, M.F.
The project "The Effect of Venture Capital on Start-ups’ Innovation Strategy"
was accepted for the NBER Entrepreneurship and Innovation Policy and the
Economy Conference, October 2006, (with M. Da Rin).
44