Willem F.C. Verschoor
VU University
Faculty of Economics and Business Administration
De Boelelaan 1105
1081 HV, Amsterdam
The Netherlands
Phone: +31 20 598 7395
E-mail: w.f.c.verschoor@vu.nl
W: www.feweb.vu.nl
Personal
Born May 24th, 1962, Dordrecht. Citizen of the Netherlands. Married. Three children.
Education
1989-1993
Ph.D., International Finance, Maastricht University, the Netherlands.
Dissertation Title: “Forward Exchange Market Dynamics: An Empirical Analysis of
Expectations, Risk and Innovations in Forward Foreign Exchange”.
Promotor: Prof. dr. C.C.P. Wolff. Dissertation Committee: Prof. dr. F.C. Palm
(chairman), Prof. dr. P. de Grauwe and Prof. dr. C.G. Koedijk.
1983-1988
M.A., Business Economics, University of Groningen, the Netherlands. Specialization in
Corporate & International Finance and Investment Theory.
Profession
2013-current
Dean, Faculty of Economics and Business Administration, VU University Amsterdam.
Professor of Finance, Faculty of Economics and Business Administration, VU University
Amsterdam.
Research Fellow of Tinbergen Institute, Amsterdam.
Other Affiliations
2013-current
Member of the Supervisory Board of Add Value Fund N.V., Amsterdam.
2009-current
Chairman of the Supervisory Board of Optimix Investment Funds N.V., Amsterdam.
2004-2012
Member of the Advisory Board for the Global Finance Forum, Chur, Switzerland.
2003-2009
Advisor Capital Management, Stichting Pensioenfonds Atos Origin, Utrecht.
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Professional Experience
2008-2013
Professor of Finance, Erasmus School of Economics, Erasmus University Rotterdam.
Director of the Department of Business Economics, Erasmus School of Economics,
Rotterdam.
Fellow of Erasmus Research Institute of Management (ERIM), Rotterdam.
2004-2008
Professor of Financial Economics and Corporate Finance, Nijmegen School of
Management, Radboud University Nijmegen.
Chairman of the Economics Department, Nijmegen School of Management, Radboud
University Nijmegen.
Program Director of Nijmegen Centre for Economics (NiCE).
2000-2005
Professor of International Finance, Limburg Institute of Financial Economics (LIFE),
Maastricht University.
1999
Associate Professor of Finance, LIFE, Maastricht University.
1994-1998
Chief Economist, Chair of the Economic Advisory Group, De Nationale Investeringsbank
N.V., Den Haag.
1994
Chief Economist, Kempen & Co N.V., Amsterdam.
1993
Assistant Professor of Finance, LIFE, Maastricht University.
1989-1992
Research Associate, LIFE, Maastricht University.
Teaching
MBA/Postgraduate-level:
“Financial Management 2”, Executive Master of Finance and Control, Erasmus School
of Accounting and Auditing, 2012 - current.
“Financial Management 1”, Executive Master of Finance and Control, Erasmus School of
Accounting and Auditing, 2010 - current.
“Corporate Finance”, Executive Master of Finance and Control/ Registered Controller
(RC), Maastricht Accounting and Auditing Research and Education Center (MARC),
2000 - 2006.
“Internationale Financiën”, Graduate School of International Management (GSIM),
Maastricht University, 2003.
“Global Corporate Finance”, International Executive Master of Finance and Control
(iEMFC), MARC, 2000 - 2004.
“Business Economics and International Finance”, Center for European Studies,
University of Lodz, Polen, 1992 - 1993.
Graduate-level:
“Fixed Income Management”, Maastricht University, 1999 - 2005.
“International Investments”, Maastricht University, 2000 - 2001.
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Undergraduate-level:
“Finance 2”, Erasmus School of Economics, 2009.
“Introduction in Accounting & Finance”, Radboud University, 2004 - 2008.
“Accounting & Finance”, Radboud University Nijmegen, 2005 - 2008.
“International Finance”, Maastricht University, 1991-1993.
“Modern Investment Theory”, Maastricht University, 1989-93.
Management & Service
Erasmus School of Economics:
Director of the Department of Business Economics. The Department of Business
Economics (75 fte) includes the Sub-Department of Accounting, Auditing and Control,
the Sub-Department of Finance, and the Sub-Department of Marketing.
Fellow of Erasmus Research Institute of Management (ERIM), Erasmus School of
Economics.
Research Fellow of Tinbergen Institute (TI), Rotterdam.
Chairman of the Organization Committee, “Pension Conference”, Rotterdam, October,
2009.
Chairman of the Organization Committee, Conference on “Heterogeneity of Agents in
Financial Markets”, Rotterdam, January, 2009.
Chairman of the Peer Review Committee on the ESE’s Research Programs 2004-2008.
Member of the Dean’s Council.
Member of the Research Advisory Committee.
Member of the Programme Advisory Committee ERIM.
Member of the Council for the Appointments and Promotion.
Radboud University Nijmegen:
Chairman of the Economics Department, 2004 - 2008. The Economics Department (35
fte) includes the Chair of Accounting, the Chair of Financial Economics, the Chair of
International Economics, and the Chair of Economic Theory and Economic Policy.
Program Director of Nijmegen Centre for Economics (NiCE), 2006 - 2008.
Chairman of the Organization Committee, Conference on “Heterogeneity of Agents in
Financial Markets”, Nijmegen, January, 2007.
Member of the Dean’s Council, 2004 – 2008.
Chairman of the Accreditation Committee on Economic Educational Programs (Bachelor
and Master), 2006.
Chairman of the Accreditation Committee on Economic Research Programs (NiCE),
2008.
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Coordinator Financial Economics Curriculum, Bachelor and Master Programs, 2004 –
2008.
University of Maastricht:
Director Executive MBA Program, Maastricht University, the Netherlands, 2000-2001.
Coordinator Finance Curriculum international Executive Master of Finance and
Control/Registered Controller (iEMFC), 2000 - 2004.
Coordinator Bachelor & Master Programs, Finance Department, 2000 - 2004.
Board of Admission, International Business Master Programs, 2002 - 2004.
Organization Committee, 31st Annual Conference “European Finance Association”,
Maastricht, August 18-21, 2004.
Organization Committee, 2nd Annual Conference “Common Features in Maastricht”,
Maastricht, December 14-16, 2003.
Membership of Professional Organizations
The Royal Netherlands Economic Association
The American Finance Association
The European Finance Association
The European Financial Management Association
European Institute for Advanced Studies in Management (EIASM)
Grants and Honours
Listed in Who’s Who in the World: Edition 2009.
Listed in Who’s Who in the World: 25th Silver Anniversary Edition 2008.
Fellow, Maastricht Research School of Economics of Technology and Organizations
(METEOR), Maastricht University, the Netherlands, 2000 – 2005.
METEOR Research Grant for the project “Macroeconomic Consequences of Financial
Instability”, 2001-2003.
Dissertation Grant, Staal Stichting, 1993.
Research Grant from the Economics Research Foundation (Ecozoek), which is part of
The Netherlands Organization for Scientific Research (NWO), 1989-1993.
Listed in Wie is Wie in Nederland: 1994-1996.
Travel Grants Conferences, NWO, 1989-1993.
Paper Presentations and Acceptations (recent)
2013:
Netspar International Pension Workshop, Frankfurt, Germany
Financial Management Association European Meeting, Luxembourg
2012:
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Australasian Finance and Banking Conference, Sydney, Australia
Netspar International Pension Workshop, Paris, France
Auckland Finance Meeting, Auckland, New Zealand
2011:
Australasian Finance and Banking Conference, Sydney, Australia
European Economic Association Meeting, Oslo, Norway
Emerging Markets Finance Conference, London, UK
Society for Nonlinear Dynamics and Econometrics, Washington, USA
2010:
Australasian Finance and Banking Conference, Sydney, Australia
Netspar International Pension Workshop, Zürich, Switzerland
Portuguese Finance Network, Azores
Financial Management Association Meeting, New York, USA
Financial Management Association European Meeting, Hamburg
Publications
“Home Bias and Dutch Pension Funds’ Investment behaviour”, The European Journal of
Finance, forthcoming 2014, (co-authors: G. Rubbaniy and I.P.P. van Lelyveld).
“Dynamic Expectation Formation in the Foreign Exchange Market”, Journal of
International Money and Finance, 2013, 37, 75-97 (co-authors: S. ter Ellen and R.C.J.
Zwinkels).
“Do Foreign Exchange Fund Managers Behave Like Heterogeneous Agents?”,
Quantitative Finance, 2013, 13, 1125-1134 (co-author: R.C.J. Zwinkels).
“Carry Trade and Foreign Exchange Rate Puzzles”, European Economic Review, 2013,
60, 17-31 (co-authors: R. Spronk and R.C.J. Zwinkels).
“Reputational Penalties to Firms in Antitrust Investigations”, Journal of Competition Law
and Economics, 2012, 8, 231-258 (co-authors: C.M. van den Broek, R. Kemp, and A. de
Vries).
“Explaining Dispersion in the Foreign Exchange Market: A Heterogeneous Agent
Approach”, Journal of Economic Dynamics and Control, 2012, 36, 719-735 (co-authors:
R. Jongen, C.C.P. Wolff and R.C.J. Zwinkels)
“Using Survey Data to Resolve the Exchange Risk Exposure Puzzle: Evidence from U.S.
Multinational Firms”, Journal of International Money and Finance 2012, 31, 148-169
(co-authors: R. Jongen and A. Muller).
“The Effect of Credit Derivatives on Financial Sector Stability”, Applied Finance Letters,
2012, 1, 22-29 (co-authors: R. van Ofwegen and R.C.J. Zwinkels).
“Time-Variation in Term Premia: International Survey-Based Evidence”, Journal of
International Money and Finance, 2011, 30, 605-622 (co-authors: R. Jongen and C.C.P.
Wolff).
“Contagion or Interdependence: Does the Speed of the Transmission of Shocks Matter”
in: R.W. Kolb (ed.), Financial Contagion: The Viral Threat to the Wealth of Nations,
John Wiley & Sons, New York, 2011, 37-44 (co-authors: S. Kleimeier and T. Lehnert).
“Heterogeneity of Agents and Exchange Rate Dynamics: Evidence from the EMS”,
Journal of International Money and Finance, 2010, 29, 1652-1669 (co-authors: E. de
Jong and R.C.J. Zwinkels).
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“The Effect of Exchange Rate Variability on U.S. Shareholder Wealth”, Journal of
Banking and Finance, 2009, 33, 1963-1972 (co-author: A. Muller).
“Behavioral Heterogeneity and Shift-Contagion: Evidence from the Asian Crisis”,
Journal of Economic Dynamics and Control, 2009, 33, 1929-1944 (co-authors: E. de
Jong en R.C.J. Zwinkels).
“A Heterogeneous Route to the EMS Crisis”, Applied Economics Letters, 2009, 16, 929932 (co-authors: E. de Jong and R. Zwinkels).
“Measuring Financial Contagion using Time-Aligned Data: The Importance of the Speed
of Transmission of Shocks”, Oxford Bulletin of Economics and Statistics, 2008, 70, 493508 (co-authors: S. Kleimeier and T. Lehnert).
“Further Evidence on the Rationality of Interest Rate Expectations”, Journal of
International Financial Markets, Institutions & Money, 2008, 18, 438-448 (co-author: R.
Jongen).
“The Latin-American Exchange Exposure of U.S. Multinationals”, Journal of
Multinational Financial Management, 2008, 18: 112-130 (co-author: A. Muller).
“Foreign Exchange Rate Expectations: Survey and Synthesis”, Journal of Economic
Surveys, 2008, 22: 140-165 (co-authors: R. Jongen and C.C.P. Wolff).
“Extreme US Stock Market Fluctuations in the Wake of 9/11”, Journal of Applied
Econometrics, 2008, 23: 17-42 (co-authors: S. Straetmans and C.C.P. Wolff).
“The Asian Crisis Exchange Risk Exposure of U.S. Multinationals”, Managerial
Finance, 2007, 33: 710-740 (co-author: A. Muller).
“Trade and Exposure of Eastern European Multinationals”, Emerging Markets Review,
2007, 8: 218-229 (co-author: A. Muller).
“Asian Foreign Exchange Risk Exposure”, Journal of the Japanese and International
Economies, 2007, 21: 16-37 (co-author: A. Muller).
“Asymmetric Foreign Exchange Risk Exposure: Evidence from U.S. Multinationals”,
Journal of Empirical Finance, 2006, 13: 495-518 (co-author: A. Muller).
“Foreign Exchange Risk Exposure: Survey and Suggestions”, Journal of Multinational
Financial Management, 2006, 16: 385-410 (co-author: A. Muller).
“European Foreign Exchange Risk Exposure”, European Financial Management, 2006,
12: 195-220 (co-author: A. Muller).
“Measuring Common Cyclical Features During Financial Turmoil: Evidence of
Interdependence not Contagion”, Journal of International Money and Finance, 2005, 24:
1317-1334 (co-authors: B. Candelon and A. Hecq).
“A Note on Transition Stock Return Behavior”, Applied Economics Letters, 2004, 11: 1113 (co-author: P.F.G. Jansen).
“Further Evidence on Asian Stock Return Behavior”, Emerging Markets Review, 2002, 3:
179-193 (co-author: C. de Groot).
“Scandinavian Exchange Rate Expectations”, Applied Economics Letters, 2002, 9: 111116 (co-author: C.C.P. Wolff).
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“Exchange Risk Premia, Expectations Formation and “News” in the Mexican Peso / US
Dollar Forward Exchange Rate Market”, International Review of Financial Analysis,
2001, 10: 157-174 (co-author: C.C.P. Wolff).
“Scandinavian Forward Discount Bias and Risk Premia”, Economics Letters, 2001, 73:
65-72 (co-author: C.C.P. Wolff).
“Exchange Risk Premia in the European Monetary System”, Applied Financial
Economics, 2000, 10: 351-60 (co-authors: F.G.M.C. Nieuwland and C.C.P. Wolff).
“Interest Expectations and Exchange Rates News”, Empirical Economics, 1998, 23: 52534 (co-authors: S. Cavaglia, C.G. Koedijk and C.C.P. Wolff).
“EMS Exchange Rate Expectations and Time-Varying Risk Premia”, Economic Letters,
1998, 60: 351-55 (co-authors: F.G.M.C. Nieuwland and C.C.P. Wolff).
“On the Biasedness of Forward Foreign Exchange Rates: Irrationality or Risk Premia?”,
Journal of Business, 1994, 67: 321-43, (co-authors: S. Cavaglia and C.C.P. Wolff).
“Asian Interest Expectations and Exchange Rate Dynamics”, Pacific-Basin Finance
Journal, 1994, 4: 439-52, (co-author: C.G. Koedijk).
“German Stock Market Dynamics”, Empirical Economics, 1994: 19: 397-418, (coauthors: R.M. Bauer and F.G.M.C. Nieuwland).
“Stochastic Trends and Jumps in EMS Exchange Rates”, Journal of Inter- national
Money and Finance, 1994, 13: 699-727, (co-authors: F.G.M.C. Nieuwland and C.C.P.
Wolff).
“Forward Exchange Market Dynamics: An Empirical Analysis of Expectations, Risk and
Innovations in Forward Foreign Exchange”, Ph.D. Dissertation, Maastricht University,
1993.
“Further Evidence on Exchange Rate Expectations”, Journal of International Money and
Finance, 1993: 12: 78-98, (co-authors: S. Cavaglia and C.C.P. Wolff).
“Asian Exchange Rate Expectations”, Journal of the Japanese and International
Economies”, 1993, 7: 57-77, (co-authors: S. Cavaglia and C.C.P. Wolff).
“EMS Exchange Rates”, Journal of International Financial Markets, Institutions &
Money, 1991, 2: 21-42, (co-authors: F.G.M.C. Nieuwland and C.C.P. Wolff).
“A Comparison of Pre- and Post-EMS Exchange Rate Patterns”, in: S. Ghon Rhee and
R.P. Chang, eds., Pacific - Basin Capital Markets Research, Vol. II, Amsterdam: North
Holland, 1991, (co-authors: F.G.M.C. Nieuwland and C.C.P. Wolff).
Publications (Dutch)
“De rol van "Home Bias" in het beleggingsgedrag van Nederlandse pensioenfondsen”,
VBA Journaal, Zomer 2012.
“De invloed van kredietderivaten op financiële stabiliteit”, Economisch Statistische
Berichten, 29 oktober 2010, (co-authors: R. van Ofwegen en R.C.J. Zwinkels).
“Negatieve publiciteit belangrijk bij karteltoezicht”, Het Financieele Dagblad, juli 2010.
“Reputatieschade als handhavingsinstrument”, Economisch Statistische Berichten, 19
februari 2010, (co-authors: S. van den Broek, R. Kemp, and A-C. de Vries).
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“De crisis in historisch perspectief”, Economisch Statistische Berichten, 15 mei 2009,
(co-authors: B. Frijns and R.C.J. Zwinkels).
“Een nieuwe prijsvorming op financiële markten”, Economisch Statistische Berichten, 9
januari 2009, (co-author: R.C.J. Zwinkels).
“De perverse prikkels voorbij”, Het Financieele Dagblad, oktober 2008.
“Uit de koers? Over mythe en werkelijkheid”, Oratie, Universiteit Maastricht, 2002.
“Nederlands ondernemersvertrouwen in perspectief”, Maandschrift Economie, Jaargang
62, april 1998, blz. 150-58.
“Globalisering van de Nederlandse industrie”, Economisch Statistische Berichten, 16
april 1997, (co-author: N.W. Mensink).
“Voorspelfouten van EMS Termijnkoersen: Irrationaliteit of Risicopremies?”, VBA
Journaal, June 1994.
“EMS Wisselkoersen”, Financiering en Belegging, Stand van Zaken anno 1990, Vol. 13,
Erasmus University, Rotterdam, 1990,, (co-authors: F.G.M.C. Nieuwland and C.C.P.
Wolff).
Submissions and Working Papers
“Purchasing Power Parity in Emerging Market Economies”, Working Paper, Erasmus
School of Economics, 2013, (co-author: S.L. Gaydarska).
“Risk and Uncertainty in the Foreign Exchange Market”, Working Paper, Erasmus
School of Economics, 2013, (co-authors: S. ter Ellen and R.C.J. Zwinkels).
“Excess Stock Return Comovements and the Role of Investor Sentiment”, Working
Paper, Erasmus School of Economics, 2013, (co-authors: B. Frijns and R.C.J. Zwinkels).
“Herding Behavior and Trading among Dutch Pension Funds”, Working Paper, Erasmus
School of Economics, 2012, (co-authors: G. Rubbaniy and I.P.P. van Lelyveld). Revise &
resubmit to De Economist.
“Metal Investments: Distrust killer or Inflation Hedging?”, Working Paper, Erasmus
School of Economics, 2012, (co-authors: G. Rubbaniy and Ken Ting Lee).
“Stochastic Dominance and Full- and Partial Moments in Dynamic Asset Allocation”,
Working Paper, Erasmus School of Economics, 2011, (co-authors: A. Lizyayev and P.
Versijp).
“The Impact of Corporate Derivative Usage on Foreign Exchange Risk Exposure”,
Working Paper, Erasmus School of Economics, 2009, (co-author: A. Muller).
Ph.D. Supervision
Ghulame Rubbaniy, "Investment Behavior of Institutional Investors", Erasmus School of
Economics, May, 2013.
Simon Lansdorp, "On Risks and Opportunities in Financial Markets", Erasmus School of
Economics, November, 2012.
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Dan Zhang, "Essays in Executive Compensation", Erasmus School of Economics, June,
2012.
Mariska Douwens, “Animal Spirits and Extreme Confidence: No Guts, No Glory?”,
Erasmus School of Economics, March, 2012.
David Blitz, “Benchmarking the Benchmarks”, Erasmus School of Economics, March,
2011.
Andrey Lizyayev, “Stochastic Dominance in Portfolio Analysis and Asset Pricing”,
Erasmus School of Economics, November, 2010.
Remco Zwinkels, “Heterogeneous Agents in Financial Markets”, Radboud University
Nijmegen, January 2009.
Ron Jongen, “Expectations in Financial Markets”, University of Maastricht, December
2007.
Aline Muller, “Foreign Exchange Risk Exposure”, University of Maastricht, September
2005.
Ph.D. Supervision (current)
Saskia ter Ellen, "Financial Innovation in a World of Bounded Rationality".
Jairo Rivera Roza, "International Markets for Collective Pension Systems".
Justinas Brazys, "Response to Macroeconomic News Announcements"
Zhaowen Qian, "International financial integration and portfolio diversification in fixed
income markets".
Dissertation Committees
Methap Kilic, Erasmus University Rotterdam, October 2013
Dimitrios Vagias, Erasmus University Rotterdam, October 2013
Ralph Wieriks, Erasmus University Rotterdam, May 2013
Melissa Porras Prado, Erasmus University Rotterdam, January 2012
Ko-Chia Yu, Erasmus University Rotterdam, November 2011
Yu Wang, Erasmus University Rotterdam, September 2011
Antoinette Rijsenbilt, Erasmus University Rotterdam, June 2011
Daniel Hann, University of Maastricht, June 2011
Felix Lamp, Erasmus University Rotterdam, June 2011
Sjoerd van Bekkum, Erasmus University Rotterdam, September 2010
Xiaohong Huang, Erasmus University Rotterdam, June 2010
Diana Budiono, Erasmus University Rotterdam, February 2010
Roald Versteeg, University of Maastricht, November 2009
Amy Wong, Erasmus University Rotterdam, January 2009.
Patrick Verwijmeren, Erasmus University Rotterdam, December 2008.
Guido Baltussen, Erasmus University Rotterdam, December 2008
Thuy Nguyen, Erasmus University Rotterdam, November 2008
Martijn van der Voort, Erasmus University Rotterdam, October 2008
Marc Schauten, Erasmus University Rotterdam, October 2008
Willem Schramade, Erasmus Universiteit Rotterdam, November 2006
Michel van Tol, University of Maastricht, June 2005
Thorsten Lehnert, University of Maastricht, December 2002
Roger Otten, University of Maastricht, June, 2002
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Mathijs van Dijk, University of Maastricht, June 2002
Research Interests
Behavioral Finance
Capital Market integration
Currency Risk and Emerging Markets
Financial Crises and Contagion
Financial Risk Management
Investment and Market Anomalies
Pension Fund Governance
Updated: March 2, 2014
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