Willem F.C. Verschoor

Willem F.C. Verschoor

Faculty of Economics and Business Administration De Boelelaan 1105 1081 HV, Amsterdam The Netherlands Phone: +31 20 598 7395 E-mail: [email protected] 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.

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.

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.

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 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

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”,

“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,

929-932 (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,

493-508 (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:

11-13 (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:

“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:

525-34 (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,

(co-authors: 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.

“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.

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

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