1989-1993 1983-1988 2013-current 2013-current 2009-current 2004-2012 2003-2009

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: [email protected] W: www.feweb.vu.nl

Personal

Born May 24th, 1962, Dordrecht. Citizen of the Netherlands. Married. Three children.

Education

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. M.A., Business Economics, University of Groningen, the Netherlands. Specialization in Corporate & International Finance and Investment Theory.

Profession

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

Member of the Supervisory Board of Add Value Fund N.V., Amsterdam. Chairman of the Supervisory Board of Optimix Investment Funds N.V., Amsterdam. Member of the Advisory Board for the Global Finance Forum, Chur, Switzerland. Advisor Capital Management, Stichting Pensioenfonds Atos Origin, Utrecht.

1

2008-2013 2004-2008 2000-2005 1999 1994-1998 1994 1993 1989-1992

Professional Experience

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. 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). Professor of International Finance, Limburg Institute of Financial Economics (LIFE), Maastricht University. Associate Professor of Finance, LIFE, Maastricht University.

Chief Economist, Chair of the Economic Advisory Group, De Nationale Investeringsbank N.V., Den Haag. Chief Economist, Kempen & Co N.V., Amsterdam

.

Assistant Professor of Finance, LIFE, Maastricht University. 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. 2

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. 3

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, 31 st Annual Conference “European Finance Association”, Maastricht, August 18-21, 2004. Organization Committee, 2 nd 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

: 25 th 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:

4

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). 5

“The Effect of Exchange Rate Variability on U.S. Shareholder Wealth”,

Banking and Finance

, 2009, 33, 1963-1972 (co-author: A. Muller).

Journal of

“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”,

Finance

, 2007, 33: 710-740 (co-author: A. Muller).

Managerial

“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: 111 116 (co-author: C.C.P. Wolff). 6

“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”,

Journal

, 1994, 4: 439-52, (co-author: C.G. Koedijk).

Pacific-Basin Finance

“German Stock Market Dynamics”,

Empirical Economics

authors: R.M. Bauer and F.G.M.C. Nieuwland). , 1994: 19: 397-418, (co “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

februari 2010, (co-authors: S. van den Broek, R. Kemp, and A-C. de Vries). , 19 7

“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”, april 1997, (co-author: N.W. Mensink).

Economisch Statistische Berichten

, 16 “Voorspelfouten van EMS Termijnkoersen: Irrationaliteit of Risicopremies?”,

Journaal

, June 1994.

VBA

“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

School of Economics, 2013, (co-authors: S. ter Ellen and R.C.J. Zwinkels). , Erasmus “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

School of Economics, 2012, (co-authors: G. Rubbaniy and Ken Ting Lee). , Erasmus “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. 8

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 9

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

10