• A comparison of financial duration models via density forecast

      Bauwens, Luc; Giot, Pierre; Grammig, Joachim; Veredas, David (International Journal of Forecasting, 2004)
    • A guide to private equity: Is a buy-in the right move for your practice

      Manigart, Sophie; Van Dyck, Walter; Witmeur, Olivier (CRST Europe, 2017)
    • A note on foreign bank investment in the United States

      Paulo Esperanca, José; Gulamhussen, Azzim (Applied Financial Economics, 2002)
    • A perspective on the economic valorization of gene manipulated biotechnology: Past and future

      Knockaert, Mirjam; Manigart, Sophie; Cattoir, Sofie; Verstraete, Willy (Biotechnology Reports, 2015)
      Three distinct fields of gene manipulated biotechnology have so far been economically exploited: medical biotechnology, plant biotechnology and industrial biotechnology. This article analyzes the economic evolution and its drivers in the three fields over the past decades, highlighting strong divergences. Product and market characteristics, affecting firms' financing options, are shown to be important enablers or inhibitors. Subsequently, the lack of commercialization in a fourth type of gene manipulated biotechnology, namely environmental biotechnology, is explained by the existence of strong barriers. Given the latter's great promises for environmental sustainability, we argue for a need to push the commercial valorization of environmental biotechnology. Our research has strong implications for (technology) management research in biotechnology, pointing to a need to control for and/or distinguish between different biotechnology fields.
    • A simple two-component model for the distribution of intraday returns

      Coroneo, Laura; Veredas, David (The European Journal of Finance, 2012)
    • A theoretical perspective on the location of banking FDI

      Gulamhussen, Azzim (Management International Review, 2009)
    • Accounting and non-accounting determinants of default: The case of privately-held firms

      Bhimani, Alnoor; Gulamhussen, Azzim; da Rocha Lopes, Samuel (Journal of Accounting and Public Policy, 2010)
    • Aggregation of linear models for panel data

      Veredas, David; Petkovic, Alex (Journal of the Japanese Statistical Society, 2010)
    • Antecedents of Time to Completion in Mergers and Acquisitions

      Luypaert, Mathieu; De Maeseneire, Wouter (Applied Economics Letters, 2015)
      Literature on mergers and acquisitions (M&As) performance and wealth effects is abundant. Yet, we know very little about the pre-completion stage, in particular about aspects such as the likelihood of deal closing and time to completion. Understanding the drivers of completion time is however important as prolonged deal duration is costly and postpones realizing synergy gains. In this article, we study the antecedents of deal duration for a sample of 1150 M&As between listed US companies during 1994-2011. Not surprisingly, deal complexity critically affects time to completion. Stock offers, deal hostility, mergers and larger deals are characterized by a lengthier acquisition duration. Strong and clear shareholder support accelerates deal completion, as does the likelihood of overpayment. Finally, experienced bidders succeed in more rapidly completing transactions, implying learning effects.
    • Attitudes of family firms towards external investors: The importance of organizational identification

      Neckebrouck, Jeroen; Manigart, Sophie; Meuleman, Miguel (Venture capital, 2017)
      More and more family firms open their capital for outside investors, yet existing studies mainly conclude that family firms are more reluctant than nonfamily firms to hand over control to outside investors. In this study, we build on an organizational identification perspective to explore why family firms differ in their attitudes toward outside investors. We hypothesize that family members who identify strongly with their firms are less willing to cede control to outside investors and, if they do cede control, have a stronger preference for investors who may readily identify with family firms, such as family offices or high net worth individuals, rather than investors who may not fit well with a familial identity, such as private equity sponsors or financial investors. We also hypothesize that social identification mediates the relationship between important family firm governance characteristics and preferences for outside investor. Exploratory evidence from a sample of Belgian family firms is supportive of most of our predictions.
    • Banks as digital conductors

      Cumps, Bjorn (CxO Magazine, 2017)
    • Can auditors mitigate information asymmetry in M&A's? An empirical analysis of the method of payment in belgian transactions

      Luypaert, Mathieu; Van Caneghem, Tom (Auditing: A Journal of Practice and Theory, 2014)
    • Choice of scale by banks in financial centers

      Gulamhussen, Azzim (International Business Review, 2007)
    • Controls, service type and perceived supplier performance in interfirm service exhanges

      Stouthuysen, Kristof; Slabbinck, Hendrik; Roodhooft, Filip (Journal of Operations Management, 2012)
    • Corporate Governance and Performance of French Listed Companies

      Bollaert, H.; Daher, H.; Deroo, A.; Dupire, Marion (Bankers, Markets and Investors, 2011)
    • Corporate Governance and Performance of French Listed Companies

      Deroo, A.; Dupire, Marion (Analyse Financière, 2009)
    • De bank als digitale dirigent moet eerst orde op zaken stellen

      Cumps, Bjorn (Holland Management Review, 2017)
    • Defaults in bank loans to SMEs during the financial crisis

      Duarte, Fabio Dias; Gama, Ana Paula Matias; Gulamhussen, Azzim (Small Business Economics, 2018)
      We investigate the role of (business) collateral and (personal) guarantees alongside small and medium enterprise (SME), lending bank and loan characteristics, macroeconomic conditions, sectors, and geographic locations while controlling for unobserved time effects in predicting default at the peak of the financial crisis. First, we find a positive relation between collateral and default, and a negative relation between guarantees and default. Second, we find a negative relation between the joint influence of collateral and high credit score, and a positive relation between the joint influence of collateral and low credit score and default. We also find a negative relation between the joint influence of guarantees and high credit score. These findings are relevant for SME policies aimed at facilitating access to credit, reducing the cost of borrowing, and decreasing default, risk management of banks, and the application of theories of financial economics in the context of a financial crisis.
    • Disentangling systematic and idiosyncratic dynamics in panels of volatility measures

      Barigozzi, Matteo; Brownlees, Christian; Gallo, Giampiero; Veredas, David (Journal of Econometrics, 2014)
      Realized volatilities observed across several assets show a common secular trend and some idiosyncratic pattern which we accommodate by extending the class of Multiplicative Error Models (MEMs). In our model, the common trend is estimated nonparametrically, while the idiosyncratic dynamics are assumed to follow univariate MEMs. Estimation theory based on seminonparametric methods is developed for this class of models for large cross-sections and large time dimensions. The methodology is illustrated using two panels of realized volatility measures between 2001 and 2008: the SPDR Sectoral Indices of the S&P500 and the constituents of the S&P100. Results show that the shape of the common volatility trend captures the overall level of risk in the market and that the idiosyncratic dynamics have a heterogeneous degree of persistence around the trend. Out-of-sample forecasting shows that the proposed methodology improves volatility prediction over several benchmark specifications.