• U.S. strategy in the Moslim World after 9/11

      Rabasa, Angel; Benard, Cheryl; Chalk, Peter; Fair, Christine; Karasik, Theodore; Lal, Rollie; Lesser, Ian; Thaler, David (2004)
    • U.S.-India Strategic dialogue

      Lal, Rollie; Rajagopalan, Rajesh (2004)
    • Unconventional monetary policy and bank risk taking

      Matthys, Thomas; Meuleman, Elien; Vander Vennet, Rudi (2018)
      In this paper we use corporate syndicated loan data to study the presence of a bank risk-taking channel of unconventional monetary policy in the United States over the period 2008-2015. To account for both actual policy decisions and anticipation effects, we measure the stance of monetary policy by estimating a financial VAR model. We find that accommodative monetary conditions are associated with overall lower loan spreads. Controlling for borrower creditworthiness, we show that the spread reduction is lower for riskier firms, indicating that risk is appropriately priced during the period of unconventional monetary policy. Banks with low non-performing loan ratios and banks characterized by high revenue diversification offer larger loan spread discounts compared to banks with a large amount of non-performing loans and banks with less income diversification. We also find that banks with low capital ratios, less profitable banks and smaller banks more aggressively reduce the corporate loan spreads following an expansionary monetary policy shock, but only for the safest firms. Our findings indicate that unconventional monetary policy actions of the Federal Reserve are not associated with excessive risk taking by banks in the syndicated loan market.
    • Value-based management control processes to create value through integration: a literature review

      Ameels, Anne; Bruggeman, Werner; Scheipers, Geert (2002)
      In the last decades, management accounting faced increasing challenges to adopt new approaches, designed to fit the changes in the economic environment and to correct perceived inefficiencies in existing controlling structures. This paper focuses on one of those recent developments, viz. value-based management (VBM). Since VBM is claimed to be changing financial management at the highest level in some of the world's largest companies, this literature review compares the value-based management approaches of six consultants, viz. Stern Stewart & Co, Marakon Associates, McKinsey & Co, PriceWaterhouseCoopers, L.E.K. Consulting and HOLT Value Associates and tries to assess the potential of their management frameworks. Value-based management can be defined as an integrated management control system that measures, encourages and supports the creation of net worth. Although VBM is more than metrics, we first focused on a non-exhaustive number of value-based metrics, divided in two segments, the listed perspective-segment and the non-listed perspective. Since metrics are a means and not the goal of a VBM-program, we compared not only the metrics used by the six consultants, but also analysed their value-based management constructs as a whole. This analysis was based on the fundamental components of a holistic VBM-program, as defined by several researches on value-based management. This comparison revealed some clear similarities between the approaches, but also demonstrates distinctions and different accents. There is for instance a clear unanimity about the focus on maximizing shareholder value, about the conviction that the interests of all stakeholder groups are best served when putting the shareholder first and about the impact of value-based management on collaboration. Notwithstanding the similarities, they all six suggest using different types of measures, combine different systems and processes, have other views on strategy development and advocate their own training & education program.
    • Values, value conflict and stress the prediction of stress by values and value conflict

      Bouckenooghe, Dave; Buelens, Marc; Fontaine, J.; Vanderheyden, Karlien (2004)
      The aim of this paper was to investigate the relationship between stress, values, and value conflict. Data collected from 400 people working in a wide variety of companies in Flanders indicated that the values openness to change, conservation, self-transcendence, self-enhancement, and value conflict were important predictors of stress. Participants open to change reported less stress, while respondents scoring high on conservation, self-enhancement, and self-transcendence perceived more stress. People reporting high value conflict also experienced more stress. Separate analyses for the male and female subsamples demonstrated that sex differences regarding the relationship between the four value types and stress cast new light on the findings for the total sample. The article concludes with a discussion of the results and future research directions.
    • Venture Capital, Private Equity and Earnings Quality

      Manigart, Sophie; Beuselinck, Christof; Deloof, Marc (2004)
    • Venture Capital, Private Equity and Earnings Quality

      Beuselinck, Christof; Deloof, Marc; Manigart, Sophie (2004)
      This paper examines the quality of financial statements reported by private equity (PE) backed companies in the years around the initial PE investment. We study both pre- and post-investment earnings characteristics of a unique hand-collected sample of 556 Belgian unlisted companies, receiving PE financing between 1985 & 1999, and a matched non-PE backed sample. We find strong evidence of upward earnings management in the PE backed sample prior to the investment year, consistent with the hypothesis that entrepreneurs which apply for PE manage earnings upward to catch PE investors' interest. Further, PE backed companies show a significantly higher extent of earnings conservatism compared to matched companies from the investment year on, indicating a governance impact of PE investors on the financial reporting discipline. Finally, we find a marginally higher degree of earnings conservatism for companies receiving PE from non-government related investors compared to companies backed by government-related PE investors. We interpret this stricter financial reporting discipline as being the reflection of a more slack governance by government-related PE investors compared to non-government-related investors. Our results have implications for PE investors as well as for all other stakeholders of PE backed firms.
    • Venture capitalists in Asia: a comparison with the U.S. and Europe.

      Bruton, Gary; Manigart, Sophie; Fried, Vance H.; Sapienza, Harry J. (2002)
      This research utilizes an institutional perspective to examine the behavior of venture capital professionals in three distinct regions of the world (Asia, U.S., Europe). Based upon a mail survey, we find reasonably consistent views around the world on the relative importance of various venture capitalist roles. However, we find that how those roles are implemented is shaped by cognitive institutional influences in the given region. We find that a model developed in the U.S. to predict the amount of venture capitalist/CEO interaction is not valid in Asia. Further, Asian boards have much greater insider representation than do U.S. or European boards. We attribute these difference to the greater emphasis in Asia on the importance of collective action.
    • Venture capitalists' selection process: the case of biotechnology proposals

      Baeyens, Katleen; Vanacker, Tom; Manigart, Sophie (2005)
      The paper analyses venture capitalists' selection process in biotechnology ventures. Biotech ventures operate in an extremely risky environment making this an interesting research setting. The majority of venture capitalists exclude certain biotech sectors ex-ante because of regulatory uncertainty, the long development process to a market ready product and the difficulty to understand the technology. The more thorough due diligence process focusses on financial, market and technology criteria. Management team capabilities are more important for later stage investors, whereas early stage investors expect to have an impact on the future recruiting of professional managers. Despite the higher risk of biotech investments, we find no evidence that VCs require higher hurdle rates or more complete contracts for these investments, compared to investments in other technology-based companies. The most important reason for not reaching an investment agreement is disagreement over valuation, due to large differences in risk perception between entrepeneurs and venture capitalists and the lack of a standard valuation tool for biotech projects. Keywords: venture capital, selection process, biotechnology
    • Verzekering en sparen

      Van den Berghe, Lutgart (1993)
    • Wat is FD Transformers?

      Muylle, Steve; Standaert, Willem; Van den Bergh, Joachim; Viaene, Stijn (2016)
      In juni 2018 publiceren Het Financieele Dagblad en Vlerick Business School de tweede editie van FD Transformers. Een onderzoek naar digitale transformatie bij de 200 grootste Nederlandse bedrijven.
    • The welfare and price effects of sector coupling with power-to-gas

      Roach, Martin; Meeus, Leonardo (2019)
      Electricity markets with high installed capacities of Variable Renewable Energy Sources (VRES) experience periods of supply and demand mismatch, resulting in near-zero and even negative prices, or energy spilling due to surplus. The participation of emerging Power-to-X solutions in a sector coupling paradigm, such as Power-to-Gas (PTG), has been envisioned to provide a source of demand flexibility to the power sector and decarbonize the gas sector. We advance a long-run equilibrium model to study the PTG investment decision from the point of view of a perfectly competitive electricity and gas system where each sector’s market is cleared separately but coupled by PTG. Under scenarios combining PTG technology costs and electricity RES targets, we study whether or not there is a convergence in the optimal deployment of PTG capacity and what is the welfare distribution across both sectors. We observe that PTG can play an important price-setting role in the electricity market, but PTG revenues from arbitrage opportunities erodes as more PTG capacity is installed. We find that the electricity and gas sector have aligned incentives to cooperate around PTG, and instead find an issue of misaligned incentives related to the PTG actor. Although not the focus of our analysis, in some scenarios we find that the welfare optimal PTG capacity results in a loss for the PTG actor, which reveals some intuition that subsidizing PTG can make sense to reduce the cost of RES subsidies. A sensitivity analysis is conducted to contextualize these findings for system specificities.
    • What drives consumer participation to loyalty programs? A conjoint analytical approach

      De Wulf, Kristof; Odekerken-Schröder, Gaby; De Cannière, Marie; Van Oppen, C. (2002)
      Little is known about the way in which different loyalty program attributes underlie consumers' intentions to participate in such a program. Based upon equity theory, the current study distinguished between consumer inputs (personal data release, participation cost, purchase frequency, participation exclusivity, and participation efforts) and outputs (program) benefits, number of program providers, and program duration) as underlying attributes potentially affecting participation in a loyalty program. Using conjoint analysis, we explored how different levels within each of these eight attributes affect consumers' intentions to participate. The study holds major implications for the design of successful customer loyalty programs. Keywords: Relationship Marketing, Customer Loyalty Program, Equity Theory, Conjoint Analysis.
    • What drives informal investment activity? A cross-country comparison

      De Clercq, Dirk; Meuleman, Miguel; Wright, Mike (2009)