Empirical Finance


This proposal looks for candidates who would like to do empirical research in finance. The project offers flexibility and the specific research topic will result from discussions between the candidate and supervisor. Additional supervisors are available to assist the candidate.

The goal is to come up with research topics that align the interests and expertise of both the candidate and the supervisor. The supervisor has extensive experience in research on convertible securities, stock repurchases, short sales, hedge funds, art, security issuance, corporate governance, security design, and capital structure theories, among other topics.


Finance, empirical research


Potential topics include convertible securities, stock repurchases, short sales, hedge funds, art, security issuance, corporate governance, security design, and capital structure theories.


Empirical, although a preference for theory could also be accommodated.

Literature references

Some prior publications of the supervisor include:

  • Adams, Akyol, Verwijmeren (2017), Director skill sets, Journal of Financial Economics, forthcoming.
  • Grundy and Verwijmeren (2017), The buyers’ perspective on security design: Hedge funds and convertible bond call provisions, Journal of Financial Economics, forthcoming.
  • Veenman and Verwijmeren, Do investors fully unravel persistent pessimism in analysts' earnings forecasts? The Accounting Review, forthcoming.
  • Berkman, McKenzie, Verwijmeren (2017), Hole in the wall: Informed short selling ahead of private placements, Review of Finance 21, 1047-1091.
  • Korteweg, Kraussl, Verwijmeren (2016), Does it pay to invest in art? A selection-corrected returns perspective, Review of Financial Studies 29, 1007-1038.
  • Grundy and Verwijmeren (2016), Disappearing call delay and dividend-protected convertible bonds, Journal of Finance 71, 195-223.
  • Brown, Grundy, Lewis, and Verwijmeren (2012), Convertibles and hedge funds as distributors of equity exposure, Review of Financial Studies 25, 3077-3112.
  • Grundy, Lim, and Verwijmeren (2012), Do option markets undo restrictions on short sales: Evidence from the 2008 short sale ban, Journal of Financial Economics 106, 331-348.
  • Akyol, Lim, and Verwijmeren (2012), Shareholders in the boardroom: Wealth effects of the SEC’s proposal to facilitate director nominations, Journal of Financial and Quantitative Analysis 47, 1029-1057.
  • De Jong, Dutordoir, and Verwijmeren (2011), Why do convertible issuers simultaneously repurchase stock? An arbitrage-based explanation, Journal of Financial Economics 100, 113-124.
  • De Jong, Verbeek, and Verwijmeren (2010), The impact of financing surpluses and large financing deficits on tests of the pecking order theory, Financial Management summer, 733-756.
  • Verwijmeren and Derwall (2010), Employee well-being, leverage, and bankruptcy costs. Journal of Banking and Finance 34, 956-964.


International cooperation is easily an option through the network of the supervisor.

Expected output

Three high quality research papers that have a chance of being published in the top finance journals.

Scientific relevance

The selected research topic will have strong academic relevance.

Societal relevance

The selected research topic will have strong societal relevance.

Phd candidate profile

The candidate is expected to have strong empirical skills and should be an innovative thinker that works hard and is fluent in English.


Prof. Dr. Patrick Verwijmeren
T: +31 (0)10 4081392
E: verwijmeren@ese.eur.nl

Depending on the candidate, an additional supervisor could be added.

Graduate school

This project is affiliated with the Tinbergen Institute graduate school, applicants for this project need to pass the Tinbergen Institute's admission requirements before they can be considered for a PhD position at Erasmus School of Economics.

Note that the Tinbergen Institute requires valid GRE General Test results from all applicants. More information about the GRE test is available here. Be aware that available seats for this test fill up very fast so book your test well in advance. Please contact the GRE program for specific questions about the GRE test.


Application deadline: 15 January 2018


Apply for this project using our online application form. Please use the project code below to apply for this project.

Tinbergen project code:

TI PhD 2018 ESE PV