Banking and Finance

Research interests

The research team banking and finance is mainly oriented at high quality empirical research in the following research streams:

• Empirical asset pricing
• Behavioral Finance 
• Empirical banking and financial stability
• Financial development and institutions
• Market micro structure
• Exchange rates

Key publications

• Inghelbrecht, K., & Tedde, M. (2024). Overconfidence, financial literacy and excessive trading. Journal of Economic Behavior & Organization, 219, 152-195
• Sanders, E., Simoens, M., & Vander Vennet, R. (2024). Curse and blessing: The effect of the dividend ban on euro area bank valuations and syndicated lending. Journal of Banking & Finance, 163, 107190
• Menkveld, A. J., Dreber, A., Holzmeister, F., Huber, J., Johannesson, M., Kirchler, M., ... & Khomyn, M. K. (2024). Nonstandard errors. The Journal of Finance, 79(3), 2339-2390
• Ardia, D., Bluteau, K., Boudt, K., & Inghelbrecht, K. (2023). Climate change concerns and the performance of green vs. brown stocks. Management Science, 69(12), 7607-7632
• Boudt, K., Dragun, K., Sauri, O., & Vanduffel, S. (2023). ETF Basket-Adjusted Covariance estimation. Journal of Econometrics, 235(2), 1144-1171
• Berger, A. N., Lamers, M., Roman, R. A., & Schoors, K. (2023). Supply and demand effects of bank bailouts: Depositors need not apply and need not run. Journal of Money, Credit and Banking, 55(6), 1397-1442
• Present, T., Simoens, M., & Vander Vennet, R. (2023). European bank margins at the zero lower bound. Journal of International Money and Finance, 131, 102803
• Nicolas Soenen and Rudi Vander Vennet (2022), ECB monetary policy and bank default risk☆, JOURNAL OF INTERNATIONAL MONEY AND FINANCE, 122, 102571
• Alexandre Garel, Arthur Petit-Romec and Rudi Vander Vennet (2022) Institutional shareholders and bank capital, JOURNAL OF FINANCIAL INTERMEDIATION, 50, 100960
• Ardia, D., Bluteau, K., & Boudt, K. (2022). Media abnormal tone, earnings announcements, and the stock market. Journal of financial markets, 61, 100683

• Atmaca Sümeyra, Koen Schoors, Marijn Verschelde (2020) Bank loyalty, social networks and crisis, JOURNAL OF BANKING AND FINANCE, Vol. 112, 105269

• Thomas Matthys, Elien Meuleman, Rudi Vander Vennet (2020) Unconventional monetary policy and bank risk taking, JOURNAL OF INTERNATIONAL MONEY AND FINANCE. 109

• Kris Boudt, Dries Cornilly, Tim Verdonck (2020) Nearest comoment estimation with unobserved factors, JOURNAL OF ECONOMETRICS. 217(2). p.381-397

• Andres Algaba, David Ardia, Keven Bluteau, Samuel Borms, Kris Boudt (2020) Econometrics meets sentiment : an overview of methodology and applications, JOURNAL OF ECONOMIC SURVEYS. 34(3). p.512-547

• Lieven Baele, Geert Bekaert, Koen Inghelbrecht, Min Wei (2020) Flights to safety, REVIEW OF FINANCIAL STUDIES. 33(2). p.689-746

• Martien Lamers, Frederik Mergaerts, Elien Meuleman, Rudi Vander Vennet (2019) The tradeoff between monetary policy and bank stability, INTERNATIONAL JOURNAL OF CENTRAL BANKING. 15(2). p.1-42

• Ranoua Bouchouicha and Ferdinand Vieider (2017). Accommodating stake effects under prospect theory, JOURNAL OF RISK AND UNCERTAINTY. 55(1). p.1-28

• Elaut, G., Lampaert, K., & Frömmel, M. (2017). Intraday momentum in FX markets: disentangling informed trading from liquidity provision. JOURNAL OF FINANCIAL MARKETS, 37, 35-51.

• Kris Boudt, Fang Liu, Piet Sercu (2016) Exporters' exposures to currencies : beyond the loglinear model, REVIEW OF FINANCE. 20(4). p.1631-1657

• Baele, L., Bekaert, G., Cho, S., Inghelbrecht, K., & Moreno, A. (2015). Macroeconomic regimes. JOURNAL OF MONETARY ECONOMICS, 70, 51-71.
• Karas, A., Pyle, W., & Schoors, K. (2013). Deposit insurance, banking crises, and market discipline: evidence from a natural experiment on deposit flows and rates. JOURNAL OF MONEY CREDIT AND BANKING, 45(1), 179-200.
• Baele, L., Bekaert, G., & Inghelbrecht, K. (2010). The determinants of stock and bond return comovements. REVIEW OF FINANCIAL STUDIES, 23(6), 2374-2428.
  • All publications

Recent PhD graduates

_{First or current placement (when available) in parenthesis}

• Wenqiong Liu, June 2024, Essays on Empirical Asset Pricing
• Nicolas De Vijlder, October 2023, Essays on land and credit markets : the Southern Low Countries, 1400-1900
• Tom Eeckhout, August 2023, Measuring corruption, intergenerational mobility and human capital using trace data : evidence from Russia
• Nicolas Soenen, June 2022, Regulation, monetary policy and bank risk
• Dimitrios Kolokas, June 2022, Essays in financial innovation and sustainability
• Thomas Present, March 2022, Banking and regulation in Europe after the Great Financial Crisis
• Kobra Ahmadpour, December 2021, Essays in Behavioral Finance: Investor Response to Oil Spills, and Hedge Fund and CTA Managers' Risk Shifting Behavior
• Jessie Vantieghem, July 2021, Credit Rating Agencies and Their Role of Disseminating Information
• Raheel Asif, May 2021, Essays on Asset Pricing, Financial Crisis, and Market Efficiency
• Kevin Hoefman, November 2020, Live agent-based models
• Elien Meuleman, October 2020, Macroprudential policy, monetary policy and bank stability in Europe
• Andres Algaba, August 2020,  Predictive data filters for timely economic and financial decision making
• Thi Xuan Linh Nguyen, August 2020, Corporate sustainability performance in the emerging East Asian markets
• Sümeyra Atmaca, March 2020, Institutions and networks
• Carel Johannes van der Merwe, January 2020, Classifying yield spread movements in sparse data through triplots
• Milan van den Heuvel, September 2019, Addressing socioeconomic challenges with micro-level trace data (Ghent University)
• Hannes Stieperaere, June 2019, Investor behavior and the effect on financial markets (National Bank of Belgium)
• Frederik Mergaerts, Maart 2019, Essays in financial economics (De Nederlandsche Bank)
• Annelies Hoebeeck, February 2019, The tax benefit for mortgage payments : incentive effects and implications for house prices (Flemish Government Department for Finance and Budget)
• Vu Ha Phuoc, December 2018, Governance and Firm Efficiency in Vietnam (Danang University of Economics, Vietnam)
• Thomas Matthys, December 2018, Topics in Financial Economics (Vlerick Business School)