Prof. dr. J.T.J. (Han) Smit

Han Smit
Erasmus School of Economics (ESE)
Erasmus University Rotterdam
Member ERIM
Field: Finance & Accounting
Affiliated since 1999

Han Smit is a corporate professor of Finance at the Department of Business Economics, Erasmus School of Economics (ESE). His research in the areas of private equity, real options valuation, competition and strategy has been widely published in leading academic and practitioner journals. He is co-author of a book Strategic Investment: Real Options and Games published by Princeton University Press. Professor Smit has been a visiting fellow at Harvard University, Columbia University, UC at Berkeley, Boston University, and fellow at the Netherlands Institute of Arts and Sciences (NIAS).

Publications

Article (25)

  • Academic (23)

    • Dai, Y., Gryglewicz, S., & Smit, H. (2021). Less Popular But More Effective Toeholds in Corporate Takeovers. Journal of Financial and Quantitative Analysis, 56(1), 283-312. https://doi.org/10.1017/S0022109019001029

    • Smit, H., & Trigeorgis, L. (2017). Strategic NPV: Real options and strategic games under different information structures. Strategic Management Journal, 38(13), 2444-2464. https://doi.org/10.1002/smj.2665

    • Smit, H., Pennings, E., & van Bekkum, S. (2017). Real Options and Institutions. Journal of International Business Studies, 48(5), 620-644. https://doi.org/10.1057/s41267-016-0055-7

    • Smit, H., & Kil, J. (2017). Toehold acquisitions as behavioral real options. California Management Review, 59(3), 42-73. https://doi.org/10.1177/0008125617712255

    • Smit, H., & Lovallo, D. (2014). Creating More Accurate Acquisition Valuations. MIT Sloan Management Review, 56(1), 63-71.

    • Dai, Y., Gryglewicz, S., Smit, H., & De Maeseneire, W. (2013). Similar Bidders in Takeover Contests. Games and Economic Behavior, 82, 544-561. https://doi.org/10.1016/j.geb.2013.08.010

    • van Bekkum, S., Smit, H., & Pennings, E. (2011). Buy Smart, Time Smart: Are Takeovers Driven by Growth Options or Mispricing? Financial Management - FM, 40(4), 911-940. https://doi.org/10.1111/j.1755-053X.2011.01166.x

    • Smit, H., & Moraitis, T. (2010). Strategic Options in Serial Acquisitions. Long Range Planning, 43(1), 85-103. https://doi.org/10.1016/j.lrp.2009.10.001

    • Smit, H., & Trigeorgis, L. (2010). Flexibility and Games in Strategic Investment. Multinational Finance Journal, 14(1/2), 125-151.

    • Smit, H., & Moraitis, T. (2010). Playing at Serial Acquisitions. California Management Review, 53(1), 56-89. https://doi.org/10.1525/cmr.2010.53.1.56

    • van Bekkum, S., Pennings, E., & Smit, H. (2009). A Real Options Perspective on R&D Portfolio Diversification. Research Policy, 38(7), 1150-1158. https://doi.org/10.1016/j.respol.2009.03.009

    • Smit, H., & Trigeorgis, LT. (2009). Valuing Infrastructure Investment:An Option Games Approach. California Management Review, 51(2), 21-39. https://doi.org/10.2307/41166481

    • Smit, H., & Haanappel, H. (2007). Return Distributions of Stategic Growth Options. Annals of Operations Research, 151, 57-80. https://doi.org/10.1007/s10479-006-0130-8

    • Smit, H., & Trigeorgis, LT. (2007). Strategic Options and Games in Analysing Dynamic Technology Investments. Long Range Planning, 40(1), 84-114. https://doi.org/10.1016/j.lrp.2007.02.005

    • Smit, H., & van den Berg, WA. (2007). De Private Equity Golf. MAB, 2007(juli/augustus), 303-311.

    • Smit, H., & Trigeorgis, LT. (2006). Strategic Planning: Valuing and Managing Portfolios of Real Options. R and D Management, 36(4), 403-420. https://doi.org/10.1111/j.1467-9310.2006.00440.x

    • Smit, H., & Trigeorgis, LT. (2006). Real options and games: Competition, aliances and other applications of valuation and strategy. Review of Financial Economics, 15(2), 95-112. https://doi.org/10.1016/j.rfe.2005.12.001

    • Smit, H. (2004). Waarde en ontwikkeling van buyouts. MAB, 78(1/2), 32-41.

    • Smit, H., van den Berg, WA., & De Maeseneire, W. (2004). "Private Equity". Management Executive, 2(6), 12-15.

    • Smit, H. (2003). Infrastructure investment as a real options game: the case of European airport expansion. Financial Management - FM, 32(4), 27-57.

    • Smit, H. (2001). Acquisition strategies as option games. Journal of Applied Corporate Finance, 14(2), 79-89.

    • Smit, H. (1997). Investment analysis of offshore concessions in the Netherlands. Financial Management - FM, 26(2), 5-17.

    • Smit, H. (1997). Groeimogelijkheden en concurrentiedynamiek. Quintessence van Meeting & Management, 1(3), 32-33.

  • Professional (2)

    • Trigeorgis, LT., Brosch, R., & Smit, H. (2007). The Journal report: Business Insight Strategy: Stay Loose. The Wall Street Journal, R4.

    • De Maeseneire, W., Smit, H., & van den Berg, WA. (2005). De markt voor Private Equity. Finance en Control, April, 15-17.

Book (3)

  • Academic (3)

    • Smit, H., & Moraitis, T. (2015). Playing at Serial Acquisitions. Princeton University Press.

    • Smit, H., & Trigeorgis, LT. (2004). Strategic Investment: Real Options and Games. Princeton University Press. http://hdl.handle.net/1765/12234

    • Smit, H. (2002). The economics of private equity. (Erasmus Research Institute of Management EIA-12-F&A ed.) ERIM Inaugural Addresses Research in Management Series. Erasmus Research Institute of Management Vol. EIA-12-F&A

Chapter (10)

  • Academic (10)

    • Smit, H., & Trigeorgis, LT. (2003). Real options: principles of valuation and strategy. In J. A. McCahery, & L. Renneboog (Eds.), Venture capital contracting and the valuation of high technology firms (pp. 227-250). Oxford University Press.

    • Smit, H., & Trigeorgis, LT. (2001). Flexibility and commitment in strategic investments. In E. S. Schwartz, & L. Trigeorgis (Eds.), Real options and investment under uncertainty: classical readings and recent contributions (pp. 451-498). The MIT Press.

    • Smit, H., & Ankum, LA. (2000). A real option and a game theoretic approach to corporate investment strategy under competition. In S. Grenadier Risk (Ed.), Game choices the intersection of real options game theory (pp. 21-40). RISK Books.

    • Smit, H., & Trigeorgis, L. (2000). Growth options, competition and strategy: an answer to the market valuation puzzle? In L. Trigeorgis (Ed.), Real options and business strategy applications to decision making (pp. 21-39). RISK Books.

    • Smit, H., & Ankum, LA. (2000). A Real Options and Game-Theoretic Approach to Corporate Investment Strategy under Competition. In S. Grenadier (Ed.), Game Choices: The Intersection of Real Options and Game Theory (pp. 21-40). S.R. Grenadier.

    • Smit, H. (1999). The valuation of offshore concessions in the Netherlands. In A. Micalizzi, & L. Trigeorgis (Eds.), Real options (pp. 179-217). Egea Sda Bocconi.

    • Smit, H., & Trigeorgis, L. (1999). Flexibility, strategic options and dynamic competition in technology industries. In A. Micalizzi, & L. Trigeorgis (Eds.), Real options (pp. 31-67). Egea Sda Bocconi.

    • Smit, H. (1999). The Valuation of Offshore Concessions in the Netherlands. In A. Micalizzi, & L. Trigeorgis (Eds.), Real Options (pp. 3-3.5). Egea Sda Bocconi.

    • Smit, H. (1999). Flexibility, Strategic Options and Dynamic Competitions in Technology Industries. In Real Options Egea Sda Bocconi.

    • Smit, H. (1994). The flexibility value of strategic investments under competition. In . Gosh (Ed.), New directions in finance Omega Scientific.

Doctoral Thesis (1)

  • Internally prepared (1)

    • Smit, H. (1996). Growth options and strategy analysis. [Doctoral Thesis, University of Amsterdam]. University of Amsterdam.

Inaugural speech (1)

Paper (15)

  • Academic (15)

    • Smit, H., & Bansraj, D. (2015). Conditions for Buy and Build Acquisitions.

    • Smit, H., & Trigeorgis, L. (2015). Strategic Joint Ventures.

    • Smit, H., Moraitis, T., & Lovallo, D. (2015). Valuation with Behavioral Option Games.

    • Smit, H., Kil, J., & Verwijmeren, P. (2015). Premiums paid in acquisition sequences: A real options perspective.

    • Smit, H., & Trigeorgis, L. (2007). Flexibility and Games in Strategic Planning.

    • Smit, H., & Trigeorgis, L. (2007). Overview of Option Games.

    • Smit, H., & Moraitis, T. (2007). Resource Accumulation Strategies.

    • Smit, H. (2006). Path dependency of Strategic Joint Ventures.

    • Smit, H., van den Berg, WA., & De Maeseneire, W. (2006). Acquisitions as a Bidding Game.

    • Smit, H., & van den Berg, WA. (2006). Private Equity Waves.

    • Smit, H., & De Maeseneire, W. (2006). The Role of Ivestors Capabilities in Public-to-Private Transactions".

    • Smit, H., & van den Berg, WA. (2006). Sequential Consolidation Strategies.

    • Smit, H., & Trigeorgis, L. (2004). Real Options: Examples and Principles of Valuation and Strategy.

    • Smit, H., & Trigeorgis, LT. (2004). Flexibility and Commitment in Strategic Investments.

    • Smit, H. (2001). Path dependency of Strategic Joint Ventures.

Report (9)

  • Academic (9)

    • Smit, H. (2007). Expansion when Investment is Indivisible. ERIM.

    • Smit, H., & Trigeorgis, LT. (2007). R&D Option Strategies. ERIM.

    • Smit, H., & Trigeorgis, LT. (2007). Flexibility and Commitment in Strategic Investment. Tinbergen Institute.

    • Smit, H., & Moraitis, T. (2007). Serial Aquisitions as Option Games. ERIM.

    • Smit, H., & van den Berg, WA. (2007). Private Equity Waves. Rotterdam School of Management (RSM), EUR.

    • Smit, H., van den Berg, WA., & De Maeseneire, W. (2007). Acquisitions as a Bidding Game. Rotterdam School of Management (RSM), EUR.

    • Smit, H., & van den Berg, WA. (2007). Consolidation Waves. Tinbergen Institute.

    • Smit, H., Boonekamp, PGM., & Ybema, JR. (1995). Including climate change in energy investment decisions. (ECN-C--95 073 ed.). ECN-C--95 Vol. 073

    • Smit, H., & Trigeorgis, L. (1995). Flexibility and competitive R&D strategies.

Additional activities (8)

  • Tweede Kamer der Staten Generaal (External organisation)

    Membership of committee (Professional)

  • Infrastructure Investment as a Real Options Game: the Case of European Airport Expansion

    Oral presentation (Academic)

  • Acquisitions as a Real Options Bidding Game

    Oral presentation (Academic)

  • Infrastructure Investment as a Real Options Game: the Case of European Airport Expansion

    Oral presentation (Academic)

  • "Infrastructure Investment as a Real Options Game: the Case of European Airport Expansion"

    Oral presentation (Academic)

  • R&D Options

    Oral presentation (Academic)

  • Empirical Characteristics of Growth Options

    Oral presentation (Academic)

  • "Valuation of Growth Opportunities"

    Oral presentation (Academic)

PhD Tracks (9)

Essays on Firm Valuation and Value Appropriation
  • Role: Promotor
  • PhD Candidate: Wouter de Maeseneire
  • Time frame: 2002 - 2005
  • Role: Co-promotor
Downside Risk And Empirical Asset Pricing
  • Role: Member Doctoral Committee
  • PhD Candidate: Pim van Vliet
  • Time frame: 2000 - 2004
Acquisitions Through a Behavioural and Real Options Lens
  • Role: Promotor
  • PhD Candidate: Joris Kil
  • Time frame: 2009 - 2013
Aggregated macroeconomic news and price discovery
  • Role: Member Doctoral Committee
  • PhD Candidate: Justinas Brazys
  • Time frame: 2011 - 2015
The Principles of Private Equity: Ownership and Acquisitions
  • Role: Promotor
  • PhD Candidate: Dyaran Bansraj
  • Time frame: 2015 - 2020
Through Mind and Behaviour to Financial Decisions
  • Role: Promotor
  • PhD Candidate: Nishad Matawlie
  • Time frame: 2015 - 2020
(In)flexibility in Power Markets with Supply from Variable Renewable Sources
  • Role: Promotor
  • PhD Candidate: Cristian Stet
  • Time frame: 2017 - 2021
Corporate Acquisition Behaviour
  • Role: Promotor
  • PhD Candidate: Renee Spigt
  • Time frame: 2019 -

Events (3)

2014
June
06
Executive Compensation
Research Workshop
As: Coordinator
2011
April
04
ERIM Research Clinic: Real Options Games
ERIM Research Clinic
As: Speaker
2010
April
12
ERIM Research Clinic: Real Options and Games
ERIM Research Clinic
As: Speaker

Awards (2)

Address

Visiting address

Office: Tinbergen Building H14-17
Burgemeester Oudlaan 50
3062 PA Rotterdam

Postal address

Postbus 1738
3000 DR Rotterdam
Netherlands

Research Initiatives

Latest publication

Article

Dai, Y., Gryglewicz, S., & Smit, H. (2021). Less Popular But More Effective Toeholds in Corporate Takeovers. Journal of Financial and Quantitative Analysis, 56(1), 283-312. https://doi.org/10.1017/S0022109019001029