Prof. dr. P. (Patrick) Verwijmeren

Erasmus School of Economics (ESE)
Erasmus University Rotterdam
Member ERIM
Field: Finance & Accounting
Affiliated since 2005

Patrick Verwijmeren is a Professor of Corporate Finance at the Erasmus School of Economics (Erasmus University Rotterdam). 

Patrick specializes in convertible securities, short sales, corporate governance, and capital structure. You can find more information on his personal website https://sites.google.com/site/patrickverwijmeren/ .He has publications in Journal of Finance, Review of Financial Studies, Journal of Financial Economics, Journal of Financial and Quantitative Analysis, and Review of Finance, among others. Patrick has presented at many international conferences, including the WFA, AFA, and EFA meetings, and has been a speaker at TEDx. His research on proxy access has been cited in final rulings by the U.S. Securities and Exchange Commission and Patrick has also been involved in writing a report for the Dutch Ministry of Finance on the influence of hedge funds. In 2013, Patrick received the prestigious Netherlands Organization for Scientific Research VIDI grant. 

Publications

  • Academic (52)
    • Soebhag, A., Van Vliet, B., & Verwijmeren, P. (2024). Non-standard errors in asset pricing: Mind your sorts. Journal of Empirical Finance, 78, Article 101517. https://doi.org/10.1016/j.jempfin.2024.101517

    • van Dijk, M., Menkveld, A. J., Dreber, A., Holzmeister, F., Huber, J., Johannesson, M., Kirchler, M., Neususs, S., Razen, M., Wagner, W., Verwijmeren, P., Vogel, S., van der Wel, M., Mazzola, F., Yang, A., & Zhou, C. (2024). Non-Standard Errors*. Journal of Finance. https://doi.org/10.2139/ssrn.3961574

    • Lewis, C., Munyan, B., & Verwijmeren, P. (2024). Convertible Debt Arbitrage Crashes Revisited. Journal of Financial and Quantitative Analysis, 59(4), 1926-1962. https://doi.org/10.1017/s0022109023000583

    • Grundy, B. D., Verwijmeren, P., & Yang, A. (2024). Intermediary frictions and convertible bond pricing. Journal of Financial Intermediation, 58, Article 101085. https://doi.org/10.1016/j.jfi.2024.101085

    • Verwijmeren, P., Gargano, A., & Sotes-Paladino, J. (2023). Out of Sync: Dispersed Short Selling and the Correction of Mispricing. Journal of Financial and Quantitative Analysis, 58(8), 3482-3520. https://doi.org/10.1017/s0022109022001089

    • Wang Renjie, R., Verwijmeren, P., & Xia, S. (2023). The Corporate Investment Benefits of Mutual Fund Dual Holdings. Journal of Financial and Quantitative Analysis. https://doi.org/10.1017/s0022109023001436

    • van Bekkum, S., Verwijmeren, P., & Grundy, B. (Accepted/In press). Complementarity of Sovereign and Corporate Debt Issuance: Mind the Gap. Review of Finance. https://doi.org/10.2139/ssrn.3330391

    • Verwijmeren, P., Wang, R., & Lee, I. (2022). How do options add value? Evidence from the convertible bond market. Review of Finance, 27(1), 189-222. https://doi.org/10.1093/rof/rfac001

    • Adams, R. B., Kräussl, R., Navone, M., & Verwijmeren, P. (2021). Gendered Prices. The Review of Financial Studies, 34(8), 3789-3839. https://doi.org/10.1093/rfs/hhab046

    • Dutordoir, M., Vagenas-Nanos, E., Verwijmeren, P., & Wu, B. (2021). A rundown of merger target run-ups. Financial Management - FM, 50(2), 487-518. https://doi.org/10.1111/fima.12331

    • Veenman, D., & Verwijmeren, P. (2021). The earnings expectations game and the dispersion anomaly. Management Science, 68(4), 3129-3149. https://doi.org/10.1287/mnsc.2021.3983

    • Aleksanyan, M., Hao, Z., Vagenas-Nanos, E., & Verwijmeren, P. (2021). Do state visits affect cross-border mergers and acquisitions. Journal of Corporate Finance, 66, Article 101800. https://doi.org/10.1016/j.jcorpfin.2020.101800

    • Renjie, R. W., & Verwijmeren, P. (2020). Director attention and firm value. Financial Management, 49(2), 361-387. https://doi.org/10.2139/ssrn.2990292, https://doi.org/10.1111/fima.12259

    • Verwijmeren, P., & Grundy, B. (2020). The external financing of investment. Journal of Corporate Finance, 65, Article 101745. https://doi.org/10.1016/j.jcorpfin.2020.101745

    • Verwijmeren, P., & Yang, A. (2020). The fluctuating maturities of convertible bonds. Journal of Corporate Finance, 62, Article 101576. https://doi.org/10.1016/j.jcorpfin.2020.101576

    • Guidi, M., Sogiakas, V., Vagenas-Nanos, E., & Verwijmeren, P. (2020). Spreading the sin: An empirical assessment from corporate takeovers. International Review of Financial Analysis, 71, Article 101535. https://doi.org/10.1016/j.irfa.2020.101535

    • Grundy, B., & Verwijmeren, P. (2018). The buyers’ perspective on security design: Hedge funds and convertible bond call provisions. Journal of Financial Economics, 127(1), 77-93. https://doi.org/10.1016/j.jfineco.2017.11.003

    • Adams, R., Akyol, A., & Verwijmeren, P. (2018). Director skill sets. Journal of Financial Economics, 130(3), 641-662. https://doi.org/10.1016/j.jfineco.2018.04.010

    • Veenman, D., & Verwijmeren, P. (2018). Do investors fully unravel persistent pessimism in analysts' earnings forecasts? The Accounting Review, 93(3), 349-377. https://doi.org/10.2308/accr-51864

    • Veld, C., Verwijmeren, P., & Zabolotnyuk, Y. (2018). Wealth effects of seasoned equity offerings: A meta-analysis. International Review of Finance, Accepted. https://doi.org/10.1111/irfi.12218

    • Berkman, H., McKenzie, M., & Verwijmeren, P. (2017). Hole in the wall: Informed short selling ahead of private placements. Review of Finance, 21(3), 1047-1091. https://doi.org/10.1093/rof/rfw036

    • Akyol, A., Raff, K., & Verwijmeren, P. (2017). The elimination of broker voting in director elections. Finance Research Letters, 21(May), 34-39. https://doi.org/10.1016/j.frl.2017.02.001

    • Siganos, A., Vagenas-Nanos, E., & Verwijmeren, P. (2017). Divergence of sentiment and stock market trading. Journal of Banking and Finance, 78(May), 130-141. https://doi.org/10.1016/j.jbankfin.2017.02.005

    • Van Marle, M., & Verwijmeren, P. (2017). The long and the short of convertible arbitrage: An empirical examination of arbitrageurs’ holding periods. Journal of Empirical Finance, 44(December), 237-249. https://doi.org/10.1016/j.jempfin.2017.09.001

    • Grundy, B., & Verwijmeren, P. (2016). Disappearing Call Delay and Dividend-Protected Convertible Bonds. The Journal of Finance, 71(1), 195-223. https://doi.org/10.1111/jofi.12363

    • Dutordoir, MDRP., Li, E., Liu, F. H., & Verwijmeren, P. (2016). Convertible bond announcement effects: Why is Japan different? Journal of Corporate Finance, 37, 76-92. https://doi.org/10.1016/j.jcorpfin.2015.12.006

    • Duyvesteyn, JG., Martens, MPE., & Verwijmeren, P. (2016). Political risk and expected government bond returns. Journal of Empirical Finance, 38, 498-512. https://doi.org/10.1016/j.jempfin.2016.01.016

    • Korteweg, A., Kraussl, R., & Verwijmeren, P. (2015). Does it pay to invest in art? A selection-corrected returns perspective. The Review of Financial Studies, 29(4), 1007-1038. https://doi.org/10.1093/rfs/hhv062

    • Verwijmeren, P. (2015). Forensisch financieel onderzoek. MAB, 89(4), 149-154.

    • Lewis, C., & Verwijmeren, P. (2014). Cash-settled convertible bonds and the value relevance of their accounting treatment. Journal of Corporate Finance, 24, 101-111. https://doi.org/10.1016/j.jcorpfin.2013.06.003

    • Grundy, B., Veld, C., Verwijmeren, P., & Zabolotnyuk, Y. (2014). Why are conversion-forcing call announcements associated with negative wealth effects? Journal of Corporate Finance, 24, 149-157. https://doi.org/10.1016/j.jcorpfin.2013.10.003

    • Siganos, A., Vagenas-Nanos, E., & Verwijmeren, P. (2014). Facebook’s daily sentiment and international stock markets. Journal of Economic Behavior and Organization, 107(Part B), 730-743. https://doi.org/10.1016/j.jebo.2014.06.004

    • Akyol, A., & Verwijmeren, P. (2013). Capital Costs, Firm Leverage, and Unemployment Rates. Journal of Financial Intermediation, 22(3), 464-481. https://doi.org/10.1016/j.jfi.2013.04.003

    • Brown, S., Grundy, B., Lewis, C., & Verwijmeren, P. (2013). Hedge fund involvement in convertible securities. Journal of Applied Corporate Finance, 25(4), 60-73. https://doi.org/10.1111/jacf.12043

    • de Jong, A., Verbeek, M., & Verwijmeren, P. (2012). Does financial flexibility reduce investment distortions? The Journal of Financial Research, 35(2), 243-259. https://doi.org/10.1111/j.1475-6803.2012.01316.x

    • Grundy, B., Lim, B., & Verwijmeren, P. (2012). Do option markets undo restrictions on short sales: evidence from the 2008 short sale ban. Journal of Financial Economics, 106(2), 331-348. https://doi.org/10.1016/j.jfineco.2012.05.013

    • Akyol, A., Lim, WF., & Verwijmeren, P. (2012). Shareholders in the boardroom: Wealth effects of the SEC's proposal to facilitate director nominations. Journal of Financial and Quantitative Analysis, 47(5), 1029-1057. https://doi.org/10.1017/S0022109012000373

    • Duca, E., Dutordoir, MDRP., Veld, C., & Verwijmeren, P. (2012). Why are convertible bond announcements associated with increasingly negative abnormal stock returns? An arbitrage-based explanation. Journal of Banking and Finance, 36(11), 2884-2899. https://doi.org/10.1016/j.jbankfin.2012.03.019

    • de Jong, A., Dutordoir, MDRP., Van Geneugten, N., & Verwijmeren, P. (2012). Convertible arbitrage price pressure and short sales constraints. Financial Analysts Journal, 68(5), 70-88. https://doi.org/10.2469/faj.v68.n5.4

    • Brown, S., Grundy, B., Lewis, C., & Verwijmeren, P. (2012). Convertibles and hedge funds as distributors of equity exposure. The Review of Financial Studies, 25(10), 3077-3112. https://doi.org/10.1093/rfs/hhs088

    • de Jong, A., Dutordoir, MDRP., & Verwijmeren, P. (2011). Why do convertible issuers simultaneously repurchase stock? An arbitrage-based explanation. Journal of Financial Economics, 100(1), 113-129. https://doi.org/10.1016/j.jfineco.2010.10.016

    • de Jong, A., Verbeek, M., & Verwijmeren, P. (2011). Firms' debt-equity decisions when the static tradeoff theory and the pecking order theory disagree. Journal of Banking and Finance, 35(5), 1303-1314. https://doi.org/10.1016/j.jbankfin.2010.10.006

    • de Jong, A., Verwijmeren, P., & Jiang, T. (2011). Strategic debt in vertical relations: Evidence from franchising. Journal of Retailing, 87(3), 381-392. https://doi.org/10.1016/j.jretai.2010.12.002

    • Lewis, C., & Verwijmeren, P. (2011). Convertible security design and contract innovation. Journal of Corporate Finance, 17(4), 809-831. https://doi.org/10.1016/j.jcorpfin.2011.03.001

    • Verwijmeren, P. (2010). Dating preferences. Interface (Rotterdam), 24(3).

    • de Jong, A., Verbeek, M., & Verwijmeren, P. (2010). The impact of financing surpluses and large financing deficits on tests of the pecking order theory. Financial Management - FM, 39(2), 733-756. https://doi.org/10.1111/j.1755-053X.2010.01090.x

    • de Jong, A., & Verwijmeren, P. (2010). To have a target debt ratio or not: what difference does it make? Applied Financial Economics, 20(3), 219-226. https://doi.org/10.1080/09603100903282671

    • Jennen, MGJ., & Verwijmeren, P. (2010). Agglomeration Effects and Financial Performance. Urban Studies (print), 47(12), 2683-2703. https://doi.org/10.1177/0042098010363495

    • Verwijmeren, P., & Derwall, JMM. (2010). Employee well-being, leverage, and bankruptcy costs. Journal of Banking and Finance, 34(5), 956-964. https://doi.org/10.1016/j.jbankfin.2009.10.006

    • de Jong, A., Rosellon Cifuentes, M., & Verwijmeren, P. (2006). The economic consequences of IFRS: the impact of IAS 32 on preference shares in the Netherlands. The European Accounting Review, 15(3), 169-185. https://doi.org/10.1080/09638180600920350

    • de Jong, A., Rosellon Cifuentes, M., & Verwijmeren, P. (2006). De invloed van IFRS op preferente aandelen in Nederland. MAB, 80(7/8), 336-342.

    • Verwijmeren, P. (2005). It's all about the figures? Interface (Rotterdam), 22(1), 18-19.

  • Popular (2)
    • Verwijmeren, P. (2005). Bedrijven onderschatten vermogenverschaffers. Unknown.

    • Verwijmeren, P. (2005). IFRS: de bijwerkingen van een verslaggevingsysteem. CFO Magazine, november, 68-69.

  • Professional (1)
    • Verwijmeren, P., & Rosellon Cifuentes, M. (2005). De invloed van IFRS op de bedrijfsvoering. Finance en Control, 2005(december), 56-59.

  • Academic (2)
    • Akyol, A., Lim, WF., & Verwijmeren, P. (2012). Governance characteristics and the market reaction to the SEC's proxy access rule. In International review of finance 12, 175-195 https://doi.org/10.1111/j.1468-2443.2011.01134.x

    • de Jong, A., & Verwijmeren, P. (2011). Survey evidence on capital structure - NON-US evidence. In H. K. Baker, & G. S. Martin (Eds.), Capital structure and corporate financing decisions (pp. 249-262). John Wiley & Sons Inc.. https://doi.org/10.1002/9781118266250.ch14

  • Internal (1)
    • Verwijmeren, P. (2008). Empirical essays on debt, equity, and convertible securities. [Doctoral Thesis, Erasmus University Rotterdam]. Erasmus University Rotterdam (EUR).

  • Academic (1)
    • Smit, H., Kil, J., & Verwijmeren, P. (2015). Premiums paid in acquisition sequences: A real options perspective.

  • Professional (1)
    • de Jong, A., Roosenboom, P., Verbeek, M., & Verwijmeren, P. (2007). Hedgefondsen en private equity in Nederland. Ministerie van Financiën.

Acquisitions Through a Behavioural and Real Options Lens
  • Role: Member Doctoral Committee
  • PhD Candidate: Joris Kil
  • Time frame: 2009 - 2013
Empirical Studies on Actively Managed Mutual Funds: New Insights into the Costs and Benefits of Portfolio Disclosure
  • Role: Member Doctoral Committee
  • PhD Candidate: Teodor Dyakov
  • Time frame: 2010 - 2014
Essays in Banking and Corporate Finance
  • Role: Member Doctoral Committee
  • PhD Candidate: Teng Wang
  • Time frame: 2011 - 2015
Measurement, dynamics, and implications of heterogeneous beliefs in financial markets
  • Role: Member Doctoral Committee
  • PhD Candidate: Saskia ter Ellen
  • Time frame: 2010 - 2015
Financing and Regulatory Frictions in Mergers and Acquisitions
  • Role: Member Doctoral Committee
  • PhD Candidate: Eden Quxian Zhang
  • Time frame: 2012 - 2018
Choices in Pension Management
  • Role: Member Doctoral Committee
  • PhD Candidate: Gosse Alserda
  • Time frame: 2013 - 2017
Those Who Move Stock Prices
  • Role: Promotor
  • PhD Candidate: Rex Wang-Renjie
  • Time frame: 2014 - 2019
Through Mind and Behaviour to Financial Decisions
  • Role: Co-promotor
  • PhD Candidate: Nishad Matawlie
  • Time frame: 2015 - 2020
Corporate Bond Markets: Investor Preferences and Intermediary Frictions
  • Role: Promotor
  • PhD Candidate: Antti Yang
  • Time frame: 2017 - 2022
Raising capital: On pricing, liquidity, and incentives
  • Role: Member Doctoral Committee
  • PhD Candidate: Rogier Hanselaar
  • Time frame: 2013 - 2018
The Principles of Private Equity: Ownership and Acquisitions
  • Role: Member Doctoral Committee
  • PhD Candidate: Dyaran Bansraj
  • Time frame: 2015 - 2020
Corporate bond asset pricing
Corporate bond asset pricing
  • Role: Promotor
  • PhD Candidate: Frederik Muskens
  • Time frame: 2022 -
Essays in Empirical Finance
Essays in Empirical Finance
  • Role: Promotor
  • PhD Candidate: Bart van Vliet
  • Time frame: 2022 -
2014
November
05
Research Seminar
As: Contact, Coordinator
2014
September
19
Inaugural Address
As: Speaker
2014
September
18
2014
June
06
Research Workshop
As: Coordinator
2013
May
08
Research Seminar
As: Speaker
2010
February
10
Research Seminar
As: Speaker
2008
December
18

Address

Visiting address

Office: Tinbergen Building H14-27
Burgemeester Oudlaan 50
3062 PA Rotterdam

Postal address

Postbus 1738
3000 DR Rotterdam
Netherlands