Name Jeroen Derwall
2003 – 2006 PhD. in Financial Management, Erasmus Research Institute of Management, RSM
PhD. Thesis: The Economic Virtues of CSR and SRI (Promotor: Prof. Dr. C.G.
1997 – 2002 Economics, Maastricht University, The Netherlands
Graduation in finance (quantitative style rotation methods)
2006 – Assistant Professor, Maastricht University, Economics and Business Administration
2006 – 2007 Assistant Professor, RSM Erasmus University, Dept. Financial Management
2003 – 2005 PhD. Researcher, ERIM, RSM Erasmus University, Rotterdam
2003 – 2003 Full-time Researcher, Erasmus Universiteit Rotterdam/FBK
2006 – 2007 - “Socially Responsible Investing”, RSM Bachelor’s Thesis Course
- RSM Master Elective “Risk Management” (VaR, Credit VaR), Lecturer
2006 – - “Value-Based Management”, Maastricht University Minor’s Course
(Coordinator/Lecturer. Course grade 7.9/10 in 2006)
2005 – 2006 - “International Finance”, RSM Bachelor’s Thesis Course (Coordinator/Lecturer)
- “Corporate Finance”, Master in Hospitality Management (Lecturer)
- “Excel in Finance”, Amsterdam Graduate Business School (Lecturer)
2003 – 2005 - “Financial Crises and Crashes”, RSM Bachelor’s Thesis Course (Supervisor)
- “International Financial Management”, 2nd year RSM IBA course (Lecturer)
2003 – ongoing - Master’s Thesis Supervisor on Mutual Fund Performance, SRI, Investment
2007 – Coordinator and lecturer of educational program for Dutch financial analysts (FBA,
block “Equity Portfolio Management”), Free University of Amsterdam.
Columnist for Dutch MVO (CSR) platform “CSR Academy”
2006 – Co-founder and research director, European Centre for Corporate Engagement,
International Research Platform for Sustainable Business, Sustainable Investment,
and Corporate Engagement, sponsored and funded by leading institutional investors
and non-profit organizations. See http:///www.corporate-engagement.com
Independent advisor and consultant for investment practitioners, consultants, and
companies involved in sustainable investments or investment analysis. (Recent
projects: defined benefit plan performance evaluation, pension fund employee
survey, sustainable investment product development).
2006 - 2007 Member of Erasmus Data Centre team and advisory board.
On-site research coach/supervisor for students participating in RSM International
2004 – Workshop-, seminar- and conference presentations for professional asset managers
and academics: Dexia AM (Amsterdam, June 2004), Marcus Evans SRI Conference
(Londen, June 2004), 2005 Sustainable Business Conference (Frankfurt, April 2005),
EFMA Conference (Basel, June 2004), Meeting of the European Finance
Association (Discussant, Maastricht, August 2004), FMA Conference (Chicago,
October 2005) , 2005 Academy of Management Meetings (Hawaii, August 2005),
FMA Europe Conference (Stockholm, June 2006), Information Management
Network (Stockholm, May 2006), Institutional Shareholder Services (Paris,
Amsterdam, London, 2006), BNG Capital Management (Eindhoven, September
2006), Umea School of Business Seminar (Umea, November 2006), Dexia AM
(Amsterdam, 2007), Academy of Management Conference (Philadelphia, August
2007), FMA Conference (Orlando, October 2007), BGI Active Equity Seminar
(London, November 2007), AXA Responsible Investment Conference (Bordeaux,
Referee for The Financial Analysts Journal, Journal of Banking and Finance,
2006 – Managing Research Projects:
Co-managing MISTRA research project on sustainable investing and shareholder
engagement for institutional investors (Funded for approx 1.7 million EUR for
2006-2008), joint with Swedish universities en sustainability rating firms.
Co-managing research project on sustainable investing funded by ABP, Fortis, and
other institutional investors (2006-2008) on behalf of RSM Erasmus University and
Recent Publications and Reports
2004 – “The Real-Time Predictability of the Size and Value Premium in Japan” (with R.
Bauer and R. Molenaar), Pacific-Basin Finance Journal, vol 12(5), 2004.
“The Eco-Efficiency Premium Puzzle” (with N. Guenster, R.Bauer and K. Koedijk),
Financial Analysts Journal, vol. 61(2), March/April, 2005.
“The Ethical Mutual Fund Performance Debate: New Evidence from Canada” (with
R. Bauer and R. Otten), Journal of Business Ethics, vol. 70(2), 2007.
“Hot Hands in Bond Funds” (with J. Huij), Working Paper, 2007, forthcoming in
Journal of Banking and Finance.
“Socially Responsible Fixed-Income Funds” (with K. Koedijk), Journal of Business
Finance and Accounting, conditionally accepted, 2007.
Research Reports/Working Papers/Work in Progress
2005 – “The Economic Value of Corporate Eco-Efficiency” (with N. Guenster, R. Bauer
and K. Koedijk), 2005, Academy of Management Meetings Paper.
“SRI Mutual Fund Performance: A Survey”, (with R.Bauer and K. Koedijk),
Working paper, 2005.
“Are Style Risk Premiums Ex Ante Predictable?” (with R. Bauer and R. Molenaar),
Working Paper, 2005.
“Human Capital Management and Financial Markets” (with N. Guenster and K.
Koedijk), Working Paper, 2006.
“Terrorism, Catastrophes and Stock Markets” (with D. Brounen), 2006, under
review at European Financial Management.
“The Cross-Section of Expected Corporate Bond Returns” (with J. Huij and G. de
Zwart), in progress.
“The Effects of Social Responsibility in Financial Markets on Corporate Behavior:
Empirical Evidence” (with P. Verwijmeren), in progress, 2007 Academy of
Management Conference Paper.
“Corporate Governance and the Cost of Equity Capital: Evidence from GMI’s
Overall Governance Rating” (with P.Verwijmeren), ECCE research note 06-01.
“Industry-Specific Momentum and Mutual Fund Performance Evaluation: the Case
of REITs” (with D. Brounen, J. Huij and W. Marquering), in progress.
“Corporate Social Responsibility, Corporate Governance, and the Cost of Debt”
(with D. Hann, R. Bauer and S. Deutschmann), in progress.
“The Performance of Defined Benefit Plans: Evidence from the Netherlands” (with
R.Bauer), in progress.
- Mutual funds and performance attribution
- Portfolio management
- Empirical asset pricing
- Style investing
- Sustainable investing and corporate social responsibility
“2005 European Prize on Finance and Sustainable Development” for best research
contribution in the field of sustainable development (best article), awarded by French
Social Investment Forum, December 2005
“2005 Moskowitz Prize” for best quantitative research in the area of socially
responsible investments, awarded by the Haas School of Business and the U.S.
Social Investment Forum, September 2005.
The 3-year MISTRA research grant, awarded by the Foundation for Strategic
Environmental Research (MISTRA, 2005). Research consortium with Umea
University, GES Investment Services, the Stockholm Institute for Financial
Research, Maastricht University, and Innovest Strategic Value Advisors. Project
receives formal endorsement by many institutional asset management firms, such as
ABP, PGGM, State Street Global Advisors, Hermes Asset Management, AP7
Nominated for the Hustinx Award (“Hustinxstipendium voor jonge
wetenschappers”) in 2007.
Prof. Dr. Kees Koedijk, Tilburg University, CEPR and ECCE, email@example.com
Prof. Dr. Rob Bauer, Maastricht University, Netspar/UMBS, and ECCE,
Prof. Dr. Piet Eichholtz, Maastricht University, and Finance Ideas,