Publicaties
Gekozen filters:
Gekozen filters:
The long-run persistence in dividend policy Universiteit Antwerpen
Dividend policy is not set de novo each year, but dividends are smoothed from one year to the next, leading to a short-term persistent component. In this paper, we investigate whether there is also long-run persistence in dividend policy, by using a unique sample of firms listed on the Brussels Stock Exchange since 1824. We show that dividend smoothing leads to a long-term persistent component in dividend policy, as we find evidence that the ...
Do old theories fit new contexts? New perspectives on corporate governance in entrepreneurial firms Universiteit Antwerpen
Do dividend policies of privately held firms follow a life cycle Universiteit Antwerpen
We investigate whether the dividend policies of privately held firms follow a predictable pattern that parallels their life cycles. Our analyses are based on a large sample of 113,599 Belgian privately held firms with 666,135 firm-year observations that cover the period from 2005 to 2018. We find that as the retained earnings of privately held firms increase, they are more likely to pay dividends and to pay higher amounts. We find a significant ...
Dividend policy of SMEs Universiteit Antwerpen
International entrepreneurship without investor protection Universiteit Antwerpen
We investigate the financing and performance of international entrepreneurship in an environment that was characterized by severe information problems and very weak investor protection. Despite these problems, new ventures could raise large amounts of equity and debt on the Belgian capital market between 1890 and 1914. Many of these firms were international new ventures (INVs) with their main operations abroad, often far away from Belgium. We ...
Efficient spread betting markets Universiteit Antwerpen
Are simple trading strategies profitable? It is a question that has been on the minds of academics and practitioners for decades. In this paper, we review the longstanding literature on trading strategies in spread betting (also known as handicap betting), a popular sports betting microstructure. We review over 600 strategy implementations and find that market efficiency and systematic misperceptions are not mutually exclusive per se. ...
Stock exchange regulation and the official price lists of the stock exchanges of Brussels and Antwerp, 1801–1935 Universiteit Antwerpen
To fully understand and exploit the contents of stock exchange official price lists, an in-depth knowledge of local stock exchange regulations and practices is required. This article offers a comparative perspective on price discovery and quotation on the two most important Belgian stock exchanges, Brussels and Antwerp, from their establishment in 1801 up to the reform of 1935.
Decomposing the idiosyncratic volatility anomaly among euro area stocks Universiteit Antwerpen
We estimate the widely documented idiosyncratic volatility premium at a statistically and economically significant −7.27 basis points monthly among euro area stocks. Furthermore, we test the robustness of Hou and Loh (2016; HL) US findings on the decomposition of the premium in fractions related to lottery characteristics and market frictions. In line with HL, we are able to explain approximately 30% of the anomaly with a balanced contribution ...
Going public Universiteit Antwerpen
We investigate firms' initial stock and bond issues in public capital markets and explain fluctuations in these IPOs over time. We study Belgium from 1839 to 1935, which provides a setting with poor investor protection, no tax distortions, and changing regulations. We find that economic growth induces stock and bond IPOs and that the issuers time offerings such that they coincide with favorable market conditions. Even though in 1873, regulation ...