J.T.J. (Han) Smit

Full Professor
Erasmus School of Economics
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).

  • Smit, J.T.J. & Moraitis, T. (2015). Playing at Serial Acquisitions. Princeton: Princeton University Press.
  • Smit, J.T.J. & Trigeorgis, L.T. (2004). Strategic Investment: Real Options and Games. Princeton: Princeton University Press.
  • Smit, J.T.J. (2002). The economics of private equity (Erasmus Research Institute of Management, EIA-12-F&A). Rotterdam: ERIM Inaugural Addresses Research in Management Series.
  • Smit, J.T.J. & Trigeorgis, L.T. (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). New York: Oxford University Press Inc..
  • Smit, J.T.J. & Trigeorgis, L.T. (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). Cambridge: MIT Press.
  • Smit, J.T.J. & Ankum, L.A. (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). London: Risk Books.
  • Smit, J.T.J. & Ankum, L.A. (2000). A Real Options and Game-Theoretic Approach to Corporate Investment Strategy under Competition. In Steven Grenadier (Ed.), Game Choices: The Intersection of Real Options and Game Theory (Risk Books) (pp. 21-40). Londen: S.R. Grenadier.
  • Smit, J.T.J. & 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). London: Risk Books.
  • Smit, J.T.J. (1999). The valuation of offshore concessions in the Netherlands. In A. Micalizzi & L. Trigeorgis (Eds.), Real options (pp. 179-217). Milan: Egea Sda Bocconi.
  • Smit, J.T.J. & Trigeorgis, L. (1999). Flexibility, strategic options and dynamic competition in technology industries. In A. Micalizzi & L. Trigeorgis (Eds.), Real options (pp. 31-67). Milan: Egea Sda Bocconi.
  • Smit, J.T.J. (1999). Flexibility, Strategic Options and Dynamic Competitions in Technology Industries. In Real Options. Milaan: Egea Sda Bocconi.
  • Smit, J.T.J. (1999). The Valuation of Offshore Concessions in the Netherlands. In A Micalizzi & L Trigeorgis (Eds.), Real Options (pp. 3-3.5). Milaan: Egea Sda Bocconi.
  • Smit, J.T.J. & Trigeorgis, L.T. (1999). Flexibility, strategic options and dynamic competition in technology industries. In A. Micalizzi & L. Trigeorgis (Eds.), Real options (pp. 31-66). Milan: Egea Sda Bocconi.
  • Smit, J.T.J. (1994). The flexibility value of strategic investments under competition. In @ Gosh (Ed.), New directions in finance. @: Omega Scientific.
  • Smit, J.T.J. (1996, September 04). Growth options and strategy analysis. University of Amsterdam (211 pag.). Prom./coprom.: Prof.Dr. L.A. Ankum & Prof.Dr. L.T. Trigeorgis.
  • Trigeorgis, L.T., Brosch, R. & Smit, J.T.J. (2007, September 15). The Journal report: Business Insight Strategy: Stay Loose. The Wall Street Journal, pp. R4.
  • Smit, J.T.J. (periode: 2007 t/m 2007). Expert in hoorzitting Private Equity Functie bij : Tweede Kamer.
  • Maeseneire, W. De, Smit, J.T.J. & Berg, W.A. van den (2005). De markt voor Private Equity. Finance en Control, April, 15-17.
Joris Kil

Acquisitions Through a Behavioural and Real Options Lens

  • Role: Promotor
  • PhD Candidate: Joris Kil
  • Time frame: 2009 - 2013
Wouter de Maeseneire

Essays on Firm Valuation and Value Appropriation

Behavioural Theory and Experiments on Corporate Acquisitions

This research proposal, in the field of Mergers and Acquisitions (M&A) and corporate finance, aims to study behavioural biases of investors in corporate acquisitions. There exist a number of puzzling phenomena on merger waves and high acquisition premiums, which could potentially be better explained with a behavioural view. This project aims to explore one of these puzzles, both from theoretical and experimental angles. There are opportunities to develop dynamic (real option) valuation models for investment under uncertainty, augmented by behavioural theory and laboratory experiments.

The particular focus of this project is on merger waves. Surprisingly, there is little specific theoretical work on merger waves and how it affects company valuation models, despite a number of existing empirical papers on acquisition waves. This creates promising opportunities for a theoretical contribution. First, there is a great potential for theoretical modeling for transaction waves and the development of more accurate new company valuation tools.  Second, there are opportunities to test developed theoretical predictions in laboratory experiments with investors.

We are seeking for the candidates with clear motivation to pursue Doctoral studies and genuine interest in academic research in general and empirical research related to the present project and its practical implications in particular. The placement possibilities after the completion include both academia and the private sector.

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2014
June
06
ERIM Research Workshop
2011
April
04
2010
April
12

Address

Visiting address

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

Postal address

Postbus 1738
3000 DR Rotterdam
Netherlands

Work in progress

Smit, J.T.J. & Kil, J.C.M. (2014). Behavioural Real Options: Uncertainty Neglect in Acquisition Decisions.
Smit, J.T.J., Moraitis, T. & Lovallo, D. (2014). Valuation with Behavioral Option Games.

Latest publication

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