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J.T.J. (Han) Smit

Full Professor

Han Smit
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Professor of Corporate Finance

Programme:
Finance & Accounting
ERIM Membership:
Member ERIM, affiliated since 1999
Profile

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).

Work in progress (7)
  • Smit, J.T.J. & Moraitis, T. (2014). Playing at Serial Acquisitions. Princeton: Princeton University Press.
  • Smit, J.T.J. & Moraitis, T. (2013). Valuation of Minority Stakes: The Falconbridge Episode.
  • Smit, J.T.J. & Kil, J.C.M. (2013). Behavioural Real Options: Uncertainty Neglect in Acquisition Decisions.
  • Smit, J.T.J. & Trigeorgis, L. (2013). Strategic Investment Value Under Different Information Structures: Learning, Technical Uncertainty and Asymmetric Information.
  • Smit, J.T.J., Trigeorgis, L. & Haanappel, H.T. (2013). Path Dependency of Strategic Joint Ventures.
  • Smit, J.T.J. & Lovallo, D. (2013). How to Debias Your Valuation over the Cycle.
  • Smit, J.T.J. (2013). Conditions for Buy and Build Acquisitions.
Publications (36)
  • Articles (18)
    • Dai, Y., Gryglewicz, S., Smit, J.T.J. & De Maeseneire, W. (2013). Similar Bidders in Takeover Contests. Games and Economic Behavior, 82, 544-561.
    • Bekkum, S. van, Smit, J.T.J. & Pennings, E. (2011). Buy Smart, Time Smart: Are Takeovers Driven by Growth Options or Mispricing? Financial Management - FM, 40(4), 911-940.
    • Smit, J.T.J. & Moraitis, T. (2010). Strategic Options in Serial Acquisitions. Long Range Planning, 43(1), 85-103.
    • Smit, J.T.J. & Moraitis, T. (2010). Playing at Serial Acquisitions. California Management Review, 53(1), 56-89.
    • Smit, J.T.J. & Trigeorgis, L. (2010). Flexibility and Games in Strategic Investment. Multinational Finance Journal, 14(1/2), 125-151.
    • Bekkum, S. van, Pennings, H.P.G. & Smit, J.T.J. (2009). A Real Options Perspective on R&D Portfolio Diversification. Research Policy, 38(7), 1150-1158.
    • Smit, J.T.J. & Trigeorgis, L.T. (2009). Valuing Infrastructure Investment:An Option Games Approach. California Management Review, 51(2), 21-39.
    • Smit, J.T.J. & Trigeorgis, L.T. (2007). Strategic Options and Games in Analysing Dynamic Technology Investments. Long Range Planning, 40(1), 84-114.
    • Smit, J.T.J. & Haanappel, H.T. (2007). Return Distributions of Stategic Growth Options. Annals of Operations Research, 151, 57-80.
    • Smit, J.T.J. & Berg, W.A. van den (2007). De Private Equity Golf. MAB, 2007(juli/augustus), 303-311.
    • Smit, J.T.J. & Trigeorgis, L.T. (2006). Strategic Planning: Valuing and Managing Portfolios of Real Options. R and D Management, 36(4), 403-420.
    • Smit, J.T.J. & Trigeorgis, L.T. (2006). Real options and games: Competition, aliances and other applications of valuation and strategy. Review of Financial Economics, 15(2), 95-112.
    • Smit, J.T.J. (2004). Waarde en ontwikkeling van buyouts. MAB, 78(1/2), 32-41.
    • Smit, J.T.J., Berg, W.A. van den & Maeseneire, W. De (2004). "Private Equity". Management Executive, 2(6), 12-15.
    • Smit, J.T.J. (2003). Infrastructure investment as a real options game: the case of European airport expansion. Financial Management - FM, 32(4), 27-57.
    • Smit, J.T.J. (2001). Acquisition strategies as option games. Journal of Applied Corporate Finance, 14(2), 79-89.
    • Smit, J.T.J. (1997). Investment analysis of offshore concessions in the Netherlands. Financial Management - FM, 26(2), 5-17.
    • Smit, J.T.J. (1997). Groeimogelijkheden en concurrentiedynamiek. Quintessence van Meeting & Management, 1(3), 32-33.
  • Books (4)
    • 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. & Ankum, L.A. (2000). "Approach to Corporate Investment Strategy under Competition, " Game Choices: The Intersection of Real Options and Game Theory (Risk Books). Londen: S.R. Grenadier.
    • Smink, M., Smit, J.T.J. & Vorst, A.C.F. (Eds.). (1996). Financiering en Belegging. Rotterdam: Capaciteitsgroep Accounting & Finance.
  • Book contributions (10)
    • 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. & 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.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. (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. (1999). Flexibility, Strategic Options and Dynamic Competitions in Technology Industries. In Real Options. Milaan: 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. (1994). The flexibility value of strategic investments under competition. In @ Gosh (Ed.), New directions in finance. @: Omega Scientific.
  • Professional publications (3)
    • 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.
  • Doctoral thesis
    • 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.
Recognitions (1)
  • ERIM Awards (1)
    Name ERIM Book Award
    Year 2005
    Website http://www.erim.eur.nl/index.php?id=10022

PhD Projects (2)

Acquisitions Through a Behavioural and Real Options Lens

Joris Kil
PhD Candidate: Joris Kil Role: Supervisor Defended: 05 December 2013 Full text: Download this thesis
 

Essays on Firm Valuation and Value Appropriation

Wouter de Maeseneire
PhD Candidate: Wouter de Maeseneire Role: Supervisor Defended: 19 May 2005 Full text: Download this thesis
 
Events (3)
Jun 6, 2014 Executive Compensation
  ERIM Research Workshop | Finance

Apr 4, 2011 ERIM Research Clinic: Real Options Games
  ERIM Research Clinic | Finance

Apr 12, 2010 ERIM Research Clinic: Real Options and Games
  ERIM Research Clinic | Finance

Visiting address
Office: H14-17
Burgemeester Oudlaan 50
3062 PA, Rotterdam
Netherlands
Postal address
Postbus 1738
3000 DR, Rotterdam
Netherlands
 

Work in progress

  • Smit, J.T.J. & Moraitis, T. (2014). Playing at Serial Acquisitions. Princeton: Princeton University Press.
  • Smit, J.T.J. & Moraitis, T. (2013). Valuation of Minority Stakes: The Falconbridge Episode.

Latest publication

Dai, Y., Gryglewicz, S., Smit, J.T.J. & De Maeseneire, W. (2013). Similar Bidders in Takeover Contests. Games and Economic Behavior, 82, 544-561.

Latest news

PhD Defence: Acquisitions Through a Behavioural and Real Options Lens

The 2013 Nobel Prize in Economics was awarded to two seemingly contrasting views in economics. Joris Kil shows how these views can co-exist in financial research.

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