PhD Defence: Stefan van Kampen
In his dissertation ‘The Cross-sectional and Time-Series Dynamics of Corporate Finance: Empirical evidence from financially constrained firms’, Stefan van Kampen discusses the access to finance of mostly financially constrained firms on several dimensions.
Stefan van Kampen defended his dissertation in the Senate Hall at Erasmus University Rotterdam on Friday, March 23 at 13:30. His supervisors were Prof. Lars Norden and Prof. Peter Roosenboom. Other members of the Doctoral Committee are Prof. Abe de Jong (RSM), Dr Marta Szymanowska (RSM), Prof. Wolf Wagner (RSM), Dr Sjoerd van Bekkum (ESE), Prof. Marc Deloof (University of Antwerp) and Prof. Koen Schoors (University of Ghent).
Stefan van Kampen was born on January 6th 1989 in Dirksland in the Netherlands. He owns a BSc in Business Administration and a MSc in Finance & Investments, both obtained from the Rotterdam School of Management. He started his career as a data librarian and became a lecturer at the Rotterdam School of Management shortly afterwards in 2013. During his job as a lecturer, he also worked on this dissertation. His teaching activities were mainly based on Empirical Corporate Finance, Banking and Statistics. Since September 1st 2017 he works as Senior Financial Policy Advisor at the Ministry of Interior Affairs and Kingdom Relationship of the Netherlands in The Hague.
This dissertation discusses the access to finance of mostly financially constrained firms on several dimensions. The first study investigates the relationship between corporate leverage and the asset structure. It appears that non-current assets are more important sources of collateral than current assets. The collateral channel is more pronounced for bank-dependent firms, but it weakened the most for these firms during the crisis. The second study investigates whether SMEs receive more trade credit after they experienced a negative shock to bank credit. This ability to substitute depends in a positive way on the credit quality of the firms and the stage of the economy. Moderately financially constrained firms are most likely to substitute. The third study investigates how several variables related to banking sector development, stock market development and legal development affect the access to SME finance. The main finding is that SME’s have better access to finance if they are located in countries with a competitive banking sector, with a strong preference for long debt maturity, with high quality credit registries, with liquid and low-volatile stock markets and with strong creditor protection rights.
Photos: Chris Gorzeman / Capital Images