prof.dr. D. (Dirk) Schoenmaker

Department of Finance

Rotterdam School of Management (RSM)

Erasmus University Rotterdam

Member ERIM

Field: Finance & Accounting

Affiliated since 2015

T: +31 (0) 10 408 1952

E: schoenmaker@rsm.nl

Dirk Schoenmaker is Professor of Banking and Finance at the Rotterdam School of Management, Erasmus University Rotterdam. His research and teaching focus on the areas of sustainable finance, sustainable economy, central banking and European financial integration. He is regular speaker at academic and professional conferences.

Dirk Schoenmaker is also a Research Fellow at the Centre for European Policy Research (CEPR) and member of the Sustainable Finance Lab. He is co-author of the textbooks 'Corporate Finance for Long-Term Value' (Springer), 'Principles of Sustainable Finance' (Oxford University Press) and ‘Financial Markets and Institutions: A European perspective' (Cambridge University Press) and author of ‘Governance of International Banking: The Financial Trilemma’ (Oxford University Press). He earned his PhD in economics at the London School of Economics.

Before joining RSM, he was Dean of the Duisenberg school of finance from 2009 to 2015. From 1998 to 2008, he served at the Netherlands Ministry of Finance. In the 1990s he served at the Bank of England.

His latest textbook can be found at: www.longtermvalue.com

Publications

Article (41)

Academic (36)
- Schoenmaker, D., & Schramade, W. (2025). Teaching finance for responsible management. International Journal of Management Education, 23(2), Article 101170. https://doi.org/10.1016/j.ijme.2025.101170
- Reinders, H. J., Schoenmaker, D., & van Dijk, M. (2025). Climate risk stress testing: A critical survey and classification. Journal of Climate Finance, 10, Article 100061. https://doi.org/10.1016/j.jclimf.2025.100061
- Schoenmaker, D., & Schramade, W. (2024). Shareholder primacy or stakeholder governance? Finance Research Letters, 69, Article 106244. https://doi.org/10.1016/j.frl.2024.106244
- Schoenmaker, D., & Schramade, W. (2024). Which discount rate for sustainability? Journal of Sustainable Finance and Accounting, 3, Article 100010. https://doi.org/10.1016/j.josfa.2024.100010
- Bongaerts, D., & Schoenmaker, D. (2024). Liquidity and clientele effects in green debt markets. Journal of Corporate Finance, 86, Article 102582. https://doi.org/10.1016/j.jcorpfin.2024.102582
- de Adelhart Toorop, R., Schoenmaker, D., & Schramade, W. (2024). Decision Rules for Corporate Investment †. International Journal of Financial Studies, 12(1), Article 24. https://doi.org/10.3390/ijfs12010024
- Kennedy, S., Fuchs, M., van Ingen, W., & Schoenmaker, D. (2023). A resilience approach to corporate biodiversity impact measurement. Business Strategy and the Environment, 32(5), 2567-2582. https://doi.org/10.1002/bse.3140
- Pazienza, M., de Jong, M., & Schoenmaker, D. (2023). Why Corporate Sustainability Is Not Yet Measured. Sustainability (Switzerland), 15(7), Article 6275. https://doi.org/10.3390/su15076275
- Reinders, H. J., Schoenmaker, D., & van Dijk, M. (2023). A finance approach to climate stress testing. Journal of International Money and Finance, 131, Article 102797. https://doi.org/10.1016/j.jimonfin.2022.102797
- Schoenmaker, D., & Stegeman, H. (2023). Can the Market Economy Deal with Sustainability? Economist (Netherlands), 171(1), 25-49. https://doi.org/10.1007/s10645-022-09416-6
- Schoenmaker, D., Schramade, W., & Winter, J. (2023). Corporate Governance Beyond the Shareholder and Stakeholder Model. Erasmus Law Review, 2023(1). https://doi.org/10.5553/ELR.000237
- Pazienza, M., de Jong, M., & Schoenmaker, D. (2022). Clarifying the Concept of Corporate Sustainability and Providing Convergence for Its Definition. Sustainability (Switzerland), 14(13), Article 7838. https://doi.org/10.3390/su14137838
- Kurznack, L., Schoenmaker, D., & Schramade, W. (2021). A Model of Long-Term Value Creation. Journal of Sustainable Finance & Investment, 11. https://doi.org/10.1080/20430795.2021.1920231
- Schoenmaker, D. (2021). Greening Monetary Policy. Climate Policy, 21(4), 581-592. https://doi.org/10.1080/14693062.2020.1868392
- Duijm, P., & Schoenmaker, D. (2021). European banks straddling borders: Risky or rewarding? Finance Research Letters, 38, Article 101525. https://doi.org/10.1016/j.frl.2020.101525
- Duijm, P., & Schoenmaker, D. (2020). Data on cross-border exposures of 61 largest European banks. Data in Brief, 30, Article 105613. https://doi.org/10.1016/j.dib.2020.105613
- Schoenmaker, D. (2020). Een financiële sector ten dienste van een duurzame economie. Tijdschrift voor Financieel Recht, 10.
- Schoenmaker, D. (2020). Trans-Tasman cooperation in banking supervision and resolution. Journal of Banking Regulation, 21(1), 15-25. https://doi.org/10.1057/s41261-018-0086-z
- Hougaard Jensen, SE., & Schoenmaker, D. (2020). Should Denmark and Sweden Join the Banking Union? Journal of Financial Regulation, 6(2), 317-326. https://doi.org/10.1093/jfr/fjaa005
- Schoenmaker, D., & Schramade, W. (2019). Investing for long-term value creation. Journal of Sustainable Finance and Investment, 9(4), 356-377. https://doi.org/10.1080/20430795.2019.1625012
- Schoenmaker, D. (2018). Resolution of international banks: Can smaller countries cope? International Finance, 21(1), 39-54. https://doi.org/10.1111/infi.12123
- Schoenmaker, D. (2017). What happened to global banking after the crisis? Journal of Financial Regulation and Compliance, 25(3), 241-252. https://doi.org/10.1108/JFRC-01-2017-0010
- Schoenmaker, D., & Wierts, P. (2016). Macroprudential Supervision: From Theory to Policy. National Institute Economic Review, 235(1), 50-62. https://doi.org/10.1177/002795011623500115
- Schoenmaker, D., & Sass, J. (2016). Cross-border Insurance in Europe: Challenges for Supervision. The Geneva Papers on Risk and Insurance. Issues and Practice, 41(3), 351-377. https://doi.org/10.1057/gpp.2015.35
- Goodhart, C., & Schoenmaker, D. (2016). The Global Investment Banks are now all Becoming American: Does that Matter for Europeans? Journal of Financial Regulation, 2(2), 163-181. https://doi.org/10.1093/jfr/fjw012
- Schoenmaker, D., & Van Tilburg, R. (2016). What Role for Financial Supervisors in Addressing Environmental Risks? Comparative Economic Studies, 58(3), 317-334. https://doi.org/10.1057/ces.2016.11
- Schoenmaker, D., & Wierts, P. (2015). Regulating the Financial Cycle: An Integrated Approach with a Leverage Ratio. Economics Letters, 136, 70-72. https://doi.org/10.1016/j.econlet.2015.08.020
- Schoenmaker, D. (2015). Regulatory Capital: Why Is It Different? Accounting and Business Research, 45(4), 468-483. https://doi.org/10.1080/00014788.2015.1030961
- Schoenmaker, D., & Siegmann, A. (2014). Can European Bank Bailouts Work? Journal of Banking and Finance, 2014(48), 334-349. https://doi.org/10.1016/j.jbankfin.2013.03.025
- Gros, D., & Schoenmaker, D. (2014). European Deposit Insurance and Resolution in the Banking Union. Journal of Common Market Studies (JCMS), 52(3), 529-546. https://doi.org/10.1111/jcms.12124
- de Vries, C., Slijkerman, J., & Schoenmaker, D. (2013). Systemic Risk and Diversification across European Banks and Insurers. Journal of Banking and Finance, 37(3), 773-785. https://doi.org/10.1016/j.jbankfin.2012.10.027
- Schoenmaker, D., & Wagner, W. (2013). Cross-border Banking in Europe and Financial Stability. International Finance, 16(1), 1-22. https://doi.org/10.1111/j.1468-2362.2013.12026.x
- Avgouleas, E., Goodhart, C., & Schoenmaker, D. (2013). Bank Resolution Plans as a Catalyst for Global Financial Reform. Journal of Financial Stability, 9(2), 210-218. https://doi.org/10.1016/j.jfs.2011.12.002
- Schoenmaker, D. (2011). The Financial Trilemma. Economics Letters, 2011(111), 57-59. https://doi.org/10.1016/j.econlet.2011.01.010
- Goodhart, C., & Schoenmaker, D. (2009). Fiscal Burden Sharing in Cross-Border Banking Crises. International Journal of Central Banking, 5(1), 141-165.
- Kremers, JJM., Kroes, TRJ., & Schoenmaker, D. (2000). Reforming financial supervision: experiences from the Netherlands. OECD Financial Markets Trends, 75, 159-169.
Popular (3)
- Boot, AM., Schoenmaker, D., van Wijnbergen, S., Baarsma, B., Jacobs, B., Benink, H., & et, AL. (2020). Een Europese Aanpak is ook in ons Belang. De Volkskrant.
- Jacobs, B., Schoenmaker, D., Bovenberg, AL., & et al., . (2012). Zes Stappen naar een Betere Woningmarkt. De Volkskrant, 23 febr.
- Jacobs, B., Bovenberg, AL., Schoenmaker, D., & et al, . (2012). Een Betere Woningmarkt in Zes Stappen. Me Judice, 23 febr.
Professional (2)
- Schoenmaker, D., & Schramade, W. (2020). Incorporating Sustainability into Corporate Finance. Corporate Finance, (07-08), 242-247.
- Schoenmaker, D. (2015). The new Banking Union Landscape in Europe: Consolidation Ahead? The Journal of Financial Perspectives, 3(2), 189-201.

Book (16)

Academic (6)
- Schoenmaker, D., & Schramade, W. (2023). Corporate Finance for Long-Term Value. https://doi.org/10.1007/978-3-031-35009-2
- de Haan, J., Schoenmaker, D., & Wierts, P. (2020). Financial Markets and Institutions: A European Perspective. (4th edition ed.) Cambridge University Press.
- Schoenmaker, D., & Schramade, W. (2019). Principles of Sustainable Finance. Oxford University Press. https://global.oup.com/academic/product/principles-of-sustainable-finance-9780198826606?cc=nl&lang=en&
- de Haan, J., Oosterloo, S., & Schoenmaker, D. (2015). Financial Markets and Institutions: A European Perspective. Cambridge University Press.
- Schoenmaker, D. (2013). Governance of International Banking: The Financial Trilemma. Oxford University Press.
- Allen, F., Beck, THL., Carletti, E., Lane, P., Schoenmaker, D., & Wagner, W. (2011). Cross-Border Banking in Europe. CEPR.
Professional (10)
- Loorbach, D., Schoenmaker, D., & Schramade, W. (2020). Finance in transition: principles for a positive finance future. Rotterdam School of Management (RSM), EUR. http://hdl.handle.net/1765/131874
- Schoenmaker, D. (2020). THE IMPACT ECONOMY: BALANCING PROFIT AND IMPACT. (Working Paper 2020-04 ed.) Bruegel. Working Paper Vol. 2020-04
- Bongaerts, D., & Schoenmaker, D. (2020). Green certificates: a better version of green bonds. (Policy Contribution 2020-20 ed.) Bruegel. Policy Contribution Vol. 2020-20
- Schoenmaker, D. (2019). Greening Monetary Policy. (Working Paper 2019-02 ed.) Bruegel. Working Paper Vol. 2019-02
- Sapir, A., Schoenmaker, D., & Veron, N. (2017). Making the best of Brexit for the EU27 financial system. (Bruegel Policy Brief 2017/01 ed.) Bruegel. Bruegel Policy Brief Vol. 2017/01 http://hdl.handle.net/1765/98429
- Batsaikhan, U., Kalcik, R., & Schoenmaker, D. (2017). Brexit and the European financial system: mapping markets, players and jobs. (Policy Contribution Issue No 4 / 2017 ed.) Bruegel. Policy Contribution Vol. Issue No 4 / 2017 http://hdl.handle.net/1765/98430
- Schoenmaker, D., & Darvas, Z. (2017). Institutional investors and home bias in Europe’s Capital Markets Union. (Working Paper 2017/02 ed.) Bruegel. Working Paper Vol. 2017/02 http://hdl.handle.net/1765/98431
- Schoenmaker, D. (2017). From Risk to Opportunity: A Framework for Sustainable Finance. Rotterdam School of Management (RSM), EUR. RSM Series on Positive Change http://hdl.handle.net/1765/101671
- Schoenmaker, D., & Veron, N. (2016). European Banking Supervision: The First Eighteen Months. Bruegel. http://hdl.handle.net/1765/93227
- Schoenmaker, D., & Van Tilburg, R. (2016). FINANCIAL RISKS AND OPPORTUNITIES IN THE TIME OF CLIMATE CHANGE. (Bruegel Policy Brief Issue 2016/02 ed.) Bruegel. Bruegel Policy Brief Vol. Issue 2016/02 http://hdl.handle.net/1765/93228

Book editing (1)

Academic (1)
- Schoenmaker, D. (2020). The Economics of Banking. Edward Elgar Publishing.

Chapter (3)

Academic (2)
- Gianfrate, G., Schoenmaker, D., & Wasama, S. (2023). Cost of capital and climate risks. In Handbook of Business and Climate Change (pp. 480-502). Edward Elgar Publishing. https://doi.org/10.4337/9781839103001.00031
- Schoenmaker, D. (2020). Sustainable finance. In Essential Concepts of Global Environmental Governance (pp. 253-254). Taylor and Francis Inc.. https://www.taylorfrancis.com/books/edit/10.4324/9780367816681/essential-concepts-global-environmental-governance-jean-fr%C3%A9d%C3%A9ric-morin-amandine-orsini
Professional (1)
- Schoenmaker, D. (2016). The UK Financial Sector and EU Integration after Brexit: The Issue of Passporting. In N. Campos, & F. Coricelli (Eds.), The Economics of the UK-EU Relationship: From the Treaty of Rome to the Brexit Vote Palgrave Macmillan. https://doi.org/10.2139/ssrn.2844253

Digital or Visual Products (1)

Professional (1)
- Schoenmaker, D. (2020). A Social Licence to Operate for Business and Finance. Digital or Visual Products, Rotterdam School of Management (RSM), EUR.

Discussion paper (1)

Professional (1)
- Cosemans, M., & Schoenmaker, D. (2022). Carbon Bias in Index Investing. Rotterdam School of Management (RSM), EUR. https://doi.org/10.2139/ssrn.4016221

Report (4)

Academic (1)
- Slijkerman, J., Schoenmaker, D., & de Vries, C. (2005). Risk Diversification by European Financial Conglomerates. (Discussion Paper 05-110/2 ed.) Tinbergen Institute. Discussion Paper Vol. 05-110/2
Professional (3)
- Bertels, J., Lear, E., Gutierrez, V., Ding, H., Ferwerda, W., Krolopp, A., Spors, F., Zimmer, D., Chatterton, P., Bery, A., del Valle, C., Ewerton, M., Galgani, P., Guarnaschelli, S., Hart, S., Herrera, D., Kerkhoven, D., Kleiterp, N., Kiss, E., ... Zabel, A. (2023). Towards financing large-scale holistic landscape restoration in Europe: Recommendations for EU policy actors to attain inspirational, social, natural, and financial returns. Commonland. https://commonland.com/wp-content/uploads/2023/12/UTF-8Commonland-Financing20Holistic20Landscape20Restoration_0220Digital.pdf
- Ferwerda, W., & Schoenmaker, D. (2020). Financiële sector kan transitie naar duurzame landbouw versnellen. https://esb.nu/wp-content/uploads/2022/11/RFNJ0JayNwKHQcp4DloIqSzDwLc.pdf
- de Jong, A., Schoenmaker, D., Gruenwald, M., & Pala, A. (2018). Large Shareholders in Corporate Governance. Rotterdam School of Management (RSM), EUR. http://hdl.handle.net/1765/104215

Teaching case (2)

Academic (2)
- Yue, T., Schoenmaker, D., Mulder, A., Moolenaar, SW., Geoffroy, M. C., & Arellano Geoffroy, P., (2019). Sustainable Finance for Landscape Restoration in Spain, 16 p., RSM Case Development Centre
- Schoenmaker, D., Schramade, W., & Nolan, J., (2019). Shifting from Shareholder to Stakeholder Model: Using Sustainable Investment to Align Profit with Purposefulness, 20 p., RSM Case Development Centre http://hdl.handle.net/1765/123877

Additional activities (1)

Lecture on sustainable finance during the Rabo College Day

Oral presentation (Professional)

PhD Tracks (11)

International stock markets: Essays on the determinants and consequences of financial market development

Role: Member Doctoral Committee
PhD Candidate: Jose Albuquerque de Sousa
Time frame: 2014 - 2019

The impact of country SDG performance on sovereign bond spreads

Role: Promotor, Daily Supervisor
PhD Candidate: Eline ten Bosch
Time frame: 2019 -

Climate Risk and Sustainable Investing

Role: Promotor
PhD Candidate: Marloes Hagens
Time frame: 2022 -

PhD in Finance

Role: Promotor
PhD Candidate: Francesca Caucci
Time frame: 2022 -

Values in Finance

Role: Promotor
PhD Candidate: Koen-Jan Leendert van den Bosch
Time frame: 2022 -

The Universal and Actionable Measure of Corporate Sustainability

Role: Promotor
PhD Candidate: Mariapia Pazienza
Time frame: 2020 -

Parttime PhD programme

Role: Promotor
PhD Candidate: Dan Raghoonundon
Time frame: 2020 -

Parttime PhD programme

Role: Promotor
PhD Candidate: Annebeth Roor
Time frame: 2020 -

Trade-Offs in Macroprudential Policy

Role: Promotor
PhD Candidate: John Fell
Time frame: 2017 -

Parttime PhD programme

Role: Promotor
PhD Candidate: Federico Pippo
Time frame: 2023 -

PhD on integrated Value Strategies in regenerative farming

Role: Promotor
PhD Candidate: Kelly van Heyningen
Time frame: 2025 -

Course (1)

Past

Sustainable Finance (2023/2024)

Address

Visiting address

Office: Mandeville Building T08-33
Burgemeester Oudlaan 50
3062 PA Rotterdam

Postal address

Postbus 1738
3000 DR Rotterdam
Netherlands

prof.dr. D. (Dirk) Schoenmaker

Publications

Article (41)

Academic (36)

Popular (3)

Professional (2)

Book (16)

Academic (6)

Professional (10)

Book editing (1)

Academic (1)

Chapter (3)

Academic (2)

Professional (1)

Digital or Visual Products (1)

Professional (1)

Discussion paper (1)

Professional (1)

Report (4)

Academic (1)

Professional (3)

Teaching case (2)

Academic (2)

Additional activities (1)

PhD Tracks (11)

Course (1)

Address

Article