prof.dr. M.A. (Mary) Pieterse-Bloem

Erasmus School of Economics (ESE)
Erasmus University Rotterdam
Associate Member ERIM
Field: Finance & Accounting
Affiliated since 2011

The integration of financial markets and optimal portfolio allocations and diversification strategies remain subjects of intense interest in international finance. Yet, fixed income markets have taken a backseat compared to equity markets in the field. This is largely undeserved; given the size and prominence of these markets and the asset allocation share fixed income assets hold in the portfolios of investors, particularly with institutional investors. Given that the recent financial crisis originated in a subpart of fixed income markets (subprime and mortgage bonds), and has via the balance sheets of financial institutions rolled into a sovereign bond crisis, the urgency for more research on the financial integration and institutional investor behavior in fixed income markets is greater than ever.

The research subjects of international financial integration and portfolio diversification are strongly interrelated. Integrated financial markets are a prerequisite for diversified international investment portfolios. In turn, the extent in which portfolios are diversified is indicative for the degree of financial integration that has been achieved. The desire to increase financial benefits from more optimal portfolio allocations is often a leading force in the further breakdown of any remaining barriers between national financial markets. In this sense there is an ongoing dynamic interaction between financial integration and international diversification. New techniques have in the past decade been developed in the dual study of international financial integration and the benefits of international portfolio diversification. Erasmus School of Economics (ESE) is at the forefront of applying these new techniques to fixed income markets in an econometric-empirical research setting. The novelty in this research is that new and promising techniques in the field are adapted and applied to fixed income markets.


  • Academic (6)
    • Eijffinger, S. C. W., & Pieterse-Bloem, M. (2023). Eurozone government bond spreads: A tale of different ECB policy regimes. Journal of International Money and Finance, 139, Article 102965. Advance online publication.

    • Gómez-Puig, M., Pieterse-Bloem, M., & Sosvilla-Rivero, S. (2023). Dynamic connectedness between credit and liquidity risks in euro area sovereign debt markets. Journal of Multinational Financial Management, 68, Article 100800.

    • Pieterse - Bloem, M., Buis, B., Verschoor, W., & Zwinkels, R. (2020). Expected issuance fees and market liquidity. Journal of Financial Markets, 48.

    • Pieterse - Bloem, M., Qian, Z., Zwinkels, R., & Verschoor, W. (2016). Time-varying importance of country and industry factors in European corporate bonds. Journal of Empirical Finance, 38(A), 429-448.

    • Pieterse - Bloem, M., Bouwman, K., Tham, WW., & Buis, B. (2015). A practical approach to constructing price-based funding liquidity factors. International Review of Economics and Finance, 40, 90-97.

    • Pieterse - Bloem, M., & Mahieu, RJ. (2013). Factor decomposition and diversification in European corporate bond markets. Journal of International Money and Finance, 32(February), 194-213.

  • Academic (1)
    • Pieterse - Bloem, M. (2012). EMU and Bond Market Integration. LAP LAMBERT Academic Publishing.

  • Academic (2)
    • Pieterse - Bloem, M. (1998). The Euro Government Bond Markets. In P. Temperton (Ed.), The Euro John Wiley & Sons Inc..

    • Pieterse - Bloem, M. (1997). The European Currency Unit. In N. Battley (Ed.), The European Bond Markets: An Overview and Analysis for Issuers and Investors McGraw-Hill.

  • External (1)
    • Bloem, M. (2011). The effect of Emu on bond market integration and investor portfolio allocations. [Doctoral Thesis, Tilburg University]. Tilburg University, CentER.

  • Role: Daily Supervisor
  • PhD Candidate: Zhaowen Qian
  • Time frame: 2012 - 2020
  • Role: Member Doctoral Committee
  • PhD Candidate: Cristian Stet
  • Time frame: 2017 - 2021
  • Role: Member Doctoral Committee
  • PhD Candidate: Antti Yang
  • Time frame: 2017 - 2022


Visiting address

Office: E2-30
Burgemeester Oudlaan 50
3062 PA Rotterdam

Postal address

Postbus 1738
3000 DR Rotterdam