Prof. dr. P. (Patrick) Verwijmeren

Full Professor

Department of Business Economics

Erasmus School of Economics (ESE)

Erasmus University Rotterdam

Member ERIM

Field: Finance & Accounting

Affiliated since 2005

T: +31 10 4081392

E: verwijmeren@ese.eur.nl

Patrick Verwijmeren is a Professor of Corporate Finance at the Erasmus School of Economics (Erasmus University Rotterdam). Patrick specializes in convertible securities, short sales, corporate governance, and capital structure. You can find more information on his personal website: https://sites.google.com/site/patrickverwijmeren/
He has publications in Journal of Finance, Review of Financial Studies, Journal of Financial Economics, Journal of Financial and Quantitative Analysis, and Review of Finance, among others. Patrick has presented at many international conferences, including the WFA, AFA, and EFA meetings, and has been a speaker at TEDx. His research on proxy access has been cited in final rulings by the U.S. Securities and Exchange Commission and Patrick has also been involved in writing a report for the Dutch Ministry of Finance on the influence of hedge funds. In 2013, Patrick received the prestigious Netherlands Organization for Scientific Research VIDI grant.

Publications (42)

Key Publications (6)

B. Grundy & P. Verwijmeren (2018). The buyers’ perspective on security design: Hedge funds and convertible bond call provisions. Journal of Financial Economics, 127 (1), 77-93. doi: 10.1016/j.jfineco.2017.11.003
A. Korteweg, R. Kraussl & P. Verwijmeren (2016). Does it pay to invest in art? A selection-corrected returns perspective. The Review of Financial Studies, 29 (4), 1007-1038. doi: 10.1093/rfs/hhv062
B. Grundy & P. Verwijmeren (2016). Disappearing Call Delay and Dividend-Protected Convertible Bonds. The Journal of Finance, 71 (1), 195-223. doi: 10.1111/jofi.12363
B. Grundy, B. Lim & P. Verwijmeren (2012). Do option markets undo restrictions on short sales: evidence from the 2008 short sale ban. Journal of Financial Economics, 106 (2), 331-348. doi: 10.1016/j.jfineco.2012.05.013
S. Brown, B. Grundy, C. Lewis & P. Verwijmeren (2012). Convertibles and hedge funds as distributors of equity exposure. The Review of Financial Studies, 25 (10), 3077-3112. doi: 10.1093/rfs/hhs088
A. de Jong, M.D.R.P. Dutordoir & P. Verwijmeren (2011). Why do convertible issuers simultaneously repurchase stock? An arbitrage-based explanation. Journal of Financial Economics, 100 (1), 113-129. doi: 10.1016/j.jfineco.2010.10.016

Articles (39)

P. Verwijmeren & R. Wang (2018). Director attention and firm value. Financial Management - FM, accepted . doi: 10.2139/ssrn.2990292
B. Grundy & P. Verwijmeren (2018). The buyers’ perspective on security design: Hedge funds and convertible bond call provisions. Journal of Financial Economics, 127 (1), 77-93. doi: 10.1016/j.jfineco.2017.11.003
C. Veld, P. Verwijmeren & Y. Zabolotnyuk (2018). Wealth effects of seasoned equity offerings: A meta-analysis. International Review of Finance, Accepted . doi: 10.1111/irfi.12218
D. Veenman & P. Verwijmeren (2018). Do investors fully unravel persistent pessimism in analysts' earnings forecasts? The Accounting Review, 93 (3), 349-377. doi: 10.2308/accr-51864
R. Adams, A. Akyol & P. Verwijmeren (2018). Director skill sets. Journal of Financial Economics, 130 (3), 641-662. doi: 10.1016/j.jfineco.2018.04.010
A. Akyol, K. Raff & P. Verwijmeren (2017). The elimination of broker voting in director elections. Finance Research Letters, 21 (May), 34-39. doi: 10.1016/j.frl.2017.02.001
M. Van Marle & P. Verwijmeren (2017). The long and the short of convertible arbitrage: An empirical examination of arbitrageurs’ holding periods. Journal of Empirical Finance, 44 (December), 237-249. doi: 10.1016/j.jempfin.2017.09.001
A. Siganos, E. Vagenas-Nanos & P. Verwijmeren (2017). Divergence of sentiment and stock market trading. Journal of Banking and Finance, 78 (May), 130-141. doi: 10.1016/j.jbankfin.2017.02.005
H. Berkman, M. McKenzie & P. Verwijmeren (2017). Hole in the wall: Informed short selling ahead of private placements. Review of Finance, 21 (3), 1047-1091. doi: 10.1093/rof/rfw036
B. Grundy & P. Verwijmeren (2016). Disappearing Call Delay and Dividend-Protected Convertible Bonds. The Journal of Finance, 71 (1), 195-223. doi: 10.1111/jofi.12363
M.D.R.P. Dutordoir, E. Li, F. Liu & P. Verwijmeren (2016). Convertible bond announcement effects: Why is Japan different? Journal of Corporate Finance, 37 , 76-92. doi: 10.1016/j.jcorpfin.2015.12.006
A. Korteweg, R. Kraussl & P. Verwijmeren (2016). Does it pay to invest in art? A selection-corrected returns perspective. The Review of Financial Studies, 29 (4), 1007-1038. doi: 10.1093/rfs/hhv062
J.G. Duyvesteyn, M.P.E. Martens & P. Verwijmeren (2016). Political risk and expected government bond returns. Journal of Empirical Finance, 38 , 498-512. doi: 10.1016/j.jempfin.2016.01.016
P. Verwijmeren (2015). Forensisch financieel onderzoek. MAB, 89 (4), 149-154.
C. Lewis & P. Verwijmeren (2014). Cash-settled convertible bonds and the value relevance of their accounting treatment. Journal of Corporate Finance, 24 , 101-111. doi: 10.1016/j.jcorpfin.2013.06.003
A. Siganos, E. Vagenas-Nanos & P. Verwijmeren (2014). Facebook’s daily sentiment and international stock markets. Journal of Economic Behavior and Organization, 107 (Part B), 730-743. doi: 10.1016/j.jebo.2014.06.004
B. Grundy, C. Veld, P. Verwijmeren & Y. Zabolotnyuk (2014). Why are conversion-forcing call announcements associated with negative wealth effects? Journal of Corporate Finance, 24 , 149-157. doi: 10.1016/j.jcorpfin.2013.10.003
S. Brown, B. Grundy, C. Lewis & P. Verwijmeren (2013). Hedge fund involvement in convertible securities. Journal of Applied Corporate Finance, 25 (4), 60-73. doi: 10.1111/jacf.12043
A. Akyol & P. Verwijmeren (2013). Capital Costs, Firm Leverage, and Unemployment Rates. Journal of Financial Intermediation, 22 (3), 464-481. doi: 10.1016/j.jfi.2013.04.003
E. Duca, M.D.R.P. Dutordoir, C. Veld & P. Verwijmeren (2012). Why are convertible bond announcements associated with increasingly negative abnormal stock returns? An arbitrage-based explanation. Journal of Banking and Finance, 36 (11), 2884-2899. doi: 10.1016/j.jbankfin.2012.03.019
S. Brown, B. Grundy, C. Lewis & P. Verwijmeren (2012). Convertibles and hedge funds as distributors of equity exposure. The Review of Financial Studies, 25 (10), 3077-3112. doi: 10.1093/rfs/hhs088
A. de Jong, M.D.R.P. Dutordoir, N. Van Geneugten & P. Verwijmeren (2012). Convertible arbitrage price pressure and short sales constraints. Financial Analysts Journal, 68 (5), 70-88. doi: 10.2469/faj.v68.n5.4
A. Akyol, W.F. Lim & P. Verwijmeren (2012). Governance characteristics and the market reaction to the SEC's proxy access rule. In International review of finance 12, 175-195
A. Akyol, W.F. Lim & P. Verwijmeren (2012). Shareholders in the boardroom: Wealth effects of the SEC's proposal to facilitate director nominations. Journal of Financial and Quantitative Analysis, 47 (5), 1029-1057. doi: 10.1017/S0022109012000373
B. Grundy, B. Lim & P. Verwijmeren (2012). Do option markets undo restrictions on short sales: evidence from the 2008 short sale ban. Journal of Financial Economics, 106 (2), 331-348. doi: 10.1016/j.jfineco.2012.05.013
A. de Jong, M.J.C.M. Verbeek & P. Verwijmeren (2012). Does financial flexibility reduce investment distortions? The Journal of Financial Research, 35 (2), 243-259. doi: 10.1111/j.1475-6803.2012.01316.x
A. de Jong & P. Verwijmeren (2011). Survey evidence on capital structure - NON-US evidence. In H.k. Baker & G.S. Martin (Eds.), Capital structure and corporate financing decisions (pp. 249-262). New York: John Wiley & Sons
C. Lewis & P. Verwijmeren (2011). Convertible security design and contract innovation. Journal of Corporate Finance, 17 (4), 809-831. doi: 10.1016/j.jcorpfin.2011.03.001
A. De Jong, M.J.C.M. Verbeek & P. Verwijmeren (2011). Firms' debt-equity decisions when the static tradeoff theory and the pecking order theory disagree. Journal of Banking and Finance, 35 (5), 1303-1314. doi: 10.1016/j.jbankfin.2010.10.006
A. de Jong, P. Verwijmeren & T. Jiang (2011). Strategic debt in vertical relations: Evidence from franchising. Journal of Retailing, 87 (3), 381-392. doi: 10.1016/j.jretai.2010.12.002
A. de Jong, M.D.R.P. Dutordoir & P. Verwijmeren (2011). Why do convertible issuers simultaneously repurchase stock? An arbitrage-based explanation. Journal of Financial Economics, 100 (1), 113-129. doi: 10.1016/j.jfineco.2010.10.016
A. de Jong & P. Verwijmeren (2010). To have a target debt ratio or not: what difference does it make? Applied Financial Economics, 20 (3), 219-226. doi: 10.1080/09603100903282671
M.G.J. Jennen & P. Verwijmeren (2010). Agglomeration Effects and Financial Performance. Urban Studies (print), 47 (12), 2683-2703. doi: 10.1177/0042098010363495
P. Verwijmeren (2010). Dating preferences. Interface, 24 (3).
A. De Jong, M.J.C.M. Verbeek & P. Verwijmeren (2010). The impact of financing surpluses and large financing deficits on tests of the pecking order theory. Financial Management - FM, 39 (2), 733-756. doi: 10.1111/j.1755-053X.2010.01090.x
P. Verwijmeren & J.M.M. Derwall (2010). Employee well-being, leverage, and bankruptcy costs. Journal of Banking and Finance, 34 (5), 956-964. doi: 10.1016/j.jbankfin.2009.10.006
A. De Jong, M.A. Rosellon & P. Verwijmeren (2006). De invloed van IFRS op preferente aandelen in Nederland. MAB, 80 (7/8), 336-342.
A. De Jong, M.A. Rosellon & P. Verwijmeren (2006). The economic consequences of IFRS: the impact of IAS 32 on preference shares in the Netherlands. The European Accounting Review, 15 (3), 169-185. doi: 10.1080/09638180600920350
P. Verwijmeren (2005). It's all about the figures? Interface, 22 (1), 18-19.

Doctoral Thesis

P. Verwijmeren (2008, december 18). Empirical essays on debt, equity, and convertible securities. Erasmus University Rotterdam (173 pag.) (Rotterdam: Erasmus Research Institute of Management (PhD Serie 154)) Prom./coprom.: Prof.Dr. A. De Jong & prof.dr. M.J.C.M. Verbeek.

Professional Publications (2)

A. De Jong, P.G.J. Roosenboom, M.J.C.M. Verbeek & P. Verwijmeren (2007). Hedgefondsen en private equity in Nederland. (Extern rapport). Den Haag: Ministerie van Financien
P. Verwijmeren & M.A. Rosellon (2005). De invloed van IFRS op de bedrijfsvoering. Finance en Control, 2005 (december), 56-59.