PhD Defence: Rogier Hanselaar
In his dissertation ‘Raising capital: On pricing, liquidity, and incentives’, Rogier Hanselaar extends current knowledge of primary market functioning. It aims to be of use as an input in the continuous debate on how we can best shape our financial markets to provide greater affluence for society.
Rogier Hanselaar will defend his dissertation in the Senate Hall at Erasmus University Rotterdam on Thursday, December 13 at 15:30. His supervisors are Prof. Mathijs van Dijk (RSM) and Prof. Peter Roosenboom (RSM). Other members of the Doctoral Committee are Dr. Dion Bongaerts (RSM), Prof. René Stulz (The Ohio State University) and Prof. Patrick Verwijmeren (ESE).
Rogier Hanselaar is currently working for Aegon N.V in the analytics and pricing team. Before starting his PhD project at the Rotterdam School of Management, he received his master degree in Quantitative Finance cum laude from the Erasmus University Rotterdam and his bachelor degree in Liberal Arts and Sciences with honors from the University College Maastricht. He spent a semester at the University of California San Diego, and was a visiting scholar at the Ross School of Business at the University of Michigan.
He presented his work at international conferences, such as the FMA doctoral consortium and the Annual Conference of the Paul Woolley Centre for the Study of Capital Market Dysfunctionality, and published in the Journal of Financial Economics. He hosted workshops for the bachelor course Corporate Finance, supervised bachelor and master thesis students, and aided students and staff in gathering data for their research as member of the University Library Data Team.
This thesis aims to foster a greater understanding of primary market functioning. It aims to be of use as an input in the continuous debate on how we can best shape our financial markets to provide greater affluence for society. It contains three essays, included as separate chapters, that each focus on a separate question related to raising capital via primary markets.
Chapter 2 deals with the market for initial public stock offerings. It shows that stereotypes about industry performance are related to the opening performance of newly issued stocks. Chapter 3 deals with the general market for new equity. It shows that firms issue more new stocks when markets become more liquid; i.e., when it becomes easier to buy or sell large quantities of stocks without having to make adjustments in the price. Chapter 4 deals with the market for new hybrid capital. It shows that banks make riskier decisions after issuing Contingent Convertible bonds
Photos: Chris Gorzeman / Capital Images