ARMIN SCHWIENBACHER Primary Address

ARMIN SCHWIENBACHER
Primary Address:
Université Lille 2
Faculté de Finance, Banque, Comptabilité
Rue de Mulhouse 2 - BP381
59020 Lille Cédex (France)
Email: [email protected]
SKEMA Business School (Lille campus)
Department of Finance
Avenue Willy Brandt
59777 Euralille (France)
Email: [email protected]
Currently Visiting Scholar at the Schulich School of Business, York University, Canada
EDUCATION
Ph.D. in Finance at the Facultés Universitaires Notre-Dame de la Paix (FUNDP), in Namur (Belgium), December 2002
Doctoral Dissertation on “Venture Capital Financing and the Decision to Exit”
M.A.
in Economics at the Institut für Höhere Studien (Austria)
B.A.
in Economics at the Université catholique de Louvain (Belgium)
ACADEMIC EXPERIENCE
8/2014 - 7/2015: Visiting Professor at the Schulich School of Business, York University, Canada
Since 9/2010:
Professor of Finance at the Université Lille 2 & SKEMA Business School, France
(since 9/2011: Professeur des Universités, Université Lille 2, Section 06)
Since 7/2013:
Research Fellow at the Duisenberg School of Finance, The Netherlands
Since 8/2009:
Guest Faculty at the Duisenberg School of Finance (Finance and Law program), The Netherlands
9/2006 - 8/2010: Associate Professor of Finance at the Université catholique de Louvain, Louvain School of Management
8/2009 - 8/2011: Research Fellow at the University of Amsterdam Business School, Finance Group
8/2003 - 8/2009: Assistant Professor of Finance at the University of Amsterdam Business School, Finance Group (from
9/2006-8/2009: part-time)
2001 - 2002:
Visiting Scholar at the University of California at Berkeley, Haas School of Business
2000 - 2003:
ICM-CIM Fellow (Doctoral Scholarship from the Belgian Government)
Short-term visiting: Aarhus School of Business (Aarhus – July 2010); Schulich School of Business (Univ. York, Toronto –
June 2010); IPSARD Vietnam (Hanoi, August 2009)
RESEARCH INTERESTS
Corporate finance, crowdfunding, crowdinvesting, venture capital, entrepreneurial finance, private equity, agency theory
TEACHING EXPERIENCE
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Corporate Finance (basic + advanced; various programs, incl. PhD level)
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Venture Capital / Private Equity (corporate finance related issues)
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Entrepreneurial Finance (master programs, MBA and executive education)
PUBLICATIONS
- “International Analysis of Venture Capital Programs of Large Companies and Financial Institutions,” with L. Da Gbadji
and B. Gailly, Entrepreneurship Theory and Practice, forthcoming.
- “Are Novice Private Equity Funds Risk-Takers? Evidence From a Comparison with Established Funds,” with P. Giot
and U. Hege (2014), Journal of Corporate Finance 27, pp. 55-71.
- “Crowdfunding: Tapping the Right Crowd,” with P. Belleflamme and Th. Lambert (2014), Journal of Business Venturing
29(5), pp. 585-609.
- (Book chapter) “Financing the Business,” Chapter 13 of Routledge Companion on Entrepreneurship: Routledge (Ed. T. Baker
and F. Welter), pp. 193-206.
- “Debt Capacity of Real Estate Collateral,” with E. Giambona and J. Golec (2014), Real Estate Economics 42 (3), pp. 578–
605.
- “Securitization of Corporate Assets and Executive Compensation,” with I. Riachi (2013), Journal of Corporate Finance 21,
pp. 235–251.
- “The Entrepreneur’s Investor Choice: The Impact on Later-Stage Firm Development” (2013), Journal of Business Venturing
28 (4), pp. 528-545.
- “Legality and the Spread of Voluntary Investor Protection,” with D. Cumming and G. Imad’Eddine, Finance 34 (3), pp.
31-66.
- “Individual Crowdfunding Practices,” with P. Belleflamme and Th. Lambert (2013), Venture Capital: An International
Journal of Entrepreneurial Finance 15 (4 - Special Issue), pp. 313-333.
- “Underwriting Syndicate Structure and Lead Manager Reputation: An Empirical Study on European Stock Markets,”
with A. Bernoussi and S. Dereeper (2013), Finance 34 (2), pp. 7-34.
- “International Capital Flows into the European Private Equity Market,” with G. Imad’Eddine (2013), European Financial
Management 19 (2), pp. 366-398.
- “Harmonized Regulatory Standards, International Distribution of Investment Funds and the Recent Financial Crisis,”
with D. Cumming and G. Imad’Eddine (2012), European Journal of Finance 18 (3-4), pp. 261-292.
- (Book chapter) “Crowdfunding of Small Entrepreneurial Ventures,” with B. Larralde (2012), Chapter of The Oxford
Handbook of Entrepreneurial Finance: Oxford University Press (Ed. D. Cumming).
- “When Bank Loans Are Bad News: Evidence from Market Reactions to Loan Announcements under the Risk of
Expropriation,” with W. Huang and S. Zhao (2012), Journal of International Financial Markets, Institutions & Money 22, pp.
233-252.
- “Bank Reputation in the Private Debt Market,” with J. McCahery (2010), Journal of Corporate Finance 16 (4), pp. 498-515.
- (Book chapter) “Venture Capital Exits” (2010), Chapter 18 of Venture Capital: Investment Strategies, Structures, and Policies
(Robert W. Kolb Series in Finance): Wiley/Blackwell (Ed. D. Cumming).
- “Corporate Relocation in Venture Capital Finance,” with D. Cumming and G. Fleming (2009), Entrepreneurship Theory and
Practice 33 (5), pp. 1121-1155.
- “Venture Capital Performance: The Disparity between Europe and the United States,” with U. Hege and F. Palomino
(2009), Revue Finance 30 (1), lead article, pp. 7-50.
- “Style Drift in Private Equity,” with D. Cumming and G. Fleming (2009), Journal of Business Finance and Accounting 36 (5-6),
pp. 645–678.
- “The Political Origin of Pension Reform,” with E. Perotti (2008), Journal of Financial Intermediation 18, pp. 384-404.
- “Innovation and Venture Capital Exits” (2008), Economic Journal 118 (533), pp. 1888-1916.
- (Book chapter) “Reputation in the Private Loan Syndication Market,” with J. McCahery (2008), Chapter 13 of Rationality
in Company Law: Essays in Honour of Dan Prentice: Hart Publishing (Ed. J. Armour and J. Payne), pp. 377-388.
- “Financial Intermediaries, Ownership Structure and Monitored Finance: Evidence from Japan,” with D. Cumming and
G. Fleming (2008), Small Business Economics 31 (1), pp. 59-92.
- “Venture Capital Investment Practices in Europe and in the United States” (2008), Financial Markets and Portfolio
Management 22 (3), pp. 195-217.
- “IPOs, Trade Sales and Liquidations: Modelling Venture Capital Exits Using Survival Analysis,” with P. Giot (2007),
Journal of Banking & Finance 31 (3), pp. 679-702.
- “A Theoretical Analysis of Optimal Financing Strategies for Different Types of Capital-Constrained Entrepreneurs”
(2007), Journal of Business Venturing 22 (6), pp. 753-781.
- “International Capital Flows into Private Equity Funds” (2007), Maandblad voor Accountancy en Bedrijfseconomie 7/8, pp. 335343.
- (Book chapter) “The Structure of Venture Capital Funds,” with D. Cumming and G. Fleming (2007), Chapter 5 of
Handbook of Research on Venture Capital: Edward Elgar, pp. 155-176.
- “Legality and Venture Capital Exits,” with D. Cumming and G. Fleming (2006), Journal of Corporate Finance 12, pp. 214245.
- “The Strategic Use of Corporate Venture Financing for Securing Demand,” with Y.E. Riyanto (2006), Journal of Banking
& Finance 30 (10), pp. 2809-2833.
- “Liquidity Risk and Venture Capital Finance,” with D. Cumming and G. Fleming (2005), Financial Management 34 (4), pp.
77-105.
Other Contributions:
- “Le Crowdfunding : Une source de financement viable ?” (2009), La Libre Belgique (Belgian daily newspaper).
- “Le marché du capital-risque en Wallonie : une nouvelle initiative est-elle nécessaire ?” with Ch. Van Wymeersch and Y.
de Harlez (2009), Revue Bancaire et Financière 2009/4, pp. 266-269.
- “L’Equity Gap : Un Yeti Financier ?,” (2008), L’Expansion Entrepreneuriat 1, pp. 35-43.
- “Capital-risque en Wallonie : l’offre est-elle suffisante et bien ciblée ?” (2008), Finance Management 16, pp. 30-33.
- “Le financement par capital-risque des entreprises innovantes en Wallonie,” with Ch. Van Wymeersch and Y. de Harlez
(2007), Research report for the Union Wallonne des Entreprises.
- “Recent Research on the Investment Behavior of Private Equity Fund Managers,” with Douglas Cumming and Grant
Fleming (2005), Amsterdam Center for Corporate Finance: Topics in Corporate Finance, Vol. 11.
- Comments on “La Relation Capital-Risque/PME. Fondements et Pratiques” (by E. Stéphany), in: Reflets & Perspectives de
la Vie Economique, 2004, Vol. 43 (2).
- “On the VC Learning Curve,” BVA.news Newsletter, 2003, Nr. 3.
RESEARCH PAPERS (Available on SSRN or Upon Request)
- (Book chapter) “Crowdinvesting – Angel Investing for the Masses?,” with L. Hornuf, prepared for Handbook of Research
on Venture Capital: Volume 3. Business Angels: Edward Elgar (Ed. C. Mason and H. Landström).
- “The Emergence of Crowdinvesting in Europe,” with L. Hornuf
- “Which Securities Regulation Promotes Crowdinvesting?,” with L. Hornuf
- “Crowdfunding Models: Keep-it-All vs. All-or-Nothing,” with D. Cumming and G. Leboeuf
- “The Political Economy of Financial Systems: Evidence from Suffrage Reforms in the Last Two Centuries,” with H.
Degryse and Th. Lambert
- “Tranching in the Syndicated Loan Market around the World,” with D. Cumming, F. Lopez-de-Silanes and J. McCahery
- “Overcollateralization in Corporate Securitizations,” with I. Riachi
- “Private Equity Fundraising and Firm Specialization,” with M. Gejadze and P. Giot
- “Public Disclosure of Corporate Venture Capital Investments,” with A. Mohamed
- “Did the Euro Increase Systemic Risk?,” with E. de Bodt and F. Lobez
CORPORATE RESEARCH & EDUCATIONAL PARTNERSHIPS
PricewaterhouseCoopers Luxembourg (2008-2010); Deloitte Belgium (2006-2007); Total/Petrofina (2007); Union
Wallonne des Entreprises (2006-2007)
AWARDS AND FELLOWSHIPS
- Best Paper Award at SKEMA Business School (academic year 2013-2014; Grande Ecole program) for research work
published on crowdfunding
- Best Teacher Award at Duisenberg School of Finance, MSc Finance and Law program (academic year 2010-2011) for the
course Entrepreneurial Finance
- Best Teacher Award at Duisenberg School of Finance, LLM Finance and Law program (academic year 2009-2010) for the
course Entrepreneurial Finance
- RICAFE2 EU STREP Grant 2006-2009 (as part of a network with other leading European universities in Venture
Capital and Innovation Research); Contract Number: 028942 – RICAFE2
- Research Grant from the Fondation Banque de France (with Ulrich Hege and Frédéric Palomino)
- BEST DOCTORAL PAPER at the FMA European Conference 2002 in Copenhagen for the paper “An Empirical
Analysis of Venture Capital Exits in Europe and in the United States”
- PhD Fellowship of the Belgian Government (ICM-CIM) from October 2000 to September 2003
- Scholarship from the Institute for Advanced Studies (Austria), 1996-1998
PRESENTATIONS IN CONFERENCES AND SEMINARS
Conferences:
- 5th HEC Workshop on “Entrepreneurship – Entrepreneurial Finance” at HEC Paris (Jouy-en-Josas – September 2014)
- Annual Meeting of the Canadian Law and Economics Association at University of Toronto (Toronto – September 2014)
- 2nd Annual Academic Symposium on Crowdfunding at UC Berkeley (Berkeley – September 2014)
- 2nd Crowdinvesting Symposium – Keynote Presentation on “After Crowdinvesting: Second Rounds, Exit Strategies and
Dilution Protection” at the LMU Munich, organized by the Juristische Fakultät (Munich – July 2014)
- Research workshop (Journée d'Etude) on the topic of “Crowdfunding : L'encadrement juridique de la finance
participative” at the Université Lille 2, organized by the Centre René Demogue (Lille – June 2014)
- 5th Belgian Financial Research Forum 2014 (Louvain-la-Neuve – May 2014)
- High-Level Roundtable Participation at the ECB Committee on Financial Integration (CFI): “Overcoming financial
fragmentation in a context of bank deleveraging: Capital markets, financial innovation, and non-bank lenders as viable
supply channels for SME financing”, organized by the European Central Bank (Frankfurt – May 2014)
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- 31 French Finance Association (AFFI) Conference (Aix-en-Provence – May 2014)
- Roundtable Participation on “Crowdfunding: Beyond the Hype” at the Finance Focus Breakfast, organized by the
Bruegel Institute (Brussels – May 2014)
- Belgian Entrepreneurship Research Day 2014 (BERD) – Keynote Presentation on “Entrepreneurial Risk-Taking in
Crowdfunding Campaigns”, organized by Ghent University and Vlerick Business School (Ghent – May 2014)
- 10° petit déjeuner du Cycle Innovation & Connaissance (Presentation on “Le crowdfunding, nouvelle source de
financement pour les entreprises ?”, organized by SKEMA), Euratechnologies (Lille – March 2014)
- FMA Annual Conference (Chicago – October 2013)
- Realise It Meeting – Keynote Presentation on “The Economics of Crowdfunding”, organized by the Oceans Network
and Erasmus Mundus Association (Lisbon – September 2013)
- Roundtable on “Crowdfunding Practice, Policy and Research” (Introductory Presentation on “Crowdfunding in
Europe”), organized by the Utrecht University School of Economics (Utrecht – May 2013)
- 30th French Finance Association (AFFI) Conference (Lyon – May 2013)
- 10th International Paris Finance Meeting Eurofidai/AFFI (Paris – December 2012)
- Workshop on “Crowdfunding: State of Play” (Introductory Presentation on “Overview of Crowdfunding in Europe”),
organized by DG Connect and DG Enterprise & Industry at the European Commission (Brussels – November 2012)
- FMA Annual Conference (Atlanta – October 2012)
- ZEW International Conference on “The Dynamics of Entrepreneurship” (Mannheim – October 2012)
- 10th Corporate Finance Day (Ghent – September 2012)
- 28th French Finance Association (AFFI) Conference (Montpellier – May 2011)
- Workshop at Fraunhofer ISI on “Crowdfunding innovativer und kreativer Vorhaben – Ein brauchbares Instrument zur
Schließung der FrühphasenFinanzierungslücke?” (Karlsruhe – May 2011)
- MOVE Conference on “Venture Capital” (Barcelona – April 2011)
- Conference on “Executive Compensation and Corporate Governance Conference” (Genoa – March 2011)
- FMA Annual Conference (New York – October 2010)
- Conference on “The Energy Challenges Facing European Industry” organized by the Belgian Presidency of the EU
Council, keynote speaker at the workshop “Financing Tools” (Spa – September 2010)
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- 4 KUL-LSM Workshop in Finance (Brussels – June 2010)
- 1st Belgian Entrepreneurship Research Workshop (Antwerp – May 2010)
- Anton Philips Fund Corporate Law and Finance Symposium (Tilburg – February 2010)
- 7th Corporate Finance Day (Antwerp – September 2009)
- 2nd KUL-LSM Workshop in Finance (Brussels – June 2009)
- 4th Annual Conference of the Financial Intermediation Research Society, FIRS (Prague – May 2009)
- Conference on “Business Angels,” organized by CréaLouv (Louvain-la-Neuve – March 2009)
- Conference on “Bankruptcy and Distress Resolution,” organized by the Univ. Ghent (Ghent – Dec. 2008)
- Conference on “Financial Intermediaries and Markets at the Cross Roads: Economic and Legal Perspectives on Financial
Stability, Liquidity and Corporate Control,” organized by Univ. Amsterdam, York Univ. and ECGI (Amsterdam –
September 2008)
- 35th European Finance Association Conference (Athens – August 2008)
- UPP Final Conference on “Understanding Privatization Policy: The End of Privatization?” organized by the Fondazione
Eni Enrico Mattei (Milano – June 2008)
- Salon Financier “Finance Management” (Charleroi – January 2008)
- 3rd NORFACE Workshop on “Entrepreneurial Finance” (Berlin – May 2007)
- Conference on “Activist Investors, Hedge Funds and Corporate Governance” (Amsterdam – March 2007)
- CEPR Annual Public Policy Symposium 2006 (Kiel – November 2006)
- Workshop on “Long-Term Perspectives on Institutions, Business and Finance: What Can We Learn from the Past”
(Antwerp – October 2006)
- Workshop on the Politics of Corporate Governance (Copenhagen – September 2006)
- Workshop on Venture Capital Policy (Lund – May 2006)
- NORFACE Venture Capital Policy Research Seminar (London – April 2006)
- NETSPAR Pension Day (Tilburg – March 2006)
- 3rd Corporate Finance Day (Leuven – September 2005)
- 32nd European Finance Association Conference (Moscow – August 2005)
- 12th Annual Global Finance Conference (Dublin – June 2005)
- 4th Asian Corporate Governance Conference of the AICG (Seoul – May 2005)
- 2nd RICAFE Conference on “Risk Capital and the Financing of European Innovative Firms” (Frankfurt – October 2004)
- 6th Bundesbank Spring Conference on “Financing Innovation” (Eltville – April-May 2004)
- 3rd ECB-CFS Workshop on “Capital Markets and Financial Integration in Europe” (Athens – Nov. 2003)
- 30th European Finance Association Conference 2003 (Glasgow)
- 10th German Finance Association Conference 2003 (Mainz)
- Tilburg Young Financial Researchers Day (Tilburg – November 2002)
- CEPR-WZB Conference on the “Innovation Policy in International Markets” (Berlin – Oct. 2002)
- 19th French Finance Association (AFFI) Conference (Strasbourg – June 2002)
- 29th European Finance Association Conference (Berlin – August 2002)
- FMA European Conference 2002 (Copenhagen – June 2002)
- CMI Conference on “What Next for Private Equity and Venture Capital?” (Toronto – June 2002)
- 18th French Finance Association (AFFI) Conference (Namur – June 2002)
- FMA European Conference 2001 (Paris – June 2001)
- 5th Belgian Financial Research Forum 2001 (Ghent)
- CEPR Conference on the “Evolution of Market Structure in Network Industries” (Heidelberg – Oct. 2000)
- FMA European Conference 2000 (Edinburgh – June 2000)
- 27th European Finance Association Conference, Doctoral Tutorial (Helsinki – August 1999)
Seminars:
- EM-Lyon Business School (Lyon – May 2014)
- OECD STI Seminar (Paris – November 2013)
- SKEMA Business School, Lille Campus (Lille – June 2013)
- Pompeu Fabra University (Barcelona – May 2013)
- Grenoble Ecole de Management (Grenoble – February 2013)
- Paris School of Economics (Paris – January 2013)
- SKEMA Business School, Sophia-Antipolis Campus (Lille – June 2012)
- SKEMA Business School, Lille Campus (Lille – March 2010)
- University of Maastricht, Department of Finance (Maastricht – October 2009)
- Louvain School of Management, Université catholique de Louvain (Louvain-la-Neuve – October 2009)
- Université Paris-Dauphine, CEREG (Paris – November 2008)
- University of Namur, FUNDP (Namur – April 2008)
- Katholieke Universiteit Leuven, Department of Finance & Accounting (Leuven – November 2007)
- ESC Lille School of Management (Lille – November 2007)
- Warwick Business School, Finance Group (Warwick – October 2007)
- CORE, Université catholique de Louvain (Louvain-la-Neuve – February 2007)
- Université catholique de Louvain, Unité Finance d’Entreprise (Louvain-la-Neuve – February 2006)
- Katholieke Universiteit Leuven, Department of Finance & Accounting (Leuven – December 2005)
- University of Grenoble, Laboratoire d’Economie Appliquée (Grenoble – November 2005)
- Tilburg University, Finance Department (Tilburg – September 2005)
- University of Exeter, Xfi (Exeter – December 2004)
- University of Amsterdam, KAFEE Seminars (Amsterdam – November 2004)
- University of Amsterdam, KAFEE Seminars (Amsterdam – March 2004)
- University of Amsterdam, Finance Group (Amsterdam – September 2003)
- University of Antwerp, Department of Finance and Accounting (Antwerp – March 2003)
- HEC School of Management, Finance Department (Paris – February 2003)
- Tilburg University, Finance Department (Tilburg – January 2003)
- HEC Montréal, Finance Department (Montreal – January 2003)
- Katholieke Universiteit Leuven, Department of Finance & Accounting (Leuven – December 2002)
- University of Amsterdam, Finance Group (Amsterdam – November 2002)
- Rotterdam Institute of Financial Management, Erasmus Univ. Rotterdam (Rotterdam–Nov. 2002)
- Haas School of Business (Finance Group), UC Berkeley (Berkeley – March 2002)
- University of Groningen (Groningen – January 2001)
- University of Namur (Namur – February 2001)
Conference Participations as Discussant only (further paper discussions were done in various conferences mentioned above):
- Conference on “Business Law and Innovation,” organized by the Duisenberg School of Finance and Columbia Law
School (Amsterdam – May 2009)
- Conference on “Mergers and Acquisitions,” organized by Vanderbilt Univ. and Univ. Amsterdam (Curacao – March
2009)
- Conference on “Shareholder Rights, Shareholder Voting and Corporate Performance” (Sardinia – March 2008)
- Commercial Real Estate Workshop, organized by the Tinbergen Institute (Amsterdam – October 2007)
- 5th Corporate Finance Day, organized by the Université catholique de Louvain (Louvain-la-Neuve – September 2007)
- Workshop on “The Market for Corporate Control, Regulation and Corporate Governance Issues,” organized by the
Université Lille 2 (Lille – March 2007)
- First RICAFE2 Conference on “Regional Comparative Advantage and Knowledge-Based Entrepreneurship,” organized
by the London School of Economics (London – October 2006)
- Conference on “International Markets and Corporate Governance,” organized by the Georgetown University Law
Center and Tilburg University (Washington – October 2005)
- JFI Conference on “The Ownership of the Modern Corporation: Economic and Legal Perspectives on Private versus
Publicly-listed Companies” (Zandvoort – September 2005)
- CESifo Workshop on “Venture Capital, Entrepreneurship and Public Policy” (Munich – November 2002)
REFEREEING & EDITORIAL ACTIVITIES FOR ACADEMIC JOURNALS
Member of the Editorial Review Board of Entrepreneurship Theory & Practice (since January 2014)
Member of Editorial Board of Revue Bancaire et Financière (2010)
Refereeing Activities (in alphabetic order – selected list): Academy of Management Journal; Economic Journal;
Entrepreneurship Theory & Practice; European Economic Review; European Financial Management; Finance; Journal of
Banking & Finance; Journal of Business Venturing; Journal of Corporate Finance; Journal of Economics and Management
Strategy; Journal of Empirical Finance; Journal of Finance; Journal of Financial Intermediation; Management Science;
Review of Finance; Small Business Economics; Strategic Entrepreneurship Journal
OTHER ACTIVITIES & MEMBERSHIPS
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Director of PhD Program in Corporate Finance at SKEMA Business School, since September 2010
Guest lecturer (full course) for “Venture Capital” at Aarhus School of Business (Denmark), Summer School program
(Aarhus, July 2010)
Instructor for the program “From Research to Business” (www.FR2B.be), section Entrepreneurial Finance (jointly with
Prof. Charles Van Wymeersch, LSM/FUNDP), 2009-2011
Member of the Board of Examiners at Duisenberg School of Finance, September 2011-September 2013
Member of the Academic Advisory Board of the Brussels Finance Institute, 2008
Director of the Center for Studies in Asset Management (CESAM) at the Louvain School of Management, January 2009September 2010
Guest lecturer (full course) on “Entrepreneurial Finance” at IPSARD Vietnam (Hanoi, August 2009)
Coordinator of the EU program RICAFE2 for the University of Amsterdam node (2006-2009)
Supervision of PhD students at the Université catholique de Louvain and Université de Lille 2: Ilham Riachi (defended
February 2013; first appointment: Belgian National Bank), Maia Gejadze (defended June 2014; first appointment:
IESEG, France), Thomas Lambert (started 2010), Cheng Cheng (started 2011), Ngan Bui Kim (started 2012) Gael Leboeuf
(started 2013) and Fady Hage (started 2013)
Member of PhD Examination Committees of Katleen Baeyens (University of Gent, June 2006), Sofia Johan (University of
Tilburg, May 2007), Gael Imad’Eddine (Univ. Lille 2, Dec. 2007), Tom Frank (Katholieke Universiteit Leuven, July 2008),
Bart Leyman (University of Gent, Sept. 2008), Ouidad Yousfi (Université de Paris X Nanterre, Jan. 2009), Ufuk Gucbilmez
(Lancaster University Management School, Dec. 2010), To Huy Vu (Université Nancy 2, Jan. 2011), Savina Princen
(Université catholique de Louvain, Oct. 2011), Malika Lounes (Université Paris-Est, June 2012), Sofie De Prieker
(University of Gent, Oct. 2012), Luc Da Gbadji (Université catholique de Louvain, Feb. 2013), Andy Heughebaert
(University of Gent, April 2013), Randy Priem (Katholieke Universiteit Leuven, June 2013), Christel Karsten (Universiteit
van Amsterdam, Nov. 2013), Sergio Fortun-Auad (IAE Aix Graduate School of Management - Aix Marseille Université,
Dec. 2013), Alexandre Di Giacomo (Université Lille 2, Feb. 2014), Irina Demidova De Bryune (Université Lille 2, May
2014), and Maia Gejadze (Université catholique de Louvain, June 2014)
(Lille – October 2014)