International Financial Markets

My research focuses on international financial markets. Its goal is to broaden our understanding  of determinants of success and failure of recently established stock exchanges.



"Nascent markets: Understanding the success and failure of new stock markets",

with Thorsten Beck, Peter A. G. van Bergeijk, and Mathijs A. van Dijk,

CEPR Working Paper No. DP11604


- 34th Symposium on Money, Banking and Finance 2017, Paris Nanterre, France

- American Economics Association (AEA) Annual Meeting 2017, Chicago, USA

- International Organization of Securities Commissions (IOSCO), Madrid, Spain

- European Finance Association (EFA) Annual Meeting 2016, Oslo, Norway​​


- "Nascent stock Exchanges - tales of success and failure."

World Bank blog

- "Wat verklaart het succes en falen van prille aandelenbeurzen?"

MeJudice blog

- "Understanding the Success and Failure of Nascent Stock Exchanges."

Oxford Business Law blog

"Africa’s stock exchanges meet but size holds them back."

The Economist

"Nascent stock exchanges: Explaining success and failure."

VOXEU column


"The political consequences of financial market development: Evidence from the opening of African stock exchanges",

with Mathijs A. van Dijk

Work in progress


- Conference: Politics, Stock Markets and the Economy 2018, University of South Australia, Adelaide, Australia

Corporate Finance 

I currently teach the Corporate Finance Master Course (Fall Semester) at the Norwegian School of Economics.

The first part of the course covers optimal capital structure theories, payout policy, and equity and debt issues. The second part of the course covers valuation methods such as the Adjusted Present Value (APV), the Weighted Average Cost of Capital (WACC), and the Flow-to-Equity (FTE) method. The third part of the course focuses on the role of (real) options for corporate finance. Aditionally, we cover more specialized topics such as risk management and mergers and acquisitions.

FIE 402 Corporate Finance

Fund Management

Over the past decade, there has been a rapid increase in the amount of assets managed by index funds. Even large mutual fund families traditionally known for their active style, such as Fidelity, have started to offer index funds. Unlike active funds, which aim at generating returns above a benchmark, index funds have the sole objective of replicating a benchmark’s returns. This raises concerns about their role in corporate governance and, consequently, the impact of the rise of passive ownership on firm value.

In my research, I try to understand the consequences of the recent developments in the asset management industry.


"Do index funds' family ties benefit the firms they own?"

SSRN Working paper No. 3059128


- Financial Management Association (FMA) Annual Meeting 2019, New Orleans, USA

- 4th Center for Corporate Finance Conference 2019, Norwegian School of Economics, Bergen, Norway

- Financial Management Association (FMA) Annual Meeting 2017, Boston, USA

Long-Term Finance

Long-term finance matters because it stimulates economic growth. While the emphasis of policymakers and the donor community during the past two decades has predominantly been on enhancing financial inclusion, there is a growing realization that this is only one side of the coin. As much as inclusion is important in reaching the marginalized or informal economy, long-term financing is needed to support growth of productive activities in key economic sectors. 

Since 2016, I have been a consultant for the Long-Term Finance Initiative.

In cooperation with Financial Sector Deepening Africa (FSD Africa) and the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, the African Development Bank (AfDB) has set up the Long-Term Finance Initiative. The initiative aims to enable similar progress as regards long-term finance (LTF) in Africa as has been achieved in the past decade on financial inclusion.

Making Finance Work for Africa

LTF Data Portal