Finance
lidam | Louvain-la-Neuve, Mons
Topics investigated in Finance
The 7 main topics studied by LIDAM members in finance are :
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2026
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Shrestha, P., Collewaert, V., & Thewissen, J. (2026). Institutional background in crowdfunding: trust, signals, and backers’ decisions. Small Business Economics : an entrepreneurship journal, 67(2), 865-914. https://doi.org/10.1007/s11187-026-01209-4 (Original work published 2026)
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Thewissen, J., Shrestha, P., Arslan‐ayaydin, Ö., & Beibei, Y. (2026). Topics That Matter: ESG Reports and Information Asymmetry. Journal of Financial Research. Accepted/in-press. https://doi.org/10.1111/jfir.70053 (Original work published 2026)
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De Winne, R., Palan, S., & Luong, N. (2026). Retail Investors’ Disposition Effect and Order Choices. Journal of Behavioral and Experimental Finance, 51, 101232. https://doi.org/10.1016/j.jbef.2026.101232 (Original work published 2026)
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Lassance, N. (2026). Maximizing the Out-of-Sample Sharpe Ratio. Operations research. Accepted/in-press. https://doi.org/10.1287/opre.2025.2500 (Original work published 2026)
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Lassance, N., Vanderveken, R., & Vrins, F. (2026). Optimal Portfolio Size under Parameter Uncertainty. Journal of Financial and Quantitative Analysis. Accepted/in-press. (Original work published 2026)
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Mugrabi Otero, F., Belkhir, M., Naceur, S., Candelon, B., & Choi, W. G. (2026). Macroprudential Policy and Bank Systemic Risk: Does Inflation Targeting Matter? Emerging Markets Review, 71, 101397. https://doi.org/10.1016/j.ememar.2025.101397 (Original work published 2026)
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Germain, A., & Vrins, F. (2026). Credit selection in collateralized loan obligation: Efficient approximation through linearization and clustering. European Journal of Operational Research, 330(1), 326-342. https://doi.org/10.1016/j.ejor.2025.11.015 (Original work published 2026)
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Vrins, F. (2026). Joint pricing of default-free and defaultable claims in a reduced-form model featuring a martingale part. European Journal of Operational Research, 329(1), 180-197. https://doi.org/10.1016/j.ejor.2025.09.043 (Original work published 2026)
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2025D’Hondt, C., Petitjean, M., El Hichou, Y., & et al. (2025). Uncovering the profile of passive exchange-traded fund retail investors. Finance : revue de l’Association française de finance. Accepted/in-press. https://doi.org/10.3917/fina.pr.040 (Original work published 2025)
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Kallal, S. (2025). Is fiscal countercyclicality growth enhancing? Evidence from developing countries over the period 1990–2019. Journal of Economic Asymmetries, 32, e00416. https://doi.org/10.1016/j.jeca.2025.e00416 (Original work published 2025)
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Barbagli, M., François, P., Gauthier, G., & Vrins, F. (2025). The role of CDS spreads in explaining bond recovery rates. Journal of Banking & Finance, 174, 107414. https://doi.org/10.1016/j.jbankfin.2025.107414 (Original work published 2025)
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Distaso, W., Roccazzella, F., & Vrins, F. (2025). Business cycle and realized losses in the consumer credit industry. European Journal of Operational Research, 323(3), 1024-1039. https://doi.org/10.1016/j.ejor.2024.12.026 (Original work published 2025)
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Desagre, C., Laly, F., & Petitjean, M. (2025). Revisiting the trading activity of high-frequency trading firms around ultra-fast flash events. Financial Innovation, 11, 68. https://doi.org/10.1186/s40854-024-00726-z (Original work published 2025)
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Ben Naceur, S., Candelon, B., Elekdag, S., & Emrullahu, D. (2025). Is FinTech Eating The Bank’s Lunch? Journal of International Financial Management and Accounting. Accepted/in-press. https://doi.org/10.1111%2Fjifm.12242 (Original work published 2025)
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Bellofatto, A., Broihanne, M.-H., & D’Hondt, C. (2025). Financial knowledge acquisition and trading behavior: empirical evidence from an online information tool. Financial Markets and Portfolio Management, 39, 1-45. https://doi.org/10.1007/s11408-024-00459-0 (Original work published 2025)
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Kan, R., & Lassance, N. (2025). Optimal Portfolio Choice with Fat Tails and Parameter Uncertainty. Journal of Financial and Quantitative Analysis, 60(8), 3753-3790. (Original work published 2025)
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Candelon, B., & Roccazzella, F. (2025). Evaluating Inflation Forecasts in the Euro Area and the Role of the ECB. Journal of Forecasting, 44(3), 978-1008. https://doi.org/10.1002/for.3235 (Original work published 2025)
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Degryse, H., De Winne, R., Gresse, C., & Payne, R. (2025). Duplicated Orders, Swift Cancellations, and Fast Market Making in Fragmented Markets. Management science, 72(8), 7028-7054. https://doi.org/10.1287/mnsc.2023.01789 (Original work published 2026)
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2024Mazza, P., Petitjean, M., & Tohlukov, A. (2024). Financial Performance and The Legal Landscape: An International Study of Controversial Business Activities. Economics, Management, and Financial Markets, 19(2), 60-86. https://doi.org/10.22381/emfm19220244 (Original work published 2024)
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Kan, R., Lassance, N., & Wang, X. (2024). The distribution of sample mean-variance portfolio weights. Random Matrices: Theory and Applications, 13(1), 2450002. https://doi.org/10.1142/S2010326324500023 (Original work published 2024)
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D’Hondt, C., De Winne, R., & Todorovic, A. (2024). Target return as efficient driver of risk-taking. Review of Behavioral Finance, 16(1), 130-166. https://doi.org/10.1108/RBF-09-2022-0216 (Original work published 2024)
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Candelon, B., Joëts, M., & Mignon, V. (2024). What makes econometric ideas popular: The role of connectivity. Research Policy, 53(7), 105025. https://doi.org/10.1016/j.respol.2024.105025 (Original work published 2024)
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Feilian Xia, Thewissen, J., Shrestha, P., & Yan, S. (2024). The power of a name: Exploring the relationship between ICO name fluency and investor decision making. International Review of Financial Analysis, 93, 103142. https://doi.org/10.1016/j.irfa.2024.103142 (Original work published 2024)
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Hafner, C., & Wang, L. (2024). Dynamic portfolio selection with sector-specific regularization. Econometrics and Statistics, 32, 17-33. https://doi.org/10.1016/j.ecosta.2022.01.001 (Original work published 2024)
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Ansaram, K., & Petitjean, M. (2024). A Global Perspective on the Nexus Between Energy and Stock Markets in Light of the Rise of Renewable Energy. Energy Economics, 131, 107406. https://doi.org/10.1016/j.eneco.2024.107406 (Original work published 2024)
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D’Hondt, C., Roger, P., Hoffmann, A., & Plotkina, D. (2024). Is There a Gender Gap in the Birthday‐Number Effect? The Case of Lotto Players and the Role of Sequential Choice. Journal of Gambling Studies, 40, 1439-1463. https://doi.org/10.1007/s10899-024-10288-5 (Original work published 2024)
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De Bondt, W., De Winne, R., & D’Hondt, C. (2024). Measuring speculation beyond day trading and bets on lottery-like stocks. International Review of Financial Analysis, 96(A), 103632. https://doi.org/10.1016/j.irfa.2024.103632 (Original work published 2024)
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Plotkina, D., Hoffmann, A. O. I., Roger, P., & D’Hondt, C. (2024). Gender vs. personality: The role of masculinity in explaining cognitive style. Journal of Behavioral and Experimental Finance, 44. https://doi.org/10.1016/j.jbef.2024.100995 (Original work published 2024)
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Candelon, B., & Moura, R. (2024). A Multicountry Model of the Term Structures of Interest Rates with a GVAR. Journal of Financial Econometrics, 22(5), 1558-1587. https://doi.org/10.1093/jjfinec/nbae008 (Original work published 2024)
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Algieri, B., Iania, L., Leccadito, A., & Meloni, G. (2024). Message in a bottle: Forecasting wine prices. Journal of Wine Economics, 19, 64-91. https://doi.org/10.1017/jwe.2024.3 (Original work published 2024)
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2023
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Shrestha, P., Thewissen, J., Arslan‐Ayaydin, Ö., & Parhankangas, A. (2023). A sense of risk: Responses to crowdfunding risk disclosures. Strategic Entrepreneurship Journal, 17(4), 925-970. https://doi.org/10.1002/sej.1480 (Original work published 2023)
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Lassance, N. (2023). An Analytical Shrinkage Estimator for Linear Regression. Statistics & Probability Letters, 194, 109760. https://doi.org/10.1016/j.spl.2022.109760 (Original work published 2023)
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Vrins, F. (2023). SVB, Crédit Suisse, ... au suivant ? Regards économiques, Focus(30). https://doi.org/10.14428/regardseco2023.03.30.01 (Original work published 2023)
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Iania, L., Tretiakov, P., & Wouters, R. (2023). The risk premium in New Keynesian DSGE models: The cost of inflation channel. Journal of Economic Dynamics and Control, 155, 104732. https://doi.org/10.1016/j.jedc.2023.104732 (Original work published 2023)
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Vrins, F., & Wang, L. (2023). Asymmetric short-rate model without lower bound. Quantitative Finance, 23(2), 279-295. https://doi.org/10.1080/14697688.2022.2156384 (Original work published 2023)
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Barbagli, M., & Vrins, F. (2023). Accounting for PD-LGD dependency: A tractable extension to the Basel ASRF framework. Economic Modelling, 125, 106321. https://doi.org/10.1016/j.econmod.2023.106321 (Original work published 2023)
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Hafner, C., & Wang, L. (2023). A dynamic conditional score model for the log correlation matrix. Journal of Econometrics, 237(2), 105176. https://doi.org/10.1016/j.jeconom.2021.09.004 (Original work published 2023)
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Desagre, C., Paolo Mazza, & Petitjean, M. (2023). Crypto market dynamics in stressful conditions. Applied Economics. Accepted/in-press. https://doi.org/10.1080/00036846.2022.2108754 (Original work published 2023)
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Candelon, B., & Moura, R. (2023). Sovereign yield curves and the COVID-19 in emerging markets. Economic Modelling, 127, 106453. https://doi.org/10.1016/j.econmod.2023.106453 (Original work published 2023)
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Iania, L., Collage, R., & Vereycken, M. (2023). The Impact of Uncertainty in Macroeconomic Variables on Stock Returns in the USA. Journal of Risk and Financial Management, 16(3), 189. https://doi.org/10.3390/jrfm16030189 (Original work published 2023)
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Lassance, N., & Vrins, F. (2023). Portfolio Selection: A Target-Distribution Approach. European Journal of Operational Research, 310(1), 302-314. https://doi.org/10.1016/j.ejor.2023.02.014 (Original work published 2023)
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Roger, P., D’Hondt, C., Plotkina, D., & Hoffmann, A. (2023). Number 19: Another Victim of the COVID‐19 Pandemic? Journal of Gambling Studies (Online), 39(3), 1417-1450. https://doi.org/10.1007/s10899-022-10145-3 (Original work published 2023)
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Weber, M., Striaukas, J., Schumacher, M., & Binder, H. (2023). Regularized regression when covariates are linked on a network: the 3CoSE algorithm. Journal of Applied Statistics, 50(3), 535-554. https://doi.org/10.1080/02664763.2021.1982878 (Original work published 2023)
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Duterme, T. (2023). Bloomberg and the GameStop saga: the fear of stock market democracy. Economy and Society, 52(3), 373-398. https://doi.org/10.1080/03085147.2023.2189819 (Original work published 2023)
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Boulier, J.-F., D’Hondt, C., Jawadi, F., Prat, G., Rozin, P., & Taffler, R. (2023). How Do Investor’s Expectations and Emotions Drive Financial Asset Prices in Times of Crises and Uncertainty: The Analysis of Experts’ Opinions. Bankers, Markets & Investors, 2023/4(175), 3-12. (Original work published 2023)
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Algieri, B., Iania, L., & Leccadito, A. (2023). Looking ahead: Forecasting total energy carbon dioxide emissions. Cleaner Environmental Systems, 9, 100112. https://doi.org/10.1016/j.cesys.2023.100112 (Original work published 2023)
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2022Desagre, C., D’Hondt, C., & Petitjean, M. (2022). The rise of fast trading: Curse or blessing for liquidity? Finance : revue de l’Association française de finance, 43, 119-158. https://doi.org/10.3917/fina.pr.i (Original work published 2022)
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Belkhir, M., Ben Naceur, S., Candelon, B., & Wijnandts, J.-C. (2022). Macroprudential policies, economic growth and banking crises. Emerging Markets Review, 53, 100936. https://doi.org/10.1016/j.ememar.2022.100936 (Original work published 2022)
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Babii, A., Ghysels, E., & Striaukas, J. (2022). Machine Learning Time Series Regressions With an Application to Nowcasting. Journal of Business and Economic Statistics, 40(3), 1094-1106. https://doi.org/10.1080/07350015.2021.1899933 (Original work published 2022)
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Duterme, T. (2022). Do modern stock exchanges emerge from competition? Evidence from the “Belgian Big Bang”. Review of Evolutionary Political Economy, 3(2), 351-371. https://doi.org/10.1007/s43253-022-00069-4 (Original work published 2022)
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Mbaye, C., Sagna, A., & Vrins, F. (2022). A general firm value model under partial information. The Journal of Computational Finance, 26(1). https://doi.org/10.21314/JCF.2022.020 (Original work published 2022)
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Gambetti, P., Roccazzella, F., & Vrins, F. (2022). Meta-Learning Approaches for Recovery Rate Prediction. Risks, 10(6), 124. https://doi.org/10.3390/risks10060124 (Original work published 2022)
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Mbaye, C., & Vrins, F. (2022). Affine term structure models: a time-change approach with perfect fit to market curves. Mathematical Finance, 32(2), 678-724. https://doi.org/10.1111/mafi.12342 (Original work published 2022)
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Lassance, N., Vrins, F., & DeMiguel, V. (2022). Optimal portfolio diversification via independent component analysis. Operations research, 70(1), 55-72. https://doi.org/10.1287/opre.2021.2140 (Original work published 2022)
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Arslan-Ayaydin, Ö., Chen, S., Ni, S. X., & Thewissen, J. (2022). Is cross-listing a panacea for improving earnings quality? The case of H- and B-share firms in China. International Review of Financial Analysis, 81, 102113. https://doi.org/10.1016/j.irfa.2022.102113 (Original work published 2022)
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Hoffmann, A., Plotkina, D., Roger, P., & D’Hondt, C. (2022). Superstitious beliefs, locus of control, and feeling at risk in the face of Covid-19. Personality and Individual Differences, 196, 111718. https://doi.org/10.1016/j.paid.2022.111718 (Original work published 2022)
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D’Hondt, C., Merli, M., & Roger, T. (2022). What drives retail portfolio exposure to ESG factors? Finance Research Letters, 46(Part B), 102470. https://doi.org/10.1016/j.frl.2021.102470 (Original work published 2022)
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Lassance, N. (2022). Reconciling mean-variance portfolio theory with non-Gaussian returns. European Journal of Operational Research, 297(2), 729-740. https://doi.org/10.1016/j.ejor.2021.06.016 (Original work published 2022)
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Petitjean, M. (2022). Judging the functioning of equity markets in 2020: A bird’s-eye (re)view. Bankers, Markets, and Investors, 169, 1-11. https://doi.org/10.2139/ssrn.3769018 (Original work published 2022)
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Candelon, B., Luisi, A., & Roccazzella, F. (2022). Fragmentation in the European Monetary Union: Is it really over? Journal of International Money and Finance : theoretical and empirical research in international economics and finance, 122, 102545. https://doi.org/10.1016/j.jimonfin.2021.102545 (Original work published 2022)
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2025Candelon, B., & Hadzi-Vaskov, M. (2025). Convergence vs. Divergence in Emerging Market Sovereign Spreads. In Jaap Bos, Mark Sanders (eds) (ed.), Convincing Economics : Essays in honour of Prof. Dr. Clemens Kool (p. p. 93-111). Maastricht University Press. https://doi.org/10.26481/mup.2501
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