Banking and Finance

Research interests

The research team banking and finance is mainly oriented at high quality empirical research in the following research streams:

• Empirical asset pricing
• Behavioral Finance 
• Empirical banking and financial stability
• Financial development and institutions
• Market micro structure
• Exchange rates

Key publications

• Inghelbrecht, K., & Tedde, M. (2026). Effectiveness of warning signal and overconfident investors. Journal of Banking & Finance, 184, 107617.
• Vuković, D. B., Frömmel, M., Vigne, S. A., & Zinovev, V. (2025). Spillovers between cryptocurrencies and financial markets in a global framework. Journal of International Money and Finance, 150, 103235.
• Inghelbrecht, K., & Tedde, M. (2024). Overconfidence, financial literacy and excessive trading. Journal of Economic Behavior & Organization, 219, 152-195.
• Sanders, E., Simoens, M., & Vander Vennet, R. (2024). Curse and blessing: The effect of the dividend ban on euro area bank valuations and syndicated lending. Journal of Banking & Finance, 163, 107190.
• Menkveld, A. J., Dreber, A., Holzmeister, F., Huber, J., Johannesson, M., Kirchler, M., ... & Khomyn, M. K. (2024). Nonstandard errors. The Journal of Finance, 79(3), 2339-2390.
• Ardia, D., Bluteau, K., Boudt, K., & Inghelbrecht, K. (2023). Climate change concerns and the performance of green vs. brown stocks. Management Science, 69(12), 7607-7632.
• Boudt, K., Dragun, K., Sauri, O., & Vanduffel, S. (2023). ETF Basket-Adjusted Covariance estimation. Journal of Econometrics, 235(2), 1144-1171.
• Berger, A. N., Lamers, M., Roman, R. A., & Schoors, K. (2023). Supply and demand effects of bank bailouts: Depositors need not apply and need not run. Journal of Money, Credit and Banking, 55(6), 1397-1442.
• Present, T., Simoens, M., & Vander Vennet, R. (2023). European bank margins at the zero lower bound. Journal of International Money and Finance, 131, 102803.
• Soenen, N., & Vander Vennet, R. (2022). ECB monetary policy and bank default risk☆, Journal of International Money and Finance, 122, 102571.
• Garel, A., Petit-Romec, A., & Vander Vennet, R. (2022). Institutional shareholders and bank capital. Journal of Financial Intermediation, 50, 100960.
• Ardia, D., Bluteau, K., & Boudt, K. (2022). Media abnormal tone, earnings announcements, and the stock market. Journal of financial markets, 61, 100683.

• Atmaca, S., Schoors, K., and Verschelde, M. (2020). Bank loyalty, social networks and crisis. Journal of Banking and Finance, Vol. 112, 105269.

• Matthys, T., Meuleman, E., & Vander Vennet, R. (2020). Unconventional monetary policy and bank risk taking. Journal of International Money and Finance, 109.

• Boudt, K., Cornilly, D., & Verdonck, T. (2020). Nearest comoment estimation with unobserved factors. Journal of Econometrics, 217(2). p.381-397.

• Algaba, A., Ardia, D., Bluteau, K., Borms, S., and Boudt, K. (2020). Econometrics meets sentiment : an overview of methodology and applications. Journal of Economic Surveys, 34(3). p.512-547.

• Baele, L., Bekaert, G., Inghelbrecht, K., & Wei, M. (2020). Flights to safety. Review of Financial Studies, 33(2). p.689-746.

• Lamers, M., Mergaerts, F., Meuleman, E., & Vander Vennet, R. (2019). The tradeoff between monetary policy and bank stability, International Journal of Central Banking, 15(2). p.1-42.

• Bouchouicha, R., & Vieider, F. (2017). Accommodating stake effects under prospect theory. Journal of Risk and Uncertainty, 55(1). p.1-28.

• Elaut, G., Lampaert, K., & Frömmel, M. (2017). Intraday momentum in FX markets: disentangling informed trading from liquidity provision. Journal of Financial Markets, 37, 35-51.

• Boudt, K., Liu, F., & Sercu, P. (2016). Exporters' exposures to currencies : beyond the loglinear model, Review of Finance, 20(4), p.1631-1657.

• Baele, L., Bekaert, G., Cho, S., Inghelbrecht, K., & Moreno, A. (2015). Macroeconomic regimes. Journal of Monetary Economics, 70, 51-71.
• Karas, A., Pyle, W., & Schoors, K. (2013). Deposit insurance, banking crises, and market discipline: evidence from a natural experiment on deposit flows and rates. Journal of Money Credit and Banking, 45(1), 179-200.
• Baele, L., Bekaert, G., & Inghelbrecht, K. (2010). The determinants of stock and bond return comovements. Review of Financial Studies, 23(6), 2374-2428.
  • All publications

Recent PhD graduates

_{First or current placement (when available) in parenthesis}

• Shilin Zhang, September 2025, Shopping in Big Chapter 11 Bankruptcies
• Qisi Zhang, September 2025, Microstructure Approach to the Chinese Yuan "One Currency, Two Markets"
• Mathieu Simoens, August 2025, Banking in challenging times : an empirical analysis in Europe
• Mariachiara Tedde, December 2024, Financial Literacy and Investor Trading Behavior : The Impact of Overconfidence, Warning Signals and Financial Attention
• Wenqiong Liu, June 2024, Essays on Empirical Asset Pricing
• Nicolas De Vijlder, October 2023, Essays on land and credit markets : the Southern Low Countries, 1400-1900
• Tom Eeckhout, August 2023, Measuring corruption, intergenerational mobility and human capital using trace data : evidence from Russia
• Nicolas Soenen, June 2022, Regulation, monetary policy and bank risk
• Dimitrios Kolokas, June 2022, Essays in financial innovation and sustainability
• Thomas Present, March 2022, Banking and regulation in Europe after the Great Financial Crisis
• Kobra Ahmadpour, December 2021, Essays in Behavioral Finance: Investor Response to Oil Spills, and Hedge Fund and CTA Managers' Risk Shifting Behavior
• Jessie Vantieghem, July 2021, Credit Rating Agencies and Their Role of Disseminating Information
• Raheel Asif, May 2021, Essays on Asset Pricing, Financial Crisis, and Market Efficiency
• Kevin Hoefman, November 2020, Live agent-based models
• Elien Meuleman, October 2020, Macroprudential policy, monetary policy and bank stability in Europe
• Andres Algaba, August 2020,  Predictive data filters for timely economic and financial decision making
• Thi Xuan Linh Nguyen, August 2020, Corporate sustainability performance in the emerging East Asian markets
• Sümeyra Atmaca, March 2020, Institutions and networks
• Carel Johannes van der Merwe, January 2020, Classifying yield spread movements in sparse data through triplots
• Milan van den Heuvel, September 2019, Addressing socioeconomic challenges with micro-level trace data (Ghent University)
• Hannes Stieperaere, June 2019, Investor behavior and the effect on financial markets (National Bank of Belgium)
• Frederik Mergaerts, Maart 2019, Essays in financial economics (De Nederlandsche Bank)
• Annelies Hoebeeck, February 2019, The tax benefit for mortgage payments : incentive effects and implications for house prices (Flemish Government Department for Finance and Budget)
• Vu Ha Phuoc, December 2018, Governance and Firm Efficiency in Vietnam (Danang University of Economics, Vietnam)
• Thomas Matthys, December 2018, Topics in Financial Economics (Vlerick Business School)