Business School

Prof Chris Veld

  • Professor (Accounting and Finance)

email: Chris.Veld@glasgow.ac.uk


Main research interests

Main: Why do companies issue convertible bonds?; Pricing of convertible bonds; Behaviour of individual investors.

Secondary: Empirical research on the pricing of derivative securities; Dividend policy; Corporate spin-offs.

Biography

Chris Veld obtained his PhD in Finance from Tilburg University in the Netherlands (1992). After that, Chris was affiliated with Tilburg University until 2004 in different capacities: Assistant Professor (1992-1993), Associate Professor (1994-1999), and Full Professor (1999-2004). From 1999 to 2004 Chris also held a part-time Chair in Personal Financial Planning, sponsored by Rabobank. During his time in Tilburg, Chris held visiting positions at McGill University in Montreal (1998) and at York University in Toronto (2002). From July 2004 to September 2006 Chris was at Simon Fraser University in Vancouver, after which he joined the University of Stirling in September 2006. In 2010 he visited the University of Melbourne. He joined Accounting & Finance at the University of Glasgow in January 2011.

Chris has published on a large amount of different topics, such as dividends, capital structure, the pricing of derivative securities, and corporate spin-offs. His publications appeared in journals such as The Journal of Finance, Journal of Financial and Quantitative Analysis, Financial Management, Journal of Banking and Finance, Journal of Corporate Finance, and European Financial Management.

Currently he has two main research interests. The first is the behaviour of individual investors. He has recently published a paper on this topic on the risk perceptions of individual investors (in Journal of Economic Psychology; with Yulia Veld-Merkoulova). Currently he is studying how mood affects investor behaviour (with Guy Kaplanski, Haim Levy, and Yulia Veld-Merkoulova). This latter project is financed by the Dutch Science Foundation (NWO). His second research interest is on the question why companies issue convertible bonds. This has already led to publications in Financial Management (with Yuriy Zabolotnyuk and Robert Jones) and in Financial Analysts Journal (with Igor Loncarski and Jenke ter Horst). Currently he is working on a paper in which he holds interviews with managers of companies that recently issued convertible bonds (with Ming Dong and Marie Dutordoir). In addition, he is working on a study on why the announcement effects associated with convertible bond issues have declined over recent years (with Eric Duca, Marie Dutordoir, and Patrick Verwijmeren). The convertible bond projects are funded by ICAS, Carnegie Trust for Universities of Scotland, and Social Sciences and Humanities Research Council of Canada.

Chris is on the editorial board of several academic journals, including European Financial Management, Canadian Journal of Administrative Sciences, and Review of Futures Markets.

Interesting link: www.ugcs.caltech.edu/~snails/rankmaniac/2012/images.html

Jump to: 2012 | 2010 | 2009 | 2008 | 2007 | 2006
Number of items: 16.

2012

Duca, E., Dutordoir, M., Veld, C. , and Verwijmeren, P. (2012) Why are convertible bond announcements associated with increasingly negative issuer stock returns? An arbitrage-based explanation. Journal of Banking and Finance . ISSN 0378-4266 (doi:10.1016/j.jbankfin.2012.03.019) (In Press)

2010

Zabolotnyuk, Y., Jones, R., and Veld, C. (2010) An empirical comparison of convertible bond valuation models. Financial Management, 39 (2). pp. 675-706. ISSN 0046-3892 (doi:10.1111/j.1755-053X.2010.01088.x)

2009

Veld, C., and Veld-Merkoulova, Y.V. (2009) Value creation through spin-offs: a review of the empirical evidence. International Journal of Management Reviews, 11 (4). pp. 407-420. ISSN 1460-8545 (doi:10.1111/j.1468-2370.2008.00243.x)

Loncarski, I., ter Horst, J., and Veld, C. (2009) The rise and demise of the convertible arbitrage strategy. Financial Analysts Journal, 26 (4). pp. 35-50. ISSN 0015-198X

Dong, M., Robinson, C., and Veld, C. (2009) Why individual and professional investors want dividends. In: Baker, H.K. (ed.) Dividends and Dividend Policy. John Wiley & Sons, Hoboken, NJ, pp. 405-420. ISBN 9780470455807

Szymanowska, M., Ter Horst, J., and Veld, C. (2009) Reverse convertible bonds analyzed. Journal of Futures Markets, 29 (10). pp. 895-919. ISSN 0270-7314 (doi:10.1002/fut.20397)

2008

Loncarski, I., Ter Horst, J., and Veld, C. (2008) Why do companies issue convertible bond loans? An empirical analysis for the Canadian market. Canadian Journal of Administrative Sciences, 25 (3). pp. 214-236. ISSN 0825-0383 (doi:10.1002/cjas.64)

Ter Horst, J., and Veld, C. (2008) An empirical analysis of the pricing of bank issued options versus options exchange options. European Financial Management, 14 (2). pp. 288-314. ISSN 1354-7798 (doi:10.1111/j.1468-036X.2007.00394.x)

Veld, C. (2008) Equity markets. In: Darity, W.A. (ed.) International Encyclopedia of the Social Sciences. MacMillan Reference USA, Detroit, USA, pp. 623-624. ISBN 9780028659671

Veld, C. (2008) Risk-return tradeoff. In: Darity, W.A. (ed.) International Encyclopedia of the Social Sciences. MacMillan Reference USA, Detroit, USA, pp. 255-256. ISBN 9780028659725

Veld, C., and Veld-Merkoulova, Y.V. (2008) The risk perceptions of individual investors. Journal of Economic Psychology, 29 (2). pp. 226-252. ISSN 0167-4870 (doi:10.1016/j.joep.2007.07.001)

Veld, C., and Veld-Merkoulova, Yulia V. (2008) An empirical analysis of the stockholder-bondholder conflict in corporate spin-offs. Financial Management, 37 (1). pp. 102-124. ISSN 1755-053X (doi:10.1111/j.1755-053X.2008.00006.x)

2007

Poitras, G., Veld, C. , and Zabolotnyuk, Y. (2007) Put-call parity and the early exercise premium for currency options. Review of Futures Markets, 16 (2). Art. 1. ISSN 1933-7116

Veld, C., and Veld-Merkoulova, Y. (2007) Portfolio diversification benefits of investing in stamps. Journal of Alternative Investments, 10 (1). pp. 56-61. ISSN 1520-3255

2006

Loncarski, I., ter Horst, J., and Veld, C. (2006) Why do companies issue convertible bonds: a review of theory and empirical evidence. In: Renneboog, L. (ed.) Advances in Corporate Finance and Asset Pricing. Elsevier, pp. 311-339. ISBN 9780444527233

Veld, C., and Veld-Merkoulova, Y. (2006) The announcement effects and long-run stock market performanace of corporate spin-offs: international evidence. In: Renneboog, L. (ed.) Advances in Corporate Finance and Asset Pricing. Elsevier, pp. 105-132. ISBN 9780444527233

This list was generated on Fri May 25 02:36:57 2012 BST.

I am interested in supervising PhD-students that are in my areas of research interest (Why do companies issue convertible bonds?; Pricing of convertible bonds; Behaviour of individual investors; Dividend policy; Corporate spin-offs).

General topics in which I am interested are empirical corporate finance (including dividend policy), empirical research on the pricing of derivative securities, and projects on the behaviour of individual investors.