Adam Smith Business School

Prof Chris Veld

2013
  • 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.

List all by: Type | Date

Jump to: 2013 | 2012 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000
Number of items: 31.

2013

Abdul Rahim, N., Goodacre, A., and Veld, C. (2013) Wealth effects of convertible-bond and warrant-bond offerings: a meta-analysis. European Journal of Finance . ISSN 1351-847X (doi:10.1080/1351847X.2012.712920) (In Press)

Dong, M., Loncarski, I., Horst, J.t., and Veld, C. (2013) What drives security issuance decisions: Market timing, pecking order, or both? Financial Management, 41 (3). pp. 637-663. ISSN 0046-3892 (doi:10.1111/j.1755-053X.2012.01213.x)

Kaplanski, G., Levy, H., Veld, C., and Veld-Merkoulova, Y. (2013) Do happy people make optimistic investors? Journal of Financial and Quantitative Analysis . ISSN 0022-1090 (In Press)

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, 36 (11). pp. 2884-2899. ISSN 0378-4266 (doi:10.1016/j.jbankfin.2012.03.019)

Veld, C., and Zabolotnyuk, Y. (2012) The optimal call policy for convertible bonds: Is there a market memory effect? Applied Economics Letters, 19 (7). pp. 661-664. ISSN 1350-4851 (doi:10.1080/13504851.2011.593494)

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. (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

Duffhues, P., and Veld, C. (2006) Opties en warrants op nationale en internationale kapitaalmarkten [Options and warrants on national and international capital markets]. In: Duffhues, P.J.W. (ed.) Financiering, Belegging en Verzekering: Convergentie van Financiële Markten. Kluwer, Deventer, The Netherlands, pp. 199-225. ISBN 9789013033618

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

2005

Dong, M., Robinson, C., and Veld, C. (2005) Why individual investors want dividends. Journal of Corporate Finance, 12 (1). pp. 121-158. ISSN 0929-1199 (doi:10.1016/j.jcorpfin.2004.04.006)

Veld, C. (2005) Convertibles. In: Garrett, I. (ed.) Blackwell Encyclopedia of Management: Finance. Series: Blackwell encyclopedia of management (4). Blackwell Publishing, Oxford, UK, pp. 27-28. ISBN 9781405118262

Veld, C. (2005) Warrants. In: Garrett, I. (ed.) Blackwell Encyclopedia of Management: Finance. Series: Blackwell encyclopedia of management (4). Blackwell Publishing, Oxford, UK, pp. 218-219. ISBN 9781405118262

2004

Veld, C., and Veld-Merkoulova, Y. (2004) Do spin-offs really create value? The European case. Journal of Banking and Finance, 28 (5). pp. 1111-1135. ISSN 0378-4266 (doi:10.1016/S0378-4266(03)00045-1)

2003

De Jong, A., Van Dijk, R., and Veld, C. (2003) The dividend and share repurchase policies of Canadian firms: empirical evidence based on an alternative research design. International Review of Financial Analysis, 12 (4). pp. 349-377. ISSN 1057-5219 (doi:10.1016/S1057-5219(03)00030-9)

Veld, C. (2003) Analysis of a practical formula for the valuation of employee stock options. Applied Economics Letters, 10 (4). pp. 205-208. ISSN 1350-4851 (doi:10.1080/13504850210161878)

Veld, C. (2003) Warrant pricing: a review of empircal research. European Journal of Finance, 9 (1). pp. 61-91. ISSN 1351-847X (doi:10.1080/13518470110047648)

2002

Veld, C., and Veld-Merkoulova, Y. (2002) Zichzelf verarmende topmanagers [Top managers who make themselves poorer]. Economisch Statistische Berichten, 87 (4380). pp. 764-765. ISSN 0013-0583

2001

De Jong, A., and Veld, C. (2001) An empirical analysis of incremental capital structure decisions under managerial entrenchment. Journal of Banking and Finance, 25 (10). pp. 1857-1895. ISSN 0378-4266 (doi:10.1016/S0378-4266(00)00163-1)

2000

Veld, C., and Veld-Merkoulova, Y. (2000) Private investor, do not count yourself rich [in Dutch]. Economisch Statistische Berichten . pp. 934-935. ISSN 0013-0583

This list was generated on Tue May 21 10:59:57 2013 BST.
Jump to: Article | Book Section
Number of items: 31.

Article

Abdul Rahim, N., Goodacre, A., and Veld, C. (2013) Wealth effects of convertible-bond and warrant-bond offerings: a meta-analysis. European Journal of Finance . ISSN 1351-847X (doi:10.1080/1351847X.2012.712920) (In Press)

Dong, M., Loncarski, I., Horst, J.t., and Veld, C. (2013) What drives security issuance decisions: Market timing, pecking order, or both? Financial Management, 41 (3). pp. 637-663. ISSN 0046-3892 (doi:10.1111/j.1755-053X.2012.01213.x)

Kaplanski, G., Levy, H., Veld, C., and Veld-Merkoulova, Y. (2013) Do happy people make optimistic investors? Journal of Financial and Quantitative Analysis . ISSN 0022-1090 (In Press)

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, 36 (11). pp. 2884-2899. ISSN 0378-4266 (doi:10.1016/j.jbankfin.2012.03.019)

Veld, C., and Zabolotnyuk, Y. (2012) The optimal call policy for convertible bonds: Is there a market memory effect? Applied Economics Letters, 19 (7). pp. 661-664. ISSN 1350-4851 (doi:10.1080/13504851.2011.593494)

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)

Veld, C., and Veld-Merkoulova, Y. (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

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)

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., 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)

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

Dong, M., Robinson, C., and Veld, C. (2005) Why individual investors want dividends. Journal of Corporate Finance, 12 (1). pp. 121-158. ISSN 0929-1199 (doi:10.1016/j.jcorpfin.2004.04.006)

Veld, C., and Veld-Merkoulova, Y. (2004) Do spin-offs really create value? The European case. Journal of Banking and Finance, 28 (5). pp. 1111-1135. ISSN 0378-4266 (doi:10.1016/S0378-4266(03)00045-1)

De Jong, A., Van Dijk, R., and Veld, C. (2003) The dividend and share repurchase policies of Canadian firms: empirical evidence based on an alternative research design. International Review of Financial Analysis, 12 (4). pp. 349-377. ISSN 1057-5219 (doi:10.1016/S1057-5219(03)00030-9)

Veld, C. (2003) Analysis of a practical formula for the valuation of employee stock options. Applied Economics Letters, 10 (4). pp. 205-208. ISSN 1350-4851 (doi:10.1080/13504850210161878)

Veld, C. (2003) Warrant pricing: a review of empircal research. European Journal of Finance, 9 (1). pp. 61-91. ISSN 1351-847X (doi:10.1080/13518470110047648)

Veld, C., and Veld-Merkoulova, Y. (2002) Zichzelf verarmende topmanagers [Top managers who make themselves poorer]. Economisch Statistische Berichten, 87 (4380). pp. 764-765. ISSN 0013-0583

De Jong, A., and Veld, C. (2001) An empirical analysis of incremental capital structure decisions under managerial entrenchment. Journal of Banking and Finance, 25 (10). pp. 1857-1895. ISSN 0378-4266 (doi:10.1016/S0378-4266(00)00163-1)

Veld, C., and Veld-Merkoulova, Y. (2000) Private investor, do not count yourself rich [in Dutch]. Economisch Statistische Berichten . pp. 934-935. ISSN 0013-0583

Book Section

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

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

Duffhues, P., and Veld, C. (2006) Opties en warrants op nationale en internationale kapitaalmarkten [Options and warrants on national and international capital markets]. In: Duffhues, P.J.W. (ed.) Financiering, Belegging en Verzekering: Convergentie van Financiële Markten. Kluwer, Deventer, The Netherlands, pp. 199-225. ISBN 9789013033618

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

Veld, C. (2005) Convertibles. In: Garrett, I. (ed.) Blackwell Encyclopedia of Management: Finance. Series: Blackwell encyclopedia of management (4). Blackwell Publishing, Oxford, UK, pp. 27-28. ISBN 9781405118262

Veld, C. (2005) Warrants. In: Garrett, I. (ed.) Blackwell Encyclopedia of Management: Finance. Series: Blackwell encyclopedia of management (4). Blackwell Publishing, Oxford, UK, pp. 218-219. ISBN 9781405118262

This list was generated on Tue May 21 10:59:57 2013 BST.

Currently not accepting PhD students.

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.

Current PhD students

Amna Noor Chaudhry

PhD topic: Financial Conservatism and Stock Market Return.

Co-supervisor - Dr Evangelos Vagenas-Nanos

Daniel Gyimah

Hui Li

Co-supervisor  - Dr Antonios Siganos