MARC DELOOF CURRICULUM VITAE

MARC DELOOF CURRICULUM VITAE CONTACT Accounting and Finance Department University of Antwerp Prinsstraat 13 2000 Antwerp, Belgium Tel: +32-3-265 41 69 Fax: +32-3-265 47 99 E-mail: Marc.Deloof@ua.ac.be Web page: http://www.ua.ac.be/marc.deloof EDUCATION (1996) Ph.D. in Economics, summa cum laude, Free University of Brussels. Dissertation on Corporate Liquidity and Group Structures. Evidence from Belgian Firms (1989) Master in Tax Management, cum laude, Free University of Brussels (1988) Master in Economics, cum laude, Free University of Brussels ACADEMIC POSITIONS Current positions (since January 2012) Full Professor of Finance at the University of Antwerp Previous positions (2008-2011) Professor of Finance at the University of Antwerp (2001-2007) Associate Professor of Finance at the University of Antwerp (2000-2001) Assistant Professor of Finance at the University of Antwerp (UFSIA) (2008-2011) Professor of Finance (20% appointment) at the Louvain School of Management of the Université catholique de Louvain (2000-2007) Guest Lecturer (10% appointment) at Ghent University (1998-2000) Assistant Professor of Finance (50% appointment) at Ghent University and the Vlerick Leuven Ghent School for Management (1997-2000) Assistant Professor of Finance (20% appointment) at Hasselt University (formerly Limburgs Universitair Centrum) (1997-2000) Post-doctoral researcher of the Fund for Scientific Research - Flanders at the Free University of Brussels (1996-1997) Doctor-assistant at the Free University of Brussels (1988-1989, 1990-1996) Teaching and Research Assistant at the Free University of Brussels (1989-1990) Military service at the Royal Military Academy, Brussels 1

HONOURS AND AWARDS Honorary professorship at the Hull University Business School (2010-2012) Best Paper Award in the category Accounting History, at the annual congress of the European Accounting Association, Rotterdam, 23-25 April 2008 Postdoctoral fellowship of the Flemish Fund for Scientific Research (1997-2000) PUBLICATIONS Refereed Publications in English Rommens A., L. Cuyvers, M. Deloof, Dividend Policies of Privately Held Companies: Stand Alone Companies and Group Companies in Belgium, European Financial Management, accepted for publication. Annaert J., F. Buelens, L. Cuyvers, M. De Ceuster, M. Deloof, A. De Schepper (2011), Do market indices capture the general market sentiment? The case of the Brussels Stock Exchange 1833-2005, Financial History Review, vol. 18 no. 3, pp. 277-308. Deloof M., W. Van Overfelt (2011), Trade credit policies and bank relationships in Belgium before World War I, Applied Economics, vol. 43 no. 13, pp. 1647-1655. Du, Y., M. Deloof, A. Jorissen (2011), Active boards of directors in foreign subsidiaries, Corporate Governance: An International Review, vol. 19 no. 2, pp. 153-168. Boytsun A., M. Deloof, P. Matthyssens (2011), Social norms, social cohesion, and corporate governance, Corporate Governance: An International Review, vol. 19 no. 1, pp. 41-60. Deloof M., A. Roggeman, W. Van Overfelt (2010), Bank Affiliations and Corporate Dividend Policy in Pre-World War I Belgium, Business History, vol. 52, no. 4, pp. 594 620. Molly V., E. Laveren, M. Deloof (2010), Family business succession and its impact on financial structure and performance, Family Business Review, vol. 23 no. 2, pp. 131-147. Van Overfelt W., M. Deloof, A. Vanstraelen (2010), The quality of unregulated financial reporting: evidence from the early 20th century, European Accounting Review, vol. 19 no. 1, pp. 7 34. Beuselinck, C., M. Deloof, C. Manigart (2009), Private equity involvement and earnings quality, Journal of Business Finance and Accounting, vol. 36 no. 5/6, pp. 587-615. Van Overfelt, W., J. Annaert, M. De Ceuster, M. Deloof (2009), Do universal banks create value? Universal bank affiliation and company performance in Belgium, 1905-1909, Explorations in Economic History, vol. 46 no. 2, pp. 253-265. Deloof M., W. De Maeseneire, K. Inghelbrecht (2009), How do investment banks value initial public offerings (IPOs)?, Journal of Business Finance and Accounting, vol. 36 no. 1/2, pp. 130-160. Beuselinck, C., M. Deloof, C. Manigart (2008), Private equity investments and disclosure policy, European Accounting Review, vol. 17 no. 4., pp. 607-639. Buysschaert A., M. Deloof, M. Jegers, A. Rommens (2008), Is group affiliation profitable in developed countries? Belgian evidence, Corporate Governance: An International Review, vol. 16 no. 6, pp. 504-518. Deloof M., W. Van Overfelt (2008), 'Were modern capital structure theories valid in Belgium before World War I?', Journal of Business Finance and Accounting, vol. 35 no. 3/4, April/May, pp. 491-515. 2

Heyman D., M. Deloof, H. Ooghe (2008), The financial structure of privately held Belgian firms, Small Business Economics, vol. 30 no. 3, March, pp. 301-313. Deloof M., I. Lagaert, I. Verschueren (2007), Leases and debt: substitutes or complements? Evidence from Belgian SMEs, Journal of Small Business Management, vol. 45 no. 4, October, pp. 491-500. Verschueren I., M. Deloof (2006), How does intragroup financing affect leverage: Belgian evidence, Journal of Accounting, Auditing and Finance, vol. 21 no. 1, Winter, pp. 83-108 Buysschaert A., M. Deloof, M. Jegers (2004), Equity sales in Belgian corporate groups: Expropriation of minority shareholders?, Journal of Corporate Finance, vol 10. no. 1, pp. 81-103 Deloof M. (2003), Does working capital management affect profitability of Belgian firms?, Journal of Business Finance and Accounting, vol 30 no. 3/4, April/May, pp. 573-587 Deloof M. (2001), Belgian Intragroup Relations and the Determinants of Corporate Liquid Reserves, European Financial Management, vol. 7 no. 3, September, pp. 375-392 Deloof M., S. Manigart (2000), How will the euro affect corporate finance?, in H. Ooghe, F. Heylen F. and R. Vander Vennet (eds.), The Economic and Business Consequences of EMU: A Challenge for Governments, Financial Institutions and Firms, Kluwer Academic Publishers (ISDN 0-7923-7964-0), pp. 411-438 Deloof M., M. Jegers (1999), Trade Credit, Corporate Groups, and the Financing of Belgian Firms, Journal of Business Finance and Accounting, vol. 26 no. 7/8, September/October, pp. 945-966 Deloof M., I. Verschueren (1999), Are Leases and Debt Substitutes? Evidence from Belgian Firms, Financial Management, vol. 28 no. 2, Summer, pp. 91-95 Deloof M. (1998), Corporate Groups, Liquidity, and Overinvestment by Belgian Firms Quoted on the Brussels Stock Exchange, Managerial and Decision Economics, vol. 19 no. 1, February, pp. 31-41 Deloof M. (1998), Internal Capital Markets, Bank Borrowing, and Financing Constraints: Evidence from Belgian Firms, Journal of Business Finance and Accounting, vol. 25 no. 7/8, September/October, pp. 945-968 Deloof M., M. Jegers (1996), Trade Credit, Product Quality, and Intragroup Sales: Some European Evidence, Financial Management, vol. 25 no. 3, Autumn, pp. 33-43 Refereed Publications in Dutch Annaert J., F. Buelens, L. Cuyvers, M. De Ceuster, M. Deloof, A. De Schepper (2007), Evolutie van de TOP 20 aandelen van de Brusselse Beurs vanaf 1832, Bank- en Financiewezen, vol. 71, no. 5, pp. 302-307. Deloof, M. (2007), Creëren holdings en ondernemingsgroepen waarde?, in E. Claessens and A. Jorissen (eds.), Liber Amicorum ter ere van het pre-emeritaat van Carl Reyns, Antwerp, Universitas (ISDN 9789033700279), pp. 59-72. Beuselinck, C., M. Deloof (2006), De impact van groepsaffiliaties op de effectieve belastingsdruk van Belgische ondernemingen, Revue Bancaire et Financière/Bank- en Financiewezen, vol. 60, no. 2, pp. 62-66 Buysschaert A., M. Deloof, M. Jegers (2005) Economische analyse van ondernemingsgroepen: een literatuuroverzicht, Tijdschrift voor Economie en Management, vol. 50 no. 2, April, pp. 187-228 Deloof M. (2000), Drijfveren voor Winstmanagement voor Belgische Beurs en Niet- Beursgenoteerde Ondernemingen: Een Commentaar door H. Vander Bauwhede, A. 3

Gaeremynck en M. Willekens, Tijdschrift voor Economie en Management, vol. 45 no. 3, pp. 105-108 Deloof M., S. Manigart (2000), De Verwachte Impact van de Euro op de Bedrijfsfinanciering, in H. Ooghe, F. Heylen and R. Vander Vennet (eds.), EMU: Dé Uitdaging, Gent, Vereniging voor Economie (ISDN 90-5852-102-8), pp. 565-593 Stevens P., M. Deloof (1998), Hebben adviezen van Belgische beleggingsbladen enige waarde?, Revue de la Banque/Bank- en Financiewezen, vol. 62 no. 3, March, pp. 131-137 Deloof M., I. Verschueren (1998), Informatieproblemen, ondernemingsfinanciering en liquide reserves van Belgische ondernemingen, in R. De Bondt en R. Veugelers, Informatie en Kennis in de Economie, Leuven, Universitaire Pers Leuven Leuven (ISDN 90-6186-865-3), pp. 479-499 Deloof M., I. Verschueren (1998), De Determinanten van de Kapitaalstructuur van Belgische Ondernemingen, Tijdschrift voor Economie en Management, vol. 42 no. 2, pp. 165-188 Deloof M. (1997), Bedrijfskapitaal als Bron van Middelen, Kwartaalschrift Accountancy & Bedrijfskunde, vol. 22 no. 1, pp. 18-30 Deloof M. (1995), Financieringsbeperkingen, Liquiditeit en Investeringen van Grote Belgische Ondernemingen, Cahiers Economiques de Bruxelles no. 145, pp. 55-92 Deloof M. (1995), Verbondenheid en Financiering van Belgische Ondernemingen, Maandschrift Economie, vol. 58 no. 4, pp. 298-323 Deloof M. (1994), De Waarde van Ondernemingsliquiditeit, Economisch en Sociaal Tijdschrift, vol. 48 no. 2, June, pp. 187-218 Books Deloof M., S. Manigart, H. Ooghe, C. Van Hulle (2008), Handboek Bedrijfsfinanciering (3 rd edition), Intersentia (ISDN 978-90-5095-550-8) Ooghe H., M. Deloof, S. Manigart (2003), Handboek Bedrijfsfinanciering (2nd edition), Intersentia (ISDN 90-5095-329-8) Ooghe H., M. Deloof, S. Manigart (2002), Handboek Bedrijfsfinanciering, Intersentia (ISDN 90-5095-235-6) Other publications Buysschaert A., M. Deloof, M. Jegers (2003), Corporate governance: de Belgische situatie in het licht van de economische theorie, Maandschrift Accountancy en Bedrijfskunde, vol. 23 no. 4, pp. 14-22 Deloof M. (2003), De waardering van beursintroducties, Financieel Management, vol 6 no. 8/9, pp. 10-13 Deloof M., L. Van Hove (1992) Wordt Steenkool Opnieuw Uitgevonden?, Solvay Business Review, no. 1, pp. 23-33 Van den Panhuyzen W., M. Deloof, L. Van Hove (1991) Ondergrondse Vergassing van Steenkool, Energie en Milieu, vol. 7 no. 5, pp. 169-174 Deloof M., W. Van den Panhuyzen (1989) The Economics of Underground Coal Gasification, Energy supply in the 1990's and beyond, I.A.E.E., Washington, pp. 56-64 4

RESEARCH GRANTS (2011) National Bank of Belgium: 32.420 euro, for the project Investment Returns in the Long Run: Evidence from Belgium 1838-2010 (project leader, with Jan Annaert) (2009-2013) IWT-Vlaanderen (Institute for the Promotion of Innovation by Science and Technology in Flanders), Strategic Research Program: 2.156.724 euro, for the project Effective governance in private organizations: the influence of multiple stakeholders incentives on organizational outcome and the mediating role of governance (with Christophe Boone, Marc Jegers, Ann Jorissen, Christoph Van der Elst, Arjen van Witteloostuijn) (2009-2010) University of Antwerp BOF Research Fund: 7.500 euro, for the project The 'value' of bank relationships during a financial crisis: Evidence from Belgium in the 1930s (project leader) (2008-2009) IWT-Vlaanderen (Institute for the Promotion of Innovation by Science and Technology in Flanders), Strategic Research Program (SBO-voortraject): 185.000 euro, for the project Effective governance in private organizations (with Christophe Boone, Marc Jegers, Ann Jorissen, Christoph Van der Elst, Arjen van Witteloostuijn) (2007-2010) Fund for Scientific Research-Flanders: 240.000 euro, for the project Business groups, political connections and institutions: a long-term analysis (project leader, with Ludo Cuyvers) (2006) National Bank of Belgium: 38.210 euro, for the project Configuration of a BEL-20 stock index for stocks listed on the Brussels Stock Exchange in the period 1832-2005 (with Jan Annaert, Ludo Cuyvers, Marc De Ceuster, Greta Devos, Helma Houtman-Desmedt and Jan Paredaens) (2006-2007) University of Antwerp BOF Research Fund: 7.500 euro, for the project Taxes and Income Shifting in Multinational Corporations (project leader) (2004-2007) Fund for Scientific Research-Flanders: 224.800 euro, for the project Causes and Consequences of Interlocking Directorships and Seat Accumulation in Belgian Companies (project leader, with Ludo Cuyvers) (2003) University of Antwerp - UFSIA-SFO: 9.000 euro, for the project Causes and consequences of interlocking directorates and seat accumulation in Belgian companies, (project leader) (2002-2005) Fund for Scientific Research-Flanders: 227.467 euro, for the project "The Financing Policies of Belgian Listed Companies: A Long Term Perspective" (project leader, with Jan Annaert, Marc De Ceuster) (2002-2005) Fund for Scientific Research-Flanders: 210.115 euro, for the project "Financing decisions, taxes, and earnings management by Belgian firms" (with Sophie Manigart) (1999-2003) Fund for Scientific Research-Flanders: 203.669 euro + 53.120 euro, for the project "The role of integrated financial management in corporate groups: A theoretical and empirical analysis" (with Marc Jegers) CONFERENCE ACTIVITIES Organization of conferences, workshops and seminars 2012: Organizer (jointly with Jan Annaert, Marc De Ceuster and Eddy Laveren) of the Belgian Financial Research Forum, Antwerp, 25 April 2010: Member of the organizing committee and the scientific committee of the UCSIA Conference on Morals and Banking, Antwerp, December 1-3; Organizer of the Financial 5

History Workshop, Antwerp, May 19; Member of the program committee of the FMA European conference, Hamburg, June 9-11 2009: Organizer of the seventh Corporate Finance Day, Antwerp, September 17 2007: Organizer of the Workshop on Internal Capital Markets, Antwerp, September 19 2006: Chairman of the organising committee and member of the scientific committee of the international conference on Long-Term Perspectives on Business, Finance and Institutions: What Can We Learn from the Past?, Antwerp, October 18-19 2003: Scientific coordinator of the bi-annual meeting of the Flemish Economic Association (V.V.E.), October 2002: Chairman and organizer of the first Corporate Finance Day, Antwerp, September 25 1997: Chairman an organizer of the second meeting of the Belgian Financial Research Forum, Brussels, April 25 1995: Member of the organisational committee of the 22nd Congress of the Flemish Economic Association, Brussels, October 20-21 Invited seminars (ca: paper presented by co-author) 2011: University of Calabria, Hull University Business School, Universidad Carlos III de Madrid (ca), INSEAD Fontainebleau (ca) 2010: University of Hull, Katholieke Universiteit Leuven, University of Oslo (ca), Erasmus University Rotterdam (ca), London School of Economics (ca) 2009: University of Bologna, Queen s University Belfast, University of Mannheim (ca), Katholieke Universiteit Leuven (ca), Vrije Universiteit Brussel (ca) 2008: Université du Luxembourg, EM Lyon Business School 2007: University of Stirling 2006: Katholieke Universiteit Leuven 2005: Erasmus Universiteit Rotterdam, Tilburg University 2004: Vrije Universiteit Amsterdam (ca) 2003: Université Catholique de Louvain, Katholieke Universiteit Leuven (ca) 2002: Katholieke Universiteit Leuven (ca) 1999: Katholieke Universiteit Leuven, Ghent University, University of Antwerp UFSIA 1998: Erasmus Universiteit Rotterdam, Hasselt University 1997: University of Augsburg 1995: University of Antwerp UFSIA Presentations at international conferences (ca: paper presented by co-author) 2012: Economic History Society Conference (Oxford), New Business History Conference (York), EuroHISTOCK Conference (Köln) 2011: Financial History Workshop (Rotterdam), EurHISTOCK Workshop (Paris), European Historical Economics Conference (Dublin), Accounting Renaissance Conference (Venice, ca), Multinational Finance Conference (Rome, ca), European Association for Banking and Financial History conference (Amsterdam, ca), European International Business Academy Conference (Bucharest, ca) 6

2010: Symposium on international corporate finance and governance (Twente), Economic History Association (Evanston Illinois), EurHISTOCKII Workshop (Cambridge), Workshop on intermediaries and intermediation in capital markets: a global historical approach (Utrecht, ca), European Accounting Association (Istanbul, ca), American Accounting Association (San Francisco, ca), Financial Management Association (New York, ca), American Accounting Association Management Accounting Section (MAS) Meeting (Seattle, ca), Workshop on Corporate Networks in Europe during the 20th Century (Utrecht, ca) 2009: Financial Management Association (Turin), American Accounting Association (New York), ESRC Corporate Governance and Banking Institutions Workshop (Oxford), Financial History Workshop (Tilburg), European Financial Management Association (Milan, ca), European Accounting Association (Tampere, ca), European Historical Economics Society (Geneva, ca), Conference on performance measurement and management control (Nice, ca), EIASM Workshop on corporate governance (Brussels, ca) 2008: European Finance Association (Athens), European Financial Management Association (Athens, 2 papers), Workshop on Financial Markets, Institutions, and Asset Prices During the First Era of Globalization (Oxford), European Accounting Association (Rotterdam), Financial Management Association (Prague, ca) 2007: European Finance Association (Ljubljana), European Financial Management Association (Vienna, 2 papers), European Financial Management Symposium on Corporate Governance & Shareholder Activism (Milan, 3 papers), Financial History Workshop (Utrecht), Workshop on Internal Capital Markets (Antwerp), EIASM Workshop on Corporate Governance (Brussels), Financial Management Association (Barcelona, ca) 2006: European Financial Management Association (Madrid) 2005: European Financial Management Symposium on Corporate Governance (Leeds), EIASM Workshop on trust within and between organizations (Amsterdam), Financial Management Association (Siena, ca), European Financial Management Association (Milan), French Finance Association (Paris, ca), American Accounting Association (San Fransisco, ca), European Accounting Association (Göteborg, ca) 2004: European Accounting Association (Prague, 2 papers), European International Business Academy (Ljubljana), Financial Management Association (Zurich, ca, 2 papers), EIASM Workshop on Corporate Governance (Brussels, ca), EIASM Workshop on International Strategy and Cross-Cultural Management (Edinburgh, ca) 2003: European Accounting Association (Sevilla, 2 papers), Colloque Internationale sur le Gouvernement d Entreprise (Mons), Financial Management Association (Dublin, ca), European Financial Management Association (Helsinki, ca, 2 papers), Euroconference on Financial Regulation and Reporting (Ile Rousse, ca) 2002: Financial Management Association (Copenhagen, 2 papers), IESE Business School Research Symposium on European M&As, Corporate Restructuring and Consolidation Issues (Barcelona), European Financial Management Association (London, ca, 2 papers) 2001: EIASM International Workshop on Capital Market Research (Valencia) 1999: European Financial Management Association (Paris) 1998: European Accounting Association (Antwerp) 1997: European Financial Management Association (Istanbul), International Stockholm Seminar on Risk Behaviour and Risk Management (Stockholm) 1996: Financial Management Association (New Orleans), European Accounting Association (Bergen) 1995: French Finance Association (Bordeaux) 1989: International Association for Energy Economics (Caracas) 7

Presentations at regional conferences (ca: paper presented by co-author) 2011: AFI Finance Workshop (Leuven), 3L Workshop (Brussels), Corporate Finance Day (Lille, ca), Entrepreneurship Day (Louvain-la-Neuve, 2 papers, ca) 2010: KUL/UCL Finance Research Day (Brussels), Corporate Finance Day (Groningen, ca) 2009: Corporate Finance Day (Antwerp, ca) 2008: Belgian Financial Research Forum (Ghent), Corporate Finance Day (Rotterdam, ca) 2007: Corporate Finance Day (Louvain-la-Neuve), ARNN Accounting Symposium (Leuven) 2005: Corporate Finance Day (Leuven, 2 papers), VVE-dag (Brussels), Finbeldag van de Erasmus Universiteit Rotterdam (Rotterdam) 2004: Corporate Finance Day (Ghent, 3 papers), Research Day in Accounting (Antwerp, ca), Accounting Seminar Universiteit van Tilburg (Tilburg, ca) 2003: Belgian Financial Research Forum (Diepenbeek, 2 papers), Research Day in Accounting (Leuven, ca), VVE-dag (Antwerp, ca, 2 papers), Amsterdam-Nyenrode Accounting Research Workshop (Amsterdam, ca) 2001: Belgian Financial Research Forum (Ghent, ca), VVE-dag (Diepenbeek) 2000: Vlaams Wetenschappelijk Economisch Congres (Ghent) 1999: Belgian Financial Research Forum (Antwerp, ca), VVE-dag (Ghent), Finbeldag van de Erasmus Universiteit Rotterdam (Rotterdam, ca) 1998: Vlaams Wetenschappelijk Economisch Congres (Leuven), Nederlands-Vlaamse Academie voor Management (Maastricht) 1997: Belgian Financial Research Forum (Brussels, ca), VVE-dag (Leuven) 1996: Belgian Financial Research Forum (Antwerp) 1995: Nederlands-Vlaamse Academie voor Management (Rotterdam) 1994: VVE-dag (Brussels), Nederlands-Vlaamse Academie voor Management (Antwerp) 1992: VVE-dag (Antwerp) Discussant at international conferences 2010: EurHISTOCKII Workshop (Cambridge) 2009: Financial Management Association (Turin) 2008: European Financial Management Association (Athens) 2007: European Finance Association (Ljubljana), European Financial Management Association (Vienna), European Financial Management Symposium on Corporate Governance (Milan) 2006: European Financial Management Association (Madrid) 2005: European Financial Management Association (Milan), European Financial Management Symposium on Corporate Governance (Leeds), EIASM Workshop on trust within and between organizations (Amsterdam) 2002: European Finance Association (Berlin), Financial Management Association (Copenhagen), IESE Business School Research Symposium on European M&As, Corporate Restructuring and Consolidation Issues (Barcelona) 2001: European Finance Association (Barcelona) 1999: European Financial Management Association (Paris) 8

1997 : European Financial Management Association (Istanbul) Discussant at regional conferences 2011: Corporate Finance Day (Lille) 2010: Entrepreneurship Research Day (Antwerp) 2009: KUL/UCL Finance Research Day (Brussels), Corporate Finance Day (Antwerp) 2008: Corporate Finance Day (Rotterdam) 2007: Corporate Finance Day (Louvain-la-Neuve) 2005: Corporate Finance Day (Leuven), Belgian Financial Research Forum (Antwerp) 2004: Corporate Finance Day (Ghent), Young Financial Researchers Day (Leuven) 2003: Belgian Financial Research Forum (Diepenbeek) 2002: Corporate Finance Day (Antwerp), Vlaams Wetenschappelijk Economisch Congres (Hasselt), Research Day in Accounting (Antwerp) 2001: Belgian Financial Research Forum (Ghent), V.V.E.-dag (Diepenbeek) 2000: Belgian Financial Research Forum (Mons), Research Day in Accounting (Leuven) 1999: Belgian Financial Research Forum (Antwerp), V.V.E.-dag (Ghent) 1998: Belgian Financial Research Forum (Namur) 1997: Belgian Financial Research Forum (Brussels), V.V.E.-dag (Leuven) Session chair at international conferences 2010: Morals and Banking Conference (Antwerpen) 2009 : Financial Management Association (Turin) 2008 : European Financial Management Association (Athens), European Accounting Association (Rotterdam) 2007 : European Financial Management Association (Vienna), European Financial Management Symposium on Corporate Governance (Milan) 2005 : European Financial Management Association (Milan), European Financial Management Symposium on Corporate Governance (Leeds) 2004 : European Accounting Association (Prague), European International Business Academy (Ljubljana) 1999: European Financial Management Association (Paris) Session chair at regional conferences 2011: Corporate Finance Day (Lille), V.V.E.-dag (Antwerp) 2010: Entrepreneurship Research Day (Antwerp) 2005: Corporate Finance Day (Leuven), Belgian Financial Research Forum (Antwerp) 2003: V.V.E.-dag (Antwerp), Belgian Financial Research Forum (Diepenbeek) 2001: V.V.E.-dag (Diepenbeek) 1997: V.V.E.-dag (Leuven) 9

OTHER RESEARCH ACTIVITIES Reviewer - ISI-listed journals African Journal of Business Management, Business History, Entrepreneurship Theory and Practice, European Financial Management, Financial Management, Journal of Business Finance and Accounting, Journal of Business Research, Journal of Corporate Finance, Journal of Economic History, Journal of Empirical Finance, Journal of International Business Studies, The Manchester School, Review of Finance, Small Business Economics Reviewer - other academic journals Applied Financial Economics, Asian Journal of Accounting and Finance, Economic Change and Restructuring, Emerging Markets Finance and Trade, Economisch en Sociaal Tijdschrift, European Research Studies Journal, International Journal of Managerial Finance, International Review of Economics and Finance, Maandschrift Economie, Managerial Finance, Open Management Journal, Revue Internationale PME, Tijdschrift voor Economie en Management Reviewer - other Oxford University Press, Dutch Fund for Scientific Research (NWO), Fonds voor Wetenschappelijk Onderzoek Vlaanderen, Interuniversitair College voor Managementwetenschappen, Leuvense Universitaire Pers, Doctoraal Programma Erasmus Universiteit Rotterdam, Onderzoeksfonds Limburgs Universitair Centrum, European International Business Academy 2004 Conference Supervisor of Ph.D. students Student Topic Ph.D. completed Andy Lardon (University of Antwerp) Veronique Vermoesen (University of Antwerp) Cao Lihong (University of Antwerp) Financiers and corporate governance Bank-firm relationships, corporate governance and corporate finance Tunneling and private investments in equityin China Work in progress Work in progress Work in progress Yan Du (University of Antwerp) Livia Ghita (University of Antwerp) An Rommens (University of Antwerp) Wouter Van Overfelt (University of Antwerp) Christof Beuselinck (Ghent University) Formal control mechanisms in multinational enterprises: Management control systems and subsidiary boards of directors Business elites and corporate networks structures in 19th and 20th century Belgium Empirical studies on business groups in Belgium: Interlocking directorates, dividend policy and profitability An empirical assessment of financial reporting, corporate finance and corporate performance during the first era of globalization Essays on financial reporting quality, earnings management and corporate disclosure 7 July 2011 13 May 2011 11 January 2008 7 Januari 2008 9 July 2005 10

Member of Ph.D committees University of Antwerp Shuyu Zhang (work in progress), Ouafik El Kasmioui (Chair, work in progress), Jonas De Maere (work in progress), Machteld Van den Bogaerd (Chair, 2012), Katrien Van de Poel (2010), David Helleboogh (2009), Andriy Boytsun (Chair, 2009), Vincent Molly (2009), Brenda Van Tendeloo (2007) Member of Ph.D committees other universities Munira Aminova (Vrije Universiteit Brussel, work in progress), Illham Rachid (Université catholique de Louvain, work in progress), Katrien Craninckx (Katholieke Universiteit Leuven, 2011), Savina Princen (Université catholique de Louvain, 2011), Ernest Kihanga (University of Groningen, 2010), Qing Ye (Queen s University Belfast, 2009), Nico Dewaelheyns (Katholieke Universiteit Leuven, 2006), Katleen Baeyens (Ghent University, 2006), Tensie Steijvers (Hasselt University, 2006), Rejie George (Tilburg University, 2005), Petra Danisevska (Erasmus University Rotterdam, 2004), Wim Voordeckers (Hasselt University, 1999) Other positions (since 2009) Member of the Editorial Board of the Asian Journal of Accounting and Finance (since 2008) Member of the Editorial Board of the Open Management Journal (since 2008) Member of the Academic Board of GUBERNA (Guberna is a Belgian, academically based corporate governance network of and for directors and companies) (since 2006) Member of the Review Board (Accounting and Finance) of Wolters Plantyn Publishers (March 2004) Expert witness on the introduction of dual class shares in Belgium, for the Commercial Law Commission of the House of Representatives of Belgium (2003-2004) Member of the Board of Directors of the European Financial Management Association (since 2000) Coordinator of Business Economics Seminars at the University of Antwerp (1991-1993) Member of the editorial board of the Solvay Business Review TEACHING EXPERIENCE University of Antwerp / University of Antwerp Management School: Advanced Corporate Finance (MA, since 2004), Corporate Finance and Corporate Governance (MA, since 2000), Financial Management (BA, since 2000), Louvain School of Management, Université catholique de Louvain: Advanced Finance (MA, 2008-2011) Ghent University/Vlerick Leuven Ghent School for Management: Topics in Advanced Corporate Finance (MA, in English, 1999-2007), Corporate Finance II (MA, 1998-2000), Financial Statement Analysis (MA, 1998-2000), International Financial Management (MA, in English, 1998-2000) Hasselt University: International Trade Finance (BA, 1997-2000) 11