MARC DELOOF CURRICULUM VITAE (March 2014)

MARC DELOOF CURRICULUM VITAE (March 2014) CONTACT Department of Accounting and Finance University of Antwerp Prinsstraat 13 2000 Antwerp, Belgium Tel: +32-3-265 41 69 E-mail: Marc.Deloof@uantwerpen.be Date of birth: 12. 05. 1966 Nationality: Belgian Marital status: married, two children 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 2013- Vice-Chair Research and Member of the Executive Board of the Faculty of Applied Economics at the University of Antwerp 2012- Head of the Department of Accounting and Finance at the University of Antwerp 2012- Full Professor ( Gewoon Hoogleraar ) at the University of Antwerp Past positions 2008-2011 Professor ( Hoogleraar ) at the University of Antwerp 2001-2007 Associate Professor ( Hoofddocent ) at the University of Antwerp 2000-2001 Assistant Professor ( Docent ) at the University of Antwerp 2011 Visiting Professor at the University of Calabria 2008-2011 Professor ( Professeur ) of Finance (20% appointment) at the Louvain School of Management of the Université catholique de Louvain 2000-2007 Guest Lecturer ( Gastprofessor ) (10% appointment) at Ghent University 1998-2000 Assistant Professor ( Docent ) of Finance (50% appointment) at Ghent University and the Vlerick Leuven Ghent School for Management 1997-2000 Assistant Professor ( Docent ) of Finance (20% appointment) at Hasselt University (formerly Limburgs Universitair Centrum) 1

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 1988-1996 Teaching and Research Assistant at the Free University of Brussels 1989-1990 Military service at the Royal Military Academy, Brussels 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 Beuselinck, C., M. Deloof, "Earnings management in business groups: tax incentives or expropriation concealment?", International Journal of Accounting, forthcoming. Annaert, J., F. Buelens, M. Deloof (2015), Long Run Stock Returns: Evidence from Belgium 1838-2010, Cliometrica (5-year impactfactor: 1.153), vol. 9 no. 1, forthcoming. Lardon, A., M. Deloof (2014), Financial disclosure by SMEs listed on a semi-regulated market: Evidence from the Euronext Free Market, Small Business Economics (5-year impactfactor: 2.228), vol. 42 no. 2, pp. 361 385. Vermoesen, V., M. Deloof, E. Laveren (2013), Long-term debt maturity and financing constraints of SMEs during the Global Financial Crisis, Small Business Economics (5- year impactfactor: 2.228), vol. 41 no. 2, pp. 433-448. Du, Y. M. Deloof, A. Jorissen (2013), "Headquarters subsidiary interdependencies and the design of performance evaluation and reward systems in multinational enterprises", European Accounting Review (5-year impactfactor: 1.465), vol. 22 no. 2, pp. 391-424. Beuselinck, C., M. Deloof, S. Manigart (2013), "Financial reporting, disclosure and corporate governance", in M. Wright, D.S. Siegel, K. Keasey, I. Filatotchev (Eds.), Oxford Handbook of Corporate Governance, Oxford University Press (ISDN 978-0-19-964200- 7), pp. 290-307. Rommens A., L. Cuyvers, M. Deloof (2012), Dividend Policies of Privately Held Companies: Stand Alone Companies and Group Companies in Belgium, European Financial Management (5-year impactfactor: 1.431), vol. 18 no. 5, pp. 816-835. 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 (5-year impactfactor: 0.655), 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 (5-year impactfactor: 1.581), vol. 19 no. 2, pp. 153-168. 2

Boytsun A., M. Deloof, P. Matthyssens (2011), Social norms, social cohesion, and corporate governance, Corporate Governance: An International Review (5-year impactfactor: 1.581), 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 (5-year impactfactor: 0.638), 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 (5-year impactfactor: 3.238), 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 (5-year impactfactor: 1.465), 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 (5-year impactfactor: 1.061) 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 (5-year impactfactor: 0.873), 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 (5-year impactfactor: 1.061) vol. 36 no. 1/2, pp. 130-160. Beuselinck, C., M. Deloof, C. Manigart (2008), Private equity investments and disclosure policy, European Accounting Review (5-year impactfactor: 1.465), 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 (5-year impactfactor: 1.581), 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 (5-year impactfactor: 1.061) vol. 35 no. 3/4, April/May, pp. 491-515. Heyman D., M. Deloof, H. Ooghe (2008), The financial structure of privately held Belgian firms, Small Business Economics (5-year impactfactor: 2.228), 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 (5-year impactfactor: 2.072), 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 (5-year impactfactor: 1.774), 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 (5-year impactfactor: 1.061) 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 (5-year impactfactor: 1.431), vol. 7 no. 3, September, pp. 375-392 3

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 (5-year impactfactor: 1.061), 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 (5-year impactfactor: 1.568), 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 (5-year impactfactor: 1.061) 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 (5-year impactfactor: 1.568), 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. 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 4

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 (2012), Handboek Bedrijfsfinanciering (4 th edition), Intersentia (ISDN 978-94-000-0304-0) 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 RESEARCH GRANTS 2013-2017 University of Antwerp BOF Research Fund, for the project Long-run evidence on dividend policy (project leader, with Jan Annaert) 2011 National Bank of Belgium, 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, 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, for the project The 'value' of bank relationships during a financial crisis: Evidence from Belgium in the 1930s (project leader) 5

2008-2009 IWT-Vlaanderen (Institute for the Promotion of Innovation by Science and Technology in Flanders), Strategic Research Program (SBO-voortraject), 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, for the project Business groups, political connections and institutions: a long-term analysis (project leader, with Ludo Cuyvers) 2006 National Bank of Belgium, 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, for the project Taxes and Income Shifting in Multinational Corporations (project leader) 2004-2007 Fund for Scientific Research-Flanders, 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, for the project Causes and consequences of interlocking directorates and seat accumulation in Belgian companies, (project leader) 2002-2005 Fund for Scientific Research-Flanders, 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, for the project "Financing decisions, taxes, and earnings management by Belgian firms" (with Sophie Manigart) 1999-2003 Fund for Scientific Research-Flanders, 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 2013 Member of the organizing committee and the scientific committee of the Eurhistock Conference on the history of European stock exchanges, Antwerp, May 23-24 2012 Organizer (jointly with Jan Annaert, Marc De Ceuster and Eddy Laveren) of the Belgian Financial Research Forum, Antwerp, April 25 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 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 6

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) 2013 SKEMA Business School 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 Conference presentations (ca: paper presented by co-author) 2014 European Financial Management Association (Rome) 2013 Workshop on SME finance (Strasbourg, 2 papers), International Conference on the Global Financial Crisis (Southampton), INFINITI conference (Aix-En- Provence), Italian Academy of Management (Aidea) bicentenary conference (Lecce, 3 papers), Contracting Issues at the Intersection of the Public and Private Sectors Conference (Winston-Salem, ca), European Accounting Association (Paris, ca), European Financial Management Association (Reading, ca), Belgian Entrepreneurship Day (Brussels, ca) 2012 Economic History Society Conference (Oxford), New Business History Conference (York), European Stock Market History Conference (Bonn), European Business History Association Conference (Paris), Corporate Networks Conference (Lausanne), Australasian Finance and Banking Conference (Sydney, ca), European Accounting Association (Ljubljana, ca, 3 papers), Rent Conference on Research in Entrepreneurship and Small Business (Lyon, ca), Belgian Financial Research Forum (Antwerp, ca), Corporate Finance Day (Ghent, 3 papers) 7

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), AFI Finance Workshop (Leuven), 3L Workshop (Brussels), Corporate Finance Day (Lille, ca), Entrepreneurship Day (Louvain-la-Neuve, 2 papers, ca) 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), KUL/UCL Finance Research Day (Brussels), Corporate Finance Day (Groningen, 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), Corporate Finance Day (Antwerp, 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), Belgian Financial Research Forum (Ghent), Corporate Finance Day (Rotterdam, 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), Corporate Finance Day (Louvain-la-Neuve), ARNN Accounting Symposium (Leuven) 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), Corporate Finance Day (Leuven, 2 papers), VVE-dag (Brussels), Finbelday of the Erasmus University Rotterdam (Rotterdam) 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), Corporate Finance Day (Ghent, 3 papers), Research Day in Accounting (Antwerp, ca), Accounting Seminar Tilburg University (Tilburg, 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), 8

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) 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), Belgian Financial Research Forum (Ghent, ca), VVE-dag (Diepenbeek) 2000 Vlaams Wetenschappelijk Economisch Congres (Ghent) 1999 European Financial Management Association (Paris), Belgian Financial Research Forum (Antwerp, ca), VVE-dag (Ghent), Finbeldag van de Erasmus Universiteit Rotterdam (Rotterdam, ca) 1998 European Accounting Association (Antwerp), Vlaams Wetenschappelijk Economisch Congres (Leuven), Nederlands-Vlaamse Academie voor Management (Maastricht) 1997 European Financial Management Association (Istanbul), International Stockholm Seminar on Risk Behaviour and Risk Management (Stockholm), Belgian Financial Research Forum (Brussels, ca), VVE-dag (Leuven) 1996 Financial Management Association (New Orleans), European Accounting Association (Bergen), Belgian Financial Research Forum (Antwerp) 1995 French Finance Association (Bordeaux), Nederlands-Vlaamse Academie voor Management (Rotterdam) 1994 VVE-dag (Brussels), Nederlands-Vlaamse Academie voor Management (Antwerp) 1992 VVE-dag (Antwerp) 1989 International Association for Energy Economics (Caracas) Conference discussant 2013 Workshop on SME finance (Strasbourg), INFINITI conference (Aix-En-Provence), Italian Academy of Management (Aidea) bicentenary conference (Lecce) 2012 Belgian Financial Research Forum (Antwerp) 2011 Corporate Finance Day (Lille) 2010 EurHISTOCKII Workshop (Cambridge), Entrepreneurship Research Day (Antwerp) 2009 Financial Management Association (Turin), KUL/UCL Finance Research Day (Brussels), Corporate Finance Day (Antwerp) 2008 European Financial Management Association (Athens), Corporate Finance Day (Rotterdam) 2007 European Finance Association (Ljubljana), European Financial Management Association (Vienna), European Financial Management Symposium on Corporate Governance (Milan), Corporate Finance Day (Louvain-la-Neuve) 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), Corporate Finance Day (Leuven), Belgian Financial Research Forum (Antwerp) 9

2004 Corporate Finance Day (Ghent), Young Financial Researchers Day (Leuven) 2003 Belgian Financial Research Forum (Diepenbeek) 2002 European Finance Association (Berlin), Financial Management Association (Copenhagen), IESE Business School Research Symposium on European M&As, Corporate Restructuring and Consolidation Issues (Barcelona), Corporate Finance Day (Antwerp), Vlaams Wetenschappelijk Economisch Congres (Hasselt), Research Day in Accounting (Antwerp) 2001 European Finance Association (Barcelona), Belgian Financial Research Forum (Ghent), V.V.E.-dag (Diepenbeek) 2000 Belgian Financial Research Forum (Mons), Research Day in Accounting (Leuven) 1999 European Financial Management Association (Paris), Belgian Financial Research Forum (Antwerp), V.V.E.-dag (Ghent) 1998 Belgian Financial Research Forum (Namur) 1997 European Financial Management Association (Istanbul), Belgian Financial Research Forum (Brussels), V.V.E.-dag (Leuven) Session chair at conferences 2013 INFINITI conference (Aix-En-Provence) 2012 Belgian Financial Research Forum (Antwerp) 2011 Corporate Finance Day (Lille), V.V.E.-dag (Antwerp) 2010 Morals and Banking Conference (Antwerp), Entrepreneurship Research Day (Antwerp) 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), Corporate Finance Day (Leuven), Belgian Financial Research Forum (Antwerp) 2004 European Accounting Association (Prague), European International Business Academy (Ljubljana) 2003 V.V.E.-dag (Antwerp), Belgian Financial Research Forum (Diepenbeek) 2001 V.V.E.-dag (Diepenbeek) 1999 European Financial Management Association (Paris) 1997 V.V.E.-dag (Leuven) OTHER RESEARCH ACTIVITIES Reviewer - ISI-listed journals African Journal of Business Management, Business History, Entrepreneurship Theory and Practice, European Accounting Review, European Financial Management, Financial Management, International Review of Economics and Finance, International Small Business Journal, Journal of Banking and Finance, Journal of Business Finance and Accounting, Journal 10

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, Bankers, Markets and Investors, Cahiers Économiques de Bruxelles, Economic Change and Restructuring, Emerging Markets Finance and Trade, Economisch en Sociaal Tijdschrift, European Research Studies Journal, Global Finance Journal, International Journal of Managerial Finance, International Review of Economics and Finance, Journal of Applied Accounting Research, Journal of Family Business Strategy, Journal of Management and Governance, Maandschrift Economie, Managerial and Decision Economics, Managerial Finance, Open Management Journal, Revue Internationale PME, Sage Open, 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, Doctoral Program Erasmus Universiteit Rotterdam, Research board Hogeschool Universiteit Brussel, Research board Universiteit Hasselt, IFERA 2014 conference, INFINITI 2013 and 2014 conference, European International Business Academy 2004 Conference Supervisor of Ph.D. students Leentje Moortgat (University of Antwerp), Long-run evidence on dividend policy, Work in progress Jürgen Hanssens (Ghent University, co-supervisor), Financial decision-making through the firm life-cycle, Work in progress Veronique Vermoesen (University of Antwerp), Bank-firm relationships, corporate governance and corporate finance, Work in progress Lihong Cao (University of Antwerp), Tunneling and private investments in equity in China, Work in progress Fabiola Montalto (University of Antwerp, joint PhD with University of Calabria), Ownership concentration: state of the art, role of moderators and owners identity, 13 February 2014 Andy Lardon (University of Antwerp), Essays on the relation between corporate governance and the suppliers of finance, 24 September 2013 Yan Du (University of Antwerp), Formal control mechanisms in multinational enterprises: Management control systems and subsidiary boards of directors, 7 July 2011 Livia Ghita (University of Antwerp), Business elites and corporate networks structures in 19th and 20th century Belgium, 13 May 2011 An Rommens (University of Antwerp), Empirical studies on business groups in Belgium: Interlocking directorates, dividend policy and profitability, 11 January 2008 Wouter Van Overfelt (University of Antwerp), An empirical assessment of financial reporting, corporate finance and corporate performance during the first era of globalization, 7 Januari 2008 Christof Beuselinck (Ghent University, co-supervisor), Essays on financial reporting quality, earnings management and corporate disclosure, 9 July 2005 11

Member of other Ph.D committees at the University of Antwerp My Tran Ngo (Chair, work in progress) Katja Bringmann (work in progress) Robin Deman (Chair, work in progress) Jonas De Maere (Chair, 2013) Parichart Maneemai (2013) Ouafik El Kasmioui (Chair, 2013) Shuyu Zhang (2013) 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 at other universities Munira Aminova (Vrije Universiteit Brussel, work in progress) Jeroen Neckebrouck (Ghent University, work in progress) Evy Bruyland (Universiteit Gent, 2013) Lore Wellens (Vrije Universiteit Brussel, 2013) Michiel Wolfswinkel (Erasmus University Rotterdam, 2013) Anneleen Michiels (Universiteit Hasselt, 2012) 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 research positions 2012-2013 Jury member of the Acerta price in social sciences, awarded by the Flemish Fund for Scientific Research (FWO) 2011-present Director of the Flemish Economic Association (VVE) 2011 Guest editor, Ethical Perspectives, vol. 18 no. 4 2009-present Member of the Editorial Board of the Asian Journal of Accounting and Finance 12

2008-present Member of the Editorial Board of the Open Management Journal 2008-present Member of the Academic Board of GUBERNA (Guberna is a Belgian, academically based corporate governance network of and for directors and companies) 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 Director of the European Financial Management Association 2000-present 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 / 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) 13