Photo of Luc Renneboog
  • Warandelaan 2, Koopmans Building, room K 623

    5037 AB Tilburg

    Netherlands

19952019
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Personal profile

Research interests

Luc Renneboog is Professor of Corporate Finance at the Finance Department of Tilburg University and Director of Graduate Studies at the CentER for Economic Research. Before joining Tilburg, Luc taught at the Catholic University of Leuven (Belgium) and at Oxford University. He was also a visiting lecturer/researcher at the London Business School, HEC Paris, Venice University, Colegio Universitario de Estudios Financieros (CUNEF, Madrid), University Paris-Dauphine, and European University Institute (Florence).

He graduated from the University of Leuven with a BSc/MSc in commercial engineering and with a BA in philosophy, from the University of Chicago with an MBA, and from the London Business School (University of London) with a PhD in Financial Economics. He is also a research member of CentER for Economic Research, TILEC (Tilburg Law and Economics Center) and ECGI (European Corporate Governance Institute, Brussels).

He has published in the Journal of Finance, Management Science, American Economic Review, Journal of Financial Intermediation, Journal of Law and Economics, Journal of Corporate Finance, Strategic Management Journal, Journal of Banking and Finance, Journal of Law, Economics & Organization, Oxford Economic Papers, Cambridge Journal of Economics, Oxford Review of Economic Policy, European Financial Management and others. His research interests are corporate finance, corporate governance, mergers and acquisitions, rights issues, law and economics, the economics of sports, ethical/socially responsible investing, and the economics of art.

Career

Former positions:

  • Sept. 2003-July 2009: Academic Director of Master in Finance (executive programme), Tias Business School, Tilburg University.
  • April 2006-August 2009: Coordinator Mhil and PhD programmes in Business - Finance.
  • June 2001-March 2005: tenured Associate Professor in Finance (hoofddocent): Tilburg University (Universiteit van Tilburg), Department of Finance.
  • Sept.1998-May 2001: Assistant Professor in Finance (docent): Tilburg University (Universiteit van Tilburg), Department of Finance.
  • Jan.1996-Sept.1998: Assistant Professor in Finance (docent): Catholic University of Leuven (KULeuven), department of Applied Economics.
  • May 1994-Jan.1996: Marie Curie Fellow of the European Commission (EC grant ERBCHICT941057); London Business School, Institute of Finance and Accounting.
  • June 1992-May 1994: Doctoral Research Fellow of the Interuniversity Centre for Doctoral Studies in Management Sciences (I.C.M., Brussels); London Business School, Institute of Finance and Accounting.
  • Oct.1991-Sept.1993: Salomon Brothers International (London) - Doctoral Fellow in Finance; London Business School, Institute of Finance and Accounting.
  • Oct.1990-Sept.1991: Research/Teaching Assistant in Financial Economics; Catholic University of Leuven (KULeuven), Department of Applied Economics.
  • Aug.1989-Oct.1990: Financial Analyst in Procter & Gamble Company, Brussels, Nenagh (Ireland), Rotterdam; responsible for forecasting of yearly profits for Belgian and Dutch HABC division, budgeted division's overhead costs, set up overhead control system for Belgium and the Netherlands, integrated accounting systems of divisions, involved in cost savings projects, worked on launch economics of new brands, developed profit forecasting system, analysed chemical production processes of the Nenagh plant.

Visiting positions:

  • Sept. 2004; Oct. 2005, Oct. 2006, Sept. 2007: Visiting Lecturer in Finance at CUNEF (Collegio Universitario de Estudios Financieros), Madrid.
  • April-May 2004: Visiting Researcher at HEC (Ecole d'Hautes Etudes Economiques et Commerciales), Jouy en Josas (Paris).
  • Oct. 2003: Visiting Lecturer in Finance at CUNEF (Collegio Universitario de Estudios Financieros), Madrid.
  • April-June 2003: Visiting Research Fellow at the Robert Schuman Centre for Advanced Studies (RSCAS), European University Institute (San Domenico di Fiesole, Florence).
  • Oct. 2002: Visiting Professor of Finance at CUNEF, Madrid.
    April-June 2002 (Trinity term): Fellow at Said Business School, and Visiting Lecturer in Financial Economics, University of Oxford. Visiting Worcester College.
  • Nov. 2001: Visiting Professor of Finance at CUNEF, Madrid.
  • April-June 2001 (Summer Term): Visiting Assistant Professor in Finance at London Business School, Institute of Finance and Accounting, (University of London).
  • Nov. 2000: Visiting Professor of Finance at CUNEF, Madrid.
  • April-June 2000 (Trinity term): Visiting Lecturer and Researcher in Financial Economics at Said Business School, University of Oxford. Research on liquidity constraints and corporate investments. Visiting Member of Green College.
  • Nov. 1999: Visiting Professor of Finance at CUNEF, Madrid.
  • April-June 1999 (Trinity term): Visiting Lecturer and Researcher in Financial Economics at Said Business School, University of Oxford. Research on corporate control and management compensation. Visiting Member of St. Anthony's College.
  • May 1999: Visiting Professor of Financial Economics at the International Center for Economics and Finance (I.C.E.F), Venice International University.
  • April-June 1998 (Trinity term): Visiting Lecturer and Researcher in Financial Economics at Said Business School, University of Oxford. Research on corporate control. Visiting Member of St. Anthony's Colleg

Teaching

At Tilburg University

  • Executive Master in Finance: Mergers and acquisitions, and corporate governance, taught in English to 18 students. Teaching rating: 4.3 on scale of 5 (2004-05), 4.2 (2005-06), 4.5 (2006-07), 4.0 (2007-08),3.8 (2008-09), 4.0 (2010-11).
  • Executive Master in Finance: Advanced Corporate Finance, taught in English to 18 students. Teaching rating: 4.4 and 4.5 on scale of 5 (2004-05); 4.2 (2005-06); 4.6 (2006-07), 3.8 (2007-08), 3.6 (2008-09), 4.2 (2009-10).
  • MSc in Financial Management/ MSc in Investment Analysis: Corporate restructuring and governance. 4.7 on scale or 5 (2007-8), 4.4 (2008-09), 4.3 (2009-10).
  • Honours Programme (BSc) : Art and Art Markets (2011)
  • MSc in Business Economics: Mergers and Acquisitions, taught in English to about 250 students; Teaching rating: 4.1 on a scale of 5 (2003-04); 4.6 on scale of 5 (2004-05).
  • MSc in Business Economics: Real Options 1998-99, 1999-2000, 2000-01: taught in Dutch to 60 final year students. Teaching rating: 4.0 on scale of 5 (1998-99), 4.5 (2000-01), 4.8 (2001-02),4.8 (2002-03), 4.6 (2003-04).
  • BSc in Business Economics: Corporate Finance II - 1998-99, 1999-2000, 2000-01, 2001-02: Taught in English to four streams of 60 International Business students.Teaching rating: 3.0 on scale of 5 (1998-99)4.0 (1999-2000), 4.7 (2000-01), 4.0 (2001-02), 4.2 (2002-03).
  • Executive Course Co-ordinator and lecturer (kerndocent) in finance of Financial Management the Master in Agribusiness (Bedrijfskundige advisering in de agrarische sector) in Tias Business School, 1999-2000, 2000-01; Executive education program (MBA-type) for 25 consultants, accountants and bankers dealing with the Dutch agricultural industry. Teaching rating 7.6 on scale of 10.

Teaching Awards:

  • Teaching Award for Best Lecturer, Faculty of Economics and Business Administration, Tilburg University, 2000/01.
  • Philips Innovation Award for teaching quality, Tilburg University, 2002/03.
  • Nominee for Best Teacher Award, Faculty of Economics and Business Administration, Tilburg University, 2003/04.
  • Award for Teaching Excellence, Master in Finance programme, Tias Business School, Tilburg University, 2004/05.
  • Teaching Award for Best Lecturer, Faculty of Economics and Business Administration, Tilburg University, 2004/2005.
  • Award for Teaching Excellence, Master in Finance programme, TiasNimbas Business School, Tilburg University, 2006/07.
  • Excellent Teaching Performance Award 2009/10 of Tilburg School of Economics and Management.

Current courses

Click here for my courses.

PhD supervision

Supervision of PhD students:

  • Arthur Korteweg in 2001-2002 (transferred to U. of Chicago), thesis: Seasoned equity offerings. 
  • Jana Fidrmuc (2000- June 2003); The impact of large shareholders on information signalling, factor productivity and managerial disciplining. Defence: 27 June 2003.Currently at Erasmus University and Warwick Business School
  • Greg Trojanowski (2000-2004): Ownership structure as a mechanism of corporate governance. Defence: 12 November 2004.Currently at the University of Exeter. 
  • Annabel Sels (2006): Foreign direct investment as an entry mode and order of entry under uncertainty An application in emerging economies, Defence: 9 June 2006. 
  • Chendi Zhang (2002-2006) (with J. ter Horst as co-supervisor): Socially responsible / Ethical investing. Hired by the University of Warwick.
  • Marina Martynova (2002-2006): M&A in Europe and the price of corporate governance in the market for corporate control. Hired by the University of Sheffield.
  • Peter Szilagyi (2003-present): Bondholder wealth effects of corporate restructuring. Hired by the University of Cambridge.
  • Mieszko Mazur (2006-present): Divestitures and Spin-offs.
  • Christophe Spaenjers (2006-present): The economics of art.
  • Yang Zhao (2006-present): Managerial remuneration.

Member of PhD committees:

External:

  • University of Liège (Belgium): Thaddée Frédéric Nlemvo Ndonzuau: L'impact de la structure de l'actionnariat sur la performance financière et les choix stratégiques de l'entreprise. Defence: 15 May 1998.
  • Cambridge University: Antonio Saragga-Seabra: Investment, corporate acquisitions and firm market value. Defence: 18 Dec. 2001.
  • Budapest University of Economics: Arnold Ludanyi: The participation of venture capital companies in the management and financing of Hungarian enterprises. Defence: 20 June 2002.
  • European University Institute (Florence): Simon Hough: Priceless or worthless Four essays on art as an investment. Defence: 28 April 2003. 
  • Université Libre de Bruxelles (ULB, Brussels): Cristina Vespro: Essays on Financial Architecture; Defence: Spring 2006.
  • Charles University Prague - CERGE: Elena Yusupova: ?Bidding behaviour of investment companies in the voucher privatisation: Theoretical model and empirical predictions of the Czech voucher funds?; Defence: Spring 2006.
  • Helsinki School of Economics: Seppo Kinkki : Essays on minority protection and dividend policy, Defence: Autumn 2007.
  • Swedish School of Economics and Business Administration Hanken (Finland): Erkki Nikoskelainen: The operating characteristics of leveraged buyouts: Empirical evidence from Europe, Autumn 2007.

Internal (Tilburg University):

  • Greg Pawlina: Corporate investment under uncertainty and competition: a real options approach. Defence: 20 June 2003. Hired by Lancaster University.
  • Igor Loncarski: Convertible debt, Defence: June 2007. Hired by the University of Ljubljana.

Supervision Master students:

  • Tilburg University 1999-...: Supervision of 55 Master theses written by students in Financial Economics.
  • K.U.Leuven (1990-91 and 1996-98).: Supervision of 55 Master theses written by students in Management Engineering and Applied Economics.
    Award winning students: 1. Geert Schoukens: IPPA-prize 1999; ethical investing, 2. Manuel De Wyspelaere: second Generale Bank-prize 1998; on pricing anomalies and multi-factor models, 3. Marc Eyben: runner up IPPA-prize 1998; Pricing of capital guarantee funds, 4. Wim Scherpereel: the BBL-prize 1997; Equity Duration (March 1998).

External positions

Doctoral seminar series for PhD students: 6x 3 hours per year (Ghent University)

1 Oct 2016 → …

Keywords

  • Corporate Finance
  • Mergers And Acquisitions
  • Corporate Governance
  • Law And Economics
  • Financial Management

Fingerprint Dive into the research topics where Luc Renneboog is active. These topic labels come from the works of this person. Together they form a unique fingerprint.

  • 10 Similar Profiles
Shareholders Business & Economics
Governance Business & Economics
Corporate governance Business & Economics
Art Business & Economics
Art market Business & Economics
Mergers and acquisitions Business & Economics
Managers Business & Economics
Equity Business & Economics

Network Recent external collaboration on country level. Dive into details by clicking on the dots.

Research Output 1995 2019

Colors, Emotions, and the Auction Value of Paintings

Ma, M. X., Noussair, C. & Renneboog, L., 21 Feb 2019, Tilburg: CentER, Center for Economic Research, 72 p. (CentER Discussion Paper; vol. 2019-006).

Research output: Working paperDiscussion paperOther research output

File
Emotion
Auctions
Pleasure
Art
Standard deviation

Failure and success in mergers and acquisitions

Renneboog, L. & Vansteenkiste, C., Oct 2019, In : Journal of Corporate Finance. 58, p. 650-699

Research output: Contribution to journalArticleScientificpeer-review

Mergers and acquisitions
Short-run
Sample size
Chief executive officer
Long-run performance

Failure and Success in Mergers and Acquisitions

Renneboog, L. & Vansteenkiste, C., 8 Aug 2019, Tilburg: CentER, Center for Economic Research, 74 p. (CentER Discussion Paper; vol. 2019-026).

Research output: Working paperDiscussion paperOther research output

File
Mergers and acquisitions
Short-run
Sample size
Chief executive officer
Long-run performance

Insider trading and networked directors

Goergen, M., Renneboog, L. & Zhao, Y., Jun 2019, In : Journal of Corporate Finance. 56, p. 152-175

Research output: Contribution to journalArticleScientificpeer-review

Insider trading
Industry
Trading behavior
Peers
Non-executive directors

My kingdom for a horse (or a classic car)

Laurs, D. & Renneboog, L., Jan 2019, In : Journal of International Financial Markets, Institutions and Money. 58, p. 184-207

Research output: Contribution to journalArticleScientificpeer-review

Open Access
Car
Equity
Hedonic pricing
Transaction costs
Emotion

Activities 2000 2013

  • 8 Editorial activity

Emerging Markets Finance and Trade (Journal)

L.D.R. Renneboog (Editor)
Feb 2013 → …

Activity: Publication peer-review and editorial work typesEditorial activityScientific

International Journal of Financial Studies (Journal)

L.D.R. Renneboog (Editor)
Aug 2012 → …

Activity: Publication peer-review and editorial work typesEditorial activityScientific

Journal of Management and Governance (Journal)

L.D.R. Renneboog (Editor)
Jan 2012 → …

Activity: Publication peer-review and editorial work typesEditorial activityScientific

Journal of Banking and Finance (Journal)

L.D.R. Renneboog (Editor)
Oct 2011 → …

Activity: Publication peer-review and editorial work typesEditorial activityScientific

De Economist (Journal)

L.D.R. Renneboog (Editor)
May 2011 → …

Activity: Publication peer-review and editorial work typesEditorial activityScientific

Projects 2000 2014

Essays on banking and finance during crisis

Bai, Y., Ongena, S. R. G. & Renneboog, L.

1/09/111/09/14

Project: Research project

Bonus schemes and trading behavior & Effort, investment, and overconfidence

Pikulina, E. S., Renneboog, L., ter Horst, J. R. & Tobler, P. N.

1/09/101/09/14

Project: Research project

Remuneration contracting

Geiler, P. H. M. & Renneboog, L.

1/09/0814/09/12

Project: Research project

Insider trading, shareholder activism, and corporate policies

Cziraki, P. & Renneboog, L.

1/09/0810/09/12

Project: Research project