Photo of Theo Nijman
  • Warandelaan 2, Koopmans Building, room K 526

    5037 AB Tilburg


1982 …2019
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Personal profile

Research interests

Theo Nijman is professor of Pension and Risk Management for Instituut GAK and professor of Econometrics and Finance at Tilburg University. He published extensively in the leading international journals on a wide variety of topics within empirical finance and econometrics. His recent work covers topics such as pensionfund management, the optimal individual pension contract, measurement and management of inflation, interest and longevity risk, and performance attribution and measurement.

Theo Nijman is Scientific Director of Netspar, a Network for Studies on Pensions, Aging and Retirement in which seven universities and a number of insurance companies and pensionfunds participate (see

Theo is Academic Coordinator of Inquire Europe, which brings together investment professionals interested in understanding and developing quantitative solutions to investment problems.

As a consultant Theo has been involved in all kinds of projects for many different financial institutions. In 2009 he was a member of the government appointed Goudswaard committee on structural reforms in the Dutch second pillar pension provision to assure sustainability of the system.


Major fields
Pension Economics, Investments, Econometrics



For a full CV click here



2014 Instituut GAK Professor Pension and Risk Management

2001-present F. van Lanschot Professor of Investment Theory, Tilburg University

1993-present Professor of Econometrics and Finance, Tilburg University

1988-1992 Senior Research Fellow Royal Dutch Academy of Arts and Sciences

1986-1987 Associate Professor Tilburg University

1985 Research department of the Dutch Central Bureau of Statistics

1980-1984 Assistant Professor Free University, Amsterdam

1978-1980 Research Assistant Free University, Amsterdam



  • October 2004 - present Scientific Director Netspar (Network for Studies of Pensions, Aging and Retirement (see
  • October 2004 - April 2009 Scientific Director and Chairman of the Board of Netspar (Network for Studies of Pensions, Aging and Retirement (see
  • September 2002 - December 2009 Scientific Director Tilburg Center of Finance
  • March 2002 - August 2004 Vice-dean research Faculty of Economics and Business Administration Tilburg University (see
  • March 2002 - December 2004 Scientific Director CentER for Economic Research(see
  • August 2002 - August 2006 Member of the Board of the European Finance Association
  • April 2001 - April 2002 Dept. Chair Finance Department Tilburg University
  • January 2001 - present Academic Coordinator Inquire Europe
  • March 2000 - January 2001 Scientific Director CentER for Economic Research(see
  • March 2000 - January 2001 Vice-dean research Faculty of Economics and Business Administration Tilburg University (see
  • January 1999 - March 2000 Dept. Chair Econometrics Department Tilburg University
  • January 1996 - March 2000 Research Coordinator Finance Research group CentER


Current courses

Click here for my courses.


  • Econometrics
  • Investment
  • Asset Liability Management

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

  • 20 Similar Profiles
Pensions Business & Economics
Annuities Business & Economics
Retirement Business & Economics
Annuitization Business & Economics
Investors Business & Economics
Private pensions Business & Economics
Risk premia Business & Economics
Assets Business & Economics

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

Research Output 1982 2019

Consumption and portfolio choice under loss aversion and endogenous updating of the reference level

van Bilsen, S., Laeven, R. J. A. & Nijman, T., May 2019, (Accepted/In press) In : Management Science.

Research output: Contribution to journalArticleScientificpeer-review

Loss aversion
Portfolio choice

Effective and sustainable private pensions

van Soest, A. & Nijman, T., 2019, The Future of Ageing in Europe: Making an Asset of Longevity. Walker, A. (ed.). Singapore: Palgrave Macmillan, p. 79 - 106

Research output: Chapter in Book/Report/Conference proceedingChapterScientific

Private pensions
Defined contribution
Pension system
Decision making
178 Downloads (Pure)

Health cost risk: A potential solution to the annuity puzzle

Peijnenburg, J. M. J., Nijman, T. & Werker, B., Aug 2017, In : The Economic Journal. 127, 603, p. 1598-1625

Research output: Contribution to journalArticleScientificpeer-review

Open Access
Health costs
Time to build

New Dutch pension contracts and lessons for other countries

Bovenberg, L. & Nijman, T., Sep 2017, Tilburg: NETSPAR, 22 p. (Netspar Academic Series; vol. DP 09/2017-014).

Research output: Working paperDiscussion paperOther research output

Open Access
Financial assets
Contract design
Financial risk management
Longevity risk
9 Downloads (Pure)

Personal pensions with risk sharing

Bovenberg, L. & Nijman, T., Oct 2017, In : Journal of Pension Economics and Finance. 16, 4, p. 450-466

Research output: Contribution to journalArticleScientificpeer-review

Activities 1997 1997

  • 1 Examination

Dissertation supervised - Ben Jacobsen

T.E. Nijman (Examiner)
12 Dec 1997

Activity: Examination typesExaminationScientific

Projects 1999 2011

Health effects of retirement

Nijman, T. & Coe, N. B.


Project: Research project

Optimal life-cycle planning of individuals and collective pension schemes

Peijnenburg, J. M. J., Werker, B. & Nijman, T.


Project: Research project

New approaches to derivatives management

Werker, B., Boes, M. J., Nijman, T. & Drost, F. C.


Project: Research project

An empirical analysis of trading intensity and information dissemination

Nijman, T. & Spierdijk, L.


Project: Research project