Rogier M. Hanselaar
Contact
Information
Rotterdam School of Management
Erasmus University Rotterdam
Burgemeester Oudlaan 50
3065 PA Rotterdam, The Netherlands
E-mail: [email protected]
Phone: +31 (0)10 4081934
Last updated
October 2, 2016
Education
Research Visit
Ross School of Business
University of Michigan, Ann Arbor
Ph.D. in Finance
Rotterdam School of Management
Erasmus University Rotterdam
2016
(expected) 2017
M.Sc. in Quantitative Finance
Erasmus School of Economics
Erasmus University Rotterdam Cum Laude
2013
Pre-master in Econometrics
Erasmus School of Economics
Erasmus University Rotterdam
2012
B.Sc. in Liberal Arts and Sciences
University College Maastricht
Maastricht University Honors
2011
Semester abroad
University of California San Diego
2009
Work in progress Stereotypical IPO underpricing, August 2016 [Job market paper]
Abstract: I investigate the extent to which IPO underpricing in the U.S. can be
explained by stereotypes formed by investors based on past industry underpricing.
I implement the theory of stereotype formation put forward by Bordalo, Coffman,
Gennaioli, and Shleifer (2016) for the construction of stereotypes. I find that IPO
underpricing, as well as IPO demand as proxied by first-day turnover and IPO price
revisions, are positively and significantly related to stereotypical industry underpricing. The effect of stereotypical industry underpricing is stronger for IPOs with more
retail ownership and weaker for IPOs with more institutional investor ownership.
It is not significantly affected when controlling for other explanations. Over long
horizons, there is some evidence that stereotypical industry underpricing negatively
affects post-IPO performance. These findings challenge the view that underpricing
is fully a result of rational deliberations and support the view that underpricing is
partly driven by bounded rational demand side factors.
Do firms issue more equity when markets are more liquid?, March 2014
[with: René M. Stulz, Dimitrios Vagias, Mathijs A. van Dijk]
Abstract: This paper investigates how public equity issuance is related to stock market liquidity. Using quarterly data on IPOs and SEOs in 36 countries over the period
1995-2008, we show that equity issuance is significantly and positively related to
contemporaneous and lagged innovations in aggregate local market liquidity. This
relation survives the inclusion of proxies for market timing, capital market conditions, growth prospects, asymmetric information, and investor sentiment. Liquidity
considerations are as important in explaining equity issuance as market timing considerations. The relation between liquidity and issuance is driven by the quarters
with the greatest deterioration in liquidity and is stronger for IPOs than for SEOs.
Firms are more likely to carry out private instead of public equity issues and to postpone public equity issues when market liquidity worsens. Overall, we interpret our
findings as supportive of the view that market liquidity is an important determinant
of equity issuance that is distinct from other determinants examined to date.
Workshops
• Research Design for Causal Inference, Northwestern, Chicago
Presentations at
conferences
• FMA European Meeting 2016 Doctoral Consortium, Hanken School of Economics, Helsinki
2016
• The Paul Woolley Centre Conference 2014, UTS, Sydney
2014
Honors and
Awards
• American Finance Association, Doctoral Student Travel Grant
• The Paul Woolley Centre, Travel Grant
• Vereniging Trustfonds, Travel Grant
Teaching
Experience
2015
2016
2014
2016
Master thesis: Supervision
(expected) spring 2017
Erasmus University Rotterdam
This involves
• Supervision of master students writing their master theses
University Library Data team: Member
Erasmus University Rotterdam
This involves
• Helping students and staff gather data for research
Fall 2014 - present
• Designing and providing workshops on gathering data for research
• Writing manuals on gathering data for research
BKB0023 Corporate Finance: Workshops
Erasmus University Rotterdam
This involves
• Hosting 300-400 students per workshop
• Developing slides for the workshops
Spring 2014 - spring 2016
BKBBTH Bachelor thesis: Supervision
Erasmus University Rotterdam
This involves
spring 2015 - spring 2016
• Supervision of bachelor students writing their bachelor theses
Extra-Curricular UCMSA Universalis, study association of the University College Maastricht
Activities
President of the board
summer 2010 - summer 2011
Chair of Yearbook committee
summer 2010 - summer 2011
Co-founder Excursion committee
2007 - 2009
Computer
Skills
Languages & Software: Matlab, Latex, Python, Django, HTML, CSS, Javascript,
Java, PHP, SQL, Microsoft Office
Languages
English: fluent; Dutch: native; Italian, German, and French: working knowledge