laatste wijziging: 21-3-2018

Welcome to the homepage of

Nico L. Van der Sar

Associate Professor of Finance

Born 13 April, 1954
Citizen of the Netherlands
Married, one daughter

Department of Business Economics
Erasmus School of Economics
PO Box 1738
3000 DR Rotterdam
the Netherlands

Office: H14-11
Tel: +31 (0)10-4081290
Fax: +31 (0)10-4089165
Email: vandersar@ese.eur.nl

Background

Nico L. Van der Sar is Associate Professor of Finance and vice-chairman of the Finance Group at Erasmus School of Economics. In 2011 he received the Umbra Erasmi medal of Erasmus University Rotterdam. Before, he was Assistant Professor of Economic Sciences at Leiden University (1981-1985). He obtained his PhD in 1991 from Erasmus University Rotterdam, his MA in econometrics in 1984 from University of Amsterdam and his MA in mathematics in 1979 from Leiden University.

Nico's research interests include decision making under risk and investors' preferences, behavioral finance and stock market anomalies, and initial public offerings. He has published in Journal of Human Resources and Journal of Economic Psychology among other leading academic journals. His book Stock Returns: Ratio and Psychology was published in 2002 by Kluwer (in Dutch).

Nico has taught (under)graduate and postgraduate courses on various subjects ranging from investments, corporate finance, financial econometrics to behavioral finance. He received the Erasmus School of Economics award Top Lecturer in 2008.

Research

Books

Stock Pricing and Corporate Events, 2018, fourth edition, Erasmus University Rotterdam.
Finance 1, Text- and Workbook, 2018, sixth edition, Erasmus University Rotterdam (co-authors: M.B.J. Schauten and M.J. Van den Assem).
Applied Utility Analysis, 1991, PhD dissertation, Erasmus University Rotterdam (unpublished).

Publications

CEOs and CFOs on IPOs: the process and success of going public, De Economist, 2017, 165(4), 381-410 (co-authors: M.J. van den Assem and P.J.P.M. Versijp).
Event Studies for Financial Research: A Comprehensive Guide, D. Kliger, G, Gurevich, 2014, Palgrave Macmillan, New York, book review in: Journal of Behavioral and Experimental Economics, 2017, 67, 163-164 (co-author: M.J. van den Assem).

A new measurement method of investor overconfidence, Economics Letters, 2012, 114, 69-71 (co-authors: R. Huisman and R.C.J. Zwinkels).
Behavioral finance: How matters stand, Journal of Economic Psychology, 2004, 25(3), 425-444.
Calendar effects on the Amsterdam stock exchange, De Economist, 2003, 151(3), 271-293.
Advances in Behavioral Finance, R.H. Thaler (ed.), 1993, Russel Sage Foundation, New York, book review in: Journal of Behavioral Decision Making, 1997, 10(4), 358-360.
Utility of wealth, framing, pricing of risk and asset allocation: An empirical study, in: M. Donders, M.H. Goedhart and A.C.F. Vorst (eds.), Financiering en Belegging, 1995, 18, Erasmus University Rotterdam, 212-233 (co-author: G. Antonides).
Asset allocation and the investor's relative risk aversion, in: R. Flavell (ed.), Modelling Reality and Personal Modelling, 1993, Physica/Springer-Verlag, Heidelberg, 342-355.
The Evaluation Question Approach: A measurement method of attitudes, Journal of Economic Psychology, 1993, 14, 183-201 (co-author: B.M.S. Van Praag).
Social distance on the income dimension, in: R. Vermunt and H. Steensma (eds.), Social Justice in Human Relations, 1991, volume 2: Societal and Psychological Consequences of Justice and Injustice, Plenum Press, New York, 209-228 (co-author: B.M.S. Van Praag).
Utility of wealth and relative risk aversion: Operationalization and estimation, in: J. Spronk and B. Matarazzo (eds.), Modelling for Financial Decisions, 1991, Springer-Verlag, Berlin, 219-228; Rivista di Matematica per le Scienze Economiche e Sociali, 1989, 12, 219-228.
The price of risk empirically determined by the Capital Market Line, Proceedings of the First Actuarial Approach for Financial Risks International Colloquium, 1990, 163-173 (co-author: G. Antonides).
Individual expectations, risk perception and preferences in relation to investment decision making, Journal of Economic Psychology, 1990, 11, 227-245 (co-author: G. Antonides).
Decision, Probability, and Utility. Selected Readings, P. Gärdenfors, N.-E. Sahlin (eds.), 1988, Cambridge University Press, book review in: De Economist, 1989, 137, 523-524.
Social stratification: Individual importance and social welfare, Social Justice Research, 1989, 3, 187-200 (co-author: B.M.S. Van Praag).
Household cost functions and equivalence scales, Journal of Human Resources, 1988, 23, 193-210 (co-author: B.M.S. Van Praag).
On the measurement and explanation of standards with respect to income, age and education, Journal of Economic Psychology, 1988, 9, 1-18 (co-authors: S. Dubnoff and B.M.S. Van Praag).
Evaluation questions and income utility, in: B.R. Munier (ed.), Risk, Decision, and Rationality, 1988, D. Reidel Publ. Comp., Dordrecht, 77-96 (co-authors: S. Dubnoff and B.M.S. Van Praag).

Work in progress

Volatility, investor uncertainty, and dispersion, working paper (co-authors: R. Huisman and R.C.J. Zwinkels).
Stated and revealed relative risk aversion: Micro evidence, working paper (co-author: G. Antonides).
Share buyback ratio effects (co-authors: L.J. Bannenberg and M.B.J. Schauten).

Presentations

Erasmus School of Economics Conference on Behavioral Economics, Rotterdam, November 2009.
29th Meeting of the Euro Working Group on Financial Modelling, Haarlem, November 2001.
IAREP/SABE Conference on Economic Psychology and Behavioral Economics, Rotterdam, July 1994.
European Society for Population Economics, Tilburg, June 1994.
15th Meeting of the Euro Working Group on Financial Modelling, Rotterdam, May 1994.
4th Mini Euro-Conference on Risk Management, Luik, May 1994.
Research seminar, Graduate School of Management, Center for Economic Research, Tilburg, April 1994.
Experimental, Behavioral, and Political Economics seminar series, Tinbergen Institute, Rotterdam, December 1993.
2nd Annual Workshop on Experimental Economics, CREED/KNAW, Amsterdam, September 1993.
European Meeting of the Econometric Society, Uppsala, August 1993.
French Finance Association, La Baule, June 1993.
Conference on Household Equivalence Scales, University of Amsterdam, March 1993.
ORSA/TIMS, San Francisco, November 1992.
IAREP/GEW Conference on Economic Psychology and Experimental Economics, Frankfurt/Main, August 1992.
9th Meeting of the Euro Working Group on Financial Modelling, Willemstad, April 1991.
Foundations and Applications of Utility, Risk and Decision Theories, Durham, June 1990.
1st Actuarial Approach for Financial Risks international colloquium, Paris, April 1990.
6th Meeting of the Euro Working Group on Financial Modelling, Luik, November 1989.
Symposium on Risk Management and Corporate Finance, European Institute for Advanced Studies in Management, Brussels, May 1989.
5th Meeting of the Euro Working Group on Financial Modelling, Catania, April 1989.
2nd Conference on Social Justice and Societal Problems, Leiden, August 1988.
Foundations and Applications of Utility, Risk and Decision Theories, Budapest, June 1988.
European Economic Association, Copenhagen, August 1987.
European Meeting of the Psychometric Society, Enschede, June 1987.
Research Meeting of the European Committee for Work and Pay, Oisterwijk, May 1987.
Foundations and Applications of Utility, Risk and Decision Theories, Aix-en-Provence, June 1986.

Books (Dutch)

Finance 1, Tekst- en Werkboek, 2018, sixth edition, Erasmus University Rotterdam (co-authors: M.B.J. Schauten and M.J. Van den Assem).
Aandelenrendementen: Ratio en Psychologie, 2002, Kluwer, Deventer.
Financiering en Belegging, Stand van zaken anno 1992, deel 15, Erasmus University Rotterdam (co-editors: F. Brouwer and P.C. Van Aalst).
Financiering en Belegging, Stand van zaken anno 1990, deel 13, Erasmus University Rotterdam (co-editors: H. Berkman and P.C. Van Aalst).

Publications (Dutch)

De ratio van de terugkoop van aandelen, Maandblad voor Accountancy en Bedrijfseconomie, 2014, 88(10), 401-408 (co-authors: M.B.J. Schauten and K. Hendrix).
Diversificatie vereist tenminste 50 aandelen, EconomieOpinie.nl, 31 May 2011; Beleggingstips, BNR Nieuwsradio interview, 3 June 2011.
Normen, EconomieOpinie.nl, 24 July 2008.
De totstandkoming van de introductieprijs: Bestuurders over aandelenintroducties in Nederland (1990-2000), Maandblad voor Accountancy en Bedrijfseconomie, 2004, 78(5), 223-232 (co-authors: R. Haenen, R.E. Krol, M.J. Van den Assem and G.J. Van Logtestein).
Equity premium, Risico & Rendement, 2002, 35, C 2.1.8: 1-10.
Behavioral finance, Risico & Rendement, 2002, 35, C 2.1.9: 1-14.
Risicobeleving bij beleggers, Effect, 2002, 25(23), 6-8 (co-authors: G. Antonides, M. Kroeze and J. Leenaers).
Enquête risicobeleving, Effect, 2001, 24(26), 17-20 (co-authors: G. Antonides and J. Leenaers).
Daling KPN-koers niet te wijten aan winstverwatering, Het Financieele Dagblad, 2001, 23 June, 7 (co-author: M.J. Van den Assem).
Spreken financiële pagina’s voor zich?, Tijdschrift voor het Economisch Onderwijs, 2001, 101(4), 205-211 (co-author: M.J. Van den Assem).
Seizoensanomalieën wereldwijd, Maandblad voor Accountancy en Bedrijfseconomie, 2000, 73, 179-191 (co-author: T. Dröge).
Koersondersteuning bij aandelenintroducties op de Amsterdamse effectenbeurs, Risico & Rendement, 2000, 26, C.2.1.5-01/13 (co-author: J.A.P. Van der Heiden).
Aandelenemissies: Altijd prijs voor koopjesjagers?, Economisch Statistische Berichten, 1999, 84, 129-131 (co-author: H.J. Van Hoeijen).
De performance van aandelenintroducties op de Amsterdamse effectenbeurs, Maandblad voor Accountancy en Bedrijfseconomie, 1999, 73, 120-132 (co-author: H.J. Van Hoeijen).
Ajax naar de effectenbeurs, Maandblad voor Accountancy en Bedrijfseconomie, 1999, 73, 340-346.
Belangrijke beleggingsstijlen, NederBelgisch Magazine, 1998, 2(2), 42-44.
Event Studies II, Pecunia, 1998, 14(4), 31-38.
Event Studies, Pecunia, 1997, 13(3), 29-35.
Beleggingsstijlen, Bank- en Effectenbedrijf, 1997, 46, 28-31.
Welvaartsfuncties in de landbouw, D. Kingma, book review in: Tijdschrift voor Sociaal Wetenschappelijk Onderzoek van de Landbouw, 1995, 10, 289-291.
Behavioral Finance, Pecunia, 1993, 9(1), 41-44.
Beleggen en het nut van geld, Eclaire, 1993, 15(2), 6-7.
Aspecten van risico en risicomanagement bij besluitvorming, in: P.C. Van Aalst, F. Brouwer and N.L. Van der Sar (eds.), Financiering en Belegging, Stand van zaken anno 1992, deel 15, Erasmus University Rotterdam, 13-41 (co-authors: F. Brouwer and P.C. Van Aalst).
Individuele verwachtingen, risicoperceptie en voorkeuren in relatie tot beleggersgedrag, in: P. C. Van Aalst, H. Berkman and N.L. Van der Sar (eds.), Financiering en Belegging, Stand van zaken anno 1990, deel 13, Erasmus University Rotterdam, 177-188; Nawoord, 192-193 (co-author: G. Antonides).
De risicohouding van beleggers en asset allocatie, Pecunia, 1990, 5(4), 13-16.
De prijs van risico op empirische wijze bepaald met de Capital Market Line, in: H. Berkman, J. Van der Meulen and A.B.M. Soppe (eds.), Financiering en Belegging, Stand van zaken anno 1989, deel 12, Erasmus University Rotterdam, 451-463; Nawoord, 466-467 (co-author: G. Antonides).
Individuele beleggers en preferenties, VBA Journaal, 1989, 5, 12-14.
Het sociale filterproces, Pecunia, 1986, 2(1), 9-15 (co-author: B.M.S. Van Praag).
Van individuele waarde-oordelen naar aanvaardbare normen, in: R. Vermunt and H. Steensma (eds.), Sociale rechtvaardigheid in een tijd van schaarste, 1986, DSWO Press, Leiden, 157-172 (co-authors: S. Dubnoff and B.M.S. Van Praag).

Presentations (Dutch)

Seminar Terug naar de Markt, Loyens & Loeff, Amsterdam, September 2004.
Erasmus FinBel Alumni Vereniging, Rotterdam, January 1999.
Syntel-symposium Beursgang en Sport, Amsterdam Arena, May 1998.
Research seminar, Limburg Institute of Financial Economics, Maastricht, September 1997.
18de FinBeldag, Erasmus University Rotterdam, October 1995.
Pecunia Meeting, Erasmus University Rotterdam, October 1992.
Ecozoekdag, Rotterdam, June 1992.
Stichting Beleggers Sociëteit, Hilversum, February 1992.
Research seminar, Department of Marketing Management, Rotterdam, November 1990.
13de FinBeldag, Erasmus University Rotterdam, May 1990.
12de FinBeldag, Erasmus University Rotterdam, May 1989.
Onderzoek op maandag, Instituut voor Economisch Onderzoek, Rotterdam, October 1987.
Interdisciplinaire werkgroep Inkomen en Beloning, Utrecht, June 1987.
Ecozoekdag, Amsterdam, May 1987.
Interdisciplinaire werkgroep Inkomen en Beloning, Utrecht, November 1986.
Symposium Sociale Rechtvaardigheid in een Tijd van Schaarste, Leiden University, May 1985.

Teaching

Nico currently teaches the following courses:

§ Finance 1 (FEB12003, FEB12003X)

§ Stock Pricing and Corporate Events (FEB13008)

§ Stock Pricing and Investment Strategies (FEB13022)

§ Bachelor thesis (FEB13100)

§ Master thesis (FEM11066, FEM11067)