Accounting & Finance Division

University of Stirling

Stirling

FK9 4LA
Scotland

UK

Professor of Finance

Obtained PhD in Finance from Tilburg University in the Netherlands (1992). After that, Chris was affiliated with Tilburg University until 2004. During that period he held visiting positions at McGill University in Montreal (1998) and at York University in Toronto (2002). From July 2004 to September 2006 Chris was at Simon Fraser University in Vancouver, after which he joined the University of Stirling in September 2006.

My research interests cover a broad range of topics in finance and investments. My major research interest is in empirical corporate finance. Topics in that field that I cover include motives for the issuance of convertible bond loans, dividend policy and corporate divestitures such as spin-offs. However, I am also interested in topics such as empirical research on the pricing of derivative securities, and the behaviour of individual investors.

Academic Papers

Jones, Robert, Veld, Chris, and Zabolotnyuk, Yuriy (forthcoming 2010)

'An empirical comparison of convertible bond valuation models,' Financial Management.

Veld, Chris and Veld-Merkoulova, Yulia (forthcoming 2009)

‘Value creation through spin-offs: A review of the empirical evidence’, International Journal of Management Reviews.

Szymanowska, Marta, Ter Horst, Jenke and Veld, Chris (2009)

'Reverse convertible bonds analyzed', Journal of Futures Markets, Vol 29(10), pp 895-919.

Loncarski, Igor, Ter Horst, Jenke and Veld, Chris (September/October 2009)

'The rise and demise of the convertible arbitrage strategy', Financial Analysts Journal, Vol 65(5), pp35.

Poitras, Geoffrey, Veld, Chris, and Zabolotnyuk, Yuriy (March/June 2009)

'European put-call parity and the early exercise premium for American currency options,' Multinational Finance Journal, Vol 13(1-2), pp39-54.

Dong, Ming, Robinson, Chris, and Veld, Chris (2009)

'Why individual and professional investors want dividends', Blackwell companion to Dividends and Dividend Policy, H.Kent Baker (ed.), Blackwell, pp 405-420.

Loncarski, Igor, Ter Horst, Jenke, and Veld, Chris (Aug 2008)

‘Why do companies issue convertible bond loans? An empirical analysis for the Canadian market’, Canadian Journal of Administrative Sciences, Vol 25, pp 214-236.

Veld, Chris and Veld-Merkoulova, Yulia (Spring 2008)

'An empirical analysis of the stockholder-bondholder conflict in corporate spin-offs', Financial Management, Vol 37(1), pp 102-124.

Veld, Chris and Veld-Merkoulova, Yulia (2008)

'The risk perceptions of individual investors', Journal of Economic Psychology, Vol 29, pp 226-252.

Ter Horst, Jenke and Veld, Chris (2008)

'An empirical analysis of the pricing of bank issued options versus options exchange options', European Financial Management, Vol 14(2), pp 288-314.

Veld, Chris (2008)

'Risk-return tradeoff', In: “International Encyclopedia of Social Sciences” (Volume 7), W.A. Darity (ed.), MacMillan Reference USA, Detroit, pp 255-256.

Veld, Chris (2008)

'Equity markets', In: “International Encyclopedia of Social Sciences” (Volume 2), W.A. Darity (ed.), MacMillan Reference USA, Detroit, pp 623-624.

Poitras, Geoffrey, Veld, Chris, and Zabolotnyuk, Yuriy (2007)

'Put-call parity and the early exercise premium for currency options', Review of Futures Markets, Vol 16(2), pp 159-169.

Veld, Chris and Veld-Merkoulova, Yulia (Summer 2007)

'Portfolio diversification benefits of investing in stamps', The Journal of Alternative Investments, Vol 10(1), pp 56-61.

Veld, Chris and Veld-Merkoulova, Yulia (2006)

'The announcement effects and long-run stock market performance of corporate spin-offs: international evidence', In: “Advances in Corporate Finance and Asset Pricing”, L.D.R. Renneboog (ed.), Elsevier, Amsterdam, pp 105-132.

Loncarski, Igor, Ter Horst, Jenke, and Veld, Chris (2006)

'Why do companies issue convertible bonds: a review of theory and empirical evidence', In: “Advances in Corporate Finance and Asset Pricing”, L.D.R. Renneboog (ed.), Elsevier, Amsterdam, pp 311-339.

Duffhues, Piet and Veld, Chris (2006)

'Opties en warrants op nationale en internationale kapitaalmarkten (transl. Options and warrants on national and international capital markets)', In: P.J.W. Duffhues (ed.), "Financiering, Belegging en Verzekering", Kluwer, Deventer, pp 199-225.

Dong, Ming, Robinson, Chris and Veld, Chris (Dec 2005)

'Why individual investors want dividends', Journal of Corporate Finance, pp 121-158 (reprinted in: ICFAI Journal of Behavioral Finance, June 2006).

Veld, Chris: (2005)

'Warrants' in: “Blackwell Encyclopedia of Management: Finance”, I. Garrett (ed.), Blackwell Publishing, Oxford, United Kingdom, pp 218-219.

Veld, Chris: (2005)

“Convertibles” in: “Blackwell Encyclopedia of Management: Finance”, I. Garrett (ed.), Blackwell Publishing, Oxford, United Kingdom, pp 27-28.

Veld, Chris and Veld-Merkoulova, Yulia: (2004)

'Do spin-offs really create value? The European case', Journal of Banking and Finance, pp 1111-1135.

De Jong, Abe, Van Dijk, Ronald and Veld, Chris: (Sept 2003)

'The dividend and share repurchase policies of Canadian firms: empirical evidence based on an alternative research design', International Review of Financial Analysis, pp 349-377.

Veld, Chris: (2003)

'Analysis of a practical formula for the valuation of employee stock options', Applied Economics Letters, pp 205-208.

Veld, Chris: (2003)

'Warrant pricing: a review of empirical research', The European Journal of Finance, pp 61-91.

Veld, Chris and Veld-Merkoulova, Yulia: (2002)

'Zichzelf verarmende topmanagers (transl. Top managers who make themselves poorer)', Economisch Statistische Berichten, pp 764-765.

De Jong, Abe and Veld, Chris: (2001)

'An empirical analysis of incremental capital structure decisions under managerial entrenchment', Journal of Banking and Finance, pp 1857-1895.

link to full list

(with Dong, Ming, Loncarski, Igor and Ter Horst, Jenke)

‘Determinants of public financing choice’

(with Zabolotnyuk, Yuriy)

'The optimal call policy of convertible bonds: Is there a market memory effect?'

Undergraduate:

FIN9FS Investment portfolio management

Postgraduate:

INVP01 Corporate Finance

INVP11 Investments and Portfolio Management

BUAP14/94 International Corporate Finance

Editorial board positions

Associate Editor

• European Financial Management
• Canadian Journal of Administrative Sciences
• Review of Futures Markets
• Problems and Perspectives in Management

Departmental

• Director of Research
• Director of MSc in Finance
  

Awards and grants (selection)

May 2002:

Grant of 7,500 US dollars from the CFP Board of Standards, Denver for the project “Why individual investors want dividends” (with Ming Dong and Chris Robinson).

May 2002:

Grant from York University for the project “Why individual investors want dividends” (with Ming Dong and Chris Robinson)

September 2002:

2nd prize in the “Free Publicity Awards” of the Faculty of Economics and Business Administration, Tilburg University

June 2003:

Grant of 15,000 Euro from the Dutch Research Foundation (NWO) for the project “Risk preferences of private investors” (with Yulia Veld-Merkoulova)

Oct 2003:

American College award winner for the paper “Why individual investors want dividends” presented at the 2003 Annual meeting of the Academy of Financial Services (1,000 US $) (with Ming Dong and Chris Robinson)

July 2004:

President’s Research Grant of Simon Fraser University of $ 10,000 for the project “An empirical analysis of the pricing of financial innovations”

April 2005:

Standard SSHRC grant of $ 68,700 for the project “Why companies issue convertible bonds: Evidence for the Canadian market” (Chris Veld is principal investigator; Ming Dong from York University is co-investigator)

August 2009:

Grant of £ 750 from The Institute of Chartered Accountants of Scotland for the project “Do accounting rules influence the convertible bond issuance decision?” (with Ming Dong and Marie Dutordoir).

Recent conference presentations

Loncarski, Igor, Ter Horst, Jenke, and Veld, Chris: “The rise and demise of the convertible arbitrage strategy”, Seminar University of Exeter, June 2007, Conference of the Financial Management Association, Dallas, October 2008.

Zabolotnyuk, Yuriy, Jones, Robert, and Veld, Chris: “An empirical comparison of convertible bond valuation models”, Conference of the Financial Management Association, Orlando, October 2007, Scottish Conference of the British Accounting Association, Glasgow, September 2008.

Dong, Ming, Loncarski, Igor, Ter Horst, Jenke, and Veld, Chris: “Determinants of public financing choice”, Northern Finance Association, Toronto, September 2007, Seminar University of Waterloo, February 2008, Seminar Heriot-Watt University, April 2008, Seminar Tilburg University, June 2008, Seminar Bristol University, April 2009, Seminar University of Strathclyde, June 2009, Scottish Conference of the British Accounting Association, Stirling, September 2009.

Veld, Chris, and Zabolotnyuk, Yuriy: “The optimal call policy of convertible bonds: Is there a market memory effect?”, British Accounting Association, Dundee, April 2009.

link to CV