Theo Vermaelen
UBS Chair in Investment Banking, in honor of Henry Grunfeld

Theo Vermaelen is Professor of Finance at INSEAD where he teaches in MBA, PhD and Executive programmes. He is a graduate from the Department of Applied Economics at the Catholic University of Leuven (Commercial Engineer) and obtained an MBA and PhD in Finance from the Graduate School of Business, University of Chicago.

Dr. Vermaelen has taught at the University of British Columbia, the Catholic University of Leuven, The London Business School, UCLA and the University of Chicago. He has published several articles on corporate finance and investments in leading academic journals, including the Journal of Finance, the Journal of Financial Economics and the Journal of Banking and Finance. He is co-editor of the Journal of Empirical Finance, associate editor of the Journal of Corporate Finance and the European Financial Review and advisory editor of Teaching and Case Abstracts. He is also a consultant to various corporations and government agencies and Programme Director of the Amsterdam Institute of Finance.

Watch video interview of Theo Vermaelen on maximising shareholder value on INSEAD Knowledge website (18:34)

Research and publications

Articles and papers

Share Buybacks, forthcoming Harvard Business Review (with Urs Peyer)

The Nature and Persistence of Buyback Anomalies (with Urs Peyer)

Review of Financial Studies 2009 22(4):1693-1745

Mimicking repurchases, Journal of Financial Economics, Vol. 84, Issue 3, June 2007, 624-666 (with Massimo Massa and Zahid Rehman)

Share repurchases can be a good deal, The Financial Times, Mastering Transactions series, October 19, 2006.

The Many Facets of Privately Negotiated Stock Repurchases, Journal of Financial Economics 75, February 2005 361-395 (with U. Peyer)

Death Spiral Convertibles, Journal of Financial Economics, 71, 2004 (with P. Hillion)

Post-IPO Capital Expenditures and Market Feedback, Journal of Banking and Finance, 2003 ( with J. van Bommel)

Death Spiral Convertibles: How They Can Prolong Rather Than End a Company’s Life, Eclectic, 2003 n° 14.

Share Repurchasing Comes into Vogue, Eclectic, 2002 n° 11

Regulation, Taxes and Share Repurchase in the UK, Journal of Business, 2002, vol. 75, no. 2 (with R Rau)

Stock Repurchases in Canada: Performance and Strategic Trading, Journal of Finance, Oct 2000 (with D Ikenberry and J Lakonishok)

Glamour, Value and the Post-Acquisition Performance of Acquiring Firms, Journal of Financial Economics 49 (2), 1998 (with R Rau). Reprinted in Corporate Restructuring edited by J McConnell and David Denis, 2005

Share Buybacks in Europe, CEPS Research Report n° 21, April 1998.

The Option to Repurchase Stock, Financial Management, 1997 (with D Ikenberry)

Large Shareholding and Corporate Control: An Analysis of Stake Purchases by French Holding Companies, European Financial Management, 1996 (with B Leleux and S Banerjee)

Insider Trading Restrictions and the Stock Market : The Case of the Amsterdam Stock Exchange, European Economic Review, 1996 (with R Kabir)

Market Underreaction to Open Market Share Repurchases. Journal of Financial Economics, 1995 with D Ikenberry and J Lakonishok, Reprinted in Behavioral Finance edited by Hersh Shefrin, 2001 and in Empirical Corporate Finance edited by Michael J Brennan, 2001

Taxes, Regulation and the Market for Corporate Control in Belgium, Journal of Banking and Finance, 1991 (with C Van Hulle and P De Wouters)

Anomalous Price Behavior Around Repurchase Tender Offers, Journal of Finance, 1990 (with J Lakonishok)

Trading rules around repurchase tender offers, in R. Guimaraes, B. Kingsman and S. Taylor, ed., A Reappraisal of the Efficiency of Financial Markets, NATO ASI Series, Vol. 54, Springer-Verlag, 1989 , 1988 (with J Lakonishok)

The Effect of Personal Taxes on Common Stock Prices : The Case of a Belgian Tax Reform, Journal of Banking and Finance, 1987 (with L Vanthienen)

Taxes and Corporate Financial Policy. Finansmarket und Portfolio Management, 1987.

Internal Regulation : The Effet of Government Ownership on the Value of the Firm, Journal of Law and Economics, 1986 (with C Eckel)

Encouraging Information Disclosure : Innovative and Other Approaches, Tijdschrift voor Economie en Management, 1986.

The Effect of Royal Decree 15 on Security Prices and Financing Decision, Tijdschrift voor Economie en Management, 1986 (with L Vanthienen)

Tax-induced Trading Around Ex-Dividend Days, Journal of Financial Economics, 1986 (with J Lakonishok)

Agency Theory : Oorzaken en Gevolgen van Belangentegenstellingen in de Onderneming, Economisch en Sociaal Tijdschrift, 1985.

De Rol van Venture Capital bij Financiering van Innovatie, Proceedings of the 17th Flemish Economic Association, 1985 (with L Van de Plas)

Hoe Goed is Trends Beleggingsadvies, Tijdschrift voor Economie et Management, 1984 (with R Daems)

Repurchase Tender Offers, Signalling and Managerial Incentives. Journal of Financial and Quantitative Analysis, 1984. Reprinted in Empirical Corporate Finance edited by Michael J Brennan, 2001

Stock Prices and Financial Analysts Recommendations. Journal of Finance, 1983 (with J Bjerring and J Lakonishok)

Tax Reform and Ex-Dividend Day Behavior. Journal of Finance, 1983 (with J Lakonishok)

Beleggingsaspecten van de aandelenwet van maart 1982. Tijdschrift voor Economie en Management, 1982 (with L Vanthienen)

De terugkoop van Aandelen als informatiesignaal, Tijdschrift voor Economie en Management, 1982.

Common Stock Repurchases and Market Signalling : An Empirical Study, Journal of Financial Economics, 1981.

Book Chapters

Beating the Market with Buybacks, in Blackwell Companion to Dividends and Dividend Policy, Blackwell Publishing, Forthcoming

Maximizing shareholder value : an ethical responsibility ? in Mainstreaming Corporate Social Responsibility : Texts and Cases, Wiley. Forthcoming July 2009.

Share repurchases, in Foundations and Trends in Finance, forthcoming

International Business Communications, in European Cases in Corporate Finance, 1993 (ed. Paul Stoneham)

Ex-Dividend Days, in The New Palgrave Dictionary of Money and Finance, 1992 (with J Lakonishok)

The Financial Fallout from Chernobyl : Risk Perceptions and Regulatory Response, in Deregulation and Diversification of Utilities, 1988 (with C Eckel)

Corporate Restructuring : Evidence from the Stock Market, in European Industrial Restructuring in the 1990s, 1992. K Cool, D Neven and I Walter (eds)

Case studies

Bank Waal and Ijssel II, INSEAD Case study, forthcoming 2009

Arcelor: Undervaluation: Threat or Opportunity? (with D. Andrade), INSEAD Case study, forthcoming 2009

Arcelor Mittal Takeover (with D. Andrade), INSEAD Case study, forthcoming 2009

The KBC Buyback Fund: Beating the Market with Buybacks, INSEAD Case study 2007

INSEAD Teaching


Financial Markets and Valuation (Finance I)

Applied Corporate Finance

Corporate Financial Policy (Finance II)

Options Markets


Empirical Corporate Finance

Executive Education

INSEAD Executive Program

ALCATEL Executive Program (Program Director)

Options Workshop (Program Director)

Finance For Executives

Financial Futures Workshop (Program Director)

International Corporate Finance

Corporate Financial Strategy in Global Markets (Program Director)

Suez 2000



MeesPierson Senior Professionals Program (Program Director)

Deutsche Bank (Program Director)

BBL (Program Director)

Deutsche Morgan Grenfell (Program Director)



Chase Manhattan (Program Director)


Theo Vermaelen
Professor of Finance

INSEAD Europe Campus
Boulevard de Constance
77305 Fontainebleau Cedex

Tel: 33 (0)1 60 72 44 32
Fax: 33 (0)1 60 72 40 45
Email: theo.vermaele[email protected]

Assistant: Lucie Soares
Tel: 33 (0)1 60 72 42 14
Fax: 33 (0)1 60 72 40 45
Email: [email protected]

INSEAD Personalised Experience




Save & Manage



It is easy, simply log in:

Via Social

  • icons
  • icons
  • icons


Use your email address