Vacancy for a Ph.D. student in Finance

Project : 1 FWO funded doctoral project on ”Climate Regulation and Firm Behavior”.
You will work with micro data on European firms (in particular financial statements and CO2-emissions data) and perform academic research situated on the intersection of corporate finance and climate change/environmental economics. The precise research agenda will be decided upon jointly with the Ph.D. supervisors (Klaas Mulier and Marten Ovaere).

– The candidate should have a master degree in (applied) economics, econometrics, finance, or business engineering (by September 2023).
– Successful candidates should have excellent qualifications at bachelor and master level.
– Excellent econometric skills are considered an asset.
– The candidate must be prepared to work in Ghent (Belgium).
– The candidate should have a high level of proficiency in English sufficient to communicate effectively with colleagues.

– We offer a full-time position as a Ph.D. scholarship recipient, consisting of an initial period of 12 months, which –upon positive evaluation– will be extended to a maximum of 4 years.
– The Department of Accounting, Corporate Finance and Taxation offers a dynamic, stimulating and pleasant working environment.
– The student will be part of the Corporate Finance Research Group (, which enjoys a strong international reputation and is part of a wide network consisting of other universities, companies and institutions. The student will be able to further develop skills through additional Ph.D. courses, seminars and international conferences.
-The student will receive a monthly scholarship of approximately €2.375 (net), social security (health insurance and pension contributions), end-of-year and holiday bonus, and computer equipment as well as other benefits.
– The contract can start as of September 2023.


Please submit applications at the latest by January 31, 2023 and send the following documents to

– curriculum vitae;
– cover letter outlining your academic interests, research experience and motivation;
– a copy of your diploma;
– a copy of your grades.

Ghent University seeks to foster an environment where all talents can flourish, regardless of gender, age, cultural background, nationality or impairments.

For more information about this vacancy please contact:
Prof. dr. Klaas Mulier, mail:

Vacancy for a Ph.D. student

The Department of Accounting, Corporate Finance and Taxation is looking for highly motivated candidates, interested in pursuing a Ph.D. in Business Economics at Ghent University.

You will work with financial statement data on Belgian SMEs and perform academic research in the field of corporate finance. The precise research agenda will be decided upon jointly with your supervisor.

The candidate should have a master degree in (applied) economics, econometrics, finance, or business engineering (by September 2023).

For the complete profile, offer, and application procedure, see: Vacancy (pdf)

Bibliometric review on venture capital and private equity research

In a recent bibliometric review Douglas Cumming, Satish Kumar, Weng Marc Lim & Nitesh Pandey map the venture capital and private equity research.
They list the 20 most prolific authors globally based on the Web of Science Core collection between the period 2001 and 2021.
For venture capital, Sophie Manigart and Tom Vanacker are ranked.  For private equity, Sophie Manigart and Miguel Meuleman are ranked.

The paper can be consulted here:

Unsuccessful Equity Crowdfunding Offerings and the Persistence in Equity Fundraising of Family Business Startups

In a new paper forthcoming in Entrepreneurship Theory and Practice, Alice Rossi, Silvio Vismara, and Tom Vanacker focus on unsuccessful equity crowdfunding campaigns. Our theoretical and empirical understanding of what happens after an unsuccessful equity crowdfunding campaign remains scarce. Taking a socioemotional wealth perspective, we hypothesize that family business startups are more likely to eventually still raise equity financing relative to non-family business startups. Moreover, while family business startups are initially less likely to provide voting rights, we hypothesize that they are more likely to offer shares with voting rights after an unsuccessful campaign. Using data on the UK equity crowdfunding market, we find support for our hypotheses. This study adds novel insights into the nexus between equity crowdfunding and family business literature.

You can find more information on the study at:

Vacature voor een voltijds assistent

De vakgroep Accountancy, Bedrijfsfinanciering en Fiscaliteit is op zoek naar een voltijds assistent. U besteedt minimum 50% van uw opdracht aan wetenschappelijk onderzoek dat resulteert in een doctoraatsproefschrift. U levert bijstand bij het onderwijs in het vakgebied jaarrekeningenanalyse. U bent houder van een diploma van Master in de Economische Wetenschappen, in de Toegepaste Economische Wetenschappen, in de Handelswetenschappen, of in de Bedrijfseconomie, of gelijkwaardig diploma.

Solliciteren tot 12 juli 2022 via de vacaturepagina van de UGent.

De volledige tekst van de vacature vindt u hier

Vacancy for a fulltime assistant in corporate finance


  • At least 50% of your assignment will be spent on academic research in preparation of a doctoral dissertation.
  • You will assist in the teaching activities at the department, specifically in the domain of corporate finance.
  • You will assist in the internal and external services of the department.


  • You hold a degree of Master in Economic Sciences, Applied Economic Sciences (Business Economics), Business Engineering, or in Commercial Sciences.
  • You should be in the possession of the diploma on the date of the start of the employment.
  • You are interested in academic and/or project-based research and services, and you have the intention to obtain a Ph.D. degree in the domain of corporate finance.
  • Any teaching experience or participation in extra training, conferences, etc. is recommended.
  • You have excellent teaching and communication skills.


  • We offer you a two-year appointment, which may be renewed twice for two years, on condition that the previous term was given a positive evaluation. Attention: If you have been previously appointed as a junior assistant or doctoral fellow at a university within the Flemish Community, this appointment will be deducted from the maximum term of appointment, which is six years at the most according to the Codex of Higher Education.
  • Your appointment will start on 1 September 2022 at the earliest.

Apply before 22 March 2022  23:59:

Equity crowdfunding, market timing, and firm capital structure

In a new paper, forthcoming in a special issue on equity crowdfunding in The Journal of Technology Transfer, we examine the impact of market timing on the capital structure of private firms that raise initial equity crowdfunding (ECF). Our sample includes firms financed via either Crowdcube or Seedrs, the two largest UK ECF platforms. We find that in hot markets, ECF firms set higher targets, collect more overfunding, and thus raise more equity capital than ECF firms in cold markets. Surprisingly, however, and inconsistent with a market timing theory of capital structure, we fail to find differences between the leverage ratios of hot- and cold-market firms from the year of the ECF campaign. This finding is explained by hot-market ECF firms contemporaneously rebalancing their capital structure by attracting more debt, especially financial debt.

Cerpentier, M., Vanacker, T., Paeleman, I. and Bringmann K. (2021) Equity crowdfunding, market timing, and firm capital structure. The Journal of Technology Transfer.
The article is available as ‘Online First’, please see:

FPIM Chair Anniversary Symposium: A Candid View of Women in Entrepreneurship

The Federal Holding and Investment Company (SFPI-FPIM) and the Royal Flemish Academy of Belgium for Science and the Arts (KVAB) kindly invite you to a symposium on gender, entrepreneurship and financing. Despite promising trends, women are still heavily underrepresented in the high-tech startup scene. Gender disparities persist, with women-led companies continuing to account for a small portion of deal flow and overall invested capital. Even more, the COVID-19 pandemic likely had a disproportionate impact on women’s economic situation. This makes gender smart investing and increasing female participation in innovative entrepreneurship a policy priority at the local, national and global level.

June 10th, 2021, 15h30 – 17h30. Online.

Speakers: Alexander De Croo (Prime minister), Hilde Crevits (minister), Sophie Manigart (Vlerick Business School)& Ghent University , Katja Bringmann (Ghent University), among others

More info & registration: FPIM Chair Anniversary Symposium: A Candid View of Women in Entrepreneurship | KVAB

Acquisitions: a curse or blessing for direct competitors? The impact of target ownership structure

This study examines the impact of horizontal acquisition announcements on the value of direct competitors of the combined entity. We argue that the ownership structure of the target drives competitor wealth effects. First, the stronger disciplining force of the market for corporate control for public firms compared to private firms will lead to higher competitive pressure post-acquisition when a public firm is acquired, leading to more negative valuation effects of direct competitors. Second, acquisitions of subsidiary targets, compared to stand-alone targets, are expected to lead to stronger asset utilization improvements in the target, leading to more negative competitor returns. A unique hand-collected sample of 1,038 direct competitors of 228 horizontal acquisitions in Europe empirically supports these hypotheses. Alternative explanations, such as information asymmetry or empire-building, are rejected.

Virginie Mataigne, Sophie Manigart, Mathieu Luypaert. Acquisitions: a curse or blessing for direct competitors? The impact of target ownership structure
Journal of Corporate Finance, forthcoming