Piet Sercu

FEB at KU Leuven

Professor of International Finance

Naamsestraat 69

Faculty of Economics and Business

Leuven, 3000

Belgium

SCHOLARLY PAPERS

53

DOWNLOADS
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CITATIONS
Rank 6,219

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Top 6,219

in Total Papers Citations

80

Scholarly Papers (53)

1.

Home Bias in International Equity Portfolios: A Review

Number of pages: 37 Posted: 30 Oct 2007
Piet Sercu and Rosanne Vanpee
FEB at KU Leuven and KU Leuven Faculty of Economics and Business
Downloads 1,362 (7,795)
Citation 20

Abstract:

2.

Deviations from 'One Share, One Vote' Can Be Optimal: An Entrepreneur's Point of View

AFA 2004 San Diego Meetings; KULeuven DTEW Working Paper
Number of pages: 29 Posted: 23 Nov 2003
Tom Vinaimont and Piet Sercu
Hong Kong Baptist University (HKBU) - Department of Finance and Decision Sciences and FEB at KU Leuven
Downloads 627 (30,328)
Citation 2

Abstract:

Corporate Control, Security Design, Takeovers

Thin-Trading Effects in Beta: Bias v. Estimation Error

Number of pages: 25 Posted: 01 Mar 2007
FEB at KU Leuven, Katholieke Universiteit Leuven - Faculty of Business and Economics and Hong Kong Baptist University (HKBU) - Department of Finance and Decision Sciences
Downloads 429 (51,921)

Abstract:

Market Model, Thin Trading

Thin-Trading Effects in Beta: Bias v. Estimation Error

Journal of Business Finance & Accounting, Vol. 35, Issue 9-10, pp. 1196-1219, November/December 2008
Number of pages: 24 Posted: 21 Nov 2008
FEB at KU Leuven, Katholieke Universiteit Leuven - Faculty of Business and Economics and Hong Kong Baptist University (HKBU) - Department of Finance and Decision Sciences
Downloads 3 (538,261)
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Abstract:

4.

Keiretsu Membership, Firm Size, and Corporate Returns on Value and Cost

EFA 0564
Number of pages: 40 Posted: 22 Nov 2000
Xueping Wu, Piet Sercu and Charles J.P. Chen
City University of Hong Kong (CityUHK) - Department of Economics & Finance, FEB at KU Leuven and City University of Hong Kong (CityUHK) - Department of Accountancy
Downloads 419 (52,011)
Citation 2

Abstract:

Cost of Capital, Return on Investment, Value Added, Corporate Governance, keiretsu

5.

The Small Firm Anomaly: US and International Evidence

EFA 2005 Moscow Meetings, AFFI 2004 Paris Meetings, FETEW Research Report No. AFI_0609, DTEW Research Report No. 0521
Number of pages: 31 Posted: 04 Mar 2005
Lieven De Moor and Piet Sercu
Vrije Universiteit Brussel and FEB at KU Leuven
Downloads 390 (57,160)
Citation 2

Abstract:

Small Firms, CAPM, SMB, HML, WML

Cross and Delta-Hedges: Regression versus Price-Based Hedge Ratios

Number of pages: 24 Posted: 24 May 1999
Piet Sercu and Xueping Wu
FEB at KU Leuven and City University of Hong Kong (CityUHK) - Department of Economics & Finance
Downloads 375 (61,127)
Citation 3

Abstract:

Cross and Delta-Hedges: Regression versus Price-Based Hedge Ratios

Journal of Banking and Finance, Vol. 24, No. 5, pp. 735-757, 2000
Posted: 10 Nov 2002
Xueping Wu and Piet Sercu
City University of Hong Kong (CityUHK) - Department of Economics & Finance and FEB at KU Leuven

Abstract:

futures, heding, cross, delta, exchange rates

7.

Country and Sector Effects in International Stock Returns Revisited

IFSAM 2006 Berlin Meetings, FMA 2006 Stockholm Meetings, AFFI 2005 Paris Meetings, FETEW Research Report No. AFI_0615, DTEW Research Report No. 0522
Number of pages: 32 Posted: 04 Mar 2005
Lieven De Moor and Piet Sercu
Vrije Universiteit Brussel and FEB at KU Leuven
Downloads 340 (66,919)

Abstract:

Sector Effects, Country Effects, Risk Diversification, Small Firms

8.

Tactical Asset Allocation with Commodity Futures: Implications of Business Cycle and Monetary Policy

Paris December 2010 Finance Meeting EUROFIDAI - AFFI
Number of pages: 33 Posted: 22 Oct 2010 Last Revised: 26 Jan 2011
Van Thi Tuong Nguyen and Piet Sercu
KU Leuven and FEB at KU Leuven
Downloads 256 (81,839)

Abstract:

commodity futures, asset allocation, portfolio diversification, business cycle, monetary policy

Selecting a Bond-pricing Model for Trading: Benchmarking, Pooling, and Other Issues

EFA 2004 Maastricht Meetings Paper No. 3654
Number of pages: 39 Posted: 22 Jul 2004
Piet Sercu and Tom Vinaimont
FEB at KU Leuven and Hong Kong Baptist University (HKBU) - Department of Finance and Decision Sciences
Downloads 208 (116,740)
Citation 1

Abstract:

Term Structure of Interest Rates, Bonds

Selecting a Bond-Pricing Model for Trading: Benchmarking, Pooling, and Other Issues

Journal of Business Finance & Accounting, Vol. 35, Issue 1-2, pp. 250-280, January-March 2008
Number of pages: 31 Posted: 15 Feb 2008
Piet Sercu and Tom Vinaimont
FEB at KU Leuven and Hong Kong Baptist University (HKBU) - Department of Finance and Decision Sciences
Downloads 9 (507,539)
Citation 1
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Abstract:

10.
Downloads 204 (119,309)

An Anatomy of Fundamental Indexing

Paris December 2012 Finance Meeting EUROFIDAI-AFFI Paper
Number of pages: 40 Posted: 14 Mar 2012 Last Revised: 11 Jun 2012
Vrije Universiteit Brussel, Central University of Finance and Economics, Beijing, FEB at KU Leuven and Hong Kong Baptist University (HKBU) - Department of Finance and Decision Sciences
Downloads 129 (178,326)

Abstract:

fund management, drag, noisy prices

An Anatomy of Fundamental Indexing

Number of pages: 37 Posted: 06 Apr 2012
Vrije Universiteit Brussel, Central University of Finance and Economics, Beijing, FEB at KU Leuven and Hong Kong Baptist University (HKBU) - Department of Finance and Decision Sciences
Downloads 75 (259,538)

Abstract:

fund management, drag, noisy prices

11.

Why Do We Still Put Up With WACC?

Number of pages: 17 Posted: 30 Oct 2007
Piet Sercu
FEB at KU Leuven
Downloads 201 (116,002)

Abstract:

Capital budgeting, Capital structure, Cash flow, IT, NVP, present value, Risk, Strategy, Structure, Tax effects, TGIF, Value, WACC

12.

Reexamining the Relation between Debt Mix and Growth in Japan

Number of pages: 44 Posted: 20 Jan 2002
Xueping Wu, Piet Sercu and Jun Yao
City University of Hong Kong (CityUHK) - Department of Economics & Finance, FEB at KU Leuven and City University of Hong Kong (CityUHK) - Department of Economics & Finance
Downloads 174 (135,438)
Citation 4

Abstract:

Bank Loan, Monitoring, Outside Debt, Debt Choice, Growth

13.

Hedging with Two Futures Contracts: Simplicity Pays

Number of pages: 42 Posted: 15 Apr 2010
KU Leuven, KU Leuven - Faculty of Business and Economics (FEB) and FEB at KU Leuven
Downloads 170 (124,419)

Abstract:

Hedging Strategy, Hedge Ratio, Convenience Yield

14.
Downloads 159 (149,651)
Citation 3

The Forex Forward Puzzle: The Career Risk Hypothesis

Number of pages: 38 Posted: 30 Oct 2007
Piet Sercu and Fang Liu
FEB at KU Leuven and KU Leuven
Downloads 158 (150,596)
Citation 3

Abstract:

Forward puzzle, Peso problem, Risk premium, Tests, Uncovered interest parity

The Forex Forward Puzzle: The Career Risk Hypothesis

Financial Review, Vol. 44, Issue 3, pp. 371-404, August 2009
Number of pages: 34 Posted: 09 Jul 2009
Fang Liu and Piet Sercu
KU Leuven and FEB at KU Leuven
Downloads 1 (554,240)
Citation 3
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Abstract:

The Forex Forward Puzzle: The Career Risk Hypothesis

The Financial Review, Vol. 44, No. 3, August 2009
Posted: 18 May 2009
Fang Liu and Piet Sercu
KU Leuven and FEB at KU Leuven

Abstract:

Forward puzzle, uncovered interest parity, risk premium

15.

Testing Futures Returns Predictability: Implications for Hedgers

Number of pages: 28 Posted: 09 Nov 2007
FEB at KU Leuven, KU Leuven - Department of Economics and KU Leuven
Downloads 157 (148,820)

Abstract:

Average derivative estimates, Futures market, Hedging, Futures, IT, Expected, Forecasting, Variables, Indexes, Estimator, Information, Implications, Risk

16.

Country v. Sector Effects in Equity Returns: Are Emerging-Market Firms Just Small Firms?

Number of pages: 23 Posted: 30 Oct 2007
Lieven De Moor and Piet Sercu
Vrije Universiteit Brussel and FEB at KU Leuven
Downloads 149 (154,621)

Abstract:

Control, Country, Database, Diversification, EMS, Expected, Factors, Firms, Impact, Industries, Industry, International stock returns, Market, Markets, Sector, Sensitivity, Small firms, Variability, Variance, World

17.

Country v. Industry Factors in Equity Returns: (When) Do Non-Unit Exposures Matter?

Number of pages: 19 Posted: 31 Jan 2008
Piet Sercu and Lieven De Moor
FEB at KU Leuven and Vrije Universiteit Brussel
Downloads 126 (178,826)

Abstract:

Country, Internationsal stock returns, Sector, World, Industry, Industries, Factors, Exposure, IT, Processes, Portfolio, Effects, Market, Event, Studies, Variance

18.

Exporters' Exposures to Currencies: Beyond the Loglinear Model

Review of Finance, Forthcoming
Number of pages: 36 Posted: 08 Apr 2012 Last Revised: 23 Jul 2015
Kris Boudt, Fang Liu and Piet Sercu
Vrije Universiteit Brussel (VUB), Central University of Finance and Economics, Beijing and FEB at KU Leuven
Downloads 113 (196,541)

Abstract:

Forex, exposure, real options, threshold model

Estimating the Costs of International Equity Investments

Number of pages: 49 Posted: 06 Mar 2008
Piet Sercu and Rosanne Vanpee
FEB at KU Leuven and KU Leuven Faculty of Economics and Business
Downloads 112 (198,713)
Citation 7

Abstract:

international portfolio diversification, information asymmetries, international CAPM, equity home bias

Estimating the Costs of International Equity Investments

Review of Finance, Vol. 12, No. 4, pp. 587-634, 2008
Posted: 27 Oct 2008
Piet Sercu and Rosanne Vanpee
FEB at KU Leuven and KU Leuven Faculty of Economics and Business

Abstract:

G11, G15, F36

20.

Flawless Fundamental Indexing

Number of pages: 8 Posted: 08 Dec 2009
Fang Liu, Piet Sercu and Tom Vinaimont
Central University of Finance and Economics, Beijing, FEB at KU Leuven and Hong Kong Baptist University (HKBU) - Department of Finance and Decision Sciences
Downloads 108 (191,587)

Abstract:

fundamental indexing, drag, noisy price, flawed, not

21.

Do Inventories Really Yield a Convenience? An Empirical Analysis of the Risk-Adjusted Spread

Number of pages: 43 Posted: 18 Feb 2009
KU Leuven - Faculty of Business and Economics (FEB), KU Leuven and FEB at KU Leuven
Downloads 101 (199,164)

Abstract:

backwardation, convenience yield, theory of storage, risk premium, data aggregation, imbedded options

22.

Do Exchange Rates Really Help Forecasting Commodity Prices?

Number of pages: 42 Posted: 30 Jul 2014 Last Revised: 21 Aug 2014
Aalborg University - Department of Business and Management, Catholic University of Leuven (KUL) and FEB at KU Leuven
Downloads 82 (142,637)

Abstract:

Commodity prices, exchange rates, Granger Causality, forecast, forecast combination

23.

The Smallest Firm Effect: An International Study

Number of pages: 82 Posted: 01 Dec 2011
Lieven De Moor and Piet Sercu
Vrije Universiteit Brussel and FEB at KU Leuven
Downloads 73 (231,628)
Citation 3

Abstract:

forex, exposure, anomaly, Fama, French, dividend yield, liquidity, missing factor, size eff ect, small firm

24.

The Value of Clean Hands: Public Policy and International Asset Allocation

EFA 2008 Athens Meetings Paper
Number of pages: 32 Posted: 06 Mar 2008
Piet Sercu and Rosanne Vanpee
FEB at KU Leuven and KU Leuven Faculty of Economics and Business
Downloads 72 (253,125)

Abstract:

international portfolio diversification, information asymmetries, home bias

25.

What UIP Tests on Extreme Samples Reveal About the Missing Variable

EFA 2003 Annual Conference Paper No. 289
Number of pages: 31 Posted: 03 Aug 2003
Piet Sercu and Martina L. Vandebroek
FEB at KU Leuven and Katholieke Universiteit Leuven - Faculty of Business and Economics
Downloads 69 (263,197)
Citation 3

Abstract:

26.

The Asymmetric Effects of Scarcity and Abundance on Storable Commodity Price Dynamics and Hedge Ratios

Number of pages: 53 Posted: 12 Apr 2010
KU Leuven - Faculty of Business and Economics (FEB), KU Leuven and FEB at KU Leuven
Downloads 68 (261,197)
Citation 1

Abstract:

27.

Why are Some Currencies Viewed as Benchmarks? The Roles of Interest Rates, Economic Size, and Exchange-Rate Regime

EFA 2009 Bergen Meetings Paper
Number of pages: 34 Posted: 16 Feb 2009
Fang Liu and Piet Sercu
KU Leuven and FEB at KU Leuven
Downloads 67 (267,466)

Abstract:

forward puzzle, exchange rate regime, base-currency strength, nonstationarity, career-risk premium

28.

The Forward Puzzle: the Roles of Exchange-Rate Regime and Base-Currency Strength

Number of pages: 26 Posted: 05 Mar 2008
Piet Sercu and Fang Liu
FEB at KU Leuven and KU Leuven
Downloads 65 (261,197)
Citation 1

Abstract:

forward puzzle, exchange rate regime, base-currency strength, nonstationarity, career-risk effect

29.

Estimating the Intertemporal Substitution Elasticity

Number of pages: 37 Posted: 16 Feb 2009
Fang Liu and Piet Sercu
KU Leuven and FEB at KU Leuven
Downloads 59 (283,000)

Abstract:

seasonality, inflation rate, instrumental variable, time aggregation, varying relative risk aversion

30.

The Safe-Haven Effect in Forward Premia: What Makes a Currency Trustworthy?

25th Australasian Finance and Banking Conference 2012
Number of pages: 29 Posted: 28 Aug 2012
Fang Liu and Piet Sercu
Central University of Finance and Economics, Beijing and FEB at KU Leuven
Downloads 57 (273,902)

Abstract:

forward puzzle, exchange rate regime, base-currency strength, nonstationarity, safe haven

31.

Orthogonalized Regressors and Spurious Precision

Midwest Finance Association 2013 Annual Meeting Paper
Number of pages: 11 Posted: 03 Sep 2012 Last Revised: 11 Feb 2013
Piet Sercu and Martina L. Vandebroek
FEB at KU Leuven and Katholieke Universiteit Leuven - Faculty of Business and Economics
Downloads 56 (267,466)
Citation 1

Abstract:

orthogonalised regressors, market model, currency, exposure

32.

The Plausibility of Risk Estimates and Implied Costs to International Equity Investment

Number of pages: 37 Posted: 30 Oct 2007
Lieven De Moor, Piet Sercu and Rosanne Vanpee
Vrije Universiteit Brussel, FEB at KU Leuven and KU Leuven Faculty of Economics and Business
Downloads 55 (297,455)
Citation 2

Abstract:

Plausibility, Risk, Costs, Cost, Investment, Country, Portfolio, Model, Bias, Markets, Market, Time, Expected, International, Investments, Credibility, Volatility

33.

Do Inventories Really Yield a Convenience? An Empirical Analysis of the Cost-Adjusted Basis

Number of pages: 39 Posted: 15 Apr 2010
KU Leuven - Faculty of Business and Economics (FEB), KU Leuven and FEB at KU Leuven
Downloads 48 (316,121)

Abstract:

Backwardation, Convenience Yield, Theory of Storage, Risk Premium, Data Aggregation, Imbedded Options

34.

Privately and Socially Optimal Take-Overs when Acquisition and Exclusion Strategies are Endogenous

Number of pages: 18 Posted: 02 Mar 2007
Piet Sercu and Tom Vinaimont
FEB at KU Leuven and Hong Kong Baptist University (HKBU) - Department of Finance and Decision Sciences
Downloads 48 (318,987)

Abstract:

Corporate Control, Security Design, Takeovers.

35.

Remodeling the Working Curve: The Roles of Scarcity, Time to Maturity and Time to Harvest

Number of pages: 42 Posted: 16 Feb 2009
KU Leuven - Faculty of Business and Economics (FEB), KU Leuven and FEB at KU Leuven
Downloads 45 (324,868)
Citation 1

Abstract:

backwardation, convenience yield, theory of storage, scarcity

36.

More Friction, Less Noise? Relative Efficiency in a Two-Tier Stock Exchange

Number of pages: 44 Posted: 16 Feb 2009
Thi Ngoc Tuan Bui and Piet Sercu
Katholieke Universiteit Leuven and FEB at KU Leuven
Downloads 45 (316,121)

Abstract:

dual markets, price discovery, market microstructure

37.

Does Competition from New Equity Mitigate Bank Rent Extraction? Insights from Japanese Data

Journal of Banking and Finance, Forthcoming
Number of pages: 14 Posted: 14 Oct 2009
Xueping Wu, Piet Sercu and Jun Yao
City University of Hong Kong (CityUHK) - Department of Economics & Finance, FEB at KU Leuven and Hong Kong Polytechnic University
Downloads 37 (349,713)
Citation 1

Abstract:

debt mix, monitored debt, holdup, asymmetric information, growth, new equity

38.

The Smallest Stocks are Not Just Smaller: US and International Evidence

Number of pages: 28 Posted: 01 Feb 2012
Lieven De Moor and Piet Sercu
Vrije Universiteit Brussel and FEB at KU Leuven
Downloads 36 (324,868)

Abstract:

small rm, CAPM, SMB, HML, WML, momentum, distress, Fama, French, pricing error

39.

The Equilibrium Approach to Exchange Rates: Theory and Tests

NBER Working Paper No. w5748
Number of pages: 44 Posted: 07 Nov 1996
Prakash Apte, Piet Sercu and Raman Uppal
Indian Institute of Management, Bangalore, FEB at KU Leuven and EDHEC Business School
Downloads 35 (349,713)
Citation 1

Abstract:

40.

A Measure of Pure Home Bias

Review of Finance, Forthcoming
Posted: 01 Jun 2015 Last Revised: 16 Mar 2017
Ian A. Cooper, Piet Sercu and Rosanne Vanpee
London Business School, FEB at KU Leuven and KU Leuven Faculty of Economics and Business

Abstract:

Home bias, foreign bias, international equity investment

41.

Is the Forward Bias Economically Small? Evidence from European Rates

Journal of International Money and Finance, Vol. 27, pp. 1284–1302, 2008,
Number of pages: 19 Posted: 14 Oct 2009
FEB at KU Leuven, Katholieke Universiteit Leuven - Faculty of Business and Economics and City University of Hong Kong (CityUHK) - Department of Economics & Finance
Downloads 27 (378,611)
Citation 1

Abstract:

Forward bias, Transaction costs, Trading rule, EMS, ERM

42.

Remodeling the Working-Kaldor Curve: The Roles of Scarcity, Time to Maturity and Time to Harvest

Number of pages: 61 Posted: 16 Apr 2010
KU Leuven, KU Leuven - Faculty of Business and Economics (FEB) and FEB at KU Leuven
Downloads 24 (395,776)
Citation 1

Abstract:

backwardation, convenience yield, theory of storage, scarcity

43.

The Exchange Rate and Purchasing Power Parity: Extending the Theory and Tests

CEPR Discussion Paper No. 3343
Number of pages: 25 Posted: 04 Jun 2002
Prakash Apte, Piet Sercu and Raman Uppal
Indian Institute of Management, Bangalore, FEB at KU Leuven and EDHEC Business School
Downloads 21 (425,055)
Citation 5
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Abstract:

General equilibrium, purchasing power parity, regression tests

44.

Spot and Forward Prices in the Brussels SE: Time Value v. Convenience Premiums

Number of pages: 34 Posted: 16 Feb 2009
Thi Ngoc Tuan Bui and Piet Sercu
Katholieke Universiteit Leuven and FEB at KU Leuven
Downloads 15 (435,457)

Abstract:

dual markets, settlement effect, market microstructure

45.

The Equity Home Bias Puzzle: A Survey

Foundations and Trends in Finance, Vol. 7, No. 4, 2013
Number of pages: 143 Posted: 18 Jan 2014
Ian A. Cooper, Piet Sercu and Rosanne Vanpee
London Business School, FEB at KU Leuven and KU Leuven Faculty of Economics and Business
Downloads 7 (460,906)
Citation 1
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Abstract:

Equity, home bias, international portfolio choice

46.

Corporate-Governance Ratings and Company Performance: A Cross-European Study

Corporate Governance: An International Review, Vol. 18, Issue 2, pp. 87-106, March 2010
Number of pages: 20 Posted: 29 Mar 2010
KU Leuven, FEB at KU Leuven and Maastricht University
Downloads 3 (513,203)
Citation 13
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Abstract:

47.

The Forward Puzzle: The Roles of Exchange Rate Regime and Base Currency Strength

World Economy, Vol. 32, Issue 7, pp. 1055-1074, July 2009
Number of pages: 20 Posted: 09 Jul 2009
Fang Liu and Piet Sercu
KU Leuven and FEB at KU Leuven
Downloads 2 (518,656)
Citation 1
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Abstract:

48.

Hedging with Two Futures Contracts: Simplicity Pays

European Financial Management, Vol. 17, Issue 5, pp. 806-834, 2011
Number of pages: 29 Posted: 19 Oct 2011
KU Leuven - Faculty of Business and Economics (FEB), affiliation not provided to SSRN and FEB at KU Leuven
Downloads 1 (526,710)
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Abstract:

hedging strategy, hedge ratio, convenience yield, G11, Q11, Q14

49.

Subjectivity in Sovereign Credit Ratings

Number of pages: 42 Posted: 18 Mar 2017
Vrije Universiteit Brussel, KU Leuven, FEB at KU Leuven and KU Leuven Faculty of Economics and Business
Downloads 0 (491,072)

Abstract:

Credit ratings, rating agencies, artificial intelligence

50.

The Risk-Return Tradeoff in International Stock Markets: One-Step Multivariate GARCH-M Estimation with Many Assets

KU Leuven Department of Economics, Discussion Paper Series DPS16.13
Number of pages: 26 Posted: 23 Jun 2016
Geert Dhaene, Piet Sercu and Wu Jianbin
KU Leuven - Department of Economics, FEB at KU Leuven and KU Leuven - Department of Economics
Downloads 0 (455,713)

Abstract:

international asset pricing, currency risk, multivariate GARCH-M

51.

Measuring Scarcity in Agricultural Markets, 1900-2000: The Shifting Informativeness of Price V Storage Data

Posted: 16 Apr 2010
KU Leuven - Faculty of Business and Economics (FEB), KU Leuven and FEB at KU Leuven

Abstract:

backwardation, convenience yield, theory of storage, scarcity

52.

The Information Content in Bond Model Residuals: An Empirical Study on the Belgian Bond Market

Journal of Banking & Finance, Vol. 21, 1997
Posted: 16 Oct 1998
Piet Sercu and Xueping Wu
FEB at KU Leuven and City University of Hong Kong (CityUHK) - Department of Economics & Finance

Abstract:

53.

The Exchange Rate in the Presence of Transactions Costs: Implications for Tests of Purchasing Power Parity

JOURNAL OF FINANCE, Vol 50 No 4, September 1995
Posted: 15 Jul 1998
Piet Sercu, Cynthia Van Hulle and Raman Uppal
FEB at KU Leuven, KU Leuven - Department of Applied Economics and EDHEC Business School

Abstract: