1

Curriculum Vitae

Cynthia Van Hulle

Cynthia Van Hulle is Professor of Finance at the Faculty of

Business and Economics of the Katholieke Universiteit

Leuven. She also teaches at the Vlerick Leuven Gent

Management School and at the Interuniversity Centre of the association of the

Belgian financial analysts. She also was a visiting professor at the Columbia Graduate

Business School (U.S.A.). During the academic year 2009-2010 she held the

Francqui-chair at the University of Gent.

She earned a Ph.D. in Applied Economics at the K.U.Leuven and holds a degree of

licentiée in Business and Financial Economics from the Vlaamse Economische

Hogeschool (Brussels). She has been a postdoctoral research fellow at the Yale

University (U.S.A.) and has also stayed at the University of Chicago (U.S.A.).

Her primary teaching and research interests are corporate finance, corporate

restructuring, bankruptcy, initial public offerings, corporate governance and

governance of organisations, the functioning of financial markets and financial

engineering. Recent publications concern corporate governance and governance of

organisations, bankruptcy, the functioning of internal capital markets in business

groups, capital constraints in corporations. She has experience in teaching company-

specific training programs and special intensive courses on financial issues for foreign

students and executives.

She currently serves on several policy and decision committees within the Katholieke

Universiteit Leuven/association of the K.U.L., a.o. the association wide committee on

education projects (OOF), executive committee of the University Press Leuven, the

investment committee of the K.U.L., the bureau of the faculty of Business and

Economics. She is also program director of MERB and chairperson of the research

group Finance.

2

Outside the KUL she is currently chairperson of the board of directors of Almancora

Beheersmaatschappij NV and of Ancora VZW. She is also a board member of M

autonoom gemeentebedrijf and director at ICM. Among others she is also a member

of the regional comittee of the Studiecentrum voor Bank-en Financiewezen, advisory

member of the board of the Vlaams Pensioenfonds VZW and of the Vlaams

Zorgfonds VZW, reference expert of Euroarbitrage, member of the association of

financial analysts of Belgium, member of the academic advisory board of Febelfin

Academy and of Guberna.

She has been a member of the Vlaamse Raad voor Wetenschapsbeleid, the Hoge Raad

van Financiën, of the privatisation commission of GIMV NV, member of the regional

board of BBL/ING NV and has served on the board of Gimvindus NV, LB-Capital

NV, Finindus NV and Werfinvest NV.

3

Specific information

Education

- July 1975:

Candidate in Commercial Sciences, High Distinction, Vlaamse Economische

Hogeschool, Brussels;

- July 1977:

Licentiée in Commercial and financial Sciences, High Distinction, Vlaamse

Economische Hogeschool, Brussels

specialisations: - Financial Management,

- Quantitative Techniques,

- Aggregatie voor het secundair onderwijs;

- October 1977- June 1983:

Ph. D. student Department of Applied Economic Sciences, Katholieke Universiteit

Leuven

- September 1982- June 1983:

Special student in the doctoral program of Operations Research, Department of

Administrative Sciences, Yale University - USA

- July 7, 1983:

Ph.D. in Business Administration, specialisation: Finance, Katholieke Universiteit

Leuven

Languages:

Dutch, French, English, passive knowledge of German

Academic Employers:

- October 1977 - September 1981:

Assistant at the Department of Applied Economic Sciences, Katholieke Universiteit

Leuven

- October 1981 - August 1983:

Fellow of the Interuniversitair College voor Studies in Management Wetenschappen,

Brussels

4

- September 1983 - January 1984:

Postdoctoral Fellow in Operations Research at the Department of Administrative

Sciences, Yale University - USA

- January 1984 - September 1985:

Senior Assistant at the Department of Applied Economic Sciences, Katholieke

Universiteit Leuven

- October 1985 - September 1987:

Lecturer at the Department of Applied Economic Sciences, Katholieke Universiteit

Leuven

- January 1987 - May 1987:

Visiting Professor at Columbia University's Graduate Business School - USA

- 0ctober 1988 - : Professor at the Interuniversity Center of the Belgian Association of

Financial Analysts

- 0ctober 1988 - March 1994:

Professor - Buitengewoon Hoofddocent at the Department of Applied Economic

Sciences, University Sint Ignatius, Antwerp

- October 1987 - September 1991: Professor - Docent at the Department of Applied

Economic Sciences, Katholieke Universiteit Leuven

- October 1991 - September 1992:

Professor - Hoofddocent at the Department of Applied Economic Sciences,

Katholieke Universiteit Leuven

- October 1992 - September 1993:

Professor - Hoogleraar at the Department of Applied Economic Sciences, Katholieke

Universiteit Leuven

- October 1993 - :

Professor - Gewoon Hoogleraar at the Department of Applied Economic Sciences,

Katholieke Universiteit Leuven

- April 1994 - 2001:

Professor - Buitengewoon Hoogleraar at the Department of Applied Economic

Sciences, University Sint Ignatius, Antwerp

- April 1997 - 2007:

Invited speaker at the Solvay Business School (ULB), MBA-program.

5

Extended stays abroad:

- September 1982 - January 1984: Yale University - USA

- March 1985 - June 1985: University of Chicago (Ill.), USA

- January 1987 - May 1987: Columbia University (N.Y.), USA

Other functions within the Katholieke Universiteit Leuven/Associatie:

- November 1987 - :

Member advisory board of the investment committee of the Katholieke Universiteit

Leuven;

- October 1988 - September 1992:

Member advisory board undergraduate thesises of the Department of Applied

Economic Sciences;

- August 1990 - august 1993 :

Academic secretary at the Department of Applied Economic Sciences;

- October 1991 – October 1995:

Member advisory Board Tijdschrift voor Economie en Management;

- October 1994 - October 1997:

Member nomination and evaluation committee of the Department of Applied

Economic Sciences;

- October 1994 - September 2001:

President examination commission of the M.B.A.;

- October 1994 - September 2004:

Vice president examination commission second year undergraduate students of the

Department of Applied Economic Sciences;

- September 1997- September 2003:

Member of the education council of the Katholieke Universiteit Leuven;

- July 1998 - :

Chairperson of the research group Finance of the Department of Applied Economic

Sciences;

6

- September 1998 - September 2003:

Member of the council for education projects (OOI-projecten) of the Katholieke

Universiteit Leuven;

- September 1998:

Member temporary council „Studiepunten en Studielast‟ of the Katholieke

Universiteit Leuven;

Juni 1999-September 2000:

Academic coordinator „8 om te horen‟ of the Department of Applied Economic

Sciences;

- June 1999- :

Member advisory committee „Fonds Ekonomika-senioren‟;

- September 1999 – June 2000:

Member temporary council on hospital governance CZV of the Katholieke

Universiteit Leuven;

- December 1999 – December 2005:

Member of the council on research policy of the Katholieke Universiteit Leuven and

its Association

- February 2000 – June 2001:

Member temporary council resource allocation at the Katholieke Universiteit Leuven;

- October 2000 – September 2005:

Program director POC TEW/HIR of the Department of Applied Economic Sciences;

- December 2000 – October 2005:

Member of Vaste Werkgroep Curriculumhervorming of the education council of the

Katholieke Universiteit Leuven; president of chamber 1, Biomedical Sciences

- October 2001 – October 2005:

chairperson departmental commission of the Department of Applied Economic

Sciences of the Bachelor/Master program reform;

- October 2001 – January 2002:

Member temporary council on use of resources of education programs at the

Katholieke Universiteit Leuven;

- April 2002 – May 2002:

member council RZL – Filosofie – Ethiek – Deontologie at the Katholieke

Universiteit Leuven;

- March 2003- December 2003:

Member preliminary academiseringscommissie associatie

7

- April 2003 - :

Member council OOF-projecten of the onderwijsontwikkelingsfonds of the

association of the Katholieke universiteit Leuven;

- July 2003 - :

Member begeleidingsgroep academisering Handelswetenschappen en bedrijfskunde.

- September 2003-June 2005:

Member of the Bureau of the Department of Applied Economic Sciences;

- March 2004 – June 2004:

Member temporary council on flexibility issues in education programs at the

Katholieke Universiteit Leuven;

- March 2004:

Member evaluation/search committee for the executive director of DUO/ICTO

- April 2004 – June 2004:

Member temporary council on the organisation of the allocation of education

activities at the Katholieke Universiteit Leuven

- June 2004 – June 2005:

Director of Postgraduaat Financiewezen of the Department of Applied Economic

Sciences;

- October 2004 – October 2006:

President examination commission 1e bachelor TEW, 1e bachelor Handelsingenieur

and 1e bachelor Handelsingenieur in de Beleidsinformatica at the Faculty of Business

and Economics;

- December 2004 – December 2010:

Member General Assembly of Vlekho VZW;

- January 2005 – June 2005:

Program director Master in Financial Economics at the Faculty of Business and

Economics;

- January 2005 – June 2006:

Member temporary council Masterproef at the Katholieke Universiteit Leuven;

- October 2005:

Member of the bureau of the Faculty of Business and Economics;

- January 2006:

Member evaluation/search committee for the executive director of VLEKHO;

8

- March 2006 - :

Member executive board of the University press Leuven

- October 2006 – October 2008:

President of the examination commission 1e bachelor Handelsingenieur at the Faculty

of Business and Economics;

- October 2006 – October 2009:

Member POC Bachelor at the Faculty of Business and Economics;

- October 2006 - :

Member POC Initial Masters at the Faculty of Business and Economics;

- November 2007 – November 2010:

Representative of the Faculty of Business and Economics in the Groepsraad Humane

Wetenschappen of the Katholieke Universiteit Leuven

- March 2008:

Member temporary council on progress evaluation of the academisering van de

hogescholen of the association of the Katholieke Universiteit Leuven

- September 2008 – December 2010:

Member board of directors VLEKHO VZW;

- October 2008 – October 2009:

President examination commission Master Handelsingenieur in de Beleidsinformatica

at the Faculty of Business and Economics;

- February 2009 - :

Program director of the Master Economie, Recht en Bedrijfskunde of the Katholieke

Universiteit Leuven;

- October 2009 - :

Coordinator master thesis of the Master Economie, Recht en Bedrijfskunde;

- October 2009 - :

Coordinator option financieel recht en economie of the Master Economie, Recht en

Bedrijfskunde

9

External recognitions, awards and academic functions outside the

Katholieke Universiteit Leuven/Associatie

- August 1991 – Januari 2009:

editor newsletter European Finance Association;

- September 1997 – September 2004:

Member editorial board Journal of Multinational Financial Management;

- June 2004 – June 2005:

Program director Master Class in Corporate Finance, Vlerick Leuven Gent

Management School;

- January 2008 - :

Member program committee postacademic program Financieel Recht at the

University of Gent;

- June 2008 -:

Member Academic Council Guberna;

- October 2008 - :

Member NVAO-panel visitatie postgraduate master VU-Amsterdam;

- Academic year 2009 – 2010:

Award of the Francqui-chair at the University of Gent;

- October 2010 - :

Director and scientific advisor at ICM, Brussels

Positions in corporations and other non-academic organizations

- January 1990 - :

member advisory board of the regional committee of the Belgisch Financieel Forum,

region Brabant and Leuven;

- November 1994 - :

member advisory board Vlaams pensioenfonds VZW, egalisatiefonds

responsabiliseringsbijdrage Vlaamse Gemeenschap;

- July 1996 – June 2001 :

member of the board of directors of Gimvindus NV;

- August 1996- October 1997:

member privatisation commission GIMV NV;

- December 1996 - June 2002:

10

member of the board of directors of Mercantile Beliard NV/Finindus NV;

- June 1998 – June 2002:

Member of the board of Werfinvest NV;

- July 1998 – March 2003:

member of the Vlaamse Raad voor Wetenschapsbeleid;

- July 1998 – July 2010:

Member of commissie Federale en Internationale Samenwerking, Vlaamse Raad voor

Wetenschapsbeleid;

- January 1999 – January 2001:

Member of the regional board (Leuven) of BBL/ING NV;

- June 1999 – June 2001:

Member of the board of LB-Capital NV;

- June 1999 - September 2000:

Member search/selection committee for the fund management of Pensioenfonds

Vlaams Parlement;

- June 2000 - :

Member Hoge Raad voor Financiën;

- January 2001 - :

President of the board of directors of ALMANCORA- beheersmaatschappij; president

of the board of directors of ANCORA VZW; president of nomination committee and

remuneration committee;

- December 2001:

Reference-expert of Euroarbitrage;

- December 2001 – December 2003:

Member search/selection committee for the fund management of Vlaams

Pensioenfonds VZW;

- March 2004 – June 2005:

Member Stuurgroep “Vrouwen in Vlaamse Bestuursorganen, Vlaamse regering;

- November 2004 - :

Member corporate governance council of the board of directors of ACC VZW;

- January 2006 - :

Member advisory council Vlaams Zorgfonds VZW;

- November 2007 – June 2009:

Member Stuurgroep Deugdelijk Bestuur in de Social profit;

11

- October 2007 - :

Member General Assembly Sint-Albertuscollege, Haasrode;

- November 2007 - :

Member of the board of Autonoom Gemeentebedrijf M;

- February 2008 – June 2008:

Member council on Excellence for Non-Profit (in cooperation with VBO);

- October 2009 - :

Member academic council Febelfin Academy;

- November 2009 - :

President HRM-committee of the board of Autonoom Gemeentebedrijf M;

Publications

1) Papers in international journals

N. Dewaelheyns, K. Eeckloo en C. Van Hulle (2011), Legitimacy, trustee

incentives and board processes: the case of public and private non-profit nursing

homes, International Journal of Health Planning and Management, forthcoming;

F. Schoubben en C. Van Hulle (2011), Stock listing and financial flexibility,

Journal of Business Research, vol 64, 5, 483-489;

N. Dewaelheyns en C. Van Hulle (2010), Internal capital markets and capital

structure: bank versus internal debt, European Financial Management, vol 16,

no 3: 345-373;

N. Dewaelheyns, C. Van Hulle (2010), Bankruptcy reform: evidence from a

survey among judges and receivers, Applied Economic Letters, 17 (14):1367-

1371;

N. Dewaelheyns, C. Van Hulle (2009), Filtering Speed in a Continental

European Reorganization Procedure, International Review of Law and

Economics, 29 (4), 375-387;

N. Dewaelheyns, K. Eeckloo, G. Van Herck, C. Van Hulle, A. Vleugels (2009),

Do non-profit nursing homes separate governance roles ? The impact of size

and ownership characteristics, Health Policy, vol 90, 2-3: 181-188;

N. Dewaelheyns en C. Van Hulle (2008), Legal Reform and Aggregate Small

and Micro Business Bankruptcy Rates: Evidence from the 1997 Belgian

Bankruptcy Code, Small Business Economics, 31:409-424;

12

N. Dewaelheyns en C. Van Hulle (2007), Aggregate bankruptcy rates and the

macro-economic environment: forecasting systematic probabilities of default,

Tijdschrift voor economie en Management; LII, no 4, 541-566;

N. Huyghebaert, L. Van De Gucht en C. Van Hulle (2007), The choice between

bank debt and trade credit in business start-ups: Financing costs versus

liquidation policy, Small Business Economics, vol 29, 4: 435-455;

N. Huyghebaert, L. Van De Gucht en C. Van Hulle (2007), The debt structure

of entrepreneurial firms: the role of private benefits of control, Journal of

Management Science, 1, 53-79;

N. Dewaelheyns en C. Van Hulle (2006), Corporate Failure Prediction

Modeling: Distorted by Business Groups‟ Internal Capital Markets ? Journal of

Business Finance and Accounting, vol 33, no 5&6, pp 909-931;

N. Huyghebaert en C. Van Hulle (2006), Structuring the IPO: empirical

evidence on the portions of primary and secondary shares, Journal of Corporate

Finance, vol 12, no 2 (Jan), pp 296 – 320;

K. Eeckloo, G. Van Herck, C. Van Hulle en A. Vleugels (2004), From

corporate governance to hospital governance, Health Policy, vol 68/1, pp 1-15;

N. Dewaelheyns en C. Van Hulle (2004), The impact of Business Groups on

Bankruptcy Prediction Modeling, Tijdschrift voor Economie en Management,

November, pp 623 - 646;

F. Schoubben en C. Van Hulle (2004), The determinants of leverage:

differences between quoted and unquoted firms, Tijdschrift voor Economie en

Management, November, pp 589 - 622;

N. Huyghebaert en C. Van Hulle (2004), The role of institutional investors in

corporate finance, Tijdschrift voor Economie en Management, November, pp

689 - 726;

C. Van Hulle (2003), Corporate governance: inherent klant van de

schandaalpers ?, Tijdschrift voor Economie en Management, vol XLVIII, 2, 179

-197;

C. Van Hulle (2001), Corporate governance: omtrent toezicht en externe druk,

Tijdschrift voor Corporate Finance, jaargang 6, no 2, 20-23;

A. Vleugels, K. Eeckloo, C. Van Hulle en G. Van Herck (2001), Hospital

Governance, European Hospital, vol 3, no 5, 17-19;

C. Van Hulle (1999), discussienota omtrent het artikel van M. Adams, Cross

holdings in Germany, Journal of Institutional and Theoretical Economics, vol

155, no 1, 110-112;

13

P. Sercu en C. Van Hulle (1999), Traditionele versus optie-

waarderingsmethodes voor groeibedrijven: er zijn geen mirakeloplossingen,

Tijdschrift voor Economie en Management, September, 323-336;

C. Van Hulle (1999), Principles of Corporate Governance with an application to

the financial sector, Tijdschrift voor Economie en Management, September,

299-322;

P. Sercu en C. Van Hulle (1999), Fiscale regels voor optieplannen, Tijdschrift

voor Economie en Management, februari, 71-85;

C. Van Hulle en L. Vanthienen (1998), Informationele efficiëntie van de

Belgische optiemarkt: aandelenopties en BEL20-indexopties, Tijdschrift voor

Economie en Management, december, 595-616;

C. Van Hulle (1998), Bedrijfsfinanciering in België: waar naartoe?, Tijdschrift

voor Economie en Management, februari, 71-103;

C. Van Hulle (1998), On the nature of European holding groups, International

Review of Law and Economics, vol 18, no 3, september, 255-277;

Uppal R. en Van Hulle C. (1997), Souvereign debt and the London Club : a

precommitment device for limiting default, Journal of Banking and Finance, 21,

741-756;

C. Van Hulle (1997), Zijn overnames wel overnames? De Belgische ervaring in

de periode 1985-1995, Tijdschrift voor Economie en Management, september

1997, 295-309;

C. Van Hulle (1996), Corporate governance. Een overzicht van

disciplineringsmechanismen en empirische evidentie, Tijdschrift voor

Economie en Management, januari, 81-129;

C. Van Hulle and P. Sercu (1995), On the structure of take-over models, and

insider-outsider conflicts in negotiated take-overs, Journal of Banking and

Finance 19, 11-44;

P. Sercu, C. Van Hulle and R. Uppal (1995), The exchange rate in the presence

of transaction costs : implications for tests of purchasing power parity, Journal

of Finance, september, 1309-1319;

C. Van Hulle and P. Sercu (1995), Financing instruments security design and

the efficiency of take-overs: a note, International Review of Law and

Economics, 373-393;

P. Sercu en C. Van Hulle (1994), The effect of the increased bid rule in take-

overs with pivotal shareholders, Finance, vol. 15, 101-114;

14

C. Van Hulle and A. Mathur (1994), Managing a nation : who is in charge ?

The market for political control, ASCI Journal of Management, volume 23 (3),

september 1994, 1-13;

C. Van Hulle and K. Geens (1993), The poison warrant : a powerful poison pill,

European Management Journal, 1993, vol. 11, no. 2, pp. 214-218;

C. Van Hulle, L. Vanthienen and W. De Bondt (1993), Is the stock market

rational ? A money manager's guide to 25 years of efficient markets research,

Tijdschrift voor Economie en Management, december, 349-369;

C. Van Hulle, M. Casselman and M. Imam (1993), Initial public offerings in

Belgium - Theory and evidence, Tijdschrift voor Economie en Management,

december, 385-423;

C. Van Hulle and L. Vanthienen (1993), Belfox : een empirische analyse van de

opstartfase, Tijdschrift voor Economie en Management, december, 425-449;

P. Sercu and C. Van Hulle, Exchange rate volatility, international trade, and

international (dis)investment (1992), Journal of Banking and Finance, special

issue on European Capital Markets, februari 1992, 155-182;

C. Van Hulle and P. Sercu (1992), The choice between a public take-over bid

and a private block trade, European Management Journal, maart, 94-102;

C. Van Hulle, T. Vermaelen, P. de Wouters, Mergers and take-over bids in

Belgium (1991), Journal of Banking and Finance, december 1991, 1143-1170;

E. Durinck, K. Jansen, E. Laveren, C. Van Hulle (1991), Leasing and the pie

approach to capital structure : a pedagogical perspective, Tijdschrift voor

Economie en Management, 1991, December, 387-405;

C. Van Hulle and P. Sercu (1991), Bidding, Negotiations and take-over prices,

European Management Journal, juni 1991, 186-193;

C. Van Hulle (1989), Financiële Portefeuilleverzekering of Financiële Hocus

Pocus ?, Tijdschrift voor Economie en Management; nr 3, pp317-326;

C. Van Hulle (1988), Option Pricing Methods: An Overview, Insurance:

Mathematics and Economics 7, 132 - 152;

C. Van Hulle (1987), Sufficient Conditions for equivalence of unanimity

conditions: a note, Economic Letters, 24;

C. Van Hulle (1986), Corporate Restructuring, Tijdschrift voor Economie en

Management, jaargang XXXI, nr.4, p.417-433;

15

C. Van Hulle (1984), Unanimous Investment Decisions : A Note on the

Hirshleifer Paradigm, Tijdschrift voor Economie en Management, vol.XXIX,

nr.4, pp 529-538.

2) Papers in other scientific journals

C. Van Hulle (2008), Hospital governance and IT, Healthcare IT management, pp 34-

35;

N. Dewaelheyns en C. Van Hulle (2006), Corporate ownership and credit risk

modeling performance, Bank-en Financiewezen, vol 70, no 6, pp 350-355;

K. Eeckloo, G. Van Herck, C. Van Hulle, A Vleugels (2006), Governance ook in

Vlaanderen volop in actualiteit, Maandblad voor bestuurders, directeurs en

toezichthouders in de zorgsector, vol. Okt, pp 1-6;

N. Huyghebaert, C. Van Hulle (2004), Strategieën en motieven bij een beursgang met

toepassing op Belgacom, Bank-en Financiewezen, nr 2004/7, pp 379-383;

K. Eeckloo, G. Van Herck, C. Van Hulle, A. Vleugels (2001), Hospital governance.

Principes van goed bestuur in ziekenhuizen, Het Belgisch ziekenhuis, nr 3, 11-13;

C. Van Hulle (2001), Belgische beursintroducties: tussen opportunisme en

economische noodzaak ?, Bank-en Financiewezen, maart, 70-80;

K. Eeckloo, G. Van Herck, C. Van Hulle, A. Vleugels (2000), Ziekenhuisbeheer

vandaag in Vlaanderen: resultaten van een enquête, Acta Hospitalia, 2, 63-80;

C. Van Hulle, K. Eeckloo, G. Van Herck, A. Vleugels (2000), Voorstel van

governancemodel voor ziekenhuizen, Acta Hospitalia, 2, 2-24;

C. Van Hulle, K. Eeckloo, G. Van Herck, A. Vleugels (2000), Voorstel van

gedragscode voor ziekenhuizen, Acta Hospitalia, 2, 25-34;

C. Van Hulle (1999), Corporate Governance en ondernemingsbeslissingen: gedragen

Belgische bedrijven zich anders dan Nederlandse ?, Reflets et Perspectives, tome

XXXVIII, no 2, 37-48;

E. Durinck, E. Laveren, C. Van Hulle en J. Vandenbroucke (1998), Confronting

capital structure theories empirically: pecking order versus target adjustment, Cahiers

Economiques de Bruxelles, no 158, 2e trim, 121-144;

M. Imam en C. Van Hulle (1998), The post-issue price performance of initial public

offerings in Belgium, Cahiers Economiques de Bruxelles, 3e trim, no 159, 279-296;

F. Conchillo, C. Van Hulle en L. Vanthienen (1997), Indexactiviteit en indexopties :

Bel 20 versus Belfox, Bank-en Financiewezen, februari, 2, 81-86;

16

F. Conchillo, C. Van Hulle en L. Vanthienen (1996), Informationele efficiëntie

van de Belgische optiemarkt, Bank- en Financiewezen, 8, 487-492;

C. Van Hulle (1995), De kloof tussen de hoge spaarquote en lage

beurskapitalisatie, De Beurs Zwart op Wit, september, 58-68;

C. Van Hulle (1994), Beursgang in België: voor iedereen even moeilijk ?,

Bank-en Financiewezen, december, 558-569;

C. Van Hulle , L. Vanthienen en A. Praet (1994), Belfox : wisselwerking met

de aandelenmarkt, Bank- en Financiewezen, 6, 360-369;

E. Durinck, E. Laveren and C. Van Hulle (1994), The structure of financial

leasing rates in Belgium : Some Empirical Evidence, Cahiers Economiques de

Bruxelles, no. 141, 1er trimestre 1994, 45-61;

E. Durinck, K. Jansen, E. Laveren, C. Van Hulle (1992, 1991), Financial

leasing : concept, accounting and tax aspects, part 1 : Kwartaalschrift

Accountancy en Bedrijfskunde, 1991, nr. 4, 28-28; part 2 : Kwartaalschrift

Accountancy en Bedrijfskunde, 1992, nr. 1, 6-39;

C. Van Hulle (1991), Overnameactiviteit in België : de gevolgen van

veranderingen in omgeving en wetgeving, Economisch en Sociaal Tijdschrift,

december, 635-658;

E. Durinck, K. Jansen, E. Laveren, C. Van Hulle (1990), Financial leasing and

the pie approach : tax asymmetries and depreciation, Cahiers Economiques de

Bruxelles, no. 128, 1990, 485-519.

C. Van Hulle, L. Vanthienen (1989), New Introductions on the Belgian Stock

Market , Bangor papers, RP 89/14;

C. Van Hulle, L. Vanthienen (1989), New Listings: The Case of Belgium, Bank

en Financiewezen, 1989;

C. Van Hulle (1986), Profitability measurement of the dealer room's foreign

exchange transactions: a capital market approach, Bank- en Financiewezen;

17

3) Research reports

N. Dewaelheyns en C. Van Hulle (2010), „Capital Structure Dynamics in

Private Business Groups‟, K.U.Leuven FEB Research Report AFI 1045, 40 pp.

F. Schoubben en C. Van Hulle (2009), The impact of a capital market

imperfections on the relationship between competition and corporate

performance, department of accountancy, finance and insurance (AFI), working

paper AFI_0929;

F. Schoubben en C. Van Hulle (2008), The impact of a growth opportunities on

the investment cash flow sensitivity, department of accountancy, finance and

insurance (AFI), working paper AFI_0721;

N. Dewaelheyns en C. Van Hulle (2008), Filtering speed in a continental

European reorganization procedure, department of accountancy, finance and

insurance (AFI), working paper AFI_0720;

N. Dewaelheyns en C. Van Hulle (2007), „Aggregate bankruptcy rates and the

macroeconomic environment: Forecasting systematic probabilities of default‟,

K.U.Leuven FETEW Research Report AFI 0711, 30 pp;

N. Dewaelheyns en C. Van Hulle (2007), Internal capital markets and capital

structure: bank versus internal debt, department of accountancy, finance and

insurance (AFI), working paper AFI_0703;

N. Dewaelheyns en C. Van Hulle (2006), Legal reform and aggregate small and

micro business bankruptcy rates: evidence from the 1997 Belgian Bankruptcy

Code, department of accountancy, finance and insurance (AFI), working paper

AFI_0607F;

N. Dewaelheyns en C. Van Hulle (2006), Legal reform and aggregate small and

micro business bankruptcy rates: evidence from the 1997 Belgian Bankruptcy

Code, K.U.Leuven FETEW, Research report 0607, 34 pp;

F. Schoubben en C. Van Hulle (2006), The impact of a stock listing on the

determinants of firm performance, K.U.Leuven FETEW, Research Report

0608, 33 pp;

N. Dewaelheyns en C. Van Hulle (2004), Corporate Failure Prediction

modelling: distorted by business groups‟ internal capital markets ?, K.U.Leuven

DTEW Research Report 0453;

F. Schoubben en C. Van Hulle (2004), The determinants of leverage:

differences between quoted and unquoted firms, K.U.Leuven DTEW Research

Report 0450;

18

N. Huyghebaert, L. Van De Gucht en C. Van Hulle (2004), The trade-off

between bank debt and trade credit for business start-ups: financing costs

versus liquidation policy, K.U.Leuven DTEW Research Report 0445;

N. Dewaelheyns en C. Van Hulle (2004), The impact of business groups on

bankruptcy prediction modeling, K.U.Leuven DTEW Research Report 0437;

N. Huyghebaert en C. Van Hulle (2003), Structuring the IPO: empirical

evidence on primary, secondary and combined offerings, K.U.Leuven DTEW

Research Report 0305;

N. Huygebaert en C. Van Hulle (2001), Structuring the IPO: empirical evidence

on primary, secondary and combined offerings, paper D.T.E.W.-K.U.L.;

N. Huygebaert, L. Van De Gucht, C. Van Hulle (2001), The demand for debt

finance by entrepreneurial firms, research rapport 0110, D.T.E.W.-K.U.Leuven;

C. Van Hulle (1997), Tendensen in de bedrijfsfinanciering: professionalisering

en aandacht voor het risicokapitaal, D.T.E.W.-K.U.L., bedrijfseconomische

verhandeling 9702;

C. Van Hulle (1997), Zijn overnames wel overnames ? De Belgische ervaring

in de periode 1985-1995, D.T.E.W.-K.U.L., onderzoeksrapport 9711;

E. Durinck, E. Laveren, C. Van Hulle en J. Vandenbroucke (1996),

Financieringsgedrag in Belgische ondernemingen : “pecking order” versus

“target adjustment” model, Centrum voor Bedrijfseconomie en

Bedrijfseconometrie, U.F.S.I.A., working paper 96-234;

C. Van Hulle (1996), On the nature of European holding groups, D.T.E.W.-

K.U.L, onderzoeksrapport 9609;

R. Uppal en C. Van Hulle (1996), Limiting punishment for default on sovereign

debt and the London Club, D.T.E.W.-K.U.L., onderzoeksrapport 9616;

F. Conchillo, C. Van Hulle en L. Vanthienen (1996), Informationele efficiëntie

van de Belgische optiemarkt, D.T.E.W.-K.U.L., onderzoeksrapport 9617;

C. Van Hulle, R. Veugelers, E. Durinck en E. Laveren (1995), An empirical

analysis of strategic price setting in the Belgian leasing market, U.F.S.I.A.,

onderzoeksrapport 95-224;

P. Sercu and C. Van Hulle (1994), The effect of the increased bid rule in take-

overs with pivotal shareholders, E.I.A.S.M., working paper, 94-05;

P. Sercu and C. Van Hulle (1994), Financing instruments, security design, and

the efficiency of take-overs: a note, E.I.A.S.M., working paper, 94-06;

19

E. Durinck, E. Laveren and C. Van Hulle (1994), Tarificatiemethodes van

roerende financiële leasing in België : een beeld van de evolutie tussen 1985 en

1990, D.T.E.W.-K.U.L., bedrijfseconomische verhandeling 9402;

C. Van Hulle (1994), Azir Carpets : a case study, D.T.E.W.-K.U.L.,

bedrijfseconomische verhandeling 9401;

C. Van Hulle and A. Mathur (1993), Managing a nation : who is in charge ?,

The market for political control, D.T.E.W.-K.U.L., onderzoeksrapport 9318;

P. Sercu, C. Van Hulle and R. Uppal (1993), The exchange rate in the presence

of transaction costs : implications for tests of purchasing power parity,

D.T.E.W.-K.U.L., onderzoeks-rapport 9324;

P. Sercu, C. Van Hulle and R. Uppal (1992), Scarcity, inflation, and deviations

from tradeable goods price parity in the presence of transaction costs, D.T.E.W.

- K.U.L., paper;

C. Van Hulle and K. Geens (1992), The poison warrant : a powerful poison pill,

D.T.E.W.-K.U.L., onderzoeksrapport 9222;

C. Van Hulle and P. Sercu (1992), On the structure of take-over models and

insider-outsider conflicts in negotiated take-overs, D.T.E.W.-K.U.L., paper;

P. Sercu and C. Van Hulle (1991-1990), On bidders' incentives in multi-stage

take-over Bids, paper D.T.E.W., 1990; revised 1991 as E.I.A.S.M. paper 91-08;

last revision : mei 1991;

P. Sercu and C. Van Hulle (1991, 1990), Negotiations and the distribution of

take- over gains, onderzoeksrapport 9008 D.T.E.W. - K.U.L., 1990; revision:

E.I.A.S.M. working paper 91-15;

C. Van Hulle and P. Sercu (1991), The choice between a public take-over bid

and a private block trade, E.I.A.S.M., working paper 91-14;

C. Van Hulle and P. Sercu (1991), Bidding, negotiations and take-over prices,

E.I.A.S.M., working paper 91-13;

E. Durinck, K. Jansen, E. Laveren, C. Van Hulle (1990), Financial leasing and

the pie approach : tax asymmetries and depreciation, Centrum voor

Bedrijfseconomie en Bedrijfseconometrie, U.F.S.I.A., working paper 90-136;

E. Durinck, K. Jansen, E. Laveren, C. Van Hulle (1991), Tarificatie van

roerende financiële leasing in België, Centrum voor Bedrijfseconomie en

Bedrijfseconometrie, U.F.S.I.A., working paper 91-149;

20

C. Van Hulle, T. Haesebroeck en K. Huysmans (1990), Het Belgisch

beursgebeuren tussen 1970 en 1982, D.T.E.W.-K.U.L., bedrijfseconomische

verhandeling 9005.

E.Durinck, K. Jansen, E. Laveren, C. Van Hulle (1989), Leasing and the Pie

Approach to Capital Structure: a Pedagogical Perspective, working paper 90-

132, Centrum voor Bedrijfseconomie en Bedrijfseconometrie, U.F.S.I.A., 1989;

C. Van Hulle (1989), A Model for Corporate Control. An Application to

Belgium, paper D.T.E.W.;

O. Sarig and C. Van Hulle (1987), A Note on Adverse Selection in the Labour

Market, paper D.T.E.W.;

C. Van Hulle (1986), A new approach to ex ante and ex post unanimity, paper

D.T.E.W.;

C. Van Hulle (1986), Taxes, Debt and Financial Intermediaries,

Onderzoeksrapport D.T.E.W., nr 8603;

C. Van Hulle (1985), Signaling and Competition : a simple application w.r.t.

the optimal evaluation of financial intermediaries, reworked version of

onderzoeksrapport nr.8511 (C. Van Hulle, The Effect of Competition and

Principal Knowledge on Optimal Evaluation of Financial Intermediaries and

Intermediary Lending Behaviour: a Preliminary Investigation);

C. Van Hulle (1985), Notes on the Economics of Infinity: an Application to

capital budgeting and Samuelson's Consumption - Loan Model (1985),

Onderzoeksrapport nr.8503, D.T.E.W.;

C. Van Hulle (1984), A new Look at Shareholder Unanimity,

Onderzoeksrapport nr.8406, D.T.E.W.;

C. Van Hulle (1984), Net present value Maximisation and imperfections in the

loan market: a note, Cowles Foundation Discussion Paper nr.687, Yale

University;

C. Van Hulle (1983), Dominance and Shareholder Unanimity: A New

Approach, Cowles Foundation Discussion Paper nr.685, Yale University;

C. Van Hulle (1982), Shareholder Unanimity and Proportional Transaction

Costs, Onderzoeksrapport nr.8205, D.T.E.W.;

21

4) Chapters in books

N. Huyghebaert, C. Van Hulle (2006), Bookbuilding and Share Pre-Allocation

in IPOs, in: Initial Public Offerings: An International Perspective, Elsevier,

G. Gregoriou eds, 345-368;

K.Eeckloo, G. Van Herck, C. Van Hulle, A. Vleugels (2006), Hospital

Governance, in Jaarboek Vereniging Social Profit Ondernemingen, pp 67-73;

M. Hellemans, D. Van Troyen, C. Van Hulle en P. Verhesschen (2003),

Academisering, tussen visie en voorschrift, Dynamiek in het hoger onderwijs,

N. Druine, M. Clement en K. Waeytens eds, Universitaire pers Leuven,

pp151-164;

C. Van Hulle en L. Vanthienen (2001), Het gedrag van aandelenkoersen op de

beurs, praktijkgids financiewezen van CED-Samson (update vroeger artikel);

C. Van Hulle, K. Eeckloo, G. Van Herck, A. Vleugels (2001), Governance bij

Belgische ziekenhuizen: analyse en optimalisering, referaat vijfentwintigste

Vlaams Wetenschappelijk Economisch Congres, Peeters, Matthyssens en

Vereeck eds, 725-754;

C. Van Hulle (2000), Principles of corporate governance with an application

to the financial sector, Stuyck J., F. Abraham, E. Terryn eds, Financial

services and financial markets in Europe. Changes and adjustments. Leuven

University Press, 183-202;

C. Van Hulle (1999), Belgische corporate governance in (snelle ?) beweging,

Vlekho-Jubileumboek; Averbode, Agora Printing, 177-190;

C. Van Hulle (1998), Corporate governance en groepen, Praktijkgids voor de

geconsolideerde jaarrekening, Kluwer, jaargang 5, no 7, 13 mei 1998, 114-

128;

C. Van Hulle (1998), Is het systeem van corporate governance belangrijk? Op

zoek naar de impact van verschillen in modellen, referaat voor het

drieentwintigste Vlaams Wetenschappelijk Economisch Congres, Leuven, 13-

14 maart 1998, 287-333;

C. Van Hulle en L. Vanthienen (1996), Het gedrag van een aandeel op de

beurs, bijdrage tot de praktijkgids Financiewezen, Ced. Samson;

C. Van Hulle (1993), Economische aspecten van de nieuwe

beleggingsinstrumenten, bijdrage tot: De Geld-en Kapitaalmarkt, Nieuwe

wetgeving en recente ontwikkelingen, Financiewezen nu en morgen 2, Die

keure, 1993, 189-212;

22

G. De Clercq en C. Van Hulle (1992), Het gevecht met de geldworm. Inflatie,

oliekrisis en de beurs (1970 -81), Ter Beurze, Geschiedenis van de aandelen-

handel in België, 1300-1990, G. De Clercq ed., Van de Wiele - Tijd, pp 335-

367, French version in A la Bourse, Histoire du marché des valeurs en Belgique

de 1300 à 1990;

C. Van Hulle (1990), Enkele economische bedenkingen bij openbaar bod en

beschermingsconstructies, paper opgesteld ter gelegenheid van de Leuvense

Vennootschapsdag over "Openbaar bod en beschermingsconstructies. Recente

evoluties in wetgeving en praktijk, 11 mei 1990, Leuven; verschenen in

Openbaar bod en beschermingsconstructies, Jan Ronse instituut - K.U. Leuven,

Reeks Rechtspersonen-en Vennootschapsrecht 1, biblo 1990; 119-123.

C. Van Hulle, L. Vanthienen, T. Vermaelen, P. de Wouters (1988), Corporate

Restructuring: Financial Implications and the Belgian Experience, Corporate

Revival, Managing into the Nineties, M. Lambrecht ed., Leuven , University

Press, 1988

5) Books

Deloof M., Manigart S., Ooghe H., Van Hulle C. (2008), Handboek

bedrijfsfinanciering. Theorie en praktijk, Intersentia, derde druk;

K. Eeckloo, G. Van Herck, C. Van Hulle, A. Vleugels (2006), Hospital

governance: een nieuw model, K.U.Leuven, Centrum voor Ziekenhuis-en

Verplegingswetenschap;

H. Decan, S. De Klerck, E. Dieltiëns, T. Franck, L. Gheysens, N. Huyghebaert,

J. Janssen, L. Keuleneer, G. Van Campenhout, C. Van Hulle, S. Van Uytbergen

(2006), Financieel Management: een casestudieboek, Pearson Education

Benelux;

A. Dorsman, L. Vanthienen, L. Keuleneer, C. Van Hulle, L. Gheysens (2000 en

2006), Financieel Management, Standaard Uitgeverij;

C. Van Hulle (2005), Bedrijfsfinanciering, deel 1 en 2, Acco Leuven;

C. Van Hulle (2005), Bank – en Financiewezen, deel 1 en 2, Acco Leuven.

Presentations at scientific conferences and before meetings of

practitioners

23

About 200 presentations since 1985.