Marc De Ceuster professor

Research Marc De Ceuster

Research team

Expertise

Financial Markets and Institutions Investment Analysis and Behavioral Finance Financial Management Risk Management Real Estate Appraisal

Impact study. 01/08/2018 - 31/12/2018

Abstract

This study has a double goal. 1/ building an argumentation that illustrates why the rule of origin principle should be applied to Antwerp related to diamonds and diamond trade. Advanced trade analysis is needed to uncover and visualize the crucial role of Antwerp in this sector. 2/ calculating the economic impact of the Antwerp diamond sector.

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  • Research Project

Between micro and macro: exploring the Single Supervisory Mechanism at the crossroads of micro- and macro-prudential supervision. 13/09/2016 - 22/03/2018

Abstract

The new architecture for prudential supervision intends to bolster financial stability. A twofold legal structure was introduced: the micro dimension considers the supervision of individual credit institutions and is managed by the ECB (for significant banks); the macro dimension focusses on imbalances in the financial system and is handled at national level. However both dimensions are strongly interconnected. This research envisages a critical analysis elucidating the dynamic interplay between micro- and macro-prudential supervision to foster a coherent approach by authorities at both EU and national level. The research is conducted primarily from a legal perspective, but is embedded in the economic context and will build on economic realities.

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  • Research Project

Estimating a real term structure (ERTS). 01/04/2013 - 15/10/2013

Abstract

The objective of the project is to develop an estimation method voor the real term structure • to obtain an estimate of the zero-coupon real interest rates • build a real yield curve across the maturity spectrum • to compare it with the nominal term structure and derive the inflation compensation - often defined as the break-even inflation rate - requested by market participants to hold index-linked bonds, a proxy of their expectations of inflation. • this estimation procedure should be easy to update (on a monthly basis as a minimum)

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  • Research Project

KBC-Scientific Chair in Risk Management. 19/01/2011 - 31/12/2014

Abstract

This project represents research between the UA and a private institution. UA provides the private institution the research results named in the title of the project.

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  • Research Project

Long-term return predictability: robustness tests and impact of institutional developments. 01/01/2007 - 31/12/2010

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  • Research Project

Construction of a "Bell-20 index" for all stock quoted shares on the Brussel Stock Exchange during the period 1832-2005. Comparison with the returns on the Belgian Banking sector, the risk free rate and the all share index and other portfolios. 01/10/2006 - 31/12/2008

Abstract

The project has practical objectives and aims at calculating a "BEL-20 index" (capital gain as well as total return index) for the period 1832-2005 for the Brussels Stock Exchange. These indices will be compared with returns calculated for the risk free rate, for the banking sector, for the all share index and other portfolios of the Brussels Stock Exchange for the same period. By doing so a brand new benchmark will be available for a long historical period.

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    • Research Project

    The financing policies of belgian listed companies: a long term perspective. 01/01/2002 - 31/12/2005

    Abstract

    What determines the financing and dividend policies of firms? To what extent do these policies affect firm value? Over de past decaded, these research questions have been studied intensively. Studies so far, howevr, have largely analyzed corporate financing and dividend policies over very short time periods, and in a single country context, mainly focussing on the United States.

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    • Research Project

    Modelling determinants of the credit spread on European High Yield Markets. 01/10/2001 - 31/12/2001

    Abstract

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      • Research Project

      Modelling Credit spreads 01/04/1999 - 31/10/1999

      Abstract

      This project will study credit spreads for the European bond market. As well the coherence of different spreads as theis time series behaviou will be examined.

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        • Research Project

        The Cataloguising and the Digitising of the Brussels' Stock Exchange Archive. 01/01/1998 - 31/12/2001

        Abstract

        The project aims to cataloguise company specific information and digitise price information contained in the archive of the BSE. Furthermore, empirical finance research and historical research will be initiated based on this database.

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          • Research Project

          The interaction between monetary policy and financial markets: theoretical analysis and application to the US an EU-countries. 01/10/1997 - 31/12/1999

          Abstract

          It will be investigated whether it makes sense for the central bank to use financial asset prices as policy indicators to predict inflation, growth, and unemployment, the three main final targets. A game theoretic framework is used to illustrate the importance of asset prices for policy purposes. A review of the literature will provide an assesment of existing research. Empirical work will contribute to estimating various combinations of the relation between indicators and final targets.

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            • Research Project

            Corporate Financial Risk Management and the Use of New Financial Instruments in Belgian Companies 01/10/1996 - 30/09/1998

            Abstract

            In teh first place, we will present a survey of the available new financial instruments (i.e. derivatives) and we will discuss the use of these instruments in Belgian companies. We will also study the influence of a further European unification on the supply of derivative products in Belgium. After that, we will pay attention to the pricing and use of exotic options.

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              • Research Project

              The Cost of capital for non-quoted firms: an empirical analysis. 01/12/1995 - 31/12/1996

              Abstract

              In this project we will make an estimate of the cost of capital based on several models. For quoted firms we can use the Capital Asset Pricing Model (CAPM). For non-quoted firms we will look for an identical firm with respect to its business risk. For this identical firm we will use the CAPM, whereby the beta-coefficients will be corrected for the differences in financial risk. Information about capital structure ratios can be found in the published financial statements.

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                • Research Project

                Accounting research. 30/09/1992 - 31/01/2000

                Abstract

                The purpose of this project is: 1) to make accounting more relevant for decision-making (by integration -if possible and usefull- of financing concepts), and 2) to examine the possibilities to extend the range of application of financing theory by a selective and controled use of accounting data. Theoretical accounting literature sketches timeliness as one of the basic characteristics of annual accounts. From an empirical assessment however, we point at the lack of interest on behalf of Belgian companies. The distribution of various timeliness measures is very stable over time, indicating that companies do not make any effort to improve reporting speed. The two main determinants of timeliness were found to be profitability and the time of the balance sheet date. The explanating power of the suggested models remains rather poor.

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                  • Research Project