Dr. Jeroen Derwall - Open Universiteit

Associate Professor / Universitair Hoofddocent


Dr. Jeroen Derwall


Faculteit Management, Science & Technology


Expertise, onderzoek en publicaties


Financial markets, investments, sustainable finance and investments, corporate governance, mutual funds, portfolio management


Co-founder of European Centre for Corporate Engagement (ECCE): www.corporate-engagement.com


Jeroen Derwall is tenured assistant professor of finance at Maastricht University, associate professor at Open University, and co-founder of the European Centre for Corporate Engagement (ECCE). Previously he held faculty positions at Tilburg University and RSM Erasmus University.

His research interests include sustainable finance and investment, shareholder activism, mutual fund management, and performance analysis. His research on sustainable finance has received the Moskowitz Prize from the Center of Responsible Business at UC Berkeley (2005), the Finance & Sustainability Research Award of the French Social Investment Forum (2005, 2007), and the PRI/Sustainalytics Best Paper Award (2012).

He research has appeared in international journals such as Journal of Banking and Finance, Journal of Empirical Finance, and Financial Analysts Journal, and has received attention in various financial media such as The Economist, Forbes, Financieel Dagblad, International Herald Tribune, Investment & Pensions Europe, and Le Monde.

On the teaching front, Jeroen is coordinator of the Msc IB/Sustainable Finance Program at Maastricht University, and responsible for Master's courses in Sustainable Finance and Behavioral Finance. He has also (co)developped and taught professional, postgraduate, MBA, and executive courses for Amsterdam Institute of Finance, Dutch Financial Analysts Association (VBA/VU Amsterdam), Duisenberg School of Finance, TIAS Business School, and Maastricht University. He was awarded in 2015 "Excellent Graduate Educator" at both Maastricht University and Tilburg University.

Jeroen Derwall has a PhD in Financial Management from RSM Erasmus University



 “Do Social Factors Influence Investment Behavior and Performance? Evidence from Mutual Fund Holdings” (with A. Borgers, K. Koedijk and J. ter Horst), Journal of Banking and Finance, vol. 60, pp. 112-126, 2015.



“Stakeholder Relations and Stock Returns: on Errors in Expectations and Learning” (with A. Borgers, K. Koedijk, and J. Ter Horst), Journal of Empirical Finance, vol. 22, pp. 159-175. Winner of the 2012 UN PRI/Sustainalytics Research Award (Best Academic paper).



“A Tale of Values-Driven and Profit-Seeking Social Investors” (with K. Koedijk and J. ter Horst), Journal of Banking and Finance,vol. 35(8), pp. 2137-2147, 2011.



“Global Equity Fund Performance, Portfolio Concentration, and the Fundamental Law of Active Management” (with J. Huij), Journal of Banking and Finance, vol. 35(1), pp. 155-165, 2011.



“Employee Well-Being, Firm Leverage, and Bankruptcy Risk” (with P. Verwijmeren), Journal of Banking and Finance, vol. 34(5), pp. 956-964, 2010.



“REIT Momentum and the Performance of Real Estate Mutual funds”, (with J. Huij, D. Brounen, W. Marquering), Financial Analysts Journal, September/October, 2009.



“The Economic Value of Corporate Eco-Efficiency” (with N. Guenster, R. Bauer and K. Koedijk), European Financial Management, vol. 17(4), pp. 679-704, 2011. Winner of the 2005 Moskowitz Prize for best quantitative research on socially responsible investing. Winner of 2012 European Financial Management Best paper Award: Top Download



"The Impact of Terrorist Attacks on International Stock Markets" (with D. Brounen), European Financial Management, vol. 16(4), pp. 585-598, 2010.



“Socially Responsible Fixed-Income Funds” (with K. Koedijk), Journal of Business Finance and Accounting, vol. 36 (1&2), pp. 210-229, 2009.



“Hot Hands in Bond Funds” (with J. Huij), Journal of Banking and Finance, vol. 32(4), pp 559-572, 2008.



“The Ethical Mutual Fund Performance Debate: New Evidence from Canada” (with R. Bauer and R. Otten), Journal of Business Ethics, vol. 70(2), 2007.



“The Eco-Efficiency Premium Puzzle” (with N. Guenster, R. Bauer and K. Koedijk), Financial Analysts Journal, vol. 61(2), March/April, 2005. Winner of the 2005 European Prize on Finance and Sustainable Development, awarded by French Sustainable Investment Forum and Le Monde.



“The Real-Time Predictability of the Size and Value Premium in Japan” (with R. Bauer  and R. Molenaar), Pacific-Basin Finance Journal, vol. 12(5), 2004

Ervaring en opleiding


PhD in Financial Management, RSM Erasmus University, 2003-2006.

MSc. Economics, Maastricht University, 1997-2002.


Co-coordinator and Lecturer of “Foundations of Finance”, Amsterdam Institute of Finance, June 2014-present.

Assistant Professor of Finance, Maastricht University, 0.6 fte (primary employer)