LBS logo London experience. World impact.

Search for faculty

Henri Servaes

Professor of Corporate Governance; Professor of Finance

BBA (European University), MSIA (Purdue University), PhD (Purdue University)

Professor Henri Servaes has taught in programmes around the world and was ranked second in Europe for research productivity in financial economics (over the period 1990-2008) in a recent study. He was featured in the Financial Times series on Gurus of the Future, in 2005, and has won prizes for several of his articles published in leading finance journals.

Professor Servaes is also a Research Fellow of the Centre for Economic Policy Research and a Research Associate of the European Corporate Governance Institute.

A large number of international newspapers have cited him or his work, including: Bloomberg News, Financial Times, The Wall Street Journal, CFO Magazine, Corriere Della Sera, Handelsblatt, and Institutional Investor.

Professor Servaes’s work has been presented at all major international finance conferences and at more than 75 universities worldwide. He has had previous appointments at the University of Chicago, the Katholieke Universiteit Leuven (Belgium), Duke University, and the University of North Carolina at Chapel Hill.

He has been involved in consulting and executive education for Anglo American, Barclays, Bertelsmann, BG Group, Continental, Deutsche Bank, E ON, The Financial Times (Lex Team), Freshfields, Mars, PriceWaterhouseCoopers, and Suez, among others.

He teaches financial strategies for value creation and corporate governance on London Business School’s Senior Executive Programme.


Role of social capital in corporations

Servaes H; Tamayo A

Oxford Review of Economic Policy 2017 Vol 33:2 p 201-220


Have rating agencies become more conservative? Implications for capital structure and debt pricing

Baghai R; Servaes H; Tamayo A

Journal of Finance 2014 October Vol 69:5 p 1961-2005

How do industry peers respond to control threats?

Servaes H; Tamayo A

Management Science 2014 Vol 60:2 p 380-399


The impact of corporate social responsibility on firm value: The role of customer awareness

Servaes H; Tamayo A

Management Science 2013 Vol 59:5 p 1045-1061


What drives market share in the mutual fund industry

Khorana A; Servaes H

Review of Finance 2012 Vol 16 p 81-113


Does fair value reporting affect risk management? International survey evidence

Servaes H; Lins K; Tamayo A

Financial Management 2011 Vol 40:3


What drives corporate liquidity? An international survey of cash holdings and lines of credit

Servaes H; Lins K; Tufano P

Journal of Financial Economics 2010:98


Mutual fund fees around the world

Khorana A; Servaes H; Tufano P

Review of Financial Studies 2009 Vol 22:3 p 1279-1310

The theory and practice of corporate risk management

Servaes H; Tamayo A; Tufano P

Journal of Applied Corporate Finance 2009 Vol 21:4 p 60-78


Changes in insider ownership and changes in the market value of the firm

Servaes H; McConnell J; Lins K

Journal of Corporate Finance 2008 Vol 14:2 p 92-106

On the future of the mutual fund industry around the world

Khorana A; Servaes H

Fuchita Y and Litan eds., Pooling money: the future of mutual funds, Brooking Institution, 2008


Portfolio manager ownership and fund performance

Servaes H; Khorana A; Wedge L

Journal of Financial Economics 2007 Vol 85:1 p 179-204

Private equity: boom and bust?

Acharya V; Franks J R; Servaes H

Journal of Applied Corporate Finance 2007 Fall Vol 19:4 p 1-10


Ranking risk and finance

Servaes H; Tufano P

Financial Times 2006 June 9


Corporate governance, incentives, and industry consolidations

Servaes H; Brown K; Dittmar A

Review of Financial Studies 2005 Spring Vol 18:1 p 241-270

Explaining the size of the mutual fund industry around the world

Servaes H; Khorana A; Tufano P

Journal of Financial Economics 2005 Oct Vol 78:1 p 145-185


Effect of market conditions on initial public offerings

Rajan R; Servaes H

in McCahery J and Renneboog L eds.,Venture capital contracting and the valuation of high-tech firms, Oxford University Press, 2003

International corporate governance and corporate cash holdings

Dittmar A; Mahrt-Smith J K; Servaes H

Journal of Financial and Quantitative Analysis 2003 Mar Vol 38:1 p 111-133


Is corporate diversification beneficial in emerging markets?

Lins K; Servaes H

Financial Management 2002 Summer Vol 31:2 p 5-31


Cost of diversity: the diversification discount and inefficient investment

Rajan R; Servaes H; Zingaves L

Journal of Finance 2000 Vol 55:1 p 35-80


Determinants of mutual fund starts

Khorana A; Servaes H

Review of Financial Studies 1999 Winter Vol 12:5 p 1043-1074

International evidence on the value of corporate diversification

Lins K; Servaes H

Journal of Finance 1999 Dec Vol 54:6 p 2215-2239


Analyst following of initial public offerings

Rajan R; Servaes H

Journal of Finance 1997 Jun Vol 52:2 p 507-529


Role of investment banks in acquisitions

Servaes H; Zenner M

Review of Financial Studies 1996 Fall Vol 9:3 p 787-815

Value of diversification during the conglomerate merger wave

Servaes H

Journal of Finance 1996 Sep Vol 51:4 p 1201-1225


Equity ownership and the two faces of debt

McConnell J; Servaes H

Journal of Financial Economics 1995 Sep Vol 39:1 p 131-157


Do takeover targets overinvest?

Servaes H

Review of Financial Studies 1994 Summer Vol 7:2 p 253-277

Ownership structure

Servaes H; Zenner M

Financial Markets and Portfolio Management 1994 Vol 8:2 p 184-196

Taxes and the returns to foreign acquisition in the US

Servaes H; Zenner M

Financial Management 1994 Winter Vol 23:4 p 42-56


Economics of pre-packaged bankruptcy

McConnell J; Servaes H

Journal of Applied Corporate Finance 1991 Summer Vol 4:2 p 93-97

Tobin's Q and the gains from takeovers

Servaes H

Journal of Finance 1991 Mar Vol 46:1 p 409-419

What do we know about corporate performance and ownership structure?

McConnell J; Servaes H

in Chang R P and Rhee G eds., Pacific basin capital markets research. Vol. 2, p 633-658, North-Holland, 1991


Additional evidence on equity ownership and corporate value

McConnell J; Servaes H

Journal of Financial Economics 1990 Oct Vol 27:2 p 595-612


A matter of trust? The bond market benefits of corporate social capital during the financial crisis

Amiraslani H; Lins K; Servaes H; Tamayo A

CEPR Discussion Paper


Credit ratings and acquisitions

Aktas N; Karampatsas N; Petmezas D; Servaes H

Working Paper

The bright side of fire sales

Meier J M; Servaes H

Social Sciences Research Network


The costs and benefits of asymmetric performance fees in mutual funds

Servaes H; Sigurdsson K

IFA Working Paper

Portfolio manager ownership and the pricing of closed-end funds

Khorana A; Servaes H; Wedge L

IFA Working Paper


The Characteristics of Successful Bidders

Servaes H

IFA Working Paper

Research Awards

  • Ranked 2nd in Europe in terms of research productivity in finance over the period 1990-2008, 2011.

  • Included in Financial Times series on Gurus of the Future, 2005.

  • Bertil Danielsson Visiting Scholar, Stockholm School of Economics and Gothenburg University, 2003-2004.

  • Journal of Financial Economics All Star Paper for “Additional evidence on equity ownership and corporate value”, co-authored with John McConnell.

  • Chair Wim Van Looy, Limburgs Universitair Centrum (University of Limburg), Belgium, 2003.

  • Recipient of Best Paper award at 2001 FMA European Conference for: “Roll-ups: Performanceand Incentives for Industry Consolidating IPOs”, co-authored with Amy Dittmar and Keith C.Brown.

  • Recipient of 2000 Distinguished Paper Brattle Prize for outstanding papers in corporate finance published in the Journal of Finance for : “The Cost of Diversity: The Diversification Discount and Inefficient Investment”, co-authored with Raghuram Rajan and Luigi Zingales.

Research Interests

  • Corporate control
  • Initial public offerings
  • Mutual funds and capital structure