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Henri Servaes

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, the 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 corporate finance and corporate governance on London Business School’s Senior Executive Programme and the Corporate Finance Programme.

2014

How do industry peers respond to control threats?

Servaes H; Tamayo A

Management Science 2014 Vol 60:2 p 380-399

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

2013

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

2012

What drives market share in the mutual fund industry

Khorana A; Servaes H

Review of Finance 2012 Vol 16 p 81-113

2011

Does fair value reporting affect risk management? International survey evidence

Servaes H; Lins K; Tamayo A

Financial Management 2011 Vol 40:3

2010

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

2009

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

Mutual fund fees around the world

Khorana A; Servaes H; Tufano P

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

2008

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

2007

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

Portfolio manager ownership and fund performance

Servaes H; Khorana A; Wedge L

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

2006

Ranking risk and finance

Servaes H; Tufano P

Financial Times 2006 June 9

2005

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

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

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

2002

Is corporate diversification beneficial in emerging markets?

Lins K; Servaes H

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

2000

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

1999

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

1997

Analyst following of initial public offerings

Rajan R; Servaes H

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

1996

Value of diversification during the conglomerate merger wave

Servaes H

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

Role of investment banks in acquisitions

Servaes H; Zenner M

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

1995

Equity ownership and the two faces of debt

McConnell J; Servaes H

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

1994

Taxes and the returns to foreign acquisition in the US

Servaes H; Zenner M

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

Ownership structure

Servaes H; Zenner M

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

Do takeover targets overinvest?

Servaes H

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

1991

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

Tobin's Q and the gains from takeovers

Servaes H

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

Economics of pre-packaged bankruptcy

McConnell J; Servaes H

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

1990

Additional evidence on equity ownership and corporate value

McConnell J; Servaes H

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

2015

Social capital, trust, and firm performance during the financial crisis

Lins K; Servaes H; Tamayo A

Working Paper

The bright side of fire sales

Meier J M; Servaes H

Social Sciences Research Network

Credit ratings and acquisitions

Aktas N; Karampatsas N; Petmezas D; Servaes H

Working Paper

2013

The Costs and Benefits of Asymmetric Performance Fees in Mutual Funds

Servaes H; Sigurdsson K

IFA Working Paper

2009

Portfolio Manager Ownership and the Pricing of Closed-end Funds

Khorana A; Servaes H; Wedge L

IFA Working Paper

1996

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