Faculty & Research

Theo Vermaelen

Theo Vermaelen

Visiting Professor of Finance

Theo Vermaelen is UBS professor of Investment Banking in honor of Henry Grunfeld at INSEAD and visiting Professor of Finance at Chicago Booth.

Although he conducts research on a variety of topics in corporate finance such as mergers and acquisitions, CoCo bonds, floating priced convertibles, dividend policy and equity issues, he has mostly focused on share buybacks and has published more than 10 articles on the topic, including articles in leading academic journals such as the Journal of Finance, the Journal of Financial Economics, The Review of Financial Studies and the Journal of Financial and Quantitative Analysis. Based on his research insights he launched the first buyback fund in the world in 1998 in cooperation with KBC Bank. Since 2011 he is co-manager of the PV Buyback USA fund.

In addition to teaching at the University of Chicago and INSEAD, he also taught at the University of British Columbia, the Catholic University of Leuven and the London Business School.

Vermaelen earned an undergraduate degree as commercial engineer from Katholieke Universiteit Leuven in 1975 as well as an MBA in 1976 and a Ph.D. in 1980 from the University of Chicago.


2020 - 2021 Course Schedule

Number Title Quarter
35200 Corporation Finance 2021  (Summer)

Research Activities

Share buybacks; death spiral convertibles; mergers and acquisitions; initial public offerings.

“Are buybacks good for long-term shareholder value? Evidence from buybacks around the world,” Journal of Financial and Quantitative Analysis, 2018

With George Pennacchi and Christian Wolff : "Contingent Capital : the case of COERCs", Journal of Financial and Quantitative Analysis, 2014

With Urs Peyer "The Nature and Persistence of Buyback Anomalies", Review of Financial Studies, 2009

With Pierre Hillion "Death Spiral Convertibles", Journal of Financial Economics, 2004

With David Ikenberry and Josef Lakonishok "Share repurchase in Canada : Performance and Strategic Trading" , Journal of Finance, 2000

With Raghu Rau "Glamour, Value and the Post-acquisition Performance of Acquiring Firms", Journal of Financial Economics, 1998