Han T. J. Smit Home address Office address



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Curriculum Vitae

Han T.J. Smit




Home address Office address


Vliet 38, Department of Accounting and Finance

2311 RG LEIDEN Erasmus University Rotterdam,

The Netherlands PO Box 1738

Tel. +31.(0).71.5145708. 3000 DR Rotterdam.

The Netherlands

Tel. +31.(0)10.4082623.

Jsmit@few.eur.nl

Personal data

Born January 2, 1967, Leiden, The Netherlands, citizen of The Netherlands, married and 2 children.

Hobbies: writing, contemporary Dutch art and antiques (in combination with auctions),

hiking: (Nepal, Canada, Cuba).

Sports (only occasionally): skiing, sailing, mountain biking and horse riding.

Positions


HAL Professor of Private Equity, Erasmus University Rotterdam, 2001 –

Associate Professor of Finance, Erasmus University Rotterdam, 1998 –

Assistant Professor of Finance, Erasmus University Rotterdam, 1990 – 1997
Visiting Scholar/ Fellow:

Fellow ERIM, 2005 -

Fellow Tinbergen Institute, 2004 –

UC Berkeley, February 2007 – April 2007

Harvard Business School, November 2000 – February 2001

Fellow in Residence at NIAS, Royal Netherlands Academy of Arts and Sciences, 1998-1999

Columbia University, February 1997- August 1997

University of Cyprus, November 1994 - December 1994

Boston University, June 1993 - August 1993
Education
Master in Business Economics 1990, Erasmus University Rotterdam

Mayor field: Corporate Finance

Ph.D. Economic Sciences 1996, University of Amsterdam (cum laude)

Title dissertation: Growth Options and Strategy Analysis



Scholarships, Grants and International Project Funding




Project funding Individual/ external funding

Co-founder and Member of the International Theme Group 1998-1999: “Real Options”, at NIAS with Prof. C.G. de Vries, Prof. L. Trigeorgis (team leaders) and Prof. G. Sick (total budget over fl 1mln


HAL-chair of Private Equity 2001-2008. Full funding of a chair and Ph.D position (accumulates over €1 mln )

Netherlands Organisation for Scientific Research (NWO), 1993 and 1997

Rotterdamse Vereniging van Effecten­handelaren Grant, 1993 and 1996

Vereniging Erasmus Stichting Fonds voor de Geld- en Effectenhandel, 1996

Royal Dutch Shell Grant, 1995

Trustfund Grant, 1993


Awards

Professional and Scholarly Publishing Award 2004 of the Association of American Publishers in the category  Business, Management & Accounting for the book “Strategic Investment: Real Options and Games”.



(Co)-Mentor of Ph.D. projects


2002 – 5/2005 (ERIM) W. DeMaesenaire (100% external financing)

2000 – 12/2004 (ERIM) P.M. van Vliet (Smit co-mentor) with Prof G.T. Post (supervisor)

2001 –2006 (TI) W. A. van den Berg (50% HAL external financing)

1999 – 2006/7 (ERIM) H.T. Haanappel (from 2003- external financing)




Research

A. Monographs / Books

Smit H.T.J.. and L. Trigeorgis “Strategic Investment: Real Options and Games”, Princeton

University Press, 2004

Smit, H.T.J.., 1996, Growth Options and Strategy Analysis, Ph.D. Thesis, University of Amsterdam.





  1. Publications

Smit, J.T.J. & Moraitis, T. 2010. "Strategic Options in Serial Acquisitions", Long Range



Planning, 43, 85 – 103.

Van Bekkum, S., Pennings, H.P.G. & Smit, J.T.J., 2009, "A Real Options Perspective on

R&D Portfolio Diversification", Research Policy, 38(7), 1150-1158.

Smit, J.T.J. & Trigeorgis, L., 2009, "Valuing Infrastructure Investment:An Option

Games Approach", California Management Review, 51(2), 21-39.

Trigeorgis, L., Brosch, R and Smit, H.T.J., 2007, “The Journal Report: Business Insight - Strategy: Stay Loose”, The Wall Street Journal, September 15, 2007, p. R4

Smit H.T.J. and L. Trigeorgis, 2007, "Flexibility, Strategic Options and Dynamic Competition in Technology Industries", Long Range Planning 40, pp 84-114.

H.T. Haanappel and Smit H.T.J., 2007,"Return Characteristics of Strategic Options", Annals of Operations Research. Vol 151, 1, April 2007 pp. 57-80.

Smit, H.T.J. and L. Trigeorgis, 2006, "Real options and games: Competition, Alliances and Other Applications of Valuation and Strategy", Review of Financial Economics, Volume 15, Issue 2, 1 January, pp. 95-112.

Haanappel H.T.and H. T. J Smit, “Return Distributions of Strategic Growth Options”, Annals of Operations Research, Vol 151, 1, April 2007 pp. 57-80.

Smit, H.T.J. and L. Trigeorgis, 2006, “Real options and games: Competition, alliances and other applications of valuation and strategy” “ Review of Financial Economics, Volume 15, Issue 2, 1 January, pp. 95-112.

Smit H.T.J.. and L. Trigeorgis, 2006, "Strategic Planning:  Valuing and Managing Portfolios of Real Options", R&D management, Vol. 36, issue 4, pp. 403-420

Smit H.T.J., 2003, “Infrastructure Investment as a Real Options Game: the Case of European

Airport Expansion,” Financial Management, (Winter), pp. 27 – 58.

Smit H.T.J.. and L. Trigeorgis, 2003, “Real Options: Examples and Principles of Valuation and Strategy,” in Venture capital contracting and the valuation of high tech firms, Joe Mc Cahery and Luc Renneboog (eds.), Oxford University Press.

Smit H.T.J., 2001, “Acquisitions Strategies as Option Games,” Journal of Applied Corporate Finance, (Summer), pp. 79 - 89.

Smit H.T.J. and L. Trigeorgis, 2001 “Flexibility and Commitment in Strategic Investments”, Real Options and Investment under Uncertainty: Classical Readings and Recent Contributions by Eduardo S. Schwartz and Lenos Trigeorgis (eds.), MIT Press, 2001, pp. 451-498

Smit H.T.J. and L.A. Ankum, 2000 “Approach to Corporate Investment Strategy under

Competition,” Game Choices: The Intersection of Real Options and Game Theory,

S.R., Grenadier, (ed.), Risk Books, London.

Smit H.T.J. and L. Trigeorgis, “Growth Options, Competition and Strategy: An Answer to the

Market Valuation Puzzle? in Real Options Strategies: Concepts Models, and Industry

Applications,” L. Trigeorgis (ed.), Risk books.

Smit H.T.J. and L. Trigeorgis, 1999, “Flexibility, Strategic Options and Dynamic Competition

in Technology Industries”, in “Real Options” A. Micalizzi and L . Trigeorgis (eds.),

Egea Sda Bocconi, Milan.

Smit H.T.J., 1999, “The Valuation of Offshore Concessions in the Netherlands”, in “Real

Options,” A. Micalizzi and L . Trigeorgis (eds.), Egea Sda Bocconi, Milan.

Smit H.T.J.,1997, “The Valuation of Offshore Concessions in the Netherlands”, Financial Management, Summer, vol. 26-2 pp. 5-17.

Smit H.T.J., 1994, “The Flexibility Value of Strategic Investments under Competition, in “New Directions in Finance, Dilip K. Gosh and Sharhriar Khaksari (eds.), Routledge London.

Smit H.T.J. and L.A. Ankum, 1993, “A Real Option and a Game Theoretic Approach to

Corporate Investment Strategy under Competition”, Financial Management, Autumn,

vol 22-3, pp. 241-250.
C. Publications in Dutch

Smit H.T.J., 2007 and W. A. van den Berg, “De Private-Equity Golf”, Maandblad voor accountancy en bedrijfseconomie, Juli/Augustus, pp. 303 – 311.

Smit H.T.J., W.A. van den Berg and W. de Maeseneire, "Private Equity: Financiering met Risico's", Finance and Control, 4 (2), 2005, pp 15-17.

Smit H.T.J., 2004, “Waarde en Ontwikkeling van Buy-outs”, Maandblad voor accountancy en bedrijfseconomie, January/February, pp. 32 – 41.

Smit H.T.J., W.A. Van den Berg and W. De Maeseneire, 2004, “Private Equity”, Management Executive, 2-6, pp. 12 – 15.

D. Working papers (selection) and forthcoming papers
Smit H.T.J., W.A. van den Berg and W. De Maeseneire, "Acquisitions as a Bidding Game", under revision, 2007.

Smit H.T.J. and L. Trigeorgis, "R&D Option Strategies", working paper University of Chicago, under revision, 2007.

W. A. van den Berg and Smit H.T.J., "Private Equity Waves", working paper Erasmus University, 2007.

Smit H.T.J. and L. Trigeorgis, "Flexibility and Commitment in Strategic Investments", Tinbergen Institute working paper, 2007.

Smit H.T.J., “The Option to Expand when Investment is Indivisible”, under revision, 2007.

Smit H.T.J., 2001, “Path dependency of Strategic Joint Ventures,” working paper Erasmus

University, 2006.

Smit H.T.J and W. De Maeseneire, "The Role of Investor Capabilities in Public-to-Private Transactions", working paper Erasmus University, 2006.

Smit, H.T.J., W.A. van den Berg and W. De Maeseneire, "Acquisitions as a Bidding Game” Tinbergen Institute working paper, TI 2004-084/2.

W. A. van den Berg and Smit H.T.J., "Private Equity Waves", working paper Erasmus University, 2004.

Smit J.T.J., and W. A. van den Berg, "Sequential Consolidation Strategies", working paper Erasmus University, 2006.

Smit H.T.J. and L. Trigeorgis, "Flexibility, Strategic Options and Dynamic Competition in Technology Industries", working paper Erasmus University, 2004.

Smit H.T.J. and L. Trigeorgis, "R&D Option Strategies", working paper University of Chicago, 2004.

Smit H.T.J. and L. Trigeorgis, "Real Options: Example and Principles of Valuation and Strategy", working paper Erasmus University, 2004.

Smit H.T.J. and L. Trigeorgis, "Flexibility and Commitment in Strategic Investments", Tinbergen Institute working paper, TI 95-74, 2004.

Smit H.T.J.., “Option Characteristics of Stock in High-Tech industries,” August 1997.

Boonekamp, P.G.M., H.T.J.. Smit en J.R. Ybema, “Including Climate Change in Energy Investment Decisions,” ECN Beleidstudies, ECN-C-95-073, Petten,1995.
E. Presentations
Strategic Management Association, “Acquisitions as a Real Options Bidding Game”, Puerto Rico, November 2004

CIRANO Real Options Conference, “Infrastructure Investment as a Real Options Game: the

Case of European Airport Expansion,” Montreal 2004.

European Finance Association, “Infrastructure Investment as a Real Options Game: the Case

of European Airport Expansion,” Glasgow, August 2003.

TIAS Business School Venture Capital Conference, “Valuation of Growth Opportunities,”

Tilburg September 2000.

University of Washington Real Options Conference, “Infrastructure Investment as a Real

Options Game: the Case of European Airport Expansion,” Washington 2003.

University of Cyprus Real Options Conference, “Growth Options and Stock Market

Anomalies,” Cyprus July 2002.

UCLA Real Options Conference, “R&D Option Strategies,” Los Angeles July 2001.

Cambridge University Real Options Conference, “Empirical Characteristics of Growth

Options,” Cambridge, July 2000.

Northern Finance Association, “Flexible and Competitive R&D Strategies,” University of

Calgary, September1999.

NIAS Real Options Conference, “Empirical Characteristics of Growth Options,” Wassenaar,

June 1999.

European Finance Association, Strategic R&D Options, INSEAD, August 1998.

Sda Bocconi Conference on Real Options, “Cases in Real Options,” Milan, December 1998.

University of Chicago Real Options Conference “Flexibility, Strategic Options and Dynamic

Competition in Technology Industries,” Chicago, June 1998.

University of Chicago Real Options Conference, “Infrastructure Investment: Path Dependencies

and Competitive Exercise,” Chicago, June 1998.

European Financial Management Association, “Flexibility, Strategic Options and Dynamic

Competition in Technology Industries,” Lisbon, June 1998.

Columbia University Conference on Real Options, “Flexible and Competitive R&D Strategies,”

New York, June 1997.

Financial Management Association “Flexible and Competitive R&D Strategies,” New Orleans,

October 1996.

European Finance Association, “ Flexibility and Commitment in Strategic Investment,” Milan,

August 1995.

Eastern Finance Association “Flexibility and Commitment in Strategic Investment,” South

Carolina, June 1995.

Inaugural Conference on Financial Management at Suffolk University, “The Flexibility Value

of Strategic Investments under Competition,” Boston, December 1992.


EF. Referee for

Review of Financial Studies, Financial Management, European Journal of Operations

Research, European Financial Review, Real Options (Oxford University Press), and other

journals and books.



Teaching Experience

Various courses (in Corporate Finance, Private Equity, and Real Options for the faculty of economics at Erasmus University, the Rotterdam School of Management and several corporations (e.g., Mees&Pierson, National Investment Bank (NIB), HAL masterclass).



Management

2004 Co-ordinator of the master program in Financial Economics



  1. Organization HAL-Masterclass in Private Equity (with Barry Lassche and Matthijs Schoten)

1999 Associate of Real Options Group (ROG)

1999 Organising committee Real Options; Theory meets Practise 1999 annual

conference, NIAS.

1998 Coordinator project “Real Options”, at NIAS.

1996 Organising committee finbeldag 1996 annual conference, Erasmus University Rotterdam.

1994 Organiser of the conference “Corporate Finance and Strategy”, Department of

Finance, RIBES and Tinbergen Institute, Rotterdam 1994.

1993-1994 Co-ordinator of the course Corporate Finance (for econometrics).


References
Prof. Carliss Y.Baldwin

William L. White Professor of Business Administration,

Senior Associate Dean and Chair of the Doctoral Programs

Harvard Graduate School of Business Administration

Baker Library 182

Soldiers Field, Boston, MA 02163



Tel 001.617. 4956673; Fax: 001.617.4964191; Email: baldwin@hbs.edu



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