Wouter De Maeseneire

Wouter is an energetic and passionate professor whose lectures are full of real life examples that help students explore the exciting world of corporate finance. His classes are often centred around self-developed cases discussing the ABInbev deal, Wal Mart’s financial statements, Dell’s working capital management, Facebook’s IPO debacle and Apple’s cash position. Wouter is an expert in company valuation but also teaches topics like financial statement analysis, financial planning, working capital management, capital budgeting and M&A. He has taught extensively abroad namely in Russia, Thailand, China, Sweden, Ecuador, Germany, United Kingdom, Denmark and Switzerland. Wouter has been involved in customised programmes for corporations like AGC, Atlas Copco, Rabobank, Alpro, Pfizer, McCain, Bekaert, Siemens, Johnson Controls, Accenture, ABInbev, Toyota, Honda, Sun Microsystems and Hudson. He is Programme Director of the CFA-accredited Master in Financial Management at Vlerick Business School.



Expert in
Corporate Finance
Real Options
Accounting & Finance
Venture Capital
Mergers and Acquisitions
Company Valuation/Capital Budgeting
Working Capital Management

Profile

Wouter De Maeseneire obtained his PhD from Erasmus University Rotterdam. He has worked as Assistant Professor in Corporate Finance at Erasmus and as Visiting Professor at Vlerick Business School. Currently he is Associate Professor in Corporate Finance at Vlerick and Visiting Professor at Erasmus and Ghent University. He is also Programme Director of the Master in Financial Management after having held this role for the Master in General Management.

His work has been presented at several international conferences such as the Financial Management Association and Academy of Management Meeting, Babson Entrepreneurship Conference, Strategic Management Society, Real Options Conference and Midwest Finance Association.

Wouter has published in academic journals like Research Policy and the Journal of Business, Finance and Accounting. He has also contributed to various managerial books. Upon completion of his PhD he wrote a book on real options which presents a more accurate valuation methodology capable of capturing the value of management flexibility inherent in risky business projects.

He has been awarded Best Teacher Awards and won the 2012 EFMD Case Writing Competition, Banking & Finance Category, with his analysis of the ABInbev deal. His research interests include initial public offerings, valuation, real options, private equity and venture capital, mergers and acquisitions, capital structure and financial constraints.

 

Publications

Articles in refereed journals with impact

  • Bruyland E. De Maeseneire W.  forthcoming. The risk effects of acquiring distressed firms. Journal of Business Finance and Accounting,

  • Luypaert M. De Maeseneire W.  2015. Antecedents of Time to Completion in Mergers and Acquisitions. Applied Economics Letters, 22(4): 299-304.

  • Dai Y. Gryglewicz S. Smit H. De Maeseneire W.  2013. Similar bidders in takeover contests. Games and Economic Behavior, 82(November): 544-561.

  • De Maeseneire W. Brinkhuis S.  2012. What Drives Leverage in Leveraged Buyouts? An Analysis of European LBOs’ Capital Structure. Accounting and Finance, 52(October (supplement)): 155-182.

  • De Maeseneire W. Meuleman M.  2012. Do R&D Subsidies Affect SMEs’ Access to External Financing?. Research Policy, 41(3): 580-591.

  • De Prijcker S. Manigart S. Wright M. De Maeseneire W.  2012. The influence of experiential, inherited and external knowledge on the internationalization of venture capital firms. International Business Review, 21(5): 929-940.

  • De Maeseneire W. Claeys T.  2011. SMEs, FDI and Financing Constraints. International Business Review,

  • Deloof M. De Maeseneire W. Inghelbrecht K.  2009. How do investment banks value Initial Public Offerings (IPOs)?. Journal of Business Finance and Accounting, 36(1-2): 130-160.

Articles in other (un)refereed journals

  • De Maeseneire W. Smit H. van den Berg W.  2005. Private equity: financiering met aanzienlijk risico. Finance & Control, 4(2)

  • De Maeseneire W. Smit H. van den Berg W.  2004. Private equity. Management Executive, 2(6): 1-6.

Book Chapters

  • De Maeseneire W.  forthcoming. Company Valuation. In: Haim L. Smit H. Corporate finance

  • Meuleman M. Lepoutre J. Tilleuil O. De Maeseneire W.  2010. Breaking into an established market through a process of experimentation: the case of Greenpan. In: Silberzahn P. Van Dyck W. The balancing act of innovation

  • Manigart S. De Maeseneire W. Wright M. Pruthi S. Lockett A. Bruining H. Hommel U. Landström H.  2008. How international are European venture capital firms?. In: Ed. Handbook of research on European Business and Entrepreneurship: Towards a theory of internationalisation (pp. 17-28). Edward Elgar Publishing.

  • De Maeseneire W. Keuleneer L. Vermeiren N.  2003. Waardering en overdracht van het Midden- en Kleinbedrijf. In: Risseeuw P. Thurik R. Handboek Ondernemers en Adviseurs: Management en Economie van het Midden- en Kleinbedrijf Wolters Kluwer België-.

  • De Maeseneire W. Keuleneer L.  2003. Discounted cash flow, adjusted present value, decision tree analysis and real options. In: Handboek Management Accounting Wolters Kluwer België-.

Books

  • De Maeseneire W.  2006. The real options approach to strategic capital budgetting and company valuation. Groep De Boeck.

Conference Presentations

  • Bruyland E. Lasfer M. De Maeseneire W.  2013. Do underperforming bidders gain from mergers and acquisitions?. Paper presented at 2013 FMA ANNUAL MEETING, October 16-19, Chicago, United States.

  • Bruyland E. Lasfer M. De Maeseneire W.  2013. Do Underperforming Bidders Gain from Mergers and Acquisitions?. Paper presented at FMA European Meeting, June 12-14, Luxembourg, Luxembourg.

  • De Prijcker S. Wright M. Manigart S. De Maeseneire W.  2013. Acquisition Exits of Cross-border Buyouts: Strategic versus Financial Acquisitions. Paper presented at CGIR Conference, April 25-26, Toronto, Canada.

  • Bruyland E. De Maeseneire W.  2011. The risk effects of acquiring distressed firms. Paper presented at VVE-Day, Antwerp,

  • Bruyland E. De Maeseneire W.  2011. The risk effects of acquiring distressed firms. Paper presented at Corporate Finance Day, Lille, France.

  • De Maeseneire W. Smit H. van den Berg W.  2005. Acquisitions as a Real Options bidding game. 

Doctoral dissertation

Research reports

  • Standaert J. De Maeseneire W. Luypaert M.  2011. De financieringsmogelijkheden en- moeilijkheden bij overnames door en van Vlaamse KMO's. (53 p.)

  • De Maeseneire W. Claeys T.  2006. De financieringsmogelijkheden en -moeilijkheden van internationaliserende KMO's in Vlaanderen. (42 p.)

Vlerick cases

  • De Maeseneire W. Luypaert M.  2016. The Hilton hotels buyout by Blackstone: A nightmare or a fairytale?. ECCH Case Study. Reference no. 116-0011-1 (C) + 116-0011-8 (TN).

  • De Maeseneire W. De Meyer M.  2015. Who is Who?. ECCH Case Study. Reference no. 115-052-1 (C) + 115-052-8 (TN).

  • De Maeseneire W. Luypaert M.  2014. Analyzing deal structures in mergers and acquisitions. Can you make the right match?. ECCH Case Study. Reference no. 114-034-1 ( C) + 114-034-8 (TN).

  • De Maeseneire W. Luypaert M.  2013. M&A deal structures: who finances how?. 

  • De Maeseneire W. Maertens M. Deschepper T.  2013. Apple: time to think different about cash. ECCH Case Study. Reference no. 113-043-1 (C) + 113-043-8 (TN).

  • De Maeseneire W. Standaert J.  2013. Big Pharma versus small biotech: analyzing the financials of Pfizer and Immunocellular Therapeutics. ECCH Case Study. Reference no. 113-021-1 (C) + 113-021-8 (TN).

  • De Maeseneire W. Standaert J.  2012. The 2008 Anheuser-Busch Inbev Deal: Successful M&A, Divestment and Financing Strategies in Harsh. ECCH Case Study. Reference no. 112-012-1 (C) + 112-012-8 (TN).

  • Devigne D. Van Daele E. De Maeseneire W.  2012. Autoparts: analysis and valuation of a distressed buy-out by a private equity investor - Case. ECCH Case Study. Reference no. 113-003-1 (C) + 113-003-8 (TN).

  • De Maeseneire W. Divakaruni A.  2012. The Facebook IPO Hype: A rude social awakening. ECCH Case Study. Reference no. 112-052-1 (C) + 112-052-8 (TN).

  • De Maeseneire W.  2011. How Dell's excellent working capital management results in outstanding financial performance. ECCH Case Study. Reference no. 112-001-1 (C) + 112-001-8 (TN).

  • De Maeseneire W. Luypaert M.  2010. Analyzing the financial statements of the world's largest retailer: Wal-Mart. ECCH Case Study. Reference no. 110-061-1 (C) + 110-061-8 (TN).

Vlerick working papers

  • Bruyland E. De Maeseneire W.  2011. The risk effects of acquiring distressed firms. Vlerick Working Paper Series 2011 (47p.).

  • De Prijcker S. Manigart S. Wright M. De Maeseneire W.  2011. The influence of experiential, inherited and external knowledge on the internationalization of venture capital firms. Vlerick Working Paper Series 2011/07 (31p.).

  • Brinkhuis S. De Maeseneire W.  2009. What drives leverage in leveraged buyouts? An analysis of European LBOS' capital structure. 2009/31 (55p.).

  • De Maeseneire W. Van Halder R.  2008. Syndicating venture capital investments: an integrated benefit/cost framework and analysis. 2008

  • Meuleman M. De Maeseneire W.  2008. Do R&D subsidies affect SME's: access to external financing. 2008/12 (43p.).

  • De Maeseneire W. Claeys T.  2007. SMES, FDI and financial constraints. 2007/25 (51p.).

  • De Maeseneire W. Verbrugge S. Colle D. Pickavet M. Demeester P.  2005. The options behind dark fiber or wavelength lease. 2005

  • De Maeseneire W. Smit H.  2005. The role of investor capabilities in public-to-private transactions. 2005/05/289

  • De Maeseneire W. van den Berg W. Smit H.  2005. Acquisitions as a Real Options bidding game. 2005/05/290

  • De Maeseneire W. van den Berg W. Smit H.  2004. Acquisitions as a Real Options bidding game. 2004/084/2

  • Manigart S. De Maeseneire W.  2003. Initial returns: underpricing or overevaluation? Evidence from easdaq and euronm. 2003/11 (48p.).

  • Deloof M. De Maeseneire W. Inghelbrecht K.  2002. The valuation of IPOs by underwritting investment banks and the stock market: empirical evidence. 2002/02/136