MASTER IN DE HANDELSWETENSCHAPPEN KULEUVEN: FINANCIEEL MANAGEMENT
2025-
2026
Samenvatting
Onderzoeksmethodologie
PROF: KLAAS MULIER
,Inhoudsopgave
Master in de Handelswetenschappen KULeuven: Financieel management............................................................. 0
Topic 1: intro academisch onderzoek.................................................................................................................... 4
Wat is academisch onderzoek? ................................................................................................................................. 4
Wat is onderzoek?................................................................................................................................................ 4
Wat is goed onderzoek? ....................................................................................................................................... 5
Opbouw empirisch onderzoek (belangrijk!!) .......................................................................................................... 6
Conceptueel kader .............................................................................................................................................. 6
Onderzoeksvraag ................................................................................................................................................. 7
Structuur empirische paper ...................................................................................................................................... 7
Structuur van een paper ....................................................................................................................................... 7
Structuur empirische paper .................................................................................................................................. 7
Titel en abstract ................................................................................................................................................... 8
Inleiding .............................................................................................................................................................. 9
Structuur inleiding ............................................................................................................................................... 9
Inleiding Fich & White (2005) ................................................................................................................................ 9
Onderzoeksvraag ................................................................................................................................................10
Literatuuroverzicht ..............................................................................................................................................10
Aanpak literatuuroverzicht ..................................................................................................................................11
Hypothese ..........................................................................................................................................................12
Datacollectie: steekproef ....................................................................................................................................13
Datacollectie: bronnen........................................................................................................................................13
Datacollectie: variabelen ....................................................................................................................................14
Kwaliteit datacollectie.........................................................................................................................................14
Data ...................................................................................................................................................................15
Methodologie......................................................................................................................................................15
Analyse ..............................................................................................................................................................16
Resultaten ..........................................................................................................................................................16
Conclusie ...........................................................................................................................................................16
TIPS EXAMEN EN MASTERPROEF ............................................................................................................................ 17
Masterproef: hoe papers lezen? .............................................................................................................................. 17
Masterproef ........................................................................................................................................................... 17
Voorbeeldexamenvragen ........................................................................................................................................ 17
Topic 2: uni(bi)variate analyse ............................................................................................................................. 18
Analysetechnieken – overzicht ................................................................................................................................ 18
Focus .................................................................................................................................................................18
Uni- en bivariate analyse ......................................................................................................................................... 18
Univariate analyses ................................................................................................................................................ 18
Belang van correcte aanpak ................................................................................................................................18
Outliers ..............................................................................................................................................................18
De invloed van influential cases en outliers ..........................................................................................................19
Waarom ln(total assets)? ....................................................................................................................................20
Bivariate analyses .................................................................................................................................................. 21
Correlatie <-> causaliteit .....................................................................................................................................22
Voorbeeld examenvragen ....................................................................................................................................... 22
Topic 3: multivariate analyse ............................................................................................................................... 23
Lineaire regressie ................................................................................................................................................... 23
Hoe begin je eraan?.............................................................................................................................................23
Assumpties OLS .................................................................................................................................................23
1. Lineariteit in de parameters .............................................................................................................................24
1. Assumptie 1(& 4) testen ...................................................................................................................................25
1. Niet-lineaire relaties ........................................................................................................................................25
, 2. Exogeniteit ......................................................................................................................................................26
3. Geen multicollineariteit ...................................................................................................................................26
3. Multicollineariteit detecteren ...........................................................................................................................27
4. Homoscedasticiteit .........................................................................................................................................27
5. Geen autocorrelatie ........................................................................................................................................29
6. Normaliteiten storingstermen ..........................................................................................................................30
Uitbreidingen ......................................................................................................................................................... 31
Dummy-variabelen .............................................................................................................................................31
Interactie-effecten ..............................................................................................................................................32
Model significantie? ............................................................................................................................................33
F-test voor gezamelijke significantie coefficienten ................................................................................................33
Goodness of fit (verklarende kracht van het model) ..............................................................................................33
Goodness of fit ...................................................................................................................................................34
Voorbeeld examenvragen ....................................................................................................................................... 34
Topic 4: multivariate analyse, uitbreidinG ............................................................................................................ 35
Niet-lineaire regressie ............................................................................................................................................ 35
Overzicht ............................................................................................................................................................35
Discrete choice modellen ....................................................................................................................................... 35
Waarom geen OLS mogelijk? ...............................................................................................................................35
Logistische regressie...........................................................................................................................................36
Logit versus probit...............................................................................................................................................36
Logit ...................................................................................................................................................................36
Logit – interpretatie marginal effects ....................................................................................................................39
Binaire keuze modellen .......................................................................................................................................40
Binaire keuze modellen: model fit ........................................................................................................................40
Multinomial regressies ........................................................................................................................................... 41
Multinomial models ............................................................................................................................................41
Ordered regressions ............................................................................................................................................... 41
Modellen met begrensd continue afhankelijke variabelen ......................................................................................... 42
Tobit model ........................................................................................................................................................42
Topic 5: Event studies ......................................................................................................................................... 43
Event studies: inleiding .......................................................................................................................................43
Event studies ......................................................................................................................................................44
Assumpties event studies ...................................................................................................................................44
Methodologie ......................................................................................................................................................... 45
De verschillende stappen van een event studie ....................................................................................................45
De verschillende stappen van een event studie ....................................................................................................46
De tijdlijn van een event studie ............................................................................................................................47
Models for measuring normal returns ..................................................................................................................48
Constant mean return (CMR) model.....................................................................................................................48
Market model for normal returns .........................................................................................................................49
Meting impact event ............................................................................................................................................50
Impact op marktwaarde ......................................................................................................................................51
Veel gebruikte databronnen.................................................................................................................................51
Voordelen event studies ......................................................................................................................................51
Nadelen event studies.........................................................................................................................................51
Bespreking paper: DeLong, 2001, Journal of financial economics .............................................................................. 52
Onderzoeksvraag ................................................................................................................................................52
Introductie..........................................................................................................................................................52
Aanpak ...............................................................................................................................................................52
Methode & data ..................................................................................................................................................53
Voorbeeld examenvragen ....................................................................................................................................... 54
Topic 6: Panel data.............................................................................................................................................. 55
Toepassing panel data - analyse ............................................................................................................................. 55
, Overzicht en doelstellingen .................................................................................................................................55
Introductie..........................................................................................................................................................55
Pooled OLS .........................................................................................................................................................56
Fixed effects .......................................................................................................................................................57
Fixed effects .......................................................................................................................................................58
Fixed effects: voordelen ......................................................................................................................................58
Fixed effects: nadelen .........................................................................................................................................58
Random effects ..................................................................................................................................................59
Panel data: samenvatting ....................................................................................................................................59
Panel data: voorbeeld 18/11 ................................................................................................................................60
Panel data voorbeeld: POOLED OLS ....................................................................................................................60
Panel data: voorbeeld à firm F.E. ........................................................................................................................61
Panel data: voorbeeld à random effects .............................................................................................................63
Panel data: assumpties .......................................................................................................................................66
Alternatieve methoden? ......................................................................................................................................66
variabelen met een L. voor ...................................................................................................................................67
Voorbeeld examenvragen ....................................................................................................................................... 67
Topic 7: Advanced technieken ............................................................................................................................. 67
Special topic: Endogeniteit ..................................................................................................................................... 67
Endogeniteit .......................................................................................................................................................67
Endogeniteit: Oorzaken .......................................................................................................................................68
Waarom is endogeniteit zo relevant in corporate finance?.....................................................................................68
Endogeniteit: Mogelijke oplossingen ....................................................................................................................68
Difference-in-difference ......................................................................................................................................... 68
Hypothetisch voorbeeld ......................................................................................................................................69
Cross-sectional difference after treatment...........................................................................................................69
Time-series difference within treatment group .....................................................................................................70
Difference-in-difference estimators .....................................................................................................................70
Toepassing: Buchak, G. (2024). Financing the gig economy? Journal of Finance ......................................................... 74
Instrumental variable.............................................................................................................................................. 74
Instrumental variable in 2SLS ..............................................................................................................................74
Toepassing: Guiso, L., Sapienza, P, & Zingales, L. (2004). Does local financial development matter? Quarterly Journal of
Economics ............................................................................................................................................................. 75
Voorbeeld examenvragen ....................................................................................................................................... 75
2025-
2026
Samenvatting
Onderzoeksmethodologie
PROF: KLAAS MULIER
,Inhoudsopgave
Master in de Handelswetenschappen KULeuven: Financieel management............................................................. 0
Topic 1: intro academisch onderzoek.................................................................................................................... 4
Wat is academisch onderzoek? ................................................................................................................................. 4
Wat is onderzoek?................................................................................................................................................ 4
Wat is goed onderzoek? ....................................................................................................................................... 5
Opbouw empirisch onderzoek (belangrijk!!) .......................................................................................................... 6
Conceptueel kader .............................................................................................................................................. 6
Onderzoeksvraag ................................................................................................................................................. 7
Structuur empirische paper ...................................................................................................................................... 7
Structuur van een paper ....................................................................................................................................... 7
Structuur empirische paper .................................................................................................................................. 7
Titel en abstract ................................................................................................................................................... 8
Inleiding .............................................................................................................................................................. 9
Structuur inleiding ............................................................................................................................................... 9
Inleiding Fich & White (2005) ................................................................................................................................ 9
Onderzoeksvraag ................................................................................................................................................10
Literatuuroverzicht ..............................................................................................................................................10
Aanpak literatuuroverzicht ..................................................................................................................................11
Hypothese ..........................................................................................................................................................12
Datacollectie: steekproef ....................................................................................................................................13
Datacollectie: bronnen........................................................................................................................................13
Datacollectie: variabelen ....................................................................................................................................14
Kwaliteit datacollectie.........................................................................................................................................14
Data ...................................................................................................................................................................15
Methodologie......................................................................................................................................................15
Analyse ..............................................................................................................................................................16
Resultaten ..........................................................................................................................................................16
Conclusie ...........................................................................................................................................................16
TIPS EXAMEN EN MASTERPROEF ............................................................................................................................ 17
Masterproef: hoe papers lezen? .............................................................................................................................. 17
Masterproef ........................................................................................................................................................... 17
Voorbeeldexamenvragen ........................................................................................................................................ 17
Topic 2: uni(bi)variate analyse ............................................................................................................................. 18
Analysetechnieken – overzicht ................................................................................................................................ 18
Focus .................................................................................................................................................................18
Uni- en bivariate analyse ......................................................................................................................................... 18
Univariate analyses ................................................................................................................................................ 18
Belang van correcte aanpak ................................................................................................................................18
Outliers ..............................................................................................................................................................18
De invloed van influential cases en outliers ..........................................................................................................19
Waarom ln(total assets)? ....................................................................................................................................20
Bivariate analyses .................................................................................................................................................. 21
Correlatie <-> causaliteit .....................................................................................................................................22
Voorbeeld examenvragen ....................................................................................................................................... 22
Topic 3: multivariate analyse ............................................................................................................................... 23
Lineaire regressie ................................................................................................................................................... 23
Hoe begin je eraan?.............................................................................................................................................23
Assumpties OLS .................................................................................................................................................23
1. Lineariteit in de parameters .............................................................................................................................24
1. Assumptie 1(& 4) testen ...................................................................................................................................25
1. Niet-lineaire relaties ........................................................................................................................................25
, 2. Exogeniteit ......................................................................................................................................................26
3. Geen multicollineariteit ...................................................................................................................................26
3. Multicollineariteit detecteren ...........................................................................................................................27
4. Homoscedasticiteit .........................................................................................................................................27
5. Geen autocorrelatie ........................................................................................................................................29
6. Normaliteiten storingstermen ..........................................................................................................................30
Uitbreidingen ......................................................................................................................................................... 31
Dummy-variabelen .............................................................................................................................................31
Interactie-effecten ..............................................................................................................................................32
Model significantie? ............................................................................................................................................33
F-test voor gezamelijke significantie coefficienten ................................................................................................33
Goodness of fit (verklarende kracht van het model) ..............................................................................................33
Goodness of fit ...................................................................................................................................................34
Voorbeeld examenvragen ....................................................................................................................................... 34
Topic 4: multivariate analyse, uitbreidinG ............................................................................................................ 35
Niet-lineaire regressie ............................................................................................................................................ 35
Overzicht ............................................................................................................................................................35
Discrete choice modellen ....................................................................................................................................... 35
Waarom geen OLS mogelijk? ...............................................................................................................................35
Logistische regressie...........................................................................................................................................36
Logit versus probit...............................................................................................................................................36
Logit ...................................................................................................................................................................36
Logit – interpretatie marginal effects ....................................................................................................................39
Binaire keuze modellen .......................................................................................................................................40
Binaire keuze modellen: model fit ........................................................................................................................40
Multinomial regressies ........................................................................................................................................... 41
Multinomial models ............................................................................................................................................41
Ordered regressions ............................................................................................................................................... 41
Modellen met begrensd continue afhankelijke variabelen ......................................................................................... 42
Tobit model ........................................................................................................................................................42
Topic 5: Event studies ......................................................................................................................................... 43
Event studies: inleiding .......................................................................................................................................43
Event studies ......................................................................................................................................................44
Assumpties event studies ...................................................................................................................................44
Methodologie ......................................................................................................................................................... 45
De verschillende stappen van een event studie ....................................................................................................45
De verschillende stappen van een event studie ....................................................................................................46
De tijdlijn van een event studie ............................................................................................................................47
Models for measuring normal returns ..................................................................................................................48
Constant mean return (CMR) model.....................................................................................................................48
Market model for normal returns .........................................................................................................................49
Meting impact event ............................................................................................................................................50
Impact op marktwaarde ......................................................................................................................................51
Veel gebruikte databronnen.................................................................................................................................51
Voordelen event studies ......................................................................................................................................51
Nadelen event studies.........................................................................................................................................51
Bespreking paper: DeLong, 2001, Journal of financial economics .............................................................................. 52
Onderzoeksvraag ................................................................................................................................................52
Introductie..........................................................................................................................................................52
Aanpak ...............................................................................................................................................................52
Methode & data ..................................................................................................................................................53
Voorbeeld examenvragen ....................................................................................................................................... 54
Topic 6: Panel data.............................................................................................................................................. 55
Toepassing panel data - analyse ............................................................................................................................. 55
, Overzicht en doelstellingen .................................................................................................................................55
Introductie..........................................................................................................................................................55
Pooled OLS .........................................................................................................................................................56
Fixed effects .......................................................................................................................................................57
Fixed effects .......................................................................................................................................................58
Fixed effects: voordelen ......................................................................................................................................58
Fixed effects: nadelen .........................................................................................................................................58
Random effects ..................................................................................................................................................59
Panel data: samenvatting ....................................................................................................................................59
Panel data: voorbeeld 18/11 ................................................................................................................................60
Panel data voorbeeld: POOLED OLS ....................................................................................................................60
Panel data: voorbeeld à firm F.E. ........................................................................................................................61
Panel data: voorbeeld à random effects .............................................................................................................63
Panel data: assumpties .......................................................................................................................................66
Alternatieve methoden? ......................................................................................................................................66
variabelen met een L. voor ...................................................................................................................................67
Voorbeeld examenvragen ....................................................................................................................................... 67
Topic 7: Advanced technieken ............................................................................................................................. 67
Special topic: Endogeniteit ..................................................................................................................................... 67
Endogeniteit .......................................................................................................................................................67
Endogeniteit: Oorzaken .......................................................................................................................................68
Waarom is endogeniteit zo relevant in corporate finance?.....................................................................................68
Endogeniteit: Mogelijke oplossingen ....................................................................................................................68
Difference-in-difference ......................................................................................................................................... 68
Hypothetisch voorbeeld ......................................................................................................................................69
Cross-sectional difference after treatment...........................................................................................................69
Time-series difference within treatment group .....................................................................................................70
Difference-in-difference estimators .....................................................................................................................70
Toepassing: Buchak, G. (2024). Financing the gig economy? Journal of Finance ......................................................... 74
Instrumental variable.............................................................................................................................................. 74
Instrumental variable in 2SLS ..............................................................................................................................74
Toepassing: Guiso, L., Sapienza, P, & Zingales, L. (2004). Does local financial development matter? Quarterly Journal of
Economics ............................................................................................................................................................. 75
Voorbeeld examenvragen ....................................................................................................................................... 75
