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Martijn Boermans

Martijn Boermans

Martijn Boermans

Statistics Division


2012 - PhD Economics, Utrecht University
2009 - MPhil Multidisciplinary Economics, Utrecht University
2007 - BSc Communication Science, VU Amsterdam
2006 - BSc Economics, VU Amsterdam

Research interests

  • Sustainable finance
  • Monetary policy and central banking
  • International trade and development

Work in Progress

The Zelensky Moment: Arms, Investments and the Russian Invasion (with R. Galema, A. Plantinga & B. Scholtens). Download

Working Papers

Funding the fittest? Pricing of climate transition risk in the corporate bond market (with M. Bun & Y. van der Straten), DNB Working Paper No. 797, January 2024. Download

A literature review of Securities Holdings Statistics research and a practitioner’s guide, DNB Working Paper No. 757, December 2022. Download. Note: updates and code on SHS research available via this page.

Carbon home bias of European investors (with R. Galema), DNB Working Paper No. 786, July 2023. Download

Foreign bias in equity portfolios: informational advantage or familiarity bias? (with I. Cooper, P. Sercu & R. Vanpee), DNB Working Paper No. 742, March 2022. Download

The impact of the ECB asset purchases on the European bond market structure: Granular evidence on ownership concentration (with V. Keshkov), DNB Working Paper No. 590, April 2018. Download

Quantitative easing and preferred habitat investors in the euro area bond market (with R. Vermeulen), DNB Working Paper No. 586, March 2018. Download

Publications in refereed journals

Boermans, M.A., and Van der Kroft, B. (2024), Capital regulation induced reaching for systematic yield: Financial instability through fire sales, Journal of Banking and Finance, 158, 107030. Download

Boermans, M.A., and Burger, J. (2023), Fickle emerging market flows, stable euros, and the dollar risk factor, Journal of International Economics, 142, 103730. Download

Boermans, M.A. (2023), Preferred habitat investors in the green bond market. Journal of Cleaner Production, 421 (1), 138365. Download

Boermans, M.A., and Vermeulen, R. (2020), International investment positions revisited: Investor heterogeneity and individual security characteristics, Review of International Economics, 28(2), 466-496. Download

Boermans, M.A., and R. Galema (2019), Are pension funds actively decarbonizing their portfolios?, Ecological Economics 161, 50-60. Download

Boermans, M.A., and S. van Wijnbergen (2018), Contingent convertible bonds: Who invests in European CoCos?, Applied Economics Letters 25(4), 234-238. Download

Boermans, M.A., and D. Willebrands (2018), Financial constraints matter: Empirical evidence on borrowing behavior, microfinance and firm productivity, Journal of Developmental Entrepreneurship 23(2). Download

Boermans, M.A., and D. Willebrands (2017), Entrepreneurship, risk perception and firm performance, International Journal of Entrepreneurship and Small Business 31(4), 557–569. Download

Boermans, M.A., J. Frost, and S. Steins Bisschop (2016), European bond markets: do illiquidity and concentration aggravate price shocks?, Economics Letters 141, 143-146. Download

Boermans, M.A., and Vermeulen, R. (2016), Newton meets Van Leeuwenhoek: Identifying international investors' common currency preferences, Finance Research Letters 17, 62-65. Download

Boermans, M.A., and H. Roelfsema (2016), Small firm internationalization, innovation, and growth, International Economics and Economic Policy 13(2), 283-296. Download

Boermans, M.A., and H. Roelfsema (2015), The effects of internationalization on innovation: Firm-level evidence for transition economies, Open Economies Review 26(2), 333-350. Download

Boermans, M.A., and H. Roelfsema (2013), The effects of managerial capabilities on export, FDI and innovation: Evidence from Indian firms, Asian Business & Management 12(4), 387-408. Download

Boermans, M.A. (2013), Do exports, FDI, and outsourcing in transition countries drive firm-level innovation? Atlantic Economic Journal 41(2), 197-199. Download

Boermans, M.A. (2013), Learning-by-exporting and destination effects: Evidence from African SMEs, Applied Econometrics and International Development 13(2), 149-68. Download

Boermans, M.A., H. Roelfsema, and Y. Zhang (2011), Regional determinants of FDI in China: A factor-based approach, Journal of Chinese Economic and Business Studies 9(1), 23-42. Download

Boermans, M.A. (2010), The Entrepreneurial Society, International Entrepreneurship and Management Journal 6(4), 523-526. Download

Publications in books

Boermans, M.A., and R. Roelfsema (2012), International Innovation, in: Ketunnen, J., Hyrkkänen, U. and Lehto, A. (eds.), Applied Research and Professional Education, Turku University Press.  

Boermans, M.A., and R. Roelfsema (2012), A resource-based view of internationalization in emerging economies, in: Marinov, M.A. and Marinova, S.T. (eds), Impacts of Emerging Economies and Firms on International Business, Palgrave Macmillan. Download

Other publications 

Boermans, M.A., and R. Galema (2023), Dirty home, clean abroad: Implications of the “carbon home bias”. SUERF Policy Brief 638. Download

Boermans, M.A. (2022), Nederlandse beleggingen in wapenindustrie fors afgenomen (The decline of Dutch portfolio positions in the weapon industry). Economisch Statistische Berichten 107 (4815). Download

Boermans, M.A., I. Cooper, P. Sercu, and R. Vanpee (2022), Country biases in equity portfolios are less pronounced and less irrational than one might think. SUERF Policy Brief 423. Download

Boermans, M.A., and T. Punt (2021), Groene obligaties nemen vooral toe door buitenlandse holdings (Green bond issuances driven by foreign shell companies), Economisch Statistische Berichten. Download

Boermans, M.A., and M. Buitink (2019), Schuldverval Nederland stabiel (Debt redemptions stable in the Netherlands), Economisch Statistische Berichten 104 (4771), 140. Download

Boermans, M.A., and P. Meijers (2017), Verschuivingen in staatspapier door opkoopprogramma (Shift of Dutch government bond holdings due to QE), Economisch Statistische Berichten 102 (4746), 86. Download

Boermans, M.A. (2016), Market concentration in the euro area bond markets: An application with granular sectoral securities holdings statistics, IFC Bulletin 41. Download

Steins Bisschop, S., M.A. Boermans, and J. Frost (2016), A shock to the system: Market illiquidity and concentrated holdings in the European bond markets, DNB Occasional Study 14(1). Download

Boermans, M.A. (2016), Groeiende uitgiftes CoCo’s (The growth of CoCo issuances), Economisch Statistische Berichten 101(4731), 240.

Boermans, M.A., and R. Chaudron (2015), De crediteuren van de Nederlandse staat (The Dutch State's creditors), Economisch Statistische Berichten 100 (4707), 208. Download

Boermans, M.A., S. Petrescu, and R. Vlahu (2014), The future of CoCos, VoxEU.org, 17 November 2014 Download; in Dutch: De toekomst voor CoCo-obligaties, Economisch Statistische Berichten 99(4695), 616-619. Download

Boermans, M.A. (2013), Houderschap van Europese staatsobligaties (Holdership of European government bonds), Economisch Statistische Berichten 98 (4659), 272. Download

Boermans, M.A. (2012), De omvangrijke softdrugsmarkt (The sizeable market for soft drugs), Economisch Statistische Berichten 97 (4632), 205-206. Download

Latest update: February 2024