Research
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Working Papers
Do public ESG concerns affect firms’ performancee?, with Bart Frijns (Auckland University of Technology) & Angga Sasmitapura (Open Universiteit & Universitas Katolik Parahyangan)
Abstract: This paper explores the impact of rising public concerns about ESG issues on firm performance. To quantify these concerns, we construct an ESG Concerns Index using Google search volume data. Our analysis reveals that as public ESG concerns rise, firms with higher ESG scores experience a significant increase in profitability, driven by improved profit margins. These effects are more pronounced for firms operating in highly competitive markets, industries with greater differentiation opportunities, and those with higher investments in R&D and advertising.
Presentations: 22nd Corporate Finance Day (CFD 2025) | 34th Annual Conference of the European Financial Management Association (EFMA 2025) | Auckland Finance Workshop Series (2025) | Open Universiteit LIRS Seminar (2025)
Investment criteria of mutual fund investors: How financial literacy shapes investment choices, with Thomas Post (Maastricht University)
Abstract: We examine the role of financial literacy in mutual fund selection among retail investors. Using a discrete choice experiment with 1,110 Dutch adults, we analyze trade-offs between fund attributes such as fees, returns, risk, geographical focus, and sustainability. Higher financial literacy significantly increases sensitivity to fees, leading to stronger aversion to high costs. Surprisingly, financially literate investors also pay more attention to past returns and favor funds with consistent positive performance, suggesting they may view consistency as a signal of reliable management. Financially literate investors exhibit less home bias, showing a reduced preference for geographically focused funds, and display a stronger inclination toward sustainability-focused funds aligned with SFDR Articles 8 and 9. Additionally, latent class analysis reveals clearly distinct investor segments characterized by varying decision-making strategies and financial literacy levels. These findings highlight the complex role of financial literacy in shaping investment choices.
Presentations: 2nd G53 Financial Literacy and Personal Finance Network Conference (2025) | 2nd Turin Workshop on Financial Literacy (2025) | 40th Annual Conference of the European Economic Association (EEA 2025) | Netspar International Pension Workshop (2025) | the Mannheim Institute for Financial Education (MIFE) Early Career Workshop (2024), 5th Research in Behavioral Finance Conference (RBFC 2024) | LEER Workshop on Financial Literacy, Education | Behavioral Insights (2024) | G53 Brown Bag Seminar (2022)
Signaling sustainability through green bonds: Evaluating its impact on stock returns, with Bert D’Espallier (KU Leuven) and Eline Van der Auwera (KU Leuven)
Abstract: When a company issues a green bond, it signals its intent to follow a sustainable approach. This study examines the longer term implications of green bond issuance on stock returns. Our findings reveal that companies issuing green bonds demonstrate positive abnormal returns compared to their counterparts issuing conventional bonds. The monthly four-factor alpha is 0.022%. However, the abnormal returns diminish over time, suggesting that the market gradually adjusts to the signal sent out by the green bond issuance. Furthermore, our results indicate that the market’s response to green bond issuance is stronger for companies that have effectively reduced their CO2 emissions post-issuance, underscoring the strength of the signal when supported by credible actions. This research yields valuable insights into the evolving dynamics of green bonds, highlighting their impact on stock returns of companies.
Presentations: 3rd Learning and Innovation for Resilience and Sustainability (LIRS) Symposium (2024) | 21st Corporate Finance Days (2024 CFD) | 33rd Annual Conference of the European Financial Management Association (2024 EFMA) | LIRS Seminar Open Universiteit | 18th Belgian Financial Research Forum (2024 BFRF)
Transporting predictions via double machine learning: Predicting partially unobserved students’ outcomes, with Falco J. Bargagli-Stoffi (University of California), Emma Laundry (University of California), Kevin P. Josey (Colorado School of Public Health), Joana Elisa Maldonado (European Commission), Kristof De Witte (KU Leuven & Maastricht University)
Abstract: Educational policymakers often lack data on student outcomes in regions where standardized tests were not administered. Machine learning techniques can be used to predict unobserved outcomes in target populations by training models on data from a source population. However, differences between the source and target populations, particularly in covariate distributions, can reduce the transportability of these models, potentially reducing predictive accuracy and introducing bias. We propose using double machine learning for a covariate-shift weighted model. First, we estimate the overlap score—namely, the probability that an observation belongs to the source dataset given its covariates. Second, balancing weights, defined as the density ratio of target-to-source membership probabilities, are used to reweight the individual observations’ contribution to the loss or likelihood function in the target outcome prediction model. This approach downweights source observations that are less similar to the target population, allowing predictions to rely more heavily on observations with greater overlap. As a result, predictions become more transportable under covariate shift. We illustrate this framework in the context of uncertain data on students’ standardized financial literacy scores (FLS). Using Bayesian Additive Regression Trees (BART), we predict missing FLS. We find minimal differences in predictive performance between the weighted and unweighted models, suggesting limited covariate shift in our empirical setting. Nonetheless, the proposed approach provides a principled framework for addressing covariate shift and is broadly applicable to predictive modeling in the social and health sciences, where differences between source and target populations are common.
Work in Progress
Do public ESG concerns drive mutual fund flows?, with Bart Frijns (Auckland University of Technology) & Angga Sasmitapura (Open Universiteit & Universitas Katolik Parahyangan)
Journal Publications
De Beckker, K., Frijns, B., Hubers, F., Derkx, S. (2025) The long-term impact of financial literacy on wealth: Evidence from longitudinal data Economic Letters, In Press.
Cannistrà, M., De Beckker, K., Agasisti, T., De Witte, K., Amagir, A., Põder, K., & Vartiak, L. (2024) The impact of an online game-based financial education course: Multi-country experimental evidence. Journal of Comparative Economics, 52(4), 825-847.
De Beckker, K., De Witte, K., & Van Campenhout, G. (2021) The effect of financial education on students’ consumer choices. Evidence from a randomized experiment, Journal of Economic Behavior & Organization, 188, 962-976.
De Beckker, K., De Witte, K., & Van Campenhout, G. (2020) The role of national culture in financial literacy: Cross-country evidence. Journal of Consumer Affairs, 54(3), 912-930.
De Beckker, K., De Witte, K, & Van Campenhout, G. (2019) Identifying financially illiterate groups: An international comparison. International Journal of Consumer Studies, 43(5), 490-501.
De Beckker, K., Compen, B., De Bock, D., & Schelfhout, W. (2019) The capabilities of secondary school teachers to provide financial education. Citizenship, Social and Economics Education, 18(2), 66-81.
Books/Book Chapters
De Beckker, K. (2020) Financial literacy – Uncovering avenues for future research. In De Witte, K., Holz., O. & De Beckker, K. (eds.) Financial Education: Current Practices and Future Challenges. Münster: Waxmann.
De Beckker, K., De Witte, K., & Holz, O. (2020). A comparative analysis of pupils’ and teachers’ financial competences in five European countries. In De Witte, K., Holz, O. & De Beckker, K. (eds.) Financial Education: Current Practices and Future Challenges. Münster: Waxmann.
De Witte, K., De Beckker, K., & Holz, O. (2020). Financial education in Flanders (Belgium). In De Witte, K., Holz, O., & De Beckker, K. (eds) Financial Education: Current Practices and Future Challenges. Münster: Waxmann.
Van Campenhout, G., De Witte, K., & De Beckker, K. (2017). Financiële vorming op school. In De Witte, K. & Hindriks, J. (eds). De Geslaagde School (pp. 153-182). Itinera Institute – Skribis.
De Beckker, K. Dombrecht, M. Heremans, D., & Vanneste, J. (2013). Geld en financiewezen: België in de eurozone. Antwerpen: De Boeck.
Policy reports
Marneffe, W., Popelier, P., Billiet, C., Jans, T., Van Aeken, K., De Beckker, K. (2021) Methodologische onderbouwing en conceptuele uitwerking van het gebruik van doelregelgeving en open normen met behulp van experimentwetgeving en regelluwe zones binnen het omgevingsrecht van de Vlaamse overheid. Vlaamse Overheid, Departement Kanselarij en Buitenlandse Zaken.
De Beckker, K. Smits, I., Maldonado, J.E., Vermeersch, L., De Witte, K. (2020) Onderzoek naar de financiële geletterdheids-competenties van mensen in armoede. Vlaams Ministerie Welzijn, Volksgezondheid en Gezin.
Other publications
De Beckker, K., De Witte, K., & Van Campenhout, G. (2018). De kwetsbaarheid van financiële analfabeten. Leuvense Economische Standpunten, 2018/166, pp. 1-6.
De Witte, K. Van Campenhout, G., & De Beckker, K. (2017). Financiële educatie op school. Itinera Institute Analysis, 2017/2, pp. 28.