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Tom Vinaimont


Tom Vinaimont

PhD, KU Leuven, Belgium, Academic Director of the MSF Program

Research interests


Subject areas


Nazarbayev University Graduate School of Business Block C3 Office No. 6065 E-mail: Tel: +7 7172 70 6290

Tom Vinaimont hails from Belgium where he obtained a doctorate in Finance from the KU Leuven. He stayed at the Stern School of Business at New York University as a Visiting Scholar during the millennium switch and served for more than a decade as a core faculty member at the Department of Economics and Finance at the City University of Hong Kong. Tom’s work on Finance appears in internationally refereed journals such as the Journal of Banking and Finance and the Journal of Business Finance and Accounting, in policy-related publications on security design and law and practice and in the common law courts as defense expert witness on cases related to the functioning of financial markets and the trading of financial instruments. Tom received two university-level excellence awards from CityU and an award from their School of Business for his contributions to teaching and learning.

Academic Publications

Sercu P. and T. Vinaimont, ‘The Forward Bias in the ECU: Peso Risks vs. Fads and Fashions’, Journal of Banking and Finance, 30 (8), August 2006, 2409-2432.

Sercu P. and T. Vinaimont, “Selecting a Bondpricing Model for Trading: Benchmarking, Pooling and Other Issues”, Journal of Business Finance and Accounting, 35, January-March 2008, 250-280.

Sercu P., M. Vandebroek and T. Vinaimont, “Thin Trading Effects in Beta: Bias v Estimation Error”, Journal of Business Finance and Accounting, 35, November-December 2008. 1196-1219.

Wagner, C. and T. Vinaimont “Evaluating the Wisdom of Crowds”, Issues in Information Systems, Vol 11, 2010, pp.724-732.

Policy Publications

Vinaimont, T., “Broader Investment Choices for Insurance Companies”, China Law and Practice, 20 (10), Dec2006/Jan2007.

Sercu P. and T. Vinaimont, “One Share One Vote?” in Graham Matters (eds.) “One Share One Vote? Tomorrow’s Companies: One Universal Model or Tailored Equity Structures?”, European Policy Forum, London, June 2006, 13-19.

Publications in another language

Vinaimont T., “Portfolio Insurance: een vergelijkende test”, Tijdschrift voor Economie en Management XLIII-4, 1998, pp. 618-644.

Dehoperé, K.,M. Kane, P. Sercu, and T. Vinaimont, “De Belgische Beurs: 1940-1992”, Tijdschrift voor Economie en Management XLII-3, 1997, 279-294.

Mentions in Court Proceedings as Expert Witness

solicited by Haldanes Solicitors and Notaries; trading of warrants (District Court / Appeal / Court of Final Appeal 2009-2013) (initial reference DCCC 981-1020 of 2008)

solicited by Deacons (District Court 2010) for Bank of China employees: Lehman Brother Minibonds (District Court) (reference DCCC 526 of 2010)

solicited by Deacons (District Court 2011) Bank of China employees: Lehman Brother Minibonds (District Court) (reference DCCC 527 & 1272 of 2010)

solicited by Deacons (High Court 2011-2018) for Bank of Singapore (initial reference HCA 76 of 2011; case settled out of court in 2018)

solicited by Deacons (District Court 2012-2013, Court of Appeal 2016) on securities trading (initial reference DCCC 1282 of 2010)

Other Publications

Vinaimont T., “The Performance of One versus Two-Factor Models of the Term Structure of Interest Rates”, KU Leuven Dissertation, 2003, 155 pages.

Sercu P. and T. Vinaimont, ‘Hedging Commodity-Price Risk: Regression- versus Price-Based Hedge Ratios’, Consulting Report commissioned by Nutreco, The Netherlands, June 2001.

Design of Financial Instruments, Experimental Markets, International Finance, Fixed Income

Sercu P. and T. Vinaimont, “Deviations from One-Share One-Vote can be Optimal: An Entrepreneur’s Point of View.”

Sercu P. and T. Vinaimont, “Privately and Socially Optimal Take-Overs when Acquisition and Exclusion Strategies are Endogenous.”

Ghosh, S. and T. Vinaimont “Stories Matter: the Effect of News in a Laboratory Asset Market.”

Classes taught: CityUHK Financial Systems and Markets (2002, 2003), Financial Systems, Markets and Instruments (2003, 2008, 2013, 2014), Financial Risk Management (2004), Investments (2005), Derivatives and Risk Management (2005- 2009, 2011-2014),

International Financial Management (2005, 2009, 2010-2015), Financial Management and the International Firm (2011-2013); HKBU: International Financial Management (2016, 2017), Financial Management (2016), Corporate Finance (2017); Lanzhou University: International Finance (2016); Nazarbayev University: Financial Systems, Markets and Institutions (2017), Risk Management (2018), Financial Modeling (2018), Credit Risk Modeling (2019)