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Dr Malika Hamadi


Senior Lecturer

Biography

Biography

Dr. Malika Hamadi is a Senior Lecturer in Finance. Malika holds a Ph.D. in Economics from the Catholic University of Louvain in Belgium. She previously held posts at Leicester School of Business, the Department of Business and Economics - University of Sassari (Italy), and the Luxembourg School of Finance - University of Luxembourg.

Personal webpage

Research interests

Corporate finance/Corporate governance - Banking - Microfinance - Finance/Accounting - Networks of corporate boards.

Departmental duties

Research Seminar Series Coordinator for the Department of Finance and Accounting

Ph.D. advisor

Personal Academic Tutor

Internal Examiner of Ph.D Theses

Competitive Grants

2009 - 2011: Principal Investigator of the research project (MICFI, C08/IS/09): “Outreach and the Financing of Microfinance Institutions”, funded by the National Research Fund (FNR), Luxembourg. Amount allocated 82000€.

2009 - 2011: Co-investigator of the research project (BaBe, C08/IS/13): “The Small World of Banking in Benelux”, funded by the National Research Fund (FNR), Luxembourg. Amount allocated 242000. Principal Investigator: Prof. Nicolas Jonard.

Active Participation in Academic Conferences

  • Financial Management Association (FMA) Annual Meeting, Las Vegas, Nevada, USA, October 19-22, 2016
  • 10th edition of the International Conference on Accounting and Management Information Systems (AMIS 2015) at the Bucharest University of Economic Studies, June 10-11, 2015
  • First Conference on Recent Developments in Financial Econometrics and Applications at Deakin University, Victoria, Australia December 4-5, 2014
  • The Allied Social Science Association (ASSA) Meetings - International Banking, Economics, and Finance Association, Philadelphia, USA, January 3-5, 2014
  • Eastern Finance Association Annual Meetings in St. Pete Beach, Florida, USA, April10-13, 2013
  • Western Economic Association International & International Banking, Economics, and Finance Association, 10th Biennial Pacific Rim Conference in Tokyo, Japan, March 14-17, 2013
  • ADRES Conference (Association pour le Développement de la Recherche en Economie et en Statistique), Strasbourg, France, January 31 & February 1, 2013
  • Financial Management Association (FMA) Annual Meeting, Atlanta, Georgia, USA, October 17-20, 2012. Semi-finalist for the best paper award in Financial Markets and Institutions.
  • Financial Management Association (FMA), Barcelona, Spain, June 27-30, 2012
  • The 2012 Research Conference on Microinsurance, University of Twente, The Netherlands, April 11-13, 2012 (invited as a session moderator)
  • European Economic Association - European Meeting of the Econometric Society (EEA-ESEM), Oslo, Norway, August 25-29, 2011
  • Asian Meeting of the Econometric Society, Department of Economics, Seoul National University, South Korea, August 11-13, 2011
  • Second European Research Conference on Microfinance, University of Groningen, Globalisation Studies Groningen, The Netherlands, June 16-18, 2011
  • Far Eastern and South Asian Meeting of the Econometric Society (FESMES), University of Tokyo, Japan, August 3-5, 2009
  • European Economic Association - European Meeting of the Econometric Society (EEA-ESEM), Vienna, Austria, August 24-28, 2006
  • International Conference on Finance, University of Copenhagen, Denmark, September 2-4, 2005
  • Spring Meeting of Young Economists, Warsaw, Poland, April 23-24, 2004
  • CEPR/ECGI/INSEAD/NBER/University of Alberta joint conference, at INSEAD Fontainebleau, France, January 30-31, 2004
  • Association Française de Finance (AFFI), Lyon, France, June 23-25, 2003
  • Pôles d'Attraction Inter-universitaires (PAI) Conference on Financial Econometrics, Leuven, Belgium, January 25-26, 2001

Publication highlights

  • Competition, Loan Rates and Information Dispersion in Nonprofit and For-profit Microcredit Markets (with Guillermo Baquero, ESMT-Berlin, and Andréas Heinen, U. Cergy-Pontoise), Journal of Money, Credit, and Banking, (forthcoming)
  • Cash Holding and Control-Oriented Finance (with Ronald W. Anderson, London School of Economics), Journal of Corporate Finance, Vol. 41,410-425, December 2016
  • Does Basel II affect the Market Valuation of Discretionary Loan Loss Provisions? (with Andréas Heinen, U. Cergy-Pontoise, Stefan Linder, ESSEC, Vlad-Andrei Porumb, U. Groningen), Journal of Banking and Finance, Vol. 70, 177-192, 2016
  • Firm Performance when Ownership is very Concentrated: Evidence from a Semiparametric Panel (with Andréas Heinen, U. Cergy-Pontoise), Journal of Empirical Finance, 34, 172-194, 2015
  • Beyond good intentions: Measuring impact investment and social performance in microfinance (with Micol Pistelli and Armonia Pierantozzi, MIX Market), The Micro Banking Bulletin (MIX Market - The World Bank), June 2014
  • Generating Rules and the Social Science of Governance (with Bruce Kogut,Columbia Business School, Mariano Belinky and Jordi Colomer), pp.237-258, Book Chapter in The Small Worlds of Corporate Governance", Edited by Bruce Kogut, MIT Press, May 11, 2012, ISBN-13: 978-0262017275
  • Is there a Global Small World of Owners and Directors (with Bruce Kogut,Columbia Business School, Mariano Belinky, Jordi Colomer and the contributors to the book), pp.259-299, Book Chapter in The Small Worlds of Corporate Governance", Edited by Bruce Kogut, MIT Press, May 11, 2012, ISBN-13: 978-0262017275
  • Microfinance: Arbitages entre Objectifs Financiers et Sociaux (with Guillermo Baquero and Andréas Heinen), Column in Luxemburger Wort, 15 June 2011
  • Ownership Concentration, Family Control and Performance of Firms, European Management Review, Vol. 7, Issue 2, 2010
  • Internal Capital Market Efficiency of Belgian Holding Companies (with Axel Gautier, U of Liège), Finance (the review of the French Finance Association -AFFI), Vol 26, N. 2, 2005
  • Illusionary Finance and Trading Behavior (with Erick Rengifo, Fordham U, and Diego Salzman), The ICFAI Journal of Behavioral Finance, Vol. I, N.3, 2005
  • Les fondements théoriques de la privatisation, Les Cahiers du CREAD (Centre de Recherche en Economie Appliquée pour le Développement), N.45, 3ème trimestre, 17-36, 1998

My publications

Publications

Baquero G, Hamadi Malika, Heinen A (2018) Competition, Loan Rates and Information Dispersion in
Nonprofit and For-profit Microcredit Markets,
Journal of Money, Credit, and Banking 50 (5) pp. 893-937 Wiley
We describe the competitive environment of microcredit markets globally and we study
the effects of competition on loan rates of microfinance institutions (MFIs). We use
a new database from rating agencies, covering 379 for-profit and nonprofit MFIs in
67 countries over 2002-2008. Controlling for interest rate ceilings and other countryspecific
factors, we first find that nonprofits are relatively insensitive to industry-wide
concentration changes, while for-profits charge significantly lower rates in less concentrated
markets. Second, we find spillover effects between the for-profit and nonprofit segments. Third, we show that the effects of concentration are consistent with an
information dispersion mechanism.
Hamadi M, Heinen A, Linder S, Porumb V (2016) Does Basel II affect the market valuation of discretionary loan loss provisions?, Journal of Banking & Finance 70 pp. 177-192 Elsevier
We use a sample of banks from 24 European countries to investigate whether the adoption of the Basel II Capital Accord in 2008 affects the market valuation of discretionary loan loss provisions (DLLPs). Although Basel II lowers the incentives of internal ratings-based (IRB) banks to recognize income-increasing DLLPs in an opportunistic manner, it has no such impact on the remaining banks, which adopt the Standardized methodology. We use this setup in a difference-in-difference (DiD) design, where Standardized banks act as a control group. Our evidence supports the three hypotheses that, for IRB relative to Standardized banks, Basel II is associated with (i) less income-increasing DLLPs and (ii) less income-smoothing via DLLPs, which enhances the informational content of DLLPs about future loan losses and leads to (iii) higher market valuation of DLLPs. Our findings are timely and have policy implications for future regulatory developments in the banking industry.
Anderson R, Hamadi M (2016) Cash holding and control-oriented finance, Journal of Corporate Finance 41 pp. 410-425 Elsevier
We critically reassess the notion that high liquid asset holding by firms faced with weak investor protection is evidence of managerial rent extraction. We show that firms facing agency problems may establish tight controls over management through concentrated ownership. Using data on Belgian listed firms between 1991 and 2006, we find a strong positive association between ownership concentration and cash holding. This indicates a precautionary motive on the part of the controlling shareholders who highly value control. We also find that firm market valuation is positively affected by the amount of cash held by firms. On the other hand, managerial ownership has no impact. These results are consistent with the hypothesis that firms' owners are pursuing a rational strategy to mitigate agency costs in the face of weak investor protections.
Hamadi M, Heinen A (2015) Firm performance when ownership is very concentrated: Evidence from a semiparametric panel, Journal of Empirical Finance 34 pp. 172-194 Elsevier
We consider the effect on performance of very large controlling shareholders, who are mostly organized in voting blocks and business groups, in a sample of Belgian listed firms from 1991 to 2006. Since the shape of the relation between ownership and firm value is a controversial issue in corporate finance, we use semiparametric local-linear kernel-based panel models. These models allow us not to impose a priori functional restrictions on the relation between ownership and performance. Our semiparametric analysis shows that the effect on performance varies depending on the size of ownership stakes and that there are departures from linearity, especially in family firms. Our results suggest that this non-linearity in family firms is related to whether or not the CEO is a family member.