Guillermo Baquero

Guillermo Baquero is an associate professor at ESMT European School of Management and Technology and was appointed as the faculty lead of the newly established Master's in Management Program in 2014. He joined ESMT in September 2007 part-time as an affiliate scholar and was appointed to ESMT's full-time faculty in January 2008. In January 2011 Guillermo was promoted to the associate professor position. He received his PhD in Finance from the Erasmus University in 2006.

Guillermo holds an MBA from the Université Catholique de Louvain and an MS in Economics from the Katholieke Universiteit Leuven, which are both in Belgium. He received his BS in Mechanical Engineering in 1994 from Escuela Politécnica del Ejército–in Quito, Ecuador, which is where he was born.

Guillermo’s research has focused on the persistence of hedge funds and mutual funds, the behavior of hedge fund investors, behavioral finance and experimental economics. More specifically, he concerns himself with two issues: the strategic interaction between investors and fund managers under asymmetric incentive schemes; and the effect of divergent time preferences between investing and divesting. He was awarded the prize for the best paper on hedge funds at the European Finance Association meetings in Zurich in 2006.

Guillermo teaches MBA and EMBA courses at ESMT in Corporate Finance, International Finance and Data Analysis. Furthermore, he has taught a number of graduate and undergraduate courses in Investments, Behavioral Finance and Corporate Finance both at the Rotterdam School of Management and at FLACSO-Ecuador.

Guillermo speaks English, Spanish, French, and Portuguese fluently.

Education

PhD (Erasmus University Rotterdam)

Research

hedge funds, mutual funds, behavioral finance, experimental economics, micro-finance.

Expertise

Topics

alternative investments, asset management, behavioral finance, capital budgeting, corporate finance, credit risk, derivatives, finance, hedge funds, international finance, microfinance (incl. micro -credit, -insurance and -savings), mutual funds, portfolio management, risk management

Industries

assets management, banking, finance

Areas

• Americas
• South America/Latin America
• Ecuador

Languages

Spanish, English, French, Portuguese

Publications

Articles Journal Article Forthcoming Competition, loan rates and information dispersion in microcredit markets Journal of Money, Credit and Banking Guillermo Baquero, Malika Hamadi, Andréas Heinen

Journal Article Survival, look-ahead bias, and persistence in hedge fund performance Journal of Financial and Quantitative Analysis 40(3): 493–517 Guillermo Baquero, Jenke Horst, Marno Verbeek (2005)

ESMT Working Paper Hedge fund flows and performance streaks: How investors weigh information ESMT Working Paper Guillermo Baquero, Marno Verbeek (2015)

ESMT Working Paper The generosity effect: Fairness in sharing gains and losses ESMT Working Paper Guillermo Baquero, Willem Smit, Luc Wathieu (2013)

ESMT Working Paper Competition, loan rates and information dispersion in microcredit markets ESMT Working Paper Guillermo Baquero, Malika Hamadi, Andréas Heinen (2012)

Working Paper Do 'sophisticated' investors believe in the law of small numbers? Erasmus University Working Paper Guillermo Baquero, Marno Verbeek (2008)

Working Paper A portrait of hedge fund investors: Flows, performance and smart money Erasmus University Working Paper Guillermo Baquero, Marno Verbeek (2005)

Work in progress

Credit market competition and the capital structure of microbanks Guillermo Baquero, Malika Hamadi, Andréas Heinen (2011)

Fairness in sharing gains and losses: The generosity effect Guillermo Baquero, Willem Smit, Luc Wathieu (2011)

Implicit risk incentives and hedge fund style Guillermo Baquero, Marno Verbeek (2011)

The effects of competition on microbanks' efficiency: Financial and social trade-offs Guillermo Baquero, Malika Hamadi, Andréas Heinen (2011)

Are hedge fund investors diversified? Guillermo Baquero (2009)

Fairness in bilateral investment decisions in new business ventures Guillermo Baquero, Willem Smit, Luc Wathieu (2009)

Funds of hedge funds: Money flows and style investing Guillermo Baquero, Marno Verbeek (2009)

Outreach and the financing of microfinance institutions Guillermo Baquero, Malika Hamadi, Andréas Heinen (2009)

The flow-performance relation of hedge funds under style investing Guillermo Baquero (2009)

A model of risk taking by hedge fund managers when investors differ in their evaluation horizons Guillermo Baquero (2008)

On the fund-picking abilities of investors in funds-of-funds Guillermo Baquero (2008)

Has the rise of hedge funds increased market instability? Further evidence on the limits of arbitrage Guillermo Baquero (2007)

Superstition in financial decisions: Evidence from Asian markets Guillermo Baquero, Wessel Marquering (2007)