• Linders, D. (Accepted/In Press) ‘The 3-step hedge-based valuation: fair valuation in the presence of systematic risks’, ASTIN Bulletin. [PDF]


  • Barigou, K., Linders, D. H., & Yang, F. (2022). Actuarial-consistency and two-step actuarial valuations: a new paradigm to insurance valuation. Scandinavian Actuarial Journal. [PDF]
  • Hanbali, H., & Linders, D. H. (2022). Monotone tail functions: Definitions, properties, and application to risk-reducing strategies. Journal of Computational and Applied Mathematics416. [PDF]
  • Hanbali, H., Dhaene, J., & Linders, D. H. (2022). Dependence bounds for the difference of stop-loss payoffs on the difference of two random variables. Insurance: Mathematics & Economics107(November 2022). [PDF]
  • Hanbali, H., Linders, D. H., & Dhaene, J. (2022). Value-at-Risk, Tail Value-at-Risk and upper tail transform of the sum of two counter-monotonic random variables. Scandinavian Actuarial Journal. [PDF]
  • Tavanaie, M., & Linders, D. (2022). Analysis of flood hazard alteration: Definitions, properties and application to risk-reducing strategies. Natural Hazards Review23(3), [556]


  • avanaie, M., & Linders, D. H. (2021). Decomposition of Natural Catastrophe Risks: Insurability Using Parametric CAT Bonds. Risks9(12). 


  • Linders, D. & Dhaene J. (2020) ‘De Lockdown exit: definitief of tot nader orde’. [PDF]
  • Dhaene, J., Kukush, A. & Linders, D. (2020) ‘Comonotonic asset prices in arbitrage-free markets’, Journal of Computational and Applied Mathematics, 364, [112310]. [PDF]


  • Hanbali, H. & Linders, D. (2019) ‘American-type basket option pricing: a simple two-dimensional Partial Differential Equation’, Quantitative Finance, 19:10, 1689-1704. [PDF]
  • Van Bilsen, S. & Linders, D. (2019) ‘Affordable and adequate annuities with stable payouts: Fantasy or reality?’, Insurance: Mathematics & Economics, 86, 19-42. [PDF]


  • Dhaene, J., Stassen, B., Barigou, K., Linders, D. & Chen, Z. (2017) ‘Fair valuation of
    insurance liabilities: merging actuarial judgement and market-consistency’, Insurance: Mathematics & Economics 76, 14-27.  [PDF]
  • Linders, D. & Yang, F. (2017) ‘Aggregating risks with partial dependence information’, North American Actuarial Journal, 21(4), 565-579. [PDF]


  • Linders, D. & Stassen, B (2016) ‘The multivariate Variance Gamma model: basket option pricing and calibration’, Quantitative Finance 16(4), 555-572. [PDF]
  • Linders, D. & Schoutens, W. (2016) ‘Basket option pricing and implied correlation in
    a one-factor Lévy model’, Proceedings of the conference: Challenges in Derivatives
    Markets. [PDF]


  • Linders, D., Dhaene, J. & Schoutens, W. (2015) ‘Option prices and model-free  measurement of implied herd behavior in stock markets’, International Journal of Financial Engineering 2 (2), 1-35. [PDF]
  • Chen, C., Deelstra, G., Dhaene, J., Linders, D. & Vanmaele, M. (2015) ‘On an
    optimization problem related to static super-replicating strategies’, Journal of Computational and Applied Mathematics 278, 213–230. [PDF]
  • Guillaume, F. & Linders, D. (2015) ‘Modeling herd behavior indices’, Quantitative
    Finance 15(12)1963-1977[PDF]
  • Cheung K.C., Dhaene, J., Kukush, A. & Linders, D. (2015) ‘Ordered random vectors
    and equality in distribution’, Scandinavian Actuarial Journal 2015(3), 221-244.


  • Linders, D. & Schoutens, W. (2014) ‘A framework for robust measurement of implied
    correlation’, Journal of Computational and Applied Mathematics 271, 39-52. [PDF]
  • Dhaene, J., Linders, D., Schoutens, W. & Vyncke, D. (2014) ‘A multivariate dependence measure for aggregating risks’, Journal of Computational and Applied
    Mathematics 263, 78-87. [PDF]


  • Dhaene, J., Kukush, A. & Linders, D. (2012) ‘The multivariate Black & Scholes
    market: conditions for completeness and no-arbitrage’, Theory of Probability and
    Mathematical Statistics 88, 1 – 14. [PDF]
  • Dhaene, J., Kukush, A., Linders, D. & Tang, Q. (2012) ‘Some remarks on quantiles
    and distortion risk measures’, European Actuarial Journal, 2(2), 319-328. [PDF]
  • Goovaerts, M., Linders, D., Van Weert, K. & Tank, F. (2012) ‘On the interplay between
    distortion, mean value and Haezendonck-Goovaerts risk measures’, Insurance:
    Mathematics & Economics 51 (1), 10 – 18. [PDF]
  • Dhaene, J., Linders, D., Schoutens, W. & Vyncke, D. (2012) ‘The herd behavior
    index: a new measure for the implied degree of co-movement in stock markets’,
    Insurance: Mathematics & Economics 50 (3), 357 – 370. [PDF]
  • Dhaene, J., Dony, J., Forys, M., Linders, D. & Schoutens, W. (2012). ‘FIX: The Fear
    Index – Measuring market fear’ Topics in Numerical Methods for Finance, Cummins
    M. et al. (eds.). Springer Proceedings in Mathematics & Statistics. [PDF]

Internal Reports

  • Linders, D. (2013) ‘Pricing index options in a multivariate Black & Scholes model’,
    FBE Research report AFI-1383, pp. 1 – 25, KU Leuven. [PDF]
  • Linders, D., Dhaene, J., Hounnon, H. & Vanmaele, M. (2012) ‘Index options: a
    model-free approach’, FBE Research report AFI-1265, pp. 1 – 31, KU Leuven.
    Working papers. [PDF]

PhD These

  • Linders, D. (2013) ‘Measuring herd behavior in financial markets’, KU Leuven dissrtation. [PDF]

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