Daniel Linders PhD., CQF

 Daniel Linders

Contact Information

Department of Mathematics
222 Illini Hall
725 s. Wright Street
Champaign, IL 61820
Assistant Professor
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Daniël Linders obtained his master's degree in Mathematics  in 2007 at the KU Leuven. In 2009, he finished the two year program of Actuarial Science at the KU Leuven. During these two years, he did an internship at Dexia Bank Belgium and Dexia Insurance Belgium. He obtained his PhD in 2013 under the supervision of Professor Jan Dhaene (KU Leuven). His PhD is titled ‘Measuring herd behavior in stock markets’. In the period 2013-2015, he was a postdoctoral researcher at the KU Leuven, funded by the Axa Research Fund. In the period 2015-2016, he worked at the University of Amsterdam. After his PhD, he was visiting lecturer at the University of Antwerp (Belgium), Université Libre de Bruxelles (Belgium), University of Waterloo (Canada) and ISM Adonaï (Benin). 


Research Interests

  • Comonotonicity
  • The Herd Behavior Index
  • Multivariate derivatives
  • Market consistent valuation

Research Description

My research is situated at the crossovers of Actuarial Science and Quantitative Finance. I am interested in developing quantitative solutions for actuarial and financial problems which involve dependent risks. Examples are: Basket option pricing, determining solvency requirements, valuation of liabilities involving financial and actuarial risks, etc.  


  • 2007: Master of Science in Mathematics (KU Leuven, Belgium)
  • 2008: Master in Insurance (KU Leuven, Belgium)
  • 2009: Master in Financial and Actuarial Engineering (KU Leuven, Belgium)
  • 2013: Doctoral program in Business Economics (KU Leuven, Belgium)
  • 2016: Certificate in Quantitative Finance (FitchLearning, London)

Selected Publications

Journal Articles

Van Bilsen, Servaas, and Daniel Linders Affordable and adequate annuities with stable payouts: Fantasy or reality? Insurance: Mathematics & Economics 86 2019, p. 23. PDF.
Jan, Dhaene, Ben Stassen, Karim Barigou, Daniel Linders, and Ze Chen Fair valuation of insurance liabilities: merging actuarial judgement and market-consistency Insurance: Mathematics & Economics 76 2017, p. 13. PDF.
Linders, Daniel, and Fan Yang Aggregating risks with partial dependence information North American Actuarial Journal 21 4 2017, p. 14. PDF.
Linders, Daniel, and Ben Stassen The multivariate Variance Gamma model: basket option pricing and calibration Quantitative Finance 16 4 2016, p. 17. PDF.
Dhaene, Jan, Daniel Linders, Wim Schoutens, and David Vyncke The herd behavior index: a new measure for the implied degree of co-movement in stock markets Insurance: Mathematics & Economics 50 3 2012, p. 13. PDF.
Cheung, Ka Chun, Jan Dhaene, Alexander Kukush, and Daniel Linders Ordered random vectors and equality in distribution Scandinavian Actuarial Journal 2015 3 2015, p. 23.

Book Contributions

Linders, Daniel, and Wim Schoutens Basket option pricing and implied correlation in a one-factor Lévy model Proceedings of the conference: Challenges in Derivatives Markets edited by Kathrin Glau, edited by Zorana Grbac, edited by Matthias Scherer, edited by Rudi Zagst. Basket option pricing and implied correlation in a one-factor Lévy model Edited by Kathrin Glau, Edited by Zorana Grbac, Edited by Matthias Scherer, Edited by Rudi Zagst, Springer 2016, p. 32. PDF.

Edited Books

Glau, Kathrin, Daniel Linders, Aleksey Min, Matthias Scherer, Lorenz Schneider, and Rudi Zagst Innovations in Insurance, Risk and Asset Management World Scientific 2018. PDF.