ESE Annual Report 2007

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Erasmus School of EconomicsAnnual report 2007

Visiting addressErasmus School of EconomicsErasmus University RotterdamBurgemeester Oudlaan 503062 PA RotterdamThe Netherlands

Postal addressErasmus School of EconomicsErasmus University RotterdamP.O. Box 17383000 DR RotterdamThe Netherlands

Telephone & FaxPhone: +31 10 408 1377/1370Fax: +31 10 408 9145

Internet & E-mailInternet: www.few.eur.nlE-mail: [email protected]

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E r a s m u s S c h o o l o f E c o n o m i c s

E r a s m u s U n i v e r s i t y R o t t e rd a m

The ESE is the natural choice:• for everyone to study economics in a broad sense,• for academics to make progress in relevant and challenging research,• for alumni to meet and greet, and• for government and firms to seek reliable advice.The ESE enjoys great acclaim in the Netherlands and abroad for its fundamental and applied scientificresearch. Its two graduate schools, the Erasmus Research School of Management (ERIM) and theTinbergen Institute (TI) are among the very best research institutes and graduate schools in the world..The Erasmus School of Economics strategically has a clear focus on economics. It is the only school in theNetherlands which explicitly educates economics and business. All faculty members are involved in bothresearch and teaching. This allows the ESE to thrive. Just as they were 100 years ago, the economists arethe pounding heart of Erasmus University Rotterdam.

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C o n t e n t s

1. Preface 52. Facts and Figures 2007 73. Mission, strategy and organisation 9

3.1 Mission statement of ESE: focus on Economic issues 93.2 Strategy of the ESE: to be the number 1 brand 93.3 ESE-organisation: lean and mean 10

4. Research 134.1 Introduction 134.2 Increase of quality and quantity of ESE publications 144.3 Research accreditation in progress 154.4 Prizes and Awards 18

Scholarships for young, talented scientists.4.5 PhD-thesis results and new PhD-students. 174.6 EconomieOpinie: Researchers in the News 17

5. Achievements in 2007 195.1 Department of Economics annual report 195.2 Department of Business Economics annual report 195.3 Department of Econometrics annual report 215.4 Department of Applied Economics annual report 215.5 Tinbergen Institute: 20 years of age 23

6. Education 256.1 Education Management and Programmes 266.2 Highlights in 2007 276.3 Bachelor Programmes 276.4 Masterprogrammes 286.5 Degrees granted in 2007 316.6 Ideas and complaints mailbox 316.7 ESE Complaints Committee 316.8 Bimestersystem introduced for all programmes. 326.9 Education evaluations 326.10 Binding Study Advice 346.11 ESE discontinues “Drs”-degree 34

7. Personnel 357.1 Development in number of employees 2004-2007 357.2 Staff: newcomers and departures 377.3 Diversity 377.4 Internationalization 387.5 Exit interviews 387.6 Age structure 397.7 Performance reviews and bonus rewards 397.8 Occupational Health & Safety 39

8. Financial annual report 418.1 Introduction 418.2 Profit and loss statement 2007 418.3 Balance sheet as at 31 December 2007 428.4 Notes to the balance sheet and the profit and loss statement 428.5 Off-balance sheet obligations 46

9. Management and Organisation Overview 479.1 Management Team 479.2 Management of ESE Departments 489.3 Management of Research Schools 489.4 Education Management 489.5 Advisory Boards and Committees 49


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1 . P re f a c e

The year 2007 treated the Erasmus School of Economics well. Whereas the year 2005 saw the factualimplementation of the reorganisation that had previously taken place, the year 2006 focused on furtherdevelopment of these ambitions. The year 2007, can be characterised as the year in which, for the first time, theactual results of these efforts could be harvested. The most visible result being the ‘Double’: not only did theErasmus University Rotterdam manage to keep first ranking on the list of top institutions, it finished top of the2007 list of best scientific publications as well. Out of the top ten of most publishing economists, at least sevenare affiliated with the ESE! In addition, the School retained its first position in the Institutes Top-10 Citations.

ROTTERDAM BRINGS IN THE DOUBLEThe Erasmus University again managed to keep first ranking within the list of top institutions in 2007.In addition, they became first on the list of most publishing researchers. This yearly recurring publicationtop is a reflection of all international publications by economists attached to a Dutch University.The Top 40 of 2007 saw publications that appeared during the period 2001-2005.Source: ESB, 2007; pp. 744-5

The year 2007 also witnessed a lustrum celebration. The Tinbergen Institute, a joint institute for top researchbetween the University of Amsterdam, the Free University of Amsterdam and the Erasmus University Rotterdam,celebrated its 20th Anniversary on June 14th. Key note speaker was Professor David Hendry from the Universityof Oxford, addressing the audience with a speech relating to Economic Forecasting.

Another celebration this year was the establishment of a joint venture between the Erasmus University and theAnton de Kom University of Suriname; in accordance with the Faculty’s policy for internationalization. Thus, theESE will provide the necessary know-how needed for the development of an institute-of-learning situated in alesser developed country. Local priorities and necessities are linked to existing ESE expertise. Within thisframework of collaboration, a number of Suriname bachelor graduates will be given the opportunity to studyfor their MSc at the ESE. On their return to Suriname, they can take up positions as university lecturer at theUniversity of Suriname. At the same time, ESE staff members give lectures in Suriname as well.

Starting with the academic year 2007/2008 the ESE has implemented a bimester system, a block system each ofwhich covering eight weeks. Within each period the students have a limited amount of courses, but each ofthese courses is at an intensive level. With this new system the School wants to achieve more studentinvolvement in their academic study. In addition, the School also wants to stimulate more effective and regularstudy behaviour, which should, ultimately, result in a smaller chance of study delay. The implementation of thissystem has led to a number of changes; trimesters are replaced by 5 blocks of 8 weeks each, tutorials in theBachelor-1 and -2 programmes are compulsory and given in small groups. In addition, the number of re-sitsdecreased whereas the compensation opportunities increased. Also, the size of courses, seminars and theses areadjusted. For the academic staff this clearly means, that time for education and research can be used moreeffectively.Aside from renewing their educational methodology, the School has also invested in new strategies relating tomarketing and student enrolment. These efforts led to the fact that the total intake of bachelor students forthe 2007-2008 academic year increased by 6% in comparison to the 2006-2007 academic year. A notable increasetook place at the Bachelor programmes Econometrics & Management Science and Economics & Business. Inparticular there was an increase for the highly valued English stream programme, the International Bachelor ofEconomics and Business Economics (IBEB). In addition, student enrolment for the MSc programmes at the ESEalso increased in comparison to the previous academic year. The intake of ‘outside’ students (graduates with ahigher vocational/professional education, a foreign education or an education at another Dutch university)increased tremendously (+44%) compared to our ‘own’ intake of bachelor and pre-master programme students(+6%).Because of its excellent track record in the field of research as well as education, the ESE is currently in aposition to attract top academic staff. With the appointment of Sir Clive W.J. Granger as a professor holding theHenri Theil chair, it now includes (again) a Nobel Prize winner in its ranks. In 2007, Dr. Angelien Kemna,previously CEO Investment Management at ING and regarded as one of the most powerful business woman inthe Dutch Financial sector, took up the appointment as endowed professor ‘Corporate Governance & FinancialEconometrics’ at the department of Applied Economics. Professor Bas Jacobs took up the endowed chair ‘PublicFinance and Economic Policy’ at the department of Business Economics.


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In order to promote the development of mature (female) talent in Economics, the ESE initiated the ‘MatureTalent’ project. With this project, the School is offering the opportunity to research an important topic in theform of a PhD-thesis in just two years. Over four years, there will be a maximum of five research positionsavailable each year for talented researchers who have earned recognition outside the University. In the summerof 2007 four women assumed these positions as lecturers-in-training.Finally, mention should be made of some prestigious prizes that were awarded to an institution as well as tofaculty:

• Prof. Dr. Peter Wakker, member of the department of Econometrics, received the ‘Career AchievementAward’ of the Society for Medical Decision Making. The prize was awarded to professor Wakker for hisoutstanding research on risk behaviour applied to the medical field.

• Prof. Dr. Ruud de Mooij, member of the Institute for Economics of Taxation was awarded the Musgrave Prize2007. The Musgrave Prize was created by the International Institute of Public Finance in 2003 to honour andencourage younger scholars in the field of public finance. The panel of judges was especially pleased aboutthe relevance of his research topic ‘Corporate Tax Policy and Incorporation in the EU’ and praised theaccessibility and structure of the article.

• Dr. Erik Kole, assistant professor at the department of Econometrics, received the Nokia-EFB PhD Award. Hereceived this prize for his thesis examining the consequences for investors of increased interdependencybetween financial markets during crises and crashes.

• The Institute for Housing and Urban Development Studies (IHS) received the prestigious UN-HABITATScroll of Honour Award’ on October 1st 2007 from the Director of this organization for urban developmentwithin the UN. This award acknowledges both individuals and organizations who contribute to theimprovement of living conditions in urban areas around the world.

ESE HAS A NEW SLOGANOur call for a new slogan for the Erasmus School of Economics produced 167 reactions. From all entriesreceived it became obvious that the Rotterdam economists (whether or not in training) are not onlygood with regard to content, but are also creative and chauvinistic. The qualifications ‘excellent’, ‘top’,‘best’ and ‘first’, tumbled over one another. Finally, the panel of judges selected 2 slogans:

Business Class in EconomicsThe World’s Port to Economic Excellence

The winning entries each received 500 Euros. The second slogan was proposed by Lars van Dort, studentat our school. As it turned out, the first slogan came from our Dean, Philip Hans Franses. His prize moneywill be donated to the Ronald McDonald House in Rotterdam.


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2 . F a c t s a n d F i g u re s 2 0 0 7

E D U C AT I O N ( TA U G H T I N E N G L I S H , U N L E S S M E N T I O N E D O T H E RW I S E )

4 Bachelor’s degree programmes (BSc) BSc Economics & Business Economics (Dutch streamand English stream, IBEB)BSc Econometrics & Management Science (in Dutch)BSc Economics & Taxation (in Dutch)BSc Economics & Informatics (in Dutch)

4 Master’s degree programmes (MSc) MSc Economics & BusinessMSc Econometrics & Management ScienceMSc Economics & Taxation (in Dutch)MSc Economics & Informatics

2 Research Masters (MSc) MSc/MPhil in EconomicsMSc/MPhil in Business Research

15 Post experience programmes Post experience programme Accountancy (in Dutch)Master programme of Management Control (in Dutch)Master programme of Finance and Control (in Dutch)Master programme of IT-Auditing (in Dutch)Master programme of Internal/Operational Auditing (in Dutch)Master programme of Public Controlling (in Dutch)Master programme of City Developer - MCD(r) (in Dutch)Master programme of Food Management (in Dutch)Master programme of Financial Planning (in Dutch)Master programme of European Taxation Studies (in Dutch)Master programme of Sales and Account Leadership (in Dutch)Master programme of Strategic Account Management (in Dutch)Master programme in Maritime Economics & Logistics (MEL)Master of Management of the European Metropolitan Region (MEMR)Master in Urban Management and Development (UMCD)

S T U D E N T S

Registered students 2007/2008 2006/2007Total 4573 4396Following 1 programme 3930 3797Following several programmes 643 599

Exchange Students 118 121

Partner Universities for 71 68exchange students


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R E S E A R C H

2 Research Schools Tinbergen Institute (TI)Erasmus Research Institute of Management (ERIM)

6 Research Programmes Financial and International MarketsMarkets, Organizations and GovernmentApplied EconomicsEconometricsMarketingManagement Science

Faculty members who are fellows/ Percentage end 2007: Target percentage:members of TI and/or ERIM 63.4% (61% in 2006) 80%

Number of PhD-theses 2007 2006 2005 200424 22 24 17

P E R S O N N E L

ESE Personnel (31/12) 2007 2006 2005 2004Number 371 322 314 383Fte 258.4 242.3 230.6 291.4

F I N A N C E S

Finances (in k€1) 2007 2006 2005 2004Total income 24,837 23,009 24,733 27,325Result 1557 359 241 89

Table 1: Facts and Figures 2007

1 k€ means: one thousand euro


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3 . M i s s i o n , s t r a t e g y a n d o r g a n i s a t i o n

3.1 Mission statement of ESE: focus on Economic issuesThe Erasmus University Rotterdam educational and research activities are concentrated in the fields ofEconomics and Management, Medicine and Health, and Law, Culture and Society. The ESE is considered one ofthe three largest faculties within the Erasmus University Rotterdam.The history of the ESE goes back to the year 1913 when the ‘Nederlandse Handelshoogeschool’ was establishedby several entrepreneurial Rotterdam businessmen with the aim to bring economics and business to a higherlevel by way of scientific methods. In 1939 the School changed names and became known as the ‘NederlandseEconomische Hogeschool’ (Netherlands School of Economics). The name change did not mean a change in thepractice orientated way of teaching. Education and research remained its primary focus. By 1973 theNetherlands School of Economics became Erasmus University Rotterdam, comprising the medical campusHoboken and the social campus Woudestein. Even in those days its aim was the establishment of a vigorous andflourishing University with a - nowadays - prominent Erasmus School of Economics, incorporating a wide rangeof economic expertise as well as keeping strong ties with the regional and international markets.

The mission statement of the ESE is as follows:The Erasmus School of Economics is an internationally renowned institute that contributes scientific knowledgeto future economic issues and aims to answer currently relevant issues of concern to government and firms. Thefocus of the ESE is on the creation, the dissemination and the application of scientific knowledge, all from aneconomic perspective. The ESE relies on the most recent insights in the discipline. It collaborates withinternational scientific partners, and it has local footing in business issues relevant to the unique position thatthe city of Rotterdam has as a hub of transport and industry. The ESE ensures working conditions that permitinnovative scientific progress and puts the academic education at the centre of its activities.

Because of her exclusive choice for economic perspective, the ESE distinguishes herself from her sister facultieswithin other Dutch universities, where a combination of Economics and Business Management often prevails.

3.2 Strategy of the ESE: to be the number 1 brandIn 2004 the strategic document ‘Winnen door Kiezen’ (Winning through Choice) was written. Because thatparticular document already contains the ESE main targets and goals, there was no need in 2007 to redesignthese. The mission statement is translated into the following components:1. the ESE enforces a common set of norms and values and values leadership;2. the ESE has a sound financial basis;3. the ESE has a clear economic focus and confines itself to a few scientific areas;4. the teaching programmes of the ESE show excellent results from 2007/2008 onwards;5. the research programmes of the ESE belong to the (inter)national top programmes;6. activities concerning research and contract funding belong to the core activities of the ESE;7. each academic member of ESE combines academic research with teaching;8. the administrative organization of the ESE is effective and efficient.

We do not believe that going there where we want to be, can only be expressed in results like ‘We are thenumber 1 in research or in teaching’, as those measures are very much time-dependent and sensitive tomeasurement error. What we do want is to be the number 1 brand, as it is perceived by everyone around us.

The ESE aims to make students feel at home at its Woudestein campus in Rotterdam. Its goal is to create aplatform for students in such a manner that their studies at the ESE mark the start of inspiring careers. Toappreciate such a start, it is important that prospective students are pretty certain that they want to studyeconomics or one of the other programmes offered at the ESE. Students should be aware of the fact that theywill be challenged, that their studies will take time, that they are supposed to be self conscious, and thateconomics is a hard-to-master discipline. The ESE marketing strategy is aimed at these aspects. Furthermore,during the first year of study, much attention is given to the question whether or not the student has made theright programme choice. When a student firmly decides that economics is what he/she wants to pursue, the ESEmeets the demands and qualities at that individual’s level. Students who need additional support andsupervision can obtain these, and students who show brilliance will be challenged in honours classes. The ESEhas an intensive monitoring system identifying those who need additional academic support as well as scoutingfor future PhD-students.As economics concern human life in general, and is of interest to most of us, the ESE academic staff seeks toclarify and convey their recent scientific insights to a wider audience. They give advice when being asked, and


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they give opinions also when these are not asked. Some ESE academics are regarded as ‘true leaders’ in theirspecific field, which is reflected by invitations they receive to attend important conferences, by visitors whocome to the Erasmus University Rotterdam in order to work with them, or by larger-audience books or otherproductions that trigger nationwide or even international discussions. The ESE strongly favours theapprenticeship model (in Dutch: ‘meester-gezel’), which has been so successful for the Netherlands in earliertimes.The academic staff is supported by a pool of non-academic staff, which assists with administrative issues andwith everything else required to make the teaching programme(s) run smoothly, thus facilitating the dailyactivities of students and academics alike. The quality of this work force is excellent; they are supportive, loyalto the ESE and they provide an atmosphere that makes our daily presence at the school a pleasure. In thatsense, the Dean and the Deans office are part of the non-academic staff.The ESE greatly values its alumni and would like to improve their active commitment to the school. In past yearsseveral separate alumni organisations of the ESE organised a variety of meetings and/or events for the alumnicommunity. Local chapters in various cities and countries outside of Rotterdam and the Netherlands also meet -or are going to meet - on a regular basis. In 2007 we started anew with the planning and organisation ofvarious events for alumni. In fact, some alumni are actively involved in helping to outline the ESE future plansand programmes.

3.3 ESE-organisation: lean and meanThe internal ESE organisation is essentially designed per scientific section, but also shows signs of a matrixorganisation. The organisation of the primary processes of the ESE is designed along two axes, known as thescientific axis and the educational axis. Centred within the scientific/knowledge axis are the departments; theeducation management can be found within the educational axis. The ESE activities are mainly organised anddirected from within its four departments as well as the education management.

Figure 1: Organization Chart ESE

The School’s activities are facilitated by two research schools accredited by the Royal Netherlands Academy ofArts & Science (KNAW): the Tinbergen Institute (TI) and the Erasmus Research Institute of Management (ERIM).

• The Tinbergen Institute is the graduate school and Research Institute in Economics of the Economics schoolsof the Erasmus University Rotterdam (50%), the Free University Amsterdam (25%) and the University ofAmsterdam (25%). The research institute is among the best in the world. Translated into the standards of theleading Journal of the European Economics Association, it occupies the first place in Europe. The ESE of theEUR acts as secretariat of this research institute.

• The ERIM research school is the product of a collaborative effort by the Rotterdam School of Managementand the Erasmus School of Economics within the EUR. It focuses on individual companies and theirenvironments, intra-organizational and inter-organizational relationships, business processes and theirinterrelationship, and the management thereof.

DEAN DEPUTY DEAN

DEANS OFFICE

EDUCATION MANAGEMENT

RESEARCH INSTITUTES

FACULTY COUNCIL

EXAM COMMITTEE

RESEARCH ADVISORY BOARD

EDUCATION COMMITEE

DEPARTMENTS

ECONOMICSBUSINESS

ECONOMICSECONOMETRICS

APPLIEDECONOMICS


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Both research institutes are viewed as instruments involved in the execution of the School’s research policy. TheESE aims to group all its fundamental research in both institutes. The link between the ESE’s research and theresearch institutes forms an important part of the ESE’s quality management strategy; especially since theresearch institutes are coming up for (re)accreditation. Membership in the research institutes is contingent uponpublishing sufficient articles in journals listed on the research institute’s journal lists (classifications of scientificand professional publications that have impact on the scientific/academic field that the research institute inquestion covers).In June 2007, the ESE and the KNAW launched the Erasmus Virtual Knowledge Studio, or in short the ErasmusStudio. It is collaboration with the Virtual Knowledge Studio for the Humanities and Social Sciences (VKS), aKNAW institute in Amsterdam, which started in January 2006. The Erasmus Studio carries out researchprogrammes in collaboration with EUR-researchers from various disciplinary backgrounds. In addition, theErasmus Studio organizes a series of seminars on e-research, in which senior researchers as well as PhD-studentsand undergraduates can participate. The Erasmus Studio provides a great possibility for e-research: a betterinsight in researchers’ web-use as well as library services could lead to newly developed information servicesbetter suited to research practices. The expertise of VKS researchers relating to webometrics as well as hyperlinkanalytical models proves very useful for this particular research.The next step for the ESE is to build impact and increase its academic standing internationally. To this end aconcerted effort has been put into developing new ways to attract senior researchers. This has resulted inestablishing the Duisenberg School of Finance largely sponsored by the financial sector (in cooperation with thetwo Amsterdam based economic faculties). The Duisenberg School will sponsor a separate MPhil track in financeat the Tinbergen Institute and four honours programs at the MSc level.Outside the area of finance the Dean has created endowed chairs to retain and attract very senior researchers.The ESE, furthermore, has invested considerably in the growing area of Health Economics. This is a new area forour School, from which it expects to benefit considerably in terms of fundamental research that at the sametime has high societal relevance.

Regarding its contract funding (education and research), the ESE is supported by a group of private limitedcompanies which are in turn, part of EUR Holding Ltd.

In this respect, some new developments took place in 2007:

• On 6 June 2007, the Institute SMO Ltd was established in The Hague. Institute SMO Ltd aims at answeringquestions that have to do with the promotion of the production of business enterprises within a changingsocial/political context. In this respect SMO Ltd publishes reports and brings together stakeholders on thecrossing point of society and venture per year.

• Because the objectives of EFMI no longer correspond with the strategy of the ESE, on 6 June 2007 the sharesof EFMI Ltd were sold to the Management.

O V E RV I E W O F P R I VAT E L I M I T E D C O M PA N I E S U N D E R E U R H O L D I N G LT D A F F I L I AT E D W I T H E S E

Associate Limited Turnover 2 Results after Capital 3 Fte Number ofCompanies (2007) (in k€) interest (in k€) (in k€) employeesEURAC Ltd 5,815 979 2,955 27,95 45IHS Ltd (50%) 3,166 521 1,651 12,1 16SEOR BV 1,967 153 3,594 17,5 21RHV Ltd 1,387 53 398 11,35 14EC3MA Ltd 439 -166 50 3,6 4FEI Ltd 912 150 637 7,9 20MELEUR Ltd 622 80 625 5,4 7ERBS Ltd 548 27 33 1,75 3SMO Ltd 195 -115 -115 6,12 7Total 15,051 1,681 9,827 93,67 137

2 The turnover is not being corrected for intercompany transactions3 The minimum capital of the ESE affiliated Ltd companies has to be the total amount of personnel costs of these Ltd companies.

Dividends will only be paid when the capital exceeds the total yearly personnel costs. In 2007 this was k€5,730, compared tok€5,915 in 2006.

Table 2: Overview of Private limited Companies under EUR Holding Ltd affiliated with ESE


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4 . R e s e a rc h

4.1 IntroductionThe ESE saw some great research publication results in 2007. The chart below, shows that the number ofpublications in leading journals increased from less than half a publication per fte in 2001 to about one and ahalf in 2007. This clearly demonstrates a dramatic increase in productivity over the last seven years.

Figure 2: Development of journal publications per fte (tenured and non tenured staff) of the entire School intop core journals (solid line) and ISI 1st quartile journals (dashed line).

The dashed line in Figure 2 shows that this pattern does not depend on the specific top core list being used. Thenumber of publications in ISI 1st quartile journals reveals a similar pattern.

Research output at ESE did not only increase in absolute terms. The EUR currently holds first place in the ESBTop 20 Economists 2007 ranking. Prof. Dr. Peter Wakker occupies first place, followed by colleagues Bleichrodt(10), Doorslaer (11), Franses (13) and Dekker (17).

EUR economists scored especially well in the International Citation Top 30 ranking of Dutch economists (in thiscase, also being ranked in first place). These high rankings are related to the notable increase in the number oftop publications since 2005, after the reorganization of the ESE took place. When comparing top publicationsbefore and after the reorganization it is clear that the average ISI 1st quartile and Core Top journal publicationsper full time position has doubled.

The EUR also occupies first place in the Top 40 Economists with the highest output of publications, and in theranking of participating universities with the highest publication output. Out of the 8 EUR economists whopublish most, 7 originate from the ESE. This ranking is mainly due to the scientific output of academics inmarketing, health economics and econometrics. The most notable researcher in the Top 40 is Nobel Prize winnerProf. Sir Clive Granger, entering at number 11. Granger, at 73 years of age is also the oldest participant in thistop-ranking list of economists!

N A M E R A N K I N G 2 0 0 7 R A N K I N G 2 0 0 6

Philip Hans Franses 1 6Peter Wakker 7 3Clive Granger 11 -Han Bleichrodt 12 12Stefan Stremersch 14 25Eddy van Doorslaer 20 8Thierry Post 29 24

Table 3: ESB Economists top 40 (2007 en 2006)

2001 2002 2003 2004 2005 2006 2007

year

0

= Top Core= ISI 1st quartile

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4.2 Increase of quality and quantity of ESE publications2007 saw a continuous increase of journal publications. However, the amount of internal reports and booksstabilized. The strong increase of research publications can be explained by the fact that more actualregistration took place in 2007, especially through the project Metis Clean & Complete.

S C I E N T I F I C P U B L I C AT I O N S 2 0 0 7 2 0 0 6 2 0 0 5

Journals 230 205 189Internal reports 108 110 142books (edited, review, chapters) 89 88 51Dissertations 24 22 24External reports 36 17 13Remainder 89 42 27Total 575 484 446

Professional publications 66 33 49

Table 4: Publications ESE 2007, 2006, 2005

Both the Tinbergen Institute and ERIM have lists of academic journals. The journals on these lists correspondwith the focus in research of the institute; as a consequence the ERIM Journal List has more focus onOrganization, Marketing, Business and Strategy. The Tinbergen Institute has its focus on econometrics, financeand international markets or labour, regional and environment, and finally institutions and decision analysis. Alljournals are equally important. ERIM and TI solved this by ranking the journals in three categories. For TI thehighest rated journals have an AA status, good journals are rated A and acceptable journals B. ERIM usesdifferent categories, the P* journals are top notch, P journals are good and S rated journals are secondary. Table5 shows the number of publications in the Journals List of TI and ERIM. This table clearly shows that the numberof publications in top journals (of both ERIM and TI journals lists) has increased in 2007.

J O U R N A L R AT I N G 2 0 0 7 2 0 0 6

TI AA 2 0TI A 21 15TI B 38 27ERIM P* 17 12ERIM P 31 33ERIM S 25 30

Table 5: Publications according to TI and ERIM lists.


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4.3 Research accreditation in progressPeriodically, research institutes in the Netherlands are assessed. This assessment consists of a performanceevaluation of the institute in question, conducted by an international advisory committee. The programmeEconomics and Business will be assessed at the beginning of 2008. In 2007 a process was initiated that willultimately lead to a self evaluation report. The visitation committee will assess the ESE research for accreditationover the period 2001-2007.

For registration of research data, the School makes extensive use of the University research database METIS, inwhich publication data is stored. In view of the upcoming research accreditation, data has been cleared andupdated, i.e. publication data were completed, author ranking recorded correctly, missing publications wereadded and the correct publication category was checked; thus making the database much more reliable. At thesame time, a project was initiated to realize Personal Metis. Using this module, the responsibility for input ofpublications lies with the researcher him/herself and no longer with the secretariat of each department.

4.4 Prizes and AwardsDr. Kirsten Rohde en Dr. Erik Kole, assistant professors at respectively the Department of Applied Economics(Health Economics) and the Department of Econometrics (Econometric Institute) were very successful inobtaining the 2007 VENI scholarship.

Every year the Erasmus University Rotterdam awards EUR-Fellowships to four highly talented young scientificresearchers to allow them to conduct four years of research. The Erasmus University’s fellowship scheme isdesigned to encourage careers in science and enable the university to retain talented researchers. In 2007 Dr.Wilco van den Heuvel, university lecturer at the Department of Econometrics, received such a EUR-fellowship(€ 200.000).

RESEARCH AWARD 2007 FOR DENNIS FOKDennis Fok, researcher in the field of Econometrics at the ESE, together with Vincent Jaddoe, of theErasmus Medical Centre, were awarded the Erasmus Research Prize 2007. The Education Award 2007went to Ronald Huisman of RSM Erasmus University. The awards (Euro 7000 and a trophy) werepresented at the opening of the Academic Year on September 3, 2007.About Dennis FokDr. Dennis Fok (1977), who graduated cum laude at Erasmus University Rotterdam in 2003, currentlycarries out research in the field of applied econometrics. He applies modern, quantitative techniques topractical subjects and works on new models and improvements and extensions of existing techniques.He has published a large number of articles in top journals, such as Journal of Marketing Research,International Journal of Research and Marketing, Journal of Econometrics and International Journal ofForecasting. It is exceptional that all his publications originate from one book, his dissertation. DennisFok is a member of ERIM and fellow at the Tinbergen Institute.About Education & Research AwardsSince 1987 the Erasmus Education & Research Prizes are awarded annually by the Association Trust FundErasmus University Rotterdam as a token of appreciation of the EUR Executive Board for the excellentachievements of the university’s researchers, simultaneously aiming to stimulate such achievements.Candidates are recommended by all faculties to two committees who advise the Executive Board duringthe selection process.On top of “earning” research time by qualifying as a member of one of the research schools, ESErewards excellence by offering prizes. Examples are the ERIM award for Outstanding Performance by aYoung Researcher, ERIM Top Article Award and ERIM Impact Reward. The ESE offers researchers whomeet strict requirements in terms of publications the label ‘top-researcher’ and to those who meet strictrequirements in terms of teaching the label ‘top-teacher’. The label ‘top-teacher’ was introduced in 2007for the best 5 teachers. It was decided that two groups of lecturers were awarded for this prize in 2007.


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In 2007 ten researchers were presented with the ESE Top-researcher Award.Han Bleichrodt, Dennis Fok, Richard Paap, Stefan Stremersch, Otto Swank, Dick van Dijk, Herman K. van Dijk,Eddy van Doorslaer, Willem Verbeke and Peter Wakker each received a cash prize of € 10.000. To be nominatedfor this award, researchers had to publish at least three top publications between 2002 and 2006 or occupy aposition in the Dutch ESB Economists Top 40 of 2007. All ten awarded researchers met one or more of thesecriteria. The above mentioned nomination rules will be changed in due course in order to particularly stimulateparticipation of young researchers.

S TA F F M E M B E R AWA R D B R I E F E X P L A N AT I O N

Sebastian Buhai, MSc Research grant of the DanishSocial Science Research Council

Prof. Dr. Herman K. van Dijk NWO/research grant

Dr. Dennis Fok EUR Research Award

Dr. Wilco van den Heuvel EUR-fellowship

Dr. Lennart F. Hoogerheide Dissertation Prize 2007

Dr. Roy Kouwenberg GARP Award 2007

Dr. Erik Kole Nokia-EBF PhD Award

Dr. Erik Kole NWO/VENI fellowship

Dr. Erik Kole ERIM Thesis award

Prof. Dr. Ruud de Mooij Peggy and Richard MusgravePrize 2007

Dr. Kirsten Rohde NWO/VENI

Paul Steffens, MSc NWO/Open Competition

Prof. Dr. Peter Wakker Career Achievement Award 2007

Table 6: Short summary of awards presented to the ESE faculty in 2007

Research grant for the project “Wages,productivity and firm sizes in imperfectlycompetitive markets”.Research grant for the project“Econometric Analysis of Risk inFinancial and Monetary Economics”.The award is presented annually by theAssociation Trust fund EUR as a token ofappreciation for the excellentachievements in the field of research.Annual research grant awarded toyoung scientific EUR researchers.Young Scholar Award from the Journalof Applied Econometrics.Global Association of Risk ManagementProfessionals (GARP) 2007 award for hispublication: ‘Developing an EarlyWarning System for Currency Crises: AMultivariate Extreme Value Approach’.Awarded by the Journal EuropeanBusiness Forum and sponsored by Nokiaat the yearly convention of CEMS inMilan. For his dissertation entitled ‘Oncrises, crashes and co-movements’.NWO Research grant awarded for hisresearch project: ‘Consequences ofabrupt events for investors in financialmarkets’.For his thesis ‘On crises, crashes and co-movements’.Awarded by the International Instituteof Public Finance for his publication‘Corporate Tax Policy and Incorporationin the EU’ in appreciation of and supportto young scientists in the field of publicfinance.NWO Research grant for her researchproject “Valuing the Future”.Open Competition Research grant for hisPhD research relating to group decisionmaking processes.Annual award by the Society for MedicalDecision Making for outstandingresearch in the field of risk behaviourand medical decision making.


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4.5 PhD-thesis results and new PhD-students.The ESE’s yearly target is to achieve a minimum of 20 PhD-theses. Last year, 24 PhD-students successfullycompleted this track. The targeted intake of the ESE of 24 PhD-students each year was not reached in 2007. Inthe end, only 17 PhD-students were appointed to develop a research plan. The main reason for the group to bethat small, was because the second round for applications started only late 2007. This will probably mean thatthe intake for 2008 will be higher than average.

4.6 EconomieOpinie: Researchers in the NewsThe ESE continually seeks to explain to the public-at-large why research undertaken by the institute is sorelevant. With the creation of its website EconomieOpinie.nl in September 2007, the ESE initiated an opinionplatform incorporating newsworthy scientific breakthroughs, views and topical articles relating to national aswell as international economic issues. Articles are written by ESE economists anticipating or capitalizing oncurrent issues. In this manner, the ESE provides a scientifically substantiated contribution to the political andsocial arena. Often, contributing researchers are invited to further illustrate their particular point(s) of view tothe press or on radio and television programmes; thus generating additional publicity for our School.

PROFESSOR JUSTUS VEENMAN REPORTS ON THE NEW INEQUALITY IN THE LABOURMARKETAn interdisciplinary research group headed by Prof. Dr. Justus Veenman advises in their most recentreport employers and government on how to handle the new inequalities in the ever changing labourmarket. The researchers will present their findings in the NWO-publication entitled: ‘Nieuweongelijkheden op de transitionele arbeidsmarkt, De kansen en risico’s voor allochtone werknemers’(‘New inequalities on the transitional labour market. The chances and risks for immigrant employees’.Migrant groups are falling behindNowadays, many employees no longer have a lifetime job. They regularly change jobs or exchange theirjobs for periods of schooling, care, unemployment or illness. From the report it appears that thischanging labour market leads to new inequalities. Migrant groups, already in a less strong position, riskfalling behind even more.More about the researchersProf. Dr. Justus Veenman is Professor at the department of Applied Economics at the ESE. Collaboratingon this project were researchers from the Universities of Maastricht and Malmö, Sweden, the CBS andthe faculties of Social Science and the ESE of the EUR. The research was subsidized through the NWO-programme ‘Social cohesion’.

Scientists also appear in the news because they realize remarkable results within their research, because theyare opinionated, and/or are able to bring difficult economical theories out into the open in such a clear mannerthat they become popular guest speakers.

PROFESSOR WILLEM VERBEKE ON NEW INSIGHTS IN SALES AND ACCOUNTMANAGEMENTProfessor Willem Verbeke is a regular guest in the popular programme Business Class of Harry Mens,where he often discusses the latest, often remarkable, insights in Sales and Account management. Aparticular memorable event took place on the 11th of March 2007, when professor Verbeke explainedhis groundbreaking research, where he could demonstrate, using fMRI-technology, that a network ofspecialized brain parts is activated when sales people (try to) read the minds of their customer. Moststriking in this research is the fact that sales people with autistic traits (i.e. sales people who empathiseless with their customers!) can not activate that particular brain network when they read the mind oftheir customers and thus can not see certain customer information. They are literary mind-blind....


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5 . A c h i e v e m e n t s i n 2 0 0 7

ESE researchers are attached to one of four departments, each with their own characteristic fields of research:Economics, Economics and Business , Econometrics, and Applied Economics. It is the ESE target that 80% of itsacademic staff is a member of the Tinbergen Institute and/or the Erasmus Research Institute of Management. In2007 63.4% was a member in comparison to 61% in 2006.

5.1 Department of Economics annual reportThe Department of Economics covers industrial organisation, micro-, macro- and international economics, andthe economics of organisations. Their research receives excellent assessments internationally. Areas ofspecialisation include competition, deregulation, governance and motivation, the consequences of e-commerceand development and international finance.

Some faculty members who have been in the news in 2007:

• Jean-Marie Viaene, director of the department, has been appointed visiting fellow of the European Union inBrussels. He will perform and coordinate research on the measurement and comparison of the degree ofeconomic integration in different parts of the world, in particular among EU countries and the US.

• Otto Swank and Bauke Visser received the 2007 NWO subsidy for the financing of their PhD research relatingto group decision making processes.

• Sebastian Buhai (Ph.D. student at the Tinbergen Institute) received a grant from the Danish Social ScienceResearch Council (Forskningsrådet for Samfund og Erhverv) with his project “Wages, Productivity and FirmSizes in Imperfectly Competitive Markets” (supervisor Coen Teulings). The project will be executed in Denmarkat the Department of Economics and Centre for Corporate Performance of the Aarhus School of Business.

• The TI alumnus Matthijs Wildenbeest won the Young Economists’ Essay Award (EARIE).

The department’s faculty is very productive in writing articles. Publications of Maarten Janssen, Otto Swank, JoeFrancois and Bauke Visser have appeared in journals that are high on the ranking list of the Tinbergen Instituteand/or ERIM. Moreover, there were a number of books published in 2007.

The department organised several seminar series in 2007: Research on Monday, the Brown Bag seminars and thefield seminar Economic Theory and International/Macroeconomics. Several staff members also lecture at otheruniversities e.g. Leiden, Moscow, Warsaw and Namur. At the beginning of the year, the Department ofEconomics was quite understaffed. However, 5 new assistant professors have been recruited: Julian EmamiNamini, Lorenzo Pozzi, Martin Bøg, Vladimir Karamychev en Josse Delfgaauw.

The education programme in the department has a very practical focus. Students learn to trace the economicrelations underlying social problems. PhD-students are more and more involved with subjects of the scientificstaff. The department has drawn up a list of subjects from which students are able to choose. Due to this systemJelle Brouwer, one of our students, has produced a publication in a B-category journal.

5.2 Department of Business Economics annual reportThe research programme of the Department of Business Economics is rigorous but also practice-oriented andhighly relevant to society. Some of our faculty hold top positions in the business sector.Cooperation from the Economics and Business domain with fields of research beyond the economic domain ischaracteristic for the department. This has among others resulted in the new multi-disciplinary field ofcompliance and supervision. Business economists work closely with lawyers in this joint venture. One of the twopost-experience education programmes in the Netherlands related to this subject is offered in Rotterdam. Theaccounting group is collaborating with the management school RSM Erasmus University to prepare theprestigious annual congress of the European Accounting Association in 2008.

Some faculty members who have been in the news:

• Prof. Stefan Stremersch (Marketing) has been appointed co-editor of the International Journal of Research inMarketing as of January 1, 2007. This appointment further strengthens the international visibility of the ESEas a whole.

• Likewise, the appointment - as of 1st October 2007 - of Dr. Bas Jacobs as Professor of Public Finance andEconomics, within the accounting group (more specific the Economics and Taxation section) will enhance thevisibility of the department. Additional exposure for ESE will be derived from the fact that Dr. Bas Jacobsreceived a Vidi Grant in 2006. He also has very good connections in political The Hague.


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• Prof. Ruud de Mooij received the 2007 Peggy and Richard Musgrave Prize award for his paper ‘Corporate TaxPolicy and Incorporation in the EU’, Awarded by the International Institute of Public Finance for hispublication ‘Corporate Tax Policy and Incorporation in the EU’ in appreciation of and support to youngscientists in the field of public finance.

• The Wall Street Journal published an article relating to the research of flexible investment strategies byfinancial economist Prof. Han Smit.

WALL STREET JOURNAL PUBLISHES ARTICLE ABOUT RESEARCH OF PROF. DR. HAN SMITThe Wall Street Journal, the largest financial newspaper in the US, published an article on September15th relating to the research done by financial economist Prof. Dr. Han Smit (Erasmus University) andProfessor Lenos Trigeorgis (UC Berkeley) into flexible investment strategies. De online version of thearticle can be found on Wall Street Journal Online.The ideas about investment and strategies mentioned in the above article can also be found in the book‘Strategic Investment’ written by both authors. This book received international acclaim and was recentlytranslated into the Chinese language. A write-up of this book can be found on the website of PrincetonUniversity Press.

In 2007 some very well received publications appeared from the hands of some of our researchers. Articles werepublished in the Journal of Finance (Dittmann), Journal of Marketing (by PhD student Prins as well asStremersch, Franses and Binken),Marketing Science (Stremersch and Franses), International Journal of Researchin Marketing (Stremersch) and Journal of Marketing Research (Lemmens).

In 2007, the Erasmus School of Accounting & Assurance (ESAA) held her 5th symposium. The theme of thesymposium was ´Assurance, Challenge and Risk´ and included several well-known guest speakers. Chairman ofthis symposium was Prof. Dr. Martin Hoogendoorn, RA, member of the department as well as partner of Ernst &Young Accountants.

LUSTRUM SYMPOSIUM ESAA ON FRIDAY JANUARY 19TH 2007The Erasmus School of Accounting & Assurance (ESAA) organises her 5th symposium this coming Friday,January 19th 2007 from 13.30hrs until 17.00hrs. The theme of the symposium is ‘Assurance, Challengeand Risk’.Several well-known guest speakers have been invited and interactive discussion between the speakersand the audience is encouraged. Chairman of this symposium is Prof. Dr. M.N. (Martin) Hoogendoorn RA,partner of Ernst & Young Accountants and Professor of External (press) Coverage of Erasmus School ofAccounting & Assurance.About ESAAESAA is a cooperation between the ESE and EURAC BV. This cooperation means that, from beginning toend, all courses and research in the field of Accounting and Assurance are grouped and organised underone umbrella - from MSc until Post-initial Master courses as well as permanent education, fromfundamental (promotion) research till practical research and contract research.

One of the main activities of the Department of Business Economics is education, since it is responsible forabout three-quarters of the MSc certificates of the ESE: In 2007 faculty of the BE department supervised a totalof 346 master theses. The faculty of the section Finance was especially favoured by students: in 2007 theysupervised 149 theses as apposed to 48 in 2006. The students are very positive about the quality of educationprovided by the department. The department is also very active in post graduate education such as theprogramme for certified public accounting. In 2007 Professor Hans Gortemaker, director of the department, waschair of the Committee ‘Eindtermen Accountantsopleiding’. The department has strong ties with the businesssector as well: many students have internships and there are numerous guest lecturers from that sector.

The sections Accounting and Finance were understaffed in 2007. There was a definite shortage of professorsand senior university lecturers. External staff was recruited in order to maintain the high quality of educationwithin the department. The problem of understaffing within the Finance section should be solved by 2008.


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5.3 Department of Econometrics annual reportThe oldest university programme in Econometrics in the world is taught at the Econometric Institute,established more than fifty years ago. This gave a major boost to the emerging field of econometrics and to theprominent role that the Netherlands continues to play in this field today.Econometrics uses statistical methods to study economic theories and relations. The Rotterdam instituteproduced prominent players like Nobel laureate Jan Tinbergen.

Some Faculty members who have been in the news:

• With Sir Clive W.J. Granger as a professor holding the Henri Theil chair, it includes again a Nobel Prize winnerin its ranks.

• Prof. Dr. Henk Don, Professor of Econometrics and Economic Policy and former director of the CPB, held hisinaugural speech, entitled ‘Ambition and Care in Economic Policy’ on April 5th, 2007.

• Prof. Dr. Dick van Dijk, Professor of Econometrics (Finance) followed in pursuit on November 15th 2007. Hisspeech was entitled ‘Good News is No News’.

• Prof. Dr. Peter Wakker Professor of Econometrics of the department was in 2007 again the number 1 in theEconomists Top 20 of the ESB Journal. Prof. Wakker also received the Career Achievement Award 2007 for hisoutstanding research in the field of risk behaviour and medical decision making. This prize is awardedannually by the Society for Medical Decision Making (SMDM).

• In 2007 the Dutch Scientific Organization (NWO) granted a VENI award to Dr. Erik Kole for his research project‘Consequences of abrupt events for investors in financial markets’. Erik Kole also got the ERIM dissertationaward for his PhD Thesis ‘On crisis crashes and comovements’.

PROFESSOR PETER WAKKER RECEIVES ‘CAREER ACHIEVEMENT AWARD’Prof. Dr. Peter Wakker, of the Department of Econometrics recently received the ‘Career AchievementAward’ of the Society for Medical Decision Making (SMDM). The Prize was presented at the yearlyconvention of the SMDM, held on 24th October 2007 in de American city of Pittsburgh. ProfessorWakker received the award for his research in the field of risk behaviour and medical decision making.

The annually held Econometric Institute/Princeton University Press Lectures Series was held by Professor ThomasSargent of New York and Stanford University about ‘Robustness, Fragility and Misspecification in EconometricModelling’. The Lecture Series is a joint project of Princeton University Press and the Econometric Institute ofthe Erasmus University Rotterdam. This series collects the lectures of leading researchers which they have givenat the Econometric Institute before an audience of academics and students. The Lectures are of a high academicstandard and deal with topics that have important policy implications. The series covers a wide range of topicsin econometrics. It is not confined to any one area or sub-discipline.

The bachelor degree programme in Econometrics & Management Science is unique. Such a degree programmeis not offered at this level anywhere else in the world. It is also the largest econometrics degree programme inthe Netherlands. Nonetheless the educational programme is based on small classes. The same applies to themore recent programme on Economics & Informatics.

5.4 Department of Applied Economics annual reportThe research of the Department of Applied Economics has three focal points.

• The first is Health Economics. In the short time since its emergence this subject has experienced a spectaculardevelopment and achieved impressive results. It is a close collaboration with the iBMG Institute for HealthCare Policy & Management at the Erasmus MC.

• The second focal point of the department is urban economics, with a particular focus on urban management.There is extensive need in society for such research, as evidenced by the numerous sources of externallyfunded research programmes.

• The third area of study is focussed on the behaviour of entrepreneurs and the firm combining insights fromboth industrial economics and organisation theory. This research programme deals specifically with twoissues: consequences and determinants of entrepreneurship and the relation between entrepreneurship andthe firm.


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Some faculty members who have been in the news:

• Professor Angelien Kemna has taken up her appointment as endowed professor of Corporate Governanceand Financial Econometrics. This professorship offers her the opportunity to develop a theoretical,quantitative basis for the practical experience she has acquired over the years. Both at ROBECO and ING,Angelien Kemna has initiated and supervised much new research, largely in the area of predicting stockmarket prices, using corporate and market characteristics.

• Professor Han Bleichrodt and Professor Eddy van Doorslaer have been very successful in 2007. Both arementioned in the Citation Top of the ESB (“Economisch Statistische Berichten” number 26 and 4 respectively),both are placed in the ESB Top 40 (number 12 and 20 respectively) and both have qualified for the title of topresearcher 2007 at the ESE.

• Dr. Kirsten Rohde was awarded a Veni grant for her project ‘Valuing the Future’.

During the year 2007 three seminar series were organized by the department: Applied Economics Researchseminars; Health Economics seminars and Network seminars. On March 16th Prof. Dr. Eddy van Doorslaerprovided the Health Merck Foundation Lecture at the London School of Economics. The title of the lecture was‘Equity in Health and Health Care: Lessons from an Asian Comparative Study’.

The Erasmus Centre for Urban Management Studies was established in 2007. Their goals: to create synergies; tofurther develop the Erasmus University Rotterdam into a top international centre in the field of urbandevelopment and management and to strengthen the ties between Erasmus University and the City ofRotterdam. Partners of the centre are ESE, ERIM, IHS, EURICUR and FSW.

In the bachelor and master degree programmes, students specialize in health economics, urban and regionaleconomics, industrial organisation and entrepreneurship. In 2007 a new course started for B-1 students:Organization and Strategy 1 and 2. A total of twenty bachelor en 49 master students graduated in 2007.

The Institute of Housing and Urban Development Studies (IHS), a private limited company associated with theESE and the Faculty of Social Science, on October 1st 2007 received the ‘UN-HABITAT Scroll of Honour Award’,for its leading contributions to the improvement of living conditions in urban areas around the world.

HABITAT-AWARD FOR IHSThe Institute for Housing and Urban Development Studies (IHS BV) a BV associated with the ESE and theFaculty of Social Science received the ‘UN-Habitat Scroll of Honour Award’, for its leading contributionstowards the improvement of living conditions in urban areas around the world.Mrs. Anna Kajumulo Tibaijuka, Executive Director of UN-HABITAT, the UN organization for urbandevelopment, presented the award as part of this year’s Global Celebrations of World Habitat Day, onOctober 1st 2007 in The Hague, The Netherlands. According to Mrs. Anna Tibaijuka ‘This is the mostprestigious award given by the United Nations in recognition of work carried out in the field of humansettlements development. The aim of the Habitat Scroll of Honour is to recognize individuals andinstitutions instrumental in improving the living conditions in urban centres around the world.’The Jury decided anonymously that the award would go to IHS. IHS’s worldwide activities relate tohousing and urban development and within this framework IHS develops education and trainingcourses. In addition, IHS supports local and international government organizations in developingcountries and countries in transition with their capacity restructuring.


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5.5 Tinbergen Institute: 20 years of ageBy 2007 the Tinbergen Institute (TI) had grown into a KNAW accredited school of research offering a 2 yearmaster programme in Economics, Econometrics and Finance, aimed at a highly select group of high qualityinternational students. The master programme is ranked within the top league of European masterprogrammes and is coupled to a 3-year tenure track for which the three participating faculties have made PhDplaces available. Teachers are research fellows (selected researchers from the three economic faculties of EUR,University of Amsterdam and the Free University of Amsterdam) or teaching associates of TI. Guest lecturers,experts in their field, also contribute to the programme. The TI also organizes seminars and workshops andstudents can attend lectures as well as the yearly TI Conference.The model of the Tinbergen Institute is in keeping with the future plans of the Ministry of Education (OC&W). Adelegation of the Ministry actually visited the TI in 2007. In the “Strategic Agenda for Higher Education-,Research-, and Science policy” the Minister of Education announced that, starting in 2008, means will be putavailable for research programmes according to the American Model, fitting the TI model seamlessly.

The TI programme is very demanding. Only talented and ambitious students are able to compete. Indeed,excellence is a pre-requisite and admission is limited. However, the number of applications increases yearly. Thequality of the applicants is on the rise as well. In 2007 a mere 116 students applied for the programme. Thecohort of 2007 consists of 20 students. In order to strengthen the competitive position of the TI, the facultieshad to find means and ways to finance an extensive scholarship programme. In 2007, 14 students belonging tothe cohort of 2005 graduated, 4 of them cum laude. All students obtained their master degree within one ofthe 3 participating TI faculties (6 of them within the EUR).

In March the second annual Tinbergen Institute Conference took place in Rotterdam: ‘20 Years of Co-integration, Theory and Practice in Prospect and Retrospect’. The program consisted of invited guests whocontributed papers. Poster sessions were included as well. Keynote speakers included Prof. Sir Clive W.J. Granger(EUR and University of California in San Diego, Prof. Bruce E. Hansen (University of Wisconsin-Madison), Prof.David F. Hendry (Nuffield College, Oxford), Prof. Soren Johansen (University of Copenhagen) and Prof. M.Hashem Pesaran (University of Cambridge).The Tinbergen Institute celebrated her 20th anniversary on June 14th in Amsterdam. Key note speaker wasProfessor David Hendry from the University of Oxford, addressing the audience with a speech relating toEconomic Forecasting.The 2007 Tinbergen Institute Lecture (EUR) was presented by George Loewenstein (Carnegie Mellon University).Loewenstein is known for his revealing research in the border area between Economics and Psychology. GuestLecturers were Geert Ridder (University of Southern California), Bruno Biais (Université Toulouse), ThierryFoucault (HEC School of Management Paris), Lars Peter Hansen (University of Chicago) and Thomas J. Sargent(New York University).


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6 . E d u c a t i o n

After a pilot in 2006-2007 within our International Bachelor Programme in Economics and Business Economics(IBEB), the implementation of a bimester system, a block system for all programmes, was the main concern forthe Education Board in 2007-2008.With an emphasis on the bachelor 1 and bachelor 2, the bimester system intends to be a significant element inthe continuous efforts to improve the quality of the education programmes. The system is designed tochallenge students to intensify their study efforts and study speed. Small scale tutorials, less re-sits,concentration on two or three courses at a time are the main elements in the system. During theimplementation phase, monitoring the effects of the system will be of utmost importance. In the autumn of2008 a main evaluation is foreseen.

Besides the implementation of the bimester system, various other developments characterized the educationalyear 2007, as is shown in the highlights mentioned below. Further improving the quality as well as theattractiveness of our programmes for students from abroad and from the Netherlands was the main issue for2007, as it will be in de forthcoming years.

6.1 Education Management and ProgrammesThe Education Board supervises the Education Service Centre (ESC) and is responsible for the Bachelor andMaster programmes:

• BSc in Economics & Business (in Dutch)

• BSc in International Economics & Business Economics (IBEB)

• BSc in Economics & Taxation (in Dutch)

• BSc in Econometrics & Management Science (in Dutch)

• BSc in Economics & Informatics (in Dutch)

• Mr.Drs.: Combined Study programme for Economics & Law (in Dutch).

• MSc in Economics & Business, with specialisations in:

• Accounting, Auditing & Control

• Accounting and Finance

• Economics of Markets, Organizations and Policy

• Entrepreneurship, Strategy and Organisation Economics

• Financial Economics

• International Economics and Business Studies

• Marketing

• Urban, Port & Transport Economics

• MSc in Econometrics & Management Science with specialisations in:

• Econometrics

• Operations Research and Quantitative Logistics

• Quantitative Finance

• Quantitative Marketing

• MSc in Economics & Informatics with specialisations in:

• Computational Economics

• Economics and ICT

• MSc in Economics & Taxation (in Dutch)

Education Board in 2007Prof. Dr I.J.M. Arnold, Programme DirectorW.A. van den Brink, MSc, Senior Policy Officer EducationR. van der Wal, MSc, RA, Programme manager and Coordinator Economics & BusinessE. van Asperen, MSc, Coordinator Economics and InformaticsDr. R. Paap, Coordinator Econometrics & Management ScienceM.H.M. Smeets, MSc, Coordinator Economics & TaxationN. Bilik; as of 1 December 2007 E. Rouwet, student-member Economics & BusinessF. el Habti; as of Sept 1 2007 A. de Vreede, student-member Econometrics & Management ScienceHanno Embregts; as of Sept 1 2007 Maarten Mulders, student-member Economics & Informatics


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6.2 Highlights in 2007The Bachelor Honours Class (BHC) attracts renowned guest speakersFor the last seven years, the Bachelor Honours Class (BHC) has been a feature within the regular educationprogramme and is designed to provide motivated students of economics and econometrics with some extrachallenges in addition to the regular curriculum. Experts in the field of business and higher education presentinteractive lectures, discussions about various issues are triggered, and scientific articles are being read as well aswritten. The BHC programme starts in the first Bachelor year and covers two full years. Access to theprogramme is restricted. To guarantee its small-scaleness and exclusivity, students are selected on theirperformance within the first trimester. Commitment and active participation are primary requirements tocomplete the BHC programme successfully.The programme is divided into three segments. In each segment a subject is scrutinized in detail. Subjects canvary from elections to privatisation to calculating the cost of human life. In 2007 several interesting guestspeakers were invited including Jan Pronk, ex-minister and special envoy to the United Nations and Jan WillemGunning, Professor Development Economics (VU Amsterdam). In March a last meeting was held in the form of amini-symposium. On September 7th the Bachelor Honours Class concluded her two year programme with aprestigious congress in which students presented their own papers.

FIRST LECTURE PRESENTED BY PROFESSOR ANGELIEN KEMNA ON SEPTEMBER 7, 2007 ATTHE CONCLUSION OF THE HONOURS CLASS.The Bachelor Honours Class will conclude her two year programme on September 7, 2007 with aprestigious congress in which students will present themselves with their own papers. In addition, aguest lecture will be presented by Angelien Kemna, who joined the ESE on September 1st as its firstfemale professor. The students who successfully completed the Bachelor Honours Class programme willbe presented with a certificate. The three top essayists will receive cash prizes, made available by theEUR Trust Fund.

Erasmus Debating Society Finals for First Year ESE students lively and captivating.On March 14th the First Year ESE students Debating Finals took place. The Debate was organized by theEducation Service Centre as part of the Skills-2 course. For the semi-finals, a group of 31 students who had beensuccessful during the preliminaries was selected from the first year mentor groups. On March 14th, theseparticipants competed for the finals. During the four preliminaries, 8 participants had to debate about a topicfor 15 minutes each. The discussions were expertly supervised by Robert Dur. The participants were also assessedby an experienced panel of judges consisting of Klaas Wiertzema, lecturer Communication Management andEric Stam, President of the Erasmus Debating Society. During the preliminaries, four finalists appointed by thejury, had to debate 15 minutes each about two new topics. After commenting on the debating competence ofall participants, the ultimate winner was Rens van Rijn.

Clemens Best Graduate 2007On Friday, May 11th 2007, Folkert Clemens, MSc Economics, Marketing and LLM Financial Law, was named BestGraduate of 2007. Folkert completed his master thesis entitled ‘Shaping in Marketing’ under the supervision ofProfessor Willem Verbeke. In addition to obtaining the title Best Graduate 2007, Folkert also collected a cashprize of € 10.000. The Best Graduate is a competition whereby employers are introduced to the high potentialswho graduated from a Dutch University in 2007 or during the first quarter of 2008. During the last couple ofmonths, participants had to pass through several preliminaries, among others an on-line assessment, as well asattending special Best Graduates in-house Days organised by participating top ranking employers, givingparticipants a chance to personally speak to their CEOs. In the end, ten finalists remained who played the finalsat the Rembrandt Tower in Amsterdam. The finals included a presentation of a business case for the JohanCruyff Foundation, a Group assessment and a so-called merit relay.


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Lecturer of the Year 2006/2007 electedBetween May 14th and July 15th 2007, ESE students had the opportunity to cast their vote for their mostfavourite lecturer of the year 2006-2007. The actual voting took place on-line and students had a choice of 12candidates, nominated by the Student Consultative Body (SVO). The SVO, throughout the year, consulted theeducation evaluations and took students’ opinions into consideration. Lecturers consider a nomination as a signof appreciation for their teaching efforts. Students had to carefully motivate the criteria for selecting their mostpopular lecturer. Ultimately, 5 lecturers were nominated:

• D.J.C. van Dijk - Dept. of Econometrics

• G. Mingardo - Dept. of Applied Economics

• H.M. Mulder - Dept. of Econometrics

• L. Patelli - Dept. of Business Economics

• M.C. van Wezel - Dept. of EconometricsProf. Dr. Dick van Dijk, who ultimately received most votes, was declared Lecturer of the Year 2006/2007 in thepresence of a mere 300 people.

The title ESE Top lecturer 2007 awarded to two lecture teams.The title ‘ESE Top Lecturer 2007’ was awarded to two lecture teams of ‘International Economics’ and Economics& Taxation’. The lecturers in both teams earned this title because of the high level of cooperation within theteam, the enthusiasm with which innovations were carried out and the excellent scores in the educationevaluations by all members of the team.

Accreditation of Bachelor programme Economics & Informatics passed successfullyThe application for accreditation for the programme Economics & Informatics was approved by the NVAO onJune 1st. This accreditation applies for the period 1st January 2008 until 31st December 2013. The followingitems were reviewed as being especially positive by the accreditation team of Certiked, who, as an externalbody, prepared the accreditation:

• The programme has a valuable positioning and also shows the interdisciplinary appreciation of the study.

• The programme maintains an intensive relationship with the professional practice

• The results relating to (Master’s) theses and the resulting publications are remarkable.

6.3 Bachelor ProgrammesThe intake in the bachelor programmes during the period 2002-2007 was as follows(first enrolment for this programme at the ESE):

P R O G R A M M E 2 0 0 2 2 0 0 3 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7

Econometrics & Management Science 60 62 84 88 83 110Economics & Business (part time) 49 35 8Economics & Business 463 421 455 458 417 464Int. Bachelor Economics & Business Economics (IBEB) 128 122IBEB, year 3 28 28 9Economics & Taxation 1 29 38 25 33 33Informatics & Economics 81 70 56 41 45 43Total 654 617 641 640 734 781

Table 7: Intake in bachelor programmes in time

The total intake for the Academic Year 2006-2007 increased by 6% in comparison to the Academic Year 2006-2007. Especially the programmes Econometrics & Management Science and Economics & Business witnessed astrong increase.

Intake from Higher Vocational EducationThe 2007 intake of full-time students with a Higher Vocational Education (in Dutch: ‘HBO’) in 2007 of full-timestudents shows a strong increase in comparison to 2006. A possible explanation for this increase could be thechange of policy at RSM Erasmus University. Commencing the Academic Year 2007-2008, the RSM demandedmuch more stringent requirements of HBO-students, thus forcing these students to rather opt for a pre-masterprogramme at the ESE. The graph below demonstrates the development of the HBO-students intake.

0 ‘04 - ’050 ‘05 - ’06

Academic year

‘06 - ’07 ‘07 - ’08

50

100

150

200

250

300N

um

ber

of

Stu

den

tsPre-master student, part-time

Pre-master student, full-time


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I N TA K E P R E - M A S T E R S T U D E N T S

Figure 3: intake pre-master students in time

6.4 Master programmesThe total amount of students pursuing an MSc education increased sharply in comparison to the last AcademicYear.

P R O G R A M M E 0 4 - 0 5 0 5 - 0 6 0 6 - 0 7 0 7 - 0 8 D I F F E R E N C E

Econometrics & Management Science 44 59 54 61 +13%Economics & Business 383 527 505 566 +12%Economics & Taxation 38 28 31 43 +39%Economics & Informatics 64 57 51 54 + 6%MPhil in Business Research - ERIM Master 11 14 13 14 + 8%MPhil in Economics - Tinbergen Institute 4 6 5 7 +40%Total 544 691 659 745 +13%Source: registration master applications at the ESC (MPhils: OSIRIS)

Table 8: Intake MSc students in time

Commencing the Academic Year 2007-2008, the January intake for master programmes is no longer a possibility.

The intake at the various master programmes can be specified in more detail according to origin of the student(i.e. ‘own’ student, pre-master student, foreign student and/or students coming from other Dutch universities).The table below gives more insight.


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M A S T E R I N TA K E A C C O R D I N G T O “ O R I G I N ” A C A D E M I C Y E A R D I F F E R E N C E

0 5 - 0 6 0 6 - 0 7 0 7 - 0 8 0 6 - 0 7 A N D

0 7 - 0 8

Intake ESE Bachelor 359 376 401 + 7%Econometrics & Management Science 37 41 45 +10%Economics & Business 265 273 287 + 5%Economics & Taxation 23 23 34 +48%Economics & Informatics 34 39 35 - 10%

Intake pre-master student 165 148 155 + 5%Econometrics & Management Science 5 9 9 0%Economics & Business 135 121 120 - 1%Economics & Taxation 5 7 8 +14%Economics & Informatics 20 11 18 +64%

Intake via HBO+ (pre-master programme at HBO) 40 29 35 +21%Econometrics & Management ScienceEconomics & Business 40 29 34 +17%Economics & Taxation 1Economics & Informatics

Directly admitted with a preliminary foreign education 67 51 64 +25%Econometrics & Management Science 10 4 4 0%Economics & Business 55 47 59 +26%Economics & TaxationEconomics & Informatics 2 1

Directly admitted with a Dutch preliminary education 40 37 69 +86%Econometrics & Management Science 7 3Economics & Business 32 35 66 +89%Economics & Taxation 1Economics & Informatics 1 1

Total Excluding Research Masters 671 641 724 +13%Econometrics & Management Science 59 54 61 +13%Economics & Business 527 505 566 +12%Economics & Taxation 28 31 43 +39%Economics & Informatics 57 51 54 + 6%

Research Masters 20 18 21 +17%MPhil in Business Research - ERIM Master 14 13 14 + 8%MPhil in Economics - Tinbergen Institute 6 5 7 +40%

Total 691 659 745 +13%

Table 9: Master students’ intake according to “origin” in time

It is clear from the above information that the 2007-2008 intake for master programmes shows a strong increase(+44%) in the amount of ‘outside’ students (HBO+, foreign education, preliminary Dutch education) incomparison to the intake of our ‘own’ bachelor-and pre-master students. (+6%).

Further distinction can be made according to specific master programmes students attend. The table shownbelow gives an indication of intake per master programme (as of November 1st 2007) Noticeable this year is theamount of students wishing to change programme at a very early stage. Changes took place especially betweenAccounting and Finance and Accounting, Auditing & Control. It is not known whether this phenomenon alsohappened in previous years.


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M A S T E R M A S T E R P R O G R A M M E 0 5 - 0 6 0 6 - 0 7 0 7 - 0 8

Master Econometrics & Management Science 59 54 61Econometrics 8 5 8Operations Research and Quantitative Logistics 7 12 11Quantitative Finance 31 30 37Quantitative Marketing 12 6 5Other 1 1

Master Economics & Business 488 478 528Accounting and Finance 45 24 61Accounting, Auditing & Control 74 101 78Economics of Markets, Organisations and Policy 37 25 27Entrepreneurship, Strategy and Organisation Economics 63 62 71Financial Economics 90 98 130International Economics and Business Studies 42 52 46Marketing 97 86 87Urban, Port & Transport Economics 35 24 27Free Master Economics & Business 5 6 1

Master Economics & Business (part time) 39 27 38Accounting and Finance (part time) 11 13 19Accounting, Auditing & Control (part time) 20 11 16Organisation & Marketing 8 0 0Other 3 3

Master Economics & Taxation 28 31 43Economics & Taxation 28 31 43

Master Economics & Informatics 57 51 54Computational Economic 13 4 12Economics and ICT 44 47 42

Research Masters 20 18 21MPhil in Business Research - ERIM Master 14 13 14MPhil in Economics - Tinbergen Institute 6 5 7

Total 691 659 745

Table 10: Intake master students for master specializations in time

Student intake for the programmes Financial Economics and Accounting & Finance show a strong increase.However, intake for the programme Accounting, Auditing & Control went down to the 20005-2006 level. Intakefor the remainder of the programmes, including those with a low intake, remained more or less stable.


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6.5 Degrees granted in 2007During the Academic Years 2005, 2006 and 2007 the following number of degrees were granted, detailedaccording to institute and level:

D E G R E E S G R A N T E D I N T I M E

BSc MSc ‘Drs’-Title2005 2006 2007 2005 2006 2007 2005 2006 2007

Econometrics & Management Science 34 56 44 22 44 46 14 8 1Economics & Business 216 328 327 206 386 391 251 120 82Economics & Taxation 30 35 34 18 24 25 11 3 3Informatics & Economics 39 43 62 21 30 63 15 6 3IBEB 28Total 319 462 467 267 484 525 291 137 89

Table 11: Degrees granted in time

Over time, it is noticeable that the number of master diplomas is on the increase, whereas the number ofdoctoral degrees (Drs.), logically, decreases.

6.6 Ideas and complaints mailboxESE is very interested to hear how students rate the education and educational facilities provided. Opinions andsuggestions, but also criticism and complaints can contribute to monitoring and, if necessary, improving thequality of education and educational facilities. For this purpose, the Management Team of the ESE hasintroduced the Ideas and Complaints Mailbox for ESE students. The committee taking care of this mailboxconsists of a student advisor, a member of the Education Service Centre staff and a student member of theManagement Office.

In 2007 the Ideas & Complaints Mailbox received a total of 95 reactions (in comparison to 71 in 2006 and 45 in2005). Some of the ideas and complaints were settled by the committee themselves. More than half of thereactions (50) were related to exams, in particular to the exam roster (35). These reactions were forwarded tothe roster coordinator. The number of reactions relating to the exam roster also explains the increase in thetotal amount of reactions. Furthermore, complaints were received about exceeding the term for marking papers(8), complaints about one specific programme (8) and problems relating to thesis supervision (4).

6.7 ESE Complaints CommitteeThe ESE complaints commission was established on 1st September 2005 with the purpose of settling individualcomplaints, submitted in writing. These complaints can be submitted by and against a member of the universitycommunity. The commission consists of the following people:

Prof. Dr. P.J.F. Groenen (chair)Dr. H. Vollebergh (replaced by Dr. A. Dur mid-2007) (vice-chair)W.A. van den Brink, MScDr. C. HeijM. Dorresteijn (student)F. El Habti (replaced by E.J.H. Rouwet mid-2007) (student)N. Voogd, secretary

During the year 2007 the commission did not receive any complaints. However, a complaint that was logged andsubsequently dealt with in 2006 re-appeared at the Deans office in January of 2007. The person who hadinitially submitted the complaint in 2006 did not agree with the final decision of the complaints commission atthat time, wanted to declare the outcome null-and-void and have the 2007 commission take his complaint intoconsideration again. The Dean, subsequently, dismissed his request as groundless and the complainant did notlodge an appeal again against the Deans decision.


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6.8 Bimester system introduced for all programmes.Commencing the 2007-2008 Academic Year, the so-called bimester system was implemented, leading to anumber of changes. Most notably was the replacement of trimesters by blocks of 2 months each, and makingthe courses uniform in size to 4 ECTS or multiples thereof. The other changes especially relate to the bachelor-1and bachelor-2 programmes.

Important objectives of the bimester system are:

• An improvement in study efficiency;

• Effective use of the education and research time of the scientific staff; and

• An improvement of the quality of education.

The year is now divided into 5 blocks (bimesters) of 7 weeks of lectures each, directly followed by a week ofexaminations in the 8th week. To avoid study delay, students will have to put their act together from day oneonwards.

W E E K N U M B E R E D U C AT I O N D AT E S E X A M D AT E S

Block 1 wk 36 until 43 3 Sept. until 19 Oct. 2007 22 Oct. Until 26 Oct. 2007Block 2 wk 44 until 51 29 Oct. until 14 Dec. 2007 17 Dec. until 21 Dec. 2007Christmas Break wk 52 and 1 24 Dec. 2007 until 4 Jan. 2008 (2 weeks)Block 3 wk 2 until 9 7 Jan. until 22 Feb. 2008 25 Feb. until 29 Feb. 2008Block 4 wk 10 until 18 3 March until 18 April 2008 21 April until 2 May 2008Holiday wk 19 5 May until 9 May 2008 (1 week)Block 5 wk 20 until 27 12 May until 27 June 2008 30 June until 4 July 2008Re-sits wk 28 until 30 7 July until 25 July 2008Summer break wk 31 until 35 26 July until 29 Aug. 2008 (5 weeks)

Table 12: Calendar for the 2007-2008 Academic Year:

The study week that previously existed between lectures and exams has disappeared. With this new system theESE wants to stimulate more effective and regular study behaviour and achieve that students will be moreinvolved in their academic study. In order to successfully implement this, tutorials for Bachelor-1 and Bachelor-2are now compulsory (a minimum of 70% attendance) and given in smaller groups. The importance of acontinuous assessment in the form of interim tests and/or assignments (up till 30%) leading to the final resultshould, therefore, not be overlooked. E.g. the risk becomes less that students sitting their exams on an ‘off-day’and lose 8 ECTS in one go has become less.

6.9 Education evaluationsThe student education evaluations take place via a questionnaire option in SIN-Online in the following manner:

• At the start of each trimester/bimester an e-mail is sent to the lecturers in charge of individual courses askingthem for information relating to people teaching within this particular course. This information is importantsince student guides often publish information that is already out of date and/or particulars of personnel aremissing (as is often the case with student assistants).

• Based on the overall response received (73% in 2007 - see table) an education evaluation questionnairerelating to that particular course is developed on SIN-Online. In cases where a response was never received,the information relating to teaching staff is taken straight from the student guides. Education evaluationsopen during the last two weeks of each trimester/bimester and close one week after the exam period.

• After the closure date, the output file of each subject is saved. Out of these Excel files, summaries areautomatically produced in either PDF format (for closed questions) or doc-format (for open questions). Thesesummaries are subsequently sent to the relevant lecturers as well as to the Dean and to the DepartmentsDirectors.

• The average score per course/question is saved in an Access-database in which the lecturers are coded.Because of this coding, this particular step in the process needs to be carefully checked.

• Finally, analyses are executed within the data base using an Excel-programme. The final printed report (pertrimester/bimester) is dispersed amongst the Dean and the Department Directors. The report is available inPDF-format as well.

The table below shows the amount of subjects that received reactions following each evaluation. The averagereaction percentage is 73%. In 25% of the cases, information relating to teaching staff needed to be changed inthe student guides.


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A M O U N T O F S U B J E C T S T H AT R E C E I V E D R E A C T I O N S F O L L O W I N G E A C H E VA L U AT I O N

subjects reactions reaction% changes change%Trim 2 2006/07 110 67 61% 19 28%Trim 3 2006/07 47 29 62% 9 31%Block 3-5 2006/07 13 12 92% 4 33%Block 1 2007/08 62 55 89% 8 15%Block 2 2007/08 68 57 84% 15 26%Total 300 220 73% 55 25%

Table 13: Amount of subjects that received reactions following each evaluation

At the ESE the following classification scores were defined for the academic staff (this for the benefit ofassessment interviews):

C L A S S I F I C AT I O N S C O R E S F O R A C A D E M I C S TA F F F O R T H E B E N E F I T O F A S S E S S M E N T I N T E RV I E W S

Unsatisfactory Moderate Good Very goodBA1 and BA2 [0, 3] [3, 3.5] [3.5, 4] [4, 5]BA3 and MSc [0, 3.25] [3.25, 3.75] [3.75, 4.25] [4.25, 5]

Table 14: Classification scores for academic staff for the benefit of assessment interviews

The score is the average score relating to the fact that “the lecturer has explained the subject in a very clearmanner” as well as “the lecturer is making students enthusiastic for the subject”. For Block 1 of the AcademicYear 2007-2008 the average score was as follows:

AV E R A G E S C O R E ( I N % ) F O R B L O C K 1 , A C A D E M I C Y E A R 2 0 0 7 - 2 0 0 8

Unsatisfactory Moderate Good Very goodBA1 and BA2 5 [14%] 5 [14%] 13 [35%] 14 [38%]BA3 and MSc 5 [8%] 17 [26%] 28 [43%] 15 [23%]

Table 15: Average score (in %) for Block 1, academic year 2007-2008

For the complete Academic Year 2006-2007, the following scores are applicable:

AV E R A G E S C O R E ( I N % ) A C A D E M I C Y E A R 2 0 0 6 - 2 0 0 7

Unsatisfactory Moderate Good Very goodBA1 and BA2 12 [9%] 46 [36%] 44 [35%] 25 [20%]BA3 and MSc 29 [11%] 73 [28%] 84 [32%] 75 [29%]

Table 16: Average score (in %) academic year 2006-2007

In ‘Unsatisfactory’ cases, the Education Management consults with the lecturer and/or director of the particulardepartment about measures leading to improvement of the lecturer score. In extreme cases, the EducationManagement can request the director of the department to change to another lecturer.


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6.10 Binding Study Advice

B I N D I N G S T U D Y A D V I C E , C O H O RT 2 0 0 6

Programme positive conditional PO Negative total % negativeEconomics & Taxation 7 11 1 11 30 36.67Economics & Informatics 12 10 0 17 39 43.59Econometrics &Management Science 30 24 6 19 79 24.05IBEB 40 45 3 27 115 23.48Economics 103 134 15 119 371 32.08Total 192 224 25 193 634 30.44

Table 17: Binding Study Advice, cohort 2006

B I N D I N G S T U D Y A D V I C E , C O H O RT 2 0 0 7

Programme positive PO Negative total % negativeEconomics & Taxation 8 0 8 0.00Economics & Informatics 10 4 14 28.57Econometrics &Management Science 30 2 3 35 8.57Economics 147 1 15 163 9.20Total 195 3 22 220 10.00

Table 18: Binding Study Advice, cohort 2007

6.11 ESE discontinues “Drs”-degreeCommencing the Academic Year 2008-2009, the ESE will officially discontinue the educational title - ‘Drs’.Current full-time as well as part-time doctoral students will get the opportunity until 1st September 2008 tofinalize their programme. From November 2007 onwards, ESE has contacted all its current doctoral students bymail, explaining their situation and graduation possibilities.


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7 . P e r s o n n e l

7.1 Development in number of employees 2004-2007The total fte in 2007 increased by 6% in comparison to 2006 (16 fte). The increase in the amount of fte can beattributed especially to the increase in the amount of student assistants at the various departments (9,4 fte).Since the introduction of the bimester education system in September 2007 the groups of students attendingcompulsory tutorials have become smaller. Because of the fact that not all (teaching) vacancies have been filled,student assistants are regularly called upon to assist in teaching.Likewise, an increase can be observed in the amount of fte in the category Assistant Professor and Assistantprofessor-in-training training. The increase in the latter category is mainly due to the Mature Talent project forwhich four new academic staff members were selected. Additional information about the Mature Talent projectcan be found in the paragraph relating to diversity. Finally, a steady increase can be seen in the amount of PhD-students. At the moment 69 PhD-students are employed at the ESE, the target is to ultimately have 80PhD-students employed at a given time.

D E V E L O P M E N T I N N U M B E R O F E M P L O Y E E S 2 0 0 4 - 2 0 0 7

Figure 4: Development in number of employees 2004-2007

D E V E L O P M E N T O F P E R S O N E L I N T I M E P E R J O B C AT E G O RY

Figure 5: Development of personnel in time per job category

20040 2005 2006 2007

50

100

150

200

250

300

350

400

450Number

Fte

Number of women

Fte women

Prof. Assoc. Prof Assist. Prof Assist. Profin-training

OtherAcademic staff

PhD-students Stud. Ass. Non-academicstaff

0

10

20

30

40

50

60

70

80

Fte’s 2004 Fte’s 2005 Fte’s 2006 Fte’s 2007


36

On 31-12-2007, a total of 371 staff was employed. Table 19 shows the distribution of personnel within thedifferent organizations and/or divisions. Corrections have been added for staff with dual appointments.

D I S T R I B U T I O N O F P E R S O N N E L W I T H I N T H E D I F F E R E N T O R G A N I Z AT I O N S A N D / O R D I V I S I O N S

Organisation-division Prof Assoc. Assist. Other Assist. PhD- Stud. Non- TotalProf Prof Acad. Prof. in students Ass. Acad.

Staff training Staff

Economics Male 6 4 9 13 32Female 8 4 12

Business Economics Male 13 6 19 1 19 58Female 5 7 9 21

Econometrics Male 10 4 19 1 11 45Female 9 5 14

Applied Economics Male 8 3 11 4 1 27Female 1 4 4 9

Deans Office Male 2 11 13Female 14 14

Education Male 8 9 17Management Female 8 14 22PhD-Students Male 57 57

Female 12 12Other Staff Male 4 1 5

Female 4 4 5 13Total 37 18 67 1 5 69 97 77 371

Table 19: Distribution of personnel within the different organisations and/or divisions

On 31-12-2007 a total of 258,4 fte were employed by the ESE, that is an increase of 16,0 fte in comparison to theyear end of 2006.

D I S T R I B U T I O N O F P E R S O N N E L I N F T E W I T H I N T H E D I F F E R E N T O R G A N I Z AT I O N S A N D / O R D I V I S I O N S

Organisation-division Prof Assoc. Assist. Other Assist. PhD- Stud. Non- TotalProf Prof Acad. Prof. in students Ass. Acad.

Staff training Staff

Economics Male 4.0 3.4 8.2 2.6 18.2Female 1.6 3.1 4.7

Business Economics Male 8.6 4.8 13.4 1.0 6.6 34.4Female 5.0 2.8 6.4 14.2

Econometrics Male 8.3 3.4 17.2 0.8 2.8 32.5Female 2.0 3.9 5.9

Applied Economics Male 6.2 1.4 9.4 1.3 0.6 18.9Female 0.4 3.5 3.2 7.1

Deans Office Male 0.4 11.0 11.4Female 9.9 9.9

Education Male 2.1 8.6 10.7Management Female 2.9 9.5 12.4PhD -Students Male 57.4 57.4

Female 10.2 10.2Other Staff Male 1.2 1.0 2.2

Female 3.6 1.1 3.7 8.4Total 27.1 13.4 56.7 4.6 0.8 67.6 27.3 60.9 258.4

Table 20: Distribution of personnel in fte within the different organisations and/or divisions


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Of all people employed by the ESE, 57% have a temporary employment contract. If one were to deduct studentassistants and PhD-students, the outcome would be 20%.4

On the reference date of 31-12-2007, the ESE also offered hospitality agreements to 58 people, mainly ex- ESEstaff members and/or guests invited to do temporary scientific research. Over 22% of these hospitalityagreements were issued to people with a foreign nationality.

7.2 Staff: newcomers and departuresIn 2007 a total of 46 new staff joined the ESE5. Of these 13 were non-scientific personnel, 16 PhD-students, 5University Lecturers in training, 10 University Lecturers, and 2 Associate Professors (both were also appointed asendowed professor).

A total of 32 people left the ESE6. With some of them exit interviews were held; feedback information can beread further along. Of the employees who left, 10 were non-scientific personnel, 11 PhD-students, 7 assistantprofessors, 2 associate professors and 2 professors; the reasons for these leaves varied. A total of 19 peoplereceived their resignation upon their own request. Temporary employment contracts of 12 people, mostly PhD-students, expired and one member of staff took up early retirement.

A number of ESE vacancies within the formation plan are still not filled. In 2007, 16 job vacancies, including 11non-Academic Staff positions and 5 Academic staff positions, were advertised on internet and/or in newspapers.The purpose of one of these advertisement was to attract not just one, but several people. Of the vacantpositions that were advertised, four positions have yet to be filled.

7.3 DiversityOne of the focal issues of the 2007 ESE policy was to enlarge the diversity of its personnel. The Mature Talentproject, as mentioned earlier, added greatly to this policy; in fact, 4 talented women were given the opportunityto take up positions as Assistant Professor in training, with the aim to ultimately move on to the position ofAssociate Professor and/or Professor. At the end of 2006, 28,6% of the ESE workforce were women, by the endof 2007 this percentage had changed to 31,1%. The majority of these people were non-academic personnel.When looking at academic personnel, the percentage of women employed remains at approx. 12% in 2007 (thesame percentage as in 2006). Given the fact that the percentage of female students is approximately 30%, thisseems little.

The relationship male-female varies strongly according to job category. In all job categories, aside from PhD-students and professors, the number of women partaking is on the increase. Because of the Mature Talentproject, the number of women in the category ‘assistant professor-in-training’, has increased strongly. Togetherthey create a pool of future potential for regular scientific positions. When the Mature Talents eventuallybecome Assistant Professors, the percentage of female assistant professors will increase from 13.4% to 18,3%.The ESE not only gives female talent the opportunity to develop, they give them their ultimate support as well,among others via a so-called Tenure Track. The decrease in the number of female PhD-students needs seriousattention, since this will ultimately affect the pool of future talent.

4 Student assistants and PhD- students always have a temporary employment contract.5 To give a clearer overall picture, only people who were given a minimum of a one-year contract have beenincluded.

6 Exclusive of people with contracts less than one year.


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N U M B E R O F F E M A L E S TA F F P E R J O B C AT E G O RY

Figure 6: Number of female staff per job category

7.4 InternationalisationDiversity of staff is something the ESE feels very strongly about. On December 31, 2007 the ESE counted 27different nationalities among its personnel. It concerned 72 foreign nationals, more than 19% of its totalworkforce. Of these foreign colleagues, 24 hailed from non-EU member states. For about one third of the foreignworkers, support was needed in arranging residence-and work permits from the Immigration and NaturalizationDepartment (IND) and the Labour Department (CWI) respectively. An extensive amount of documentation as wellas patience is usually required for this procedure.

7.5 Exit interviewsIn order to obtain a better insight into the reason(s) as to why people leave as well as to learn from theirexperience(s), departing staff who have been employed for a minimum period of one year are invited toparticipate in an exit interview. This procedure came into being in 2006 and concerns people who have handed intheir notice as well as people who had to leave because their temporary employment contract was terminated. Atotal of 13 interviews took place in 2007, 3 with non-scientific personnel, 7 with PhD-Students, 1 with a UniversityLecturer, 1 with an Associate Professor and one with a Professor. Among those interviewed were 5 foreignnationals.

The most cited reasons for leaving were better career possibilities elsewhere and/or job content. In addition,possibilities for improvement on our side were also discussed during these exit interviews. On a couple ofoccasions, it was suggested that our administrative support/office management should be improved. Topics likeincreasing academic freedom, a more intensive use of the English language as well as internationalization werementioned a few times as well. Our bureaucratic rules and regulations are difficult to grasp, especially forforeigners. Another reason for leaving among the Dutch staff was to obtain different experience, preferably in aforeign country.

20040

2005 2006 2007

10

20

30

40

50

60

70

80

90%Non-Academic Staff

Stud. Ass.

PhD-students

Total

Other Academic Staff

Assist. Prof

Prof.

Assoc. Prof.

Assist. Prof. –in-training


39

7.6 Age structureSince 2004, our staff has become younger. In the summary the category student assistants has been left out, thereason being that student assistants usually fall within the younger age group.

D E V E L O P M E N T O F A G E S T R U C T U R E I N T I M E

Figure 7: Development of age structure in time

7.7 Performance reviews and bonus rewardsPerformance reviews were held with 90% of the ESE staff. The remaining 10% were either overseas and/or hadnot been in employment long enough. Reviews for academic staff were carried out using the qualification-demands formulated in 2006. For those who did not (yet) comply, fixed plans were made on how to worktowards qualification and how the ESE can be of assistance in this process.

As a result of the performance reviews 31 extra rewards were granted, either in the form of a gratuity, an extraincrement, a bonus or a promotion. Reward proposals were also made outside of performance reviews.The reason behind granting these 31 gratuities was the fact that each person had performed his/her duties in anextra-ordinary manner, much better than can be expected of someone within their rank. In addition, fouremployees celebrated their jubilee for which they received a gratuity; one celebrated 25 years of service and theremaining three had been in service for 12.5 years each.

20040

10

20

30

40

50

60

70

80

90

100

2005 2006 2007

t/m 25 26 t/m 30 31 t/m 40 41 t/m 50 51 t/m 60 > 61

Nu

mb

ero

fem

plo

yees

Age groups


40

7.8 Occupational Health & SafetyBecause the ESE takes pride in the fact that its employees work in a safe and healthy environment, it gave 2employees the opportunity to be educated as occupational health & safety inspectors. They can give advicerelating to office design as well as correct office use and have, since April 2007 done research in 7 offices, mainlyfollowing physical complaints from its occupants. The plan is to visit all newly hired personnel within a fewweeks of their arrival to check possible shortcomings in their office use and/or design.

The percentage of absence through illness is very low, only 1.93% in 2007. Thus meaning that, out of allworking days in 2007, only 1.93% of these days were lost due to an illness report. In comparison to 2006, thepercentage of absence through illness was on the increase, not only at the ESE but also at the EUR as a whole.The increase of ‘absence through illness’ percentage at ESE is caused by a combination of factors. Most notableis the fact that the duration of the absence period has increased. The increase is strongest among academicstaff, but also visible under non-academic staff. Another measure is the so-called ‘reporting frequency’. Thisnumber represents the average frequency per person somebody has called in sick. This frequency remainedunchanged in comparison to 2006. The percentage of people who were never absent due to illness increasedform 75% in 2006 to 78.32% in 2007. Hence the raise in absence through illness percentage is due to the factthat the people who reported ill in 2007 stayed absent for a longer period compared to 2006.

C O M PA R I S O N O F A B S E N C E

% Absence through Duration (in days) Reporting frequency % of personnelillness who never

reported sick

ESE EUR ESE EUR ESE EUR ESE EURAS 1.30 1.13 17.3 10.88 0.30 0.46 87.19 79.42N-AS 3.86 4.36 8.22 10.74 2.10 2.06 39.56 32.96total 1.93 2.44 11.34 10.78 0.68 1.06 78.32 63.72

Table 21: Comparison of absence through illness at ESE compared to the Erasmus Universitycommunity as a whole

A B S E N C E D U E T O I L L N E S S AT E S E I N T I M E

Absence % ESE 2007 2006 2005AS 1.3 0.72 1.11N-AS 3.86 2.77 3.91total 1.93 1.29 1.86

Table 22: Absence due to illness at ESE in time

AS = Academic staffN-AS = non-academic staff


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8 F i n a n c i a l A n n u a l R e p o r t

8.1 IntroductionFor the fourth year in succession the School ended the calendar year with a positive financial result (k€ 1,557).This positive result has converted the negative reserve that arose in 2003 into a positive reserve of k€694.Developments in income are reflected in the financial figures for 2007. These include an increase in thesecond and third flows of funds acquired, as well as other subsidy projects. The Veni and Vici grants started upin 2006, the Marie Curie grants and NETSPAR, all had an effect on the results in 2007. There are currently sevenactive projects funded by the Netherlands Organisation for Scientific Research (NWO). In the meantime threenew NWO projects have been approved which will be started up in 2008.

The rise in ‘other budget transferred’ is the result of contributions for wage developments and a highercontribution for tackling massiveness and anonymity in education.

The ESE is currently in the build-up phase, in which new staff is being recruited. This can be seen in thedevelopment of personnel costs. The ESE has not yet filled all the vacancies in 2007. In order for the primaryprocess, and teaching in particular, to proceed uninterruptedly, external lecturers are being hired, however to alesser extent than in 2006. This is shown in the fall in other costs within the EUR (4) and EUR Holding (5). For anoverview, see table 23.

8.2 Profit and loss statement 2007

P R O F I T A N D L O S S S TAT E M E N T 2 0 0 7

(in euros) 2007 2006(1) Budget transferred

Model-based 16,887,000 16,504,000Matching second flow of funds 151,400 39,300Other budget transferred 2,754,812 1,768,073

(2) Other incomeWithin the EUR 372,093 475,468Within the EUR Holding 1,591,568 1,524,897External

Second flow of funds 333,508 274,142Third flow of funds 2,747,047 2,423,094

Total income 24,837,428 23,008,975

Wages and Salaries 12,533,851 11,743,830(3) Pension expenses 1,560,085 1,674,044Social charges 869,728 729,441(3) Other personnel expenses 915,158 549,962Temporary workers and claimants 879,830 992,332

Other expenses(4) Within the EUR 1,998,192 2,359,290(5) Within the EUR Holding 1,407,016 1,482,273(6) External 3,116,566 3,118,985

Total expenses 23,280,427 22,650,159

Result 1,557,001 385,815

Table 23: Profit and loss statement 2007


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8.3 Balance sheet as at 31 December 2007

B A L A N C E S H E E T 3 1 D E C E M B E R 2 0 0 7

(in euros) 31-12-2007 31-12-2006AssetsFixed assets

(7) Tangible fixed assets 189,372 270,428(8) Financial fixed assets 110,302 128,454

Current assets(9) Receivables, prepaymentsand accrued income 2,136,003 1,963,257Liquid assets 4,154,008 3,677,215

Total assets 6,589,685 6,039,354

Liabilities(10) Equity capital 694,067 -725,123(11) Provisions 510,471 639,904(12) Long-term debts 505,112 417,301Current liabilities

13) Debts, accruals and deferred income 4,880,035 5,707,273Total liabilities 6,589,685 6,039,354

Table 24: Balance sheet 31 December 2007

8.4 Notes to the balance sheet and the profit and loss statementGeneralThe statement of income and expenditure and balance sheet of the ESE are shown. Financial transactions withother organisational divisions of the EUR and with private limited companies affiliated with the ESE, which aresubsidiaries of the EUR Holding Ltd, are shown separately. The assets and liabilities are valued in accordancewith the EUR’s accounting principles7.

Budget transferredThe budget transferred comprises the share of the government contribution from the Ministry of Education,Culture and Science received by the EUR and allocated to the ESE (the first flow of funds).

The model-based allocated budget consists partly of lump-sum amounts for teaching and research. Another partof this model-based budget is dependent on the volume realised on certain performance parameters, such asthe number of first-year students, the number of bachelor and master degrees and the number of doctoratesawarded. When calculating the performance-dependent amounts, three-year averages are taken. This meansthat the funds allocated to the School depends on the average of the parameters over the three years prior tothe financial year.

Besides the model-based budget, the School is also allocated the matching of the EUR of Veni/Vidi/Vici grants asbudget (matching second flow of funds).

The other budgetary allocations concern various contributions for strategic projects. For 2007 these werecontributions to such things as the development of the annual planning system, the development of a qualitycare system, reforms to doctorate programmes and the promotion of top talent in science. Just as in previousyears, in 2007 a contribution from the Executive Board was used to reform the ESE. Undertakings from 2006onwards are conditional on realising growth in the second flow of funds.

7 Reference is made to the annual financial report of the EUR.


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Other incomeThe other income realised within the EUR and the EUR Holding relate to the use of staff of the ESE in activitiesof other organisational divisions of EUR (Group). These are primarily:

• Providing education for the International Business Administration of the Rotterdam School of Management

• Payments from the private limited companies affiliated to the ESE for:

• Directorships of ESE staff at affiliated private limited companies;

• Use of accommodation and from delivery of other services (such as I&A)

• The use of ESE staff in post-initial education and commercial research projects.

The income from the second flow of funds in 2007 comes largely from income from Veni/Vidi/Vici grants andresearch grants for PhD/students of the NWO.

In 2005 the School decided to bring as far as possible all activities for the third flow of funds into private limitedcompanies as subsidiaries of the EUR Holding. The School will however continue to receive directly income fromthe third flow of funds. This will be from contracts with parties which wish to do business exclusively with theUniversity and not with a commercial company (such as the European Union), but also from tuition fees, chairfunding and detachments. Besides these forms of income, the third flow of funds comprises contributions fromthe Free University of Amsterdam (VU) and the University of Amsterdam (UvA) towards the funding of theTinbergen Institute. There was an increase in income from the third flow of funds in 2007 compared to 2006. In2006, in accordance with the principle of prudence the full costs as a result of matching long-term projects wereincluded, with the consequence that income from the third flow of funds in 2007 shows an increase.

Pension expenses and other personnel expensesPension costs and other personnel costs were higher in 2007 than in 2006. In 2007 the release of thereorganisation provision, which is shown under this heading, was lower than in 2006. Training expenses alsorose.

Other expenses within the EURIn 2007, 44% of these expenses comprised payments to the EUR. Accommodation expenses paid by the ESEmake up 29% of the other expenses within the EUR, and the other use of central services and facilities make up27% of the other expenses within the EUR. As far as accommodation is concerned, it should be noted that theESE is housed in a building owned by the EUR. The ESE only pays accommodation expenses if it has more thanthe standard floor area in use.

The decrease in the other expenses within the EUR is largely because the subsidy promised to the ErasmusVirtual Knowledge Studio was charged in full to 2006. For the remaining term, this project is proceeding on anoperationally neutral basis.

Other expenses within the EUR HoldingThese are mostly the expenses of hiring personnel from the private limited companies for teaching purposes atthe School of Economics. The slight fall in personnel hired in 2007 is due to the fact that the ESE has filled morevacancies.

Other expenses ExternalAbout 33% of these expenses in 2007 were expenses of the Tinbergen Institute (teaching expenses for MPhilstudents and PhD-students, as well as expenses relating to (and facilitating) research activities. In addition, 14%of the expenses were IT expenses (investment and depreciation), 27% for business travel expenses, conferencefees and representational expenses, 14% for outsourced activities such as printing and typesetting and 12% forother office and general expenses.

The other external expenses are at the same level as in 2006. Exceptions were a rise of k€ 125 in study grantsissued, and a fall of k€ 137 in IT expenses.


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Tangible fixed assetsThe ESE adopts the rule that only investments in fixed assets with an acquisition price of more than k € 12 arecapitalised and written off over their economic life. The first depreciation is made in the year of purchase. Thedepreciation period depends on the type of equipment and varies from 3 to 25 years.

The book value of the tangible fixed assets covers mostly equipment.

O V E RV I E W O F TA N G I B L E F I X E D A S S E T

Furniture and equipmentAcquisition price 2006 1,040,454Decline in value and depreciation at end 2007 -/- 770,026Book value at end 2006 270,428Investments 2007

Depreciation 2007 -/- 81,056Book value at end 2007 189,372

Table 25: Overview of tangible fixed assets

Financial fixed assetsThese are solely loans to the EUR Holding to finance the equity capital of a number of private limitedcompanies affiliated to the ESE8. Valuation is at nominal value.

Receivables, prepayments and accrued incomeReceivables are valued at nominal value. A provision for bad debts is made for receivables on external parties.Included under Receivables are:

R E C E I VA B L E S 2 0 0 7 A N D 2 0 0 6

2007 2006Debtors external 579,264 669,331Debtors EUR and EUR group9 1,164,117 748,812Other internal receivables EUR 172,160 288,571Other receivables external 1,500Prepayments and accrued income 218,962 256,543Total 2,136,003 1,963,257

Table 26: Receivables 2007 and 2006

Equity capitalThe positive annual result of k€ 1,557 has led to a positive equity capital of k€ 694. The expectation is that atthe end of 2008 the target capital of k€ 815 from the plan period 2004 to 2008 will be realised.

E Q U I T Y C A P I TA L

Equity capitalEquity capital at end 2006 - 725,123Result of financial year (2007) 1,557,000Direct capital movements10 - 137,812Book value at end 2007 694,067

Table 27: Equity capital

8 See Chapter 3 for an overview of the private limited companies.9 The debtors ranked as EUR and EUR group are receivables from other organisational divisions of the EURand private limited companies under the EUR Holding.

10 The direct capital movement concerns the transfer, in accordance with university policy, of a part of theannual result of the Tinbergen Institute, for which the School of Economics is the budget holder, to the long-term debt.


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ProvisionsIn 2005 a provision was made to settle existing obligations arising from the reorganisation of the ESE. This ismostly the School’s share of redundancy pay costs. The provision is determined statically. At the end of eachfinancial year an estimate is made of the situation in respect of the necessary provision, which has led in thisfinancial year to the release of the provision.

Long-term debtsThese relate to the share of the VU and the UvA in the assets of the Tinbergen Institute. This procedure is theresult of the cooperative agreement between the participating parties (EUR, VU, and UvA) which says that if theinstitute is closing down, the remaining financial reserves and assets will be divided between the three faculties,in the proportion that had been adopted until then for payment of the fixed contributions of ESE to theinstitution.

Short-term debtsThe composition of the short-term debts is as follows:

S H O RT T E R M D E B T S 2 0 0 7 A N D 2 0 0 6

2007 2006Instalments received in advance for work in progress 1,063,252 535,796External creditors 491,916 369,347EUR and EUR group creditors11 1,360,603 948,440Other internal debts EUR 1,098,036 2,803,971Other external debts 21,873 549Accruals and deferred income 844,356 1,049,169Total 4,880,036 5,707,273

Table 28: Short term debts 2007 and 2006

The balance of instalments received in advance for work in progress 2007 includes a balance of 1,557,504 for‘Work in Progress’ (2006: 1,278,996). Account has been taken of foreseen losses in the valuation. 30% of theitem ‘Work in Progress’ in the School of Economics’ balance sheet consists of NWO project subsidies, and 23%consists of EU project subsidies.

11 The creditors ranked as EUR and EUR group are receivables from other organisational divisions of the EUR and operating

companies under the EUR Holding Ltd.


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8.5 Off-balance sheet obligationsGuarantee for Tinbergen InstituteAs part of the re-accreditation application by the Tinbergen Institute, ESE has provided a guarantee for theperiod 2006-2011. During this period, the School will make the following resources available to or for thebenefit of the TI:

• Resources for at least 0.4 fte research time for at least 20 researchers who qualify to be admitted to theTI as research fellow;

• Resources for 25 PhD-students attached to the TI;

• Continuation of the share of 50% in the current fixed contributions for the TI;

• Continuation of the variable contributions for the TI, corrected annually for inflation;

• A contribution to financing the grant programme for MPhil students;

• Use of lecturers in the 2-year MPhil programme of the TI.

Guarantee FEI BVOn 21 December 2004 the ESE signed an agreement with the director of FEI BV. In this agreement, the ErasmusSchool of Economics guarantees to purchase teaching resources from the company during at least the periodfrom 2005 to 2009, and will provide financial compensation in return.

Cooperative agreement with the Rotterdam Development Company (OBR)On 18 February 2002 the ESE signed a letter of intent with the OBR, giving substance to the cooperativerelationship in the area of urban economics. This cooperation will be entered into for a period of 10 years. Oneelement of this cooperation is the appointment of an (endowed) professor. This chair has been taken intoaccount in the School of Economics’ professorship plan.


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9 . M a n a g e m e n t a n d o r g a n i s a t i o n o f E S E - O v e r v i e w

9.1 Management TeamThe ESE is ruled by the Dean, who is responsible for both management and administration of the School. TheDean is assisted by the Vice-Dean and together they form the Management Team. Together with a number ofstaff members they meet on a weekly basis in order to discuss the strategy of the School and to decide onimportant matters. The Dean and Vice-Dean are assisted by the Deans office and the Education Service Centre.

Dean: Prof. Dr. Philip Hans (Ph.H.B.F.) FransesThe Dean is responsible for the general management of the school and for the administration and organisationof the School regarding the areas of education and research. The Dean collaborates in the administration of theuniversity by consulting with the Executive Board of Erasmus University Rotterdam in the preparation of theSchool’s plans and its budget. The Dean reports to the Executive Board of the Erasmus University Rotterdam.The Dean also has a number of specific tasks, which include appointing the directors of the School’sdepartments and Research Schools, adopting the education and examination regulations and setting theguidelines for research. The Dean is a full professor who is appointed by the Executive Board for a period offour years.

Portfolio:

• Responsible for Management and organisation of the ESE

• Financial matters

• Marketing

• HRM policy of all School members

• Searching en scouting

• Holding structure of ESE

• Contract research and education

Vice-Dean: Prof. Dr. Casper (C.G.) de VriesPortfolio

• Acting Dean in absence of Dean

• Strategic development of research

• Strategic development of education

• Allocation of means for research and education; quality management

• Contact with Research Schools

• ICT for Education

Dean’s officeThe process of decision making of the Dean is being prepared and carried out by the Deans office. Included inthis process is the development of strategic policy on the School’s level and the coordination with the ExecutiveBoard of the University. The Deans office facilitates the management of the different departments of the Schooland of the Director of the Education Management. Finally the Deans office facilitates services for all Schoolmembers as well as for the private limited companies affiliated to the ESE within the framework of the EURHolding Ltd.

Head Deans office: Until December: J.G. Koorevaar, MSc, from December onwards: S.J. Krijger, LL. M. a.i.Financial Director: C.M. Taia Boneco, MSc, RAHead Personnel and Organisation: C.M. Taia Boneco, MSc. RA a.i.Head ICT: R.R.A. de Boer, MSc


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9.2 Management of ESE DepartmentsThe Department Directors are responsible for the (long-term) policy of their individual departments. Eachdepartment functions as an independent unit and each is responsible for its own results. Within generalguidelines of the School, each department director has considerable decision-making power and is responsiblefor adequate staffing for the performance of required tasks; thus maintaining quality in education andresearch. In addition, synergy is stimulated between the activities of other departments, research institutes andaffiliated companies. .Director Department of Economics: Prof. Dr. J.M.A. ViaeneDirector Department of Business Economics: Prof. J.C.A. GortemakerDirector Department of Econometrics: Prof. Dr. A.P.M. WagelmansDirector Department of Applied Economics: Prof. Dr. G.A. van der Knaap

9.3 Management of Research SchoolsThe School’s activities are facilitated by two research schools accredited by the Royal Netherlands Academy ofArts & Science (KNAW): the Tinbergen Institute (TI) and the Erasmus Research Institute of Management (ERIM).The management of the Tinbergen Institute includes the following members:

• Director General: Prof. Dr. M.C.W. Janssen

• Director of Graduate Studies: Prof. Dr. J.H. Abbring

• Chairman Examination Committee MSc Research: Prof. Dr. H.K. van Dijk

The management of the Erasmus Research Institute of Management includes the following members:

• Scientific Director: Prof. Dr. Ir. A. Smidts

• Associated Director: Prof. Dr. P.J.F. Groenen

• Director of Doctoral Education: Prof. Dr. Ir. H.W.G. van Heck

• Executive Director: W.F. Mijnhardt, MSc

9.4 Education ManagementThe educational programmes of the School are managed by the Programme Director, who is appointed by theDean. The Programme Director is responsible for the organization of the educational programmes of theSchool. He advises the Dean on educational matters such as the education and examination regulations.Furthermore, the Programme Director’s responsibilities include maintaining quality in the School’s education,preparation for internal assessment as well as external education visitation.In managing the educational programmes, the Programme Director consults with the heads of the ESEdepartments regarding the teaching and support staff assigned to the educational programmes of the School.Regularly, the Programme Director and the Vice-Dean conduct meetings regarding ESE education policies. TheProgramme Director is assisted by the Education Service Centre (ESC).

• Director of Education Management: Prof. Dr. I.J.M. Arnold

• Programme manager: R. van der Wal, MSc, RA

• Head Education Service Centre: T. Alkema, MSc


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9.5 Advisory Boards and CommitteesEducational Advisory CommitteesEach programme directorate has its own advisory committee which provides advice to the Dean and theprogramme director on everything concerning the educational programmes. The advisory committees consist ofmembers of the student body (50%) and lecturers of the programme in question (50%).Each programme has its own Educational Advisory Board (names per 31 December 2007):

Economics and BusinessProf. Dr. J.T.J. Smit (chair)Dr. H.P.G. PenningsS. van BekkumDr. J. Emami NamimiL.P.O Kloosterman, MScJ. Duijvestein (student)S. Korteweg (student)M. Ouwerkerk (student)Y. Yuan (student)A. Rosinka (student)

Econometrics & Management ScienceDr. C. Heij (chair)Dr. J.B.G. FrenkDr. H.M. MulderR.J.G. Bos (student)I. Tempelaar (student)E. de Tombe (student)

Research Advisory BoardThe Research Advisory Board (Dutch abbreviation: VCW) advises the Management Team on the ESE researchpolicy. In addition, the VCW forms a think tank that not only monitors the (improvement of the) quality ofresearch being conducted, but also makes strategic contributions to the Management Team. In this context, theVCW formulates proposals with regard to the allocation of ‘to be allocated research space’ (doctoral fellowshipprogrammes, top researchers, KNAW- and EUR-fellowships and research awards) as well as advice regarding theallocation of doctoral positions. Furthermore, the committee provides advice on the preparation of the researchassessment and the measures that are taken following the research assessment.

The Research Advisory Board (VCW) consists of the following people:

• Prof. Dr. G.A. van der Knaap (chair)

• Prof. J.C.A. Gortemaker

• Prof. Dr. J.M.A. Viaene

• Prof. Dr. C.G. de Vries

• G.C.J. Lafeber, MSc (secretary)

Committee of Colloquium DoctumThe Colloquium Doctum is the entrance examination referred to in article 7.29 of the Dutch Higher Educationand Scientific Research Act (in Dutch: WHW) that provides access to one of the bachelor’s programmes offeredby the School by testing a candidate’s general education, knowledge and suitability. The Colloquium Doctum isintended for people aged 21 or older who are not in possession of a Dutch VWO diploma of pre-universityeducation. The examination is set by members of the Colloquium Doctum Committee, which consists of thefollowing people:

• Prof. Dr. G.A. van der Knaap (chairman)

• V.H.M. Beerkens, MSc (secretary)

Economics & InformaticsProf. Dr. G.J. van der Pijl, RE (chair)Prof. Dr. Ir. R. DekkerDr. M.C. van WezelP. Feitsma (student)W. Rijvordt (student)H. van Vliet (student)

Economics & TaxationProf. Dr. R.A. de Mooij (chair)M.H.M. Smeets, MScP. Pleunis (student)S.A. Verhage (student)


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The ESE Examination CommitteeThe Examination Committee is responsible for the organisation and coordination of the examinations andexams for all the ESE degree programmes. The board also lays down the rules regarding the proper proceduresduring the examinations and sets guidelines regarding the assessment of students. Students can request theExamination Board for individual arrangements.

The Committee consists of the following members:


• V.H.M. Beerkens, MSc (secretary)

• E. van Asperen, MSc

• M.J. van den Assem, MSc

• R.P. van den Dool, MSc

• Dr. A.J. Dur

• Prof. Dr. P.J.F. Groenen

• L.P.O. Kloosterman, MSc

• Dr. A.J. KoningAdvisory members:

• B.M. den Boogert, MSc

• R. Eversen, MSc

• R. Menheere

• N. Voogd

Council for Appointments and PromotionsThe Council for the Appointments and Promotions (in Dutch: CBBA) advises the Dean about filling existingvacancies for Associate Professors and Professors, the promotion of internal candidates to the level of associateprofessor and professor, the establishment of new chairs, the scouting of talent (local and external) and how toattract celebrities.The Commission is made up by the following Professors:


• Prof. Dr. J. Veenman (vice-chair)

• Prof. Dr. H. Bleichrodt

• Prof. Dr. Ir. R. Dekker

• Prof. Dr. S. Stremersch

• Prof. Dr. O.H. Swank

• Prof. Dr. C.G. de Vries

• Prof. Dr. A.P.M. Wagelmans

ESE CouncilThe ESE council is the participatory body of the School. The council consists of fourteen members, seven ofwhom are elected for a 2-year period by and from the School’s members, and seven of whom are elected for a1-year period by and from the students studying at the ESE. The Dean informs the School’s Council about thepolicy of the ESE and about the organisational and financial plans within the faculty. The staff members withinthe School’s Council also act as joint committee where general staff policy, the application of working andservice conditions and matters relating to working conditions are concerned. The seven student members of theSchool’s council make sure the student’s opinion is taken into account in the School’s policy. They give generaladvice and have initiative as well as approval rights.

For the year 2007-2008 the student members of the School’s Council of the ESE are:Jorian van AckerBram BorgmanVicky van HeckNelleke van ‘t HoffMaurit Kroon (Chair School’s Council)Jerry Straten (Chair Student members of School’s Council)Luuk van der Zijden


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The Staff members are:Paul de BoerRommert DekkerNel HofstraSytske MartensHarry Trienekens (Chair Staff members of School’s Council)Bauke VisserWillem van Winden

ESE Polling officeThe ESE Polling Office handles the preparation and implementation of the election campaign for members ofthe School’s Council, according to the School’s election regulations. Her primary tasks are: determining andpublicly announcing the election timeframe, naming the candidates, making sure the election process goessmoothly and announcing the final results.The election of the School’s Council members is synchronized with the election of members of the UniversityBoard prepared by the Central polling Office.The ESE Polling Office consists of the following people:

• Prof. Dr. P.J.F. Groenen (chair)

• R. Eversen, MSc (vice-chair)

• E.J.H. Rouwet (student member)

• T. Kurtz, MSc (secretary)


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ColofonDesignStudio Bauman BNO, Rotterdam

PrintService Point, EUR, Rotterdam

Edition200

PublicationManagement Team of the Erasmus School of Economics06.2008

Erasmus University RotterdamERASMUS SCHOOL OF ECONOMICS

Visiting address

Burgemeester Oudlaan 503062 PA Rotterdam

Postal address

P.O. Box 17383000 DR RotterdamThe NetherlandsTelephone +31 10 408 13 77Fax +31 10 408 91 45Internet www.few.eur.nlE-mail [email protected]

Documents

ESE Annual Report 2007