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The responsibilities of the Erasmus School of Economics (ESE) include increasing awareness and understanding of economic principles in relation to the quality of life. Furthermore, we are always trying to challenge our students and staff to take responsibility as members of our community. Part of that approach is to make their achievements visible to the outside world. For that reason we assist the media in "unlocking" the world of academia. We do so by providing information and expert opinions on economic subjects that both appeal to broad audiences and highlight the importance of economics to the public. Furthermore we try to involve students actively in our community activities.
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ESE's visibility
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The responsibilities of the Erasmus School of Economics (ESE) include increasing awareness and understanding of economic principles in
relation to the quality of life. Furthermore, we are always trying to challenge our students and staff to take responsibility as members
of our community. Part of that approach is to make their achievements visible to the outside world. For that reason we assist the media in
'unlocking' the world of academia. We do so by providing information and expert opinions on economic subjects that both appeal to broad audiences and highlight the importance of
economics to the public. Furthermore we try to involve students actively in our community
activities.
ESE'svisibility
Stimulating and involving students
4 1. Stimulating and involving students
Studying at ESE is more than scientific education; it is a dynamic journey in which students can develop their natural talents. ESE tries to stimulate the students to push themselves to the limit and shows huge appreciation for those who do. In addition, we encourage our students to be involved in one of our study associations, whether as a board member or as a member of a committee. This offers the opportunity to develop skills in organising big events, such as the largest student congress in Europe: The EFR Business Week.
www.ese.eur.nl/annual_report
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A. Bachelor Graduation DayThe Erasmus School of Economics organises a festive annual ceremony that commemorates the students’ first academic achievement: the ESE Bachelor Graduation Day. On November 4th, the second annual Bachelor Graduation Day was organised by and for students. More than 150 students, all dressed up in caps and gowns, received their BSc degree in the university’s auditorium. They were surrounded by cheering and applauding family members and friends. The ceremony included a “lecturer of the year” award for ESE’s Faculty.
Keynote speech by Klaus Berning, Porsche AG
Statement by Klaus Berning, Member of the Executive Board of Dr. Ing. H.C.F.
Porsche AG, Germany: “In the first place, everybody is responsible for their own
career path. It is crucial to have a clear vision of where you want to be in 5 years
time. Then pick the right opportunities as they come along.”
Lecturers of the Year awards
Jeffrey Bouwer Economics & Business
Benoit Crutzen IBEB
Jan Brinkhuis Econometrics & Operational Research
René van der Paardt Taxation Economics
Roeland Aernoudts Economics & Informatics
Graduation is the beginning!
Statement by Elaine Rouwet MSc, event coordinator: “Graduating from ESE is the
culmination of all your hard work, it marks a very important point in your life at
which you leave us to make your way into the world.”
www.ese.eur.nl/annual_report
B. Cum Laude Award for Bachelor 1 studentsESE organises the annual Cum Laude Ceremony for ESE Bachelor 1 students, in cooperation with the Trust Foundation of the Erasmus University Rotterdam. This ceremony recognises exceptional students, who finished their BSc1 with a weighted average of 8.25 or higher.
Thirty students awarded with cum laude
This year’s event was held on January 21st. During the ceremony the award was
presented to thirty students. For an impression of the event see the website.
ESE strives to stimulate exceptional students
Statement by Quinten Smit: “It is great to see that your effort hasn't gone unnoticed”.
Statement by Joeri Ooms: “I really enjoyed the appreciation for the performance
in my first year that was shown during the Cum Laude Award. Besides, it was fun
to see who the other invited students were, from both my own study and from
other curricula”.
Statement by Rens van den Broek: "It's an excellent motivation for students when
good results are actually being appreciated and rewarded at ESE. I think this is
something that happens far too little in the Netherlands and so it's very good to
see that the ESE wants to distinguish itself by means of a cum laude award.”
Statement by Cleo Scholte: “Being invited to the Erasmus School of Economics
Cum Laude Award was of course a great honour. ESE, it needs to be said, made it
a true celebration. Having family and friends around me during the event, it was
simply a great experience!”
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Stimulating and involving students
www.ese.eur.nl/annual_report
C. Buddy programme for international studentsIn cooperation with the Economic Faculty Association Rotterdam (EFR) and the Erasmus Student Network (ESN), ESE introduced the so-called “buddy programme” for all new international students. We want to give the new ESE students a positive start to their studies. The buddy programme supports the students, gives them a sense of belonging and lays the foundations of the academic and social community. Each current ESE student can qualify to be the buddy of a new arriving international student and receives specific training for the task.
Helping new international students to feel at home
ESE receives some 300 new international students every September. It is up to our
current students to help their new fellow students to feel at home at Erasmus
University Rotterdam. The student buddies show them around campus and
Rotterdam in general, and help them to make connections with other students.
What is a buddy’s job?
The buddy’s job is to:
1. Introduce the new students to the University and student life;
2. Encourage the new students to get to know each other;
3. Take the buddy groups on a guided tour around campus and participate
in different activities with them during the first few weeks of their arrival.
Testimonial from a student who became a buddy this year
Laurens Schiebroek, iBuddy
"I like the concept of the iBuddy Programme. What makes the programme a bit
complex is that some first year IBEB students might be approached, who are not
in need of assistance. Overall, it is an effective tool for welcoming students from
another country. "
He Jing, IBEB-1 student from China
"I think the iBuddy program is a really nice programme for the international
students. I believe that most of the first-year international students benefit from
it. My iBuddy gave me the useful information about the university when you
were not familiar with the university. In addition, my iBuddy introduced me to
the student life. It makes sense, especially becouse the education system is totally
different from education in my country. And he has introduced a lot of Dutch
culture and traditions to me, this is helpful to integrate into my new life."
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Stimulating and involving students
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D. EFR-Business WeekThe EFR-Business Week is one of the most professional and prestigious student-organised conferences in Europe. The EFR-Business Week takes place around April each year at the Erasmus University Rotterdam and other locations around the Netherlands and Europe. The main strength of the EFR-Business Week is the integration of theory and practice by means of making contact between students and inspiring individuals of their future working environment. Organised by a committee of six students from EFR (Economic Faculty Association Rotterdam), the EFR-Business Week continues to bring in the most prominent global citizens. Internationally renowned speakers from the worlds of business, politics and science discuss issues around a central theme.
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www.ese.eur.nl/annual_report
Fifth lustrum of the EFR-Business Week: Power
This year, the EFR-Business Week celebrated its 25th anniversary. The theme of
2009 was ‘power’. Many renowned speakers attended, including Josef Ackermann,
CEO of Deutsche Bank, Vaclav Klaus, President of the Czech Republic, Jean-
Claude Juncker, Prime Minister of Luxembourg and Peter van Uhm, Chief of the
Netherlands Defence Staff.
Wouter Tom, President EFR-Business Week 2009
Statement by Wouter Tom: “As chairman of the EFR-Business Week 2009, I
can honestly say that I am proud at my fellow committee members. They truly
succeeded in organising a great Business Week. Essentially, I would like to thank
the Business Week Committee, the Board and all other people which were
involved with the organisation of the 25th EFR-Business Week, for this fantastic
experience.”
Stimulating and involving students
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E. Our students of today are the leaders of tomorrowThe Erasmus School of Economics offers its best-performing and most committed students the opportunity to participate in so-called Honours and Master Classes. The programmes are designed to provide extra challenges in addition to the regular curriculum. In developing the programmes, ESE cooperates with the cream of the business community and the non-profit sector.
Bachelor Honours Class gives extra challenge
The goal of this programme is to extend economic knowledge and to increase
academic skills. Participating students follow intense and interactive guest
lectures by experts in the fields of science, business and politics concerning
various current economic issues. In the last block of the academic year the
Honours Class students each write a paper on a socially-relevant economics topic
of their choice. On June 4th, ESE Bachelor Honours Class organised its annual
closing congress, where students presented their scientific papers. The three best
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writers were awarded a prize offered by the Society Trust Foundation of Erasmus
University Rotterdam. Ference Lamp (CFO of SNS Reaal and former managing
director of Lehman Brothers) was keynote speaker and discussed the current
economic crisis.
The PricewaterhouseCoopers Honours Master for those who want to excel
In 2009, the second edition of the PwC Honours Master in Accounting, Auditing &
Control began. This Honours Master offers a perfect mix of tailor-made education
combined with internships and international work experience. The programme
is developed in close cooperation with PricewaterhouseCoopers and includes
significant interaction with the business community through guest speakers,
projects with practitioners, business games, drinks, and internship opportunities.
New Actuarial Sciences Master Class powered by Allianz
This year, the Actuarial Sciences Master Class, powered by Allianz, began. The
Master Class presents important aspects of the actuarial profession, combining
theory with practice. A maximum of six students who distinguish themselves
by outstanding participation during the course will be offered a personal
development assessment facilitated by the “Allianz Nederland Groep”. The
assessment may be combined with an internship on either a small project or the
complete Master’s thesis.
www.ese.eur.nl/annual_report
Highlighting ESE
12 2. Highlighting ESE
The Erasmus School of Economics is recognised as a top class institute in both national and international rankings. Our Faculty possesses a huge amount of expertise on a wide range of subjects. ESE sees it as its duty to share this expertise with government, business and society in general. Members of society can be a highly informed source of research data and provide invaluable assistance in testing our theories. Furthermore, the independent opinion of our scientists is seen as very valuable by national and international media. Our Faculty is quoted in news programmes and in newspapers on a weekly basis.
A. ESE in political and social debateUniversities need to nurture a debate culture. Bearing this in mind, a few years ago ESE started the EconomieOpinie website (www.economieopinie.nl), an opinion platform that incorporates newsworthy articles and contemporary views on economic issues in the Netherlands and abroad. Articles are written by ESE economists and always relate to current issues. In this manner, ESE provides a scientifically substantiated contribution to the political and social debate. Economic issues discussed in this platform are frequently mentioned in the press and Faculty is asked to elaborate on its opinion.
We understand the ins and outs of economics
Statement from the Dean: “Everybody has his or her own opinion, but well-
founded and science-based opinions are rare. Here in Rotterdam, we understand
the ins and outs of the economy and we write about them in great detail.”
In 2009, the second printed edition of EconomieOpinie.nl was published. The book
contains twenty-four contributions selected during the 2008-2009 academic year.
Statement from Ronald de Groot, Editor-in-Chief: “Through EconomieOpinie.nl,
our School is able to generate significant publicity in social and political debates”.
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Who profits from the flu pandemic?
On September 24th the Influenza H1N1 virus was the theme of the monthly
discussion evening “De Kwestie Live”. Virologist Professor Ab Osterhaus (Erasmus
MC), Professor Stefan Stremersch (Professor of Marketing at ESE) and Winfred
Schop (GGD Rotterdam Rijnmond) debated on the topic of public communication
regarding the treatment of a pandemic. Professor Stremersch believes that it is the
pharmaceutical industry that benefits from the flu pandemic. In his opinion the
huge profits, however, are justified by the tremendous investment risks.
Various opinions and debates concerning issues such as the financial crisis, Dutch
pension system and Icesave.
The Faculty of the ESE is always available to share its knowledge and opinions
with broader society. As part of this approach, Faculty provides numerous expert
opinions, comments and analysis on a broad range of subjects.
www.ese.eur.nl/annual_report
More than 100 appearances in the media!
In 2009, our Faculty made more than 100 media appearances. The financial crisis
in particular led to a number of hot topics, such as rescue plans for banks, negative
economic growth and the development of pension markets. Our scientific staff
was often invited as a key speaker in TV-shows as “EénVandaag” and ‘RTLZ’.
Economics is real cool stuff
On November 6th, Erasmus University Rotterdam celebrated its 96th birthday. This
year’s focus was on the Erasmus School of Economics, the oldest School (founded
1913). Therefore it was our Dean, Philip Hans Franses, who addressed the audience
with his keynote speech: “Progress in Economics: a tour by Seven-League Boots”.
His opinion: “Progress in our science is usually boosted by outside input. So even
though economics is mono-disciplinary, it takes the best from other disciplines to
grow and mature. So: Economics is real cool stuff! “
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B. ESE in the mediaThrough positive, accurate and timely media relations activities, the Erasmus School of Economics strives to increase the School’s visibility throughout the EUR, in Rotterdam, the Netherlands and worldwide. The Faculty of the ESE is available to give interviews and for other media requests. Our website “ESE in de media” aims to present our scientific staff in media appearances and with quotes to a broad audience. An executive overview of highlights on television, radio and printed media can be found there.
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Enhancing the quality of the philanthropic sector in Europe
On September 23rd the Erasmus Centre for Strategic Philanthropy (ECSP) held its
opening conference at the Erasmus University Rotterdam. There were six speakers
at the conference and an audience of around 170 people from the academic and
philanthropic sector in the Netherlands and Europe. The goal of the conference
was to put the Centre on the map, discuss what strategic philanthropy is about
and what the Centre will focus on.
The current and future position of pension funds
Financial markets and pensions have been under huge pressure since the start
of the credit crisis. Most pension funds were obliged to provide supervisors with
recovery plans. This has led to increasing interest from governments, supervisors,
labour unions and employers. The tension between generations is playing an
important role in recent debates, but also the tension between employers and
employees, and between high and low income groups.
Experiments in organisations
Managers in organisations have the challenging tasks of recruiting, motivating,
retaining, and firing employees. How to do this in the most efficient way is not
always clear. Experimental economics offers insights into how people respond to
management tools such as delegation, teamwork, feedback, and several types
of incentive pay. This conference brought together economists and other social
scientists doing field or lab experiments in the areas of organisational or personnel
economics. They were able to present and discuss work in progress.
C. ESE in connection with academia and practitionersESE Conferences connect the expertise of the Erasmus School of Economics with the expertise of policymakers, professionals, representatives from the business sector, students, the media, and other interested parties. It is a series of dynamic conferences focused on quality, substance and on creating a bridge between the academia and society. The one-day conferences are a highly entertaining mix of lectures, interactive discussions and debates on fascinating topics. Information and appealing presentation go hand in hand, in keeping with the conferences’ aim of reaching a wider audience.
www.ese.eur.nl/annual_report
Programme of the Dies Natalis
After the dies lecture delivered by the Rector Magnificus Henk Schmidt, Dean
Philip Hans Franses gave a key note speech. The speeches were followed by the
Honorary award ceremony.
Honorary Degree Laureate for the 2002 Nobel Prize Winner
Professor Daniel Kahneman
Nobel Prize Winner 2002, Daniel Kahneman, mainly known for his pioneering
work on the interface of psychology and economics, received an honorary degree
laureate. His article on Prospect Theory (1979) is a landmark work - the second-
most-cited article in economics ever! - in which the assumption of rationality of
economic agents is challenged. The “homo economicus” no longer exists.
Highlighting ESE
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D. Dies Natalis and Honorary Degree LaureateOn November 6th, Erasmus University Rotterdam celebrated its 96th birthday. This year’s focus was on the Erasmus School of Economics, the oldest School of our University.
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E. Inaugural addressesThe inauguration of a new professor is an important symbolic event in the life of a university and of course in that of the professor him/herself. The inaugural address can be used to present the outcomes of a study and its relevance to peers, media, business, family and friends.
The Structure and Level of Executive Pay
Many features of executive compensation, like high and increasing pay packages,
large option holdings, and generous severance pay, are often cited as proof that
current compensation practice is deeply flawed. In his inaugural address, professor
Ingolf Dittmann concluded that the government should not restrict executive pay
or any of its components. Instead, the government must force firms to disclose the
compensation packages of its top executives in detail so that shareholders have
enough information to intervene if that is necessary.
The Information Metamorphosis in Econometrics
Life in the 21st century is perhaps best characterised by the information we leave
behind us. Not only do we have access to ever larger amounts of information, but
we can also monitor and observe more processes than ever before, capturing large
quantities of data. The ubiquitous availbility of information brings new challenges
to both business and society. In his inaugural address on March 6th, Professor Uzay
Kaymak considered some of these challenges and discussed how the interaction
between economics and other disciplines can provide new approaches to address
these new challenges.
'Pension Markets in Exciting Times'
On April 17th, Professor Fieke van der Lecq accepted the “Pension Markets” Chair
at the Erasmus School of Economics with the inaugural address “Pension Markets
in Exciting Times”. The Chair is supported by Dutch financial service provider
Cordares. Cordares supports research into the advantages and limitations of the
market mechanism in the pension sector, in the expectation that this will have a
positive effect on the functioning of the whole sector. In combination with actual
business practice, research should demonstrate how market mechanisms can have
a positive effect on the pension sector as well as how negative effects can be
avoided.
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Highlighting ESE
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Incentives and Workers' Motivation
In this inaugural address on October 8th, Professor Robert Dur focussed on
personnel policies in public sector organisations in the Netherlands. As compared to
business, organisations in the public sector make far less use of pay-for-performance
systems, tolerate employees' underperformance to a much larger extent, and have
less-inspiring managers. Economic theory predicts that such personnel policies fail
to attract the economy's best and brightest employees. While many employees
in the Dutch public sector turn out to be very much intrinsically motivated, this
does not necessarily call for weak incentives. Indeed, incentives and motivation
may as well be substitutes and complements. The available evidence points in the
latter direction and calls for a drastic change in personnel policies, preferably to be
implemented gradually, so that more can be learned about their effects.
The effectiveness of energy covenants
Professor Elbert Dijkgraaf held his inaugural lecture on October 13th, on the
effectiveness of energy covenants. Professor Dijkgraaf based his lecture on the
analysis of yearly data from twenty-four OECD countries to investigate the
relationship between the use of covenants and energy efficiency, carbon dioxide
emissions and the use of renewable energy. As taxes, subsidies and rules are also
included in the analysis, the study provides evidence of the relative effectiveness
of covenants as well. It shows that there is very little statistical evidence for the
effectiveness of covenants. When the covenants are separated into different
classes according to design, it shows that even the covenants that are the most
strict are not effective. There is, however, much evidence for the effectiveness of
taxes and moderate evidence for the effectiveness of subsidies and rules.
www.ese.eur.nl/annual_report
ESE's inspiration
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ESE's ambitions
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ESE's today
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ESE's visibility
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ESE's road to 2013
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The digital version of our annual report can be found
on our website: www.ese.eur.nl/annual_report. Here
you can find more information on several subjects as
well as photo impressions and film clips. Additional
information, photo impressions and film clips are
indicated by .
ESE's ambitions
ESE's inspiration
ESE's visibilityESE's today
ESE's road to 2013
Annualreport 2009
P.O. Box 1738 | NL-3000 DR Rotterdam | T +31 (010) 408 13 70 | F +31 (010) 408 91 45 | E [email protected]