TILBURG SCHOOL OF ECONOMICS AND MANAGEMENT

ANNUAL PORTRAIT 2009 2009 Annual Portrait tilburg school of economics and management

Understanding Society

Annual Portrait 2009

tilburg school of economics and management tilburg university

As from fall 2009 the Faculty of Economics and Business Administration is called Tilburg School of Economics and Management

Contents

1. Foreword by Kees Koedijk 4 Giving meaning to science 2. Management Team 6 What ‘Understanding Society’ means to us 3. Research 12 Strengthening the link with society 4. Current societal issues 16 5. Education 30 The sum of good research and excellent teachers 6. Highlights 36 Review 2009 per month 7. Appendices 49 Facts and figures, publications, dissertations, awards and more

annual portrait 2009 | 3 4 | tilburg school of economics and management foreword Giving meaning to science

Before you is the 2009 Review of our school, an impression of The crisis also exposes failures of economic science: with an exciting and momentous year – a year that saw the financial monodisciplinary approaches and numerical models, it crisis reach its peak. We will be experiencing its aftereffects for appeared we were not sufficiently able to understand the some time to come. I therefore find the landscape photographs practical situation. We will have to improve our approach to in this document especially apt: beneath the beautiful surface complex problems from various angles. That is also why I of Iceland lurks a primal force known only to specialists – until believe that it is the duty of our school to give greater meaning the volcano erupted and the plume of ash gave us all a rude to our motto ‘Understanding Society’, by conducting excellent awakening. I find this an excellent analogy of the current research and using these new insights to bring about change in financial situation. society. Consumers, bank administrators, overseers, politicians: all of The 2009 Review contains six themes that we deploy in order them played a prominent part in the lead up to the crisis. What to strengthen our connection with society. Colleagues Thorsten the crisis has shown is that people cannot do without a moral Beck, Willem-Jan van den Heuvel, Eric van Damme, Bart compass. Economy is therefore a social science: what values Bronnenberg, Lans Bovenberg and Hilde Baert talk passionately do people hold; how do people determine choices, and what about ‘their’ field. It illustrates perfectly how our school gives consequences do these choices have for others? Our school has a meaning to science, students and society; something of which duty in this. By equipping our students with the knowledge and I am very proud. I hope the contributions in this report will be skills to become responsible professionals, we can strengthen inspiring to you as well! society.

Kees Koedijk Dean of Tilburg School of Economics and Management annual portrait 2009 | 5 Management Team What ‘Understanding Society’ means to us

6 | tilburg school of economics and management management team “We want people to say about our students ‘They must be from Tilburg’”

“A s Vice Dean of Education I enjoy the best of both worlds: I In addition, socially relevant themes such as ethical living am involved with research, which satisfies my innate curiosity, and working will play important roles in several educational and I get to share my knowledge with others, giving people programmes. As a result of the financial crisis this issue is high enthusiasm for science. To Understand Society one must on the agendas of governments and the financial sector. By continuously interact with people in order to get a feeling for the delivering students with the qualities society demands we give opinions and ideas that are present beneath the surface. I believe shape to the slogan ‘Understanding Society’. this helps to keep scientists out of their ivory towers. My dream is that our students will be so outstanding in the In 2009 we deepened the relationship between research and labour market, that employers will say ‘This one must be from education, to ensure our education activities benefit from our Tilburg University!’” research success. In planning to meet this goal we decided to train our students in research skills during their first year of study. This should make the courses more interesting, broaden the students’ capacities and give them an advantage in the labour market. Knowledge might get lost over the years, but skills, once developed, serve you well your whole life long.

Jenke ter Horst Professor of Finance and Vice Dean Education annual portrait 2009 | 7 management team “Nothing is as practical as a good theory”

“We teach our students what Kurt Lewin – founder of modern makers and administrators to address current societal topics. social psychology – said “Nothing is as practical as a good In addition, members of our school are often invited to provide theory”. expert comment to the government and the media. Our school has a strong research climate, evidenced by our All our research fits perfectly in the university’s slogan growing number of high-impact publications in the top journals ‘Understanding Society’. Personally, I would like to go beyond and strong positions on international rankings. We use this firm understanding, and contribute to improving society. Last years foundation in order to make a relevant contribution to major for example, I worked on a project on dike height optimisation. societal issues. One way we do so is to cluster our research This is an important issue in this low land and the results of our into thematically oriented centres, approaching issues from an research will most probably be embedded in Dutch law. It gives interdisciplinary angle where, for example, psychologists work me the feeling that my research really matters. together with economists. My faith in Jesus is my inspiration in my life. His love makes I think it is important to present our results to the public, me enjoy my work so much more.” therefore I am very pleased with initiatives such as the new research websites Econtrack and MeJudice. The Tilburg University Society seeks to connect with politicians, policy

Dick den Hertog 8Professor | tilburg of school Operations of economics Research and managementVice Dean Research management team “Where ideas meet, elegant solutions arise”

“My goal as Managing Director is to create an inspiring I am driven by curiosity. Every day I wonder why things are the environment for scientists and students. One way to do so is to way they are. There are so many questions still not answered. I offer the best facilities possible. wish to pass on this curiosity to my children so they will never 2009 has been a busy year. We built a new student service stop wondering about the world around them. I also want to centre offering student-related services in a much more leave my children a world worth living in and show them what prominent way than before. We have also updated the seminar they can do to accomplish this. This is why, for instance, I want rooms, not only for presentation purposes, but also with state- them to ride their bicycles to school, also when it rains, instead of-the-art technology that enables video recording of lectures of taking the car. The next step will be to teach them to switch off and interactive distance learning. The importance we place on the lights when they leave a room.” sustainable housing is reflected in our aim to reduce the carbon footprints of our buildings, using technologies such as motion- controlled energy-saving lights. The secret of success is to see opportunities and to exchange thoughts with others. Where ideas meet, elegant solutions arise.

Pien Versteegh Managing Director annual portrait 2009 | 9 management team “Multicultural classes have a special dynamic”

“We are living in an increasingly globalised world. As the The slogan ‘Understanding Society’ applies to me in two ways. majority of our graduates will be working in an international On the one hand, I am actively participating in the debate environment, in 2009 we began two new international on how we can restore financial stability through improved Bachelor’s programmes: International Business Administration regulation and supervision and so prevent another financial and Economics. crisis. On the other hand, understanding the enormous diversity In keeping with similar programmes elsewhere in the world, of cultures and perspectives that form society is what drives me courses are delivered in English, in a multicultural environment, and inspires me in my work.” with interaction between teachers and students actively encouraged. Multicultural classes have their very own dynamics. Although communication can be more challenging than in a less diverse group, it is often very exciting and very productive. Our focus now is to promote the new programmes internationally. This work is made much easier by Tilburg University’s high scores in international rankings.

Harald Benink 10Professor | tilburg of Bankingschool of and economics Finance and Vicemanagement Dean Internationalisation management team “Students should develop themselves in a broad way”

“It is an honour to be a member of the Management Team at truly student-centred remains key in the plans for 2010. With the Tilburg School of Economics and Management. I find it this goal in mind, I have made a proposal to intensify coaching inspiring to work with management team members who are of students, and for all the various student and faculty boards actively involved in politics. to meet more frequently. Although these groups have always I have always been interested in politics and the political game operated at different levels they actually share the same goals. that is played. Moreover, I find it interesting to analyse societal Efficiency would increase if they collaborated more closely. issues from different perspectives and to develop solutions. I I also proposed to stimulate students to take courses want to develop myself into a person who is involved in society. outside the regular curriculum, for instance on subjects like I was invited onto the board after a year on the university entrepreneurship. In my opinion it is important that students council, where I developed my interest in policy issues at are educated in a broad range of disciplines. There is a our university and the Tilburg School of Economics and commitment to develop these ideas further in 2010. Management. Whereas my former position was about giving The main thing I learned last year, is that if you want to realise feedback to our school on its policies, now I am actively involved your ambitions you need patience and perseverance: it takes in shaping them, being a bridge between students, educational time to motivate people to change. Building an atmosphere commissions, the faculty council and the management team. of mutual trust and creating win win situations are important Improving and updating the school’s education system was prerequisites for success.” an important aim for 2009, and the desire to make our school

Bjorn Giesbergen Student International Economics and Finance and student-member Management Team 2009/2010 annual portrait 2009 | 11 Research Strengthening the link with society

12 | tilburg school of economics and management research

Capitalising on our Research Furthermore, we stressed the importance of making our Doing great research is very inspiring. Our research quality research results available to the public. Therefore, new (online) enables us to further exploit our talents. On the one hand initiatives such as econtrack.nl, Me Judice TV and the UVT Society our aim is to use scientific insights to strengthen our link have been introduced at the start of 2010. In addition, members with society and to support the university in its goal of of our school frequently figure in the public debate on current ‘Understanding Society ’. On the other hand an equally topics such as the retirement age and regulation of financial important goal is to allow our students to profit from our markets, and are often invited to provide the government and reputation in research and provide them with the right skills for the media with expert comment. For example, we advised the the labour market. Maas Committee on the future of Dutch banks (Adviescommissie Toekomst Banken). Our Network for Studies on Pensions, Aging Strengthening the link with society and Retirement (Netspar) contributed to a report published by An important vehicle to address relevant issues of today’s society the Goudswaard Committee on the sustainability of the Dutch is the thematic clustering of our research through insitutes. In pension system. 2009 two new institutes were launched: the Research Institute Another example of bringing our research closer to society is for Flexicurity, Labour Market Dynamics and Social Cohesion the Tilburg Consumer Outlook Monitor (TILCOM). Set up by (ReflecT), and the Tilburg Sustainability Center (TSC). These, CentERdata and the Tilburg Institute for Behavioral Economic and other institutes in which our school is involved, mark an Research, TILCOM enables the prediction of consumer loyalty important step towards a multidisciplinary and coordinated and buying behaviour. approach to important societal issues.

annual portrait 2009 | 13 research

Research ambitions & results Research linked to education In 2009 plans were made to establish a Ambition: closer relationship between our research and • stay in the top-3 in Europe our educational programmes. We want our • achieve a position in the top-20 in the world, both in Economics and students to gain optimal advantage from the Business Administration research skills our school provides. In order Results in 2009: to apply scientific developments for society’s • VSNU (Association of Universities in the Netherlands): highest score benefit, students should not only know the possible for five of our programmes on Research Quality right theories, but also be able to decide how • UT Dallas Journals: compared to 2008 we published 14 percent more and and when to put them into practice. Becoming almost 50 percent more in top core journals as respected for our education as we are for our • University of Connecticut’s REPEC listing: 27th worldwide in the field of research will strengthen Tilburg University’s Economics position in the increasingly fierce global • 2009 UT Dallas ranking: 52nd worldwide and in Europe’s top-3 competition to be recognised for academic and • Tilburg University Economics Ranking: 23th worldwide in the field of research excellence. Economics and in Europe’s top-3

14 | tilburg school of economics and management research

Tilburg University Economics Ranking 2009 New Economics Ranking Rank Universities worldwide Score To place Tilburg more firmly on the research map, we launched 1 Harvard University 551 a new international Ranking of Research Schools at the end 2 University of Chicago 385 3 New York University 347 of 2009: the Tilburg University Economics Ranking. We 4 University of California, Berkeley 332 observed that the website https://econtop.uvt.nl is visited by many 5 Massachusetts Institute of Technology 296 researchers from all over the world. 6 Stanford University 290 7 University of Pennsylvania 283 8 London School of Economics and Political Science 280 8 Northwestern University 280 10 Columbia University 268 11 Yale University 250 “Thank you for this. This is a really useful resource.” 12 Princeton University 225 Professor Nilss Olekalns, Head of Economics Department, University of Melbourne 13 University of California, Los Angeles 210 14 Duke University 203 14 University of Michigan 203 16 University of Maryland 193 Top-5 European Universities 17 Cornell University 184 Rank European universities 18 University of Toronto 156 1 London School of Economics and Political Science 19 University of Illinois 154 2 University of Oxford 20 University of Wisconsin 153 3 Tilburg University 21 University of California, San Diego 151 4 University of Toulouse 22 University of Oxford 139 5 Université Catholique de Louvain 23 Tilburg University 132 24 University of Minnesota 130 25 University of British Columbia 128

annual portrait 2009 | 15 Current societal issues

16 | tilburg school of economics and management The Tilburg School of Economics and Management wants to contribute to a better understanding of today’s society. Within our broad research palette we explore the following societal issues:

banking & financial markets sustainability page 18 page 28

innovation & labour, health care Understanding entrepreneurship & ageing population page 20 page 26 Society

market forces marketing & page 22 consumer behaviour page 24

annual portrait 2009 | 17 18 | tilburg school of economics and management banking & financial markets “Financial crisis: the worst might be over but questions remain”

“Since the beginning of my university studies twenty years ago Our active involvement in the societal discussion on these I have been interested in financial sector issues. My research issues resulted in members of our school forming part both and visits to developing countries have convinced me that of the Advisory Committee on the Future of Dutch Banks and access to financial services is an important part of the economic the Commission to inquire the DSB Bank bankruptcy. For development process that can help people move out of poverty. the European Competition authorities in Brussels we wrote a However, I have also seen how financial crises can destroy policy report on reconciling stability and competition during the peoples’ livelihoods. I try to understand the country and its banking crisis. We also organised several academic conferences people beyond statistics and conversations with policy makers. on Financial Stability, Procyclicality and Financial Regulation. By talking to local entrepreneurs and for instance taxi drivers, Several new crisis-related research projects have started at the one can get great insights into the functioning of society that you school. These projects cover topics such as wholesale versus can’t find in any report. retail funding of banks, diversification in financial institutions Although far from perfect, the financial crisis was marked by and systemic fragility, and the impact of monetary policy on risk international coordination and relatively effective interventions taking. in financial markets. This was mainly due to the response of I expect the situation at the financial market to continue policy makers. The peak of the crisis had passed and most fluid in 2010, as Europe is facing the sovereign debt crisis of issues, such as insolvency problems in the banking sector, have Greece and possibly other Euro member countries. In addition, been addressed. However, many questions remain and new ones the debate on regulatory reform will continue: how should surged. For instance, how to change regulatory frameworks to regulations be changed to prevent another crisis and how should minimize the risk of another crisis? How to deal with a potential we deal with this on a European level? The European Banking sovereign debt crisis of a Euro member country? Center will take an active role in this debate.”

Thorsten Beck Professor of Economics and Chairman of the European Banking Center annual portrait 2009 | 19 20 | tilburg school of economics and management innovation & entrepreneurship “Service-oriented architecture is now on the map”

“2009 saw a breakthrough in the adoption of service-oriented From a business perspective it is encouraging that industry is architecture in the Dutch industry, its services sector and becoming increasingly aware of the range of opportunities that society at large. This means software for the construction and service-oriented architecture brings. To build on this growing maintenance of innovative Internet-enabled software services awareness, our European Research Institute in Service Science with wide-ranging applications. (ERISS) participates in several international projects, such Imagine, a device such as a blood pressure meter, attached as COCKPIT. Its aim is to develop Internet tools to enable to the body of a patient, with wireless integration into hospital government and the citizens to co-create innovative public information systems, providing smart, real-time location-based services. For example, travellers stranded due to the volcanic ash solutions. If, for example, the blood pressure and heart rate cloud, could find overnight accommodation or make alternative of a patient exceed a particular threshold, the nearest hospital travels plans using social media such as Facebook and Twitter. emergency units will be alerted and emergency vehicles dispatched, whilst medical information about the patient can be The last two years we were busy sowing the seeds of success; read directly from sensors on the body. we expect a good harvest in 2010 with many high-impact Another example is leveraging smarter traffic management publications and books coming from our projects. These systems, or the integration of sensor networks that measure insights will not only be useful for students and scientists air pollution with public service systems. This will provide around the world, but also for practitioners in the service sector intelligent city planning techniques, such as avoiding areas with such as municipalities, hospitals and financial institutions.” poor air quality.

Willem-Jan van den Heuvel Professor of Information Systems and Managing Director of the European Research Institute in Service Science (ERISS) annual portrait 2009 | 21 22 | tilburg school of economics and management market forces “Economists and lawyers are market engineers”

“Market forces operate best within a proper regulatory mergers would be permitted and that they might stimulate framework. You cannot let the market run wild: it needs to be innovation in the health care sector by bringing together health steered in the right direction. care suppliers. In 2009 the Sociaal-Economische Raad (Dutch Social Economic Council), prepared its recommendations to the Dutch Another important research topic last year was how to increase government on Market Forces and the Public Interest. In the our strength in innovation to maintain competitiveness with beginning, I was not sure whether the independent members countries such as the US, China and India. A new project, that would be able to convince the parties involved - employers aims to improve innovation policies in Europe, is investigating supporting market liberalisation and employee representatives whether these policies are based upon the latest scientific favouring greater regulation – that the middle way, which was thinking. Innovation needs competition, but just the right already outlined in the 2006 TILEC Research Programme amount. In a monopoly situation there is little reason to Market Governance would be best for both. I consider it a great innovate; too many competitors in a market hinders innovation. achievement that we were able to do so. The optimal degree of competition may be sector specific, and can only be determined by careful empirical analysis. Such an In 2009 I was part of a commission, established by the Ministry analysis is being carried out at the moment. of Health, Welfare and Sports, that determined the legality of Our work of developing and building regulatory frameworks mergers between hospitals and health insurance companies. for governments to allow businesses to flourish has become a The commission concluded that under European Law, such core activity. This is what we are: engineers of market forces.”

Eric van Damme Professor of Economics and co-Director of TILEC annual portrait 2009 | 23 24 | tilburg school of economics and management marketing & consumer behaviour “The economic crisis has severely dented consumer confidence”

“From the perspective of marketing and consumer behaviour deliver a curriculum in entrepreneurship. the economic crisis severely dented consumer confidence in My career milestone for 2009 was the publication of our 2009 and had a negative impact on global business. People have article Brand History, Geography And The Persistence Of Brand postponed buying big-ticket items such as a house or a car and Shares in the Journal of Political Economy, a premier journal are scaling back expenditures on luxury goods, holidays or even in economics. It is great to see that a project that took 5 years just eating out in a restaurant. to complete was ultimately published in such a fine academic In September 2009, together with CentERdata and the journal. Tilburg Institute for Behavioral Economic Research, several of For the future, I expect consumer interest in sustainability my colleagues set up the Tilburg Consumer Outlook Monitor to continue to grow. Consumer studies show a significant (TILCOM). This tool measures the emotional responses of increase in the number of people who, for example, consider an Dutch consumers to the current economic situation, establishes environmentally-friendly production process or packaging to their buying behaviour and plans, and also enables the be an important product quality. It’s also clear that consumers prediction of future plans and behaviour. Every three months a expect manufacturers to inform them proactively on these panel of two thousand consumers is monitored via TILCOM. issues. Another important initiative is the establishment of the We adapted our programmes to meet the changed demands Brabant Center of Entrepreneurship, a partnership between the of the economic crisis and we will further tune our research to Tilburg University and the Eindhoven University of Technology. address the growing consumer interest in sustainable business From 2010, to meet an existing need for courses in this area - a practices. After all, our goal is understanding society.” need heightened by the recent economic crisis - the centre will

Bart Bronnenberg Professor of Marketing and CentER research fellow annual portrait 2009 | 25 26 | tilburg school of economics and management labour, health care & ageing population “I never imagined that pensions and retirement would become such a big issue”

“The Dutch labour market changed dramatically last year. In In 2003, when we set up Netspar, I had not foreseen that early 2008 the demand for workers exceeded supply, but in the issue of pensions, labour and retirement would become 2009 unemployment climbed due to the economic crisis. This so important. Among other things, the Dutch government intensified the pressure on public budgets and led to a proposal is planning to raise the retirement age. This drastic step by the Dutch parliament to raise the retirement age. This is necessary to better maintain human resources in the sparked an intense national debate paralleled by an ongoing Netherlands and will also help ensure that our health care discussion on the future of pension funds, which were hit hard system can meet future demands. by the turbulence in financial markets. The key challenges for the coming decade are restructuring Our Network for Studies on Pensions, Aging and Retirement public budgets, redesigning pension contracts and improving (Netspar) has been active in these discussions. Two members the functioning of the Dutch labour market for older workers so of our Network – Roel Beetsma and Theo Nijman – were part of that we can (re)employ our elderly population. the Goudswaard Commission that advised the government in My passion in research is to better understand society and January 2010 on the sustainability of the Dutch pension system. to use that knowledge to help people cooperate in making As part of this discussion, Netspar published papers on pension our world a better place. To me, understanding society means supervision and on issues such as “how to communicate with talking to as many people as possible that work in my area of people about uncertainties in the retirement payment they will expertise – aging and pensions. We have to participate in society receive”. In addition, we investigated how to make older workers and get to know the people who make the world go around.” attractive to employers.

Lans Bovenberg Professor of Economics and Netspar Chair annual portrait 2009 | 27 28 | tilburg school of economics and management sustainability “We want TSC to be a model for sustainable business”

“The establishment of the Tilburg Sustainability Center (TSC) in social responsibility; 4. responsible investment; 5. regional October 2009 was both a personal and a university milestone. sustainability. We have asked twelve Professors to present their In my role as Managing Director I can now focus on a topic that research plans for projects at the cutting edge of these subject has always been important to me. I have always wanted to better areas. In 2010 this group will be supplemented by scientists, understand sustainability issues: to see what really matters in academic teachers and researchers. the maze of opinions on climate change and future economic In 2009 we started a project, for the European Union, that development. My involvement with TSC enables me to tackle investigates the impact of socially-responsible entrepreneurship issues together with students, businesses and NGOs. in 27 member countries, using quantitative assessment tools From the university’s perspective, the creation of the centre developed by TSC. Another project, planned to go live in 2010, marks an important step towards a multidisciplinary and will calculate the carbon footprint of the average consumer in coordinated approach to sustainability, a topic that is taken the Netherlands. The calculations will be based on results from increasingly seriously by consumers, governments and industry. CentERdata’s specialist online surveys. At Tilburg University there have always been many initiatives in In addition to our sustainability research programme, we are the area of sustainability. However, now we are able to reshape determined to look at how we can live and work on campus and refocus our collective efforts. in more sustainable ways. To meet the growing global need The aim of TSC is to coordinate all the sustainability research for sustainability expertise we are providing our students with conducted at our university, to determine an overall focus and to graduate projects and internships in this area. tune all our projects to this focus. We defined five key areas for At TSC we want to be a model for sustainable business: development: 1. environmental economics and environmental to practise what we preach.” law; 2. socially responsible entrepreneurship; 3. corporate

Hilde Baert Managing Director at the Tilburg Sustainability Center annual portrait 2009 | 29 Education The sum of good research and excellent teachers

30 | tilburg school of economics and management education

One of the priorities of the strategic plan 2009-2012 is to raise in September. The strength of these programmes lies in the our educational standards to meet those of our research and to selection of motivated students from both home and abroad, allow our students to benefit from advanced research. As Dean who are taught a stimulating and inspiring programme Kees Koedijk so aptly put it in 2008, “Let us strive for world- by world-class teachers in what are termed multicultural class research and world-class education”. classrooms. The students work together in small groups and are In order to achieve this goal, we need to make quality encouraged to spend some of their study time abroad. investments in: sophisticated programmes employing active teaching methods; smaller groups; teachers with excellent Another initiative was set in motion following a visit by the teaching skills; and good student facilities. It is also important to education review committee in October 2009. The committee strengthen our international focus by tailoring our programmes, advised raising the profile of Tilburg’s economics programmes by attracting greater numbers of international students and by by allowing students to benefit from the excellent research stimulating international exchange. We must also strive to attain techniques and facilities the school has to offer. Research a higher profile in international education rankings such as the that relates to current social issues will make the teaching Times and CHE. programme more interesting and raise knowledge to a higher plane. This includes not only theory but, most importantly, Students should benefit from research skills that will benefit students throughout their careers. This Two of the plan’s elements were already developed in 2009 enhanced relationship between research and education will in the form of the new Bachelor’s programmes in Economics be applied in 2011 to the modified Bachelor’s programme in and International Business Administration, which began Business Administration.

annual portrait 2009 | 31 education

Getting ready for society our students for the job market, while enhancing the university’s We are making, and will continue to make substantial motto ‘Understanding Society’. investments in the school’s education provision. Various learning trajectories will be introduced during the first Career prospects for lecturers academic year with a view to developing these further in the Enhanced teaching methods and appealing learning trajectories subsequent years. These learning trajectories will place the not only inspire and enthuse students but also lecturers, emphasis on teaching, writing and presentation skills and the according to a number of examples in this annual report. research techniques already mentioned, while also tapping into They too will be increasingly challenged to improve their skills. important social developments that demand new knowledge in, Our goal is to create a department with outstanding teaching for example, the field of ethical conduct. We, therefore, plan to and/or valorisation skills, by offering better career prospects. give our students a thorough grounding in ethics and train them This is why we have introduced a parallel promotion track for to become responsible professionals. people with excellent teaching skills, course design skills and Another important milestone was achieved in 2009 with the administrative skills as well as a good publication record. This CFA Institute’s Program Partnership. CFA stands for Chartered adjunct track starts at the level of Assistant Professor, continues Financial Analyst and is the global professional standard for with Associate Professor and finishes at the level of Adjunct financial analysts. The Master’s programmes MSc in Investment Full Professor. Two Adjunct Professors were appointed in Analysis and MSc in Accounting are now CFA accredited. 2009: Peter de Goei and Marieke Quant. In 2010, ten positions All those in possession of a CFA accredited degree certificate will become available and a further five female Adjunct Full have extensive theoretical knowledge coupled with relevant Professors will be recruited. experience. This is part of our ongoing efforts to properly equip

32 | tilburg school of economics and management education “A timely joke keeps the students attentive”

“A good teacher enhances the perception and experience of “Mister Van den Brand always finds the students by making sure that the subject material is understood time to really help students as much as well and that they can translate theory into practice. he can. When I was writing my thesis he I love to teach my students, who often only know accounting gave me a push in the right direction, from tall stories in the media – indianenverhalen in Dutch – the just when I needed it” ins and outs of this subject, in a way that is enjoyable for them Kim Scholtz, BSc. International Business Administration and for me. I make a point of discussing current, socially relevant issues in my courses, such as the financial crisis and high bonuses for top managers. Most students find this inspiring. When, in spite All in all, I think my enthusiasm for accounting comes across to of this, I feel their attention wandering, I just make a little joke. my students. A majority say that they find it a lively course. In addition, I let my students work together on exercises and The slogan Understanding Society is important for me as a cases. They enjoy choosing for themselves which companies to teacher, but also for me as an individual. Therefore I volunteer analyse. A consequence is that this freedom often produces an for organisations such as Scouting Nederland, organising excess of brewery case studies. survival courses and scouting camps. I like to create a pleasant Our school facilitates E-learning by means of web lectures, atmosphere, whether it is in an outdoor environment, in the web tutorials and web tasks. These facilities allow students department or the classroom.” to test their knowledge, to follow lectures and to practice complex exercises where they want, when they want and at their own pace.

Bob van den Brand Lecturer in Accounting, Winner of the Education Innovation Award 2009 annual portrait 2009 | 33 education “A good teacher should stay connected with student needs”

“Our goal is to enable students to succeed in their future careers. “Mister Spalt is a brilliant and Our school’s status as a leading European research institute very inspiring teacher. He is really good should give them a competitive advantage. at translating complicated concepts into I support state-of-the art theory with practical examples: how information that can be easily do you value a car plant in China or the production rights for the applied to real-life cases” latest Terminator movie? My lectures are hands-on. for example, Nicky van der Heijden, BSc. Business Administration I provide valuation models in Excel - the industry standard – and I use Harvard case studies based on real business scenarios. A good teacher should stay connected with what students need, as world-class research is sometimes quite removed From the feedback I get, students like the Corporate Valuation from the daily challenges for top managers and financial course and find it useful. This is the most rewarding for me: professionals. Our job is to translate it into something students when students understand the material and value their learning can use in their future careers. experience.” I maintain an open dialogue with the students. I ask them to complete surveys at the beginning and end of the course, and encourage them to come to me with their questions and concerns. I also have a section on my website where students can, anonymously, leave their comments.

Oliver Spalt 34Assistant | tilburg Professor school of of Finance economics and andlecturer management Corporate Valuation education “I love the Eureka moments”

“Mathematics and Statistics are complex subjects. My ambition “There are two words that is to help students understand the science and teach them how accurately describe Mrs. Quant’s to use it. teaching style: silence and structure. Being enthusiastic in the classroom and getting involved with Her clear explanations have helped my students are important ingredients for success. A structured develop my genuine interest approach is essential: when explaining a mathematical or in Statistics” statistical issue, I go through the process step by step. First we Nadieh Elferink BSc. Business Administration analyse the problem, then develop a solution plan and finally make the calculations. In 2009 I was appointed Assistant Adjunct Professor, as part of the development track for people who want to combine teaching with educational design and research. I teach about 70 percent of the time. The remainder of my working hours I invest in research on Game Theory and on the development of a Mathematics-D programme for Dutch high schools. This adjunct track is perfect for me: I like research and I love to teach, especially the Eureka moments when students suddenly ‘get the point’.”

Marieke Quant Lecturer in Mathematics and Statistics and Adjunct Assistant Professor annual portrait 2009 | 35 Highlights Review 2009 per month

36 | tilburg school of economics and management highlights January

If banks are to blame for the global economic crisis, why are governments bailing them out? Is this good or bad? Harald Benink, Professor of Banking and Finance and Vice Dean Internationalisation, says that government aid is necessary: “Banks cannot solve this problem alone. Government aid might weaken the system but is there any alternative?” Harald and his colleagues worked overtime in the media, appearing daily in newspapers, on radio and on television. Launch of ReflecT The launch of the Research Institute for Flexicurity, Labour Market Dynamics and Social Cohesion (ReflecT) at Tilburg Collectivity Pays Off University seems to have come at the right moment: there is a Due to an ageing society, pension systems worldwide are under call for a flexible labour market with a good infrastructure. pressure. JiaJia Cu, who defended her PhD thesis on January 16, ReflecT is a multidisciplinary research institute initiated has discovered that risk sharing between generations through and coordinated by Tilburg Law School. The Tilburg School of a collective pension system adds value compared to individual Economics and Management, and the Tilburg School of Social pension provisions. It appears that simple age-dependent saving and Behavioural Sciences also participate. ReflecT performs and investment rules at individual pensions can imitate optimal multidisciplinary labour market and employment research, strategies. Collective and individual pension systems should combining legal, economic, sociological and psychological therefore join forces. approaches.

annual portrait 2009 | 37 highlights February

Every year the university rewards the scientists Sylvester Eijffinger wins Media Prize 2008 scoring highest in the media rankings. The 19th Once again the university’s media king Media Prize once again found Sylvester Eijffinger dominated TV, radio and the printed press. and Lans Bovenberg fighting for first place. Sylvester Eijffinger, Professor of Financial Economics, won the Tilburg University Media Prize for 2008: the third time since 2000 that Eijffinger has been the Tilburg University Privatization of Pension Schemes researcher with the most noticeable media In a conference on 5 February , Netspar presence. This year he achieved a record score (Network for Studies on Pensions, Aging and of almost 1000 points and 259 media hits. Retirement) addressed an issue that has been Lans Bovenberg, ‘the opinion maker par intensely debated for some years: the effects excellence’, Professor of Economics, was of privatization of public pension schemes. second, as last year, and Fred van Raaij, Keynote speaker was Kent Smetters (Wharton Professor of Economic Psychology, took third School, University of Pennsylvania), whose place. Altogether our economistst accounted work is interesting because it makes a very for one third of the university’s Media Top 30. careful assessment of the welfare effects of labour market distortions and intergenerational risk sharing.

38 | tilburg school of economics and management highlights March

March saw an intense media discussion about top managers’ bonuses. According to Tilburg University economist Jan Bouwens, Professor of Accounting, “it is not sensible for the government to regulate bonuses because there is nothing wrong with the principle of variable remuneration.” In March our school addressed an increasingly relevant challenge: the need for innovation. Two activities set the tone.

State Secretary De Jager receives IT prize Bob van den Brand wins Innovation in On 5 March, during the symposium Innovating Education Award 2009 IT, State Secretary Jan Kees de Jager received Bob van den Brand, lecturer in Accounting the KUBBIK Prize for his contribution to the and member of the Accountancy Department, development of information technology in won the Innovation in Education Award 2009 the Netherlands. Held to celebrate the 25th given by the Tilburg School of Economics and anniversary of the education programme Management. His prize includes 15,000 Euros, Information Management, the symposium was which he will invest in the further development organised by the Department of Information of his web-based learning system. Management and the students’ association, SBIT.

annual portrait 2009 | 39 highlights April

More gloomy stories about the financial crisis, and an attack on Duisenberg Research Fellowship for the Royal Family at Koninginnedag (Queen’s Day), got April off to Sylvester Eijffinger a poor start. There was some good news too, however, as Eric van Sylvester Eijffinger, Professor of Financial Damme, Professor of Economics and co-director of TILEC, received Economics, was awarded the Duisenberg royal recognition, while some of his economist Research Fellowship by the European colleagues also received prizes. Central Bank. Initiated by the European Commission’s Directorate General Research, Marie Curie International Reintegration Grant the award is given to leading scholars who are for Thorsten Beck internationally recognised experts in their field Thorsten Beck, Professor of Economics of research. During the three-month fellowship and Chairman of the European Banking Eijffinger explored The Interaction between Center, received a Marie Curie International Central Bank Transparency and Communication. Reintegration Grant of 100,000 Euros for Eric van Damme: Knight of the Order of the Lion a four-year project entitled Banking System April ended on a high note with the awarding Stability and Bank Regulation. This research of Knight of the Order of the Netherlands Lion project contains several sub-projects, held to Eric van Damme, Professor of Economics together by the theme of bank regulation and and Co-director of TILEC, for his services to the financial stability. university and to economics in general and in recognition of his work on game theory.

40 | tilburg school of economics and management highlights

Frank van der Duyn Schouten appointed to May NWO Division for Social Sciences Frank van der Duyn Schouten, Professor of Operations Research, Netspar director and former Rector Magnificus of Tilburg Trust is essential to the working of modern society. The report by University, was appointed member of the NWO the Maas Commission, Naar Herstel van Vertrouwen (Restoring Division for the Social Sciences (MaGW) as of Trust) identified that financial institutions need to win back the trust May 1, 2009. MaGW initiates, stimulates and of their clients, and of each other, if they are to restore the market funds high quality research in the field of social to health. Many of the university’s scientists were appointed to sciences. government and regulatory boards, reflecting the need, at the highest levels, for objective expert opinion.

Second Duisenberg Research Fellowship Lans Bovenberg appointed Academy Member Eric van Damme on Health Care Committee Once again our researchers have been awarded Lans Bovenberg, Professor of Economics Ab Klink, Minister of Health, Welfare and the Duisenberg Research Fellowship by the and Director of Netspar, has been appointed Sport, appointed Eric van Damme, Professor European Central Bank: Steven Ongena, Member of the Royal Netherlands Academy of Economics and co-director of TILEC, as Professor in Empirical Banking, and to of Arts and Sciences (KNAW). The Academy one of five members of the Committee for the Sylvester Eijffinger, Professor of European promotes quality in scientific and scholarly Vertical Integration of Health Insurers and Financial Economics. They are recognised as work and strives to ensure that Dutch Health Providers. The committee investigated outstanding European economics scholars. scholars and scientists make the best possible the advantages and disadvantages of different contribution to the cultural, social, and forms of cooperation between health insurers economic development of Dutch society. and health providers and reported its findings at the end of May 2009.

annual portrait 2009 | 41 highlights June

One of the main challenges following from the credit crisis has been to reform supervision and regulation of financial systems. In June 2009, President Obama announced the largest banking sector reform plan, in the US, since the nineteen thirties. Nobel Prize winner Economics 1997, Robert Merton, explored this theme in detail during the annual Van Lanschot lecture. An important milestone for our school was being accepted into the Institute of Chartered Financial Analysts (CFA). shared his Nobel Prize with Myron S. Scholes Tilburg University becomes CFA Program for their Theory of Option Pricing, a method to Partner determine the financial value of options. In a signing ceremony at Tilburg University During the event two awards were presented. on 18 June, the Tilburg School of Economics Van Lanschot Lecture by Robert Merton The Van Lanschot Scholarship (10,000 Euros) and Management was appointed as a Program On Thursday, 11 June, Robert Merton, John went to Chinese student Yike Wang who Partner of the CFA Institute, the global and Natty McArthur University Professor at achieved a superb grade average of 9.4 (out association for investment professionals that Harvard Business School and Nobel Prize of 10). The Van Lanschot Prize (5,000 Euros) confers the prestigious Chartered Financial winner Economics 1997, gave the fourth Van for the best master’s thesis went to Jochem de Analyst designation. In the photo, Kees Koedijk Lanschot Lecture, entitled On the Science of Bresser. He received a 9 for his thesis The Value (left), Dean, and Dennis McLeavey (right), Finance in the Practice of Finance: Challenges and of Serenity in an Urban Environment: A Hedonic Head of Education at the CFA Institute EMEA, Opportunities from the Financial Crisis. Merton Price Analysis of Real Estate in Rotterdam. sign the partner agreement.

42 | tilburg school of economics and management highlights July

For many people, the summer months are often quiet, lazy and laid-back – but not for our economists. While Dean Kees Koedijk opened the University’s first Summer School, faculty members were very busy in the media, debating hot issues such as the labour market, increasing the retirement age and part-time unemployment benefit.

Kees Koedijk opens Summer School On Friday 17 July, Dean Kees Koedijk and Saskia Immens, project leader Summer School, welcomed about 100 foreign students to participate in the first Tilburg University Summer Tilburg economic research ranked 4 in Europe School. During the summer months Tilburg University offers Researchers of the Tilburg School of Economics and the following courses: a Dutch Intensive, English for Academic Management did very well in the March 2009 RePEc ranking. Purposes and a Dutch Intensive for German Speakers. In Publication of the Top 10 percent Top Level Institutions as of addition to the summer courses, the Summer School offers its May 2009 placed Tilburg University at number 27 globally and students an attractive social programme to make their visit an number 4 in Europe. unforgettable experience.

annual portrait 2009 | 43 highlights

New technologies for crisis management August Mexican Flu, forest fires in southern France, earthquakes in Chile and floods in Russia. As the incidence of disasters in the world grows, the question of how to prevent them or deal with them effectively assumes greater and greater importance. How can new information technologies be applied to prepare The management of hospitals and pensions were hot issues in August, with faculty citizens and their communities for such events? members sharing their expertise with the media, the public and government. Highlights These were some of the questions in focus during the ISCRAM Summer included the appointment of Theo Nijman, Professor of Investment Theory to a School 2009: New Technologies for Citizen Participation in Crisis Preparedness and committee investigating the future sustainability of supplementary pension provisions, Response. PhD students and crisis management experts from around the world and the launch of the first joint degree Master’s programme in Services Science. identified, discussed and analysed the application of new technologies in order to find solutions for effective community-based crisis management.

Theo Nijman provides pensions advice Theo Nijman, Professor of Investment Theory at Tilburg University and Scientific Director of Netspar, was asked by Dutch Minister Donner for advice on what Pension Funds managers could learn from the financial crisis. Nijman was appointed to a committee that investigated the future sustainability of supplementary pension provisions (Commissie Toekomstbestendigheid Aanvullende Pensioenvoorzieningen). Other members of the Committee were Roel Beetsma, Professor of Economics at the University of Amsterdam, Kees Goudswaard, Professor of Applied Economics and special Professor Social Security at Leiden University and the director of the Netherlands Institute for Social Research (SCP), Paul Schnabel. The Committee submitted its report in December 2009.

44 | tilburg school of economics and management highlights September

The academic year started with two new New Economics and IBA Bachelor programmes start Symposium Na de Troonrede international Bachelor programmes: Economics, In September the international Bachelor programmes Economics, and The 26th Na de Troonrede and International Business Administration International Business Administration (IBA) started. In keeping with similar symposium took place on 15 (IBA). Another highlight was the university’s programmes elsewhere in the world, courses are delivered in English, in a September on the subject of dissertation award for Mario Schijven. multicultural environment, with interaction between teachers and students the Dutch national budget actively encouraged. Students in these programmes are supported to do part of (De Miljoenennota). Sylvester their studies abroad. Eijffinger, Marcel Canoy, Wim van den Goorbergh and Harrie Mario Schijven awarded Best Dissertation Verbon participated in a very Mario Schijven won the Tilburg University lively debate. dissertation award for 2008-2009. Professor Philip Eijlander handed him his award during the opening ceremony for the new academic year. In addition to the award he received 5,000 Euros. In his dissertation Acquisition Capability Development: Behavioral and Cognitive Learning Perspectives, Schijven examined the development of actual mergers and take-overs.

annual portrait 2009 | 45 highlights October

Soon after the DSB bank went bankrupt Kees Koedijk, Dean of the Health Conference with Ab Klink school and Professor of Financial Management, was appointed to On 26 October, the Tilburg Law and Economics Center (TILEC), the commission investigating the collapse. Dutch and US health care TRANZO and the Dutch Ministry of Health, Welfare and Sport systems shared the spotlight at a conference organised by the Tilburg organised the health conference Effective Managed Competition; Law and Economics Center (TILEC), TRANZO and the Dutch health care on both sides of the ocean. American and Dutch health Ministry of Health, Welfare and Sport. care economists exchanged ideas about present and future health care systems in the US and the Netherlands.

Robert van Wessel wins Aart Bosman Prize for Best IT Research Robert van Wessel, who gained his PhD at the University of Tilburg in November 2008, won the Aart Bosman Prize for his thesis on the positive and negative effects of the use of IT standards in organisations. In his thesis Realizing Business Benefits from Company IT Standardization, Van Wessel describes the unexplored field of the consequences of using IT standards in companies. The thesis was seen as a major step forward in the discussion about IT standards. The prize was awarded on a biennial basis by the University of Groningen and is named after Aart Bosman, a pioneer in the field of Information Systems in the Netherlands.

46 | tilburg school of economics and management highlights November

November saw the school’s international rankings and Good scores in international rankings Vidi & Veni grants grant awards confirm its position as one of the top global The acclaimed Shanghai Ranking introduced The NWO (Netherlands Organisation for economics research institutes. An excellent evaluation by the a global Economics and Business listing in Scientific Research) awarded Vidi grants to Association of Universities in the Netherlands (VSNU) was 2009. Published annually by Shanghai Jiao the Tilburg economists Joost Driessen, Roger mirrored by the assessment from the Center for Higher Education Tong University, it ranks more than 1,000 Laeven and Stefan Wuyts. They will develop an Development (CHE) and by the Shanghai Rankings. universities using six objective indicators. innovative line of research and appoint one or Tilburg School of Economics and Management more researchers for this purpose. The grant is placed very well, between 51 and 75 across the 800,000 Euros. Tilburg Economics and Business research indicators. Furthermore NWO awarded a Veni research is excellent! The Center for Higher Education grant of 250,000 Euros to PhD students Gijs The VSNU (Association of Universities in Development (CHE) also published its 2009 van de Kuilen and Catherine Schaumans. Van the Netherlands) evaluated six Economics ranking. Two of Tilburg University’s research der Kuilen (TIBER) received the grant for his and Business Administration faculties in groups, Economics and Psychology, were research project The Behavioral Economics the Netherlands. Tilburg University, and appointed to the CHE Excellence Group. of the Disposition Effect. Schaumans (TILEC) its CentER for Research in Economics and received her grant for her project Location in the Business, were rated excellent upon four pharmacy market – structural modelling of entry criteria: Quality, Productivity, Relevance and and location choices. Visability. Our average score for quality and productivity is higher than the individual scores of any other Dutch university in this round.

annual portrait 2009 | 47 highlights

NIVRA Certificate of Merit for Hans Verkruijsse December Professor Hans Verkruijsse received the Certificate of Merit of the Royal Dutch Institute of Registered Accountants (NIVRA), which is awarded to people who have made a significant During a freezing December the newly formed Tilburg Sustainability contribution to the organisation over several Center organised a lunch meeting on climate change and global years. Verkruijsse, part-time Professor of warming. This event was in line with the UN Climate Change Accounting Information Systems, received Conference which was held in Copenhagen. the Certificate for his specialist role in the Committee of Control Issues and Guidelines and for other NIVRA-related activities.

Van Damme and Willems advise on competition and public interest All you wanted to know about Climate Change Professor of Economics Eric van Damme and Assistant Professor Bert Willems The discussions and negotiations at the were closely involved in the KVS Preadviezen 2009, the pre-recommendations Copenhagen Summit last in December document that the Royal Netherlands Economic Association publishes every year. 2009 will affect all of us in some way. On It was presented on Friday 11 December in The Hague. The subject of the Pre- 10 December Aart de Zeeuw and Reyer adviezen was Competition and Public Interest. The document suggests that good Gerlagh, both Professors of Environmental competition requires a vigorous government. In the absence of effective market Economics at the Tilburg Sustainability Center, regulation by the government, the risk of market failure increases significantly. discussed and reflected upon the problems and Currently, senior economists believe that regulatory mechanisms need strength- expected outcomes of the Summit. ening in order to prevent another collapse of the market.

48 | tilburg school of economics and management Appendices

annual portrait 2009 | 49 appendices

9. Gijs Rennen: Efficient Approximation of Black-Box Funcation PhD Defences and Pareto Sets (Econometrics and Operations Research, Dick den Hertog and Edwin van Dam) 10. Bariş Çiftçi: A Cooperative Approach to Sequencing and Connection Problems (Econometrics and Operations 1. Jiajia Cui: Essays on Pension Scheme Design and Risk Research, Peter Borm and Herbert Hamers) Management (Finance, Frank de Jong and Eduard Ponds) 11. Karen van der Wiel: Essays on Expectations, Power and Social 2. Johannes Voget: Tax Competition and Tax Evasion in a Multi- Security (Econometrics and Operations Research, Arthur van Jurisdictional World (Economics, Harry Huizinga and Jenny Soest and Frederic Vermeulen) Ligthart 12. Maciej Szymanowski: Consumption-based Learning about 3. Mark van de Vijver: Collaboration in Buyer-Supplier Relation ships Brand-quality: Essays on How Private Labels Share and Borrow (Organisation & Strategy, Bart Vos and Henk Akkermans) Reputation (Marketing, Els Gijsbrechts) 4. Cokky Hilhorst: Reacting to Risks with Real Options: 13. Ilya Cuypers: Essays on Equity Joint Ventures, Uncertainty and Valuation of Managerial Flexibility in IT Projects (Information Experience (Organisation & Strategy, Xavier Martin) Management, Piet Ribbers, Eric van Heck and Martin Smits) 14. Akos Nagy: Adoption of Interorganizational Information 5. Crina Pungulescu: Essays on Financial Market Integration Systems: The Adoption Position Model (Information (Finance, Frans de Roon and Bas Werker) Management, Piet Ribbers) 6. Andreas Würth: Pricing and Hedging in Incomplete Financial 15. Piotr Stryszowski: Essays on Growth and Migration Markets (Econometrics and Operations Research, Hans (Economics, Patrick Francois) Schumacher) 16. Zhen Shi: Three Essays in Pension Finance (Finance, 7. Peter Kroos: The Incentive Effects of Performance Measures and Bas Werker) Target Setting (Accounting, Jan Bouwens) 17. Gerd Van Den Eede: Two Cases in High Reliability 8. Geraldo Cerqueiro: Information Asymmetries, Banking Organizing: A Hermeneutic Reconceptualization (Information Markets, and Small Business Lending (Organisation & Management, Piet Ribbers and Bartel van de Walle) Strategy, Hans Degryse and Steven Ongena)

50 | tilburg school of economics and management appendices Appointments

Professorial appointments Inaugural Lectures • Jenke ter Horst, Professor of Portfolio Management • 13 March: Prof. dr. Jeroen Suijs. Transparante verslag geving: te • Willem-Jan van den Heuvel, Professor of Information mooi om waar te zijn? Systems • 4 September: Prof. dr. ir. Willem Haemers. Discreet en mooi. • Marcel Das, Professor of Econometrics and Data Collection • 9 October: Prof. dr. Jaap Abbring. Structural Duration Analysis • Willem Haemers, Professor of Discrete Mathematics • 16 October: Prof. dr. Marcel Das. Dan vráág je gewoon om • Luc Laeven, Professor of International Banking and Corporate problemen! Zonder goede survey data, geen goed onderzoek. Finance • 30 November: Prof. dr. Willem-Jan van den Heuvel. Changing • Etienne de Klerk, Professor of Mathematical Programming the face of the global digital economy: what smart service systems • Henk Roest, Professor of Marketing Management, TiasNimbas mean for peoples’ everyday life, enterprises, and society. • Gregory Sidak, Ronald Coase Chair, TILEC • Geert Duysters, Professor of Entrepreneurship • Joost Driessen, Professor of Financial Derivatives • Hans Verkruijsse, Professor of Accounting Information Systems • Reyer Gerlagh, Professor of Environmental Economics

annual portrait 2009 | 51 appendices Research institutes

CentERdata – CentERdata specializes in the collection and EBC’s research programmes focus on three essential areas: analysis of empirical research data gathered via online surveys. Central Banking, Financial Regulation and Supervision; Banking It maintains several sample panels including the unique and Corporate Finance, and International Banking and Finance CentERpanel, an Internet-based telepanel of 2,000 Dutch citizens who complete surveys every weekend. ERISS – The European Research Institute in Service Science (ERISS), founded in 2008, boasts a multi-disciplinary, CIR – Established in 2008, the Center for Innovation Research internationally-renowned team committed to research activities (CIR) promotes research into the strategic and organisational in service science and innovation. The focus is on real-world dynamics of innovation and learning. At CIR’s core are challenges that demand the use of multiple conceptual, researchers from the Tilburg School of Economics and methodological and substantive approaches. Using a wide range Management and the Tilburg School of Social and Behavioural of research techniques allows the institute to devise innovative Sciences. solutions. ERISS is initially focussing on service value networks.

EBC – The European Banking Center is home to researchers Netspar – The Network for Studies on Pensions, Aging and studying the technological, social, managerial and institutional Retirement (Netspar) is an academic/industry collaboration innovations that foster stable financial systems and sustainable for research and education in the field of pensions, aging and growth. EBC is committed to building a strong network of retirement. Netspar is a Societal Top Institute (STI), appointed excellent academic researchers and financial institutions by the Dutch government. STIs combine excellent scientific to stimulate the research and debate needed to address the research with active involvement in the most important challenges and opportunities of global financial systems. questions facing society today.

52 | tilburg school of economics and management appendices

ReflecT –In 2009 the Research Institute for Flexicurity, Labour TILEC – The Tilburg Law and Economics Center supports and Market Dynamics and Social Cohesion (ReflecT) was launched. stimulates research activities related to the economic regulation This multidisciplinary research institute was established by of markets. TILEC started as a small centre designed to enhance the Tilburg Law School together with the Tilburg School of collaboration between lawyers and economists and has evolved Economics and Management and the Tilburg School of Social into a role model for research at Tilburg University. With 60 and Behavioural Sciences. members, a constant output of quality research and a budget of almost 2 million Euros, TILEC is active in the areas of market TCF – The Tilburg Center of Finance (TCF) is an initiative design, competition law and regulation, corporate governance of CentER’s Finance Research group and aims to provide a and finance. platform where financial institutions can meet their academic ‘colleagues’. The associated partner institutions benefit from TiLPS – The Tilburg Center for the Logic and Philosophy of high-level workshops, internships by Tilburg Master’s students Science (TiLPS) studies philosophical problems relating to and low-threshold access to recent research developments economics and the social and behavioural sciences. The Center inside and outside Tilburg University. TCF directly sponsors the runs a Visiting Fellows Programme and supports a full calendar Tilburg Finance Research programme and its PhD programme. of events including regular research seminars, workshops, conferences, a lecture series and a graduate student programme. TIBER – The Tilburg Institute for Behavioural Economics Research (TIBER) aims to become a leader in the field of TSC – The Tilburg Sustainability Center (TSC), founded in behavioural decision-making. TIBER combines best practice 2009, develops projects to strengthen the sustainability research from economics and social psychology and brings together profile of the University. TSC supports collaborative research economists, psychologists, and marketing researchers in between economists, legal scientists, sociologists and related collaborative research projects. disciplines on fundamental and applied problems in relation to sustainability. Research topics include corporate social responsibility, sustainable development, sustainable investment and micro credits.

annual portrait 2009 | 53 appendices Top Publications – A Selection

Accounting • Drost, F.C., Akker, R. van den & Werker, B.J.M.: Efficient • Yim, A.T.L.: Efficient committed budget for implementing estimation of autoregression parameters and innovation target audit probability for many inspectees. Management distributions for semiparametric integer-valued AR(p) models. Science, 55(12), 2000-2018. Journal of the Royal Statistical Society, Series B, 71(2), 467-485. • Einmahl, J.H.J. & Segers, J.J.J.: Maximum empirical likelihood Econometrics & Operations Research estimation of the spectral measure of an extreme-value • Boldea, O. & Magnus, J.R.: Maximum likelihood estimation distribution. Annals of Statistics, 37(5B), 2953-2989. of the multivariate normal mixture model. Journal of the • Einmahl, J.H.J., Li, J. & Liu, R.Y.: Thresholding events of American Statistical Association, 104(488), 1539-1549. extreme in simultaneous monitoring of multiple risks. Journal • Cherchye, L.J.H., Rock, B. de & Vermeulen, F.M.P.: Opening of the American Statistical Association, 104(487), 982-992. the black box of intra-household decision-making: Theory • Genest, C. & Segers, J.J.J.: Rank-based inference for bivariate and non-parametric empirical tests of general collective extreme-value copulas. Annals of Statistics, 37(5B), 2990-3022. consumption models. Journal of Political Economy, 117(6), • Gürkan, G. & Pang, J.S.: Approximizations of Nash equilibria. 1074-1104. Mathematical Programming B, 117(1-2), 223-253. • Dam, E.R. van, Rennen, G. & Husslage, B.G.M.: Bounds for • Klaassen, F.J.G.M. & Magnus, J.R.: The efficiency of top maximin Latin hypercube designs. Operations Research, 57(3), agents: An analysis through service strategy in tennis. Journal 595-608. of Econometrics, 148(1), 72-85.

54 | tilburg school of economics and management appendices

Finance Information Management • Braggion, F., Christiano, L. & Roldos, J.: Optimal monetary • Ibrahim, M.K.M. & Ribbers, P.M.A.: The impacts of policy in a ‘sudden stop’. Journal of Monetary Economics, 56(4), competence-trust and openness-trust on interorganizational 582-595. systems. European Journal of Information Systems, 18(3), 223- • Degryse, H.A., Achter, M. van & Wuyts, G.: Dynamic order 234. submission strategies with competition between a dealer market and a crossing network. Journal of Financial Economics, Economics 91(3), 319-338. • Huizinga, H.P. & Voget, J.: International taxation and the • Dorn, D. & Sengmuller, P.: Trading as entertainment? direction and volume of cross-border M&As. Journal of Management Science, 55(4), 591-603. Finance, 64(3), 1217-1249. • Giannetti, M. & Laeven, L.: Pension reform, ownership • Offerman, T.J.S., Sonnemans, J., Kuilen, G. van de & Wakker, structure and corporate governance: Evidence from a natural P.P.: A truth serum for non-Bayesians: Correcting proper experiment. Review of Financial Studies, 22(10), 4091-4127. scoring rules for risk attitudes. Review of Economic Studies, • Jacobs, K. & Karoui, L.: Conditional volatility in affine term- 76(4), 1461-1489. structure models: Evidence from Treasury and swap markets. • Potters, J.J.M. & Suetens, S.: Cooperation in experimental Journal of Financial Economics, 91(3), 288-318. games of strategic complements and substitutes. Review of • Koijen, R.S.J., Rodriguez, J.C. & Sbuelz, A.: Momentum and Economic Studies, 76(3), 1125-1147. mean-reversion in strategic asset allocation. Management Science, 55(7), 1199-1213. • Laeven, L. & Levine, R.: Bank governance, regulation, and risk taking. Journal of Financial Economics, 93(2), 259-275.

annual portrait 2009 | 55 appendices

Marketing Organisation • Albuquerque, P. & Bronnenberg, B.J.: Estimating demand • Martin, X., Shamsie, J. & Miller, D.: In with the old, in with heterogeneity using aggregated data: An application to the the new: Capabilities, strategies and performances among the frozen pizza category. Marketing Science, 28(2), 356-372. Hollywood studios. Strategic Management Journal, 30(13), 1440- • Bronnenberg, B.J., Dhar, S. & Dube, J.P.: Brand history, 1452. geography and the persistence of brand shares. Journal of • Noorderhaven, N.G. & Harzing, A.W.K.: Knowledge sharing Political Economy, 117(1), 87-115. and social interaction within MNEs. Journal of International • Caruso, E., Mead, N.L. & Balcetis, E.: Political partisanship Business Studies, 40(5), 719-741. colors perception of biracial candidates’ skin tone. Proceedings of the National Academy of Sciences of the United States of America (PNAS), 106, 20168-20173. • Deleersnyder, B., Dekimpe, M.G., Steenkamp, J.E.B.M. & Leeflang, P.S.H.: The role of national culture in advertising’s sensitivity to business cycles: An investigation across continents. Journal of Marketing Research, 46(5), 623-636. • Lerouge, D.: Evaluating the benefits of distraction on product evaluations: The mindset effect. Journal of Consumer Research, 36(3), 367-379. • Wuyts, S.H.K., Verhoef, P. & Prins, R.: Partner selection in B2B informational service markets. International Journal of Research in Marketing, 26(1), 41-51. • Zhang, J., Wedel, M. & Pieters, R.: Sale effects of attention to feature advertisements: A Bayesian mediation analysis. Journal of Marketing Research, 46(5), 669-681.

56 | tilburg school of economics and management appendices Prizes and Awards

Ribbon of Royal Honour Eric van Damme, Professor in Economics and Co-director of TILEC, received royal recognition for his services to the university and to economics in general. Queen Beatrix of The Netherlands presented the Knight of the Order of the Netherlands Lion award to Professor van Damme.

Free Publicity Award The 2009 Free Publicity Award went to Lans Bovenberg, Professor of Economics and Director of Netspar for writing forty Koopmans Medal articles which were published in various media including, the Known to each other as ‘Magic’ Theo and ‘Creative’ Rik, Theo Volkskrant, Financieele Dagblad, Trouw, NRC, nrc·next, Nederlands Verhallen, Dean of the Faculty of Social and Behavioural Dagblad, Reformatorisch Dagblad and regional papers, magazines Sciences and former Dean of the Tilburg School of Economics and web forums, such as Me Judice and Schinkels. Lans won this and Management and Rik Pieters, Professor of Marketing, award for the third time. received the Tjalling C. Koopmans Medal for their tremendous contribution to our school in 2009.

annual portrait 2009 | 57 appendices

Education Innovation Award Bob van den Brand, lecturer in Accounting and member of the Accountancy Department, won the Innovation in Education Award 2009, given by the School of Economics and Management.

Best courses 2009’s best Bachelor’s course was Zelfstandig Modelleren (Independent Modelling), taught within the Econometrics and Operational Research Bachelor Programme. Hans Reijnierse and Leo Strijbosch shared the prize and 2,500 Euros. Delivered Best teachers as part of the Marketing Management Master’s Programme, Vasso Ioannidou, Associate Professor Finance and research Brand Management was chosen as the best Master’s course. The fellow at the European Banking Center, was recognised as the prize of 2,500 Euros was shared by Henk Roest, Professor in best Bachelors teacher of 2009. Bert Meijboom, Associate Marketing Management and lecturer Vincent Wiegerinck. Professor Organisation & Strategy was the best Masters teacher.

58 | tilburg school of economics and management appendices

Van Lanschot Student Awards The Van Lanschot Scholarship (10,000 Euros) went to Chinese Econometrics and Mathematical Economics student Yike Wang who achieved a superb grade average of 9.4 (out of 10). The Van Lanschot Prize (5,000 Euros) for the best Master’s thesis went to Economics student Jochem de Bresser.

Nationale Marketing Scriptie Prize Master student Marketing Research Millie Elsen won the National Marketing Scriptieprijs 2009 – a prize for the best thesis by marketing students in the Netherlands – with Dynamic Impression Formation During Ad Exposure: Prototypicality Effects From 100 Ms Onward. Her thesis explores how consumers make a first quick evaluation of an advertisement and how this evaluation process influences interest, impression and memory. Service Quality Award Elsen received a grant of 2,500 Euros. Brigitte van Gils, policy officer at the CentER Research Office, received the Service Quality Award (2,500 Euros). The Best Dissertation Award Management Team thanks Brigitte for her dedication, efficiency Mario Schijven won the Tilburg University dissertation award and speed. for 2008-2009 (5,000 Euros). In his dissertation Acquisition Capability Development: Behavioral and Cognitive Learning Perspectives, Schijven examined the development of actual mergers and take-overs.

annual portrait 2009 | 59 appendices Facts & Figures

Enrolments first year students Positive binding study advice 2006-07 2007-08 2008-09 2006-07 2007-08 2008-09 Bachelor 856 892 1030 73% 75% 72% Premaster 314 275 262 Master 84 103 133 Total 1254 1270 1425 Exchange students 2006-07 2007-08 2008-09 Foreign students Incoming 133 165 159 (2.9%) 2006-07 2007-08 2008-09 Outgoing 171 179 127 (2.3%) Bachelor 7.1% 7.2% 255 (8.5%) Premaster 5% 5% 36 (9.7%) Master 19.9% 10.3% 290 (14.3%) PhD students, Male and Female in fte (31 Dec) Total 581 (10.7%) 2007 2008 2009 M F total M F total M F total Diplomas 48,6 25,8 74,4 62,3 31,4 93,7 71 39 110 2006-07 2007-08 2008-09 Bachelor 901 650 599 Master 891 733 877

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Publications Personnel 2006 2007 2008 2009 Male Female 2009 in fte ISI journals 172 181 203 199 2009 Top & very good journals 84 86 103 93 M F total Top journals 28 33 42 43 345 98 543 Top-core journals 19 18 23 29 UT Dallas journals 12 17 22 17 Personnel, in and out PhD defenses 2007 2008 2009 2006 2007 2008 2009 In 110 118 133 CentER 26 (3) 15 (4) 20 (2) 15 (2) Out 61 81 70 Other 8 3 7 2 Total 34 18 27 17 Figures in brackets indicate cum laude

Grants 2009 Veni 2 Catherine Schaumans, Gijs van de Kuilen Vidi 3 Joost Driessen, Roger Laeven, Stefan Wuyts Vici 1 Bart Bronnenberg NWO 1

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Day for Night

In 2009 I travelled to Iceland to portray how Icelanders are dealing with the effects of the global economic crisis on their lives. It was at a historic moment Page 18: Hverfell Page 20: Hverfell in time as Iceland, the Netherlands, and the United Kingdom were in heavy 13.05 pm | 16 January 2010 3.03 am | 13 July 2009 negotiations on how to refund Dutch and British savers of the Icelandic bank Icesave after the collapse in 2008. Furthermore, I captured Iceland’s natural beauty. In the summer, the nights turn into days by the light of the never setting sun. In my project ‘Day for Night’ the light also has a symbolic meaning. In my opinion this economically dark period may turn into a day, which may inspire us to review consumer choices and financial responsibilities. It may give us an opportunity to enter into respectful international relationships and to value slow interest and sustainable profit. Page 22: Jökulsárlón Page 24: Pórðarhöfði The global economic crisis is a wake up call for all of us. To reflect on our 6.06 am | 24 August 2009 0.11 am | 19 July 2009 actions and to make deeper inquiries first. When we live up to what is most precious to us we achieve integrity as an individual, society and international community. We will change our world.

Gerdien Wolthaus Paauw Freelance Photographer

The images shown are part of a permanent exposition of ‘Day for Night’ Page 26: Seyðisfjördur Page 28: Syðrivogar in the Koopmans Building at Tilburg University 0.10 am | 28 June 2009 16.09 pm | 19 January 2010

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Colophon

Annual Portrait 2009 Visiting Address Production Tilburg School of Economics and Management Tilburg School of Economics and Management Communications Office Tilburg University Text Margreet Punt Koopmans Building Lisette de Jong tekst & advies Warandelaan 2 Editing James Campbell 5037 AB Tilburg Photography Gerdien Wolthaus Paauw (Day for Night) The Netherlands Ben Bergmans Dolph Cantrijn Postal Address Clemens van Diek P.O.Box 90153 Allard Timmermans 5000 LE Tilburg Ton Toemen The Netherlands Design Sander Neijnens, Bladvulling Phone +31 13 466 2420 Printing Drukkerij Groels www.tilburguniversity.nl/faculties/feb/

annual portrait 2009 | 63 TILBURG SCHOOL OF ECONOMICS AND MANAGEMENT

ANNUAL PORTRAIT 2009 2009 Annual Portrait tilburg school of economics and management

Understanding Society