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ESE's ambitions

Annual Report 2009


ESE's ambitions

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ESE's

ambitions

Providing an inspiring, professional environment and making the news for many positive reasons is no longer enough to demonstrate the importance of the Erasmus School of Economics. In order to be able to drive excellence as a core value, we are continually striving for the highest standards. This is coloured by the main concept ‘quality first’. Pursuit of academic and intellectual excellence is at the heart of all the School’s research and education programmes. Optimising quality requires setting high standards and pursuing them vigorously, leading to a better performance in both education and research.


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1. ESE policy on excellence

ESE policy on excellence

The Erasmus School of Economics (ESE) has a clear strategic focus on economics. It is the only School in the Netherlands which explicitly and exclusively educates in economics and business. All Faculty is involved in both research and teaching. This allows ESE to thrive. The economists are the pounding heart of Erasmus University Rotterdam, just as they were nearly 100 years ago. ESE is the natural choice: • For everyone who wishes to study economics in a broad sense; • For academics to make progress in relevant and challenging research; • For alumni to meet and greet each other and be involved in our School’s activities; • For government and business to seek reliable and insightful advice.

A. Mission and vision ESE’s core purpose is to create, disseminate and apply scientific knowledge from an economic perspective to its communities, the region, the country and the world. The School aims to be recognised in the Netherlands and worldwide for the quality and impact of its research, teaching, and service activities. Our goal is that our alumni become leaders in our society and accomplished professionals. These elements are fundamental to our mission.

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The Erasmus School of Economics believes that economics relates to the quality of life, not necessarily limited to human life. It seeks to answer questions that arise from the fact that we all live on the same planet, that there are limited resources, that there are institutions and agreements, that there are ways to make our lives comfortable, that we have to take care of each other and not just ourselves, and that incentives are needed to encourage us to achieve this. Our focus is on economic perspective, innovation and quality The Erasmus School of Economics is an internationally renowned institute that contributes scientific knowledge to future economic issues and aims to answer currently relevant issues of concern to government, firms and society. The focus of ESE is on the creation, dissemination and application of scientific knowledge, all from an economic perspective. ESE relies on the most recent insights in the discipline. It collaborates with international scientific partners, and it has local footings in business issues, relevant to the unique position that the city of Rotterdam has as a hub of transport and industry. ESE ensures working conditions that permit innovative scientific progress. It places academic education at the centre of its activities. ESE is the natural choice for students, academics, government and firms The vision that underlies everything in our strategic document 2009-2014 “A Course made Good”, is that the Erasmus School of Economics is the natural choice for anyone who wishes to study economics in a broad sense, for academics who want to progress in relevant and challenging research, for alumni to meet and support each other and students, and for government and firms to seek reliable advisory services. In brief, ESE is the main brand. We are living our mission and values Statement of the Research Committee Review 2009: “They (the people at ESE) appear not only to share the mission and expressed goals but also are strongly committed towards them” (…). In the Committee’s opinion: “the School is well aware of its strengths and weaknesses and is acting accordingly”.

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ESE policy on excellence

Economics maximises the well-being of society


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ESE policy on excellence

B. Strategy The Erasmus School of Economics focuses on establishing leadership in the quality of its academic programme, excellent proven quality of its research, an academic and support staff that lives up to our core values and is enriched by diversity and a sound financial basis that can address our needs. All our activities are aimed at taking ESE to a higher level of performance.

Academic excellence begins with high-quality Faculty In order to deliver high-level performance, it is in the School’s best interest to maintain a balanced team of professional and motivated people. The attraction of new and the retaining of current exceptional academic staff with a strong focus on research and education are of vital importance for the School. Among the newcomers are Professor Giovanni Facchini and Professor Michael McAleer. In addition, the marketing group has succeeded in recruiting Professors Roland Rust and Gerard Tellis as visiting professors for the academic year 2009-2010.

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One of the focal points of ESE’s policy is to enlarge the diversity of its staff. The Mature Talent project addresses the development of female talents with a broad range of experience in economic science. In a period of four years, 10 talents will be given the opportunity to elaborate a main research theme into a PhD thesis within two years. On December 2nd, our first “mature talent” Karen Maas held her PhD defence. As of October 2009 Heleen Mees, a well-known feminist, lawyer and columnist, is also participating in the project. ICT in education In 2009, the ESE started the “ICT in Education” project. The educational and didactic choices of the School’s education system and its courses are leading in this project. Pilot programmes allow us to examine the ways in which ICT can contribute to achieving educational goals. For instance, webcasts can be used for examining case problems. This gives more time and opportunity for interactive teaching methods and for discussing more complex case studies during tutorials. Moreover, these webcasts could also include webcasting or repeating lectures, training exercise tests or question and answer sessions, amongst other options. The Dean has established a committee to coordinate this project, chaired by Dr. Ronald Huisman. Jerry Straten MSc., has been appointed Secretary of the ICTO-committee. Moreover, the project is subsidised by public funds. Eight courses are already involved in the pilot of the project.

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ESE policy on excellence

PhD defence of mature talent Karen Maas


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2. Accomplishments of ESE

Accomplishments of ESE

The Erasmus School of Economics continues to achieve outstanding success in conducting cutting-edge research and education across the broadest range of disciplines in economics. Time after time our Faculty manages to cross the borders between these disciplines. Furthermore they enhance the quality and dynamics of our education in order to provide our students with a real challenge. These performances are widely recognised both externally and internally by several grants and awards.

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A. ESE in the rankings Rising in rankings appears to be one of the inherent strengths of ESE. We are doing this across the board with our education and research programmes. In the category of Economics, ESE belongs to the socalled ‘excellence group’ according to the German CHE Excellence Ranking 2009. In the worldwide Shanghai Economic Business ranking, the EUR scores between position 51-75 and the Review Committee of Research which assessed research at - among others the Erasmus School of Economics, states that “most research groups at ESE are without doubt world-class”. These indexes are a useful instrument when it comes to distributing the scarce research funds of the various schools.

Elsevier special “De Beste Studies” In October 2009, the Dutch weekly magazine Elsevier, provided a ranking of academic bachelor and master programmes in the Netherlands. Students ranked ESE’s bachelor programme Econometrics & Operations Research and ESE’s master programme Economics as the very best of the Netherlands. The highest scores are earned on important features such as the quality of education and lecturers. Among the large-scale broad programmes, ESE only needs to accept Maastricht standing above ESE (out of 5). German CHE Excellence Ranking 2009 The CHE ranking compares a selected group of European universities for each subject. In the category of Economics, ESE belongs to the so-called “excellence group”. ESE distinguishes itself by its large number of publications and citations. In addition, the international mobility of both students and lecturers at ESE is valued as substantial. Shanghai Ranking The Academic Ranking of World Universities is compiled by Shanghai Jiao Tong University. It is one of the most prominent world university rankings. In 2009 Shanghai University introduced an Economics-Business ranking. In this worldwide ranking, the EUR scores very well, between numbers 51 and 75 on the list. The EUR shares this place with, amongst others, Tilburg University and University of Amsterdam.

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Accomplishments of ESE

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Accomplishments of ESE

B. Assessment of ESE’s educational programmes Every six years the educational programmes of all Dutch universities are externally assessed. The application of the university must be accompanied by an assessment report prepared by an authorized assessment agency who will submit this report to the NVAO together with the application for renewal of its accreditation.

Self-evaluation and site visit The assessment report is based on a written self-evaluation report provided by ESE in 2009, and site visits by an external panel. The QANU, which is an assessment agency, visited our School to assess all initial bachelor’s and master’s degree programmes of ESE in 2009. In April 2010, the NVAO will present its accreditation decision. Quality ensured for all Bachelor’s and Master’s programmes of the ESE In December 2009, ESE received the assessment report produced by QANU. The committee concludes that quality is ensured with respect to all our reviewed bachelor’s and master’s degree programmes and therefore gives a positive final assessment. Some aspects of our programmes were even evaluated "above average". The latter is the case in relation to the ‘Jaarplansysteem’, which is regarded as an important step in the right direction according to the review committee. Moreover, the committee is very impressed with the way ESE takes care of the study consultation, the binding study advice (BSA) procedures and the role of the education committee of econometrics in relation to their systematic work on substantive programme quality.

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Accomplishments of ESE

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www.ese.eur.nl/annual_report


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Accomplishments of ESE

C. International Review Committee of Research 2009 Every six years the quality of research institutes and research groups at Dutch research universities is systematically assessed. An independent international peer-review committee consisting of highly-valued colleagues recently evaluated the research programmes of six Economics and Business Administration Schools in the Netherlands. The results for ESE are extremely good: between 4.5 and 5 on a five-point scale (ascending from 1 to 5).

Most research groups at ESE are world-class The Review Committee of Research stated that “most research groups at ESE are without doubt world-class”. Moreover, they believe that “the marketing group at ESE belongs to the top of marketing groups in the world”.  With respect to these qualifications the committee concluded that the objective of ESE (to be ranked in the world’s top 30 in at least two fields of economic expertise) is rather modest. The committee believes that an institution like ESE should have a higher level of ambition! ESE can become one of the most outstanding Schools in the field of Economics Statement by the Dean of ESE: “I’m certain that by continuing our highly-regarded performances and the increasing impact and quality of its publications, Erasmus School of Economics can become one of the most outstanding Schools in the field of Economics in both Europe and the world”.  Summary and full text of the report The final assessments cover research in the period 2001-2007 and were based on the documentation provided by the institutes, the key publications and the interviews with the management and with the leaders of the programmes.

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Scores per research programme

Quality

Productivity

Relevance

Viability

Finance & Accounting and International Markets

4.5

5

4.5

3.5

Markets, Organisation and Government

4.5

5

5

5

Applied Economics

4

4.5

5

4

Econometrics

5

4.5

5

4

Marketing

5

5

4.5

4

Management Science

4

4.5

5

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* Scores are awarded on a scale of 1 (bad) to 5 (excellent) points.

D. Veni Grants Theresa Bago d’Uva, Aurélie Lemmens and Lennart Hoogerheide have been awarded this year with a VENI Grant by the Netherlands Organisation for Scientific Research (NWO). This is due to their remarkable originality and talent with respect to their conducted research. In the Social Sciences field (‘MaGW’) there were 225 researchers who applied and 29 that received a VENI award.

Supporting outstanding young researchers The VENI grant aims to “support outstanding young researchers of exceptional talent and originality who have a great enthusiasm for the conduct of challenging, ground-breaking research. Such research is necessarily a high-risk activity”. Therefore, with this grant, NWO offers researchers who have only recently completed their doctorate the opportunity to develop their ideas over three years. The grant is for a maximum of € 250,000. ESE best in its field Statement from the Dean: “The fact that three of our researchers belong to the selected group of 29 researchers who ultimately received a VENI Grant is something which shows that ESE belongs to the best in its field of expertise”.

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Accomplishments of ESE

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Accomplishments of ESE

E. Marie Curie Fellowships Pilar Garcia Gomez, Sarah Gelper, Isabel Verniers and Wing Wah Tham were each awarded a Marie Curie Individual Fellowship Grant this year. Each awarded researcher receives up to â‚Ź 154,549 for a period of two years to carry out their own research and further develop their ideas. In the Marie Curie Initial Training Network, ESE received a grant for the programme Risk Management and Risk Reporting, together with Duisenberg School of Finance.

MC-fellowships: stimulating transnational mobility The Marie Curie (MC) Fellowship is part of the People Programme which is a feature of the Seventh Community Framework Programme (FP7). The Marie Curie Actions are mainly developed for the recruitment of researchers from EU Member States and Associated Countries. Moreover, the programme is developed to stimulate the transnational mobility (i.e. movement from one country to another) of researchers.

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Marie Curie Initial Training Network (ITN) offer early-stage researchers the opportunity to improve their research skills, join established research teams and enhance their career prospects. The network will recruit and employ eligible researchers or host them, and provide specialised training modules or other dedicated actions. Information about the Risk Management and Risk Reporting ITN project The objective of this project is to work with young researchers across Europe and International Cooperation Partner Countries. The project provides training in both qualitative and quantitative approaches to the measurement and management of financial risks. The programme will be carried out by ESE, together with Manchester Business School, MSCI Barra, the Duisenberg School of Finance and Zurich Insurance.

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Accomplishments of ESE

The MC Initial Training Network: using high-quality initial research training capacity


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Accomplishments of ESE

F. External awards Year after year, our researchers set the bar higher, earning inclusion amongst the most celebrated scholars in the world. In relation to the strengthening of ESE’s reputation, it is wonderful to acknowledge a number of high-quality awards that have been received by our Faculty. Some of them were judged by an independent awards committee to have written papers with exceptional merit, appearing in annual conference proceedings and/or journals. In this section we present some of the most prestigious awards.

Professor Han Bleichrodt wins the INFORMS Decision Analysis Publication Award Professor Han Bleichrodt, along with co-authors Mohammed Abdellaoui and Corina Paraschiv, has won the INFORMS Decision Analysis Publication Award. The authors received this award for their paper entitled “Loss Aversion under Prospect Theory: A Parameter-Free Measurement”, which was published in Management Science in 2007. They won this prestigious award for writing the best paper in the field of operations research that was published in 2007. Dr. Philipp Koellinger and Dr. Christian Roessler win Young Economists’ Essay Award Dr. Philipp Koellinger, together with Dr. Christian Roessler, has won the “Young Economist Essay Award” (YEEA) awarded by the European Association for Research in Industrial Economics (EARIE). This award is presented to young economists who submit exceptionally innovative and high-quality papers for discussion at the annual conference. Dr. Remco Prins wins the PIM Marketing Science Award Dr. Remco Prins received the award for his PhD thesis. The jury remarked that Prins’ thesis is “at a very high academic level and is very relevant to and applicable in practical marketing situations”. According to the jury, consisting of marketing experts, scientists and journalists, this doctoral thesis is among the best produced in the Netherlands because it uses consumer data collected from many countries. Furthermore, the jury found that this thesis presents a good example of how marketing people in an enterprise can cooperate with a marketing scientist.

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Joseph A. Schumpeter Society The paper written by Dr. Frank Neffke and Dr. Martin Svensson Henning (Lund University) deals with the logic according to which firms add new products to their existing portfolios. The authors developed a methodology to quantify the extent to which different industries use similar skills. They then showed that the strength of such skill-relatedness among industries is important for the way in which firms diversify into industries. They received the award during the European Meeting on Applied Evolutionary Economics in Jena. Dr. Onno Steenbeek receives the first prize in the Asset Allocation Fantasy Game At the IPE Awards ceremony in Dublin on November 18th, Onno Steenbeek received the first prize in the Asset Allocation Fantasy Game organised by IPE and NYSE Euronext. Participants of this game received a virtual ₏100 million to be invested in up to 30 stocks or ETF's. The total return was calculated at the close of business on September 30th. Over these nine months, Onno Steenbeek's carefullyconstructed portfolio realised a return of 1208.4% or over 6% per trading day. Professor Stefan Stremersch: exceptional publication productivity in leading marketing journals In an article published by Dr. Steven Seggie and Professor David Griffith in the Journal of Marketing (volume 73, January 2009), Professor Stefan Stremersch is on the number 2 position in their Top 58 of the most prolific scholars in leading marketing journals during the period 1982-2006. For this ranking, the authors considered publications in the four leading marketing journals:  the Journal of Marketing, the Journal of Marketing Research, the Journal of Consumer Research and Marketing Science. The complete article can be found in the Journal of Marketing, volume 73, January 2009.

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Accomplishments of ESE

Dr. Frank Neffke receives the Best PhD Paper Award sponsored by the


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Accomplishments of ESE www.ese.eur.nl/annual_report


Annual

report 2009 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

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ESE's ambitions ESE's inspiration ESE's visibility ESE's today

ESE's inspiration

ESE's visibility

Annual Report 2009

Annual Report 2009

Annual Report 2009

Annual Report 2009

Annual Report 2009

ESE's road to 2013

ESE's today

ESE's road to 2013

ESE's ambitions

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