ESEs ambitions

Ann

ual R

epor

t 20

09

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 lsquoquality firstrsquo

Pursuit of academic and intellectual excellence is at the heart of all the Schoolrsquos research and education programmes Optimising

quality requires setting high standards and pursuing them vigorously leading to a better performance in both education and research

ESEsambitions

3

ESE

s am

biti

ons

ESE policy on excellence

4

A Mission and visionESErsquos 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

1 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 choicebull For everyone who wishes to study economics in a broad sensebull For academics to make progress in relevant and challenging researchbull For alumni to meet and greet each other and be involved in our Schoolrsquos activitiesbull For government and business to seek reliable and insightful advice

wwweseeurnlannual_report

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 lsquoquality firstrsquo

Pursuit of academic and intellectual excellence is at the heart of all the Schoolrsquos research and education programmes Optimising

quality requires setting high standards and pursuing them vigorously leading to a better performance in both education and research

ESEsambitions

3

ESE

s am

biti

ons

ESE policy on excellence

4

A Mission and visionESErsquos 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

1 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 choicebull For everyone who wishes to study economics in a broad sensebull For academics to make progress in relevant and challenging researchbull For alumni to meet and greet each other and be involved in our Schoolrsquos activitiesbull For government and business to seek reliable and insightful advice

wwweseeurnlannual_report

ESE policy on excellence

4

A Mission and visionESErsquos 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

1 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 choicebull For everyone who wishes to study economics in a broad sensebull For academics to make progress in relevant and challenging researchbull For alumni to meet and greet each other and be involved in our Schoolrsquos activitiesbull For government and business to seek reliable and insightful advice

wwweseeurnlannual_report

ESE

polic

y on

exc

elle

nce

5

Economics maximises the well-being of society

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 ldquoA

Course made Goodrdquo 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 ldquoThey (the people at ESE)

appear not only to share the mission and expressed goals but also are strongly

committed towards themrdquo (hellip) In the Committeersquos opinion ldquothe School is well

aware of its strengths and weaknesses and is acting accordinglyrdquo

wwweseeurnlannual_report

B StrategyThe 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 Schoolrsquos 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

6

ESE policy on excellence

wwweseeurnlannual_report

PhD defence of mature talent Karen Maas

One of the focal points of ESErsquos 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 ldquomature talentrdquo 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 ldquoICT in Educationrdquo project The educational and

didactic choices of the Schoolrsquos 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

7

ESE

polic

y on

exc

elle

nce

wwweseeurnlannual_report

Accom

plishments of ESE

2 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

8

wwweseeurnlannual_report

Elsevier special ldquoDe Beste Studiesrdquo

In October 2009 the Dutch weekly magazine Elsevier provided a ranking of

academic bachelor and master programmes in the Netherlands Students ranked

ESErsquos bachelor programme Econometrics amp Operations Research and ESErsquos 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 ldquoexcellence

grouprdquo 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

Acc

ompl

ishm

ents

of

ESE

A ESE in the rankingsRising 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 so-called lsquoexcellence grouprsquo 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 ldquomost research groups at ESE are without doubt world-classrdquo These indexes are a useful instrument when it comes to distributing the scarce research funds of the various schools

9

wwweseeurnlannual_report

B Assessment of ESErsquos educational programmesEvery 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 bachelorrsquos and masterrsquos

degree programmes of ESE in 2009 In April 2010 the NVAO will present its

accreditation decision

Quality ensured for all Bachelorrsquos and Masterrsquos 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

bachelorrsquos and masterrsquos 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 lsquoJaarplansysteemrsquo 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

Accom

plishments of ESE

10

wwweseeurnlannual_report

Acc

ompl

ishm

ents

of

ESE

11

wwweseeurnlannual_report

Accom

plishments of ESE

C International Review Committee of Research 2009Every 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 45 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 ldquomost research groups at ESE are

without doubt world-classrdquo Moreover they believe that ldquothe marketing group at

ESE belongs to the top of marketing groups in the worldrdquo With respect to these

qualifications the committee concluded that the objective of ESE (to be ranked in

the worldrsquos 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 ldquoIrsquom 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 worldrdquo

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

12

wwweseeurnlannual_report

Acc

ompl

ishm

ents

of

ESE

13

D Veni GrantsTheresa Bago drsquoUva Aureacutelie 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 (lsquoMaGWrsquo) there were 225 researchers who applied and 29 that received a VENI award

Supporting outstanding young researchers

The VENI grant aims to ldquosupport 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 activityrdquo

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 euro 250000

ESE best in its field

Statement from the Dean ldquoThe 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 expertiserdquo

Scores per research programme Quality Productivity Relevance Viability

FinanceampAccountingandInternationalMarkets 45 5 45 35

MarketsOrganisationandGovernment 45 5 5 5

AppliedEconomics 4 45 5 4

Econometrics 5 45 5 4

Marketing 5 5 45 4

ManagementScience 4 45 5 4

wwweseeurnlannual_report

Scoresareawardedonascaleof1(bad)to5(excellent)points

E Marie Curie FellowshipsPilar 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 euro 154549 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 (ie movement from one country to another)

of researchers

Accom

plishments of ESE

14

wwweseeurnlannual_report

Acc

ompl

ishm

ents

of

ESE

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

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

15

wwweseeurnlannual_report

Accom

plishments of ESE

F External awardsYear after year our researchers set the bar higher earning inclusion amongst the most celebrated scholars in the world In relation to the strengthening of ESErsquos 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 andor 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 ldquoLoss Aversion under Prospect

Theory A Parameter-Free Measurementrdquo 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 Economistsrsquo Essay Award

Dr Philipp Koellinger together with Dr Christian Roessler has won the ldquoYoung

Economist Essay Awardrdquo (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

Prinsrsquo thesis is ldquoat a very high academic level and is very relevant to and applicable

in practical marketing situationsrdquo 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

16

wwweseeurnlannual_report

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

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 euro100 million to be

invested in up to 30 stocks or ETFs The total return was calculated at the close of

business on September 30th Over these nine months Onno Steenbeeks carefully-

constructed portfolio realised a return of 12084 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 2009A

ccom

plis

hmen

ts o

f ES

E

17

wwweseeurnlannual_report

Accom

plishments of ESE

18

wwweseeurnlannual_report

ESEs inspiration

Ann

ual R

epor

t 20

09

ESEs ambitions

Ann

ual R

epor

t 20

09

ESEs today

Ann

ual R

epor

t 20

09

ESEs visibility

Ann

ual R

epor

t 20

09

ESEs road to 2013

Ann

ual R

epor

t 20

09

The digital version of our annual report can be found

on our website wwweseeurnlannual_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

ESEs ambitionsESEs inspiration

ESEs visibility

ESEs today

ESEs road to 2013

Annualreport 2009

PO Box 1738 | NL-3000 DR Rotterdam | T +31 (010) 408 13 70 | F +31 (010) 408 91 45 | E infoeseeurnl