VOLUME 15 ISSUE 4
15-4 I cansultancy → 09
Shell inhouse day → 14 Almanac & Post-Exam drink → 15
Citytrip: Berlin → 27
Excelsior Student Cup → 32
ABN AMRO Investment Eve → 13 Benford’s Law → 25
Math Jokes → 24
Thank God It’s Summer-Party → 26
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preface
01
from the president Time flies, at least so it seems. This will be the last preface I’ll write for the Estimator in my current role as president. Our successors are slowly taking over (with our consent, of course) and the last few loose ends are being tied up. I have thoroughly enjoyed last year and I can leave the board satisfied and confident that the coming academic year will bring another exhilarating year.
>>47
I hope all of you feel the same. As a student the dawn of the summer holidays is a sign that you’ve survived the academic year and as an econometrics student that’s something to be actually proud of. Many of you are looking forward to a new year of studies, some may begin looking for a job, others may go abroad for a while and a few might be looking forward to doing a SPED-internship. Whatever the choice, a new year awaits us and I bet we are all eager to see what life has in store for us. My best guess is that next year will be just as an exciting year for econometrics students as last year. The future board is eager to start and I have good faith that they will continue the upward trend that the ED has experienced. As we have done this year, they will do their utmost to offer you the very best career and social events for econometricians. Whether you would like to get to know your fellow students better or you would like to get a better view of what you might be doing in the future as a job; there’s an event for everything. The future aside, I can also only hope that you guys look back at last year with the same joy as I do. Looking back at a year’s work is satisfying, however our work only really counts if we have taken care of our students appropiately. We most certainly tried to do so at every occasion, and we hope you feel the same and that you are able to look back on a year with plenty successful ED-drinks or career events, and that you have been able to keep some sweet memories of the prom, the citytrip, the T.G.I.S.-party or whichever other event sparked your interest. We, as the board, will be able to look back on year full of memories. In order to conclude my final preface of the estimator I can only summarize it as follows: I had a blast. And we all hope you did too. Christiaan Lensvelt President of the ED 2012-2013 x
VOLUME 15 ISSUE 4 // ESTIMATOR ECONOME TRISCH DISPUUT
p e r iodi c a l m a g a z in e
02 Table of contents 01. From the president // 03. Editorial // 04. Who is who? 06. Deloitte CV-training // 07. Second Years’ Day // 08. Dies Natalis 09. I Cansultancy // 12. Chef // 13. ABN AMRO Investment Eve 14. Shell Inhouse day // 15. Almanac & Post Exam Drink 16. Beerpong Tournament // 17. PWC Client Contact Workshop 18. Centerfold // 20. Karaoke Drink // 21. Meeting With... 22. ED Football Tournament // 23. Active Members Activity 24. Math Jokes // 25. Benford’s Law // 26. Thank God It’s Summer-Party 27. Citytrip Berlin // 30. Photo’s // 32. Excelsior Students Cup 33. Puzzle // 34. Studysection // 36. List of graduates
09 16 24 27
p
p
I Cansultancy
Beerpong Tournament
Econometricians headed over to Amsterdam to experience the life of a consultant. ×
This evening teams showed off their aim, focus and alcohol resilience. ×
p
p
Math Jokes
Citytrip: Berlin
Did you hear about the statistician who was thrown in jail? x
We went to explore the capital of our Eastern Neighbors. ×
Advertisements 00. NIBC // 37. StudyStore // 38. Mercer
Colofon
Final Editing →Emiel Verhaert Editorial Office →Sierk Wiegers, Max Schotsman, Jelle Huisman, Marijtje van Leeuwen and Ruud van Luijk Photo → Emiel Verhaert Office address → Erasmus University, Room H11-02, Burg. Oudlaan 50, P.O. box 1738, 3000 DR Rotterdam, estimator@ectrie.nl Acquisition → Roman Gorlov, phone: 010 - 408 14 39 Circulation → 900 copies Printer → Nuance Print Design/DTP →Het Econometrisch Dispuut. Estimator is a periodical from the Econometrisch Dispuut
VOLUME 15 ISSUE 4 // ESTIMATOR ECONOME TRISCH DISPUUT
editorial
03
Dear reader, Before you lies the fourth and final Estimator of this academic year, and therefore this unfortunately will be the final editorial I will write. It has been an amazing year and we have achieved several milestones. Switching the Estimator to English has been a challenge and it turned out to be the right call. In addition, thanks to several brainstorming sessions with the committee, we have introduced a rubric where we meet past ED board members which I believe has a lot of future potential and is interesting for you, our reader. You will find it further in the magazine. It has been an honour to capture all the memories of the ED-events that have taken place, and naturally all the events that have been pulled off would not have been a success if it weren’t for the dedicated active members that have made lots of effort to make them happen. Therefore I would like to thank all the active members for organizing the professional and fun activities this year. Also, I would like to thank my committee. Thanks to their research you may have found out several interesting facts about mathematics that you didn’t know and it is great to be able to cover all the events with our own commentary. Thank you Jelle, Marij, Max, Ruud, Sierk and Bert for all the fun meetings and articles. Next year, some of you may go abroad, others will do an internship, minor or start their masters degree or can simply continue to the next year of your degree, which is a fact you can be proud of! Whatever the choice, there will be lots in store for you! Fortunately, before all the action starts again, there still is some time left before the start of the next academic year. We wish you lots of fun in your summer holidays or what is left of it! Thank you guys for reading the Estimator magazine and sending in solutions to the puzzles that we feature. We would like you to enjoy reading this edition just as much as we had when working on it! Kind regards, On behalf of the entire committee, Emiel Verhaert x
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04 who is who
who is who? th in the 48 board
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→ Dear fellow students, My name is Isabelle Indeweij Gerlings and I’m 20 years old. Next year it will be my third year of Econometrics & Operational Research and I’ll become a member of the 48th Board. I’m looking forward to take over Tjian Lam’s position as Educational Officer! The main reason I preferred this position is the variety of work and also the contact with foreign students. A part of my job will be the amazing studytrip, I think it will be a nice challenge because I have a passion for travelling. In my spare time I like to go to the movies, have a couple of drinks with my friends or go shopping. Furthermore I love to spend some quality time with my boyfriend. I look forward to work with the rest of the 48th Board and the committees. I’m sure we’re going to make it an inspiring and successful year! But for now enjoy the rest of your summer holidays :) Isabelle ×
→ Dear ED members, My name is Ewout Bosch and I am looking forward to be your new Career Officer for upcoming year. I am in my third year of Econometrics and I expect to graduate after my board year. I am a true ‘Rotterdammer’ since I am born and raised here. After my high school I started Econometrics in Rotterdam. I do not have to tell you why I did not want to study it anywhere else. This year I went on exchange to Shanghai, where I had an amazing time. It was there when I found out what I wanted to do next: a board year at the ED. It seems to me to be a great learning experience but in a fun and social way. The reason I wanted to become Career Officer is that you get in touch with both companies and students. I am excited to organise company events like the Quantitative Finance Project (QFP), ICansultantcy, Find Your Match, inhouse days and perhaps many more… ×
→ Hi, my name is Kim, 21 years old and a third year econometrics student. All these years I enjoyed the drinks, tournaments and other activities organized by the ED. I joined the almanac committee and took part in the Study Project ED (SPED). I am sure the trip to North America this summer is going to be awesome! Next to these amazing events, I also enjoy playing tennis, reading and going out . Next year I will be part of the new board with six other great people. I will be the new secretary. So I will let you know about all the activities by sending you a lot of mails and messages via Facebook during the whole year! And dare not to skip them! I hope I will see you often at the ED room and of course at all the events! ×
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who is who
→ Dear readers, My name is Bas Vringer and as you probably noticed at the smashing Thank God It’s SummerParty, I will be the new president of the ED. Therefore, a short introduction. I’m 19 years old and I just finished my second bachelor year. Being a sports fanatic, I love spending my spare time playing or watching sports; basketball and football in particular. I also like to play the piano and to watch some exciting tv-series. Furthermore, I love spending time with my girlfriend Eva, with my family and of course to drink a couple of beers with my friends. Grown up in the cozy city of Eindhoven, I chose to continue my career here in Rotterdam: a city with great opportunities to develop yourself on multiple aspects. Getting interconnected to the city and the study, I noticed the (unmissable) growth that the ED runs through. As the forthcoming president, I’m looking forward to continue this positive trend and to make sure the ED is there for you to enrich your students’ experience in the broadest sense of the word! ×
→ At the moment I’m writing this article, we are all busy finishing the last pieces of this academic year. However, hopefully, you are reading this Estimator accompanied by a cold drink and a sunny beach. Nevertheless, this is also the moment to look forward to the next year. As every year, a new board will take over at the beginning of September. I have the honour to be your Treasurer in the 48th board. I would like to briefly introduce myself. My name is Jan-Willem Zeijen, I am 21 years old, living in the beautiful Nieuwerkerk aan den IJssel (where cows are still responsible for electricity). My hobbies are photography, playing computer games and cycling. Next year I’m a fourth year student, starting with my Master Quantitative Finance. I’m looking forward to being part of your board next year and likewise to meeting you in person when you come get your books at the ED room during our Booksale!
→ My name is Max Schotsman, 20 years old and I’m going to be the commercial officer of the 48th board. I’m currently a third year econometrics student, with quantitative finance as my major. I’m from Rotterdam, born and raised, and I am pretty comfortable with playing a game of squash or some field hockey. As commercial officer I am/will be in charge of the contact between companies and the ED, together with the career officer. Our goal is to make it for you the students easy to educate yourself about your career options. We will try to accomplish this through inhouse days and similar career events, with companies from all sectors that are of interest to econometricians, from logistics to marketing to consultancy etc.. I am looking forward to next year and hope to see you all at the company events! ×
05
→ Hey everyone! My name is Joris Blokland and I’m going to be the new Marketing Officer of the ED. I’m 20 years old and second year student. I was born in Noordwijk and lived there within 5 minutes of the beach, but now I live for more than one year in Rotterdam. I really enjoy living in Rotterdam, the only thing I miss is the beach. Sometimes I go to the gym, but most of my free time I´m chilling with friends. Next year is going to be a great year and I hope to see your all at one of our events! ×
But first things first: before we start a new year all together, we first have to reload our batteries! So, for now I wish you all the best, enjoy your holidays and see you next year! ×
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06 deloitte cv training
Deloitte CV-training
A good cv is important for a good econometrician. Without one no real company will hire you, no matter how smart you claim to be. The Econometrisch Dispuut helps not only with career days, but also with these kinds of workshops. This workshop was a CV and social training in the highest building in the Netherlands: The Deloitte Tower.
→ One week before the training the resumes of all the attendants were sent to Deloitte and were checked for irregularities, form mistakes and other small or rather big mistakes. Most people only had years on their , instead of full dates. Moreover, almost all had an English cv, something that’s not always needed. Everybody got their cv and learned from the remarks set on paper. When you want to apply for a job also your social media pages like facebook are checked. The recruiter of Deloitte also did this, with hilarious results. As a board member you will spend around 40 hours a week at H10-05 and of course some of that time was spent on facebook. Some people just don’t learn that you don’t
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want your facebook profile open while you are eating your lunch downstairs. Bert Wassink was one of the hard learning people this year, which resulted in a short presentation from Deloitte what NOT to do with your face-
Rotterdam, even some parts of Zuid. This was a prefect time to end the day and talk to other people apart of the recruiters about working for Deloitte, or just to enjoy your beer looking down at Rotterdam. × Ruud van Luijk
When you want to apply for a job also your social media pages like facebook are checked. The recruiter of Deloitte also did this, with hilarious results. book. I must admit, sadly, that I don’t have the photos anymore. The day ended with a drink with some employees of Deloitte. This drink took place at the same place, at noon. The sun shined on the Maas and brightened
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second years’ day
On the third of April all second years got the opportunity to celebrate that they were already in their second year of their econometric study.
Second years’ day → On the third of April all second years got the opportunity to celebrate that they were already in their second year of their econometric study. After one and a half year of being a student, it is unnecessary to mention that every student have learned to drink quite well at that very moment. That is probably why the cocktail workshop at cocktail bar Elit was such a success. The workshop started at eight but apparently most second years didn’t really worry about the time. When everybody had finally arrived it was about half past nine and it was time to start the workshop. It was quite remarkable though that we were only with about twentyfive people, including the board. Since this day was
organized just after the Berlintrip, a lot of the second years apparently hadn’t the energy to come. This is unfortunate for them, but it didn’t affect the atmosphere at all. So the workshop started at half past nine and a very enthusiastic cocktail maker told us about the history of cocktails. He also showed us how to make the perfect Mohito at home and I bet that a lot of the attendants have made some delicious Mohito’s afterwards. He also showed us some of their most selling cocktails and it was for us to understand why they were most sold as we may all have a nip from them. Already enjoying the workshop, it now was finally time to get to work. We were going to make our own deli-
07
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cious cocktails! Not so professional yet, all of us needed some help all though everything was just explained to us. It turns out that making cocktails isn’t as easy as you would think. But, luckily for us, all the needed help was given and everybody could enjoy their delicious self-made cocktails at last.
nounced that everyone could get themselves another cocktail. Unfortunately, we didn’t get to make it ourselves but it was still a nice surprise to us all. Soon after we’d finished our cocktails however, the bar was closing and it was time to leave the place. Marij van Leeuwen x
I bet that a lot of the attendants have made some delicious Mojito’s afterwards.
A lot of us thought that the evening was over now, but soon it turned out that it wasn’t over yet. As most people were enjoying a beer or wine, the board an-
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08 dies natalis
Dies natalis
On the fourth of April, the time had come to celebrate the Dies natalis of the ED. Traditionally, the board had a dinner previously to the drink. Here, they were accompanied by Rik, the mace-bearer and Kim, who had the honor to protect the guest book during the night.
→ After regressing the likelihood of a disappeared guestbook on several methods to protect it, Kim found out that taping the guestbook to a table was the only statistically significant method to protect it. Even though the whole table (including the attached book) was almost hijacked, the book didn’t leave the café. Therefore, this method was proven worthy. When the drink started, all the people that wanted to congratulate the 47th board dropped in and wrote their announcement speech on the back of a coaster and passed it on to Rik. There were many committees and also other invited boards arrived to all have their celebratory moment with our board.
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As the evening went on, during which the attendees often heard Rik shout out a speech from a committee or board, the impact of the presents for the ED board started to become visible in their
were served. These were consumed with great enthusiasm. I think the next ED board can win the sympathy of their people by making this a tradition for every social drink.
Taping the guestbook to a table was the only statistically significant method to protect it. appearances. Fortunately, the IRP committee had anticipated on this, as they handed every board member a fresh hamburger. Now they were satisfied, they continued the evening without having to worry about how they would feel as the evening progressed.
Overall, I think this was a very nice anniversary of the ED. The committee members and other boards showed their appreciation for the ED board, which was in my opinion well-deserved. Jelle Huisman x
After striking up many conversations, it was observed that snacks
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i cansultancy
On the 9th of April, a group of twenty econometricians travelled to Amsterdam to experience the life of a consultant. Over the course of three days, we visited the consulting companies of Zanders, Deloitte, PWC and Accenture. Besides the challenging business cases and interesting presentations, we were also served fancy lunches and dinners. In order to completely immerse ourselves in a consultant’s life, our group stayed in a classy four-star hotel located in Amsterdam’s city center.
I cansultancy day 1 → Wearing our best suits and ties, the twenty participants gathered early Tuesday morning at Rotterdam Blaak’s railway station. After a short visit to the hotel to drop off our items, we were en route to the week’s first company: PWC. Upon arrival, we were given tea and muffins which we consumed during the presentation. Four people from PwC’s consulting branch introduced us to the company and told us what it is like to work there. They told us that especially the working atmosphere was really friendly and relaxing. Also, co-workers have the ability to go on vacation with each other a couple of times per year. But now it was time to start using our brains. PwC’s case involved a
Commercial Due Diligence (CDD). A CDD is a research into the market position of a company that
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very helpful. Of course, it is the task of a consultant to get the most information out of these si-
Some wanted to discover Amsterdam’s flourishing nightlife, which we did around the Leidseplein. is a candidate for a take-over. The entire group was divided into five teams, which were all given the same information about a company named Life Insurance. Each team had to retrieve financial facts considering the company by reading the information and by interviewing Life Insurance’s managers. It appeared these managers barely knew anything about their own business and were not
09
of the employees. Around half past ten most of us journeyed back to the hotel. But this was not the end of the day for all of us. Some wanted to discover Amsterdam’s flourishing nightlife, which they did around the Leidseplein. At around four in the morning, most of us had finally rounded off this very long and interesting day.
tuations. So after all the financial facts had been found, each team had to give a presentation regarding their perspectives on the company’s future. The team which had given the best advice was awarded with a prize. After all this hard work, PwC had thankfully chartered a bus to take us to dinner. At dinner, we had plenty of time to chat with some
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10 i cansultancy
I cansultancy day 2
→ Unfortunately, we did not have the time to sleep in on the next morning. Since we had to visit two companies on Wednesday, we had to rise around seven (!) in order to get to Deloitte on time. At Deloitte, we were received with some welcome coffee. First of all, some of their employees gave us a presentation. One of the things that stood out was that consultants at Deloitte have a lot of freedom in the way they approach assignments. Their clients are very diverse, ranging from American farmers to Dutch industrials. Later on, we were shown around the offices and brought to the case room. Deloitte also introduced us to a case concerning CDD, apparently an important subject for consultants. This time the CDD regarded the market position of Veronica Magazine (VM) in 2007. It was interesting to investigate the financial information of a company that actually still exists. Again, each team had to give their professional advice on whether to take over VM or not, based on certain criteria. Also this case had a winning team, which was awarded a box of Celebrations. Subsequently, all
participants were invited to join in the lunch on one of the top floors in the Deloitte building. Here, everyone had the chance to speak individually with the consultants. The lunch marked the end of our time at Deloitte. Now, it was time for the third company on our list: Zanders. Zanders might not be as well-known as the previous two companies, but it is an expert in treasury, risk management and corporate finance. It was very special to receive a good introduction to the company by one of the senior partners himself. Fortunately, the case of Zanders was not about a CDD. Here, we had to optimize an investment portfolio under certain restrictions. It was certainly a stressful battle between the different
the founding father of the company: Chris Zanders. Another definite highlight of our visit to Zanders was the barbecue. Since Zanders is located on an estate in the town of Bussum, they have a backyard perfect for barbecues. During the delicious barbecue, each participant had the opportunity to talk to some of Zanders’ employees. But since most of us were tired, we eventually retreated to the hotel. Several of the wannabe consultants spent the rest of the night in a local bar watching the Champions League quarter finals.
Consultants at Deloitte have a lot of freedom in the way they approach assignments. teams to make as much profit as possible. And this time, the winning group was even more in luck: each member received a bottle of vodka from a distillery owned by
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i cansultancy
11
I cansultancy day 3
→ On Thursday it was an early rise yet again, because we had to be on time for our visit to this week’s last company: Accenture. While this firm might be relatively unknown, all of us quickly learned it is a large international consulting company with its headquarters in Chicago and branches all over the world. In our tour across the offices, we learned that Accenture is trying to ban private offices and is promoting open workspaces. What we also noticed is that the offices were really creatively decorated and stood out from the other offices we had seen so far. Accenture’s case also stood out from the previous cases. The entire group was divided into three teams, which were subsequently split in two. The assignment was to build a model bridge over a river with a limited amount of materials, under which boats could pass through and vehicles drive over. One part of the team operated in ‘India’ and was supposed to manufacture large parts of the bridge. The other part of the team operated in the
Netherlands and was supposed to instruct the India team on what to build. Communication between the two teams was only possible via written messages, of which we could only use five. This case gave us some real insight in the world of consulting, as things go wrong on many occasions. The teams in India usually built something different what the team in the Netherlands had instructed them, which caused a lot of stress in the final phase of construction. The winning bridge, though there was a lot of miscommunication, ended up to be a very nicely built drawbridge. After a lunch at the Accenture offices, our week in the life of a consultant finally ended. Thanks to all the cases, lunches, dinners and of course the hotel, all of us now had a pretty good idea what the life of a consultant looks like. We would like to thank all four companies for the interesting looks into their daily business they have given us.
Sierk Wiegers x
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12 chef
Chef >> Lock-Nes
We were delighted with the good weather when we visited our last
Chefs of the year. And our happiness did not stop after cycling to Capelle in a t-shirt. For the first time, we had dinner in open air as the Chef
had a nice garden. I already had a nice evening and yet the best was still to come.
→ The address we were looking for was in a family-oriented suburb, and chef Lock lived in a row house. A pleasant feature was the dishwasher which I guess many of you would like to have. We got offered a beer and we sat
Chef:
door it was clear we were trolled by a classic knock-a-door-run. However, instead of chasing these kids down with a bucket of water, we let them continue with their shenanigans and we took place in the garden, because dinner was
Jelle Lock
Startyear:
2009
Favorite Dish:
Lamsrack
ED-highlight:
CoBo 2012
near the kitchen, observing everything that was going on. The Chefs worked as a well-oiled machine and we were looking forward to what was coming. Suddenly, we heard the bell ring. Did we have an unexpected surprise guest? After answering the
almost ready. The Chef-combo consisted of Jelle Lock and Lisanne van Nes. We had a Lock-Nes dinner and Scottish inspired dishes were served. Our first course was a carpaccio salad, as main course
wild caught Scottish salmon was served and for dessert a magnificent peach pie. The first course was presented in a great way, and as all the men of our committee were there, we could enjoy the meat in the first course. The salad was great and there was a nice dressing. This course was simple, yet in a sophisticated way. We were told that
served fresh out of the oven and that made it taste very good. We were sated with good food. We then went on to have a nice conversation with an optional cup of coffee. As Chef Lock and Chef Nes have ED-board experience, they know a lot of ins and outs about the ED and when we asked them what their favourite EDexperience was, they had a choice
Sous-chef:
Lisanne van Nes
Startyear:
2009
Favorite food:
Italian & Desserts
ED-highlight:
The 46th board year
this was only a warm-up to what was coming up. The second course was salmon on a bed of legumes. The salmon was perfectly baked and had a crusty outside and a delicious inside. The legumes complemented the savoury of this dish and because all of us students don’t often eat fish. It was great to have a taste of luxury.
overload. If we were to make a Chefs’ ranking, these two would have a good shot at the top of the list. We have enjoyed visiting all the Chefs’ throughout the year and we would like to thank all the Chefs of this year again! Emiel Verhaert x
The meal concluded with a peach pie, with a cream topping. It was
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abn Amro Investment eve
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On Wednesday the 10th of April the ED along with the investment society B&R Beurs organised an interesting Investment Eve. This event took place at the highest floors of the ABN AMRO office at Coolsingel 93, which offered us an amazing view at our city.
ABN AMRO Investment eve → The first part of the evening consisted of an intriguing presentation given by Ben Steinebach, investment strategist at ABN AMRO. He discussed the most important events of 2012 and the beginning of 2013 that influenced the investment decisions and returns of ABN AMRO and other investors worldwide. This included not only major economical and political events, such as the rescue of the euro, but also the most important sport events,
ously very interesting information for us as (potential) investors. After the presentation of Ben Steinebach, B&R Beurs gave us a challenging quiz about finance and investing. The presentation was given by three of their Board members including our own Korrein Volders. Most of the questions were related with the substance of the courses Finance 1 and Finance 2, so the older students had a small advantage. When the quiz had finished they
floor to have a drink at their bar. ABN AMRO has a very cosy bar with a nice view at the city that provided us a perfect location for a farewell drink. The company gave this bar to their employees as a thank you for their hard work. During this drink the winner of the quiz was revealed: Ricardo de Boer, member of the First Years Committee. Ricardo, congratulations! Ewout Bosch x
He discussed the most important events that influenced the investment decisions and returns of ABN AMRO and other investors worldwide. which made it extra interesting and appealing for the entire audience. Afterwards he gave his investment vision for 2013, so in which sectors/markets to invest and which to avoid. This was obvi-
luckily told us the answers and through this taught us something about investing. After the quiz of B&R Beurs the evening was not over yet and we were asked to come to the highest
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14 shell inhouse day plained his job title. Channel Optimizing is optimizing all the
Shell Inhouse day Twenty ED members were invited for an inside look at the Shell Research and Technology Center Amsterdam. The day promised to be very interesting with a tour through the laboratories, presentations from senior people and some interesting cases. Beforehand, most students had no idea of all the career opportunities at Shell and this day made all the difference.
→ Because safety is extremely important for Shell as an energy company, the inhouse day started with a safety briefing that covered some ground rules including what do in an emergency. To remind all the employees of safety, a sign at the entrance displays the hours of work done without a lost time injury. This way safety will always be kept in mind, for example when a plant is being visited. After our briefing, we got a tour through the massive building, which spans over 80,000 m2. It started in the glass atrium and on each bridge crossing it, you could spot a coffee corner. The glass symbolizes transparency and the coffee corners encourage people to get together, eventually resulting in innovation. Up next, we were shown the laboratories with a refinery section that had many pipes going up and down. It was
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very interesting to see more than just the corporate offices since this really showed what was going on. Having the tour completed, it was time for the presentations from senior people at Shell; the VP of Investor Relations, the VP of
refines the oil and gas and turns it into products that are marketed globally. These include fuels, lubricants and bitumen. Second, the VP of Finance Downstream showed us how Shell works with upscaling their refineries. First a small installa-
Shell employs people for the company, not for a specific position. Finance Downstream and the Channel Optimizer. All of them have worked abroad for Shell and they enjoy working with the diversity in cultures and nationalities. First the VP of Investor Relations presented how Shell works. Shell has an upstream and downstream business. The upstream business explores for and extracts crude oil and natural gas. Downstream
tion is tested at one of Shell’s Research Centers (like here in Amsterdam), then a larger installation is built and now their Pearl GTL (Gas to Liquids) plant in Qatar has a daily production of over 100,000 barrels of oil and gas. He also told us about all the downstream products that are made and deals with other companies. Third, the Channel Optimizer ex-
steps from production up to the sale of products. This can be optimizing the distribution of fuel among all the Shell stations, hedging the oil price differences by trading futures contracts and much more. Following the lunch break, was the recruitment presentation. Unlike many other companies, Shell employs people for the company, rather than for a specific position. Shell wants the top 1% student and they evaluate you on three criteria: capacity, achievement and relationships. How good are you at absorbing information and taking calculated risks? How well do you get things done? Can you work in a diverse team? After you get through the CV selection, online tests and the interview you will receive opportunities that meet your interests. Without delay we continued with the cases. Three cases were made in the afternoon and each case had a different objective in mind. The first case was about analytical skills, the second about collaboration and analytical skills. The third case tested our creativity. Each group gave feedback on the cases and their way of working on them. We learned that we should think bigger than our own group, to weigh whether it is better to all work on the same tasks or to split up work and we learned to work with diversity, since you did not know everybody of your group beforehand. To conclude the day, there was an informal social drink. Here we had the opportunity to have a good conversation with many of the people involved with the inhouse day. On the way back to Rotterdam most of us now considered Shell as one of their favorite future employers. Emiel Verhaert x
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almanac & Post-exam drink
After the fourth exam week, it was time to relax and unwind at the well-established post exam drink. This edition was combined with the presentation of a new almanac! Having been in the almanac committee myself, I was anxious to see what piece of art would be distributed this time.
Almanac & Postexam drink → Tradition holds that if you pick up the almanac on the evening it is issued, the almanac committee will happily write some personal notes in your own almanac. The almanac committee took place behind their table and we could line up to get a brand-new almanac. Ideally, you would stand with two or more people as in the queue one could stay in line as the other got new drinks. When I reached the table, the almanac turned out to have a navyblue cover and had the theme ‘Stairway’. Very applicable since it can be interpreted in many ways. The figurative meaning naturally is that you have to take multiple steps, a stairway, to get to the top. Another way the theme is the relevant is the literal meaning, because with almost 45% of the po-
pulation not doing any sports, it is advised to take the stairway more often. The song ‘Stairway to Heaven’ also comes to mind when you think about the theme so this provided a nice base for an article to send in.
15
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amount of colors, this almanac was full-color and also, the intersection photopages are very welldone. Where we went for the core message, they had their eyes more on design and complexity and this had paid off.
When the drink was finished, a group of us decided to continue the evening into the early hours. We continued to café Beurs with a large group and we had a great night! I would like to thank the almanac committee for all their hard work and dedication and want to congratulate them with their beautiful almanac! Emiel Verhaert x
You have to take multiple steps, a stairway, to get to the top. After collecting some lifelong motivating notes from the almanac committee, I once again struck up a conversation, but this time it was with the previous almanac committee. Even though we had created a masterpiece, this almanac exceeded our expectations and has a very nice lay-out. Where we had a limited
As the evening progressed, and the hands of the almanac committee started to show signs of exhaustion, the distributing of almanac finished and they too now could peacefully have a drink. They deserve homage for their creative work and motivational notes.
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16 beerpong tournament
Beerpong Tournament
>>
The arrival of our foreign fellow students last year asked for an addition of
activities more focused on the international ED-member. And what game is
more embraced by the international community than the art of Beer-Pong.
Grown to popular proportions at the fraternities of colleges around the USA. After which many apostles left the land of the free and the home of the brave
to study abroad and spread the good word around the world. And now, many years later, we finally jumped on the bandwagon and organized the very first Beer-pong tournament.
→ Teams of all years gathered at Café Beurs to show off their aim, focus and alcohol resilience. The tables were ready for the first matches, pitchers were retrieved, cups were filled and the first teams stood ready to begin. Me and my team-mate Christiaan discussed tactics and sized up
cups from your opponent. After which defeat was quick and hassle free. To the rest of our opponents in the group stage also no mercy was shown; and because of our efficient ball throwing and cup drinking we were the first to reach the quarter-finals. Competition got harder, but after
To the rest of our opponents in the group stage also no mercy was shown. our opponent. By means of RockPaper-Scissor it was decided that our opponent would start-off the match. And while ping-pong balls flew and other participants crawled around our table we started our tournament by throwing 2 balls in the same cup, quite the achievement which removes 3
two tough matches we were able to reach the finals. Our opponents Kit Lee and Rik de Wilde seemed a bit intoxicated, but I’m the last to say this is a disadvantage when playing Beer-Pong. After we started we were quickly disillusioned as Rik hit his first four balls and we were behind 4 cups. But
we drew courage from the bad performance of his team mate and regrouped. Quickly we got even and after a thrilling conclusion victory was ours, having only one cup left. In the name of sportsmanship we congratulated our opponent on a match well played after which we accepted the giant beer-pong trophy and used it to drink a final cup. In conclusion I can say (even after adjusting for my euphoria) that the first beer-pong tournament was a great success and I look forward to defending my title next year. Jelle Lock x
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pwc client contact workshop
The 16th of May the Price Waterhouse Coopers Client Contact Training was held for the students of our study association. The weather was terrible as some fellow students and I arrived totally soaking wet at the office of PwC Rotterdam in the brainpark, but this did not spoil the mood. We were eager to get to know the company and to learn something from the day.
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pwC client contact workshop → We were welcomed by the recruiter and she introduced us to the company. Remarkable things I remember is that PwC is the first company with a ten day father leave, sponsor of the Euro Hockey League and sponsor of the Dutch national football team. After this general introduction of PwC, the workshop of the Client Contact Training started. The workshops consisted of two parts. The first part was about the different types of people, which among a group can prevail. There are passive persons, with just a little bit of input, aggressive persons who see most things black-white and behave over-compulsive. In the last group are the ones with a pro-active attitude. In this group belong the people with own initiative, open for other ideas and so-
cially active. The second part of the workshop was about how to give a presentation. We were given an eight step plan. Some steps were quite useful. Firstly one has to know his audience.
ans had to form a plan to find out into what extent there was an accounting mistake. We formed groups of three or four and started with some intelligence of the research company. Every group
Know your first sentences by heart, so you
and fortunately I was part of that group. Afterwards we had time to get to know the employees of PwC during an informal drink. All in all I can say I enjoyed the informational and educational day at PwC. Bert Wassink x
will not stumble on your first words. Secondly a trick is to know your first sentences by heart, so you will not stumble on your first words. Finally, one should practice enough until the presentation goes well. Following this workshop we could finally do something. We could crack a case. The case was about a mistake in the accounting of policies sold. We as econometrici-
quickly discovered which information was missing and had to be retrieved during the interview with a delegation of the research company. Some groups came back with more intelligence, some with less. This was dependent on the communication skills of the students. Finally the students could pitch their plans to the board of the research company. One winner had to be selected
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18 centerfold
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centerfold
19
>> → Hereby we proudly present to you: the new ED-board ×
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20 karaoke drink
Karaoke drink The first few astonishing performances featured many board members.
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On the thirtieth of May, the karaoke drink took place. This event
was to be preceded by a barbecue, if the weather predictions hadn’t opposed to this plan.
→ The BBQ was therefore replaced with a spare rib feast. After several spare rib enthusiasts had satisfied their stomachs, the time had come to do some serious karaoke. The first few astonishing performances featured many board members and also quite often a certain board member of the previous board. The songs could be picked from an extensive book, which unfortunately didn’t contain a theme song for this years IRP (Born in the USA by Bruce Springsteen was too much to ask).
mewhat different direction in order to maximally exploit their talents. Especially next year’s board formed a perfect combination of tenors, basses and sopranos. Apparently they shared this opinion as they had to show off their skills for a second time. All together, the ED members proved to be able to make a fine evening out of this kind of drink.
Jelle Huisman x
During this musical evening, where everything from Justin Bieber to Eminem to René Froger blasted out of the speakers, some econometricians found out that they should give their career a so-
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meeting with...
21
Meeting with... Freek van den Eijnden
In this edition of
“Meeting with…”, we met
Freek van den Eijnden. Freek was the president of the 40th ED board, has done an internship abroad and now works for OC&C Strategy Consultants.
→ Freek invited us to his apartment in de Esch, which is conveniently located just south of the campus. We moved to his balcony, which has an amazing view as you can see in the picture. After Freek handed us a drink, we started the conversation.
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Among other things, there had been a skiing trip and a trip to Euro Disney for committee and board members. They also organized the LED and they made an alumni almanac. Furthermore, the relations with other boards at
his experiences there. First of all, the (workplace) culture is very different from here. People tend to work much harder there, especially lower educated people sometimes have multiple jobs at the same time. In Atlanta, Freek
It is good to know how to approach
First, we discussed what experiences from his board year came in useful after graduating. He said that a board year makes it easier to find a good job. It improves your CV and you are left with a lot of contacts with recruiters. In addition, especially in consultancy, just getting good grades is not enough to get hired. Besides the strong quantitative skills an econometrician has, you should also have developed social skills. For example it is good to know how to approach professionals and how to motivate the active ED members.
the EUR were very good. They organized activities with FSR and MAEUR for example. The 40th board also merged the PINKWIN committee and activity committee into what is currently known as the first years committee. In addition, they organized a parents’s day and a brothers’ and sisters’ day as part of the Lustrum activities.
Next, we asked him about the highlights from his board year.
As Freek has done an internship in the USA, we asked him about
professionals and how to motivate the active ED members. worked at Park ’N Fly, where he was commissioned by ORTEC USA. Working in this culture learned Freek to look at problems from a different perspective.
an MBA is not mandatory, which is in Freek’s experience an advantage. He started as an associate consultant and has been promoted to consultant. However, Freek already manages projects, which are duties of a manager (the next step). This means that he is responsible for a team of several people, where he should keep the client and the partners satisfied with the project his team does. Overall, it was very interesting to hear some experiences from Freek’s board year and to talk about his career. Therefore, this rubric was once again a great success. Jelle Huisman x
Now Freek works at OC&C Strategy Consultants, at Weena in Rotterdam. He started working there after he completed his internship in the USA. Compared to the other strategy consultants, Freek thought he would fit in best with their company culture. Also,
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22 ED Football tournament
The ED Football tournament
The battle for the famous ED-football cup returned on the 7th of May. Teams lined up at midday and were ready to battle for the grand prize. It was held on the fields of Excelsior Rotterdam and we were lucky to have excellent weather conditions. We got into
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the action with our own Estimator team.
→ After everyone was fired up for the first round, the first kick offs started and teams started playing high-paced. After 10 minutes already, a couple of participants were slightly exhausted and for them the football tournament turned out to be a reality check of their level of fitness. After the final whistle of the round, scores were calculated and a new challenge awaited. The second round really made you sweat but fortunately the EC was there to help! We got a refreshing sports drink and crisps. Students could catch their breath again before kicking off the next match. As teams differed in size, and as only five people were allowed to
play, most teams had up to three players on the bench. When faced with exhaustion, players could easily switch and this kept the pace high when playing football. The teams that did not have to play sometimes had to switch to being neutral as they were referees for the matches. All teams played fair and the referees hardly needed to intervene. After the fifth round, we had a break and the outcome of the pool rounds was calculated. Some people already started enjoying a beer because their expectations were that they could do so. Other teams had to prepare for what was coming, matches were going to be tougher and would require more strategic thinking. The knock-out phase could begin , but unfortunately we just (came in
third in the pool round) did not make it through. However, this was a nice opportunity to observe what was happening. One of the teams that made it through to the knock-out phase was the team of professors and teaching assistants. They were in excellent shape and they had a good shot at the cup. They indeed went through to the semi-finals and two teams were knocked out. The semi-finals were thrilling as in both matches, teams really had
match from the sideline and the speed of the game was very high. Halfway through the match, a true winning team emerged and they scored even more once they were confident they would win the ED football tournament. It resulted in a clear 7-3 win for the team of Jetze, Rob, Hugo, Bob, Michael, Emma, Alex, Luc and Tim. Congratulations with your title! Emiel Verhaert x
Who would go home with the title and honor? to fight to win. Big differences in the playing level disappeared in the quarter final and now every goal really did count and teams did come back from a setback. After a final small break, it was time for the match of the day. Who would go home with the title and honor? Everybody watched the
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active members activity
Because the end of the year was near, the board would like to thank all the active members with a nice day out, after having organised a first activity however, that plan, sailing through the canals of Amsterdam, fell through. Now, plan B for Bowling was set into action.
active members activity → We were able to use four lanes and try to show off our bowling skills to fellow active members while enjoying a nice chat and meeting members from other committees. After setting goals, the 100 milestone is one that most people had on their mind, it was time to get the balls rolling. On the first lane, the first turn immediately was a strike, giving a lot of pressure to the fellow bowling participants. Unfortunately the rest succumbed under pressure by not throwing a strike in the first round. It was hard to throw a strike but fortunately quite a lot spares were thrown in the first game. Our body needed to be warmed up first and people that did not meet their goal in the first game, were
more determined to get to the 100 point milestone. Another factor that now would influence performance in a positive way were that the first beer probably had been consumed and that makes you
>>
think it would be around 75-80 points per game. When we were in the third round, yet another factor came along that would improve game perfor-
People that did not meet their goal in the first game, were more determined to get to the 100 point milestone. throw more relaxed and flexible. On our lane, the secretary passed the 50 point mark in the fifth round, exactly keeping him on track for his goal. But unfortunately, bad luck occurred and he finished at 98. I myself, finished deep in the 80 points and if I were to estimate an average score of all the active members I would
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mance. Among other classic hits, the Venga Boys came along and this extra factor, in addition to the experience gained in the first two rounds was set to hopefully make some magic happen. Depending on the player, magic did happen or they were still stuck somewhere around their scores of the previous two rounds, for the se-
cretary, passing the 100 point milestone just wasn’t granted to him. Despite many bad scores, now we received major uplifting news. After bowling, the ED would provide us with unlimited spareribs at the restaurant next door. Delighted with this news, we moved to the restaurant and were ready to be served. A new round of spareribs was served very fast after the previous round and our stomachs filled up quickly. After having a final drink and conversation and speeches given by several (future) board members, we moved out of the restaurant where most people made plans to continue this nice evening in the city centre. We had a fantastic evening and I can recommend all of you to become an active member!
Emiel Verhaert x
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24 math jokes
Math jokes Why was 6 afraid of 7? Because 7 8 9 Q: Why is a math book always unhappy? A: Because it always has lots of problems.
Did you hear about the statistician who was thrown in jail? He now has zero degrees of freedom.
An econometrician was asked about the meaning of life. He replied: It depends on the parameter values. The Lipton Company is big on statistics, especially t-tests. Infinitely many mathematicians walk into a bar. The first says, “I’ll have a beer.” The second says, “I’ll have half a beer.” The third says, “I’ll have a quarter of a beer.” The barman pulls out just two beers. The mathematicians are all like, “That’s all you’re giving us? How drunk do you expect us to get on that?” The bartender says, “Come on guys. Know your limits.”
When a statistician passes the airport security check, they discover a bomb in his bag. He explains. “Statistics shows that the probability of a bomb being on an airplane is 1/1000. However, the chance that there are two bombs at one plane is 1/1000000. So, I am much safer...”
Statistics are like a bikini: what is revealed is interesting; what is concealed is crucial.
Two unbiased estimators were sitting in a bar. The first says, “So how do you like married life?” The other replies, “It’s pretty good if you don’t mind giving up that one degree of freedom!”
Q: What do you get when you cross the Godfather with an economist? A: An offer you can’t understand.
Old mathematicians never die; they just lose some of their functions
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benford’s law
25
benford’s law
D
P(D)
1
0.301
2
0.176
3
0.125
4
0.097
5
0.079
6
0.067
7
0.058
8
0.051
9
0.046
Figure 1: Fibonacci Series
Figure 2: Monthly observations of growing data
Figure 3: Yearly observations of growing data
Figure 4: Random sample of 500 of growing data Max Schotsman x VOLUME 15 ISSUE 4 // ESTIMATOR ECONOME TRISCH DISPUUT
26 t.G.I.S. Party
Thank god it’s summer party!
While the weather wasn´t telling us it was summer, the date was. 25 June, four days into the summer, it was time for a party to celebrate the year was over. Or to celebrate you can drink for a week or two before locking yourself in the UB to study for your resits. → After a very successful edition of last year the ED wanted to do an even better and bigger party where the new board will be announced. This board was told that bigger is better, and thus the party took place in Blender. The location was fine, but I guess the most important part of the evening was the free beer, wine and soda for all attendants. And there were a lot of people attending! More than 250 ED-members, friends of the ED-members and other boards came to party! It is impossible to describe the night, all I can do is to summarize it in one word: Awesome. This awesomeness had its max when the new board was presented. Everyone looked up at the new board, just like they descended from heaven. This was the only time this evening that the music stopped, to make it possible that the 48th board sung their song. It was beautiful! I would like to congratulate the new board mem-
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“A picture is worth a thousand words.” Enjoy the pictures! bers with their new position. The exact constitution can be found in the who-is-who section of this edition. Yet as I said it is impossible to describe this evening, but as they say: “a picture is worth a thousand words”. With this phrase I would like to end this article and wish you all a nice summer. Enjoy the pictures! Ruud van Luijk x
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city trip: berlin
In the last weekend of March a group of about 60 enthusiastic econometricians set out to the capital of our eastern neighbors. The weather in the Netherlands didn’t live up to the expectations of early spring, but on our way to the east it became more ridiculous as we had to overcome several snowstorms. After a long overnight journey, during which it was very hard to get any sleep at all (at least for me) as the seats
27
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didn’t function very well as a bed, we arrived at our hostel in East-Berlin.
Citytrip: berlin as experienced by Jelle Huisman
→ We had about one hour time to drop our stuff and prepare for an early morning guided tour along the highlights of Berlin. The tour started at Potsdamer Platz, a memorable place for the Berliners as this place was totally laid waste during World War II. Then, during the period of the Berlin Wall, Potsdamer Platz was divided into two and it served as No Man’s Land. During the remainder of the tour we visited several other places with a “heavy history” (to stay in terms of our tour guide), like the site of Hitler’s bunker, the Holocaust Memorial, the Reichstag and the Brandenburger Tor. As it was already past 12.00 by the time the tour finished, it was about time for some of the travel companions to taste the German beer. As
it was snowing almost all day, most people spent the afternoon in various restaurants. After a nice meal at an Indian place, there were plenty of opportunities to enjoy the nightlife of Berlin.
wery. I wouldn’t expect it, but they really brew beer in the center of Berlin. After we tasted some strange beers (like banana beer) and all the secrets of brewing beer were explained to us, we
We had strange beers, like banana beer. As the next joint activity would only start late in the afternoon, several groups explored the city by themselves. Along with others, I visited the western part of Berlin. We visited for example the KaDeWe (Kaufhaus des Westens) and the Kaiser Wilhelm Memorial Church. At a very interesting store we found out that the ED board has a joint passion, namely building objects with lego. The next activity was a tour at a beerbre-
went to a German restaurant. Here, the greatest challenge of the city trip was finally achieved. In this restaurant, unlike many other restaurants and bars, it was possible to order a beerglass containing one liter of beer.
tunity for some people to visit a Kino in order to extend their night rest. Along with several others, I visited the Jewish Museum, which tells the story of the Jewish in Germany. Thereafter, we visited a 1.3 km long section of the Berlin wall, named the East Side Gallery. The journey home was once again overnight, so we arrived at Rotterdam early in the morning. Even though the weather could have been much better, I had a great time in Berlin and I look forward to the next city trip! x
The next day, most people had some trouble waking up as we had to leave our rooms at 10 AM. There were no joint activities for Sunday, which was a good oppor-
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28 city trip: berlin
Citytrip: berlin as experienced by Sierk Wiegers
On a cold Thursday night we set out on a 700km journey to one of Europe’s most interesting capitals: Berlin. After a rough and tiring night, we got out of the bus early Friday morning to find a frozen and deserted city. Unfortunately, there was no rest for the weary. Having quickly dropped off our stuff at the hostel, we got on the subway to commence our first event: an official Berlin city tour with a Dutch tour guide.
→ I had not seen Berlin before, so I was really motivated to see the city. It was clearly visible that the city itself has been defined by the events of the Second World War. Monuments like the Wall, the Holocaust Memorial, Potsdamer Platz and Hitler’s bunker all have a direct connection to the war. But fortunately, Berlin has a longer history which is told through buildings such as the Brandenburger Tor, originally a gate of the city. The tour took the entire morning and in the afternoon we had the opportunity to explore the city on our own. I checked out Checkpoint Charlie, a crossing point in the Berlin wall, and its adjacent museum. Especially interesting to see were the methods of escape out of the East. The easterners thought of numerous original ways to hide persons; such as hidden layers in fridges and cars. Unfortunately not all attempts were successful and many have had to pay with their lives. After a collective dinner at an Indian
restaurant, most of us went out to explore Berlin’s famous nightlife. I ended up in Club Matrix, which was not that far from our hostel. Matrix is Germany’s largest club, with seven unique areas catering to different tastes of music. So after a fun night there, we went back to the hostel to get a few hours of sleep. Saturday morning was free, so most of us took it easy and strolled past the shopping district in the west of Berlin. The difference between East and West is startling; the West is more of a classic city whereas the East comprises heartless building blocks of white stone. In the afternoon, the entire group got together at a beer brewery in the city center. Over there, we tasted some special flavors of beer and got a tour around the brewery. On Saturday evening, many persons wanted to see some of Berlin’s more alternative nightlife. As you may know, Berlin is especially known for its alto party scene in special locations around the city. As we unfortu-
nately discovered, it was not easy to enter one of these parties. Apparently, most Rotterdam econometricians were not special enough to be allowed entry. This was a bummer but most of us still managed to make it a fun night. Another disappointment was the start of the summer time, which knocked off another hour of sleep. The only noteworthy event I undertook on Sunday was visiting the Berliner Fernsehturm, which is a 207m high tv broadcasting tower. It was really enlightening to see the differences between East and West so clearly and it was also easy to spot the monuments we had visited earlier. On Sunday night we got on the bus again in order to return to the Netherlands. I returned home with the good feeling that I had not visited one, but two unique cities. ×
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city trip: berlin
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30 photo’s
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A surprise visit from PSY at the T.G.I.S.-party ×
→
→ All their attention went to our f.t. board ×
→ Peace
for all my homies out there x
→If there is beer, I drink it... ×
→ Compliments from the coach ×
→ Thank god it’s
→
That’s what she said! ×
summer! ×
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photo’s
31
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→ I WANT YOU! ×
→ ED-gangstahs! ×
→ I have no idea what I’m doing, so
we are lost. ×
→Before
→ After
x
→ The level of romance went
through the roof! ×
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32 excelsior students cup
Excelsior students cup The Excelsior Nautadutilh student football tournament is an annual event between all fraternities, faculty- and student associations. The required information for this article is that the ED lost from STAR and finished fourth in last year’s tournament. You will probably wonder why this is important… Just read the article.
→ The day started with the coach and technical manager, Bert Wassink and yours truly, who welcomed the stars of the ED at the fields. Shining in their white and green shirts the team did their warming up while the staff went to get their first tactical inspiration in the bar. We started in the worst poule possible: S.S.R.-R, EFR and Erasmus Debating Society. Specially the last one was the all-time favorite at the bookies. However, the Erasmus Debating Society didn’t reach their potential and were defeated by everyone with double numbers, except by EFR because they were even worse! We showed them who really the best ESE faculty association is: double numbers against
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EFR! The last match of the poule was a serious one. This match against S.S.R.-R decided if we went to STAR in the next round of not. After a close match our dream team won with 2-1. The technical staff did it!
ponent. After a lot of promises of beer and snacks by the coach the ED-team crushed the STAR team. There was no mercy. The STARplayers were almost crying, ofcourse also due to the absence of the STAR-board. Bunch of failures. The rest of the games weren’t that special. They were exactly as the previous games. As our great Roman friend Julius Caesar
Cold sweat broke out and chillings went through our spines.
some time playing the score was 1-1. Then, in a moment of pure ingenuity there was a 100% sure chance of scoring the 2-1. But as ingenius as the moment was, so brutal was the hands-foul of the cowardly defender. Maradonna was nothing in comparison of this foul. Of course there was a penalty and of course we missed it since the goal was only 4 meters wide. Now you are probably wondering: didn’t the defender get a red card? Nope, only a 2 minute time-out. Eventually we lost the game and I can honestly say that it was because of the ref. Next year we will win.
After our glorious victories we had to play against the second team of the poule of STAR. Unfortunately STAR was failing the tournament so they were the second team of their poule. Cold sweat broke out and chillings went through our spines. Our biggest competition was our next op-
would say: “Veni, Vedi, Vici”. Until the final…
Ruud van Luijk x
In the final we faced the RSC, sadly. The ED honestly ruled the game, but they had a former Ajax keeper in a small goal, so most of the attempts on goal were without any chance of scoring. After
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puzzle
Puzzle
33
→ In this puzzle, you will have to arrive at
the number 6 with each row. You are allowed to use all and infinitely many mathematical operators and you can use as much operators as you want on the dotted lines,
...1...1...1... = 6
but not any that use numbers or letters. E.g. it is not allowed to use a higher power or a logarithm. Among others, you are allowed to use brackets, to add, deduct, multi-
...2...2...2... = 6
ply or divide. Cut out your solution and give it in at the ED-room @ H10-05 or make a picture and
...3...3...3... = 6
send it to puzzle@ectrie.nl. × Emiel Verhaert, with special thanks to Rik de Wilde
...4...4...4... = 6
...5...5...5...
=
6
...7...7...7... = 6 ...8...8...8... = 6 ...9...9...9... = 6
...6...6...6... = 6
The winner of the previous puzzle is: Joris Blokland Please come by the ED room to collect your prize!
Bonus: ...10...10...10... = 6 Name: E-mail: VOLUME 15 ISSUE 4 // ESTIMATOR ECONOME TRISCH DISPUUT
34 studysection
educationboard Dear students, As the academic year has ended, I would like to first congratulate all students who have successfully met the requirements of their first year. You are the first students dealing with the N=N standard, meaning that you can now continue studying econometrics. Second, on behalf of the Education Board, I would like to congratulate all students who are entitled to receive their Bachelor or Master diploma. Well done! By now most of you are celebrating a well deserved holiday. However, the new academic year is approaching! This means all students re-applying for their Bachelor or Master programme have to enroll again via Studielink. The deadline for enrolment is August 31st, and for those of you starting a Master programme enrolment deadline is August 1st! Make sure you apply on time, even if you haven’t finished your Bachelor thesis. In this case, you can ask your supervisor to sign a thesis statement that you will finish your thesis by August 31st the latest. For those of you finishing your Bachelor, you can sign up for the ESE Bachelor Graduation Day, the official Bachelor diploma commencement. This event is held on two days: October 29th and October 30th. You can apply through the Examination Administration by August 31st the latest. As you may have noticed the construction of the new campus is developing very quickly. The Erasmus University proudly introduces two new buildings, one of which is a student housing complex (next to the S-building); the other is the new Student Pavilion (between the L-building and the H-building). Moreover, the late L-restaurant Carrousel is being transformed into a food court as we speak, such that you will be able to walk from the central hall in L to the plaza along different small boutiques. Altogether a brand new campus! Last but not least, as we econometricians warmly welcomed the international Bachelor Econometrics, another international programme is coming. As from academic year 2013-2014 a third Econometrics programme is launched: BSc2, the first international double programme in the history of the Erasmus University. Combining Econometrics and IBEB, BSc2 will take its course at the ESE. Spread the word, let’s put ‘Rotterdam Econometrics’ on the map and proudly commence the centennial year of this faculty. On behalf of the ESE Education Board, enjoy your holidays and we hope to see you next year! Philo Meerman Student Member Education Board ESE & First Ambassador Econometrics
VOLUME 15 ISSUE 4 // ESTIMATOR ECONOME TRISCH DISPUUT
studysection
35
Educationcommittee Dear fellow students, It is with great pleasure that we can look back on the past academic year. The last months have brought a lot of changes, challenges and joys for all of us. In particular, we can look back on the introduction of the new International Bachelor of Econometrics and Operations Research, the implementation of the nominal-is-normal-rule (60-credit-rule), and the on-going development of our campus-renovation. We hope that you managed well in the past academic year and that you did not experience any added challenge as an obstacle, but rather took it as an opportunity to grow personally and to further develop yourself. Now is the time to relax and to reflect on these issues a little bit in order to gain strength again for the next year. As the new year will again bring a lot of new things (e.g. the double bachelor for economics and econometrics - BSC²), we like to focus now on the “good old things” that are going to change. In particular, there will be a change in the Educational Board. Luuk Maassen, our most experienced student member, is moving on to a new episode in his academic career and is thus handing over his chair to a new member, of whom the name will be announced in September. We thank Luuk very much for all his efforts and contributions to the committee. Let us hear his reflections on his time as a committee member. Luuk: “After being a student member of the Education Committee for 3 years I can say that Econometrics at the ESE has changed over time. Econometrics is becoming more and more popular among Dutch and international students and the study is being adapted to the needs of students, professors and others working at ESE. Although the changes can be small, Econometrics is constantly being improved. It is (and as a student member was) great to be a part of this and to see how the ESE succeeds to be a top class institution.
I enjoyed the last 4 years and will be enjoying the coming year(s) as a master student of Quantitative Finance studying at ESE. In the upcoming year(s) I will not forget how important the opinion of a student is and how we, together with the Education Committee and all the professors, can ensure that Econometrics remains one of the best studies in the Netherlands.” Inspired by these words, we wish you an enjoyable summer and we already look forward to seeing you in the new academic year (or already for the Eurekaweek). Please do not hesitate to contact us should you have any questions about our work or if you encounter any systematic problems about the program. John Brouwer Mechteld Ferment Luuk Maassen Jan Radermacher Student members of the Education Committee Econometrics & Operational research Dr. D. Fok Dr. C. Heij Dr. W. van den Heuvel Dr. M. van der Wel Staff members of the Education Committee Econometrics & Operational research Contact: oceconometrie@gmail.com
VOLUME 15 ISSUE 4 // ESTIMATOR ECONOME TRISCH DISPUUT
36 studysection WE Congratulate all graduates!
5-6-2013
1-5-2013
6-6-2013
L.E. Duijzer
L.I. Rog
R.J.B. Wajon
Constructing schedules for the
The relation between intermediate
Optimal dynamic portfolio choice
Operation Room Department while
consumption and production in The
over the life-cycle
considering the influence on the
Netherlands
Kole, H.J.W.G.
Intensive Care Unit
Fok, D.
Farenhorst-Yuan, T.
16-5-2013 M.E.L. Souverijn
17-4-2013
1-5-2013
Maintaining service level at redu-
A.P. Mol
M.D. Maria
ced capacity in hospitals
Economic feasibility of an order
Where is the break? Finding the
Farenhorst-Yuan, T.
intervention tool with an applica-
structural break for the Dutch la-
tion to RoHS parts substitution
bor market
20-6-2013
Dekker, R.
Koning, A.J.
T. Luo
2-5-2013
2-5-2013
dity and Index Labels
A. Brojba-Micu
I. Ozyildiz
Tham, W.W.
StockWatcher 2.0: Using Text Analy-
Forecasting and Evaluating Portfo-
sis to Predict Stock Mearket Trends
lio Value-at-Risk: A Multivariate Ap-
20-6-2013
Frasincar, F.
proach
V.R. Ramjiawan
Dijk, D.J.C. van
A Stochastic Programming Approach
R. Vermaas
2-5-2013
ment at KLM
The Security Risks of Mobile Payment
J.S. Tjong-A-Tjoe
Heuvel, W. van den
Applications Using Near-Field Com-
Probability of Default Models: Ca-
Style-related Commonality in Liqui-
17-4-2013
for Short-Term Disruption Manage-
munication
libration Testing in the GMM Frame-
Tervonen, T.
work Kole, H.J.W.G.
18-4-2013 P.H.P. van der Meijden
15-5-2013
Developing a Quantitative Frame-
E. Kinable
work forthe Valuation of a Savings
Multivariate Linear Mixed Modeling
Customer
to Predict BMR
Kole, H.J.W.G.
Paap, R.
18-4-2013
16-5-2013
W. Zhang
M.H. Poppelaars
Improving Value-at-Risk estimates by
High frequency data on two clocks:
combining density forecasts
An empirical analysis of the dif-
Dijk, D.J.C. van
ferences between the chronological clock and the volume clock
18-4-2013
Scholtus, M.L.
E.J.D. van den Berg Forecasting excess returns of sub-
20-6-2013
indices of the MSCI-World
Y. Yang
Dijk, D.J.C. van
An update to the comovement of commodity, equity and USD Dijk, D.J.C. van
VOLUME 15 ISSUE 4 // ESTIMATOR ECONOME TRISCH DISPUUT
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