Annual Report FEWEB 2015 by Vrije Universiteit Amsterdam

ANNUAL REPORT 2015

STATE OF THE FACULTY The Faculty of Economics and Business Administration (FEWEB) is one of the largest at Vrije Universiteit Amsterdam. FEWEB provides teaching to approximately 4,200 bachelor’s and master’s students and 1,800 postgraduate students. The faculty employs about 500 academic and supportstaff members. The faculty’s mission is to be a leading national and international player that creates, disseminates and applies knowledge, taking the future needs of business and society as our guide. Our unique location in Amsterdam’s main business district, Zuidas, enables us to explore and intensify interaction with finance and law firms. Alongside our regular education programmes, our postgraduate programmes offer highperformance courses that address business needs with a strong focus on interaction between academia and commerce, theory and practice. Our key value is excellence, both in teaching and in research. We strive for excellence by encouraging international cooperation in both areas. We also aim to create an excellent and pleasant working environment for both academic and support staff and to encourage our employees to engage in continuing personal and professional development. There are a number of highlights of the year 2015 I want to mention. First, in the recent research assessment, the Business and Economics research of the faculty was characterized as very good, overall, ANNUAL REPORT 2015

and excellent in the area of ‘viability’. The assessment, carried out by an international committee, chaired by professor Arie Kapteyn, covered the years 2008–2014. Out of six universities that participated in this research assessment, Vrije Universiteit Amsterdam, together with our colleagues from University of Groningen, received the highest scores. Furthermore, in June 2015, the faculty celebrated the launch of the VU Business School (VUBS). The significant growth of FEWEB’s postgraduate activities necessitated a renewed business model. Managing 17 individual programmes servicing some 1,800 postgraduate and 300 executive students called for a more-efficient and a more-productive coordination mechanism. Postgraduate programmes are now organized into a School of Accounting, a School of Finance, and a School of Management, all operating under the umbrella of the VUBS. This coordination mechanism secures the success of the past while preparing us for tomorrow’s growth. Next, in September 2015, the Duisenberg Honours Programme was launched. Two brand new master’s programmes saw the light: the Duisenberg Honours Programme in Quantitative Risk Management and the Duisenberg Honours Programme in Financial Markets and Regulation. Both programmes cater to students willing to go the extra mile to achieve academic excellence.

Another highlight is that, in 2015, Vrije Universiteit Amsterdam successfully completed the accreditation procedure for the new interdisciplinary bachelor Philosophy, Politics & Economics (PPE), a joint programme of the Faculty of Economics and Business Administration, the Faculty of Humanities and the Faculty of Social Sciences. Starting in September 2016, it will offer a thorough introduction to philosophy, political science and economics and teaches students to combine the insights and results from these disciplines. The programme is based on the idea that great societal challenges, like climate change, the structure of the financial sector or the refugee crisis, require a broad perspective. Vrije Universiteit Amsterdam is one of the first universities in the Netherlands to offer a full English-taught PPE bachelor. Finally, excellence is our key value. In the year to come, we will make all efforts to further strengthen our profile by revising our master portfolio. With pride, I present this annual report. I hope you enjoy reading it.

PROFESSOR DR. WILLEM VERSCHOOR, DEAN

FACULTY EVENTS 2015 Jan

Feb

March

April

May

June

July

Results of the National Students Survey: FEWEB has again approved

Membership ACCSB

Aug

Sept

Dec

Faculty Christmas Event

“Heidag” Faculty Board and Heads of Department

Faculty’s Best Student Award for Sina Zolnoor

University Premiere Boom Bust Boom

Nov

Faculty Barbecue

Faculty Event Support Staff

Accreditation Post Graduate Programme Change Management

Oct

Faculty’s Best Junior Lecturer Award for Brian Spicek

Launch Duisenberg Honours Programme

Accreditation interdisciplinary Bachelor Philosophy, Politics and Economics

10 Faculty Members in the ESB Economists Top 40

Research Assessment Kapteyn: High scores for FEWEB

Faculty’s Best Lecturer Award for Meindert Flikkema

Launch VU Business School

ANNUAL REPORT 2015

FACULTY BOARD The Faculty Board consists of the Dean and three members of the faculty. The Dean presides over the Faculty Board. In addition, a student assessor has an advisory role. • Professor, Dr. W.F.C. (Willem) Verschoor, Dean • Professor, Dr. A. Lucas (Andre), Vice Dean and Research Director • Dr. R.W. de Crom (Rob), Director of Education • Mrs. M. Maletic (Mira), Managing Director • Charlotte de Bruijn, Student Assessor

ANNUAL REPORT 2015

REPORT CREDITS August 2016

PUBLICATION This publication is published by Vrije Universiteit Amsterdam

CONTACT Faculty of Economics and Business Administration (FEWEB) Vrije Universiteit Amsterdam De Boelelaan 1105 1081 HV Amsterdam

PHOTOGRAPHY Peter Gerritse Yvonne Compier Simone van der Wolff Arno de Geus Peter Valckx

LAYOUT Room for IDâ&#x20AC;&#x2122;s, Nieuwegein

ANNUAL REPORT 2015

CONTENTS

ANNUAL REPORT 2015

EDUCATION

RESEARCH

SOCIETAL IMPACT

STUDENT ASSOCIATIONS

CAREER AND ALUMNI SERVICES

STAFF

FINANCES

AWARDS, GRANTS, AND OTHER FACULTY HIGHLIGHTS

LIST OF PUBLICATIONS

EDUCATION CHAPTER 1

ANNUAL REPORT 2015

Our vision of teaching clearly embodies the core values that express the University’s identity: personal, open and responsible education. In addition, we strive to produce graduates who are sound academics and good professionals, capable of displaying responsible citizenship in their future careers. Our vision also covers research, which should demonstrably be part of all FEWEB teaching programmes. This outlook reflects current developments and insights in respect of educational demands and points the way for the coming years. It also forms a sound foundation for our educational policy in the years to come. In 2015, much energy was spent on drafting a faculty plan for the coming years. Following the University’s Strategic Plan, in which the course for the years 2015 to 2020 is laid out, FEWEB presented an implementation of this in a document, describing its goals for the next five years. For our teaching programmes, ambitious but realistic aims were defined in four fields: high-quality teaching, the fostering of talent, diversity and internationalization. The faculty’s long-term plan obviously also aligns with the University’s four distinct, recognizable profiles, into which teaching and research programmes are increasingly organized: Governance for Society, Human Health and Life Sciences, the Connected World and Science for Sustainability. Given the broad nature of research and teaching programmes in economics and business, we will contribute to all four of these, but with an emphasis on Governance and the Connected World.

ANNUAL REPORT 2015

POLICY DEVELOPMENTS In 2015, major steps were taken in the revision of FEWEB’s teaching portfolio. This project started three years ago and was in part necessitated by the need to find an answer to the growth the faculty has experienced, which has in turn brought about a change in our student body and academic culture. With the growth in student numbers, we were accepting more and more newcomers who had chosen Economics or Business without proper, prior orientation. They did not know what these studies entailed and had no clear perspective regarding their later careers. Many in this group subsequently dropped out, continuing their studies elsewhere, in another discipline. National developments also played a role, most notably the increasing government emphasis on academic success. Student satisfaction, it appeared, decreased – especially when compared to, say, ten years ago, when our programmes were invariably in 7

the national top three. To change this, FEWEB has formulated a new educational policy, which focuses on three elements: improving academic success by attracting better-qualified students, making more funds available for teaching and, finally, redesigning the degree programmes. In addition, we decided to stem the increase in student numbers. Measures to put

this into effect included the introduction of pre-entry selection and an intake cap for our Bachelor degree programmes in Business Administration, as well as the requirement that pre-masterâ&#x20AC;&#x2122;s students pass a Graduate Management Admission Test (GMAT). What all policy measures eventually aim to achieve is to enhance FEWEBâ&#x20AC;&#x2122;s

already-solid reputation still further and to continue developing this into a visible and recognizable sterling brand, attractive for national and international talent. Redesigning the degree programmes is one of the key measures to achieve this aim and, consequently, consumed much of our efforts during 2015. A very successful new first year of the new

Organizational Chart of the Faculty

RESEARCH

EDUCATION

POSTGRADUATE EDUCATION

Joint Faculty Assembly FACULTY BOARD

Research Programmes

Departments

Research Schools - Tinbergen Institute (TI) - Amsterdam Business Research Institute (ABRI)

BSc & MSc Programmes

Programme Committees

Advisory Boards Scientific Committee

Binding Recommendation on the Continuation of Study Committee

Assembly of programme coordinators

Scholarship Committee

Input

VU Business School

- School of Accounting - School of Finance - School of Management - Academies

Postgraduate Programme Part-time MSc Programme

Programme Committees

Honours Committee

Boards of Trustees

Examination Boards

Advisory relation

ANNUAL REPORT 2015

programmes was implemented and the contents of the second and third year designed, with the latter containing a fair number of attractive minors for students interested in business and economics. The teaching portfolio was also enriched by the addition of the brand new interdisciplinary programme Philosophy, Politics and Economics, commonly referred to as PPE. This programme has been famous for more than a century in Anglo Saxon countries, and we feel quite proud, now that a high-ranking university on the continent offers it. PPE is a joint initiative of the faculties of Economics and Business, of Humanities and of Social Science. To emphasize its unique position, the programme will be separately housed in a College, aptly named John Stuart Mill College. Regarding its master’s portfolio, FEWEB has strengthened its profile by the incorporation of two new honours programmes, viz., the Duisenberg Honours Programme in Quantitative Risk Management (open to MSc Finance students) and the Duisenberg Honours Programme in Financial Markets and Regulation (for the MSc Business Administration students specializing in financial management). Both programmes cater to students willing to go the extra mile to achieve academic excellence. In the same vein, a brand new research master, Business in Society, saw the light. This intensive, selective, two-year programme is offered jointly with the University of Amsterdam and welcomed its first students in September 2015. Further revision of the master portfolio is underway with main developments planned for 2016. Finally, 2015 was also the year that saw the birth of the VU Business school, which now accommodates all of FEWEB’s post graduate programmes under one roof. Being the second largest provider ANNUAL REPORT 2015

“WE ZOUDEN TWEE VERSCHILLENDE LEIDERS MOETEN INZETTEN OM MENSEN ENERGIEBEWUSTER TE LATEN DENKEN. VOOR DE BOODSCHAP DAT WE ZUINIG EN CONSERVATIEF MOETEN OMGAAN MET FOSSIELE BRANDSTOFFEN, IS EEN OUDER OGEND IEMAND HET MEEST EFFECTIEF. MAAR OM MENSEN TE STIMULEREN AVONTUURLIJK EN INNOVATIEF TE ZIJN OP HET GEBIED VAN ALTERNATIEVE ENERGIEBRONNEN, IS EEN JONGER OGENDE LEIDER WEER OVERTUIGENDER.” BRIAN SPISAK, HET PAROOL, VRIJDAG 9 JANUARI 2015

of post-experience education in the Netherlands, with a strong reputation in the corporate field, we feel this allows for better branding and more opportunities for growth.

Internationalization Two years ago, FEWEB’s international office was subsumed into the new VU International Office, and this proved to be a highly successful move. It has enabled resources to be channelled more efficiently into attracting greater numbers of international students to our degree programmes. Exchange partnerships can also be forged on a larger scale, allowing us to send more Dutch students abroad. We are now reaping the first results:

a significant rise in outgoing exchange students and an increase in international degree students. The International Student Barometer, an independent survey carried out across universities worldwide, showed that these students were extremely satisfied with their choice of the Vrije Universiteit. They especially praised the academic quality of the programmes and the demanding yet stimulating smallscale teaching. This is of great importance to FEWEB, with its international master’s degree programmes, its BSc in International Business and its focus on internationalization. To be truly international in outlook and character, a certain mass of international students and staff is essential. Not only does this facilitate overseas staff and student recruitment, but it also

brings an international feel to our own lecture theatres, thus enabling students to develop a cultural sensitivity that prepares them for international careers after graduation. To further facilitate this and to enhance FEWEB’s visibility on the international stage, we obtained membership of the Association to Advance Collegiate Schools of Business, the AACSB for short, and are now in the process of preparing for the international AACSB accreditation.

“ECONOMISCHE STABILITEIT IS GEEN HOUDBARE TOESTAND, ZOALS ECONOOM HYMAN MINSKY DECENNIA TERUG AL SCHREEF. UITEINDELIJK GAAT IEDEREEN IN EEN GOEDE PERIODE STEEDS RISKANTER OPEREREN. EN DAN NIET ALLEEN DE BANKEN. REGERINGEN DOEN OOK MEE; ZIJ VERSOEPELEN DE REGELS VOOR DE FINANCIËLE WERELD. EN DE GEWONE MAN DOET ERAAN MEE, DIE KOOPT EEN HUIS DAT EIGENLIJK TE DUUR VOOR HEM IS. UITEINDELIJK BARST DE ZEEPBEL.” THEO KOCKEN, TROUW, VRIJDAG 11 SEPTEMBER 2015

ANNUAL REPORT 2015

International bachelor Philosophy, Politics and Economics

DEGREE PROGRAMMES FEWEB offers four bachelor’s degree (BSc) programmes and ten master’s (MSc) degrees. The MSc in Finance incorporates a selective Duisenberg Honours Programme in Quantitative Risk Management for outstanding students, and the MSc in Business Administration is enriched with an equally prestigious Duisenberg Honours Programme in Financial Markets and Regulation. The master’s in Business Administration counts six specializations. FEWEB further hosts two selective twoyear research master’s: our Amsterdam Business Research Institute contributes to the research master Business in Society and the Tinbergen Institute, a joint initiative of the Vrije Universiteit, the University of Amsterdam and Erasmus University, offers the Master of Philosophy in Economics. Furthermore, the faculty offers an MSc in Entrepreneurship, joint with the University of Amsterdam, and, finally, three part-time master’s degrees under the auspices of the VU Business School.

ANNUAL REPORT 2015

In 2015, Vrije Universiteit Amsterdam successfully completed the accreditation procedure for the new interdisciplinary bachelor of Philosophy, Politics and Economics (PPE). The programme is a joint initiative of the Faculty of Economics and Business Administration, the Faculty of Humanities and the Faculty of Social Sciences. Starting in September 2016, it offers a thorough introduction to philosophy, political science and economics and teaches students to combine the insights and results from these disciplines. The programme is based on the idea that great societal challenges, like climate change, the structure of the financial sector or the refugee crisis, require a broad perspective. PPE has been around for almost a century in the Anglo-Saxon countries. The Vrije Universiteit is now the first university in the Netherlands that offers a full English-taught PPE bachelor. With a stay abroad, internships and additional guest lectures by leaders from the world of economics, media, government and politics, the PPE programme prepares students for future leadership positions. The Advisory Board of the programme includes the former President of the European Council and VU honourary doctor Herman Van Rompuy and Chairman of the Board of ABN AMRO and VU-FEWEB alumnus Gerrit Zalm. With the Dutch financial center “de Zuidas” around the corner and the center of Amsterdam within a 15-minute reach, Vrije Universiteit Amsterdam offers an ideal location to study PPE. PPE will be housed in its own college, the John Stuart Mill College. This way the students form part of a close, intellectual and social community. PPE received the distinctive feature “Small-scale and intensive education”; PPE students receive intensive counselling with a strong focus on personal development. PPE is a selective programme, designed for excellent students who want to study in a lively international community. Depending on the selected direction, PPE graduates are eligible for master’s programmes in each of the three PPE disciplines at home and abroad.

BACHELOR’S DEGREE PROGRAMMES • BSc Econometrie en Operations Research (Econometrics and Operations Research) • BSc Economie en Bedrijfseconomie (Economics and Business Economics) • BSc Bedrijfskunde (Business Administration) • BSc International Business Administration (taught in English) MASTER’S DEGREE PROGRAMMES • MSc Econometrics and Operations Research • MSc Economics • MSc Spatial, Transport and Environmental Economics (STREEM) • MSc Accounting and Control • MSc Finance –– Duisenberg Honours Programme in Quantitative Risk Management • MSc Marketing • MSc Entrepreneurship (joint with the University of Amsterdam) • MSc Business Administration –– Financial Management (specialization) –– Duisenberg Honours Programme in Financial Markets and Regulation –– Human Resource Management (specialization) –– Information and Knowledge Management (specialization) –– Management Consulting (specialization) –– Strategy and Organization (specialization) –– Transport and Supply Chain Management (specialization) • Tinbergen Institute: MPhil in Economics (with the University of Amsterdam and Erasmus University Rotterdam) • MSc Business in Society (two-year research master, joint with University of Amsterdam)

“SUBSIDIES OP GROOTSCHALIGE RENOVATIEPROJECTEN LEIDEN TOT HOGERE HUIZENPRIJZEN IN DE BUURT EROMHEEN. DE PRIJS VAN EEN INDIVIDUEEL HUIS STIJGT GEMIDDELD MET 1,5 PROCENT. OMLIGGENDE BUURTEN KNAPPEN OP. HET IS DUS DE MOEITE WAARD OM EEN MOOI GEBOUW MET CULTUURHISTORISCHE WAARDE TE RESTAUREREN.” HANS KOSTER EN JAN ROUWENDAL, HAARLEMS DAGBLAD, VRIJDAG 13 FEBRUARI 2015

Student numbers for each programme are given in the table below. The table also presents the number of degrees awarded and undergraduate participation in the selective VU Honours Programme. As the table reveals, after a period of growth in student numbers, enrolment has been substantially lower since 2013. This was prompted by the Faculty Board’s policy of reducing the intake and so safeguarding quality. The results are most noticeable in the two largest programmes, the BSc and MSc in Business Administration. In the case of the BSc in Business Administration, the drop in new enrolments in 2013 was the result of the introduction of an intake cap in that year, with all incoming students being preselected. After the desired drop in 2013, student numbers slightly rose in 2014 and then diminished again, which seems to be in line with the nation-wide tendency that fewer students enrol in business programmes. Still, numbers should not be reduced further, leading the programme management to consider alternative measures to intake caps to influence the quality of incoming students. ANNUAL REPORT 2015

population coming from abroad in this programme. The number of international master’s students also grew substantially in 2015, with 48 per cent growth; this has resulted in 25 per cent of the total population of master’s students coming from across the Dutch border. We are very pleased with this result.

Regarding the master’s programmes, enrolment has been reduced in some programmes and increased in others, but on the whole, the tendency is towards slight growth over the past years. The drop in 2014 can be explained by the faculty board’s decision to reduce the number of pre-master’s students by intensifying selection in the form of a GMAT-requirement. An important aspect at the forefront of faculty policy is to increase the number of international students. In the BSc International Business Administration, their numbers are rising steadily, resulting in almost 50 per cent of the first-year student

B Economics & Business Economics

198 392

245 369 121

274 397 135

206 490 166

271 567 158

B International Business Administration

156 325

150 314 100

148 300

170 306 106

154 296

M Accounting & Control

M Accounting & Control part time

298

382 119

404 100

458

589 164

M Business Administration

532 230 135

513 368 600 108

567 469 610 101

666 425 580 114

640 308 476

M Business in Society (JD) NIEUW

M Econometrics & Operations Research

M Economics

M Entrepreneurship

115

M Finance

121

140

114

115

102

175

136

127

138

137

115

107

117

112

M Spatial, Trans and Environmental Ec

M TI Master of Philosophy in Economics

P Accounting and Control

P Business Administration

203

358

P Entrepreneurship

P Finance

P Marketing

133

158

ANNUAL REPORT 2015

2005 2275 342

M Marketing

Total

Honours programme

150

International students

Number of diplomas

re-enrolments

103 121

First year students

Honours programme

Number of diplomas

144

re-enrolments

First year students

B Econometrics & Operations Research

Honours programme

518 911 216

Number of diplomas

re-enrolments

456 882 243

First year students

Honours programme

268 899 282

re-enrolments

First year students

313 771 287

re-enrolments

First year students

147

International students

2011-2012

266 655

140

International students

2012-2013

B Business Administration

FEWEB

International students

2013-2014

Honours programme

2014-2015

International students

2015-2016

21 2062 2566 1744 274

32 2048 2815 1662 213

25 2446 2959 1563 207

28 2744 3045 1480 201

VU BUSINESS SCHOOL

Participants Participants come from large companies and (semi-) public institutions. The pace of change in these organizations, and in today’s world in general, demands that professionals never stop learning. This is an important business driver for the school and for each of its programmes. A common theme for the programmes is the interaction of science and practice. Students are not only encouraged to apply theory in practice through, for instance, assignments, but they are also urged to bring practice and experience to class. This way, our programmes allow professionals to deepen their knowledge while at the same time providing them with a fresh perspective on their own business, to reflect on their own contribution and to practise what is learned.

The year 2015 marked the celebration of the incorporation of the VU Business School (VUBS). The significant growth of FEWEB’s postgraduate activities necessitated a renewed business model. Managing 17 individual programmes servicing some 1,800 postgraduate and 300 executive students called for a more-efficient and a more-productive coordination mechanism, a coordination mechanism that would secure the success of the past while preparing us for tomorrow’s growth. The organizational structure of the VU business school is given in the chart below.

Tables 1 and 2 specify the development of student numbers over the past two years. As of 2015, we separately account for students that enter our postgraduate programmes and

FACULTY BOARD

SUPERVISORY BOARD

School of Accounting - Accountancy - Certified Management Accounting - Executive Master Finance & Control - Certified Public Controlling - Public Sector Auditing - Compliance & Integrity Management - IT Audit, Compliance and Advisory - International Executive Master Auditing - Executive Education

BOARD VU BUSINESS SCHOOL

School of Finance - Investment Management - Risk Management for Financial Institutions - Treasury Management - Chartered Financial Analyst

SUPERVISORY BOARD

EXAMINATION BOARDS

MANAGEMENT TEAM

School of Management - Change Management - Consultancy - Business Analytics/Data Science - Executive Coaching - Executive Team Coaching - Intervening for Supervisory Board Members

Academies Zijlstra Center for Public Governance Aubrey Daniels Research Institute for Behavior Analysis (Adriba)

Part-time PhD programme

PROGRAMME DIRECTORS

PROGRAMME COMMITTEE

ANNUAL REPORT 2015

students that enter executive education programmes (2014 figures have been adjusted to account for this change as well as for the increase in programmes that joined the business school). In 2015, our programmes welcomed 849 new entrants, while 149 students entered our executive education programmes. Table 1. Postgraduate student numbers in the past two years New entrants

Students in programme

Students graduated*)

2014

818

1805

363

2015

849

1769

373

*) Includes only students that received a postgraduate degree (diplomas awarded to part-time MSc A&C are excluded)

Postgraduate programme duration varies from one to four years (the combined part-time MSc Accounting and Control and the Postgraduate Accountancy programme can take up to four years). This explains the large number of students in the programme by the end of 2014 and 2015. Table 2. Executive Education student numbers in the past two years New entrants

Students in programme

2014

119

241

2015

149

313

Executive Education programmes can vary from half a day up to several weeks spread over one to two years.

Recent Developments School of Management In 2015, two new programmes were added to the portfolio of the School of Management: Intervening for Supervisory Board members and the part-time PhD programme. The programme Intervening for Supervisory Board members focuses on supervisors, both in profit and nonprofit organizations that are looking for reflection â&#x20AC;&#x201C; reflection on their role, their functioning and the choices they make during their interventions. The programme offers an opportunity to share experiences with experienced colleagues. The programme is aimed at reflective professionals who are willing to critically judge their own actions and who look for more effective functioning and intervening. Since 2015, the School of Management has offered a part-time PhD programme. The programme aims to support business leaders in leveraging their expertise for the creation of innovative business concepts, leveraging existing research findings into a new integrated knowledge, learning to conduct high-quality research, publishing their work in international business and scientific journalsÂ and becoming part of a stimulating academic community.

ANNUAL REPORT 2015

MSc Accredited Programmes In mid 2015, the postgraduate programme on Change Management was MSc accredited. Now, four postgraduate programmes are MSc accredited: apart from Change Management, this includes Executive master in Finance & Control (Chartered Controller programme), Investment Management and Risk Management for Financial Institutions. By the end of 2015, the IT Auditing, Compliance and Advisory programme applied for MSc accreditation. The outcome of this application is expected by mid 2016.

PART-TIME MASTER DEGREE PROGRAMMES • MSc in Marketing • MSc in Accounting & Control • MSc in Business Administration The two-year part-time MSc in Marketing has the same components as the fulltime programme but differs in its focus on interactive small-group teaching (15–20 students per group, compared to the 140-plus in the full-time version) 16

and consideration of the work experience participants bring to the classroom. The result is a genuine community of learners, who gain knowledge from their fellow students from other working environments as much as from their tutors. Currently serving its seventh intake, the programme is now attracting a steady influx of marketing managers each year. They come from well-known companies, such as Mars, ING, ABN Amro and Randstad, as well as smaller organizations, such as marketing consultancies. In addition, each intake includes three or four marketing lecturers from the vocational higher education (HBO) sector who have decided to read for their master’s degree under the HBO Lecturer Bursaries Scheme. In 2016, we plan to consider pursuing separate accreditation for the part-time programme. The MSc in Accounting and Control is offered on both a full-time and a parttime basis. The latter version is available in combination with the postgraduate Chartered Accountant and Chartered Controller programmes. No changes were made to the MSc curriculum during

2015. Preparations have commenced for an overhaul of the curriculum, effective in 2017–2018, to coincide with the arrival of the first cohort of students from the new bachelor’s programmes. The overhaul is to be undertaken in coordination with the postgraduate programmes, in particular, the Chartered Accountant programme, whose national accreditation agency released a revised set of educational objectives in January 2016. In maintaining the existing MSc curriculum, the emphasis is on offering a diversity of delivery to meet the different needs of both parttime and full-time students. This includes continued exploration of the possibilities of weblectures and videos and the reorientation of class hours from plenary lectures to more-active forms of student participation. Most students are in the early stages of their careers when they take the part-time MSc. The intake consists of a mixture of individuals holding academic bachelor’s degrees, academic master’s degrees in subjects not directly related to accountancy and professional (HBO) bachelor’s degrees. Many students first have to take a preparatory programme, lasting from one to three semesters, depending on their prior qualifications. In ANNUAL REPORT 2015

2014, a new structure for the organization of the preparatory programme was introduced, making it more flexible for students in terms of study planning and, at the same time, more selective in terms of admission to the MSc programme. The fine-tuning of the new structure continued in 2015. The part-time MSc in Business Administration is a two-year programme. It is derived from its full-time equivalent but, since October 2013, has been separately accredited and separately listed in CROHO, the Central Register of High Education Programmes. One thing the two versions still have in common is that they are the only such programmes in the Netherlands with a focus on business services, the largest and fastest growing sector in the Dutch economy. Whether students are currently working in management consultancy, the financial sector, IT or another aspect of business services, the programme challenges them to increase their understanding of complex organizational issues in the manner characteristic of the Vrije

Student numbers in part-time MSc programmes over the past five years New entrants

Students in programme

Graduations

A&C**

BA***

A&C

2011

675

102

164

2012

537

105

2013

501

102

2014

460

102

100

2015

375

100

119

*MSc Marketing, **, MSc Accounting & Control, ***MSc Business Administration

Universiteit: with passion, commitment and great attention to personal development. Only a small group of highly ambitious students is allowed to enter this programme. In their first year, they take courses in strategic management, the financial sector, knowledge and innovation management, information management and business ethics. In their second year, they choose one of three specializations: Management Studies, Financial Management or Information and Knowledge Management.

“DE POGING OM DE FINANCIËLE SECTOR GEZOND TE MAKEN DOOR INSTELLINGEN GROTERE KAPITAALBUFFERS AAN TE LATEN LEGGEN, IS EEN HEILLOZE WEG. AANGEZIEN HET SYSTEEM DE WEG VAN DE MINSTE WEERSTAND ZOEKT, ZAL DE KREDIETVERLENING SIMPELWEG VIA DE MINST GEREGULEERDE SECTOREN VERLOPEN. WIL JE DE RISICO’S BEPERKEN, DAN IS EEN VEEL AMBITIEUZERE, SYSTEEMBREDE AANPAK NOODZAKELIJK.” DIRK SCHOENMAKER, FD.NL, WOENSDAG 27 MEI 2015

ANNUAL REPORT 2015

RESEARCH CHAPTER 2

ANNUAL REPORT 2015

In terms of research, FEWEBâ&#x20AC;&#x2122;s overall mission should be to enable its staff to push forward the frontier of scientific knowledge in the fields of economics, econometrics, business and management. In practice, FEWEB aims for high-quality research, both theoretical and empirical, leading to top-level journal publications. Because the ultimate impact of research activity is uncertain, its timing variable and societal value not directly observable, heuristic criteria are needed to incentivize and evaluate the research process. We see the ultimate impact as being correlated with the quality of intellectual and scholarly effort, not the quantity of publications, measuring this by the quality of the best five peer-reviewed publications in a five-year window. We encourage researchers to pursue external funding, for example, from business or government, when such directed research contributes to improve the quality of the scientific research output, either through access to better questions or better data, or through better practice. Such research is closely aligned with the specializations and core contents of undergraduate and post-graduate degree programmes offered by FEWEB to ensure fulfilment of the basic remit of the University to provide research-led teaching and education for its students. Furthermore, high-quality research should also find its way to influencing policy and practice by firms, policy makers and society in general.

ANNUAL REPORT 2015

There are a number of ways in which research impact is facilitated within the faculty. First, research programmes are closely aligned with departments and their under-graduate and postgraduate degree programmes. As such, there is the possibility of a direct translation and use of research to the benefit of studentsâ&#x20AC;&#x2122; learning and skills. Second, the current research time allocation system for staff incentivizes high-quality research, enabling staff to gain time for research amounting to up to 50 per cent of their employment. This maximum amount means that the system safeguards a balance with other institutional and teaching commitments, even in the case of high-performing researchers. In line with this mission statement, research is organized within two larger research institutes (the Tinbergen Institute and the Amsterdam Business Research Institute), involving the management of research, as well as post-graduate research training in economics, finance and econometrics and in business and management. These institutes provide important vehicles for the development of research capacity and research quality. Rather than participating in an inter-disciplinary institute between faculties and disciplinary domains (IOZIs), this set-up fosters collaboration across areas of economics, finance, econometrics and business and management research but recognizes the depth and disciplinary focus that is required to develop high19

“EEN HUURREM IS MARKTWERKING VOOR DUMMIES. DIE HUURPRIJS

Research Assessment

REGULERING WORDT INGEVOERD IN

In 2015, we prepared the self-evaluation of our research for the research assessment that took place in September 2015. The assessment, carried out by an international committee chaired by professor Arie Kapteyn, covered the years 2008–2014. In December, we received the final report. Both the economics research and the business research received very high scores from the committee:

BERLIJN OMDAT ER MEER VRAAG NAAR WONINGEN IS DAN AANBOD. DAT FUNDAMENTELE PROBLEEM LOS JE HIER NIET MEE OP. JE LOST ALLEEN EEN SYMPTOOM OP, NIET DE OORZAAK. DE MAATREGEL KAN VERVELENDE GEVOLGEN HEBBEN: ALS DE PRIJS GEREGULEERD WORDT, ONTSTAAN WACHTLIJSTEN. EN JE KRIJGT, AFHANKELIJK VAN HOE STRENG JE HET ALLEMAAL HANDHAAFT, ILLEGALE HUUR EN ALLERLEI ANDERE MANIEREN OM ERONDERUIT TE KOMEN. CARL KOOPMANS, HET PAROOL, MAANDAG 8 JUNI 2015

quality research in these areas and to get published in high-level journals. Both Institutes also engage in collaboration with the University of Amsterdam and with Erasmus University, in the case of the Tinbergen Institute.

Quality: Very good Relevance to society: Very good Viability: Excellent Six universities participated in this research assessment of economics and business: Vrije Universiteit, University of Amsterdam, Utrecht University, University of Groningen, Erasmus University of Rotterdam and Maastricht University. The Tinbergen Institute was assessed as well. The University of Groningen and de Vrije Universiteit received the highest scores. Some remarks from the committee in the report: Economics research: “The committee concludes that the research produced by the unit is very good overall and excellent in some key areas. It makes scientifically sound contributions to the analysis of topics of substantial societal relevance, and fulfils the objectives of the units’ stated strategy. The unit’s PhD programme and institutional structure are capable of ANNUAL REPORT 2015

ensuring high-level professional training and a high degree of research integrity. The viability of the unit’s research strategy is ensured by clear implementation of suitable personnel policies; research guidelines that appear fully adequate to ensure integrity of research procedures; and an effective leadership style based on creation of a research environment that guides and rewards individual and groups by bottom-up research initiatives. Early and sound implementation of the tenure track system has allowed the unit to develop strongly over the assessment period, and the committee understands that it will continue to be implemented on the basis of a single six-year temporary contract.” Business research: “The committee concludes that ABRI’s strategy, leadership and resources allocated to research quality are excellent. This strength has resulted in a SWOT, strategy and a resulting robustness and stability that may lead to excellent viability of VU Business. The department is strongly encouraged to maintain its strict focus on research quality, including the strongly international orientation of faculty and PhD candidate hiring processes, as well as the quality orientation of contract research. The recently started joint research master’s programme with UvA offers major opportunities for excellence in the ensuing PhD programme.”

Research Programmes of the Faculty of Economics and Business Administration FEWEB operates two research institutes, Economics and Business. Each research institute has six sub-programmes. ECONOMICS • Strategic and Cooperative Decision Making • Time Series Econometrics • Economics • Farms and Firms • Spatial, Transport and Environmental Economics • Finance and Banking BUSINESS • Combinatorial and Stochastic Optimization • Accounting and Decision Making • Knowledge, Information and Networks & Logistics • Strategic Entrepreneurship • Human Resources • Marketing Strategy ANNUAL REPORT 2015

ECONOMICS STRATEGIC AND COOPERATIVE DECISION MAKING This programme focuses on economic situations involving interactive decision making with possibly diverging interests. In competitive or strategic situations, decision makers act individually, without being able to contract each other’s actual behaviour, meaning promises might not be kept. Therefore, individual incentives play a prominent role. Strategic or noncooperative game theory provides a framework for analysing such decision situations. The cooperative game solutions developed in our programme can be applied, for example, to maintenance costs problems, reducing the waiting time (and thus the costs) of queuing, implementing fair distribution of airport fees, cost-sharing rules in telecommunication, reducing delays (and thus the costs) of infrastructure projects, etc. Research on water allocation problems is of particular societal relevance. Given the worldwide international focus on water issues and the importance of water management for food security, this research might contribute to peaceful development and the resolution of conflicting interests between international parties. A problem with a structure similar to the water allocation problem is the transportation of natural gas through a system of pipelines that run across different countries. As with water allocation, our solutions will help in mediation between quarrelling countries. Top publications • Fang, K. & Heijungs, R. (2015). The Role of Impact Characterization in Carbon Footprinting. Frontiers in Ecology and the Environment, 13 (3), 130-131. doi: 10.1890/15.WB.005. • Houba, H.E.D., Laan, G. van der & Zeng, Y. (2015). International Environmental Agreements for River Sharing Problems. Environmental and Resource Economics, 62 (4), 855872. doi: 10.1007/s10640-014-9862-0. • Fang, K. & Heijungs, R. (2015). Rethinking the Relationship Between Footprints and LCA. Environmental Science and Technology, 49 (1), 10-11. doi: 10.1021/es5057775.

ECONOMICS Economics is the applied micro-economics research programme. It aims for top-quality scientific analysis of micro data to enhance our understanding of the behaviour of economic agents and markets and to undertake policy evaluations with maximum care. The empirical analyses go hand in hand with methodological innovations, and the analyses are grounded in modern economic theories. The research focuses on a range of areas relevant to policy, notably Labour Economics, Industrial Organization and Health Economics.

TIME SERIES ECONOMETRICS The programme aims for involvement in high-quality theoretical, empirical and computational research developments in econometrics, generally, but with considerable emphasis on time series econometrics. This wide orientation allows the group to be active in different research subjects. Many research activities are concerned with the development of classical and Bayesian statistical methods for the analysis of time series. Theoretical developments are carried out with the objective of applying them to relevant empirical problems in economics and finance. The programme also focuses on numerical issues and the implementation of econometric methods in computing environments. Top publications • Koopman, S.J., Lucas, A. & Scharth, M. (2015). Numerically Accelerated Importance Sampling for Nonlinear Non-Gaussian State Space Models. Journal of Business and Economic Statistics, 33 (1), 114-127. doi: 10.1080/07350015.2014.925807. • Lasak, K.A. & Velasco, C. (2015). Fractional Cointegration Rank Estimation. Journal of Business and Economic Statistics, 33 (2), 241-254. doi: 10.1080/07350015.2014.945589. • Kock, Anders & Callot, L.A.F. (2015). Oracle Inequalities for High Dimensional Vector Autoregressions. Journal of Econometrics, 186 (2), 325-344. doi: 10.1016/j. jeconom.2015.02.013. 22

Top publications • Gautier, P.A. & Teulings, C.N. (2015). Sorting and the Output Loss Due to Search Frictions. Journal of the European Economic Association, 13 (6), 1136-1166. doi: 10.1111/ jeea.12134. • Koning, P.W.C. & Lindeboom, M. (2015). The Rise and Fall of Disability Enrollment in the Netherlands. Journal of Economic Perspectives, 29 (2), 151-172. doi: 10.1257/ jep.29.2.151. • Moraga Gonzalez, J.L. & Viaene, J.M. (2015). Anti-dumping, Intra-industry Trade, and Quality Reversals. International Economic Review, 56 (3), 777-803. doi: 10.1111/iere.12122.

FARMS AND FIRMS: THE MICROECONOMICS OF POVERTY, RISK AND DEVELOPMENT The programme addresses five key issues in the economics of development: • impact evaluation of policy interventions, notably in health and education; • the impact of risk on growth in rural societies; • statistical extrapolation techniques for “poverty mapping”; • introducing micro-insurance; • foreign direct investment in developing countries. The programme’s mission is to make fundamental contributions, both methodological and empirical, in these areas and to contribute through rigorous analysis to evidencebased policy design. The group has achieved a leading position in the field and aims to maintain and strengthen this position. This is a relatively small group focused on microeconomic issues arising in the economics of development. It is well known internationally and publishes a good volume of research. ANNUAL REPORT 2015

Importantly, this research has real impact, as it deals with crucially important problems in development economics and delivers answers that have implications for policy. Top publications • Alhassan, R.K., Duku, S.O., Janssens, W., NketiahAmponsah, E., Spieker, N., Van Ostenberg, P., Arhinful, D.K., Pradhan, M.P. & Rinke de Wit, T.F. (2015). Comparison of Perceived and Technical Healthcare Quality in Primary Health Facilities: Implications for a Sustainable National Health Insurance Scheme in Ghana. PLoS One, 10 (10), e0140109. doi: 10.1371/journal.pone.0140109. • Cruces, G., Lanjouw, P.F., Lucchetti, L., Perova, E., Vakis, R. & Viollaz, M. (2015). Intra-Generational Mobility and Repeated Cross-Sections: A Three-Country Validation Exercise. Journal of Economic Inequality, 13 (2), 161-179. doi: 10.1007/s10888-014-9284-9 . • Koster, W., Groot Bruinderink, M. & Janssens, W. (2015). Empowering Women or Pleasing Men? Analyzing Male Views on Female Condom Use in Zimbabwe, Nigeria and Cameroon. International Perspectives on Sexual and Reproductive Health, 41 (3), 126-135. doi: 10.1363/4112615.

SPATIAL, TRANSPORT AND ENVIRONMENTAL ECONOMICS The programme addresses topics of high relevance to policy, such as spatial quality in urban and rural areas, congestion in transport networks, resource scarcity and the spatial dimensions of climate change. To understand and analyse the issues, one has to establish the relationships between diverse phenomena, such as urbanization, economics, migration, trade, infrastructure, location choice, accessibility, the environment and safety. Spatial economics does exactly this. As a subfield of economics, its perspective is primarily economic, but it also involves a good understanding and appreciation of knowledge and methods from neighbouring disciplines, such as geography, transportation sciences, environmental management and spatial planning.

• Ploeg, F. van der & Withagen, C.A.A.M. (2015). Global Warming and the Green Paradox: A Review of Adverse Effects of Climate Policies. Review of Environmental Economics and Policy, 9 (2), 285-303. doi: 10.1093/reep/ rev008. • Tikoudis, I., Verhoef, E.T. & Ommeren, J.N. van (2015). On Revenue Recycling and the Welfare Effects of SecondBest Congestion Pricing in a Monocentric City. Journal of Urban Economics, 89 (September), 32-47. doi: 10.1016/j. jue.2015.06.004.

FINANCE AND BANKING The research programme in Finance aims to conduct fundamental, academic research to improve our understanding of the financial decision processes of corporations and individuals, the workings and design of financial markets and the measurement and management of financial risks by individuals, corporations and financial institutions. To enhance the programme’s academic and societal impact, the programme focuses on three subtopics: corporate financing, market design and frictions, investments and risk. Top publications • Dolder, D. van, Assem, M.J. van den, Camerer, C.F. & Thaler, R.H. (2015). Standing United or Falling Divided? High Stakes Bargaining in a TV Game Show. American Economic Review, 105 (5), 402-407. doi: 10.1257/aer.p20151017. • Kervel, V.L. van (2015). Competition for Order Flow with Fast and Slow Traders. Review of Financial Studies, 28 (7), 20942127. doi: 10.1093/rfs/hhv023. • Koopman, S.J., Lucas, A. & Scharth, M. (2015). Numerically Accelerated Importance Sampling for Nonlinear Non-Gaussian State Space Models. Journal of Business and Economic Statistics, 33 (1), 114-127. doi: 10.1080/07350015.2014.925807.

Top publications • Peer, S., Verhoef, E.T., Knockaert, J.S.A., Koster, P.R. & Tseng, Y. (2015). Long-Run versus Short-Run Perspectives on Consumer Scheduling: Evidence from a RevealedPreference Experiment among Peak-Hour Road Commuters. International Economic Review, 56 (1), 303-323. doi: 10.1111/ iere.12103. ANNUAL REPORT 2015

“BINNEN DERTIG JAAR IS DE HELFT VAN DE HUIDIGE BANEN DOOR DE ROBOTARM EN ANDERE NIEUWE TECHNOLOGIEËN OVERBODIG. DE POLITIEK ZOU ZICH MOETEN VOORBEREIDEN, MAAR DIE HOUDT ZICH LIEVER BEZIG MET DE PROBLEMEN VAN GISTEREN. DIE KIJKT NAAR ROEMEENSE TRUCKERS IN PLAATS VAN NAAR DE ZELFRIJDENDE GOOGLE-AUTO.” ERIC BARTELSMAN, HET FINANCIEELE DAGBLAD, VRIJDAG 12 JUNI 2015

BUSINESS COMBINATORIAL AND STOCHASTIC OPTIMIZATION The programme aims to advance the world’s knowledge of the design and analysis of efficient solution methods for combinatorial and stochastic optimization. We carefully follow and contribute to developments in the field, thereby extending our tools to solve both theoretical and practical problems. Our research is done on an international platform in collaboration with renowned researchers from around the globe and with young and promising researchers in a PhD programme. The results are intended to lead to publications in the top international journals. 24

Top publications • Baruah, S., Bonifaci, V., D’Angelo, G., Li, H., Marchetti-Spaccamela, A., Ster, S.L. van der & Stougie, L. (2015). Preemptive Uniprocessor Scheduling of Mixed-Criticality Sporadic Task Systems. Journal of the Association for Computing Machinery, 62 (2):14. doi: 10.1145/2699435. • Marchetti-Spaccamela, A., Rutten, C., Ster, S.L. van der & Wiese, A. (2015). Assigning Sporadic Tasks to Unrelated Machines. Mathematical Programming, 152 (1-2), 247-274. doi: 10.1007/s10107014-0786-9. • Leahu, H., Heidergott, B.F. & VolkMakarewicz, W. (2015). A Smoothed Perturbation Analysis for Parisian Options. IEEE Transactions on Automatic Control, 60 (2), 469-474. doi: 10.1109/TAC.2014.2326717.

ACCOUNTING AND DECISION MAKING The research programme covers the area of Financial Accounting, Management Accounting and Control and Auditing. The Financial Accounting sub-programme has a historical and institutional focus and considers two aspects of financial reporting in particular: (1) the development of financial reporting practice in interaction between reporting companies and users of financial statements; (2) the development of the institutional framework of financial reporting, including accounting standards and the auditing profession. The Management Accounting & Control subprogramme looks at the organizations’ internal reporting systems and tries to answer three different questions: What information do firms use to measure and assess the performance of their units and managers? What management control systems are being developed in non-profit and governmental organizations, and how effective are they? What role does accounting information play in strategic alliances between independent companies? The Auditing sub-programme investigates how auditors verify corporate accounting data and how this leads to a final judgement about the quality of the financial statements. Audit quality is the main theme in this programme, which is worked out in two directions: the quality of the auditor’s judgements and the quality of audit programmes. Top publications • DeWaegenaere, A.M.B., Sansing, R.C. & Wielhouwer, J.L. (2015). Financial Accounting Effects of Tax Aggressiveness: Contracting and Measurement. Contemporary Accounting Research, 32 (1), 223-242. doi: 10.1111/1911-3846.12068. ANNUAL REPORT 2015

• Abernethy, M., Dekker, H.C. & Schulz, A. (2015). Are Employee Selection and Incentive Contracts Complements or Substitutes? Journal of Accounting Research, 53 (4), 633-668. doi: 10.1111/1475-679X.12090. • Abernethy, M., Kuang, Y. & Qin, B. (2015). The Influence of CEO Power on Compensation Contract Design. The Accounting Review, 90 (4), 1265-1306. doi: 10.2308/accr-50971.

KNOWLEDGE, INFORMATION AND NETWORKS & LOGISTICS Broadly speaking, the research conducted by the Knowledge, Information and Innovation (KIN) group and the Logistics group aims to contribute theoretical and empirical insights, addressing the management, development and use of digital technologies in organizational settings. In particular, the KIN group focuses on Digital Innovation from a sociotechnical perspective, including the role of technology, the actor and the institutional context. The logistics section is involved in the design and optimization of inbound and outbound logistical processes for shippers and service providers in the logistics industry, both in for-profit and not-for-profit environments. In particular, the logistics section aims to focus on academically challenging and practically relevant issues in distribution logistics. Society is confronted with the rapid diffusion and adoption of multiple innovative online technologies (e.g., web 2.0, e-business applications, mobile commerce) and new organizational forms (e.g., communities of practice, networked organizations, the virtual enterprise). The research conducted by the KIN group aims to provide society with understanding ANNUAL REPORT 2015

of the role of these technologies and organizational forms, both in professional settings and in personal life. The Logistics Research staff actively disseminates research output by means of newspaper articles and contributions in professional magazines, although it considers channelling information via dedicated logistics management websites and blogs to be more effective within the supply chain management industry. Top publications • Kotlarsky, J., Hooff, B.J. van den & Houtman, L. (2015). Are We on the Same Page? Knowledge Boundaries and Transactive Memory System Development in CrossFunctional Teams. Communication Research, 42 (3), 319-344. doi: 10.1177/0093650212469402.

• Land, S.F. van der, Schouten, A.P., Feldberg, J.F.M., Huysman, M.H. & Hooff, B.J. van den (2015). Does Avatar Appearance Matter? How Team Visual Similarity and Member–Avatar Similarity Influence Virtual Team Performance. Human communication research, 41 (1), 128-153. doi: 10.1111/ hcre.12044. • Schneider, M., Stenger, A., Schwahn, F & Vigo, D. (2015). Territory-Based Vehicle Routing in the Presence of Time-Window Constraints. Transportation Science, 49 (4), 732-751. doi: 10.1287/trsc.2014.0539

STRATEGIC ENTREPRENEURSHIP

as well as through the established networks of these centres.

This research programme of the Management and Organization department focuses on strategic entrepreneurship. Strategic entrepreneurship concerns the integration of entrepreneurial (i.e., opportunity-seeking behaviour) and strategic (i.e., advantage-seeking) perspectives in developing and taking actions designed to create wealth. The valorization of our research occurs frequently at the individual level, when researchers present their results to firms and in meetings with executives. A morestructural approach to the valorization of the research can be seen in the centres linked to the research programme (the Centre of Entrepreneurship, the Amsterdam Centre for Service Innovation). The results of the research related to these centres have been communicated to practitioner audiences through hands-on workshops and practitioner publications,

Top publications • Werven, R. van, Bouwmeester, O. & Cornelissen, J.P. (2015). The Power of Arguments: How Entrepreneurs Convince Stakeholders of the Legitimate Distinctiveness of their Ventures. Journal of Business Venturing, 30 (4), 616-631. doi: 10.1016/j.jbusvent.2014.08.001. • Grégoire, D.A., Cornelissen, J.P., Dimov, D. & Burg, J.C. van (2015). The Mind in the Middle: Taking Stock of Affect and Cognition Research in Entrepreneurship. International Journal of Management Reviews, 17 (2), 125-142. doi: 10.1111/ijmr.12060 • Gelderen, M.W. van, Kautonen, T. & Fink, M. (2015). From Entrepreneurial Intentions to Actions: Self-Control and Action-Related Doubt, Fear, and Aversion. Journal of Business Venturing, 30 (5), 655-673. doi: 10.1016/j. jbusvent.2015.01.003.

“ONBEWUST WETEN WE WAAR ADVER TENTIES ALTIJD STAAN. BOVENAAN, ERGENS RECHTS EN ONDERAAN. MET ONZE OGEN ZOOMEN WE RAZENDSNEL IN OP CONTENT DIE ER ÉCHT TOE DOET. CONSUMENTEN ZIJN GETRAIND IN HET ONBEWUST NEGEREN VAN ADVERTENTIES. DE KANS DAT IEMAND OP EEN BANNER KLIKT, IS GEMIDDELD IN NEDERLAND ZO’N 0,14 PROCENT.”

HUMAN RESOURCES The mission of the Human Resources (HR) research programme is to advance understanding of a diverse range of contemporary HR processes within transcending organizational boundaries. The overall vision of the research programme is to be a centre of excellence in research on contemporary HR practices and processes. We aim to achieve this vision through a collaborative ethos within the group and by fostering a research culture that stimulates publications in high-quality journals. A further tenet of our strategy is to focus on distinctive “signature” research projects that distinguish our research programme from other HR programmes, nationally and internationally, such as our content focus on careers and job crafting, and methodologically, through our process and longitudinal research designs. Top publications • Spisak, B.R., O’Brien, M., Nicholson, N. & Vugt, M. van (2015). Niche Construction and the Evolution of Leadership. Academy of Management Review, 40 (2), 291-306. doi: 10.5465/ amr.2013.0157. • Mol, E. de, Khapova, S.N. & Elfring, T. (2015). Entrepreneurial Team Cognition: A Review. International Journal of Management Reviews, 17 (2), 232-255. doi: 10.1111/ijmr.12055. • Bal, P.M., Kleef, M.C. van & Jansen, P.G.W. (2015). The Impact of Career Customization on Work Outcomes: Boundary Conditions of Manager Support and Employee Age. Journal of Organizational Behavior, 36 (3), 421-440. doi: 10.1002/job.1998.

EMILE LANCEE, HET PAROOL, WOENSDAG 7 OKTOBER 2015

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MARKETING STRATEGY The research programme of the Marketing department focuses on Marketing Strategy. Marketing strategy concerns those decisions that affect an organization’s long-term competitive market position based upon the desirability and superiority of the value that it offers to its customers. In addition to academic publications, department members regularly write articles in professional journals and magazines, publish books for a wider audience (e.g., the award-winning book Marketing at the top) and feature in interviews for radio, television and newspapers. Several members of the department are also regular keynote speakers at professional meetings, non-academic conferences and industry workshops and participate in professional juries and examination boards. Top publications • Sotgiu, F. & Gielens, K. (2015). Suppliers Caught In Supermarket Price Wars: Victims or Victors? JMR. Journal of Marketing Research, 52 (6), 784-800. doi: 10.1509/jmr.13.0180. • Grinstein, A. & Riefler, P. (2015). Citizens of the (Green) World? Cosmopolitan Orientation and Sustainability. Journal of International Business Studies, 46 (6), 694-714. doi: 10.1057/jibs.2015.1. • Ryckmans, J., Millet, K. & Warlop, L. (2015). The Influence of Facial Characteristics on the Relation between Male 2D:4D and Dominance. PLoS One, 10 (11), e0143307. doi: 10.1371/journal.pone.0143307.

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“HET VOORSTEL VAN EEN BASISINKOMEN GETUIGT VAN WEINIG REALISME. ER ZAL IMMERS EEN ENORME PRIKKEL ONTSTAAN OM ZWART MEER TE VERDIENEN DAN HET MINIMUMLOON, TERWIJL ER NIEMAND IS OM DIT TE CONTROLEREN. UITEINDELIJK ZAL OOK DIT VOORSTEL LEIDEN TOT NIEUWE CONTROLES EN BUREAUCRATIE. NAAST BETAALBAARHEID EN UITVOERING ZIJN ER OOK PRINCIPIËLE BEZWAREN TEGEN EEN BASISINKOMEN. TALENTEN BLIJVEN ONBENUT EN HET STAAT HAAKS OP HET UITGANGSPUNT VAN EEN ACTIVERENDE SOCIALE ZEKERHEID.” RAYMOND GRADUS, NEDERLANDS DAGBLAD, MAANDAG 18 MEI 2015

SOCIETAL IMPACT CHAPTER 3

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At FEWEB, we consider societal impact a valuable result of our research and related activities. We aim for these activities to make a positive contribution to both the development of debate and policy implementation in business, government and civil society at large. At FEWEB, we encourage and support the use of our research output by societal groups outside academia. While it may be difficult to formulate objective and strict criteria to measure these effects, FEWEB monitors the scope and significance of the impact on the outside world. Some of these impacts – such as knowledge transfer activities and collaborative research projects – are actively supported through investments and policies at the faculty level. Other impacts, such as media appearances or invitations to write policy reports, are more incidental and are related to the visibility and networks of individual researchers. In addition, we only consider and record the immediate impact, as more indirect or delayed impacts are outside our direct scope (such as university students using the knowledge gained from FEWEB research to set up a new venture). The policy of attracting more external funding has automatically led to greater societal impact, for example, in the recent NWO and EU funding programmes that involve participation of Industry.

“HOE KOMT HET DAT SOMMIGE STEDEN HET BETER DOEN DAN ANDERE? DE AANWEZIGHEID VAN EEN UNIVERSITEIT, EEN LEVENDIGE BINNENSTAD EN DE GROEI VAN DE KENNISECONOMIE SPELEN EEN CRUCIALE ROL. DE STAD BIEDT HET JUISTE KADER VOOR TOEVALLIGE ONTMOETINGEN DIE AANLEIDING KUNNEN GEVEN TOT NIEUWE ONTWIKKELINGEN. IN PLAATS VAN DE INDUSTRIE TREKT NU DE DIENSTENSECTOR NAAR DE STAD.” HENRI DE GROOT, DE GAZET VAN ANTWERPEN, DINSDAG 30 JUNI 2015

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In the coming year, the faculty will focus on: • increasing our impact activities, both in entrepreneurship through the Amsterdam Centre for Entrepreneurship (ACE@VU) and in postgraduate education through our postgraduate and executive school. Both areas of activity provide opportunities to extend and strengthen our impact (i.e., reach and significance) and connect closely to the faculty’s core mission and subject areas. • continuing to support researchers, both in applying for research council funding (which nowadays involves a specific emphasis on user engagement) and in setting up collaborative projects with industry and public sector organizations (contract research). This strategic emphasis also corresponds with our focus on research-led impact. • introducing incentives for societal impact. In collaboration with societal groups, the faculty plans to introduce incentives for researchers to design and participate in projects that apply their results. FEWEB academics regularly appear on television and radio, write newspaper articles and contribute to professional publications. Some of this activity is associated with a specific role; for example, many of the professors in our VU Business School contribute to specialist publications to strengthen ties with their profession. The work of the researchers of FEWEB is disseminated in such Dutch policyoriented journals as Economisch Statistische Berichten, TPEDigitaal, 29

Tijdschrift Vervoerswetenschap, Public Controlling, Management Control and Accounting, in international publications, such as Brookings Papers on Economic Activity and the Journal of Economic Perspectives, and in web-based discussion forums, such as Me Judice or VoxEU. Some work of department members has been picked up by the Dutch press (e.g., NRC Handelsblad, Het Financieele Dagblad, Trouw, Intermediair, Personeelsbeleid, Loopbaanvisie, FD Outlook) and also by the international press (e.g., The Economist, The Financial Times, The Wall Street Journal and The New York Times). Moreover, our work is cited by top domestic policy makers (e.g., the Dutch Cabinet, DNB and CPB) and by the top leaders of international policy organizations (e.g., the Federal Reserve Board, ECB, OECD, European Commission, World Bank and IMF).

businesses. Funding ranges from awards of just a few thousand euros for small-scale activities to grants in excess of €2.5 million for larger projects. The table below shows the contract research revenues for the years 2011–2015. x € 1.000 2011

€ 3,704

2012

€ 4,308

2013

€ 3,952

2014

€ 4,565

2015

€ 3,819

A small selection of valorization activities within the faculty is described on the following pages.

CONTRACT RESEARCH ACTIVITIES

Within FEWEB, externally funded activities are also carried out. The contract research office keeps track of interesting grant opportunities, stimulates and supports contract activities and is responsible for financial and administrative organization and project management. Contract activities are defined here as research for third parties (such as the European Union), international institutions (like the World Bank), government ministries, local governments and private organizations and

Other European Research In 2015, in the framework of the ERA-NET Smart Cities and Communities programme, two projects were granted. The research will be carried out between 2016 and 2019. Themes are evaluation of commuting behaviour and innovative urban transport policies, and the interrelations between urban form, energy use and local environmental quality. Important

Research Projects Funded by the European Commission Funding VU (x € 1.000)

Acronym

Title

Type

Period

OPTION

Optimizing Policies for Transport: Accounting for Industrial Organization in Network markets

FP7 ERC Advanced Grant

2010–2015

2,493

Combating Climate Change: Political Economy of Green Paradoxes

FP7 ERC Advanced Grant

2011–2016

1,850

MULTIPOS

Multi-Technology Positioning Professionals

FP7 Marie Curie – Initial Training Network

2012–2016

246

Syrto

SYstemic Risk Tomography

FP7 Collaborative

2013–2016

591

Hercules

Sustainable futures for Europe’s HERitage in CULtural landscapES

FP7 Collaborative

2013–2016

457

2014–2015

122

Mobile Identities Mobile Identities, Migration and Integration in Transnational EIF Community Action DG Home Communities Ariadne

Archaeological Research Data Infrastructures

NexTrust*

Building Sustainable Logistics through Trusted Collaborative H2020 Research and Innovation Action Networks across the Entire Supply Chain

FP7-Infrastructures

2014-2018

100

2015–2019

644

* NexTrust The NexTrust grant agreement was signed in 2015. The objective of the NEXTRUST project is to increase efficiency and sustainability in logistics by developing interconnected, trusted collaborative networks along the entire supply chain. These trusted networks, built horizontally and vertically, will fully integrate shippers, LSPs and intermodal operators as equal partners. The action engages major shippers as partners (Beiersdorf, Borealis, Colruyt, Delhaize, KC, Mondelez, Panasonic, Philips, Unilever). Pilot cases cover a broad cross section of the entire supply chain (from raw material to end consumers) for multiple industries. The creation and validation of trusted collaborative networks will be market oriented and implemented at an accelerated rate for high impact. The project runs from 2015 to 2019, and funding is about 650K euro.

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aspect of these projects is that different municipalities are partners in the project. As case studies are undertaken jointly with these cities, societal dissemination and valorization intrinsically follow from the design of the project set-up. Both projects fund research time for a PhD student and a postdoctoral researcher.

Funding Received from Dutch Cooperation Networks As part of the Connecting Sustainable Cities initiative (VerDuS), the Dutch Ministries of Infrastructure and the Environment and of the Interior and Kingdom Relations, NWO and NRPO SIA, and Platform31 have taken the initiative to develop a demand-driven, practiceoriented research programme for the 2014–2020 period, entitled Smart Urban Regions in the Future (SURF). Funding for two projects has been granted, where themes such as smart incentives and tradable peak-hour permits and automated driving will be studied. Both projects have a very strong root in the urban and regional reality, as the case studies are undertaken jointly with local and regional governments. As a public-private network, NETSPAR – Network for Studies on Pensions, Aging and Retirement – builds links with and within the pension and insurance industries and academic organizations. It has multiple partners and has entered into agreements with several key organizations in the fields of pensions, insurance and research. FEWEB is involved in three of its projects: Home equity and the demand for and cost of long-term care. This project aims to gain a better understanding of the relationships between wealth and the demand for longterm care, as well as ways to combine that with home equity. Funding has been made ANNUAL REPORT 2015

“DAT MERKEN VERDWIJNEN, BETEKENT NIET ZE GEEN BESTAANSRECHT MEER HEBBEN. ER ZIJN ALLERLEI REDENEN WAAROM MULTINATIONALS MERKEN SCHRAPPEN OF LATEN WEGKWIJNEN. DENK AAN OVERNAMES OF EEN FOCUS OP INTERNATIONALE MERKEN WAARMEE WERELDWIJD MEER WINST TE HALEN VALT. ONDERNEMERS DIE ZULKE MERKEN OPPOETSEN, PROFITEREN VAN HUN NAAMSBEKENDHEID. OF ZO’N MERK DAN EEN SUCCES WORDT HANGT AF VAN HOE VEEL GELD EN MOEITE ERIN WORDT GESTOPT.” PEETER VERLEGH, DE TWENTSCHE COURANT TUBANTIA, DINSDAG 24 MAART 2015

available for one postdoc (department of spatial economics). A “second and half” pillar for the selfemployed? This project focuses on how the self-employed retire and to what extent public policy can or should help them to do so. Funding has been made available for one PhD student and one postdoctoral researcher at the department of economics. Health and income, work and care across the life cycle. This project addresses three subjects: (i) the analysis of Dutch institutional reforms; (ii) new, unique and hitherto unexplored datasets for the US (HRS and PSID, American Life Panel), Europe (SHARE, SILC) and the Netherlands (MESS); (iii) analysis of new subjects related to disability, disability insurance and long-term care. The researchers have direct access to Dutch data from Statistics Netherlands (CBS).

Other Examples of National Funding for Research The Dutch Institute for Advanced Logistics (DINALOG) aims to create an environment that attracts international researchers

and in which innovative companies are willing to place their key professionals to work on improving supply chain and logistics management. DaVinc3i (€175k) and CATeLOG (€650k) are two projects carried out by the Logistics research group within the Faculty.

Other Clients A few examples of institutes and companies that have called upon the expertise of our researchers for both small-scale and larger projects repeatedly include ABN-AMRO, the National Bank of Belgium, the Centre of Economic and Policy Research, Ecorys, the German Federal Office for Building and Regional Planning (BBR), Philips, SANDD, TNO, the Netherlands Environmental Assessment Agency (PBL), the Netherlands Institute for Transport Policy Analysis (KiM), Significance (RAND Europe), the Netherlands Enterprise Agency (RVO, formerly SenterNovem), the London Stock Exchange and Dutch Railways (NS). Also, secondment arrangements and other forms of cooperation (e.g., the use

of databases, education for professionals on site) between FEWEB and the private sector are set up on a regular basis. Moreover, many of our professors and researchers are invited to join expert groups, committees, advisory boards and the like, to evaluate, discuss with or advise policy makers, as well as other stakeholders in the field, at the local, regional, national and international levels.

VU BUSINESS SCHOOL Apart from their strong ties with three of the faculty’s research programmes, postgraduate programmes within the three postgraduate schools (under the umbrella of the VU Business School) have their own research programmes as well. These programmes are predominantly focused on applied academic research, focusing upon disseminating knowledge to the professional world. Making scientific knowledge accessible for practice is an important theme for the business school, as both academic education and research focus on contributing to the improvement of, for example, business management and the governance of government and civil society. It is the unique position of our postgraduate programmes that allows for a continuous and active interaction between science and practice.

School of Accounting By the end of 2015/early 2016, the Compliance & Integrity Management programme entered into a long-term research cooperation with the Amsterdam Research Center in Accounting by providing financing for a postdoc research position in the area of compliance, supervision and integrity. The financial commitment is for a period of five years. 32

ANNUAL REPORT 2015

From the Executive Master of Finance & Control programme, Frank Verbeeten co-organized the EMCS (European Management Control Symposium) research conference. This year’s conference was held at the Vrije Universiteit in Amsterdam. Furthermore, he also co-organized the EIASM research conference on Performance Measurement and Management Control in Nice. The IT Audit, Compliance and Advisory programme (ITACA) is closely associated with the creation of the IFIP working group “IT Assurance and Audit” under the Technical Committee 11 “Security and Privacy Protection in Information Processing Systems”. As of the start of this working group, the director of studies of ITACA is the chairman of the working group. During the June 2015 IFIP Technical Committee meeting in Hamburg, three research projects of PGO ITACA were presented. The Executive Master of Finance and Control programme (EMFC) moderated two round tables of the Global Finance Transformation Forum. Participating in these semi-annual Round Tables are the Global Finance Transformation leaders of Shell, Unilever, Akzo, Philips, Heineken, Randstad, Friesland Campina and KPN. Furthermore, for the second year in a row, the programme was knowledge partner of the Business Forum Finance, an annual Forum with some 60 CFOs and Group Controllers from AEX/AMX/and comparable companies. This year’s theme was “Leadership in Innovation – the role of the CFO”.

School of Finance The longstanding collaboration between the Treasury Management programme and the Dutch Association of Corporate Treasurers ANNUAL REPORT 2015

“IN TEGENSTELLING TOT WAT VAAK WORDT GEDACHT, LEIDT THUISWERKEN NIET TOT MINDER FILE. BELANGRIJKSTE REDEN IS DAT WERKNEMERS DIE THUISWERKEN DAT VAAK ‘S OCHTENDS DOEN EN VERVOLGENS OP EEN LATER TIJDSTIP OP DE DAG ALSNOG NAAR HUN WERK REIZEN. HIERDOOR WORDEN DE FILES NIET PER SE MINDER, MAAR VINDEN ZE LATER PLAATS.” SERGEJS GUBINS, NEDERLANDS DAGBLAD, WOENSDAG 4 FEBRUARI 2015

(DACT) intensified in 2015. A master class International Cash Management was offered specifically for DACT members. The master class was lectured and supervised by Anthony Birts (University of Bath and VU). Because of the success and given the involvement of the English Association of Treasurers in setting up the programme, extending the programme in 2016 is now under consideration. The Risk Management for Financial Institutions programme intensified its collaboration with the VBA (professional society for investment professionals). A special Chapter has been added to the VBA, giving alumni of the programme an exclusive position within the VBA. The Chapter registers graduates of the programme, allowing them to hold the title of “Risk Manager Financial Institutions” (RMFI). In addition, discussions were started to include the postgraduate programme in the Permanent Education (PE) programme of the VBA. How this initiative can be extended in 2016 is currently being discussed.

Management programme developed an examination programme for certified Investment Advisors, Portfolio Managers and Financial Advisors. In cooperation with VBA and the Dutch Securities Institute (DSI), master classes were developed for certified Investment Analysts. In 2015, about 200-250 Investment Analysts participated in this programme. Furthermore and together with the VBA, five blocks (two four-hour sessions each) of Permanent Education modules were organized.

School of Management In September 2015, Eric Barends, lecturer of Evidence-Based Management in the Change Management programme and Managing Director of the Center for Evidence-Based Management (CEBMa), defended his PhD thesis “In Search of Evidence, Empirical Findings and Professional Perspective on EvidenceBased Management”. The internationally acknowledged thesis committee honoured his thesis, which is a great contribution to the field of (Change) management.

Together with the Dutch Institution of Banking (NIBE-SVV), the Investment 33

STUDENT ASSOCIATIONS CHAPTER 4

ANNUAL REPORT 2015

“IEDERE BEVING ALS GEVOLG VAN DE AARDGASWINNING ZORGT ERVOOR DAT DE WAARDE VAN EEN HUIS DAALT MET 3000 EURO.” HANS KOSTER, JOS VAN OMMEREN, DAGBLAD VAN HET NOORDEN MAANDAG 23 MAART 2015

FEWEB HOSTS TWO STUDENT ASSOCIATIONS: AUREUS AND KRAKET.

AUREUS Aureus is the faculty association for all students in Economics and Business Economics, Business Administration, International Business Administration and associated Master specializations at the VU University Amsterdam. Founded in 1948, in the then-new Faculty of Economics, it now has more than 4,000 members and is one of the largest and most active organizations of its kind in the Netherlands. Aureus’ mission is to provide FEWEB students with extra benefits in the form of a range of services and activities. Acting as a professional intermediary between students, the faculty and the business world, one of the main goals of Aureus is to connect students with the professional community. ANNUAL REPORT 2015

In order to attain this, Aureus organizes career-related, academic, skill-related and social events. One of the largest and most successful career events is the Amsterdam Career Days (ACD). In recent years, this event has attracted over 2,000 students, 80 per cent of them from MSc programmes, with more than 65 companies taking part. The twentyfirst ACD in 2015 upheld its established standards of professionalism and quality. Another valuable service is the Business Experience Days (BED). Their main goal is to provide undergraduates with a perspective on their future careers and so help them to choose a master’s degree. Together with the faculty, Aureus organizes FEWEB Training Days (FTD) for students who want to develop their professional skills by taking part in interesting training sessions with leading companies. The contribution this makes to their professional development helps to prepare them for the labour market after graduation. Aureus also hosts such events as the European Study Trip for first- and secondyear students – destination Prague (2016: Budapest). For third-year and master’s students, there are two consultancy projects: the Amsterdam Research Project (for commercial organizations 35

“EEN DEBAT OVER DE DIENSTBAARHEID VAN DE ORGANISATIE, ZOALS NU OVER UNIVERSITEITEN GEVOERD WORDT, ZOU VAKER GEVOERD MOETEN WORDEN. DUS: VERWELKOM EEN KRITISCHE STEM IN JE ORGANISATIE – OF GEBRUIK EEN FLINKE CRISIS – ZODAT HET DOEL VAN DE ORGANISATIE WEER HELDER IS.” ELCO VAN BURG, REFORMATORISCH DAGBLAD, DINSDAG 6 OKTOBER 2015

– destination South-Africa (2016: China)) and the Graduates Development Programme (for non-profit organizations – destination Zanzibar (2016: Panama)). These are excellent ways to introduce FEWEB students to an international (work) environment. Academic events include several seminars, our new discussion platform “Speaker Series” and additional articles in our faculty magazine Avenir. Through these events, we hope to deepen the knowledge of our students from an economic or business perspective. Last but not least, to promote social interaction among FEWEB students, activities such as drinks, dinners and trips are organized. In 2014, separate Juniors committees were established for the various BSc tracks. Together with the Master Study Clubs, the Juniors committees contribute to the sense of community within our faculty.

KRAKET Established in 1972, Kraket organizes study-related activities for students of Econometrics and Operations Research. These include company visits and study trips abroad. Approximately 50 Kraket members attended the 2015 National Econometricians Day (LED) at NBC Congrescentrum. This event is organized by Kraket and VSAE, another of the six study associations for students of econometrics in the Netherlands, for those in their third year and higher. More than 30 companies took part. In 2017, Kraket and VSAE will organize the National Econometricians Day again. Kraket’s own 2015 Orientation Day for second-year students was held in the Aurorazaal at VU University Amsterdam. Its aim is to introduce the specializations students will choose in their third year and the types of careers to which these lead. This year, five alumni now working for five different companies, and one postgraduate student spoke about the choices they made. As well as second-year students, the event also attracted a number of first-year students. The association’s main sponsors are given the opportunity to organize an In-house Day, when about 25 members visit their offices. Most of these days begin with a plenary session about the firm, followed by the chance to work on a case study related to its activities and then a closing reception. Deloitte, MIcompany, Optiver, SAS and Zanders held In-house Days in 2015. In 2014, Kraket organized the first Kraket Forum. The forum takes place at the Tinbergen Institute and is meant for secondand third-year students to inform them about different fields of econometrics and the ways in which those different fields are applied in academic and business life. This event is now well known after the success of the second edition in 2015. The Kraket Caseday in October is a chance for students in their third year and higher to learn more about the kind of work they are likely to do after graduation. In 2015, six firms were invited to take part. Held off campus, the day opened with a plenary session. Parallel morning case sessions followed this, then lunch and a second round of parallel sessions in the afternoon. The event concluded with a reception.

Aureus is led by a full-time board of eight people, on their turn supervising over 180 active members in more than 25 different event-organizing committees. 36

ANNUAL REPORT 2015

“AAN ISLAMITISCH BELEGGEN ZITTEN NIET MINDER RISICO’S DAN AAN INVESTEREN IN REGULIERE AANDELEN. ZIJN HALAL AANDELEN DAARMEE SLECHTS EEN MARKETINGTRUC? ISLAMITISCHE AANDELEN LIJKEN IN VEEL OPZICHTEN VERDACHT VEEL OP REGULIERE AANDELEN. DAARMEE VALT DE BODEM WEG ONDER DE BEWERING VAN VOORSTANDERS VAN ‘ISLAMITISCH FINANCIEREN’ DAT DEZE HALAL AANDELEN EEN VEILIGERE BELEGGING ZIJN DAN GEWONE AANDELEN.” RAPHIE HAYAT, DE VOLKSKRANT, MAANDAG 29 JUNI 2015

ANNUAL REPORT 2015

CAREER AND ALUMNI SERVICES CHAPTER 5

ANNUAL REPORT 2015

ALUMNI

The office of Career Services and Alumni Relations aims to improve the labour market position of FEWEB students and alumni and to build and maintain an alumni network for all FEWEB programmes. Following the expansion of the team of Career Services and Alumni Relations and the development of a business plan in 2014, the office is now firmly established within the Faculty of Economics and Business Administration. It closely cooperates with programme directors, employers and the faculty’s study associations.

ANNUAL REPORT 2015

The faculty wants to retain alumni as members of the academic community, keep them informed about innovations and trends in their field and provide them with networking opportunities. Alumni are frequently invited to participate in activities in and outside of the academic programme, such as guest lectures, by providing cases, or during information and career events. Alumni are a valuable source of feedback on the academic programmes’ performance in relation to the demands of a professional environment. All advisory boards include at least one alumni member, and alumni are involved in the interview panels for reaccreditation. In 2015, the faculty decided to install a combined advisory board for the BSc programmes in Business Administration, International Business Administration and Economics and Business Economics. The faculty’s alumni magazine Vuurwerk, which highlights events and developments in the field of economics and business and the faculty’s role therein, was completely re-designed in 2015. The redesign includes more attention for human interest and an inviting layout and received positive feedback. 39

An alumni survey to gain a better understanding in career paths and the way alumni want to remain connected to their programmes and university, was launched in late 2014. Results show the potential to increase alumni engagement, with a considerable number of alumni interested in continued engagement with their university programme. Alumni are mostly interested in new updates, seminars related to their field of expertise and network events. Other initiatives alumni are interested in are cooperation in research, support for current students in their career advancement and careerrelated activities. In 2016, several events will be organized in cooperation with the MSc programme directors, taking these findings into account.

“FLITSHANDELAREN PROFITEREN VOORAL VAN INSTITUTIONELE BELEGGERS DIE HUN ORDERS LANG OPEN LATEN STAAN. PENSIOEN FONDSEN, VERZEKERAARS EN VERMOGENSBEHEERDERS DIE EEN GROTE KOOP- OF VERKOOPOPDRACHT OVER MEERDERE UREN UITSMEREN, KRIJGEN NA VERLOOP VAN TIJD TE MAKEN MET FLITSHANDELAREN DIE ‘MET DE ORDER MEE HANDELEN’. HET UITVOEREN VAN EEN ORDER WORDT ZO TOT 64% DUURDER.” VINCENT VAN KERVEL EN ALBERT MENKVELD, HET FINANCIEELE DAGBLAD, WOENSDAG 17 JUNI 2015

ANNUAL REPORT 2015

“NEDERLAND VREEST DAT SCHIPHOL ER ENORM ONDER ZAL LIJDEN ALS KLM TEN ONDER GAAT. MAAR IS DAT OOK ECHT ZO? IN EERSTE INSTANTIE WEL, MAAR SCHIPHOL HOEFT ER GEEN BLIJVENDE GEVOLGEN VAN TE ONDERVINDEN. AMSTERDAM ZAL VOOR TOERISTEN EN ZAKENREIZIGERS AANTREKKELIJK BLIJVEN.” ERIC PELS, TROUW, VRIJDAG 9 OKTOBER 2015

CAREER SERVICES FEWEB assists students and recent alumni in making the transition from study to work by offering a wide range of career services. By offering information, counselling and training, Career Services and Alumni Relations supports students in: • Developing career management skills; • Gaining an understanding of career paths and opportunities; • Building a professional network. The career management workshops, which were first introduced last year, were revised in 2015, and a Linkedin workshop was developed, in addition to the topics Job Search Introduction, High-Impact Cover Letters and Resumes, Networking/Elevator Pitch, Explore Your Talent and Interview Training. These workshops are in high demand and are now offered up to six times a year. They continue to be evaluated positively with averages between eight and nine. Following the successful cooperation with the MSc Marketing programme in 2014–2015, with a tailor-made programme of exclusive workshops and an event, similar programmes are currently offered to students in the MSc Finance/BA Financial Management and Accounting and Control programmes. Career Services and Alumni Relations collaborates with Aureus’ Master Study Clubs and KRAKET in the organization of workshops for other specific groups within FEWEB, such as students in Transport and Supply Chain Management, HRM, Strategy and Organization or Econometrics. The successful FEWEB Training days, a cooperation with Aureus in which external parties host professional skills sessions, are now ANNUAL REPORT 2015

organized as monthly training days rather than a twice-yearly event of five days and, as a result, attract a more-diverse audience. Career Services and Alumni Relations encourages involvement of potential employers in events and workshops, such as “meet the employers” events and interview training, and aims to strengthen the network with employers further in 2016. With the introduction of the minors in 2016–2017, the number of students interested in a curricular internship is expected to rise. Visibility of Career Services and Alumni Relations still increases greatly, with a 50-per cent rise in visitors to the website and in postings of jobs and internships in the faculty’s vacancy board. An automated event calendar was introduced on the website, inviting study associations and external parties to promote career and alumni events. Mostly MSc students frequent both workshops and individual career consults. To increase awareness of career services and the importance of preparing for a career among BSc students, Career Services and Alumni Relations initiated several activities to increase visibility among this group: a flyer was developed, and the team held introduction presentations during the introduction days and the Back to Business events. In 2016, a pilot will be conducted with a workshop Networking Skills as part of the tutorate programme for first-year students.

STAFF

CHAPTER 6

ANNUAL REPORT 2015

DEVELOPMENT OVER THE LAST FIVE YEARS Headcount Until 2013, the number of FEWEB employees grew, together with the number of students. As a result of support staff being transferred to centralized university service desks, as of 2014, the size of the faculty workforce has stabilized. This transfer took place in the context of the finalization of a period of standardization and digitization of all universities’ operational processes and the reorganization of support staff. As a consequence of improving the measures for granting guest accounts, in 2015 the number of external personnel reduced. The chart below shows employee numbers over the past five years, including externally contracted and guest personnel.

End of year 2011

460

2012

490

2013

FEWEB’s academic staff is organized into eight departments, each headed by a professor responsible both for its internal operations and for its contribution to the faculty’s educational and research programmes, as well as for managerial tasks. Alongside these academic departments, most staff members also work for externally funded research institutes and the FEWEB postgraduate school. The support staff is organized into five departments: Education, Finance, HRM, Communications and Career Services and Alumni relations. These personnel work under the supervision of the Managing Director. ANNUAL REPORT 2015

224

511

2014

463

200

341

488

2015

275

365

400

313

600

800

1000

Number of employees (academic) Number of employees (support) Externally contracted and guests

Talent Management: Tenure Track and Academic Career Track

The table below shows staffing levels over the past five years in full-time equivalent (FTE) values, divided between academic and support staff. Externally contracted and guest personnel are excluded.

End of year 2011

FTE support staff

FTE academic staff

Total FTE

Ratio support to academic

307

391

1:3.7

2012

338

416

1:4.3

2013

354

429

1:4.7

2014

336

398

1:5.4

2015

330

388

1: 5.7

Internationalization The number of employees with a nonDutch background has been increasing steadily throughout the past five years. This growth is in line with the rise in international student numbers and exchange activities. The proportions of non-Dutch employees over the past five years as percentages of the total FEWEB workforce developed from 17.3 per cent in 2011 to 21.5 per cent in 2015. The 114 non-Dutch employees currently working in the faculty come from 36 different countries of origin. As Internationalization is one of the university’s and faculty’s main points of attention, the faculty will continue to further develop an even-more attractive work environment for academic colleagues from abroad. 44

To support the career development of talented young academics, since 2004, FEWEB has operated a “tenure track” scheme for those joining the faculty at the lecturer (assistant professor) level. Over the past 11 years, a growing number of new academic personnel have joined this scheme. In all, 112 have embarked on the tenure track system during this period. Of these, 44 per cent are still in their temporary tenure period. As for the remainder, 43 per cent have been granted tenure, and 57 per cent have left the faculty. In 2015, FEWEB made adjustments to the tenure track policy to align the scheme with new Dutch labour legislation. FEWEB will continue to operate the scheme in the coming years. In order to strengthen opportunities to build an academic career within the faculty, FEWEB has specified additional appointment criteria over and above those contained in the standard University Job Classification (UFO) schedules in the Faculties Academic Career Track, for the positions of Associate Professor and Full Professor. These are designed to ensure transparency with regard to the requirements for appointment and promotion to academic positions and professorships. In this way, a person’s career development is not reliant on positions falling vacant. Instead, the decisive factors are results achieved and performance delivered. In the beginning of 2015, the Faculties Promotion Committee was installed. This committee’s task is to judge promotion requests according to the mentioned appointment criteria and advise the Faculty Board on whether or not to grant the requested promotion. In 2015, the faculty developed additional promotion criteria to reward outstanding performance in educational and managerial tasks. The faculty values the recognition of its talented employees and nominated several top talents to join a management development programme offered by the university. In recruiting and selecting candidates for professorship, FEWEB pays special attention to recruiting talented female candidates. Vrije Universiteit Amsterdam has initiated the Fenna Diemer- Lindeboom (FDL) Chair programme as a means of addressing the current lack of women professors by advancing female talent on its way to the top. Female lecturers (assistant professors) and senior lecturers (associate professors) are nominated for the FDL Chair by their faculties, with successful candidates appointed to it for a maximum of five years. If she has performed successfully, the FDL chair holder is then offered a permanent professorship. The chair thus helps faculties to identify female talent within their organization and to remove at least one of the obstacles to their career advancement. ANNUAL REPORT 2015

FEWEB STAFF COMPOSITION AT YEAR-END 2015 Departments The table below shows the number of academic employees in FEWEB’s departments, as of 31 December 2015. Academic department

Number of ac. employees

Externally contracted and guests

Information, Logistics and Innovation

Total 72

Management & Organization

133

Economics

Finance

Accounting

Spatial Economics

119

Marketing

Econometrics & Operational Research

Postgraduate School/ZC/SOW

100

190

Age Distribution The chart below shows the age distribution of the faculty’s academic staff, in all positions, as of 31 December 2015. Externally contracted and guest personnel are excluded. Position Dean

30 of younger

Professor Associate Professor Assistant Professor PhD Researcher

31-40 41-50 51-60

Researcher Tutor Total

61 or older 0

100

200

300

500

10.8%

Temporary and Permanent Employment The chart below shows the percentages of the faculty’s academic and support staff holding temporary and permanent positions, as of 31 December 2015.

400

2.8%

Permanent support staff Temporary support staff Permanent academic staff

49,1%

Temporary academic staff 37.3%

ANNUAL REPORT 2015

FINANCES CHAPTER 7

ANNUAL REPORT 2015

FEWEB Annual results (x € 1000)

Actual 2011

Actual 2012

Actual 2013

Actual 2014

Actual 2015

Government funding/tuition fees

20,995

23,310

25,190

24,830

25,974

8,474

9,330

9,182

9,236

9,481

Contract education (direct funding) Contract research (indirect funding)

1,297

2,029

2,545

2,688

2,223

Contract research (contract funding)

3,704

4,308

3,952

4,565

3,819

Other revenues Total revenue Staffing Rent and property Income transfers Other expenditures Total expenditure

FEWEB has been a financially healthy faculty for many years, as the figures for the past five years in the above table confirm. Furthermore, total reserves of FEWEB are a solid base for any possible financial setback.

REVENUES Government funding (including tuition fees from non-EER students) rose in 2015,

ANNUAL REPORT 2015

3,549

3,070

2,268

2,171

2,348

38,018

42,048

43,137

43,490

43,845

27,101

30,359

33,038

33,380

33,499

670

711

628

583

702

1,763

1,739

1,476

1,248

1,406

7,720

7,509

7,189

6,605

8,103

37,255

40,318

42,331

41,816

43,710

Interest revenues

515

564

632

356

287

Net income/result

1,279

2,294

1,438

2,034

422

mainly due to an increased number of completed PhDs and due to non-recurring funds for internal projects. Student numbers slightly decreased. Student numbers generate internal and external revenues linked to performance indicators for credits completed and qualifications awarded. Revenues from contract education funding constitute a considerable proportion of FEWEB’s total revenues. This has exceeded 20 per cent for many years now. These earnings come mainly from the

faculty’s 17 postgraduate programmes, with Accountancy, Controlling and the Zijlstra institute contributing the most. Investment Management, IT Audit and Treasury Management also generate substantial revenues, as do the parttime master’s programmes Business Administration and Marketing. Financing through project research grants (indirect funding), particularly from the Netherlands Organisation for Scientific Research (NWO), rose significantly during the years 2011 to 2014. Due to the ending of several projects, revenues decreased in 2015. Revenues from contract research funding are more or less stable. Many such projects are financed by the European Union, but Dutch organizations, both public and private, also contribute. Other sources of income for FEWEB include secondments and external educational projects, such as Amsterdam University College.

AWARDS, GRANTS AND OTHER FACULTY HIGHLIGHTS CHAPTER 8

ANNUAL REPORT 2015

AWARDS • Henk Scholten (Professor at the Department of Spatial Economics) received the title of honorary Doctor of Science from the Manchester Metropolitan University for his extensive contributions to GIS (Geographical Information Systems). In GIS, scientists combine mathematics and geography with key data to plan, map and model for different environmental conditions and factors. Henk Scholten is founder and CEO of Geodan and also Professor of Spatial Economics, Scientific Director of SPINlab and Educational Director of UNIGIS.

trades are socially costly, but so is the other extreme: perfect diversity. Surprisingly, the CCP needs most collateral in the latter case, either as margin or to fill the default fund. •

•

• Sina Zolnoor (Master Student Finance and Econometrics) won the Best Student Award. • Meindert Flikkema (Associate Professor, Department of Management and Organization) won the Best Lecturer Award. • Brian Spisak (Assistant Professor, Department of Management and Organization) won the Best Junior Lecturer Award. • Natalja Laurey (PhD student at the Department of Information, Logistics and Innovation) won the Academy of Management Best Reviewer Award for the Technology and Innovation Management (TIM) division. The TIM division employed 718 reviewers this year, for a total of 1,707 reviews. Out of these 718 reviewers, only 25 were selected as recipients of the Best Reviewer Award based on quality of the feedback provided. She received a plaque during the annual TIM meeting of the annual Academy of Management conference, in Vancouver, Canada, this year. • Albert Menkveld (Professor at the Department of Finance) won the NYSE Euronext Capital Markets Best Paper Award, with his “Should Fast-Moving Capital in Crowded Trades Be Avoided?” If all intermediaries enter the same market-making “bet” on the same side, fast-moving capital gets tied up in a crowded trade. This creates systemic risk for a central clearing party (CCP), since multiple traders might default when the bet turns (extremely) sour. The CCP then has to unwind the inherited portfolios in a market without fast-moving capital and potentially pay a fire-sale premium. Equilibrium analysis reveals that crowded

ANNUAL REPORT 2015

•

• Riku Ruotsalainen (Assistant Professor of the Department of Management and Organization) won two awards for his doctoral dissertation “The Micro-to-Macro Problem: The Generation of Mobilizing Frames through Idea Albert Menkveld (Professor at the Department Development Conversations”. In December of Finance), Bart Zhou Yueshen (INSEAD) and 2014, he received the Best dissertation on Haoxiang Zhu (MIT) won the TCW Best Paper strategic management award from the Finnish award in the China International Conference in Strategic Management Society. In March 2015, Finance for their paper “Shades of Darkness: A he received the Best dissertation 2014 award Pecking Order of Trading Venues.” The award from Aalto University’s School of Science, from is sponsored by the Trust Company of the West. where he obtained his DSc degree. One of the papers in his dissertation was also a finalist Bart de Jong (Assistant Professor at the for the 2014 Louis Pondy Best Dissertation Department of Management and Organization) Paper Award of Academy of Management’s has received a Best Paper Award from the Organization and Management Theory division. Organizational Behaviour Division of the Academy of Management Annual Meeting. • Hans Koster (Assistant Professor) and Jos Papers receiving this award belong to the van Ommeren (Professor), both from the top 10 per cent of all the submitted papers. Department of Spatial Economics, won the His paper is entitled “Trust and Team Urban Land Institute (ULI) award for best Performance: A Meta-Analysis of Main paper in the Journal of Economic Geography Effects, Contingencies, and Qualifiers”. It for the paper “Is the Sky the Limit? Highcumulates evidence from 106 independent rise Buildings and Office Rents.” The prize studies (N=7,352 teams) and aims to help (£5,000), generously funded by the ULI, is resolve mixed findings regarding the trustawarded annually to the authors of the best performance relationship and to help overcome paper published in the Journal of Economic scholarly skepticism regarding the main effect Geography in the previous calendar year. of intrateam trust on performance. The paper is co-authored with Kurt Dirks (Washington • Anne Opschoor (Assistant Professor of University in St. Louis) and Nicole Gillespie Department of Finance) won the 2014 Journal (University of Queensland). of Applied Econometrics Dissertation Prize for his paper “Improving Density Forecasts Christopher Wickert (Assistant Professor at the and Value-at-Risk Estimates by Combining Department of Management & Organization) Densities”, written with Dick van Dijk and received a Best Paper Award from the Social Michel van der Wel (both Erasmus University Issues in Management Division of the Academy and Tinbergen Institute Fellows). Opschoor of Management Annual Meeting. His paper is received a prize of $2,500 for this award. The entitled “Managerial Struggles during Practice reviewers lauded the careful and rigorous Implementation: The Case of Corporate Social application of econometric techniques, the Responsibility”, an inductive qualitative study of appropriate interpretation of the results CSR managers in multinational organizations and the economic content of the nominated and their attempts to overcome internal paper. The Journal of Applied Econometrics barriers and resistance to the introduction Dissertation Prize was launched in 2002 and of contested socially and environmentally is open to PhD students in economics writing responsible business practices. The paper is a dissertation with a substantive empirical co-authored with Frank G.A. de Bakker from application in any field. the Faculty of Social Sciences of VU University. • Florian Sniekers (PhD student at the Martin Adler (PhD at the Department of Spatial Department of Economics) won the ESB award. Economics) won the GfR Böventer Prize for His paper “Eerst kopen of eerst verkopen op his presentation on “Does Public Transport de woningmarkt” was the best paper of 2015 of Reduce Car Travel Externalities?” The prize the journal Economisch Statistische Berichten was awarded during the 49th Gesellschaft für (ESB). The paper is co-authored with Espen Regionalforschung GfR Conference in Igls, Moen and Plamen Nenov (Norwegian Business Austria and is given for the best presentation by School). a young author.

• Hans Koster (Assistant Professor at the Department of Spatial Economics) won the Van der Knaap Award for his dissertation “The Internal Structure of Cities: The Economics of Agglomeration, Amenities and Accessibility.” The Van der Knaap Prize (€ 10,000) is meant as an incentive prize for young researchers in the area of economic and social geography, as well as urban and regional economics, and awarded by the Royal Holland Society of Sciences and Humanities (Koninklijke Hollandsche Maatschappij der Wetenschappen). The award ceremony took place in October, in Haarlem. • Cees Withagen and Jacob Janssen (Professor and PhD student at Department of Spatial Economics) have been awarded the University Research Fellowship of 2015-2016. VU University Research Fellowship (URF) is a programme developed for a select number of internationally renowned scientists at Vrije Universiteit Amsterdam. It is a token of appreciation and a public tribute to the university’s most excellent scientists for their extraordinary research performances. These scientists are entitled to reward a (PhD) student with a University Research Fellow that will carry his/her own name. • Cees Withagen (Professor at the Department of Spatial Economics) is elected Honourary Member of the FAERE (the French Association of Environmental and Resource Economists). The title of honourary member was awarded to Cees for his contribution to promoting, valuing and advancing research and expertise works in environmental economics. His main research interest is in the economics of non-renewable resources and climate change, on which he published many articles and several books.

GRANTS NWO Grants • Julia Schaumburg (Assistant Professor at the Department of Econometrics) has been awarded the VENI grant of NWO for her project “Econometric Methods for Assessing Non-Standard Monetary Policy Impacts.” The global financial crisis has triggered monetary interventions and tighter financial regulation. But does the impact of such measures last, or does it evaporate quickly? And do they lead to the desired outcomes? These questions are addressed, using flexible, newly developed econometric methods. She received €250.000 for three years. • The Knowledge, Information and Networks (KIN) research group has received an NWO grant for their proposal “Crossover Collaboration for Digital Innovation.” This research project will focus on the development of digital innovations that require heterogeneous partners from different disciplines and industries to collaborate, for instance, independent fashion designers and institutionalized energy corporations, technology and arts. Marleen Huysman and Hans Berends (FEWEB/ILI) will conduct the research, together with a consortium of researchers from KIN research (Fleur Deken, Maura Soekijad and Frans Feldberg) and Industrial Design, TU Delft (Dirk Snelders, Gerda Gemser and Maaike Kleinsmann). This interdisciplinary research combines KIN’s expertise on design for business, collaborative innovation and knowledge management and information technology. The research will be conducted in collaboration with business partners, such as Philips Design, Agu and de Waag Society. • Chris Elbers (Department of Development Economics) received a NWO-Wotro Grant for his proposal on “Comparing the Impact and Cost Effectiveness of Two Social Protection Interventions in Kenya: Fee Waiver versus Social Health Insurance Scheme”. This research should lead to informed policy advice on the most cost-effective strategies to target social protection programmes, deliver quality care, increase utilization and reduce out-ofpocket expenditures, which ultimately should lead to inclusive growth. The co-incidence

of the two programmes studied as well as the familiarity of the consortium with the programmes and the local situation presents a rare opportunity for a comparison in terms of inclusive growth indicators. • Christopher Wickert (Department of Management and Organization) received a NWO-Wotro for his proposal on “Strengthening Agribusiness Ethics and Quality Standards and ICT Usage in Uganda’s Value Chains – AGRIQUEST”; The NWO grant is in cooperation with local partners from Uganda, including Makerere University Business School in Kampala, Uganda and the Ssemwanga Center for Agriculture and Food. The NWO-WOTRO Science for Global Development programme funds innovative research projects on global issues, with a focus on sustainable development and poverty reduction. Funded research projects are realized by interdisciplinary teams of researchers from the North and South and in close collaboration with non-academic stakeholders. These partnerships yield solutions for development challenges and strengthen the bridge between research, policy and practice. The grant covers the years 2016–2018. • Eveline van Leeuwen (Department of Spatial Economics) received an Aspasia grant from NWO. The grant is intended to encourage the promotion of female Vidi grant candidates to an associate professorship. Eveline was not granted a Vidi but was assessed as very good or excellent after the interview procedure. That is the reason that she was awarded the grant.

Other Grants • Peter Mulder, Steven Poelhekke, Jos van Ommeren and Erik Verhoef (Department of Spatial Economics) received a grant in the programme Smart Urban Regions for the Future (SURF)/ERA-NET COFUND Smart Cities and Communities for the project “Automated Driving; Smart Incentives and Tradable Peak Hour Permits; Evaluation of Commuting Behavior and Innovative Urban Transport Policies; and The Interrelations between Urban Form, Energy Use and Local Environmental Quality”. The funding is for four PhD students and one postdoc. • Hester van Herk (Department of Marketing)

ANNUAL REPORT 2015

was awarded a grant from the Australian Research Council for the research “Dynamic Relations between Values and Consumer Behaviour: Age and Life-Stage”; The ARC grant is in cooperation with Julie Lee (University of Western Australia), Anat Bardi (Royal Holloway, University of London), Leonard Coote (University of Queensland), Geoffrey Soutar (University of Western Australia) and the research company PureProfile Pty Ltd (Sydney). ARC linkage grants support research and development collaborations between eligible higher-education organizations and other organizations, including industry, to further Australian innovation and acquisition of new knowledge. Companies involved match an ARC grant, for example, by collecting and providing data. The grant covers the years 2015–2018.

PHD THESES • Barends, E.G.R. (2015, September 10). In Search of Evidence. Empirical Findings and Professional Perspectives on Evidence-Based Management. VU Vrije Universiteit (265 pag.) (Amsterdam: VU University). Prom./coprom.: prof. dr. mr. S. ten Have, D.M. Rousseau, R.B. Briner & dr. W.D. ten Have. • Brauning, F.U. (2015, September 07). Interbank Lending Relationships, Financial Crises, and Monetary Policy. VU Vrije Universiteit (190 pag.) (Amsterdam: Tinbergen Institute). Prom./ coprom.: prof. dr. A. Lucas & prof. dr. S.J. Koopman. • Cai, X. (2015, November 19). Essays in Labor and Product Market Search. VU Vrije Universiteit (116 pag.) (Amsterdam: Tinbergen Institute). Prom./ coprom.: prof. dr. P.A. Gautier. • Caragliu, A. (2015, October 08). The Economics of Proximity: Regional Growth, Beyond Geographic Proximity. VU Vrije Universiteit (296 pag.) (Amsterdam: VU University). Prom./coprom.: prof. dr. P. Nijkamp & R. Capello. • Dietz, C. (2015, March 31). Hierarchies, Communication and Restricted Cooperation in Cooperative Games. VU Vrije Universiteit (174 pag.) (Amsterdam: Tinbergen Institute). Prom./ coprom.: prof. dr. ir. G. van der Laan & dr. J.R. van den Brink. • Dijk, J.J. (2015, July 02). On The Efficiency and Effectiveness of Policy Instruments for the Procurement of Environmental Services. VU Vrije Universiteit (214 pag.) (Amsterdam: VU University). Prom./coprom.: prof. dr. D.P. van Soest & dr. ir. J.H. Ansink. • Engel, Y. (2015, October 15). Venturing into the Unknown, but not for the First Time. VU Vrije Universiteit (205 pag.) (Amsterdam: ABRI). Prom./coprom.: prof. dr. T. Elfring, prof. dr. S.N. Khapova & prof. dr. P.G.W. Jansen. • Estrada Porrua, F. (2015, April 01). A Contribution to the Study of the Economic Causes and Consequences of Climate Change: An Interdisciplinary Approach. VU Vrije Universiteit (533 pag.). Prom./coprom.: prof. dr. R.S.J. Tol, dr. E. Papyrakis & prof.dr. P. Perron.

ANNUAL REPORT 2015

• Gheasi, M. (2015, January 14). Social Economic Aspects of the Diaspora World. VU Vrije Universiteit (335 pag.) (Amsterdam: VU University). Prom./coprom.: prof. dr. P. Nijkamp & prof. dr. P. Rietveld. • Gosens, T.C.A.P. (2015, March 02). The Value of Recreational Areas in Urban Regions. VU Vrije Universiteit (204 pag.) (Amsterdam: Tinbergen Institute). Prom./coprom.: prof. dr. P. Rietveld & prof. dr. J. Rouwendal. • Gubins, S. (2015, February 09). Information Technologies and Travel. VU Vrije Universiteit (150 pag.) (Amsterdam: Tinbergen Institute). Prom./coprom.: prof. dr. E.T. Verhoef & dr. T. de Graaff. • Hayat, R. (2015, June 26). Essays on Shariah Compliant Stocks. VU Vrije Universiteit (204 pag.) (Amsterdam: VU University). Prom./coprom.: prof. dr. F.A.G. den Butter. • Kobus, M.B.W. (2015, January 09). Economic Studies on Public Facility Use. VU Vrije Universiteit (160 pag.) (Amsterdam: Tinbergen Institute). Prom./coprom.: prof. dr. P. Rietveld & prof. dr. J.N. van Ommeren. • Kolbe, L.M. (2015, June 01). The Mindset of the R&D Professional. Decision Making in Innovative Contexts. VU Vrije Universiteit (203 pag.) (Amsterdam: Amsterdam Business Research Institute). Prom./coprom.: prof. dr. ir. B.A.G. Bossink & prof. dr. A.P. de Man. • Lugt, L.M. van der (2015, October 07). Beyond the Landlord. A strategic Management Perspective on the Port Authority. VU Vrije Universiteit (170 pag.) (Amsterdam: VU University). Prom./coprom.: prof. dr. E. Hagdorn-van der Meijden & prof.dr. P.W. de Langen. • Maassen, E.P.H.M. (2015, December 07). Mental Models on Organizational Change in African Higher Education. VU Vrije Universiteit (437 pag.) (Amsterdam: VU Vrije Universiteit). Prom./ coprom.: prof. dr. P.G.W. Jansen & prof. dr. L.I.A. de Caluwe. • Marc, L.M. (2015, April 17). The Impact of Aid on Total Government Expenditures. VU Vrije Universiteit (116 pag.) (Amsterdam: Tinbergen Institute). Prom./coprom.: prof. dr. J.W. Gunning & prof. dr. C.T.M. Elbers.

• Mesters, G. (2015, January 16). Disentangling Criminal Careers for Disadvantaged Youths. VU Vrije Universiteit (257 pag.) (Amsterdam: Tinbergen Institute). Prom./coprom.: prof. dr. S.J. Koopman & prof. dr. C.C.J.H. Bijleveld.

• Poplawska, M. (2015, October 12). Essays on Insurance and Health Economics. VU Vrije Universiteit (Amsterdam: Tinbergen Institute). Prom./coprom.: prof. dr. P.A. Gautier & prof. dr. B. van der Klaauw.

• Vries, J.J. de (2015, November 04). Estimation of Alonso’s Theory of Movements for Commuting. VU Vrije Universiteit (182 pag.) (Amsterdam: Tinbergen Institute). Prom./coprom.: prof. dr. J.N. van Ommeren & prof. dr. P. Rietveld.

• Mesters, G. (2015, January 16). Essays on Nonlinear Panel Time SeriesMmodels. VU Vrije Universiteit (257 pag.) (Amsterdam: Tinbergen Institute). Prom./coprom.: prof. dr. S.J. Koopman & prof. dr. C.C.J.H. Bijleveld.

• Ridderstaat, J.R. (2015, January 13). Studies on Determinants of Tourism Demand Dynamics in a Small Island Destination. VU Vrije Universiteit (335 pag.) (Amsterdam: VU University). Prom./ coprom.: prof. dr. P. Nijkamp & R.R. Croes.

• Ossenkop, C. (2015, March 04). What You see is What You Get!? Looking into Ethnic Diversity and Professional Careers in Dutch Organizations. VU Vrije Universiteit (340 pag.) (Amsterdam: Amsterdam Business Research Institute). Prom./coprom.: prof. dr. P.G.W. Jansen, prof. dr. H. Ghorashi & dr. C.J. Vinkenburg.

• Schoen, J.W. (2015, September 28). The SingleTrack Reporting Approach. VU Vrije Universiteit (798 pag.) (Amsterdam: VU University). Prom./ coprom.: prof. dr. C. Camfferman & M.N. Hoogendoorn.

• Weijde, A.H. van der (2015, April 08). The Industrial Organization of Transport Markets. Modeling, Pricing, Investment and Regulation in Rail and Road Networks. VU Vrije Universiteit (133 pag.) (Amsterdam: Tinbergen Institute). Prom./coprom.: prof. dr. E.T. Verhoef & dr. V.A.C. van den Berg.

• Polat, T. (2015, January 23). Active Aging in Work. VU Vrije Universiteit (164 pag.) (Amsterdam: Amsterdam Business Research Institute). Prom./coprom.: prof. dr. P.G.W. Jansen & dr. P.M. Bal.

• Silva Montalva, H.E. (2015, April 08). Airport Pricing Policies. Airline Conduct, Price Discrimination, Dynamic Congestion and Network Effects. VU Vrije Universiteit (217 pag.) (Amsterdam: Tinbergen Institute). Prom./ coprom.: prof. dr. E.T. Verhoef & dr. V.A.C. van den Berg.

• Zoican, M.A. (2015, June 08). Financial System Architecture and Intermediation Quality. VU Vrije Universiteit (149 pag.) (Amsterdam: Tinbergen Institute / Duisenberg School of Finance). Prom./coprom.: prof. dr. A.J. Menkveld.

ANNUAL REPORT 2015

INAUGURAL AND FAREWELL LECTURES • Bakker, A.F.P. (2015). Solidariteit en het welbegrepen eigenbelang. Farewell lecture. Amsterdam: Vrije Universiteit Amsterdam. • Bleker-van Eyk, S.C. (2015). Van holbewoner tot Marsverkenner. Inaugural Speech (2015, June 23). Amsterdam: Vrije Universiteit. • Goodijk, R. (2015). Van afvinken naar aanspreekbaarheid:over deugdelijke governance in de semipublieke sector. Inaugural Speech (2015, november 12). Amsterdam: Vrije Universiteit. • Loonen, A.J.C.C.M. (2015). De beleggingsonderneming als juridisch onneembaar fort. Inaugural Speech (2015, October 16). Amsterdam: Vrije Universiteit. • Verlegh, P.W.J. (2015). Marketeers en consumenten: Samen spelen, samen delen. Inaugural Speech (2015, September 18). Amsterdam: Vrije Universiteit.

ANNUAL REPORT 2015

LIST OF PUBLICATIONS CHAPTER 9

ANNUAL REPORT 2015

TOP PUBLICATIONS

Beck, T., Lu, L. & Yang, R. (2015). Finance and Growth for Microenterprises: Evidence from Rural China. World Development, 67, 38-56. doi: 10.1016/j. worlddev.2014.10.008, 86

Cust, J. & Poelhekke, S. (2015). The Local Impact of Resource Projects. Annual Review of Resource Economics, 7 (October), 251-268. doi: 10.1146/ annurev-resource-100814-125106, 84

ECONOMICS (70):

Berg, G.J. van den & Gupta, S. (2015). The Role of Marriage in the Causal Pathway from Economic Conditions Early in Life to Mortality. Journal of Health Economics, 40, 141-158. doi: 10.1016/j. jhealeco.2014.02.004, 94

Cruces, G., Lanjouw, P.F., Lucchetti, L., Perova, E., Vakis, R. & Viollaz, M. (2015). Intra-Generational Mobility and Repeated Cross-Sections: A Three Country Validation Exercise. Journal of Economic Inequality, 13 (2), 161-179. doi: 10.1007/s10888-0149284-9 87

Alhassan, R.K., Duku, S.O., Janssens, W., NketiahAmponsah, E., Spieker, N., Van Ostenberg, P., Arhinful, D.K., Pradhan, M.P. & Rinke de Wit, T.F. (2015). Comparison of Perceived and Technical Healthcare Quality in Primary Health Facilities: Implications for a Sustainable National Health Insurance Scheme in Ghana. PLoS One, 10 (10), e0140109. doi: 10.1371/journal.pone.0140109 85 Assem, M.J. van den, Dolder, D. van & Potter van Loon, R.J.D. (2015). Beyond Chance? The Persistence of Performance in Online Poker. PLoS One, 10 (3), e0115479. doi: 10.1371/journal. pone.0115479 85 Averdijk, M & Bernasco, W. (2015). Testing the Situational Explanation of Victimization among Adolescents. Journal of Research in Crime and Delinquency, 52 (2), 151-180. doi: 10.1177/0022427814546197 90 Banaszak, M., Dziecielski, M., Nijkamp, P. & Ratajczak, W. (2015). Self-Organisation in Spatial Systems-From Fractal Chaos to Regular Patterns and Vice Versa. PLoS One, 10 (9), e0136248-e0136248. doi: 10.1371/journal. pone.0136248, 85 Bartelsman, E.J., Dobbelaere, S. & Peters, B. (2015). Allocation of Human Capital and Innovation at the Frontier: Firm-level Evidence on Germany and the Netherlands. Industrial and Corporate Change, 24 (5), 875-949. doi: 10.1093/icc/dtu038, 82

FEWEB

2015

Top Publications (AIps>80)

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