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Keuzevakken Master Handelswetenschappen Electives in the Master Business Administration.

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1 Keuzevakken Master Handelswetenschappen Electives in the Master Business Administration

2 Choose 1 course out of: Advanced Micro-Economics Culture and Economies Economics of Innovation Economics of Social Security and Social Insurance Environmental Economics Public Economics

3 Advanced Micro Contents Introduction to basic concepts and ideas of Industrial Organization (IO) –IO is concerned with how firms compete Focus is on markets with imperfect competition –Central concept is market power »Is there market power? »How do firms acquire and maintain market power? »What are the implications of market power? »Role for public policy regarding market power? –Difference between Micro and IO Micro focuses on perfect competition and monopoly

4 Advanced Micro Contents Small changes in the program are possible, depending on how fast we move.

5 Advanced Micro Approach Weekly lecture –Illustrate and explain most important insights from the textbook CABRAL, L. (2000), Introduction to Industrial Organization, MIT Press –Where appropriate by means of practical examples –Additional material available on HUBWise Slides and mathematical notes

6 Advanced Micro Prerequisites Introductory course in –Micro economics or Managerial Economics –Mathematics for economists Simple mathematical skills are required –Solve system of linear equations –1st and 2nd order derivatives, Integrals –Solve constrained maximization problem

7 Advanced Micro Evaluation Written, closed-book exam –Some (probably 5) multiple choice questions 1 point per MC question –2 or 3 exercises or open questions Test (1) insight into theoretical concepts of the subject matter (2) ability to apply theoretical concepts to case studies

8 Contents  Economic activities (work, consumption, saving,...) and structures (markets, firms, government, households) are immersed in a web of cultural sensemaking  Illustrations  Why can one buy some things market (roses and sex) and others not (children and love)?  What about the cultural meaning of market objects (the status following from a BMW or Apple computer)?  Do the poor want more social welfare provisions and rich less taxes?  Is corruption a cultural or a structural feature? Culture & Economies

9  First few weeks: theoretical and conceptual introduction  Afterwards:  One empirical theme per week, reading before  Introductory lecture  Assignment in small groups  Presentation and discussion  Both quantitative and qualitative studies  Scoring system: ¼ assignments, ¾ exam (case and multiple choice) Approach

10 Economics of Innovation (Johan Albrecht) Contents What is ‘economics of innovation’, why innovation policy? Innovation and industrial evolution Dynamics of innovation in network economies (economics of QWERTY) How to organise innovation policy?

11 Economics of Innovation Approach Perspective is macro, policy-oriented (not the typical management perspective) Building blocks are first introduced Innovation dynamics in selected industries are analysed from an historical perspective (IT, biotech) and later applied in the case of energy technology innovations (renewables) ex-cathedra (230 students)

12 Economics of social security and social insurance Contents Welfare state: publicly or privately organised Sources of financing of the welfare state Overview of social protection models Pensions, ageing and early retirement Health care systems in Europe Health care system and reform in the US Unemployment and labour market institutions in Europe Child care policies, fertility and female labour supply Poverty and income inequality in OECD countries

13 Pensions, ageing and early retirement Demographic ageing Early retirement >>> consequences on financial sustainability? Why so much political resistance against pension reforms?

14 Health care systems in EU Causes increased health spending? How can we improve health performance while limiting health spending?

15 Health care in the US Why health care system US inefficient? Reform of Obama: the change the US needs? Why so much resistance against reforms?

16 Unemployment in Europe In EU: high unemployment and low poverty while in US low unemployment and high poverty >>> trade-off? NO: Denmark: flexicurity approach >>> low unemployment and low poverty

17 Childcare policies, fertility and female labour supply Why high fertility and female labour supply in Scandinavia low fertility and female labour supply in Mediterranean countries Child care policies: –Longer maternity leave? Paternity leave? –Subsidizing public childcare services? –Higher family allowances? >>>impact on female labour supply, child wellbeing and budget governement?

18 Poverty Causes of poverty? –Low labour demand low-skilled? –Increase of divorced single parent families? –Poor people have no incentive for job search? Why poverty low in Sweden and high in UK? How to reduce poverty?

19 Economics of social security and social insurance Approach course: textbook “Welfare state in the European Union”, Pestieau(2005) slides recent articles for case-studies (on HUBwise) exam: written closed book open questions

20 Exam questions January 2010 Fundamental parameters that determine financial sustainability of PAYG pension systems? Should we switch to Fully funded pension systems? Why (not)? Reasons inefficiency of US health system? How to improve health performance and/or contain health spending? To what extent is this achieved by the Obama reform? Most EU countries finance social protection by payroll taxes. Disadvantages related to this source of financing? Explain !

21 Environmental Economics Academic year 2010-2011 Johan Eyckmans

22 Course objectives After this course, students should: –be able answer the question: what is, from a society point of view, the desired level of environmental quality, –know the most common valuation techniques for non- market goods and services, –have an insight in the advantages and disadvantages of different environmental policy instruments. –how profit maximizing businesses should react on specific environmental policy instruments.

23 Valuation techniques Valuation of negative externalities of noise externalities of Brussels airport by means of hedonic price techniques (house sales prices):

24 Carbon emissions trading EU ETS: price formation, fundamentals, future regulatory framework, …

25 Are we running out of oil? Hoteling model 25

26 Course material PPT slides: –HUBwise Textbook: –Hanley, N., Shogren, J., and B. White. 2001. Introduction to Environmental Economics. Oxford University Press. –Through campus bookshop. –35£ = 40€ at Amazon.co.uk

27 Exam WRITTEN and CLOSED BOOK exam. A number of multiple-choice questions [10pt] –Require theoretical insight into the subject matter. –Correction for random guessing: A number of open questions [10pt] –Testing your capacity to situate current environmental problems and policy instruments in the course material (recent articles and/or case studies). –Some questions require basic arithmetic skills.

28 Public Economics Contents Why does a government intervene in the economy? And by doing so, can it increase total welfare of its population?

29 Public Economics Approach We explain government intervention by means of economic theory We refer to real life examples: Is Obama’s health care reform a good thing for US citizens? What is the role of the government in the financial sector? Should a government support the construction of the electrical car? At the end of the course, students should be able to provide an answer to such questions that is not only based on “gut feeling”.

30 Choose 1 course out of: Advanced Corporate Finance Corporate Social Responsibility Decision Making Economic Law: Capita Selecta

31 Advanced Corporate Finance Even for those with a ‘trauma’ of ‘Financieel Beleid’ or ‘Financial Policy’ Focus on understanding theory and be able to apply the quantitative elements

32 Advanced Corporate Finance Contents Mergers and acquisitions Motives (theory and empirical evidence) Merger waves Estimating merger gains and costs Corporate Restructuring Diversification and its value effects Leveraged (LBO) and management buy out (MBO) Spin-offs, equity carve-outs, asset sales Private equity

33 Advanced Corporate Finance Contents Valuation Comparables Real Options Valuation Discounted Cash Flow Valuation Capital Cash Flow Valuation Governance and Corporate Control around the world Ownership, control and corporate governance Agency problems Family ownership

34 Approach Formal lectures Assignments Apply theoretical concepts (calculation of abnormal returns in event studies, valuation of takeover target) Case studies Advanced Corporate Finance

35 Corporate Social Responsibility Why CSR? “…the business policies we adopt, the decisions that we make and the strategies we pursue over the next decade or two will determine the future of our species and the trajectory of the planet for the foreseeable future. That is an awesome responsibility, to say the least. It is also a huge opportunity.” (Stuart Hart, 2005)

36 Corporate Social Responsibility Objectives To introduce theories, concepts and frames of reference related to different aspects of CSR To present tools and instruments for putting CSR in practice To stimulate critical reflection on business cases from a CSR point of view

37 Corporate Social Responsibility Contents Introduction 1 General introduction 2 CSR from a business practice perspective CSR as business-in-context 3 Ecological system boundaries 4 CSR and social development Managing CSR 5 Integrating People – Planet - Profit 6 CSR and philantropy 7 Stakeholdermanagement 8 Strategizing CSR 9 Systems, guidelines & tools for CSR Specific topics 10 Internal actors: marketing, HRM, fiscality 11 External actors: consumers, NGO’s, government 12 Integration

38 Corporate Social Responsibility Approach Theory and practice Guest lecturers Cases Active participation by students Critical debate

39 Corporate Social Responsibility Course material Slides on HUBWise 5 articles (on HUBWise): Kakabadse, N., Rozuel, C. & Lee Davies, L. (2005). Corporate Social Responsibility and Stakeholder Approach: a Conceptual Review. (Topic 1) Elkington, J. (1994). Towards the Sustainable Corporation: Win-Win-Win Business Strategies for Sustainable Development. (Topic 5) Mitchell, R., Bradley, R., Agle, B. & Wood, D. (1997). Toward a Theory of Stakeholder Identification and Salience: Defining the Principle of Who and What Really Counts. (Topic 6) Carroll, A. (1991). The Pyramid of Corporate Social Responsibility: Toward a Moral Management of Organizational Stakeholders. (Topic 7) Porter, M. & Kramer, M. (2006). Strategy and Society: The Link between Competitive Advantage and Corporate Social Responsibility. Optional reading Fisher, C. & A. Lovell (2009). Business Ethics and Values. Individual, Corporate and International Perspectives. Harlow: Prentice Hall. For the Dutch-speaking students: De Prins, M., Devooght, K., Janssens, G. & Molderez, I. (Eds.) (2009). Maatschappelijk Verantwoord Ondernemen. Van strategische visie tot operationele aanpak. Antwerpen: De Boeck.

40 Corporate Social Responsibility Evaluation Written exam Description of 2 concrete cases Demonstrate you can ground analysis and decisions with the theories and concepts of the course

41 Decision Making Learing Objectives To obtain in depth-insight into the theoretical framework of a number of decision-making tools relevant in economics and management and the research conducted regarding this topic To understand the application of decision-making tools in a number of already existent case-studies Being able to select the appropriate method/tool to a specific decision-making problem Being able to apply oneself the appropriate decision-making tool to new problems, following a research-based procedure This course is strongly research based and hence of a high academic level, though also very policy- and practice- oriented

42 Decision Making Course Content PART 1 : INTRODUCTION Chapter 1 : Introduction PART II : PRIVATE INVESTMENT ANALYSIS (Recapitulated) Chapter 2 : Private investment analysis recapitulated PART III : SOCIAL COST-BENEFIT ANALYSIS Chapter 3 : Introduction and welfare economic basis Chapter 4 : Measuring costs and benefits in a perfect market Chapter 4b:Example (Iron Rhine Project) Chapter 5 : Measuring costs and benefits in a non perfect market Chapter 5b: Example continued Chapter 6 : Comparing costs and benefits over time Chapter 7 : The use of decision criteria Chapter 8 : Final thoughts regarding SCBA

43 Decision Making Course Content (2) PART IV : COST EFFECTIVENESS ANALYSIS Chapter 9 :Cost-effectiveness analysis PART V : REGIONAL ECONOMIC IMPACT STUDY Chapter 10 :Regional economic impact study PART VI : ENVIRONMENTAL IMPACT ASSESSMENT Chapter 11 :(Strategic) Environmental impact assessment

44 Decision Making Course Content (3) PART VII MULTI-CRITERIA ANALYSIS Chapter 12 :Introduction Chapter 13 : Basic principles of preference relations and models Chapter 14 : Generation of a set of actions Chapter 15 : Generation of a set of criteria Chapter 16 : Constructing the evaluation matrix Chapter 17 : Intercriteria comparisons and overview of aggregation procedures Chapter 18 : Overview of various MCA methods Chapter 19 : Personal contributions to and applications of MCA Chapter 20 : Final conclusions regarding MCA

45 Decision Making Compulsory Study material K. De Brucker (2010), Syllabus Decision-making (vol. I) (copies of lecture schemes), Hogeschool-Universiteit Brussel, 2010 K. De Brucker, ed. (2010), Syllabus Decision-making (vol. II) (copies of selected articles), Hogeschool-Universiteit Brussel, 2010 Students are also supposed to take notes of the main ideas of the lectures as a complement to the course material provided by the professor

46 Decision Making Guidelines for the exam Traditional written exam closed book end of semester Some questions may take the form of an exercise or a (pseudo) real-life decision-making problem. A limited number of questions may be in the form of MC questions (max. 6 points out of 20) Also the compilation of articles (syllabus vol. II) (partly home- study material) are part of the exam material (according to the conditions stipulated for this purpose) Reproduction, insight as well as association are tested Both the faculty of analysis and synthesis are tested The exam has the same set-up in each of the exam periods This course is strongly research based and of a high academic level, though also very policy- and practice-oriented

47 Decision Making Prerequisites Micro-economics (demand and supply, the notion of utility, willingness to pay, public goods, external effects, market models) Basic notions of statistics (measurement scales, etc.) Basic notions of mathematics (interest rates, discounting, matrix algebra) Basic notions of macro-economics (especially GDP, multipliers, input-output analysis)

48 Economic Law – Capita Selecta (B. Keirsbilck) Contents Basics of EU law and national legal systems Free movement of goods, persons, services and capital Preventing unfair commercial practices Safeguarding competition on the market Formation and functioning of companies Protecting intellectual property (copyright, patents & designs, trademark) Facilitating contract-making (agency, distribution, licensing, franchising) International trade law Economic law in times of a global financial and economic crisis …

49 Economic Law – Capita Selecta (B. Keirsbilck) Approach Objectives: identifying the main legal issues in cross-border business (within and outside the EU) and knowing how to deal with them in practice Presuppositions: active interest in the legal context of doing business and a basic knowledge of law Approach: 13 classes, theory combined with practice slides, cases and legal materials (directives, …) available via HUBwise; importance of good class notes written exam (legal materials published on HUBwise may be consulted)

50 Good luck with your choice!


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