Presentation on theme: "Keuzevakken Master Handelswetenschappen"— Presentation transcript:
1 Keuzevakken Master Handelswetenschappen Electives in the Master Business Administration
2 Choose 1 course out of:Advanced Micro-EconomicsCulture and EconomiesEconomics of InnovationEconomics of Social Security and Social InsuranceEnvironmental EconomicsPublic Economics
3 Advanced Micro Contents Introduction to basic concepts and ideas of Industrial Organization (IO)IO is concerned with how firms competeFocus is on markets with imperfect competitionCentral concept is market powerIs 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 IOMicro focuses on perfect competition and monopoly
4 Advanced Micro Contents LectureChapter TitleChapter1Introduction & What Is IO?2Basic Microeconomics2 & 33Basic Microeconomics & The Firm4Monopoly And Regulation5Perfect (And Almost Perfect) Competition6Games and strategy7Oligopoly8Collusion9Market structure and Market power10Price Discrimination11Vertical Relations12Product Differentiation13Entry Costs, Market Structure and Welfare14Small changes in the program are possible, depending on how fast we move.
5 Advanced Micro Approach Weekly lectureIllustrate and explain most important insights from the textbookCABRAL, L. (2000), Introduction to Industrial Organization, MIT PressWhere appropriate by means of practical examplesAdditional material available on HUBWiseSlides and mathematical notes
6 Advanced Micro Prerequisites Introductory course inMicro economics or Managerial EconomicsMathematics for economistsSimple mathematical skills are requiredSolve system of linear equations1st and 2nd order derivatives, IntegralsSolve constrained maximization problem
7 Advanced Micro Evaluation Written, closed-book examSome (probably 5) multiple choice questions1 point per MC question2 or 3 exercises or open questionsTest(1) insight into theoretical concepts of the subject matter(2) ability to apply theoretical concepts to case studies
8 Culture & Economies Contents Economic activities (work, consumption, saving,...) and structures (markets, firms, government, households) are immersed in a web of cultural sensemakingIllustrationsWhy 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?
9 Culture & Economies Approach First few weeks: theoretical and conceptual introductionAfterwards:One empirical theme per week, reading beforeIntroductory lectureAssignment in small groupsPresentation and discussionBoth quantitative and qualitative studiesScoring system: ¼ assignments, ¾ exam (case and multiple choice)
10 Economics of Innovation (Johan Albrecht) ContentsWhat is ‘economics of innovation’, why innovation policy?Innovation and industrial evolutionDynamics of innovation in network economies (economics of QWERTY)How to organise innovation policy?
11 Economics of Innovation ApproachPerspective is macro, policy-oriented (not the typical management perspective)Building blocks are first introducedInnovation 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 ContentsWelfare state: publicly or privately organisedSources of financing of the welfare stateOverview of social protection modelsPensions, ageing and early retirementHealth care systems in EuropeHealth care system and reform in the USUnemployment and labour market institutions in EuropeChild care policies, fertility and female labour supplyPoverty and income inequality in OECD countries
13 Pensions, ageing and early retirement Demographic ageingEarly 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 countriesChild 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? Why poverty low in Sweden and high in UK? 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 Approachcourse:textbook “Welfare state in the European Union”, Pestieau(2005)slidesrecent articles for case-studies (on HUBwise)exam:writtenclosed bookopen 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 techniquesValuation of negative externalities of noise externalities of Brussels airport by means of hedonic price techniques (house sales prices):
26 Course material PPT slides: Textbook: HUBwise Hanley, N., Shogren, J., and B. White 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 theoryWe 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 FinanceCorporate Social ResponsibilityDecision MakingEconomic 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 ContentsMergers and acquisitionsMotives (theory and empirical evidence)Merger wavesEstimating merger gains and costsCorporate RestructuringDiversification and its value effectsLeveraged (LBO) and management buy out (MBO)Spin-offs, equity carve-outs, asset salesPrivate equity
33 Advanced Corporate Finance ContentsValuationComparablesReal Options ValuationDiscounted Cash Flow ValuationCapital Cash Flow ValuationGovernance and Corporate Control around the worldOwnership, control and corporate governanceAgency problemsFamily ownership
34 Advanced Corporate Finance ApproachFormal lecturesAssignmentsApply theoretical concepts (calculation of abnormal returns in event studies, valuation of takeover target)Case studies
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 ObjectivesTo introduce theories, concepts and frames of reference related to different aspects of CSRTo present tools and instruments for putting CSR in practiceTo stimulate critical reflection on business cases from a CSR point of view
37 Corporate Social Responsibility ContentsIntroduction1 General introduction2 CSR from a business practice perspectiveCSR as business-in-context3 Ecological system boundaries4 CSR and social developmentManaging CSR5 Integrating People – Planet - Profit6 CSR and philantropy7 Stakeholdermanagement8 Strategizing CSR9 Systems, guidelines & tools for CSRSpecific topics10 Internal actors: marketing, HRM, fiscality11 External actors: consumers, NGO’s, government12 Integration
38 Corporate Social Responsibility ApproachTheory and practiceGuest lecturersCasesActive participation by studentsCritical debate
39 Corporate Social Responsibility Course materialSlides on HUBWise5 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 readingFisher, 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 EvaluationWritten examDescription of 2 concrete casesDemonstrate 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 topicTo understand the application of decision-making tools in a number of already existent case-studiesBeing able to select the appropriate method/tool to a specific decision-making problemBeing able to apply oneself the appropriate decision-making tool to new problems, following a research-based procedureThis 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 : IntroductionPART II : PRIVATE INVESTMENT ANALYSIS (Recapitulated)Chapter 2 : Private investment analysis recapitulatedPART III : SOCIAL COST-BENEFIT ANALYSISChapter 3 : Introduction and welfare economic basisChapter 4 : Measuring costs and benefits in a perfect marketChapter 4b: Example (Iron Rhine Project)Chapter 5 : Measuring costs and benefits in a non perfect marketChapter 5b: Example continuedChapter 6 : Comparing costs and benefits over timeChapter 7 : The use of decision criteriaChapter 8 : Final thoughts regarding SCBA
43 Decision Making Course Content (2) PART IV : COST EFFECTIVENESS ANALYSISChapter 9 : Cost-effectiveness analysisPART V : REGIONAL ECONOMIC IMPACT STUDYChapter 10 : Regional economic impact studyPART VI : ENVIRONMENTAL IMPACT ASSESSMENTChapter 11 : (Strategic) Environmental impact assessment
44 Decision Making Course Content (3) PART VII MULTI-CRITERIA ANALYSIS Chapter 12 : IntroductionChapter 13 : Basic principles of preference relations and modelsChapter 14 : Generation of a set of actionsChapter 15 : Generation of a set of criteriaChapter 16 : Constructing the evaluation matrixChapter 17 : Intercriteria comparisons and overview of aggregation proceduresChapter 18 : Overview of various MCA methodsChapter 19 : Personal contributions to and applications of MCAChapter 20 : Final conclusions regarding MCA
45 Compulsory Study material Decision MakingCompulsory Study materialK. De Brucker (2010), Syllabus Decision-making (vol. I) (copies of lecture schemes), Hogeschool-Universiteit Brussel, 2010K. De Brucker, ed. (2010), Syllabus Decision-making (vol. II) (copies of selected articles), Hogeschool-Universiteit Brussel, 2010Students 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 Guidelines for the exam Decision MakingGuidelines for the examTraditional written exam closed book end of semesterSome 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 testedBoth the faculty of analysis and synthesis are testedThe exam has the same set-up in each of the exam periodsThis 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) ContentsBasics of EU law and national legal systemsFree movement of goods, persons, services and capitalPreventing unfair commercial practicesSafeguarding competition on the marketFormation and functioning of companiesProtecting intellectual property (copyright, patents & designs, trademark)Facilitating contract-making (agency, distribution, licensing, franchising)International trade lawEconomic law in times of a global financial and economic crisis…
49 Economic Law – Capita Selecta (B. Keirsbilck) ApproachObjectives: identifying the main legal issues in cross-border business (within and outside the EU) and knowing how to deal with them in practicePresuppositions: active interest in the legal context of doing business and a basic knowledge of lawApproach:13 classes, theory combined with practiceslides, cases and legal materials (directives, …) available via HUBwise; importance of good class noteswritten exam (legal materials published on HUBwise may be consulted)