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    V O Y A G E O F D I S C O V E R Y A mst er dam Research Inst it ut e gra d ua te B usiness Annual Research Report School 2002


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    Annual Research Report 2002 Amsterdam graduate Business School – Research Institute Faculty of Economics & Econometrics UNIVERSITEIT VAN AMSTERDAM


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    AgBS Research Institute Universiteit van Amsterdam Roetersstraat 11 1018 WB Amsterdam The Netherlands Director: Prof.dr. A. Kolk Office: Drs B.C. Bouten Tel.: +31-20-5255261 Fax: +31-20-5254036 agbsri-fee@uva.nl www.agbs.nl 2


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    CONTENTS Introduction 5 1. Objectives 5 2. Outcomes of the Research Quality Assessment 6 3. Background and current situation 7 4. Building a research school 11 5. Steps taken in 2002 14 Publications per programme Accounting, Organisations & Society 17 Corporate Finance & Financial Systems 33 Information Management - Prima Vera 47 Urban and Regional Economics 58 Real Estate Economics & Other research Business Studies 65 Appendices 1. Organisation and staff 75 2. Abbreviations 78 3


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    AgBS-RI – Annual Report 2002 4


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    AgBS-RI – Annual Report 2002 AGBS RESEARCH INSTITUTE – REPORT OVER 2002 Introduction In this annual research report, an overview will be given of the situation with regard to business research, brought together in the Amsterdam graduate Business School Research Institute (AgBS-RI) since early 2002. It must be noted, however, that because of the fact that the research budget has not been reallocated from RESAM to the AgBS Research Institute so far, this section will only deal with those aspects covered by the AgBS-RI. The financial aspects and the allocation of research time, still determined by RESAM, are therefore not addressed here.1 Topics that will be described are the objectives and characteristics of AgBS research, the state of the AgBS research programmes (after the recent national research quality assessment and in the current Faculty context), the activities undertaken and policies developed. These will be further implemented once a research budget has been allocated that fits the ambitions and importance attached to business studies and the objective to bring the AgBS-research position and size in line with its share in FEE teaching. 1. Objectives In 2002, the AgBS Research Institute was created, bringing together the research that takes place within the Faculty of Economics in the fields of finance, information management, accounting and sustainable management. Its objective is to stimulate research across the whole spectrum of business studies and management, also in areas where not much research has taken place thus far, such as international strategy and organisation, and marketing. Research within the AgBS focuses on the actions and interactions of companies with their internal and external stakeholders, and the influence of different institutional contexts and financial markets with which companies are confronted. Specific attention is paid to the generation, provision, management and dissemination of information by companies to attain strategic and organisational goals, acquire a societal ‘license to operate’, and attract and retain external financing. AgBS research is both fundamental and applied in nature, and often multidisciplinary. Research topics are addressed not only for their theoretical, but also their societal importance. The output contributes to international academic debates and to the provision of guidelines for management practice and policy-making. 1 See RESAM (2003). Annual Report 2002, Amsterdam. 5


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    AgBS-RI – Annual Report 2002 2. Outcomes of the research quality assessment In 2001/2002, the quality of the research programmes in the FEE was evaluated by the VSNU review committee (‘visitatiecommissie’) economics. This quality assessment focused on a five-year period (1996-2000). Table 1 shows the results for the three AgBS-research programmes, also compared to the previous evaluation (1995). Table 1 Appraisal of AgBS research programmes by VSNU-review committee (in 1995 and 2002) Ranks per aspect* Research programme (name, programme director, year) Quality Productivity Relevance Viability Financial accounting and auditing (Wallage) (1995) 2 2 3 2 Accounting, organisations and society (Hartmann/Kolk) 3 3 4 3 (2002) Corporate governance & financial institutions/markets 5 4 4 4 (Boot) (1995) Financial economics (Perotti/Boot) (2002) 5 4 4 4 Information systems (Maes) (1995) - 3 3 3 Information management (Maes) (2002) 3 3 3 2 * 1 = poor; 2 = unsatisfactory; 3 = sufficient; 4 = good; 5 = excellent Source: VSNU (2002), Economics. Assessment of research quality, Utrecht; VSNU (1995), Economics. Quality assessment of research, Utrecht. On the basis of these scores, some observations can be made, which are supported by the review committee’s commentaries per programme (reproduced in box 1). Box 1 Commentary on the AgBS research programmes given by the VSNU- review committee 2002 Accounting, organisations and society (Hartmann/Kolk) As befits any team in this field, the accounting group is quite active in teaching, training, and commenting on practice- and local-oriented issues. But in addition, the committee is happy to note, this group is very much part of a European trend to move towards the fields that have become the mainstay of the more recent Anglo-Saxon academic research. In the more international papers published by this team, we see that beside the many European Accounting Review type publications also a few B’s and A’s are now showing up, including some methodological work that should come quite useful to this research area. The committee is confident that this is the beginning of a broad movement. Also the presence of an excellent Finance team next door may stimulate growth in this field. Financial economics (Perotti/Boot) This is an excellent international player. Its publication list is shortish, perhaps, but on closer inspection turns out to contain an impressive number of articles in absolute top and subtop journals. More often than in other top-performing Finance teams in the country, the work here tends to be related to the efficiency of alternative institutional structures or financial systems. As a result, the group’s members are frequently invited to comment on topical issues, or produce advice to local and international bodies on fundamental policy issues. 6


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    AgBS-RI – Annual Report 2002 That is, also in terms of immediate policy relevance this team scores quite well – unusually well, perhaps, for a group with such a vivid interest in academic excellence. The committee hopes that the research team will be able to take recent staff changes in its stride and continue at the current impressive level. Information management – PrimaVera (Maes) This is a relatively small unit, which conducts research in three main areas (Information Management; Organizational Design; Change and Learning; Electronic Commerce) which seem only loosely related. In addition, these draw on very different basic disciplines ranging from computer science to marketing. The scientific output has been mainly in local and non-refereed outlets, with some conference proceedings and just a few international journal articles. It would appear that a greater degree of forms is necessary to permit a viable unit to be continued. Source: VSNU (2002), Economics. Assessment of research quality, Utrecht, pp. 92-94 The accounting programme (broadened to accounting, organisations and society compared to the previous period, thus also covering management) has improved considerably, with ‘satisfactory’ on three aspects and ‘good’ on relevance. The finance programme has stabilised at a high level, with ‘excellent’ for quality and ‘good’ on the three other elements. Information management has also remained largely at the same level as five years earlier, with ‘satisfactory’ on three aspects, but the ‘viability’ score has dropped to ‘unsatisfactory’. It must be noted that the perspectives for all three programmes has deteriorated since the review committee made its assessment, due to the subsequent budget cuts imposed in the FEE. 3. Background and current situation Hence, considering the three AgBS-programmes, we see a large variety in coherence, quality and research traditions. Research on corporate finance and financial systems has a relatively long tradition in the FEE, with a concomitant reputation. The programme largely consists of full-time staff. For Ph.D. training and other forms of research support, this group satisfactorily relies on and cooperates with the Tinbergen Institute (supplemented with NAKE courses). This group merely needs to be facilitated to sustain its course. This section will therefore pay much more attention to the other two programmes – Accounting, Organisations and Society (AOS) and Information Management (IM). The situation in these other two programmes is rather different, with multidisciplinarity and diversity as key words. Here we find the whole range from productive researchers with important international publications to those that still need to embark on this path. In spite of a few nuclei that already have an international research and publication record, however, the overall picture is that significant steps towards international presence through academic publications will have to be taken in the next few years. This must be accompanied by investments to improve the quality of research, especially also for Ph.D. students in business administration and management, where good, comprehensive training is lacking, both at the UvA and in the Netherlands at large, and a clear supervisory structure needs to be established (see also the section 5 below on ‘steps taken in 2002’). 7


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    AgBS-RI – Annual Report 2002 It is important to emphasise that this strong focus on international publications should not harm the programmes’ current strengths in more applied, usually nationally- oriented, research. This has led to valuable links to practitioners, crucial for attracting (post)graduate students, possible external research funding and, most importantly, for achieving the AgBS purpose of contributing to the societal debate and providing guidelines for management practice and policy making. For the AgBS, this societal function, and the concomitant duty of helping to preserve Dutch research outlets, is seen as one of two equally important pillars on which government support to universities rests (with the contribution to the international academic debate as the other). This is fully consistent with the UvA overall mission. It must be noted that many current staff members in the fields of business administration and management do have a feeling that their efforts in teaching and more applied research have not been rated at its true value, that the different nature of research in their areas is not acknowledged, and that the negative impact of heavy teaching loads on their time for doing more fundamental research has received little recognition. While this is not the place to discuss the origins and validity of these sentiments, it is something that must be considered in setting the new course, also because building trust and bringing about organisational, cultural change takes time. The relative smaller attention and resources devoted in the past decades to academic research in the area of business administration, however, is clearly demonstrable. This aspect is all the more important since the same staff members are taking full responsibility for the new academic bachelor and master programmes in business studies. The national presence of the FEE business group in (applied) research and publications partly originates from the prominence of (post)graduate teaching to professionals, usually carried out by part-time staff members (frequently practitioners). These part-time appointments also reflect well-known labour market difficulties in attracting full-time staff with an interest in, and capacities for both fundamental and applied research. By their very nature, such researchers are also focused on business practice, which strongly increases competition for a very limited number of candidates (with the well-known effect of part-time appointments). Besides the advantages mentioned above, the large number of part-timers has drawbacks as well, particularly because it complicates the creation of a coherent research group with full commitment to academic research and publications. In view of double loyalties, part-time staff members do much less have the feeling of being part of the UvA/FEE. Since it is also difficult to involve them fully in policy-making and management processes, extra investments need to be made by full-time staff members to keep part-timers informed, crucial for maintaining commitment. In addition, the absence of a formal structure for organising and governing academic research in large parts of business administration has resulted in scattered rather than focused research efforts. For the organisation this also means that supervisory and management capacity is extremely limited, leading to an even heavier burden on the few full-time senior staff members. They must divide their time between management of research and teaching 8


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    AgBS-RI – Annual Report 2002 programmes, and of the department and business school, the supervision of junior researchers, and teaching, usually leaving hardly any time for their own research. In addition, part-time senior staff members do also not have much time for research in view of the emphasis in the UvA appointments on teaching and their mostly non- academic activities elsewhere. A final aspect concerning the existence of a part-time ‘culture’ is that it also affects Ph.D. researchers to some extent, in that a tendency can be noted that many competent students see the finalisation of a Ph.D. thesis as the start for a business career, but with the explicit intention to combine this with a part-time academic appointment. The sincere desire to retain talented researchers for the UvA and existing loyalties have thus frequently led to the creation of new part-time appointments, understandable from the perspective of the individuals involved, but not beneficial for the research group as a whole since it reinforces existing problems. Table 2 gives an overview of the composition of the AgBS research programmes in terms of ‘full-time’/‘part-time’ researchers (where ‘full-time’ are those with at least 0.5 fte research time, and ‘part-time’ those with less than 0.5 fte research time, regardless of their actual appointment at the FEE, which can be full-time). Moreover, a division is made between researchers with a Ph.D. degree, those without a Ph.D. degree but working on their thesis, and those who neither have a Ph.D. degree nor are in the Ph.D. process. The table, which covers only the first flow of funds, clearly shows the peculiarities of the finance programme (abbreviated to CFFS in the table). First, compared to the other two programmes, the percentage of CFFS programme members with at least 0.5 fte research time is very high, and the size of part-time research time is negligible. This is rather different from the situation in the other parts of the AgBS, where especially the number of researchers with less than 0.5 fte research time is very high. As already mentioned above, this poses particular difficulties with regard to the management and coherence of research programmes. Second, the finance group deviates from the AOS and IM programmes in its balance between researchers with a Ph.D. degree and those who are working on their thesis. In the finance programme, senior full-time research capacity is slightly higher than junior capacity, both in time and in number of persons. In AOS and IM, by contrast, this ratio is rather uneven, with only a few persons with a Ph.D. degree. With regard to staff who have less than 0.5 fte research time, the number of researchers with a Ph.D. degree is considerably higher in the IM and particularly the AOS programme. It must be noted that all these tendencies are reinforced if all flows of funds (especially the third flow) is included. Especially in the AOS programme, this further increases the size and number of part-time research staff with a Ph.D. These staff peculiarities have strong implications for the potential output of research programmes, since especially full-time researchers with a Ph.D. degree are generally most productive in terms of international publications (cf. CFFS), a prime criterion to judge the quality of research programmes. While full-time research time with Ph.D. 9


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    AgBS-RI – Annual Report 2002 accounts for almost 55% of total research time in the case of CFFS, this percentage is less than 20% for AOS and IM (respectively 19% and 11%).2 Table2 Composition AgBS-research (‘full’-time/‘part’-time, with/without Ph.D) (in 2002; first flow of funds)* Research programme** Type of researchers AOS CFFS IM Other Total In full-time equivalents Full-time researchers with Ph.D degree 1.5 3.83 0.46 1.83 7.62 Full-time researchers in Ph.D. process 4.55 3.08 2.39 0.85 10.87 Full-time researchers without Ph.D, not in - - - - - Ph.D. process Subtotal 6.05 6.91 2.85 2.68 18.49 Part-time researchers with Ph.D degree 1.15 0.13 0.55 1.43 3.26 Part-time researchers in Ph.D. process 0.53 - 0.72 0.5 1.75 Part-time researchers without Ph.D, not in - - - 1.09 1.09 Ph.D. process Subtotal 1.68 0.13 1.27 3.02 6.10 Total 7.73 7.04 4.12 5.70 24.59 In No. of persons Full-time researchers with Ph.D degree 3 8 1 4 16 Full-time researchers in Ph.D. process 9 7 6 2 24 Full-time researchers without Ph.D, not in - - - - - Ph.D. process Subtotal 12 15 7 6 40 Part-time researchers with Ph.D degree 8 1 4 12 25 Part-time researchers in Ph.D. process 1 - 3 1 5 Part-time researchers without Ph.D, not in - - - 9 9 Ph.D. process Subtotal 9 1 7 22 39 Total 21 16 14 28 79 * ‘Full-time’ researchers: those with at least 0.5 fte research time; ‘part-time’ researchers: those with less than 0.5 fte research time ** AOS = Accounting, Organisations and Society; CFFS = Corporate Finance and Financial Systems; IM = Information Management – PrimaVera; Other = other research Business Studies The shares increase if part-time research capacity is included, but it must be noted that these researchers are generally not the main contributors of international refereed output. The only exception to this rule can be made for international visiting professors (usually with very small appointments, or even without FEE research time allotment at all), who are, especially in the case of one AOS subprogramme (Organisational Control) and the IM programme, largely responsible for international refereed publications. It must be noted though that, in order to build a real ‘indigenous’ AgBS research school, such ‘external’ members should not be more 2 It must be noted that ‘full-time’ research capacity for the AOS programme includes the AgBS director, whose realised research time has been far below 0.5 in 2002. This means that the actual percentage is closer to 13%. 10


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    AgBS-RI – Annual Report 2002 than ‘backups’ for full-time internal researchers and programme output instead of ‘backbones’. In the context of quality assessment reviews, a recurrent discussion deals precisely with this point that is to what extent such international visiting professors can really be judged as ‘belonging’ to Dutch research programmes. Hence, the research programmes in business administration and management consist of a few full-time professors, a relatively large number of part-time professors, usually with rather small appointments, very few other full-time research staff members with a Ph.D. degree, a relatively large number of assistant professors with permanent (teaching) positions who are working on their Ph.D. thesis, and Ph.D. students with temporary appointments. In addition (not included in table 2), there are also some external, part-time, Ph.D. researchers who, usually with their own (or employers’) funding and in their own (free) time, try to finalise their dissertation. These multiple commitments and duties do certainly not always lead to the desired result and quality, however. 4. Building a research school In view of this specific composition of the research staff, and the fact that this is relatively fixed in the short and medium term because of financial constraints and employment conditions, change can only be achieved gradually. It must be noted that most of this involves human resource management rather than research policy, although the latter is of course a prerequisite to the former. And while the emphasis must lie on stimulating staff rather than taking a punitive approach, also by creating a haven for business research in the AgBS, the appropriate combination of incentives, control and strong measures (of ‘carrot and stick’) needs to be geared to the individual situation. Taken more broadly, this also applies to the way in which people’s competencies are being used optimally from both the organisational and individual perspectives. Although the 50:50 research/teaching division serves as appropriate starting point (and is certainly the norm for new staff members), it is not very realistic to stick rigidly to it for everybody in the current context. The precise combination of research, teaching, and managerial and administrative duties must depend on individual competencies and organisational requirements. This means that those with excellent research skills will be asked to focus on research and publications, and on transferring such knowledge and capabilities to other staff members and to students. Staff members with good abilities in attracting external funding for academic research, and in the related interface with business and government, will be asked to spend some of their time on this activity. Highly competent and inspiring lecturers will focus much more on teaching. In addition, everybody is expected to take on some management, coordination and administrative duties. In view of the emphasis of the AgBS on both fundamental and applied research, and its concomitant focus on participation in international academic and (national) societal debates, our researchers must have such a broad profile. They are certainly supposed to publish in international refereed outlets, but also have a societal 11


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    AgBS-RI – Annual Report 2002 contribution through the publication of books and articles in Dutch. For AgBS staff members, the precise balance between them will depend on the research field and topics, theoretical approach and individual competencies. Given the existing situation with regard to human and financial resources, the following four approaches must be followed simultaneously. The first and foremost priority is to retain those who already meet the AgBS aspirations and perform well. Second, all vacancies must be ‘de-frozen’ and subsequently be filled by full-time staff with an international research and publication record, who fit the AgBS profile. Third, new investments are necessary to increase momentum, strengthen relatively isolated nuclei, and broaden the spectrum of AgBS research, especially in areas such as international strategy and organisation, and marketing. Fourth, as already mentioned above, those staff members who have been allotted research time but do not yet publish in international journals will be encouraged to reorient themselves in that direction. They will be required to submit a detailed plan, including a planning and, if necessary, an indication of forms of support (from colleagues, or through courses) that are needed. For assistant professors without a Ph.D. degree, the finalisation of their academic dissertation is the first priority. This can be expected to result in follow-up output and free their time for subsequent research and publications. More in general, further steps will be taken to improve the supervisory and educational structure for those who work on their Ph.D. thesis. The AgBS proposes a fellowship structure, consisting of four categories: 1) Research fellows, who must have a Ph.D. degree. In the current situation, they will include three categories of staff members: A) those with a proven publication record in international journals in the past few years; B) those that commit themselves to this path following the recent defence of their Ph.D. thesis (and who must present a brief research/publication plan); C) others who commit themselves to future publications in international journals, based on a detailed research/publication plan. Categories A and B are allotted at least half of their time for research, for C this will depend on the specific situation. 2) Ph.D. fellows, consisting of staff members without a Ph.D. degree and Ph.D. students, thus including both staff with permanent and temporary positions. While this is a very varied category, they all share the same right of having ‘free’ research time to work on their Ph.D. thesis. There is no explicit requirement for other publications, although they are encouraged to do so if it fits in their Ph.D. trajectory. There must be a clear schedule for the finalisation of their thesis. 3) Internal business fellows. This includes teaching staff with teaching-related research interests and publications (usually nationally-oriented). They will be allotted a much smaller time for these activities than the AgBS Research and Ph.D. fellows, and only if there are clear outputs that are in line with the AgBS activities and ambitions. 4) External business fellows. This includes persons who are no staff members of the AgBS/FEE, but who have proven to be important for establishing research-related contacts with business and policymakers. In addition, there are AgBS lecturers, both internal and external, who are of course highly important, but do not have research time, and cannot be classified as fellows. 12


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    AgBS-RI – Annual Report 2002 The classification of the staff in the first three categories will be done by the AgBS research director, the AgBS general director (vice-dean) and the department chair, with input from individual staff members where appropriate (e.g. with regard to research/publication plans). In judging performance, all output will be included. No fixed list of journals will be used because of the diversity of fields of AgBS research, the need to follow developments without ‘freezing’ outlet categories, the objective to prevent strategic publication behaviour and or limitations of using such lists, especially in the context of a business school.3 It is also crucial to note again that the number of AgBS staff members with an international publication record is rather limited at present, and that the main purpose of the AgBS is to stimulate others to start doing the same. All time and effort need to be spent on this second category, not on disciplining and controlling (and frequently discouraging) those staff members who perform well and about whom we are very content. They do publish anyway, as they have done in preceding years, in view of their ambitions and the drive to play a role in international academic and societal debates. If their current publication outlets do not fully match the AgBS ambitions, this can be communicated through normal HRM procedures, where performance and plans are to be discussed at least once a year. For the second category, the planned outlets will be included in the individual research and publication plans that they submit, and on which the AgBS research director, the AgBS director (vice-dean) and the department chair will propose changes where necessary. These staff members’ performance can be judged from the progress made with the implementation of their plans. Instead of relying on fixed lists with their many drawbacks, a broader perspective will be taken, considering the type of journal, the quality of referees and review procedures, and the international status and reputation of the journal (as shown, inter alia, from the importance attached to it in the disciplines concerned, circulation, citations and impact scores). In cases where it is difficult to assess the quality of publications, national and/or international experts will be asked for advice. The final decision for allotting research time is taken by the vice-dean, on the basis of the advice of the AgBS research director and department chair. This also applies to new staff members’ research time. A final, but very important aspect, concerns the contents and scope of the AgBS research. Currently, not all researchers are integrated in a research programme. Moreover, not all areas of business administration and management can be covered adequately. There is a clear ambition to broaden and deepen research within the AgBS, and investments are direly needed. When the investments in research capacity will materialise, the research director will reconsider the portfolio of programmes. This will result in the creation of a management research cluster, in which (parts of) existing programmes will be brought together. It must be noted in this regard that the 3 See e.g. D.D. Van Fleet, A. McWilliams & D.S. Siegel (2000), ‘A theoretical and empirical analysis of journal rankings: the case of formal lists’, Journal of Management, 26(5), 839-861; J.S. Trieschmann, A.R. Dennis, G.B. Northcraft & A.W. Niemi, Jr. (2000), ‘Serving multiple constituencies in business schools: MBA program versus research performance’, Academy of Management Journal, 43(6), 1130-1141. 13


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    AgBS-RI – Annual Report 2002 AgBS has, from the very beginning, emphasised that the launch of a range of new research programmes must be avoided. This would lead to dispersion of resources and create small programmes without sufficient substance in terms of staff research time and international publications, and thus with limited viability – one of the lessons learned from the 1995 research quality assessment. This AgBS policy was also discussed with and explicitly supported by the 2001/2002 review committee economics in its report. Similarly, the report of the review committee for business administration and management, published in December 2002,4 also shows that strategy and marketing as separate programmes are well covered at different universities in the Netherlands. For the AgBS, this underlines once again that we must build on current strengths, intensifying the multidisciplinary approach in those themes and topics where we have already proved to be able to play a prominent international role. This means a continued emphasis on the interaction with internal and external stakeholders, the international dimensions, and the role of information in accounting and management, as already pointed out in the AgBS objectives in the beginning in this report. 5. Steps taken in 2002 In 2002, following the dean’s January announcement of the creation of the AgBS-RI and the new department of business studies (BS), efforts have firstly concentrated on stock-taking as partly reported above, in order to obtain more insight into the situation of research and staff in this large novel entity, characterised by a myriad of different appointments (in types and size). In addition, and related to the previous activities, the AgBS management team has been created, consisting of the AgBS director, the directors of the AgBS Research Institute and Education Institute, the department chair and the AgBS manager. This has helped to streamline the reordering of business school and department, formulate strategy and policies, take steps for implementation, redefine procedures that reckon with the new structure, and try to solve a range of practical problems, often with a long history of indistinctness. Research and research staff has been an integral part of these activities. Furthermore, as part of the overall set-up, the new research policy and strategy, as summarised in the preceding section, has been formulated, and included in the AgBS strategy report and the BS department plan. This has also been discussed with and agreed on by the dean and FEE board. However, although steps have been taken internally in the past year to embed the new structure in the FEE, both financially and organisationally, many structural and procedural changes are still to be implemented. This involves the AgBS as a whole, and thus also the AgBS-RI. In view of the ambitions, the ongoing activities in both research and teaching, and the budgetary context, there continues to be an urgent need for rapid structural steps. Since early 2002, much attention has been paid to the creation of the new bachelor and master in business studies, which include a significant research component. It must be noted that the full realisation of this ambition, and thus also the future quality 4 VSNU (2002), Business administration and management. Quality assessment of research, Utrecht. 14


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    AgBS-RI – Annual Report 2002 of this educational programmes, is hampered by a lack of research staff. This has been an even larger bottleneck in the case of the M.Phil in business studies (research master), for which the application was made in 2001, when we expected to be able to realise the investments that were announced. In November 2002, however, we were forced to cancel this plan due to the lack of sufficient research staff, aggravated even more by the severe FEE budget cuts. For the direly needed structural strengthening of Ph.D. training, this means that not much more can be done in the present context unless investments materialise. What was done in 2002 will be summarised below. In 2002, the research director was appointed on the board of Nobem, the Dutch organisation for business economics and management. In 2001, the FEE decided to join this new organisation, which unites preceding networks on business economics (LNBE) and business administration/management (NOBO). Much effort has been spent to obtain insight into the current situation at different universities with regard to research programmes, and particularly the research masters and the different plans on how/whether to combine this with Ph.D. training. The inventory showed that, although some universities want and are able to realise this on their own, others, especially the ‘smaller players’, see a clear role for Nobem if it succeeds in setting up good quality courses at short notice. A sense of urgency has been expressed repeatedly, especially in view of the history of LNBE/NOBO, of which the UvA was not part, but which seems to have resulted in a slightly sceptical attitude from other university representatives. This appears to have led to certain reluctance to invest in such national efforts, something that is certainly not helped by feelings of interuniversity competition. Regardless of the specific history and sentiments, however, it is unclear to what extent Nobem can realise the requested courses before the mid-term evaluation, although the impression of a lack of drive on the part of its bureau does not bode well. For the AgBS, the lack of a sufficient number of courses, particularly in the field of business administration/management, continues to present a major problem. In accounting, progress was made in 2002 thanks to the financial support of the Limperg Institute which offered funding to organise national Ph.D courses for a period of three years. Coordinated by Nyenrode University, this has led to a programme of intensive courses on the major topics in accounting, in which some of our (potential) Ph.D. students and research staff members have actively participated. In addition to such specific courses on content and methodology, internal AgBS Ph.D. seminars have started in December 2002, in which Ph.D researchers present their plans and/or results from ongoing projects. These Ph.D. seminars will be organised once every two months in order to stimulate the intellectual exchange among Ph.D. researchers in the first place, and also with the other AgBS research staff. In 2003, these will be continued, just like the AgBS general seminars, which started early 2002, in which researchers from within and outside the AgBS present their latest results on topical issues. Here, participants have been FEE/AgBS staff, and a range of others from within and outside the UvA. In addition to these two types of seminars, theory seminars are planned to start in September 2003. They will focus on the current situation with regard to different theories relevant to management and business, from a multidisciplinary perspective. These seminars serve to stimulate the 15


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    AgBS-RI – Annual Report 2002 intellectual exchange, both internally and externally; AgBS researchers are expected to regularly attend the seminars. In the last two months of 2002, a start has also been made to improve the monitoring of Ph.D. projects, and to clarify procedures with regard to the different elements of a Ph.D. trajectory. This not only involves the Ph.D. students but also staff members who are working on their Ph.D. project. While this is most relevant to the ones who have started most recently, it will also have relevance to others. These activities will be continued in 2003. At the end of this report, two final remarks must be made concerning Ph.D. projects. Firstly, with regard to the finalisation of Ph.D. theses, it is noteworthy that investments in preceding years have started to produce results, with successful defences by Ph.D. students and assistant professors in 2001 and 2002. Compared to the number of Ph.D. theses that the AOS and IM programmes could mention in their self-assessment reports for the VSNU-review (respectively 3 and 1 in five years’ time), in the last two years these numbers have risen to 5 for AOS, and 3 for IM. More successful defences can be expected in the next few years. This leads to the second point, which is the concern about the continuation of Ph.D. research for the AgBS as a whole. Although Ph.D. projects have been approved for all three AgBS subprogrammes in the past year, the current vacancy stop – which includes a freeze on new Ph.D. positions – is a serious threat for the future development of AgBS research. This applies to the finance programme – where a steady stream of Ph.D. projects is vital for the continuation of its high-quality profile – but also to the AgBS research in accounting and management, where the lack of sufficient senior capacity has made the investment in junior researchers the main route to future success. In the current context, there is neither the possibility for retaining talented Ph.D. students who just finalised their thesis (in fact ‘destroying’ part of the investments made) nor the possibility to attract new talents for Ph.D. positions. This is all the more discouraging since the efforts, made especially in the past year, to improve the attractiveness of AgBS research are starting to pay off. This deep concern also extends to the consequences that this all will have for a next round of research quality assessments. 16


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    Accounting, Organisations & Society – Hartmann & Kolk Accounting, Organisations & Society Subprogrammes: Financial Accounting and Assurance (FAA) Organisational Control (OC) Sustainable Management (formerly Institute for Environmental Management,WIMM) Programme directors: Prof. dr F.G.H. Hartmann & Prof. dr. A. Kolk Department: Business Studies (BS) Ozis-code: uva/fee/a&r/acc Web-address: www.agbs.nl/ VSNU-scores: Quality: 3, Productivity: 3, Relevance:4, Viability: 3 Members of the research group and research in FTEs Comp. Total ABCDE ABC Dean Total ABCDE ABC Total Name Title Function 2000 2001 2001 2001 2001 2002 2002 2002 Comp. Dept. Funding Subprogramme Financial Accounting and Assurance Bissessur, S.W. drs aio - - - - 0.40 0.40 0.40 BS 1 Goot, L.R.T. van de dr ud 0.30 0.30 0.50 0.50 0.30 0.25 0.30 0.05 BS 1 Hooft van Huysduyn drs burs 0.20 0.20 0.20 0.20 0.53 0.53 0.53 BS 1 Hoogendoorn, M.N. prof dr hgl 0.10 0.12 0.21 0.21 0.21 0.21 0.21 BS 3 Klijnsmit, P. dr ud - 0.02 0.03 0.03 0.03 0.05 0.05 BS 1 Langendijk, H.P.A.J prof dr hgl 0.25 0.15 0.25 0.25 0.15 0.25 0.25 BS 1 Leenaars, J.J.A. prof dr hgl 0.06 0.03 0.06 0.06 0.03 0.06 0.06 BS 1 Majoor, G.C.M. dr d 0.10 0.02 0.02 0.02 0.02 0.02 0.02 BS 3 Nöteberg, A. drs burs 0.60 0.60 0.60 0.60 0.60 0.60 0.60 BS 1 Offeren, D.H. van dr ud 0.50 0.30 0.25 0.05 0.30 0.30 0.25 0.30 0.05 BS 1 Radic, N. drs burs 0.60 0.60 0.60 0.60 0.60 0.60 0.60 BS 1 Rees, B. prof dr hgl - - - - 0.30 0.50 0.50 BS 1 Roos Lindgreen, E. prof dr hgl - - - - 0.05 0.09 0.09 BS 1 Praag, B. van drs burs 0.40 - - - - - - BS 3 Praag, B. van dr ud 0.10 0.18 0.30 0.30 0.18 0.30 0.30 BS 3 Schilder, A. prof dr hgl 0.05 0.03 0.03 0.03 0.03 0.03 0.03 BS 3 Wallage, Ph. prof dr hgl 0.12 0.07 0.12 0.12 0.20 0.20 0.20 BS 3 Wallage, Ph. prof dr hgl 0.13 0.08 0.13 0.13 - - - BS 1 Suprogramme Organisational Control Brandwijk drs burs 0.10 - - - - - - BS 1 Hartmann, F.G.H. prof dr hgl 0.30 0.30 0.50 0.50 0.30 0.50 0.50 BS 1 Hunton, J. prof dr guest - 0.05 0.05 0.05 0.05 0.05 0.05 BS 1 Maas, V.S. drs ud - 0.25 0.42 0.42 0.30 0.50 0.50 BS 1 Perego, P. drs burs 0.30 0.30 0.30 0.30 0.30 0.30 0.30 BS 1 Pinkse, J. drs aio - - - - 0.30 0.30 0.30 BS 1 Rinsum, M. van drs burs 0.60 0.60 0.60 0.60 0.60 0.60 0.60 BS 1 Shields, M. prof dr guest - 0.05 0.05 0.05 0.05 0.05 0.05 BS 1 Vaassen, E.H.J. prof dr hgl 0.15 0.09 0.15 0.15 - - - BS 1 Vaassen, E.H.J. prof dr hgl 0.15 0.15 0.15 0.15 - - - BS 3 Subprogramme Sustainable Management Heeren, A. van drs burs 0.05 - - - - - - BS 1 Kolk, A. prof dr hgl - - - - 0.25 0.42 0.42 BS 1 Kolk, A. dr uhd 0.25 0.30 0.50 0.50 0.05 0.08 0.08 BS 1 Kolk, A. dr uhd 0.50 0.25 0.25 0.25 - - - BS 2 Mauser, A. drs aio 0.48 0.25 0.25 0.25 - - - BS 1 Molenkamp, G.C. prof dr hgl 0.05 0.06 0.11 0.11 - - - BS 3 Perego, P. drs burs 0.30 0.30 3.00 0.30 0.30 0.30 0.30 BS 1 Pinkse, J. drs aio - - - - 0.30 0.30 0.30 BS 1 Veen, M.L. van der drs ud 0.50 0.80 0.80 0.80 0.80 0.80 0.80 BS 2 Veen, M.L. van der drs ud - 0.05 0.13 0.13 0.03 0.05 0.05 BS 1 Walhain, S. drs burs 0.50 - - - - - - BS 1 Wateringen, S. van drs burs 0.60 0.60 0.60 0.60 0.60 0.60 0.60 BS 1 Total 1st flow of funds 6.27 5.42 9.17 0.05 6.52 6.72 7.63 7.73 0.10 Total 2nd flow of funds 1.00 1.05 1.05 0.00 1.05 0.80 0.80 0.80 0.00 Total 3rd flow of funds 1.07 0.63 0.94 0.00 0.94 0.64 0.76 0.76 0.00 Total 1st f.o.f. excl. Ph.D.'s 1.94 1.97 3.02 0.05 3.07 2.19 3.10 3.20 Total all flows of funds 8.34 7.10 11.16 0.05 8.51 8.16 9.19 9.29 0.10 Ph.D. students 4.73 3.45 6.15 0.00 3.45 4.53 4.53 4.53 0.00 17


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    AgBS-RI – Annual Report 2002 Programme design This programme views companies, and their managers, as central actors, focusing on the actions and interactions of companies and their internal and external stakeholders. It studies the generation, provision and management of information, the development of strategies, and the design of control and governance structures to attain organisational goals. The three subprogrammes specify the components on which research efforts have concentrated: financial accounting and assurance (FAA), organisational control (OC) and sustainable management (formerly environmental management, WIMM) (see below). Overall, the programme aims to understand the behaviour and performance of companies. It is both fundamental and applied in nature, addressing research themes not only for their theoretical, but also their societal importance. Its output contributes to international academic debates and to the provision of guidelines for management practice and policymaking. The research programme is distinctly multidisciplinary in nature, adopting theoretical perspectives from different disciplines, and various research methods, ranging from case and field studies to large-scale surveys. The financial accounting and assurance (FAA) subprogramme investigates various aspects of financial accounting. Financial accounting is aimed at providing information to external stakeholders for decision-making and accountability. It is instrumental in the accomplishment of companies’ goals in the field of corporate governance. The emphasis lies on two aspects of accounting: first, the information content and compliance with laws and regulations, and second, stakeholders’ reactions to this information. Assurance deals with the objective, independent assessment of the quality of information for decision- making and accountability, and is hence closely related to financial accounting. It focuses on the current and future role of potential assurance providers such as the financial auditor. The differences and similarities in methods and techniques as applied by assurance providers are a specific area of interest. The organisational control (OC) subprogramme investigates the contextual effectiveness of control systems in organisations. Control systems are organised combinations of information and incentives systems that aim to motivate organisational members to behave and perform in line with organisational objectives, goals and strategies. The subprogramme deals with three related issues. First, it studies the effects of accounting and non-accounting performance indicators on managerial behaviour and performance. Second, the effects of control systems on learning and innovation are investigated. Third, it examines the interrelatedness of internal control and management control systems, focusing on the information systems used to implement and sustain organisational control. The WIMM-subprogramme investigates to what extent environmental and social issues affect companies’ strategies and practices, and what the main determinants are. It analyses the business ‘environment’ in a broad sense, as part of companies’ corporate social responsibility. In the examination of these aspects, the programme integrates insights from different disciplinary areas, particularly financial accounting, strategy and organisation, management accounting and control, and marketing. This thus encompasses the internal and external aspects of environmental and social issues on the one hand, and companies’ organisational and information components related to sustainable 18


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    Accounting, Organisations & Society – Hartmann & Kolk management on the other. Specific attention is paid to companies that operate across national borders – multinational enterprises – and the dilemmas which this poses to managers, especially in strategic terms. Evaluation by programme directors To evaluate the programme, we will first look at the different subprogrammes, and signal developments with regard to output this year. Subsequently, the overall (gloomy) situation and prospects will be briefly indicated. For the Financial Accounting and Assurance subprogramme, 2002 was a successful year with regard to dissertations: two Ph.D. theses were defended. In addition, there were many contributions to national outlets, and a few international publications. The group has been strengthened this year by the appointment of a full-time accounting professor with an international publication record. For the OC-subprogramme, Ph.D. research projects have not yet been finalised. International output has been produced by parttime visiting professors, who were attracted in 2000 to support this young subprogramme. The extremely limited (internal) senior staff capacity has mainly led to national output this year, due to heavy management duties. In the third AOS-subprogramme (WIMM), there are also Ph.D. projects under way. In terms of publications, 2002 was a very productive year. Considering the very limited senior staff capacity, there was a very high output, especially in international refereed outlets, and some national publications. All in all, however, in spite of the hard work and many initiatives, without serious investments in research in the very near future we can only be pessimistic about the further development of the AOS-programme (and other research in business administration). This pessimism also applies to the outcome of a next external quality assessment (onderzoeksvisitatie), in spite of the positive and encouraging words expressed by the previous review committee last year. Unfortunately, the programme has not been able to profit from the alleged investments in business administration in the past years. In addition, the proposed budget cuts will even further deteriorate the situation under which this programme is trying to prosper. 19


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    AgBS-RI – Annual Report 2002 Key publications Giner, B. & Rees, B. (2001). The assymetric recognition of good and bad news in France, Germany and the UK. Journal of Business Finance & Accounting, 28, (9/10), 1285-1331. Hartmann, F.G.H. (2000). The appropriateness of RAPM: toward the development of theory. Accounting, Organizations and Society, 25, 451-481. Hartmann, F.G.H. & Moers, F. (1999). Testing contingency hypotheses in budgetary research: an evaluation of the use of moderated regression analysis. Accounting Organizations and Society, 24, 291-315. Kolk, A., Walhain, S. & Wateringen, S. van de (2001). Environmental reporting by the Fortune global 250: exploring the influence of nationality and sector. Business Strategy and the Environment, 10, (1), 15-28. Tulder, R. van & Kolk, A. (2001). Multinationality and corporate ethics: codes of conduct in the sporting goods industry. Journal of International Business Studies, 32, (2), 267-283. Wallage, Ph. (2000). Assurance on sustainability reporting: an auditor’s view. Auditing: A Journal of Practice & Theory, 19, Supplement, 53-65. 20


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    Accounting, Organisations & Society – Hartmann & Kolk Subprogramme Financial Accounting and Assurance (FAA) Dissertations Offeren, D.H. van (2002, 12 June). Geografische omzetsegmentatie in de jaarrekening, een attitudeonderzoek. Universiteit Leiden. [promotor prof. dr. J.G. Kuijl ra] [cat. C]. Rooijen, J.G. van (2002, 18 April). Flexibility in Financial Accounting Income Strategies and Earnings Management in the Netherlands. [promotores prof. dr. M.N. Hoogendoorn & prof. dr. H.P.A.J. Langendijk] [cat. A.]. Academic publications (excluding publications in/of books) – refereed Groenen, M.A., Kerkhof, M.G.J.J. van & Langendijk, H.P.A.J. (2002). De tevredenheid omtrent de beheersing van accountantskosten. Maandblad voor Accountancy en Bedrijfseconomie, 76, (11), 493-503. Hoogendoorn, M. (2002). Goodwill: afschrijven of niet. Maandblad voor Accountancy en Bedrijfseconomie, 76, (1/ 2), 18-23. Hoogendoorn, M. (2002). Het belang van internationale verslaggevingsstandaarden. Bank- en Effectenbedrijf, november, 12-15. Langendijk, H.P.A.J. & Praag, B. van (2002). De externe verslaggeving van Enron met betrekking tot verbonden partijen, in het bijzonder special purpose entities. Maandblad voor Accountancy en Bedrijfseconomie, 76, (6), 253-262. Praag, B.J. van (2002). Earnings management; empirical evidence on value relevance and income smoothing. Accounting, 10, (5), 2-6. Rees, W.P. (2002). The Valuation of Financial Firms in Europe. Review of Accounting and Finance, 1, (1), 5-24. Krishnan, R., Luft, J. & Shields, M. (2002). Competition and Cost Accounting: Adapting to Changing Markets. Contemporary Accounting Research, 19, (2) Summer, 271-302. Wallage, Ph. & Leeuwen, O. van (2002). Moderne controlebenaderingen steunen op interne beheersing. Maandblad voor Accountancy en Bedrijfseconomie, 76, (3), 82-90. Wallage, Ph. (2002). De opmars van het duurzaamheidsverslag. Maandblad voor Accountancy en Bedrijfseconomie, 76, (6), 250-252. Academic publications (in/of books) – refereed Hoogendoorn, M. (2002). Accounting and Taxation in Europe: A Comparative Overview. In James, S. (ed.), Taxation, Critical perspectives in the World Economy (pp. 352-363). Routledge. Langendijk, H.P.A.J. & Smittenberg, R. (2002). De verwerking van pensioenregelingen in de jaarrekening. In Backhuijs, J.B., Mertens G.M.H. & Vergoossen, R.G.A. (eds), Het jaar 2001 verslagen Onderzoek jaarverslaggeving Nederlandse ondernemingen, Nivra geschriften 72. Deventer: Kluwer. Langendijk, H.P.A.J. (2002). Creative accounting & Fraudulent reporting. In Hoogenboom, B., Kamerling, R.N.J., Kuijl, J.G. & Schaap, C.D. (eds), Forensische Studies. Den Haag: Koninklijke Vermande. 21


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    AgBS-RI – Annual Report 2002 Leenaars, J.J.A. & Roos- Lindgreen, E.E.O. (2002). Komt te voet, gaat te paard. In Control & Assurance. Reed Elsevier. Roosenboom, P. & Goot, L.R.T. van der (2002). Takeover Defenses and IPO Firm Value in the Netherlands. In Roosenboom, P. (ed.), Corporate Governance Mechanisms in IPO Firms (pp. 37-66). Tilburg: CENTER Dissertation Series Tilburg. Academic publications (excluding publications in/of books) – non-refereed Assem, R. van den & Roos Lindgreen, E. (2002). Keert de wal het schip? Management & Informatie, 10, (6), 4-8. Hoogendoorn, M. (2002). Strakke verslaggevingsregels: transparantie is de prijs voor beursnotering. C&F Report, spring, 18-19. Hoogendoorn, M. (2002). Boekhoudschandalen. Maandblad voor Accountancy en Bedrijfseconomie, 76, (11), 487 – 488. Overbeek, P.L. & Roos Lindgreen, E. (2002). Informatiebeveiliging: wat mag u er van verwachten? Management & Informatie, 10, (1), 50-56. Roos Lindgreen, E. & Overbeek, P.L. (2002). Is er een accountant in de zaal? Compact, 4. Also published in Management & Informatie, 10, (6), 53-60. Academic publications (in/of books) – non-refereed Roos Lindgreen, E. (2002). Over informatietechnologie, accountancy en informatiebeveiliging. Amsterdam: Vossiuspers AUP. Wallage, Ph. (2002). Accountant als het cement van Corporate Governance. In Peters, J.F.M, Moerland, P.W. & Fentrop, P. (eds), Corporate Governance in Nederland 2002, De stand van zaken (pp. 65-70). Amsterdam: NCGS. Academic publications (working- and discussion papers) Praag, B.J. van (2002). Earnings Management Proxies at Different Levels of performance. Praag, B.J. van, Knechel, R. & Wallage P. (2002). The Demand Attributes of Assurance Services and the Role of Independent Accountants. Professional publications Hoogendoorn, M. (2002). Wat verandert er voor de jaarrekening 2002? Inform, December, 1–9. Langendijk, H.PA.J., Swagerman, D. & Verhoog, W. (2002). 30 over Financiële verslaggeving in internationaal perspectief. Amsterdam: VERA/Nivra. Langendijk, H.P.A.J. (2002). A Case Involving Manipulation of Financial Statements by Fraud Lernout & Hauspie. Breukelen: Nivra-Nyenrode Press. Langendijk, H.P.A.J. (2002). Enron ontcijferd. De Accountant, 108, (10), 14-19. Langendijk, H.P.A.J. (2002). Goodwillverslaggeving: een zich steeds wijzigend krachtenveld. Accountant-Adviseur, 36, (1/2), , 23-27. Majoor, G.C.M. (2002). Toezicht op de accountant. Ervaringen en Best practices uit het buitenland. MAB, 9, 380-386. 22


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    Accounting, Organisations & Society – Hartmann & Kolk Majoor, G.C.M. (2002). Onafhankelijkheidsregels aangescherpt. De Accountant, 11, 33- 37. Majoor, G.C.M. (2002). Nieuwe richtlijn Onafhankelijkheid. De Accountant, 9, 22-23. Majoor, G.C.M. (2002). Nieuwe onafhankelijkheidsvoorschriften; Instemmende reacties. De Accountant, 4, 30-33. Majoor, G.C.M. (2002). Nieuwe onafhankelijkheidsvoorschriften; Instemmende reacties. De Accountant, 4, 30-33. Majoor, G.C.M. & Haas, M. de (2002). Assurance Services. Accountant & Ondernemen, 20. Roos Lindgreen, E. (2002). Hoe open kun je zijn? In Criminaliteit… Toekomst vandaag, blik op morgen. (pp. 77-87). Landelijk Project Digitaal Rechercheren, ISBN 90-6720-282-7. Schilder, A., Gortemaker, H., Manen, J. van & Waardenburg, J. (2002). Moderne accountantscontrole, de controle van de jaarrekening: risicoanalyse, interne beheersing en toegevoegde waarde. Derde herziene editie. Academic Service, Schoonhoven. Schilder, A. (2002). Accounting Standards, Transparency and Supervision. Published on website of De Nederlandsche Bank NV (www.dnb.nl) Schilder, A. (2002). Corporate Governance, Accounting and Auditing: Post-Enron issues. Published on website of De Nederlandsche Bank NV (www.dnb.nl) Schilder, A. (2002). IFRS en het toezicht op banken. Bank en Effectenbedrijf, 11, 45-49. Wallage, P.(2002). Enige onderzoeksmogelijkheden op het terrein van corporate governance en externe verslaggeving. Fiducie, maart, 2, 31-37. Wallage, P.(2002). De verplichte controle als 'public good'. De Accountant, april, 61. Popular publications Boot, A. & Wallage, P.(2002). Op zoek naar een effectieve corporate governance code. Het Financieele Dagblad, 24 december, 7. Goot, L.R.T van der (2002). EU-ontwerp voor aandelenprospectus mist drie thema's, Belegger kan belangrijke informatie missen. Het Financieele Dagblad, november 11, 9. Langendijk, H.P.A.J. (2002). Jaarverslag Enron bevatte genoeg signalen. Het Financieele Dagblad, 7 maart. Leenaars, J.J.A. (2002). Credit ratings zijn nieuw werkterrein voor accountants. Het Financieel Dagblad, 27 augustus. Roos Lindgreen, E. (2002). Niets te verbergen of toch bang? Column Computable, May. Roos Lindgreen, E. (2002). Word bij en blijf bij. Column Computable, April. Roos Lindgreen, E. (2002). Tussen zegen en ramp. Column Computable, February. Roos Lindgreen, E. (2002). Zwakke signalen. Column Computable, January. Wallage, P. (2002). Accountantsvak ontbeert vooral goede voorlichting. Het Financieele Dagblad, 6 februari, 9. Wallage, P.(2002). Accountantscode in Europa is tucht van de markt, Debat over accountants. Het Financieele Dagblad, maandag 1 juli, 11. Wallage, P.(2002). Geen kritiekloze aanvaarding van nieuwe wet VS. Het Financieele Dagblad, vrijdag 13 september, 9. 23


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    AgBS-RI – Annual Report 2002 Contributions to academic conferences, workshops and seminars Langendijk, H.P.A.J. (2002, 24 September). Earnings Integrity: An Academic View, IFAC Congress, Amsterdam. Keynote speaker. Leenaars, J.J.A. (2002, 30 October). Kostenbeheersing en distributie: een hoofdrol voor ICT. 5e Conferentie in IT & Banking, Amsterdam. Keynote speaker. Leenaars, J.J.A. (2002, 1 October). Outsourcing. Seminar georganiseerd door The Gartner Group, Amsterdam. Keynote speaker. Nöteberg, A. (2002, 22 February). Optimizing the “Fit” between Electronic Communication Media and Audit Tasks. 9th Annual Accounting Information Systems Research Symposium (AISRS). Scottsdale, Arizona, USA. Nöteberg, A. (2002, 25 November). Matching Electronic Communication Media and Audit Tasks. PREBEM Ph.D. Conference “Networking: Exploration and Exploitation”. Amersfoort, The Netherlands. Nöteberg, A. (2002, 13 December). The Impact of Message Reprocessability, Evidence Strength, and Cue Multiplicity on Belief Adjustment During Client Inquiry Tasks. Doctoral Consortium of the International Conference on Information Systems (ICIS). Barcelona, Spain. Rees, W.P. (2002). Joint Instigator and Organiser - Workshop on Accounting Research – University of Nyenrode. Rees, W.P. (2002). University of Groningen – ‘Share Price Reaction to Earnings Forecast Revisions: Evidence from Three Countries’. Rees, W.P. (2002). EAA Congress – Copenhagen - ‘The Valuation of Financial Firms in Europe’. Rees, W.P. (2002). EAA Congress – Copenhagen - ‘The Importance of Private Information in the Spanish Capital Market’. Roos Lindgreen, E. (2002, 16 October). Over informatietechnologie, accountancy en informatiebeveiliging. Universiteit van Amsterdam. Inaugural lecture. Roos Lindgreen, E. (2002, 29 May). PI-lezing Computercriminaliteit, Platform Informatiebeveiliging, Rijksuniversiteit Leiden. Chairman. Roos Lindgreen, E. (2002, 16 May). De security officer als people manager, SURF, Utrecht. Invited lecture. Schilder, A. (2002, 11 January). Ethiek in combinatie met corporate governance en financieel toezicht. NCD-Nyenrode cyclus 7 (2001-2002). Invited lecture. Schilder, A. (2002, 24 April). Governance, Control & Audit. Auditing and Assurance Research Colloquium. University of Amsterdam and Limperg Institute. Guest speaker. Schilder, A. (2002, 25 April). Banking Supervision at the Crossroads: Introduction on 25 April by prof. A. Schilder. De Nederlandsche Bank NV, Amsterdam. Schilder, A. (2002, 27 June). Social exclusion and the financial system. The 30th International Conference on Social Welfare. Symposium Leger des Heils about Poverty, wealth and exclusion: how to turn the curve? Strategies for intervention. Rotterdam, Invited lecture. Schilder, A. (2002, 28 June). Governance, Control and Internal Audit. Audit and Compliance Conference 2002, Rabobank. Hilversum. Invited lecture. Schilder, A. (2002, 24 September). Het controlerend perspectief. Netherlands Institute for Co-operative Entrepeneurship (NICE) opleiding & bestuurlijke raadgeving- Nyenrode, Masterclass. Wolfheze. Invited lecture. 24


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    Accounting, Organisations & Society – Hartmann & Kolk Schilder, A. (2002, 24 October). Risk in Financial Conglomerates. Management and Supervision. Joint US-Netherlands Roundtable on Financial Services Conglomerates, Washington D.C. , USA. Invited lecture. Schilder, A. (2002, 12 November). Ontwikkelingen in toezicht in (inter)nationaal perspectief en de betekenis voor de accountantswerkzaamheden. Symposium "Nieuwe tijden voor accountants". Rijksuniversiteit Groningen. Invited lecture. Schilder, A. (2002, 20 November). Integriteit in de financiële sector: maatschappelijke prioriteit, meer toezicht. Vereniging NCW - Centrum voor maatschappij- betrokken management van de Vereniging VNO-NCW. Sandwich C- introduction (Broodje C-kwartaallezing). Den Haag. Guest speaker. Other lectures on research Goot, L.R.T. van der (2002, 12 April). "IPO Trends, Verleden, Heden en Toekomst", lecture at the conference Dag van het Eigen Vermogen. Langendijk, H.P.A.J. (2002, 7 June). Recent developments in Financial Accounting. Financial Executive Programme Controllers Instituut. Langendijk, H.P.A.J. (2002, 7 November). Houston we have a problem and Double Dutch in Financial Reporting, VERA Conferentie Aruba. Keynote speaker. Roos Lindgreen, E. (2002, 10 October). Cybercrime and Intrusion Detection. Infosecurity.nl conference. Utrecht. Chairman. Roos Lindgreen, E. (2002, 4 October). Annual update for partners and managers, KPMG, Noordwijkerhout. Invited lecture. Roos Lindgreen, E. (2002, 29 September). Workshop KWINT, Renbaan Duindigt, Wassenaar. Invited lecture. Roos Lindgreen, E. (2002, 2 July). Informatiebeveiliging als value creator, Seminar E- business as usual, Fort Voortdorp / Groenekan. Invited lecture. Roos Lindgreen, E. (2002, 27 June). Infrastructuur en informatiebeveiliging – bouwen op een sterk fundament, Seminar “Safe Access into a Secure World”, Schiphol. Invited lecture. Roos Lindgreen, E. (2002, 30 May). Stalen deuren in een glazen huis – uitdagingen voor de IT-auditor, Rijksbreed IT-Audit Symposium E-Government: Assurance by Auditing?, Den Haag. Invited lecture. Roos Lindgreen, E. (2002, 21 March). Is kennis macht? Over kennismanagement in professionele organisaties, Seminar Digitale Opsporing Solutions. Landelijk Project Digitaal Rechercheren. TNO FEL, Den Haag. Invited lecture. Wallage, P. (2002, 16 January). Discussant, 2002 UF-European Conference on Assurance and Corporate Governance, University of Florida, Gainesville, Research Session III, Research Opportunities in Accounting and Corporate Governance. Wallage, P. (2002, 24 April). Discussant. Auditing and Assurance Research Colloqium, Workshop on audit Production, AgBS, Universiteit van Amsterdam. Organisational contributions to conferences, workshops and seminars Leenaars, J.J.A. (2002, 30 and 31 October). Chairman of the two day 5th Conference on IT & Banking, Amsterdam. 25


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    AgBS-RI – Annual Report 2002 Participation in academic networks & fellowships Langendijk, H.P.A.J. (2002). Lecturer Readings Financial Accounting & Capital Markets PhD Course Limperg Instituut. Langendijk, H.P.A.J. (2002). Member Board of Directors of the Limperg Instituut. Rees, W.P. (2002). Member of the American Accounting Association. Rees, W.P. (2002). Member of the European Accounting Association. Rees, W.P. (2002). Member of the British Accounting Association. Rees, W.P. (2002). Director, Scottish Institutive for Research in Investment and Finance. Wallage, Ph. (2002). Member of the "Membership and Regional Coordinators Committee of the Auditing Section", American Accounting Association (2002-2003). Editor or member of editorial board Langendijk, H.P.A.J. (2002). Chief-Editor Accounting: Amsterdam: Elsevier Bedrijfsinformatie. Langendijk, H.P.A.J. (2002). Editor Accountant-Adviseur: Deventer: Kluwer. Leenaars, J.J.A. (2002). Member editorial board Accounting. Leenaars, J.J.A. (2002). Member editorial board Management & Informatie. Leenaars, J.J.A. (2002). Chief and executive editor Handboek Automatisering van de Informatieverzorging-Typologiën. Rees, W.P. (2002). Editorial Board member for Journal of Business Finance and Accounting. Rees, W.P. (2002). Editorial Board member for European Accounting Review. Rees, W.P. (2002). Editorial Board member for British Accounting Review. Rees, W.P. (2002). Editorial Board member for Accounting and Business Research. Rees, W.P. (2002). Editorial Board member for Revista Española de Financiación y Contabilidad. Roos Lindgreen, E. (2002). Co-editor Maandblad voor Accountancy en Bedrijfseconomie (MAB). Roos Lindgreen, E. (2002). Co-editor Controllers Journaal. Roos Lindgreen, E. (2002). Co-editor Management & Informatie. Wallage, Ph. (2002). Member editorial board Maandblad voor Bedrijfseconomie en Accountancy. Referee activities Goot, L.R.T. van der (2002). Member of the Program Committee of the European Finance Association conference at Berlin 2002. Goot, L.R.T. van der (2002). Referee for the International Journal of Accounting. Langendijk, H.P.A.J. (2002). Referee for Accounting, Accountant-Adviseur. Rees, W.P. (2002). Referee for Journal of Business Finance and Accounting. Rees, W.P. (2002). Referee for Review of Accounting and Finance. Rees, W.P. (2002). Referee for Abacus. Rees, W.P. (2002). Referee for European Accounting Review. Rees, W.P. (2002). Referee for Journal of International Finance Management and Accounting. Rees, W.P. (2002). Referee for Revista Española de Financiación y Contabilidad. 26


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    Accounting, Organisations & Society – Hartmann & Kolk Membership of academic committees (incl. PhD committees outside the FEE) Langendijk, H.P.A.J. (2002). Invited external member promotion committee of H. Wang. Promoter: prof. Feenstra. Rijksuniversiteit Groningen. Leenaars, J.J.A. (2002, 18 October). Member promotion committee of B. Alink, T.U. Enschede. Promotor: Prof. dr. J. Bilderbeek. Rees, W.P. (2002). External Examiner University of Cranfield – MBA. Rees, W.P. (2002). External Examiner University of Valencia – PhD. Rees, W.P. (2002). External Examiner University of Amsterdam – PhD. Wallage, P. (2002, 13 September). Member promotion committee drs P.W.A. Eimers, The Use and Effectiveness of Analytical Review in Auditing - a field study, Universiteit Maastricht. Research contributions in the media Praag, B.J. van (2002, 2 Augustus). Soms kan winst ook verlies zijn. Interview. De Volkskrant. Praag, B.J. van (2002, 3 Augustus). Interview Radio 1. Met het oog op morgen. Roos Lindgreen, E. (2002, October). Klein gebrek wel bezwaar. Interview in Computable. Roos Lindgreen, E. (2002, October). Hoe Kwetsbaar is uw informatievoorziening? Interview in Blue Well. Roos Lindgreen, E. (2002, June). Interview in Computable. Roos Lindgreen, E. (2002, 22 February). Interview met Ismail Sarica in Management Team. Roos Lindgreen, E. (2002, February). Interview in ICT Zorg. Schilder, A. (2002). Interview in DNB-magazine. Schilder, A. (2002, March). Interview in De Accountant. Schilder, A. (2002, 24 April). Interview in Het Financieel Dagblad. Schilder, A.(2002, June). Interview in SRAAKTUEEL. Schilder, A. (2002, October). Interview in InterCom. Schilder, A. (2002). Interview in Compact. Wallage, P. (2002, 5 February). Nederlandse Corporate Governance middelmatig (interview). Het Financieele Dagblad. Wallage, P. (2002, 9 February). Controlerend accountant mag hooguit nog meedenken. Interview with Philip Wallage by Joost Ramaer. De Volkskrant. Wallage, P. (2002, 16 February). Enron drijft ondernemingsmodellen bijeen. Interview by Bert van Kalles and Cees van Lotringen. Het Financieele Dagblad. Wallage, P. (2002, 28 June). De zondeval van het Amerikaanse model. Europees bedrijfsleven verliest razendsnel vertrouwen in de 'American way of business'. Interview with a.o. Philip Wallage. Het Financieele Dagblad. Wallage, P. (2002, 15 July). Interview EO Radio 1 De ochtenden. Interview by Timo van de Brink. Wallage, P. (2002, 17 July). COR speelt belangrijke rol "Enron ook hier mogelijke". Interview with Philip Wallage by Peter Hamers, OR Informatie. Wallage, P. (2002, 29 August). "Accountants laten fraude ongemoeid. Aparte fraudecontrole nodig". Interview with a.o. Philip Wallage. Het Financieele Dagblad. Wallage, P. (2002, 16 November). Creatief met cijfers. FEM/DeWeek. Interview with a.o. Philip Wallage. 27


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    AgBS-RI – Annual Report 2002 Grants, prizes and honours Nöteberg, A. (2002, January-March). NWO travel fund (short stay for work abroad). Used for research and training at the University of South Florida, Tampa, Florida, USA. Various activities Goot, L.R.T. van der (2002). Member of the Segmentation Committee of EURONEXT Amsterdam. Langendijk, H.P.A.J. (2002). Member of the Parlementaire Enquêtecommissie Bouwnijverheid, Klankbordgroep. Den Haag. Leenaars, J.J.A. (2002). Chairman of the jury of the Nordemann scriptie-prijs. Offeren, D.H. van (2002). Invited review of new edition proposal Financial Accounting: An International Introduction by David Alexander and Chris Nobes (Pearson education, UK). Offeren, D.H. van (2002). Invited review of book proposal Principles and Practice of Group Accounts: A European Perspective by Aileen Pierce and Niamh Brennan (Pearson education, UK). Wallage, P. (2002, 13 December). Keynote Speech “Financial Reporting and Internet” georganiseerd door Software AG in de beurs van Berlage, Amsterdam. 28


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    Accounting, Organisations & Society – Hartmann & Kolk Subprogramme Organisational Control (OC) Academic publications (excluding publications in/of books) – refereed Boritz, E. & Hunton, J.E. (2002). Reactions of Potential Service Recipients to Systems Reliability Assurance. Journal of Information Systems, 16, Supplement, 69- 87. Hall, T., Hunton, J.E. & Pierce, B. (2002). The Sampling Practices of Auditors In Public Accounting, Industry, and Government. Accounting Horizons, 16, (2), 123- 136. Hayes, D. & Hunton, J.E. (2002). Put a Database to Work. Journal of Accountancy, January, 69-77. Hunton, J.E. & Beeler, J. (2002). Contingent Economic Rents: Insidious Threats to Audit Independence. Advances in Accounting Behavioral Research, 5, 21-50. Hunton, J.E. (2002). The Impact of Digital Technology on Accounting Behavioral Research. Advances in Accounting Behavioral Research, 5, 3-17. Hunton, J.E. (2002). Research Opportunites in Accounting Information Systems. Accounting Horizons, 16, (1), 55-67. Hunton, J.E. & Lohrke, C. (2002). Mapping COBIT to Information Systems Risk Assurance. Information Systems Control Journal, (3), 45-48. Hunton, J. E. (2002). Can Your Data Survive a Disaster? Journal of Accountancy, April, 65-69. McEwen, R., Hunton, J.E. & Wier, B. (2002). Analysts’ Reactions to ERP Announcements. Journal of Information Systems, 16, (1), 31-40. Tan, H.T., Libby, R. & Hunton, J.E. (2002). Analysts’ Reactions to Earnings Preannouncement Strategies. Journal of Accounting Research, 40, (1), 223- 245. Wier, B., Stone, D. & Hunton, J.E. (2002). Promotion and Performance Evaluation of Managerial Accountants: An Archival Analysis. Journal of Management Accounting Research, 14, 1-20. Academic publications (working- and discussion papers) Hartmann, F.G.H & Naranjo Gil, D. (2002). Top management team composition and MAS use. Universidad Pablo de Olavide, Seville, Spain. Hartmann, F.G.H. & Moers, F. (2002). Testing contingency hypotheses in budgetary research using moderated regression analysis: a second look. Universiteit van Amsterdam. Hartmann, F.G.H. (2002). Management Control & Internal Control. Universiteit van Amsterdam. Hartmann, F.G.H. & Vaassen, E.H.J. (2002). The changing role of accounting information systems: Balancing control and flexibility. Universiteit van Amsterdam. Professional publications Hartmann, F.G.H. & Vaassen, E. (2002). Flexibiliteit en Organisatiebeheersing. Controllersmagazine, 16, 51-56. Hartmann, F.G.H. (2002). Wie wordt er nog RC na 2003? MCA, 6, (4), 11-14. 29


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    AgBS-RI – Annual Report 2002 Popular publications Hartmann, F.G.H. (2002). Clichématig onderscheid profit en non-profit, MCA, 6, (4), 12. Contributions to academic conferences, workshops and seminars Pinkse, J.M. (2002, 24 November). Multinational corporations and the control of environmental policy. PREBEM PhD Conference, Networking: exploration and exploitation. Amersfoort, Netherlands. Participation in academic networks & fellowships Hartmann, F.G.H. (2002). Fellow EIASM. Editor or member of editorial board Hartmann, F.G.H. (2002). Associate editor European Accounting Review, member editorial board Accounting, Organizations & Society, ABACUS. Membership of academic committees (incl. PhD committees outside the FEE) Hartmann, F.G.H. (2002). M.J. (2001). Member promotion committee of E. Wiersema. Promotor: Prof. T. Groot, Vrije Universiteit Amsterdam. Research contributions in the media Hartmann, F.G.H. (2002). De winstcijfers zijn goed, maar kloppen ze ook? Interview on the ENRON-case. Dagbladen van de Geassocieerde Pers Diensten, 7 February. Hartmann, F.G.H. (2002). De jacht op de hipo. Interview on business courses. Memory Magazine, jan-feb. 30


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    Accounting, Organisations & Society – Hartmann & Kolk Subprogramme Sustainable Management Academic publications (excluding publications in/of books) – refereed Kolk, A. (2002). Maatschappelijke verslaggeving: de internationale situatie. Maandblad voor Accountancy en Bedrijfseconomie, 76, (11), 504-512. Kolk, A. (2002). Nieuwe ontwikkelingen in duurzaamheidsverslaglegging. Accounting, 10, 2-7. Kolk, A. & Mauser, A. (2002). The evolution of environmental management: from stage models to performance evaluation. Business Strategy and the Environment, 11, (1), 14-31. Kolk, A. & Tulder, R. van (2002). The effectiveness of self-regulation: corporate codes of conduct and child labour. European Management Journal, 20, (3), 260-271. Kolk, A. & Tulder, R. van (2002). Child labor and multinational conduct: a comparison of international business and stakeholder codes. Journal of Business Ethics, 36, (3), 291-301. Kolk, A. & Tulder, R. van (2002). Codes voor kinderarbeid. De effectiviteit van zelf- regulering: gedragscodes van ondernemingen en kinderarbeid. Tijdschrift voor Strategische Bedrijfscommunicatie, 8, (4), 4-21. Kolk, A. & Veen, M. van der (2002). Dilemmas of balancing organisational and public interests: how environment affects strategy in Dutch main ports. European Management Journal, 20, (1), 45-54. Levy, D. & Kolk, A. (2002). Strategic responses to global climate change: conflicting pressures on multinationals in the oil industry. Business and Politics, 4, (3). Academic publications (in/of books) – refereed Bouma, J.J. & Veen, M.L. van der (2002). Wanted: A Theory for Environmental Management Accounting. In Bennett, M., Bouma, J.J. & Wolters, T. (eds.), Environmental Management Accounting: Informational and Institutional Developments (pp. 279-290). Dordrecht: Kluwer Academic Publishers. Kolk, A. (2002). Stand van zaken op het terrein van de milieuverslaglegging. In Faure, M.G. & Schwarz, C.A. (eds), Milieuaansprakelijkheid. Recente ontwikkelingen in een ondernemingsrechtelijk kader (pp. 187-204). Deventer: Kluwer. Academic publications (excluding publications in/of books) – non-refereed Kolk, A. (2002). Multinationals and corporate social accountability. AIB Insights, 2, (3), 10- 12. Kolk, A. (2002). Multinationals and corporate social accountability. AIB Insights, 2, (4), 12. Academic publications (working- and discussion papers) Wateringen, S.L. van de (2002). Case Study Research and Sample Construction. Diving into the Methodology. Discussion paper used for presentation at Network of Ph.D. students in Environmental Management, Universiteit van Amsterdam, October 2002. 31


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    AgBS-RI – Annual Report 2002 Professional publications Kolk, A., Veen, M. van der, Wennink, D. & Hay, K. (2002). KPMG International Survey of Sustainability Reporting 2002. De Meern: KPMG/Universiteit van Amsterdam. Contributions to academic conferences, workshops and seminars Kolk, A. & Van Tulder, R. (2002. 8-11 August). On the effectiveness of child labor codes. Paper for the Society of Business Ethics Annual Conference, Denver. Pinkse, J.M. (2002, 24 November). Multinational corporations and the control of environmental policy. PREBEM PhD Conference, Networking: exploration and exploitation. Amersfoort, Netherlands. Roome, N., Kolk, A., Woerd, F. van der & Wijen, F. (2002, 23-26 June). Dynamic aspects of corporate greening in Dutch industries. Paper for the Greening of Industry Network, Götenborg. Wateringen, S.L. van de (2002, 5-9 August). The Greening of Black Gold Strategic Environmental Management in International Petroleum Industry, Paper for OIKOS Ph.D. Summer Academy, St. Gallen, Switzerland. Wateringen, S.L. van de (2002, 9-11 September). ‘The Greening of Black Gold’. Strategic Environmental Management in International Petroleum Industry: Theoretical background, variables and hypotheses- doctoral paper for British Academy of Management, Hammersmith, London, United Kingdom. Wateringen, S.L. van de (2002). What’s in a Name? Corporate Reputation & Reputation Management. Empirical Results for International Petroleum Industry 1990- 2002, Workshop paper for Academy of International Business 2003, July 5-8 2003 Monterey California USA (submitted). Wateringen, S.L. van de (2002). The Greening of Black Gold. Aligning Environmental Strategy and Structure: Do/Can Petroleum Multinationals Practice what they Preach? Extended Abstract of Paper for Conference of International Association for Business and Society, June 26-29, Rotterdam, The Netherlands (submitted). Participation in academic networks Kolk, A. (2002). Member board Nobem. Kolk, A. (2002). Member executive board Nobem. Editor or member of editorial board Kolk, A. (2002). Editorial board member Business Strategy and the Environment. Referee activities Kolk, A. (2002). Referee Business Strategy and the Environment. Kolk, A. (2002). Referee World Development. Kolk, A. (2002). Referee VIDI-programme NWO. Kolk, A. (2002). Referee Nuffield Foundation. 32


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    Corporate Finance & Financial Systems – Perotti Corporate Finance & Financial Systems Programme director: Prof. dr E.C. Perotti Department: Business Studies (BS) Ozis-code: uva/fee/fim/aip Web-address: www.fee.uva.nl/fm VSNU-scores: Quality: 5, Productivity: 4, Relevance: 4, Viability: 4 Members of the research group and research in FTEs Comp. Total ABCDE ABC Dean Total ABCDE ABC Total Name Title Function 2000 2001 2001 2001 2001 2002 2002 2002 Dept. Funding Arping, S. dr ud - - - - 0.10 0.17 0.17 BS 1 Bachmann, R. dr ud 0.34 0.30 0.50 0.50 - - - BS 1 Boot, A.W.A. prof dr hgl 0.50 0.04 0.06 0.06 0.40 0.50 0.50 BS 1 Bouwman, C.H.S. drs burs 0.60 - - - - - - BS 1 Cheung, Y.C. drs burs 0.20 0.60 0.60 0.60 0.60 0.60 0.60 BS 1 Claessens, C.A.M.F. prof dr hgl 0.50 0.60 0.60 0.60 0.60 0.60 0.60 BS 1 Dezelan, S. drs burs 0.60 - - - - - - BS 1 Driessen, J. dr ud - 0.25 0.42 0.42 0.30 0.50 0.50 BS 1 Grabiszewski, K.C. burs drs 0.25 0.60 0.60 0.60 - - - BS 1 Hemert, O.A.C. van drs aio - 0.25 0.25 0.25 0.60 0.60 0.60 BS 1 Jacobsen, B. dr ud 0.17 - - - - - - BS 1 Jong, F.C.J.M. de prof dr hgl 0.50 0.40 0.50 0.50 0.40 0.50 0.50 BS 1 Ligterink, J.E. dr ud 0.13 0.10 0.13 0.13 0.10 0.13 0.13 BS 1 Menken, J. drs aio - - - - 0.40 0.40 0.40 BS 1 Nahar, T. drs aio - - - - 0.30 0.30 0.30 BS 3 Perotti, E.C. prof dr hgl 0.60 0.60 0.60 0.60 0.53 0.73 0.73 BS 1 Ratnovski, L. msc aio - - - - 0.33 0.33 0.33 BS 1 Rossetto, S. drs burs 0.60 0.60 0.60 0.60 0.40 0.40 0.40 BS 1 Schindele, I. drs burs 0.60 0.60 0.60 0.60 0.60 0.60 0.60 BS 1 Sengmüller, P. dr postdoc - - - - 0.33 0.33 0.33 BS 1 Trietsch, P.V. drs aio - - - - 0.15 0.15 0.15 BS 1 Zou, L. dr uhd 0.50 0.30 0.25 0.05 0.30 0.30 0.50 0.50 BS 1 Total 1st flow of funds 6.09 5.24 5.71 0.05 5.76 6.14 7.04 7.04 Total 2nd flow of funds 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Total 3rd flow of funds 0.00 0.00 0.00 0.00 0.00 0.30 0.30 0.30 Total 1st f.o.f. excl. Ph.D.'s 3.49 3.19 3.66 0.05 3.71 3.06 3.96 3.96 Total all flows of funds 6.09 5.24 5.71 0.05 5.76 6.44 7.34 7.34 Ph.D. students 2.60 2.05 2.05 0.00 2.05 3.38 3.38 3.38 Programme Design Most financial and non-financial corporations are funded externally. Since Jensen and Meckling (JFE, 1976) and Myers and Majluf (JFE, 1984) we recognise that agency and informational problems may impose substantial (deadweight) costs on external funding. This has led Myers (JF, 1984) to conclude that corporations follow a pecking order in that they prefer internally generated funds over external funds, and prefer to issue less risky securities over more risky ones. The potential distortions are due not only to conflicts between (partial) autonomous management and external providers of funds, but also to conflicts between different 33


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    AgBS-RI – Annual Report 2002 classes of investors. This has received much attention within the subfield of corporate finance. Rapid developments in the subfield of financial intermediation in pioneering papers by Leland and Pyle (JF, 1977) and Diamond (RES, 1984) sought answers to the important questions of why financial intermediaries exist. They showed that financial intermediaries may reduce monitoring costs and thus facilitate the external funding of corporations. Related papers have shown that financial intermediaries may reduce search costs (Chan, JF, 1983), facilitate trade by certifying information (Ramakrishnan and Thakor, RES, 1984), facilitate reliable sale of information (Allen, JFI, 1990) and provide liquidity (Diamond and Dybvig, JPE, 1983). While insightful, the literature on financial intermediation has provided few insights so far on explaining the simultaneous existence of bank financing and capital market financing. Some partial answers are given so far by Diamond (JPE, 1991), Rajan (JF, 1992) and Sharpe (JF, 1990). The limits of bank finance are as intriguing as its reach. The issue of initial financing of entrepreneurs, where banks are largely absent, represents in this context an intriguing question. Entrepreneurial activity requires seed funding and venture capital support at a time when a critical ingredient of any financing, information, cannot be easily assessed by conventional intermediaries because of the very innovative nature of firm creation (Hellmann, 1993; Repullo and Suarez, 1998). The importance of learning about the fundamental contractual solution to this problem cannot be overemphasised, especially in an European context of still too limited entrepreneurial activity. The fundamental research tasks - and principal objectives of this Programme - are to discover how the design and operation of financial contracts, markets and financial intermediaries mitigate informational and agency distortions between investors and firms. These questions underlie the research agenda for this Research Programme. The goal is to contribute to an innovative strand of research that will have important implications for the organisation of financial markets. A natural extension of the contractual approach to finance are international finance issues. The new literature in financial development, financial integration, and financial crises puts the development of institutions aimed at contractual and legal enforcement at the centre of the desired design of financial markets and institutions in emerging, transition and developing countries. From a public policy point of view, it is also a timely topic, given the questions raised by rapid integration and convergence in Western financial markets. Finally, the Research Program considers the management of financial long term risks, both for financial institutions and for corporations. A major risk for these entities is the fluctuation of interest rates. The Research Program extends the literature on term structure models, by integrating it with the valuation of derivatives, in order to model the credit (default) risk of corporate bonds. Here the sub-programme on risk management links with the corporate finance programmes since the financial structure of the corporation is a major determinant of default probabilities. 34


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    Corporate Finance & Financial Systems – Perotti Evaluation by programme director The research group has had another extraordinary year in terms of top and good publications, with articles in AER, JF, EER and more forthcoming articles in JF, JEF, JB and JFQA. Almost all the output is due to the senior staff. The main goal at this stage is to achieve a high level of publications from the junior as well. The programme has however suffered from several departures of junior researchers. Ralph Bachmann (UD) left for Singapore, while Konrad Grabiszewski (Ph.D.) left for NYU and Jasper Menken withdrew from the Ph.D. program. Two other Ph.D.’s, Silvia Rossetto and Ibolya Schindele, have finished or will finish within twelve months. A major gap is therefore emerging at the junior end of the program, only partially bridged by two temporary appointments (Stefan Arping (UD) and Paul Sengmuller (Postdoc)), both on two-year contracts. This gap is a serious threat to the balance of research activity in the program. The current ‘vacaturestop’ is therefore a threat to the future success of the programme. The research program has organized two high-quality international conferences in 2002. The first conference, on venture capital, took place at the Tinbergen Institute in Amsterdam, with guests from LBS, INSEAD, University of Chicago, Columbia Business School, Georgia Tech, MIT and Toulouse. The other conference, on International Finance, joint with the World Bank, the University of Michigan, the Universitad Catolica de Chile and the International Review of Finance, was based in Santiago, Chile. Participants included speakers from Yale, Harvard, Indiana, Michigan, Minnesota, The World Bank and the IMF. More information is available on the AgBS and programme website. Key publications Biais, B. & Perotti, E.C. (2002). Machiavellian Privatization. American Economic Review, 92, (1), 240-258. Boot, A.W.A. & Thakor, A.V. (1997). Financial System Architecture. The Review of Financial Studies, 10, 693-733. Claessens, S., Djankov, S., Fan, J. & Lang, L. (2002). Expropriation of Minority Shareholders in East Asia. (renamed Disentangling the Incentive and Entrenchment Effects of Large Shareholdings, May 2001). Journal of Finance, 57, (6) (December), 2741-71. Jong, F. de & Santa-Clara, P. (1999). The Dynamics of the Forward Interest Curve: A Formulation with State Variables. Journal of Financial and Quantitative Analysis, 34, (1), 131-157. Perotti, E.C. & Cherian, J. (2001). Option Pricing under Political Risk. Journal of International Economics, 55, (2), 359-377. 35


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    AgBS-RI – Annual Report 2002 Dissertations Rossetto, S. (2002, 29 November). Optimal Strategic Timing of Financial Decisions. Universiteit van Amsterdam. [supervisor: prof. dr. E.C. Perotti] [cat. A]. Academic publications (excluding publications in/of books) - refereed Claessens, S. & Djankov, S. (2002). Privatization Benefits in Eastern Europe. Journal of Public Economics, 83, (3) (March), 307-324. Claessens, S., Glaessner, T. & Klingebiel, D. (2002). Electronic Finance: Reshaping the Financial Landscape Around the World. Journal of Financial Services Research, 22, (1/2), 29-61. Claessens, S., Djankov, S., Fan, J. & Lang, L. (2002). Expropriation of Minority Shareholders in East Asia. (renamed Disentangling the Incentive and Entrenchment Effects of Large Shareholdings, May 2001). Journal of Finance, 57, (6) (December), 2741-71. Jong, F. de (2002). Measures of Contributions to Price Discovery: A Comparison. Journal of Financial Markets, 5, (3), 323-328. Ligterink, J. (2002). Risicomanagement door niet-financiële ondernemingen. Maandblad voor Accountancy en Bedrijfseconomie, 76, (4), 129-137. Ligterink, J. (2002). Risicomanagement bij Fokker. Accounting (voorheen Tijdschrift voor bedrijfsadminsistratie), 3, maart, 2-8. Perotti, E.C. & Biais, B. (2002). Machiavellian Privatization. American Economic Review, 92, (1) (March), 240-258. Perotti, E.C. & Suarez, J. (2002). Last Bank Standing: What Do I Gain if You Fail? European Economic Review, 46, 1599-1622. Perotti, E.C. & Jansen, P. (2002). Valuation of Internet companies: A Survey of the Evidence. Advances in Financial Economics, 7, 1-19. Academic publications (in/of books) - refereed Boot, A.W.A. & Thakor, A.V. (2002). Banking Scope and Financial innovation. In Bias, B. & Pagano, M. (eds), New research in Corporate Finance and Banking (pp. 181-210). Oxford: Oxford University Press. Boot, A.W.A. & Thakor, A.V. (2002). Financial system Architecture. In Bias, B. & Pagano, M. (eds), New research in Corporate Finance and Banking (pp.145-180). Oxford: Oxford University Press. Boot, A.W.A. & Schmeits, A. (2002). Conglomeration in Banking: Incentives and Market Discipline. In Meyendorff, A. & Thakor A.V. (eds), Designing Financial Systems in Transition Economies (pp 261-282). Cambridge: MIT Press. Claessens, S., Glaessner, T. & Klingebiel, D. (2002). E-Finance In Emerging Markets: Is Leapfrogging Possible? Financial Markets, Institutions and Instruments, New York University Salomon Center, Vol. 11, No. 1. Boston, MA, Oxford, UK: Blackwell Publishing. Claessens, S., Klingebiel, D. & Schmulder, S. (2002). The Future of Stock Exchanges in Emerging Markets: Evolution and Prospects. In Litan, R.E. & Herring, R. (eds), Brookings-Wharton Papers on Financial Services 2002 (pp. 167- 212). Washington, D.C.: The Brookings Institution. 36


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    Corporate Finance & Financial Systems – Perotti Perotti, E.C. (2002). Lessons from the Russian Meltdown: The Economics of Soft Legal Constraints. CEPR Policy Paper, 9. London Perotti, E.C. & Thadden, E. von (2002). Investor Dominance and Strategic Transparency: On the Role of Corporate Governance for Product Market Competition. In Renneboog, L., McCahery, J., Moerland, P. & Raaijmakers, T. (eds), Convergence and diversity in corporate governance regimes (pp. 363-385). Oxford University Press. Perotti, E.C. & Gelfer, S. (2002). Financial Constraints in Russian Groups. In Meyendorff, A. & Thakor, A. (eds), Designing Financial Systems in Transition Economies: Strategies for Reform in Central and Eastern Europe (pp. 283-306). MIT Press. Academic publications (excluding publications in/of books) - non-refereed Boot, A.W.A. (2002). Van corporate governance tot florerende financiële markten. Tijdschrift voor Corporate Finance, 7, (1), 4-5. Boot, A.W.A. (2002). Economie en M&O: wat nu. Tijdschrift voor het Economisch Onderwijs, 6, december, 317-320. Ligterink, J. & Nijhuis, A. (2002). Een empirisch onderzoek naar overname- motieven. Tijdschrift voor Corporate Finance, 7, (4), 17-33. Ligterink, J., Jong, A. de & Macrae, V. (2002). Valuta-exposure van Nederlandse ondernemingen: empirisch onderzoek. Tijdschrift voor Corporate Finance, 7, (3), 6-17. Academic publications (in/of books) non- refereed Claessens, S., Kreuser, J. & Wets, R.J-B. (2002). Strategic Risk Management for Developing Countries: An Application to Colombia, In Proceedings of Second Inter-regional Debt Management Conference. April 3-5, 2000, Geneva, 93-111. Claessens, S. & Ulgenerk, E. (2002). Corporate Finance in Russia’ Regions: Demand and Supply Constraints. Unleashing Russia’s Business Potential, Lessons from the Regions for Building Market Institutions. World Bank Discussion Paper No. 434. March, 58-75. Perotti, E.C. (2002). Lessons From the Russian Meltdown. In Weston, P. (ed.) (2002), The Wild East: Negotiating the Russian Financial Frontier (pp. 1-32). Prentice Hall. Academic publications (working papers, discussion papers) Arping, S. (2002). Playing Hardball: Relationship Banking in the Age of Credit Derivatives. Working Paper, Social Sciences Research Network. Arping, S. (2002). Cannibalization & Incentives in Venture Capital Financing. Working Paper. University of Lausanne. Arping, S. & Loranth, G. (2002). Corporate Leverage and Product Differentiation Strategy. Working Paper, Centre for Economic Policy Research. London. Arping, S. & Troege, M. (2002). Pro- versus Anti-Competitive Alliances. Working Paper, Social Sciences Research Network. 37


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    AgBS-RI – Annual Report 2002 Boot, A.W.A. (2002). Regulation, supervision and banks' incentives to control risk. Working paper Universiteit van Amsterdam Boot, A.W.A. (2002). Consolidation and strategic positioning in banking with implications for Europe. Working paper. Universiteit van Amsterdam Boot, A.W.A. & Milbourn, T.T. (2002). Credit Ratings as Coordination Mechanism, Tinbergen Institute paper series (discussion paper), 058/2. Boot, A.W.A. & Milbourn, T.T. (2002). Credit Ratings as Coordination Mechanism, CEPR Discussion Paper. London. Boot, A.W.A., Milbourn, T.T. & Thakor, A.V. (2002). Sunflower Management and Capital Budgeting, Tinbergen Institute paper series (discussion paper). 059/2. Boot, A.W.A. Milbourn T.T. & Thakor, A.V. (2002). Evolution of Organizational Scale and Scope, Tinbergen Institute paper series (discussion paper). 060/2. Boot, A.W.A. & Thakor, A.V. (2002). Disagreement and flexibility: a theory of optimal security issuance and capital structure. Discussion Paper. Universiteit van Amsterdam, November. Boot, A.W.A. & Thakor, A.V. (2002). The economic value of flexibility. Discussion paper. Universiteit van Amsterdam, November. Claessens, S., Klingebiel, D. & Glaessner, T. (2002). Electronic Finance: A New Approach to Financial Sector Development? World Bank Discussion Paper, 431. March. Claessens, S., Klingebiel, D. & Schmukler, S.L. (2002). Explaining the Migration of Stocks from Exchanges in Emerging Economies to International Centers. World Bank working paper WPS 2816. March. Claessens, S., Birdsall, N. & Diwan, I. (2002). Will HIPC Matter? The Debt Game and Donor Behaviour in Africa. Finance Group Working Paper. Universiteit van Amsterdam. January. Claessens, S. & Klapper, L. (2002). Bankruptcy around the World: Explanations of its Relative Use. Finance Group Working Paper. Universiteit van Amsterdam. March. Claessens, S. & Embrechts, G. (2002). Basel II, Sovereign Ratings and Transfer Risk External versus Internal Ratings. Finance Group Working Paper. Universiteit van Amsterdam. April. Claessens, S. & Laeven, L. (2002). Financial development, property rights and growth. World Bank working paper, 2924. September. Driessen, J. & Maenhout, P. (2002). A Portfolio Perspective on Option Pricing Anomalies. Working paper. Universiteit van Amsterdam. December. Driessen, J., Jong, F. de & Pelsser, A. (2002). On the Information in the Interest Rate Term Structure and Option Prices. Working paper. Universiteit van Amsterdam. September. Driessen, J. (2002). Is Default Event Risk Priced in Corporate Bonds? Working paper. Universiteit van Amsterdam. March. Driesen, J. & Laeven, L. (2002). International Portfolio Diversification Benefits: Cross-Country Evidence. Working paper. Universiteit van Amsterdam. January. Jong, F. de (2002). Privatization and Stock Market Liquidity. FEEM working paper. With Bernardo Bortolotti, Giovanna Nicodano and Ibolya Schindele. 38


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    Corporate Finance & Financial Systems – Perotti Jong, F. de (2002). The demand for higher education in the Netherlands, 1950-’99. CPB discussion paper 12. With Erik Canton. Jong, F. de (2002). Aggressive Orders and Resiliency of the Limit Order Book. CentER Discussion Paper 2002-80. With Hans Degryse, Maarten van Ravenswaaij and Gunther Wuyts. Jong, F. de (2002). On the Information in the Interest Rate Term Structure and Option Prices. With Joost Driessen and Antoon Pelsser. Perotti, E.C. & Thadden, E. von (2002). Strategic Transparency and Dominant Investors. Universiteit van Amsterdam. Perotti, E.C. & Laeven, L. (2002). Confidence Building and Emerging Market Development. Universiteit van Amsterdam. Perotti, E.C. & Rossetto, S. (2002). The Timing and Valuation of Strategic Entry Options. Universiteit van Amsterdam. Perotti, E.C. & Biais, B. (2002). Entrepreneurs and New Ideas. Universiteit van Amsterdam. Perotti, E.C. & Thadden, E. von (2002). The Political Economy of Bank- and Market Dominance. Universiteit van Amsterdam. Perotti, E.C. & Volpin, P. (2002). Lobbying, Business Groups and Financial Development. Universiteit van Amsterdam. Perotti, E.C. & Driessen, J. (2002). Euro Convergence Risk: Evidence from Cross Rate Options, 1992-1998. Universiteit van Amsterdam. Perotti, E.C., Kranenburg, M. & Rossetto, S. (2002). Equity Carve-outs as Strategic Options to Sell or Reacquire. Universiteit van Amsterdam. Zou, L. (2002). A Compound Representation Theory of Risk, Reward, and Rational Choice. Finance Group Working Paper. Universiteit van Amsterdam. Zou, L. (2002). Proposing A Compound Utility Approach to Decision Making under Risk. Finance Group Working Paper. Universiteit van Amsterdam. Zou, L. (2002). Improving the CAPM and the APT: A “Best-Beta” Approach. Finance Group Working Paper. Universiteit van Amsterdam. Zou, L. (2002). Asset Pricing with Compound Utility. Finance Group Working Paper. Universiteit van Amsterdam. Professional publications Boot, A.W.A. (2002). Regelgeving crucial voor in-house matching. TFA-The Financial Analyst, 3, (3), 45-47. Popular publications Boot, A.W.A. (2002). Bi-weekly column in Het Financieele Dagblad. Boot, A.W.A. (2002). Ondernemers met handen in het haar. FST. April. Boot, A.W.A. & Soeting R. (2002). Misplaatste Europese kritiek op Amerikaanse fraudewet. Het Financieele Dagblad, 10 augustus. Boot A.W.A. & Wallage Ph. (2002). Op zoek naar effectieve corporate governance. Het Financieele Dagblad, 22 december. 39


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    AgBS-RI – Annual Report 2002 Contributions to academic conferences, workshops and seminars Arping, S. (2002, November), Playing Hardball: Relationship Banking in the Age of Credit Derivatives,. Paper presentation. CEPR conference “Will Universal Banking Dominate or Disappear? Consolidation, Restructuring, and (re) Regulation in the Banking Industry”, Fundacion BBVA, Madrid. Arping, S. (2002, December), Playing Hardball: Relationship Banking in the Age of Credit Derivatives. Paper presentation. 9th Symposium on Banking, Finance, and Insurance, University of Karlsruhe. Boot, A.W.A. 2002, 29 January). Asset prices and financial stability. Lecture, Riksbanken, Stockholm, Sweden Boot, A.W.A. (2002, 1 February). Consolidation and Strategic Positioning in Banking with Implications for Sweden. Presentation. Stockholm. Boot, A.W.A. (2002, 19 February). Luchtbel of fundamentals. Lecture. Rotary Soestdijk Boot A.W.A. (2002, April). Bank Stability. Presentation. FRBB, Boston. Boot, A.W.A., (2002, 13 April). Presentation: Objectivity, Proximity and Adaptability in Corporate Governance. Brussels. Boot, A.W.A. (2002, 17-19 April). Presentation: The Impact of Economic Slowdowns on Financial Institutions and their Regulators. Including discussion. Boston. Boot, A.W.A. (2002, 17-18 May). Presentation: Basel II: an economic assessment. Bank for International Settlements, Basel, Zwitserland. Boot, A.W.A. (2002, 3 June). Theory meets practice, recent trends and developments in corporate and securities regulations and corporate responsibility. Lecture. Tilburg: Universiteit van Tilburg. Boot, A.W.A. (2002, 20-23 June). Flexibility and disagreement, Colorado summer finance conference. Lecture. Colorado (V.S.): Estes Park. Boot, A.W.A. (2002, 27 June). Toekomst in pensioenen. Lecture. Berenschot, Mastersclass insurance. Utrecht. Boot, A.W.A. (2002, 10 September). Naar een nieuw contract tussen onderneming en financiële markt. Lecture. ACG, Amsterdam. Boot, A.W.A. (2002, 13-14 September). Understanding Financial Architecture: Financial Structure and Bankruptcy. Lecture. Oxford (U.K.). Boot, A.W.A., (2002, 23-25 October). Consolidation and Strategic Positioning in Banking with Implications for Europe. Presentation. Netherlands-United States, Roundtable on Financial Services Conglomerates, Washington. Boot, A.W.A. (2002, 29 October). Naar een nieuw contract tussen onderneming en financiële markten. Lecture. SEP Wassenaar. Boot, A.W.A. (2002, 1 November). De Europese kapitaalmarkt. Presentation. Symposium Juristen Vereniging, Amsterdam. Boot, A.W.A. (2002, 27 November). De Toekomst van pensioenen. Discussion Nijfer. Nieuwpoort, Den Haag Boot, A.W.A. (2002, November). The success of Slovenia in the EU, Presentation. Slovenia Business conference, Portoroz, Slovenia. Boot, A.W.A. (2002, 29 November). Flexibility and disagreement. Presentation. Zurich. Boot, A.W.A. (2002, 5-6 December). An intuitional framework for stable prices and stable markets: supervision and banks’ incentives to control risk. 40


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    Corporate Finance & Financial Systems – Perotti Conference lecture. Monetary Stability Foundation. Frankfurt am Main, Germany. Claessens, S. (2002, 4-5 January). AFA/AEA meetings, discussion of paper on privatization. Claessens, S. (2002, 8 January). World Bank, paper presentation. Claessens, S. (2002, 10-11 January). Washington, D.C. Brooking-Wharton Conference on financial services, paper presentation. Claessens, S. (2002, 3-4 March). Paris, OECD/WTO conference on financial services liberalization. Claessens, S. (2002, 5-8April). Washington DC: World Bank: Research Network on Corporate Governance and Conference on the Taxation of Financial Services, organizer and presenter. Claessens, S. (2002, 13-14 April). Madrid, CEPR: Economic Policy Meeting, discussant. Claessens, S. (2002, 29-30 April). Frankfurt: ECB/CFS conference on European Financial Markets, chairman and discussant. Claessens, S. (2002, 3-4 May). Eltville, Germany: ECB conference on Foreign Direct Investments, discussant. Claessens, S. (2002, 9-11 May). Helsinki, WIDER: Conference on the New Economy, presenter. Claessens, S. (2002, 16-17 May). Seoul: Korea Institute of Corp Gov. Conference, presenter and discussant. Claessens, S. (2002, 18 May). Basle, BIS/JFI conference on Basel II: The First Assessment, presenter. Claessens, S. (2002, 30-31 May). Washington, World Bank, Globalization Conference, discussant. Claessens, S. (2002, 13 June). Warsaw, Poland, Conference on Corp Governance, presenter. Claessens, S. (2002, 24 June). Gerzensee conference for central bankers, presenter. Claessens, S. (2002, 8-12 July). Gerzensee/CEPR Summer camp: participant. Claessens, S. (2002, 9 September). Washington, D.C., systemic bank restructuring working group: task-force member. Claessens, S. (2002, 13-14 September). Oxford, CEPR, Understanding Financial Architecture, bankruptcy conference, presenter. Claessens, S. (2002, 3-4 October). Seoul: conference on lessons from financial crisis, discussant. Claessens, S. (2002, 8-9 October). Basel, systemic bank restructuring working group, task-force member. Claessens, S. (2002, 16 October). Birmingham, Maxwell Fry conference, presenter. Claessens, S. (2002, 16 October). London, LBS/BS/CNEM seminar. Claessens, S. (2002, 22 October). Inaugural lecture, University of Amsterdam. Claessens, S. (2002, 24-25 October). Washington, D.C. Brooking-Wharton Conference on financial services, presenter. Claessens, S. (2002, 26 October). Copenhagen, CEPR Economic Policy Meeting, discussant. Claessens, S. (2002, 31 October). Leuven, seminar, presenter. Claessens, S. (2002, 13-14 November). Tokyo, Japan, Hitotsubashi University, seminar. Claessens, S. (2002, 22 November). Insead, Fontainbleu, seminar. 41


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    AgBS-RI – Annual Report 2002 Claessens, S. (2002, 13 December). Beijing, ADB, workshop, presenter and discussant. Claessens, S. (2002, 16-18 December). Santiago, conference, presenter and discussant. Driessen, J. (2002, 31 January). Presentation. Is Default Event Risk Priced in Corporate Bonds? Tilburg University. Driessen, J. (2002, 23 August), Presentation. Is Default Event Risk Priced in Corporate Bonds? Conference European Finance Association, Berlin. Driessen, J. (2002, 19 September), Presentation. Is Default Event Risk Priced in Corporate Bonds? Conference Credit Risk GRETA, Venice. Driessen, J. (2002, 17 October). Presentation. Is Default Event Risk Priced in Corporate Bonds? 2nd Thiele Symposium on Financial Econometrics and Credit Risk, Copenhagen. Driessen, J. (2002, 11 December). Presentation. ‘A Portfolio Perspective on Option Pricing Anomalies’, London School of Economics, Financial Markets Group Seminar. Jong, F. de (2002, 17 January). Seminar Privatization and Stock Market Liquidity, Bocconi University, Milan. Jong, F. de (2002, 18-19 January). Privatization and Financial Markets workshop, Paris, participant. Jong, F. de (2002, 19 March). Tinbergen Institute luch seminar, Amsterdam, Privatization and Stock Market Liquidity. Jong, F. de (2002, 25 April). membership Ph.D. committee Bert Menkveld, Erasmus University Rotterdam. Jong, F. de (2002, 20 May). seminar University of Ljubljana, Privatization and Stock Market Liquidity. Jong, F. de (2002, 13-14 June). seminar The Microstructure of EuroMTS, Bocconi University, Milan. Jong, F. de (2002, 12-13 July). workshop Privatization and Financial Markets workshop, Milan, participant. Jong, F. de (2002, 22-24 August). European Finance Association conference, Berlin, discussant. Jong, F. de (2002, 18 October). NAKE day, De Nederlandsche bank, discussant. Jong, F. de (2002, 25 October). seminar econometrics UvA, Price Discovery in Fragmented Markets. Jong, F. de (2002, 13-14 December). RTN workshop Financial Markets and Retirement in Europe, Barcelona, participant. Perotti, E.C. (2002 April). Discussant, Yale Conference on Entrepreneurship Finance. Perotti, E.C. (2002, May). Presenter, Conference on Corporate Governance in the New Economy, ULB, Brussels. Perotti, E.C. (2002, July). Presenter, International Conference on Privatization, Ente Enrico Mattei, Milano. Perotti, E.C. (2002, July). Presenter, Gerzensee Summer Conference on Finance, Gerzensee. Perotti, E.C. (2002, September). Discussant, Oxford Conference on Financial Architecture, Oxford. Perotti, E.C. (2002, August). Faculty Seminar at Ente Enrico Mattei, Milano. Perotti, E.C. (2002, September). Faculty Seminar at Universita' Luiss, Rome. 42


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    Corporate Finance & Financial Systems – Perotti Perotti, E.C. (2002, 16-18 December). Santiago, International conference on Intertional Finance, organizer, session chair, presenter and discussant. Sengmüller, P. (2002, 14 December). Company stock in 401(k) plans. Presentation. First Workshop of the RTN project on Financing Retirement in Europe: Public Sector Reforms and Financial Market Development. Barcelona. Zou, L. (2002, 26 July). Dichotomous theory of choice under risk. Latin American Meeting of the Econometric Society. Sao Paulo, Brasil. Paper presentation. Organisational contributions to conferences, workshops and seminars Boot, A.W.A. (2002, 25 April). Chairman DNB conference on WTK, Amsterdam. Boot, A.W.A. (2002). Member, Program Committee Western Finance Asscociation Meetings. Boot, A.W.A. (2002). Member, Program Committee European Economic Association Meetings. Perotti, E.C. (2002, April). Co-organiser, Yale Conference on Entrepreneurship Finance. Perotti, E.C. (2002, July). Co-organiser, International Conference in Privatization, Ente Enrico Mattei, Milano. Perotti, E.C. (2002, August). Program Organiser, CIFRA workshop on venture capital, Tinbergen Institute, Amsterdam. Perotti, E.C. (2002, August). Co-organiser, Econometric Society Meeting, Venice. Perotti, E.C. (2002, December). Program Organizer, Fourth International Conference on Financial Development, Universitad Pontificia de Chile, Santiago (joint with Michigan and the International Review of Finance) Participation in academic networks & fellowships Boot, A.W.A. (2002). Fellow Tinbergen Instituut, Amsterdam. Boot, A.W.A. (2002). Research Fellow,Centre for Economic Policy Research (CEPR), London. Boot, A.W.A. (2002). Fellow Davidson Institute, University of Michigan. Boot, A.W.A. (2002). Fellow Network Algemene en Kwantitatieve Economie (NAKE). Claessens, S. (2002). Research Fellow Financial Economics and Transition Economics Programmes, CEPR, London. Claessens, S. (2002). Research Fellow Tinbergen Institute. Claessens, S. (2002). Fellow Network Algemene en Kwantitatieve Economie (NAKE). Claessens, S. (2002). Fellow Asian Institute of Corporate Governance. Claessens, S. (2002). Fellow European Development Research Network (EUDN). Claessens, S. (2002). Research Associate of ECGI; Coordinator Global Corporate Governance Research Network. Claessens, S. (2002). Member Advisory Board of the Research School Systems, Organization and Management, University of Groningen. Claessens, S. (2002). Member Advisory Group Debt Relief Study, Netherlands. 43


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    AgBS-RI – Annual Report 2002 Claessens, S. (2002). Member World Bank/IMF Core Consultative Group on Global Insolvency Initiative. Jong, F. de (2002). Research affiliate Centre for Economic Policy Research, London. Jong, F. de (2002). Research fellow Tinbergen Institute. Jong, F. de (2002). Fellow Netherlands Network for Economics (NAKE). Perotti, E.C. (2002). CEPR Fellow, Financial Economics and Transition Economics Program. Perotti, E.C. (2002). Fellow, Tinbergen Institute Amsterdam. Perotti, E.C. (2002). Research Fellow, William Davidson Institute, University of Michigan. Perotti, E.C. (2002). Fellow, Network Algemene en Kwantitatieve Economie (NAKE). Perotti, E.C. (2002). Member of NBER Corporate Finance conference series. Sengmüller, P. (2002). Participant EU-sponsored Research Training Network (RTN) on Financing Retirement in Europe. Zou, L. (2002). Wing Lung Bank Research Fellow. Editor or member of editorial board Boot, A.W.A. (2002). Associate Editor Journal of Corporate Finance. Since 1993. Boot, A.W.A. (2002). Associate Editor Journal of Financial Intermediation Since 2002. Boot, A.W.A. (2002). Associate Editor Multinational Finance Journal. Since 1997. Boot, A.W.A. (2002). Associate Editor European Financial Management. Since 1997 Boot, A.W.A. Advisory Editor, Journal of Financial Regulation and Compliance, 2001 - Boot, A.W.A. (2002). Member of Editorial Advisory Commission Economische Statistische Berichten. Since 1994. Boot, A.W.A. (2002). Member of editorial board Tijdschrift voor Corporate Finance. Since 1996. Boot, A.W.A. (2002). Member of International Editorial Board Economic and Business Review Ljubljana. Since 1998. Claessens, S. (2002). Member Editorial Board of the World Bank Economic Review Claessens, S. (2002). Associate Editor of the Journal of Financial Services Research Claessens, S. (2002). Associate Editor Finance Letters Claessens, S. (2002/2003). Member Editorial Panel Economic Policy F. de Jong (2002), associate editor Journal of Economic Dynamics and Control Perotti, E.C. (2002). Associate Editor, Journal of Emerging Market Finance Perotti, E.C. (2002). Associate Editor, International Review of Finance Perotti, E.C. (2002). Associate Editor, Financial Letters Referee activities Arping, S. (2002). Referee for Journal of Industrial Economics, Journal of Public Economics, Journal of Financial Intermediation Boot, A.W.A. (2002). Referee for American Economic Review: Econometrica, The Review of Economic Studies, Journal of Finance, International Economic 44


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    Corporate Finance & Financial Systems – Perotti Review, Journal of Public Economics, Journal of Financial Intermediation, The Review of Financial Studies, Journal of Banking and Finance, Journal of Financial Services Research, Financial Management, Contemporary Policy Issues and European Journal of Political Economy. Claessens, S. (2002). Referee for American Economic Review; World Bank Economic Review; Journal of Development Economics; Journal of Banking and Finance; Journal of Finance; Journal of Business; Swiss Science Foundation; Hong Kong Science Board; Review of Economics and Statistics Driessen, J. (2002). Referee for Journal of Empirical Finance, Journal of Financial Econometrics, Journal of Financial Intermediation, Journal of Futures Markets Jong, F. de (2002). Referee for Journal of Empirical Finance, Journal of Financial Markets, Journal of Finance. Perotti, E.C. (2002). Referee for (among others) American Economic Review, Journal of Finance, Journal of Financial and Quantitative Analysis, Journal of Financial Intermediation, European Economic Review, Journal of Business, Journal of Law, Economics and Organization, Journal of Public Economics Zou, L. (2002). Referee for Journal of Economics Membership of academic committees (incl. PhD committees outside FEE) Jong, F. de (2002, 8 March). University of Aarhus, membership Ph.D. committee Jes Taulbjerg. Jong, F. de (2002, 3 June). Konstantijn Maes, KU Leuven. Jong, F. de (2002, 30 October). Tom Vinaimont, KU Leuven. Jong, F. de (2002, 22 November). Membership Ph.D. committee Alexei Goriaev, Tilburg University. Jong, F. de (2002, 22-24 August). European Finance Association conference, Berlin. Zou, L. (2002). Invited external member Ph.D. committee for S. Chau. Hong Kong Baptist University. [Supervisor: Prof. Dr. Kin Lam]. Research contributions in the media Boot, A.W.A. (2002, March). Revolutie in corporate goverance met ontbrekende schakel. Fiducie, 12. Boot, A.W.A. (2002, 3 October). Interview Finance Objectiv, Slovenia Business Press. Boot, A.W.A. (2002, 2 March). Interview in De Telegraaf. Boot, A.W.A. (2002, May). Interview, Terugblik op 8 jaar paars. Welwezen, 32, 33- 34. Boot, A.W.A. (2002, 26 October). Interview, Het Parool. Boot, A.W.A. (2002, various dates). Various interviews on radio and television. 45


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    AgBS-RI – Annual Report 2002 Grants, prizes and honours Driessen, J. & Maenhout, P. (2002). Grant BSI Gamma Foundation for project ‘The World Price of Volatility and Jump Risk’. Perotti, E.C. & Schindele, Y. (2002, May). Prize Joseph de la Vega for best article on European Stock Exchanges, FESE, Brussels. Various activities Boot, A.W.A. (2002). Director, Amsterdam Center for Corporate Finance. Boot, A.W.A. (2000 -). Honorary Professor, University of Ljubljana. Boot, A.W.A. (2002). Member, SER-Commissie Financiële dienstverlening, Den Haag Boot, A.W.A. (2002). Member, Commissie van Evaluatie CBS. Den Haag/Voorburg Boot, A.W.A. (2002). Wetenschappelijk adviseur Nyfer, Breukelen. Boot, A.W.A. (2002). Advisor, Riksbank (Central Bank of Sweden), Stockholm. Jong, F. de (2002, 19 December). Oratie “Is mijn pensioen nog wel veilig? Over sparen en beleggen voor later”, UvA. Perotti, E.C. (2002). Submitted Proposal to EC for a cycle of Euro Conferences on The Financing of Innovation 46


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    Information Management – Maes Information Management - PrimaVera Subprogrammes: Foundations of Information & Communications Management (FICM) Information Strategy and Architecture (ISA) E-Business (EB) Programme director: Prof. dr ir R. Maes Department: Business Studies (BS) OZIS-code: uva/fee/bik/bik Web-address: http://primavera.fee.uva.nl VSNU-scores: Quality: 3, Productivity: 3, Relevance: 3, Viability: 2 Members of the research group and research in FTE’s Name Title Function Total ABCDE ABC Comp. Total ABCDE ABC Total Comp. Dept. Funding 2000 2001 2001 Dean 2001 2002 2002 2002 2001 Subprogramme Foundation of Information and Communication Management Bryant, A. prof dr guest - 0.00 0.00 0.00 0.00 0.00 0.00 BS 0 Christiaanse, P.W. dr uhd 0.50 - - 0.47 - - - BS 1 Dirksen, V. drs burs 0.24 0.47 0.47 0.47 0.47 0.47 0.47 BS 1 Huizing, A. drs ud 0.50 0.30 0.50 0.50 - - - BS 1 Huizing, A. dr ud - - - - 0.30 0.13 0.30 0.17 1 Maes, R. prof dr hgl 0.46 0.46 0.46 0.46 0.46 0.46 0.46 BS 1 Snel, A. drs guest - - - - 0.00 0.00 0.00 BS 0 Pine, J.B. prof dr guest - 0.00 0.00 0.00 0.00 0.00 0.00 BS 0 Subprogramme Information Strategy and Architecture Abcouwer, A.W. drs ud 0.30 0.30 0.25 0.05 0.30 0.25 0.25 0.25 BS 1 Dedene, G. prof dr hgl 0.06 0.03 0.06 0.06 0.03 0.06 0.06 BS 1 Maes, R. prof dr hgl 0.00 0.00 0.00 0.00 0.00 0.00 0.00 BS 1 Swinkels, G.J.P. drs ir ud 0.15 0.10 0.16 0.16 0.16 0.16 0.16 BS 3 Truijens, J. drs d 0.20 0.12 0.20 0.20 0.12 0.20 0.20 BS 1 Truijens, O. drs burs 0.60 0.60 0.60 0.60 0.60 0.60 0.60 BS 1 Subprogramme E-Business Dedene, G. prof dr hgl 0.00 0.00 0.00 0.00 0.00 0.00 0.00 BS 1 Hendrikse, M.D.F. drs burs 0.10 0.60 0.60 0.60 0.30 0.30 0.30 BS 1 Jägers, H.P.M. prof dr hgl 0.00 0.06 0.11 0.11 0.08 0.13 0.13 BS 1 Koster, E. drs d 0.10 - - - - - - BS 2 Lam, H.M. drs burs 0.20 - - - - - - BS 1 Mossinkoff, M. drs burs - 0.52 0.52 0.52 0.52 0.52 0.52 BS 1 Vinig, T.G. dr oz 0.10 0.06 0.03 0.03 0.06 0.03 0.06 0.06 BS 1 Vries, E.J. de drs ud 0.27 0.27 0.22 0.05 0.27 0.27 0.25 0.27 0.02 BS 1 Waal, V.L. van der drs ir ud - 0.30 0.50 0.50 0.30 0.50 0.50 BS 1 Total 1st flow of funds 3.53 4.09 4.52 0.13 5.12 3.73 3.93 4.12 Total 2nd flow of funds 0.10 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Total 3rd flow of funds 0.15 0.10 0.16 0.00 0.16 0.16 0.16 0.16 Total 1st f.o.f. excl. Ph.D.'s 2.39 1.90 2.33 0.13 2.93 1.84 2.04 2.23 Total all flows of funds 3.78 4.19 4.68 0.13 5.28 3.89 4.09 4.28 Ph.D. students 1.14 2.19 2.19 0.00 2.19 1.89 1.89 1.89 Programme design The Prima Vera research programme is centered around three research themes, each of them comprising a number of projects. At the heart of these themes is the common belief that information is the key to functioning of modern organisations and that information and communication technology is the driving force of modern society. 47


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    AgBS-RI – Annual Report 2002 Foundations of Information & Communications Management (FICM) This research area questions the foundations, the delineation and interpretation of information management as a management (research) subdiscipline, a.o. by extending the philosophical foundations of information management, by exploring emotional factors as hitherto ignored elements in general management and information management, by applying the antropological concept of the social construction of technology on information management and ICT, and by the enrichment of information management with the notions of knowledge and learning. Information Strategy and Architecture (ISA) This research area focusses on the elaboration and refinement of the concept of information management, a.o. by the development of a generic framework for information management, by the investigation of information resources and capabilities in relation to the creation and sustenance of competitive advantage, by the study of information and communication infrastructures as core resources for modern organizations, and by the application of the life cycle concept to ICT investments. E-business (EB) This research area focusses on building a theory on the distribution of services through a combination of traditional distribution channels and new ICT-enabled channels such as provided by the internet and mobile commerce (i.e. multichanneling). Moreover, it investigates ‘infopreneurship’ as a driving force behind successful ICT industries as well as world-wide e-practices of ‘clicks’ and/or ‘bricks’ organizations. Finally, it elaborates on innovative organizational forms such as the network organization, the virtual organization, and business models that are induced by ICT. Evaluation by programme director The ambition of PrimaVera is to become a well-established top-level Research Programme in Information Management with considerable business impact, essentially through: (1) international top-level papers, (2) more internal and external synergy through further focusing, (3) producing a substantial number of Ph.D. theses, (4) attracting visiting faculty with international reputation, and (5) further development of existing and new co-operation with research institutes and business partners. 2002 was a highly productive year. Amongst other achievements, three Ph.D. studies have been successfully defended and seven A- and B-publications have appeared. Furthermore, PrimaVera has produced a classification of journals and conferences in information management. The research group is now using this classification to further increase the number of international top-level publications. Expectedly, up to six Ph.D. studies will be finished in the coming year(s). Moreover, the research programme is currently under review to achieve even more synergy through increased focusing, as will become clear in next year’s annual report. Finally, a new, internationally renowned researcher will presumably be attracted in 2003, while the relationships with visiting professors Bryant and Pine will be continued. 48


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    Information Management – Maes Key publications Huizing, A. & Bouman, W. (2002). Knowledge and Learning, Markets and Organizations – Managing the Information Transaction Space. In Choo, C.W. & Bontis, N. (eds), The Strategic Management of Intellectual Capital and Organizational Knowledge (pp. 185-204). New York: Oxford University Press. Jansen, W., Steenbakkers, G.C.A. & Jägers, H.P.M. (2000). Knowledge Management and Virtual Communities. In Khosrowpour, M. (ed.), Challenges of Information Technology Management in the 21st Century. Hershey: Idea Group Publishing. Snoek, M. & Dedene, G. (1998). Existence Dependency: the key to semantic integrity between structural and behavioral aspects of object types. IEEE Transactions of Software Engineering, 24, (4). Thijssen, T.J.P., Maes, R. & Vernooij, F.T.J. (2002). Learning by Sharing: a Model for Life-Long Learning. In Johannessen, T.A., Pedersen, A. & Petersen, K. (eds.), Educational Innovation in Economics and Business: Teaching Today the Knowledge of Tomorrow (pp. 189-198). Deventer: Kluwer Academic Publishers. Vries, E.J. de & Brijder, H.G. (2000). Knowledge management in hybrid supply channels: a case study. International Journal of Technology Management, 20, (5/6/7/8), 569-587. 49

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