Now showing items 1-20 of 497

    • Guaranteed income insurance and occupational disability: an Employee perspective

      Baeten, Xavier; De Ruyck, Bettina (2018)
      This research report is the result of a collaboration between AG Insurance and Vlerick Business School with the objective of gaining insights into employees’ personal experiences and expectations about occupational disability, and the employer’s role in this respect.
    • Seven things that brilliant product managers do (and how to learn them)

      Tackx, Koen (2019)
      When you were eight years old, what did you want to be when you grew up? Did you have a dream job in mind? It’s rare to meet a product manager who says that it has always been their dream job. Yet when you get to it, being a product manager is one of the most exciting and rewarding professional roles you could ever embrace. It’s a role where you can take ownership, gain the respect of your colleagues and peers – and lay the foundation for a successful career.
    • Open banking: opening the gates - Framework for an open banking strategy

      Cumps, Bjorn; Muylle, Steve; Standaert, Willem (2019)
      The European regulations on open banking, which will enter into force on 14 September, will not cause any big bang on the Belgian financial market. Customers must first become aware of the many benefits that open banking has to offer. What is more, the law is limited to current accounts and payments. What is certain, however, is that open banking can drastically reconfigure the landscape of the financial sector. There are already indications that the hitherto relatively closed banks with a dominant market position are beginning to transform into open ecosystem players that embrace digital innovation.
    • Is destiny worth the distance? On private equity in emerging markets

      Darolles, Serge; Ain Tommar, Sara; Jurczenko, Emmanuel (20182018)
      We study the performance determinants of private equity investing in emerging markets (EM) compared to developed markets (DM) using a novel dataset. Using a multilevel linear model specification, our results suggest that performance in emerging markets in highly dependent on geographical and cultural proximity. The effect is significantly higher for GPs investing in both markets compared to pure DM- and EM-players respectively. Cross-cultural and geographical effects are enhanced when the GP investment teams are also culturally close using different measures. Our results also show that the realized returns are highly dependent on the investment period, the investment style and the GP’s experience on each market.
    • On the performance of listed private equity

      Ain Tommar, Sara (20182018)
      Listed private equity (LPE) refers to publicly-traded investment companies whose activity is to invest in privately-held companies or in traditional private equity funds. The recent years have witnessed a slew of such listings and many investors were offered exposure to traditional private equity investments (TPE) through LPE. While listed private equity and traditional private equity have the same investment universe, we argue that the performance of the latter does not pertain to LPE. We build a representative dataset of the LPE universe and compare their performance to TPE. We examine whether belonging to indices and having minimum liquidity requirements is linked to performance. Our results suggest that listing significantly deteriorates absolute performance measures but is positively and significantly related to better investment multiples.
    • Energy Storage. Our take on business model and regulation

      Broeckx, Saskia; Ramos, Ariana; Fernandez, Luisa; Meeus, Leonardo (20192019)
      The electricity landscape is in a state of flux, not least due to the increasing integration of renewable energy sources and distributed generation. This has sparked growing interest in energy storage, arguably an important part of the renewable energy mix. How can energy storage be used and integrated into existing power systems, in both residential and industrial environments? This is the key question the STORY project aims to address. Funded by the European Union’s Horizon 2020 research and innovation programme, STORY is a five-year research project analysing new energy storage technologies and their benefits. It features six demonstration case studies and involves 18 partner institutions in seven European countries. One of these partner institutions is Vlerick Business School. In a context where several different actors can use storage assets, it is essential to identify business models and regulation that will make energy storage sustainable, which is exactly where our expertise lies. We have taken the lead on the business cases supporting the rollout of electricity storage at the distribution level of the grid; more specifically, on those business cases revolving around the challenges of storage deployment and the interaction between the business models and the enabling market and regulatory context.
    • Adaptive leadership: Shape your path through turbulence

      De Stobbeleir, Katleen; Peeters, Carine; Pfisterer, Matthias; Muylle, Steve (20192019)
      The findings of the study are described in the white paper ‘Adaptive Leadership: shape your path through turbulence’. With the aim of providing practical relevance, the white paper also offers concrete examples from the corporate world to help other organisations and their leaders reflect on how to boost adaptiveness. One of the elements is a checklist that gives leaders recommendations on how to strengthen their adaptive leadership behaviour.
    • Raising public awareness and trust in transmission infrastructure projects with incentive regulation: Tools and biases

      Bhagwat, Pradyumna; Keyaerts, Nico; Meeus, Leonardo (20182018)
      Raising public awareness and trust in transmission infrastructure development is one of the key current challenges facing Transmission System Operators (TSOs) and other project developers. The result can be costly delays. Fine-tuning the regulatory toolbox that National Regulatory Authorities (NRAs) apply to incentivise TSOs can be part of the solution. The toolbox consists of cost-plus or rate of return regulation, price or revenue cap regulation, and output regulation. Each of these tools has strengths and limitations in terms of biases. In this brief, we identify the biases that are specific to stakeholder engagement activities that TSOs undertake to increase the public awareness and trust. Under the cost-plus approach, NRAs are biased towards the least controversial activity. Thus, the TSOs will try to anticipate the costs that will be more easily approved by the regulator. However, these least controversial activities may not be the most effective. Under the price/revenue cap, TSOs can be biased towards prioritising activities that result in the highest direct improvement of cost efficiency. They can also be biased in selecting the least controversial activities rather than the most cost-effective ones, simply because it can adversely affect their reputation and their engagement with the regulator. Under output regulation, independent experts can help the regulator to assess and challenge the stakeholder engagement activities undertaken by a TSO. This approach, however, requires a higher level of sophistication and complexity so that it can only be managed properly by a regulatory agency with sufficient resources and skills.
    • Dual sourcing and smoothing under non-stationary demand time series: Re-shoring with speedfactories

      Boute, Robert; Disney, Stephen M.; Van Mieghem, Jan A. (20192019)
      We investigate the emerging trend of near-shoring a small part of the global production to local SpeedFactories. The short lead time of the responsive SpeedFactory reduces the risk of making large volumes in advance, yet it does not involve a complete re-shoring of demand. Using a break-even analysis we investigate the lead time, demand, and cost characteristics that make dual sourcing with a SpeedFactory desirable compared to complete off-shoring. We propose order rules that extend the celebrated inventory optimal order-up-to replenishment policy to settings where capacity costs exist and demonstrate their excellent performance. We highlight the significant impact of autocorrelated and non-stationary demand series, which are prevalent in practice yet challenging to analyze, on the economic benefit of re-shoring. Methodologically, we adopt Z-transforms and present exact analyses of several discrete-time linear production-inventory models.
    • Setting priorities in Healthcare. Investing in the right innovations at the right time

      Van Dyck, Walter; Verdonck, Pascal (20182018)
      This white paper explores the current situation in the healthcare sector – and where it could be in the future. It outlines how we can make our health organisations more innovative – and crucially, how we can decide which ideas are worth investing in.
    • 10 tips for working successfully with a private equity investor

      Manigart, Sophie; Meuleman, Miguel (20182018)
      Our research insights translated into added value for you and your organisation Research – either academic or research for business – can only be valuable when shared. That’s why we translate our research into easy-to-read whitepapers focusing on the key insights that are relevant for you as a manager. This way, your organisation can profit directly from the latest research, the newest theories, the expertise of our faculty and much more.
    • Digital strategy, the next level

      Muylle, Steve (20192019)
      Digital Transformation is hot. In what way will digital developments contribute to the strategy and growth of your organisation? How do you develop digital challenges into digital success? In this white paper you will learn all about the core principles of a strong digital strategy. Are you ready to compete in a rapidly changing world? Read this white paper and tackle your organisational’s growth in a smart way.
    • Unconventional monetary policy and bank risk taking

      Matthys, Thomas; Meuleman, Elien; Vander Vennet, Rudi (20182018)
      In this paper we use corporate syndicated loan data to study the presence of a bank risk-taking channel of unconventional monetary policy in the United States over the period 2008-2015. To account for both actual policy decisions and anticipation effects, we measure the stance of monetary policy by estimating a financial VAR model. We find that accommodative monetary conditions are associated with overall lower loan spreads. Controlling for borrower creditworthiness, we show that the spread reduction is lower for riskier firms, indicating that risk is appropriately priced during the period of unconventional monetary policy. Banks with low non-performing loan ratios and banks characterized by high revenue diversification offer larger loan spread discounts compared to banks with a large amount of non-performing loans and banks with less income diversification. We also find that banks with low capital ratios, less profitable banks and smaller banks more aggressively reduce the corporate loan spreads following an expansionary monetary policy shock, but only for the safest firms. Our findings indicate that unconventional monetary policy actions of the Federal Reserve are not associated with excessive risk taking by banks in the syndicated loan market.
    • HR Barometer 2018. HRM trends and challenges in Belgian organisations

      Buyens, Dirk; Volckaert, Ellen (20182018)
      The Belgian human resources departments are focused on attracting, developing and motivating talent once again this year. Recruitment and selection are number one here, followed by leadership development and talent management. Those are the results from the fourth annual HR Barometer study by HR consultancy firm Hudson and Vlerick Business School. HR analytics, however, has not really established itself yet. Although companies collect lots of data, those responsible for HR indicate that they are often not proficient enough in analysing it.
    • Hospital of the future - The future of hospitals

      Cardoen, Brecht (20192019)
      Het groenboek van Leuvens Instituut voor Gezondheidszorgbeleid (LIGB) van de KU Leuven en de Vlerick Business School biedt ondersteuning voor beleidskeuzes voor de rol en organisatie van het ziekenhuis van de toekomst. Het ziekenhuis van de toekomst moet een antwoord bieden op de meest prangende uitdagingen: intelligente integratie van technologie, de veranderende zorgvraag als gevolg van de vergrijzing, gepersonaliseerde zorg en schaarse financiële middelen. Het ziekenhuis wordt een onderdeel van een ziekenhuisnetwerk en neemt, in samenwerking met andere zorgverstrekkers, nog slechts een deel van het zorgpakket voor zijn rekening. Die veranderende rol heeft een impact op de infrastructuur die zal verschillen afhankelijk van de aangeboden zorgcomponenten. Bundeling van expertise in focused factories, technologische platformen en samenwerking voor logistiek en andere diensten is de toekomst. Opdat het ziekenhuis zijn toekomstige rol kan opnemen moet er werk worden gemaakt van een vlotte informatie-uitwisseling tussen alle betrokken partijen en moeten er juridische en financiële obstakels worden weggewerkt. Aandacht voor het welzijn van het zorgpersoneel is essentieel.
    • Spillover effects of distribution grid tariffs in the internal electricity market: An argument for harmonization?

      Govaerts, Niels; Bruninx, Kenneth; Le Cadre, H.; Meeus, Leonardo; Delarue, Erik (20192019)
      In many countries, distribution grid tariffs are being reformed to adapt to the new realities of an electricity system with distributed energy resources. In Europe, legislative proposals have been made to harmonize these reforms across country borders. Many stakeholders have argued that distribution tariffs are a local affair, while the EU institutions argued that there can be spillovers to other countries, which could justify a more harmonized approach. In this paper, we quantify these spillovers with a simplified numerical example to give an order of magnitude. We look at different scenarios, and find that the spillovers can be both negative and positive. We also illustrate that the relative size of the countries is an important driver for the significance of the effects. To be able to quantify these effects, we developed a long-run market equilibrium model that captures the wholesale market effects of distribution grid tariffs. The problem is formulated as a non-cooperative game involving consumers, generating companies and distribution system operators in a stylized electricity market.
    • Running your company the smart way. How industry 4.0 will change the way you do business

      Boute, Robert; Isik, Öykü; Kleer, Robin; Muylle, Steve; Vanderheyden, Karlien; Vereecke, Ann (20192019)
      Everyone is talking about Industry 4.0 – from the Internet of Things, additive manufacturing and the cloud through to artificial intelligence, augmented reality and blockchain. But what does it all mean in practice? It’s not a question of if Industry 4.0 will drastically change the way we do business. It’s a question of when and how quickly. So how can you apply this technology in your business – not just to improve production and performance, but to make a difference for customers? This white paper gives you the insight you need to get ahead of the game and prepare your organisation for the fourth industrial revolution.
    • The future of DSOs. Our take on energy communities and regulatory sandboxes

      Meeus, Leonardo (20192019)
      The energy transition is changing the energy ecosystem. Until recently, energy production was mostly centralised, with relatively few large power plants connected to the transmission system operated by transmission system operators (TSOs). Regulatory changes to accommodate the integration of renewable energy initially focused on the transmission aspect, which resulted in a significant transformation of the TSOs, while leaving the distribution system operator (DSO) landscape virtually unaffected. In recent years, however, due in part to advances in renewable energy technology, power generation and distribution have become more decentralised. DSOs now find themselves at the centre of change, operating the grid which all these new players – producers and prosumers – want to connect to and use. The challenge is for DSOs to enable and facilitate change, rather than becoming a bottleneck. In 2018 the DSO Chair organised two workshops to discuss topical issues facing the future of DSOs: (1) energy communities and (2) regulatory sandboxes. Despite being selected independently of each other, these two topics turned out to be interrelated.
    • Capital inadequacies: The dismal failure of the Basel regime of bank capital regulation

      Dowd, Kevin; Hutchinson, Martin; Hinchliffe, Jimi; Ashby, Simon (20112011)
      The Basel regime is an international system of capital adequacy regulation designed to strengthen banks’ financial health and the safety and soundness of the financial system as a whole. It originated with the 1988 Basel Accord, now known as Basel I, and was then overhauled. Basel II had still not been implemented in the United States when the financial crisis struck, and in the wake of the banking system collapse, regulators rushed out Basel III.
    • The three layers of strategy

      Verweire, Kurt; Peeters, Carine (20182018)
      In the past, strategy was simple. You could identify a profitable industry, build a competitive advantage and then protect that advantage at all costs. But in today’s complex and turbulent world, traditional models don’t always apply. Rather than focus on building a sustainable advantage, today’s organisations need to be flexible and agile – ready to move rapidly from one advantage to the next. They need to experiment and innovate. And managers who want to build a sound business strategy need to think in the present, the near future and the further-away future – all at the same time. This white paper examines different theories of strategy and combines them into a new, single, integrated approach – the three layers of strategy.