annual report / jaarverslag
Informed Pension Debate / Geïnformeerd pensioendebat
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contents
2
contents
Annual Report 2013
3
Preface by the Supervisory Board Voorwoord van de Raad van Toezicht
8
Report from the Netspar Board of Directors Bericht van de Netspar-directie
14
Netspar Output
16
Income Statement
23
Balance Sheet
28
Appendix I: Grants, awarded before 2013
33
Appendix II: Auditor’s Report Accountantsverklaring Internal Audit
Financial Report
Appendices
35
A. Organization Chart
36
59
I. Discussion Papers
B. Netspar Partner Organizations
65
J. Theses and Dissertations
37
C. Participating Researchers
69
K. Panel Papers
42
D. Composition of Committees 69
L. NEA Papers
45
E. Academic Events
70
M.Design Papers
46
F. Industry-oriented Events
71 N. MSc Program Economics and Finance of Aging and Netspar Tracks
49
G. Junior Pension Day
72
50
H. Journal Publications
O. Executive Education Netspar-Tias Academy
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preface by the supervisory board
preface
by the supervisory board
voorwoord
van de raad van toezicht
Visible
Zichtbaar
Whereas academicians have a natural tendency to add
Daar waar wetenschappers bij uitstek geneigd zijn nog
ever‑more perspectives or models to a discussion, at some
eens een extra standpunt of model aan een discussie toe te
point, many issues, especially complicated ones, are better
voegen, zijn vraagstukken, zeker als ze ingewikkeld zijn, op
served by simplicity and convergence. In the past year,
enig moment juist gebaat bij eenvoud en toenadering. Het
Netspar has worked hard to bring opposing parties together.
afgelopen jaar heeft Netspar zich ingespannen partijen te
The key to this is listening, seeking common ground, and
verbinden. Kern daarin is luisteren, overeenkomsten zoeken
testing the interchangeability of the arguments used, while
en uitwisselbaarheid van argumenten verkennen. Met respect
respecting everybody’s views. In the case of designing the
voor ieders standpunt. Dat heeft bijvoorbeeld ten aanzien van
new pension system, that process yielded a number of shared
de opzet van een nieuw pensioenstelsel geresulteerd in een
principles, dilemmas, and trade-offs – meaningful input at
aantal gedeelde uitgangspunten, dilemma’s en uitruilen. Een
a time when the SZW State Secretary was holding a round
bruikbare bijdrage op een moment dat de staatssecretaris voor
of public consultations on FTK-2. We believe it is essential
SZW een consultatieronde over het FTK-2 houdt. Ons inziens
that Netspar continue in the years ahead to provide a select
is het van belang dat Netspar ook de komende jaren een
platform for inducing opposing parties to reach clarity and
uitgelezen podium blijft bieden om partijen ook op andere
simplicity on other pension-related themes, as well, and
pensioenthema’s opnieuw te verleiden tot helder­heid en
that it play a visible role in the pension debate by furnishing
eenvoud te komen. En zo zichtbaar te zijn in het pensioen­
evidence and analysis. This is one of the main assets for our
debat, door het aandragen van argumenten en analyse. Voor
partners in renewing their commitment for the 2015–2019
partners een belangrijke asset bij het afgeven van een nieuw
period, along with the many industry-specific papers,
commitment voor de periode 2015–2019. Net zoals de vele
knowledge-sharing events, and executive and master’s
sectorgerichte papers, de kennisdelingsevents en het executive
programs offered.
en masteronderwijs dat zijn.
3
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preface by the supervisory board
Valued
Gewaardeerd
The contribution Netspar has made to the pension discussion is
De bijdrage die Netspar de afgelopen jaren aan de pensioen­
widely valued. This past summer, in an evaluation performed
discussie heeft geleverd wordt gewaardeerd. Netspar scoorde
by the NWO on behalf of the Dutch Ministries of SZW, EZ,
afgelopen zomer ‘very good’ op zowel ‘scientific significance’
Finance, and OCW, it received a score of “very good” in both the
als op ‘societal significance’ en ‘outstandig’ op ‘national
“scientific significance” and “societal significance” categories
impact in economics’ in de evaluatie die NWO namens
and “outstanding” on “national impact in economics.” The
SZW, EZ, Financiën en OCW uitvoerde. NWO evalueerde het
NWO assessed the innovation program that Netspar executed
innovatieprogramma 2007-2010 dat Netspar voor de overheid
for the government from 2007 through 2010 and assessed the
heeft uitgevoerd. En beoordeelde de activiteiten 2010-2013.
activities conducted from 2010 to 2013. To quote from its report:
“The various research results are in general of a very high
“The various research results are in general of a very high
standard and have led to new insights that have attracted
standard and have led to new insights that have attracted
international attention. Netspar is successful in engaging
international attention. Netspar is successful in engaging
nearly every Dutch economist working on pensions in the
nearly every Dutch economist working on pensions in the
Netherlands and as such continues to expand and maintain
Netherlands and as such continues to expand and maintain
the quality of the network. The committee is positive about
the quality of the network. The committee is positive about
the societal significance of Netspar.”
the societal significance of Netspar.”
Ook de evaluatie namens de partners, waarvoor de Raad van
Another evaluation performed on behalf of the partners,
Toezicht eind 2013 opdracht heeft gegeven is lovend over de
commissioned by the Supervisory Board in late 2013, similarly
bijdrage van Netspar. De commissie is overwegend positief:
praises the impact Netspar has had. The committee was largely
“Netspar wordt gekenmerkt als onafhankelijk en weten­
positive:
schappelijk gezaghebbend in het pensioendomein, met
“Netspar is characterized by its independence and academic
als belangrijke toegevoegde waarde het realiseren van
authority in the pension arena and has the important
verbinding tussen de academische wereld en de praktijk”.
added value of managing to link the academic world
(…) “Er is grote waardering bij alle betrokkenen voor
to professional practice. … There is a great appreciation
de prestaties van Netspar op het gebied van onderwijs,
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preface by the supervisory board
among all participants for Netspar’s achievements in terms
onderzoek en netwerk. De afgelopen jaren heeft Netspar
of education, research, and network-building. In the past
veel geïnvesteerd in de agenda zoals die door alle
few years, Netspar has invested heavily in the agenda
betrokken partijen samen is opgesteld. De samenwerking
formulated by all of the stakeholders. Collaboration within
binnen het netwerk is in sterke mate gegroeid. Daardoor
the network has grown considerably, which has allowed
hebben belangrijke discussies kunnen plaatsvinden en
pertinent discussions to take place and meaningfully added
is een wezenlijke bijdrage geleverd aan het verbeteren
to the knowledge of the academic world, the industry itself,
van de kennis van wetenschap, sector en beleidsmakers
and policymakers concerning pension issues in the widest
met betrekking tot pensioenvraagstukken in brede zin. De
sense of the term. The longevity of our system remains under
toekomstbestendigheid van ons stelsel staat nog steeds
pressure, and there are still many questions to be answered.
onder druk en er zijn nog vele vragen te stellen. Partners
Netspar’s partners believe that it is better equipped than any
denken dat Netspar, beter dan welke organisatie ook in
other organization in the Netherlands to address the essential
Nederland, uitgerust is om vanuit een wetenschappelijke
issues from an academic perspective and serve as a platform
invalshoek de belangrijke vragen te adresseren en een
for discussion. Thanks in part to these efforts, partners
platform te zijn voor discussie. Mede daardoor zijn
and policymakers are in a position to design a sustainable
partners en beleidsmakers in staat het pensioenstelsel
pension system for the future.”
van overmorgen duurzaam vorm te geven.”
5
The committee also made five main recommendations:
De commissie doet een vijftal hoofdaanbevelingen:
– Place the focus on the individual and include more disciplines;
– Stel het individu centraal en betrek meer disciplines;
–Broaden the applicability;
– Vergroot de toepasbaarheid;
–Use the Dutch pension arena as a starting point;
– Werk vanuit het Nederlandse pensioendomein;
–Tighten procedures in service of the ambitious vision;
– Ambitie vraagt om aanscherping van de werkwijze;
–Boost the effectiveness of branding and communication efforts.
– Verhoog de effectiviteit van profilering en communicatie.
The conclusions and recommendations are all clear and come
De conclusies en aanbevelingen zijn helder, herkenbaar en zijn
as no surprise; they are largely in line with Netspar’s strategy.
grotendeels in lijn met de strategie van Netspar. Het rapport
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6
The report was used as input for the 2015-2019 action plan
heeft input gevormd voor het werkprogramma 2015-2019 dat
drawn up by the Netspar Board of Directors, thus informing the
door de Netspar-directie is opgesteld en draagt zo bij aan het
ongoing development of the research network.
doorontwikkelen van het onderzoeksnetwerk.
Traction and Simplicity
Grip en eenvoud
Whereas several years ago, Netspar chose to focus primarily
Daar waar Netspar enige jaren geleden het accent meer is gaan
on macro pension issues, there is now a growing need among
leggen op macro-vraagstukken ontstaat nu een behoefte bij
the partners for a greater emphasis on individuals (in all their
partners om het (imperfecte) individu en de risico’s die het
imperfection), the risks they run, and their general behavior.
loopt en het gedrag dat het laat zien meer centraal te stellen.
This requires engaging more academic disciplines in our
Dat vraagt ook een verbreding naar andere disciplines. Om
inquiries. To respond appropriately to these evolving areas
goed in te kunnen spelen op de veranderende onderzoeks-
of research, the Netspar management must be in a position
vragen moet de Netspar-directie in staat zijn meer sturing te
to exert greater control over the allocation of resources. In
geven aan het inzetten van onderzoeksmiddelen. De Raad van
particular, the Supervisory Board will be addressing the issue
Toezicht zal zich met name buigen over het waar mogelijk ver-
of governance and how to simplify it, in order to enhance the
eenvoudigen van de governance met als doel de slagvaardig-
effectiveness of Netspar’s management and more effectively
heid van de Netspar-directie te vergroten en de invloed van
structure partner input. The ultimate goal is to inspire greater
de partners doeltreffender te organiseren. Doel is de betrok-
engagement in Netspar by keeping the organization and
kenheid bij Netspar te vergroten door organisatie en besturing
management straightforward, transparent, and accessible.
eenvoudig, transparant en daarmee toegankelijk te houden.
Involved
Betrokken
The augmentation of the Supervisory Board strengthened
Met de uitbreiding van de Raad van Toezicht is de betrokken­
industry involvement in the network. In 2013, Else Bos (PGGM)
heid van de sector versterkt. In 2013 is Else Bos (PGGM) toe­
joined the board, and Dick Sluimers (APG) and Jeroen van
getreden. Verder is voor Dick Sluimers (APG) en Jeroen van
Breda Vriesman (Achmea) started on their second terms.
Breda Vriesman (Achmea) in 2013 een tweede termijn ingegaan.
Harmen Verbruggen (VU) resigned on 31 December 2013. He
Harmen Verbruggen (VU) heeft per 31 december 2013 afscheid
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was succeeded by Han van Dissel (UvA). Job Swank (DNB),
genomen. In zijn plaats is Han van Dissel (UvA) toegetreden tot
whose first term ended at the end of 2013, was appointed for
de Raad van Toezicht. Job Swank (DNB), van wie de eerste ter­
a second term.
mijn per eind 2013 afliep, is voor een tweede termijn benoemd.
Last year saw a changing of the guard in the company
Het afgelopen jaar heeft er een wisseling van bestuurder
leadership. General Director Frank van der Duyn Schouten
plaats­­gevonden. Frank van der Duyn Schouten werd per 1 mei
became rector of VU on May 1. During his time at Netspar, he
2013 rector magnificus aan de VU. Hij heeft een belangrijke
made invaluable contributions to expanding the organization,
bijdrage geleverd aan de uitbouw van Netspar, het rondkrijgen
securing funding for the 2011-2014 program, and modifying
van de financiering voor het programma 2011-2014 en de
the governance structure. Netspar became an independent
wijziging van de governance. Met ingang van 2012 is Netspar
foundation in 2012, with more direct partner involvement.
een onafhankelijke stichting geworden met directere invloed
On October 1, Casper van Ewijk, former deputy director of the
voor partners. Op 1 oktober is Casper van Ewijk, tot dan
Netherlands Bureau for Economic Policy Research, became the
onder­directeur van het Centraal Planbureau, bestuurder van
general director of Netspar.
Netspar geworden.
Gratitude
Dank
The widespread appreciation for Netspar’s research, events,
De waardering die het onderzoek, de events en het onderwijs
and education programs over the years stems from the
van Netspar door de jaren heen krijgen vindt zijn oorsprong in
commitment and quest for quality of the people in the
de gedrevenheid en het streven naar kwaliteit van de mensen
network. Researchers, staff, and management all contribute,
die samen het netwerk vormen. Onderzoekers, staf en ­directie
together with the partners, to an informed pension debate.
dragen samen met de partners bij aan een geïnformeerd
We owe them a debt of gratitude. Everybody’s input counts in
­pen­sioendebat. Daarvoor zijn wij hen dank verschuldigd. Ieders
our efforts to unravel the social conundrum of providing for
bijdrage telt om het maatschappelijk vraagstuk van een betaal­
an affordable retirement and continue supplying thoroughly
bare oude dag verder te ontrafelen en van doordachte bouw­
analyzed fundamentals for social policy and pension products.
stenen voor beleid en pensioenproducten te blijven voorzien.
Jean Frijns, Chair of the Supervisory Board
Jean Frijns, voorzitter Raad van Toezicht
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report from the
netspar board of directors
bericht van de
netspar-directie
Proven Quality
Bewezen kwaliteit
In the past year, Netspar’s activities were evaluated by two dif-
De activiteiten van Netspar zijn geëvalueerd, zowel door NWO
ferent institutions: the NWO1, by order of the government min-
in opdracht van de ministeries die het lopende onderzoeks­
istries funding the current research program, and a committee
programma financieren, als namens de partners in opdracht
appointed by the Supervisory Board on behalf of the partners.
van de Raad van Toezicht.
8
Both the partners’ committee and the NWO praised, among
other things, the volume and quality of the research and
Partners en NWO zijn lovend over onder meer de kwaliteit en
the organization’s knowledge sharing, networking, and
kwantiteit van het onderzoek, de kennisdeling, het netwerk
professionalism. We are obviously pleased with these positive
en de professionaliteit van de organisatie. Uiteraard zijn wij
assessments. The recommendations made by the committees
content met het positieve oordeel. De aanbevelingen die de
are all things we were aware of. We have included them in
commissies doen, zijn voor ons herkenbaar. We hebben de
our program for 2015-2019. Both of these evaluations feed in
aanbevelingen in ons programma 2015-2019 verwerkt. De
meaningful ways our efforts to continue to strengthen and
beide evaluaties dragen in belangrijke mate bij aan de verdere
further professionalize Netspar.
professionalisering en versterking van Netspar.
Research as a Basis for an Informed Discussion
Onderzoek als basis voor geïnformeerde discussie
The research enabled and performed under the auspices of
Het onderzoek dat in Netspar-verband wordt mogelijk gemaakt
Netspar informs and contributes to a knowledgeable discussion
en uitgevoerd, daagt uit en draagt bij aan een geïnformeerde
about pensions in the Netherlands. From 2010 to 2013, this
pensioendiscussie in Nederland. In de periode 2010-2013 zijn
included examining such major topics as the new pension
grote thema’s als het nieuwe pensioencontract, pensioen­
contract, pension-related communications, pensions in Europe,
communicatie, pensioen in Europa en solidariteit binnen en
and solidarity among and between generation cohorts and
tussen generaties onderzocht en naar de pensioen­praktijk
then conveying the findings to pension practitioners.
gebracht.
1 Netherlands Organization for Scientific Research
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Since, in practical terms, pension issues have become more and
Omdat pensioenvraagstukken in de praktijk meer en meer
more intertwined with such issues as healthcare and living and
verweven raken met vraagstukken van zorg, wonen en werk
working, these topics should obviously be investigated more in
ligt het voor de hand onderwerpen meer in hun samenhang
relation to one another. Moreover, we must bear in mind that
te onderzoeken. Bovendien vraagt de oplossing van die
solving the underlying problems will generally require more
vraag­stukken vaak om meer dan alleen een economische
thana strictly economic approach. Consequently, we have started
benadering. We zijn dan ook meer disciplines zoals recht,
incorporating more disciplines into our research, such as law,
sociologie, psychologie en communicatie bij het Netspar-
sociology, psychology, and communications. The aforementioned
onderzoek gaan betrekken. In de genoemde evaluaties wordt
evaluations recommend redoubling our efforts in that area.
aanbevolen dat te versterken.
We also already started shifting our focus somewhat in the past
Ook zijn we het afgelopen jaar al iets meer het accent gaan
year to micro issues involving the individual, his behavior, the
leggen op micro-vraagstukken van het individu, zijn gedrag de
difficulties in deciding on the old age, and the risks he runs
moeilijkheden om over de oude dag te beslissen, en de risico’s
(micro). At the same time, we continue to address long-term
die hij loopt. Tegelijkertijd blijven we ook aandacht schenken
topics, which are more macro in nature.
aan de lange termijn onderwerpen, die veelal meer macro zijn.
The projects awarded in 2013, in conjunction with the partners,
De projecten die, in afstemming met de partners, in 2013 zijn
encompass a broad range of topics:
toegekend, bestrijken een breed aandachtsveld:
–Pension savings and consumption needs of current and future
– Sparen voor het pensioen en de consumptiebehoefte van
retirees;
–Adapting pension communications to the heterogeneous
characteristics and needs of participants;
huidige en toekomstige gepensioneerden;
– Aanpassen van pensioencommunicatie aan de heterogene
karakteristieken en behoeften van deelnemers;
–Pension incomes, consumer needs, and elderly care;
– Pensioeninkomens, consumptiebehoeften en ouderenzorg;
–Home equity and the demand for and cost of long-term care;
– Eigen huis en de vraag naar en kosten van langdurige zorg;
–Intergenerational risk sharing in collective DC schemes;
– Intergenerationele risicodeling in collectieve DC;
–Indexation discount and risk-premium in real pension
– Indexatie-afslag en risico-opslag in het reële contract;
contracts;
– Uitvoeren van het reële contract door verzekeraars;
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–Insurers’ administration of real pension contracts;
– Omgaan met conversierisico in DC-pensioenen;
– Managing conversion risk in defined contribution plans;
– Optimaal ontwerp van het Nederlands meerpijler-pensioen­
–Optimal design of the Dutch multi-pillar pension system:
Lessons from an international comparison;
–The role of productive activities in the lives of retirees:
A sociological perspective;
–Retirement, HR, and Worker Behavior;
–Outplacement arrangements for older employees: Lessons
systeem: Lessen uit een internationale vergelijking;
– De rol van productieve activiteiten in het leven van
gepensioneerden: Een sociologisch perspectief;
– Pensionering, HR en gedrag van werknemers;
– Werk-naar-werk-arrangementen voor oudere werknemers:
leren van Zweden.
from Sweden.
Om voor de sector relevant onderzoek te kunnen blijven doen
If we are to continue providing the industry with relevant
is het belangrijk dat we wetenschappers van naam, die bereid
information, it is essential that we manage to enlist
zijn de verbinding met de sector te leggen, aan ons weten te
academicians of renown, who are willing to make that link
binden.
with the industry.
The government, pension industry, and academia have out-
Overheid, pensioensector en wetenschap hebben gezamenlijk
lined an ambitious collective research and innovation agenda
voor de komende jaren een stevige onderzoeks- en innovatie­
for the coming years. It is a complicated agenda, because
agenda. Een complexe agenda, omdat de financiering van
the issue of finding ways to pay for retirement touches upon
de oude dag raakt aan vraagstukken van zorg, wonen, werk,
other areas, such as healthcare, living, working, solidarity, and
solidariteit en betaalbaarheid. Onderzoek als basis voor een
affordability. Now, more than ever, having sound research as a
geïnformeerd pensioendebat blijft onverminderd relevant.
basis for an informed pension debate matters.
Stabiel netwerk
Stable Network
De kracht van het netwerk wordt in belangrijke mate bepaald
The strength of the network is determined in considerable
door de kwaliteit van het onderzoek en de mate waarin we
measure by the quality of the research and the degree to which
dat in verbondenheid met de sector weten te doen. Het aantal
we manage to conduct it in alliance with the industry. The
partners is in 2013 stabiel gebleven. Er zijn twee nieuwe
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number of network partners remained stable in 2013, and two
sponsors aan het netwerk toegevoegd. Instituut Gak financiert
new sponsors were added. Instituut Gak will be funding two
voor een periode van vier jaar een tweetal hoogleraar-
professorships, including the attendant assistants-in-training
stoelen inclusief AIO- en Post doc-posities. Pensioenfonds
and post docs, for a period of four years, and the UWV Pension
UWV heeft besloten voor een periode van vijf jaar een tweetal
Fund has decided to sponsor two thesis awards for a period of
Thesis-awards te sponsoren om zo jong talent te stimuleren
five years to encourage talented young thinkers to undertake
pensioenonderzoek te doen.
2
pension research.
Intensieve kennisdeling
Extensive Knowledge Sharing
Kern van het succes van Netspar is de mate waarin de resul­
The key to Netspar’s success is the degree to which the results
taten van wetenschappelijk onderzoek gevoed zijn door
of its academic research are both fed by and find their way back
en een weg vinden naar de praktijk. Wetenschappers en
to actual practice. The ease with which academics and pension
pensioendeskundigen weten elkaar steeds gemakkelijker
professionals are coming together continues to grow.
te vinden. De events die Netspar ook het afgelopen jaar
The events organized by Netspar last year were once again
weer organiseerde worden goed bezocht, krijgen een hoge
well attended and greatly appreciated and fostered knowledge
waardering en dragen bij aan de kennisuitwisseling binnen
sharing within the industry. Our executive education programs,
de sector. Het executive onderwijs, waarvan inmiddels de
now including a second course which started in 2013, generate
tweede leergang in 2013 is gestart, kan bogen op een grote
avid interest and great satisfaction among our partners.
belangstelling en tevredenheid van de partners.
Along with the partners, we see an important role for Netspar
We zien met de partners, een belangrijke rol voor Netspar in
in the pension debate in terms of coalescing divergent visions
het pensioendebat door het verbinden van uiteenlopende
and elucidating the choices, without taking any particular
visies en het inzichtelijk maken van keuzes, zonder zelf
standpoint. In this regard, the paper and event in September
standpunten in te nemen. Een eerste kick-off daarvoor waren
2013 as part of the FTK round of public consultations, where
het paper en event in september 2013 n.a.v. de Consultatieronde
we outlined the current state of affairs and policy options, was
FTK, waar we de stand van zaken en beleidsopties in kaart
a watershed moment. This definitely aroused the interest of the
hebben gebracht. Daarmee is duidelijk de interesse van de
3
2 A provider of worker insurance in the Netherlands
3 Financial Assessment Framework
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industry, judging from the number of applicants for the two
sector gewekt, getuige het aantal gegadigden voor de twee
project groups that started in 2014.
projectgroepen die in 2014 van start zijn gegaan.
In the committee evaluation, the partners expressed
In de evaluatie spreken de partners hun waardering uit voor de
how much they valued the information provided through
informatievoorziening middels website, evenementenkalender
our website, events calendar, and research database. An
en onderzoeksdatabase. Belangrijk punt is (ook in de evaluatie
important point here (as with the NWO evaluation) is how
van NWO) de mate waarin Netspar de relevante doelgroep
successfully Netspar reached the relevant target group.
bereikt. Netspar zal zich extra inspannen de resultaten van
Moving forward, we will strive harder to disseminate the
onderzoek voor een breder publiek van pensioenprofessionals
research results to a wider public of pension professionals,
te ontsluiten. Met aandacht voor de toepasbaarheid van de
with special attention devoted to applicability.
onderzoeksresultaten.
Professional Organization
Professionele organisatie
The temporary vacancy in the directorship and departure
Met de tijdelijke vacature in de directie en het vertrek van
of our relationship manager hampered our relationship
de relatiemanager is het relatiemanagement in de eerste
management during the first nine months of 2013. When
negen maanden van 2013 beperkt geweest. Bij mijn komst in
I took the helm in October, we immediately decided to
oktober hebben we meteen besloten een kennismakingsronde
organize an introduction round with all of the partners.
met alle partners te organiseren. Mede ingegeven door de
Partly in response to the partner evaluation, we plan to
partnerevaluatie geven we het relatiemanagement weer
reintroduce consistency to our relationship management.
structureler vorm.
Even in the areas where the partners indicated in the
En daar waar de partners in de evaluatie aangeven dat de
evaluation that our partnership was running smoothly
samenwerking soepel verloopt en de werkwijze positief wordt
and positively assessed our methods, we still see room for
beoordeeld, zien we ruimte voor vereenvoudiging en vergroting
simplifying our organization and increasing transparency.
van de transparantie van onze organisatie.
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Broad Support
Brede steun
This summer we will be asking the partners and the Dutch
Deze zomer vragen we de partners en de overheid een nieuw
government for commitments for the 2015-2019 program;
commitment aan te gaan voor het programma 2015-2019.
continuing support from the academic world is also essential.
Ook een blijvende steun vanuit de academische wereld is van
Based in part on the results from the evaluations, and looking
belang. Mede op basis van de uitkomsten van de evaluatie
at the issues that the pension industry is confronting in the
en kijkend naar de vraagstukken waar de pensioensector zich
near future, we are confident that we can count on broad
de komende jaren voor gesteld ziet, vertrouwen we op brede
support.
steun.
Casper van Ewijk, General Director
Casper van Ewijk, algemeen directeur
13
ne tspar ann ual re po rt 2 0 13
netspar output
14
netspar output
4
4
27
13
124
311 Fellows
218 Publications
● Dutch Senior Fellows
Academic Publications
● Dutch Junior Fellows
89
● Non-Dutch Senior Fellows
115
82
● Non-Dutch Junior Fellows
● Journal Publications
● Discussion Papers
Industry-oriented Publications
● NEA Papers
● Design papers
71
3
● Panel Papers
3
7
29 Events
8
9
3
4
53 Theses
Academic Events
● BSc Theses
● Junior Pension Day and
● MSc Theses
other Academic Events
● RM Theses
Industry-oriented Events
● Dissertations
● Theme Conferences
● News Events
6
● Task Forces
● Other
39
annual report / jaarverslag
Financial Report
ne tspar ann ual re po rt 2 0 13
fi nan cial report
i n come statement for 2013
16
financial report 2013
Income - Cash
First money stream
Tilburg University
Other universities
Total first money stream
Second money stream
NWO Spinoza
Government funding
Total second money stream
Third money stream
Private Partners
Public Institutions
Other
To be recruited
Total third money stream
Total Income
Cash 2012
Cash 2013
232
0
232
200
0
200
0
857
857
2.167
2.167
1.211
95
413
1.719
970
123
753
3
1.849
2.808
4.216
Expenses - Cash Flow
Old Netspar
Projects & Grants
Themes
Senior & Junior Faculty
PhD
Research & Visitor Grants
Research Master Grants
Data en SHARE
Other
Total Projects & Grants
Knowledge Sharing
Public Events
Panel and NEA Papers
Communication
Total Knowledge Sharing
Education
Academic and Executive education
EFA scholarships
Thesis awards
Total Education
Other
Scientific Directors & Coordination
Staff
Operating costs
Overhead
Total Other
Total Old Netspar
Cash 2012
Cash 2013
1.167
197
245
14
0
250
0
1.873
702
138
166
1
0
461
0
1.468
122
95
0
217
0
100
0
100
0
0
0
0
0
0
0
0
71
346
0
45
462
26
265
0
0
291
2.552
1.859
Expenses New Netspar see next page
ne tspar ann ual re po rt 2 0 13
Expenses - Cash Flow
New Netspar
Network Development - General
Personnel costs
Network Development - General
Total ND General
Network Development- Events
Personnel costs
Match making events
Total ND Events
Knowledge Development - Project Grants
Personnel costs
PIL Coordinators
Research Coordinators
Large & Medium Vision Projects
Small vision projects
Topicality projects
Mopact
Research grants
Research Master Grants
Total KD Project Grants
Knowledge Development - Data
Data costs
Total KD Data
Knowledge Sharing - Events
Personnel costs
PIL-events
Topical events
Pension workshops & Pension day
Other events
Total KS Events
fi nan cial report
Cash 2012
Cash 2013
107
19
126
84
17
101
5
9
14
6
7
13
31
103
45
100
106
64
6
455
40
136
45
173
155
134
17
41
5
746
20
20
11
11
19
3
8
93
6
129
29
6
11
221
7
273
i n come statement for 2013
Knowledge Sharing - Publications
Personnel costs
Publications
Total KS Publications
Knowledge Sharing - Expertise Centre
Personnel costs
Knowledge sharing
Total KS Expertise Centre
Knowledge Sharing - Education
Personnel costs
Scholarships EFA
National Executive
Thesis awards
Tracks
Summerschool
Total KS Education
Governance & overhead
Personnel costs - Board of Directors
Personnel costs - Staff
Operating costs
Overhead
Total Governance and overhead
17
34
6
40
48
15
63
187
14
201
315
15
330
95
13
255
12
0
0
375
59
10
152
12
6
10
248
47
96
148
72
363
103
127
101
85
416
Total New Netspar
1.723
2.201
Total Expenses (Old + New)
4.275
4.060
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i n come statement for 2013
18
notes to income statement for 2013
income – cash
expenses – cash flow
First Money Stream
Old Netspar
Income in the first money stream concerns contributions from Tilburg
In 2011, Netspar’s partners renewed their committed to a new four-year
University. In 2012, Netspar was granted the status of Center of Excellence,
contracting period. In addition, Netspar received a subsidy from four Dutch
which resulted in a reward of M€ 1 to be paid in five annual allotments of
Ministries. We therefore decided to make a distinction in the annual report
k€ 200.
between the “old” Netspar and the “new” Netspar. “Old Netspar” includes
all components financed with money that was granted before 2011; “New
Second Money Stream
Netspar” pertains to all components financed with money obtained form
The second money stream includes payments resulting from the subsidy
2011 onwards. Over the years a shift in expenses from Old Netspar tot New
(M€ 4) of four Dutch government ministries, which was granted in 2010 for
Netspar is observable.
the 2011-2014-research program. It also includes payments from the subsidy
of NWO (M€ 1.5) for executing the Social Infrastructure Agenda 2012-2014,
Projects and Grants
which was granted in 2012. Both payments in 2013 relate to the high level of
grants that Netspar awarded for research projects in 2012.
Themes
The expenses relate to payments committed to the Theme Projects according
Third Money Stream
to a predetermined payment schedule. As the summary below shows, for
The third money stream includes mainly contributions from Netspar’s
some themes, not all of the money granted has been used up yet.
partners, Public Institutions (Autoriteit Financiële Markten, De
Nederlandsche Bank and Sociale Verzekeringsbank), European projects
(SHARE and MOPACT) and interest revenues.
In December 2012 the partnerships of ABN AMRO and Zwitserleven ended. In
Total Grant Amount
(Amounts in € 1,000)
Granted in 2009
Granted in 2010
2013 two new contracts were closed. The UWV Pension fund became sponsor
Until
2009
3,500 489
2,000
5,500 489
2010
Payments
2011 2012 2013
658
793
401
658 1.194
564
467
1.031
293
409
702
Difference
2014
2015
428
408
836
183
183
for five years of two thesis awards, for a yearly amount of k€ 10. And
Instituut Gak finances two chairs in pensions and ageing at Tilburg
Senior & Junior Faculty
University for a five year period, including PhD and Post doc positions, for a
This concerns expenses related to contributions made toward individual
total amount of approximately M€ 1. These contracts are expected to result in
research positions at various participating universities. In 2013, five
payments to Netspar as of 2014.
researchers received Netspar funding that was awarded earlier. Funding of
275
132
407
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fi nan cial report
individual positions is since 2010 no longer a tool in the Netspar portfolio
i n come statement for 2013
19
Knowledge Sharing
and has been replaced by project-based funding only.
(Amounts in € 1,000)
Senior Faculty
Junior Faculty
Total
2011
72
172
244
Payments
2012
2013
56
23
141
115
197
138
Panel and NEA Papers
This item pertains to subsidies and material costs associated with writing
2014
10
34
44
and publishing Netspar Panel and NEA papers. Here again, actual expenses
vary per year, primarily as a result of the projects’ duration. An overview of
the papers published in 2013 can be found in Appendices K and L.
Public events
Funded researchers in 2013:
Communication
– Meltem Daysal
Public events and communication related to projects granted before 2011
– Martin Salm
usually are combined with projects granted as of 2011. Starting in 2013, these
– Paul Sengmuller
activities are all together budgeted under New Netspar.
– Anja de Waegenaere
– Kène Henkens
Other
Other costs concern expenditure related to the Scientific Directors &
PhD Positions
This item pertains to the funding and co-funding of PhD positions at various
participating universities.
(Amounts in € 1,000)
Granted in 2010
Granted in 2011
and Editorial Board) staff and operating costs that can be attributed to
projects that started before 2011.
2011
201
201
Payments
2012
2013
2014
204
128
12
38
43
216
166
43
2015
30
30
Research & Visitor Grants
This is based on a subsequent payment on research grants that were
awarded earlier.
Data and SHARE
An amount of k€ 33 was spent on research data for Theme-projects. In 2013
Netspar contributed k€ 428 to the execution of the SHARE M4 and the 5th
Wave of SHARE.
Coordination (Board of Directors, Education Directors, Research Coordinators,
ne tspar ann ual re po rt 2 0 13
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New Netspar
i n come statement for 2013
20
– Marcel Lever (CPB): Optimal design of the Dutch multi-pillar pension
system: Lessons from an international comparison
Network Development – General
This item pertains to the publication costs for the Newsflash e-newsletter
and Netspar Magazine as well as personnel costs for members of the Netspar
staff.
Network Development – Events
These costs pertain to the matchmaking event and the Netspar Anniversary
Meeting in March 2013.
Small Vision Projects
Total Grant Amount
(Amounts in € 1,000)
Granted in 2011
354
Granted in 2012
65
Granted in 2013
260
679
2011
18
18
2012
90
10
100
Payments
2013 2014
107
73
21
23
27
83
155
179
Difference
2015
9
11
89
109
2016
62
62
Knowledge Development – Projects & Grants
Granted in 2013
This item pertains to expenditure on the PIL Coordinators, Research
– Marleen Damman (NIDI): The role of productive activities in the lives of
retirees. A sociological perspective
Coordinators, Large & Medium Vision Projects, Small Vision projects, and
Topicality Projects as well as to the personnel costs for the Netspar staff and
– Elisabeth Brüggen (MU) and Thomas Post (MU): Adapting pension
costs for Research Grants and Research Master’s grants.
communication to the heterogeneous characteristics and needs of
The four Large Vision Projects granted in 2012 (for al total of M€ 1.5) reported
participants
k€ 173. In 2013, three Large Vision Projects were granted, for a total amount
of k€ 750. These projects were scheduled to start in early 2014, so no costs
– Jan Rouwendal (VU U): Home equity and the demand for and cost of long
term care
were reported in 2013.
– Hans Schumacher (TiU): Intergenerational risk sharing in collective DC
Large & Medium Vision Projects
Topicality Projects
Total Grant Amount
(Amounts in € 1,000)
Granted in 2012
1.500
Granted in 2013
750
2.250
2013
173
173
2014
328
111
439
Payments
2015
2016
395
249
224
227
619
476
2017
355
138
493
2018
50
50
Total Grant Amount
(Amounts in € 1,000)
Granted in 2011
193
Granted in 2012
100
Granted in 2013
90
383
2011
30
30
Payments
2012 2013
82
48
24
68
18
106
134
Difference
2014
8
72
80
33
33
Granted in 2013
Granted in 2013
– Andries de Grip (UM): Retirement, HR and Worker Behavior.
– Ralph Koijen (LSE): Indexatie afslag en risico-opslag in het reële contract
– Rob Alessie (RUG) and Marike Knoef (RUL): Pension savings and
– Irmgard Borghouts (TiU): Werk naar werk arrangementen voor oudere
consumption needs of current and future retirees
werknemers: leren van Zweden?
57
156
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– Erik Lutjens (VU): Uitvoeren van het reële contract door verzekeraars.
– Marike Knoef (RUL): Pensioeninkomens, consumptiebehoeften en
ouderenzorg
i n come statement for 2013
– Moshe Milevsky (Schulich School of Business, York University): Longevity
risk and the option to annuitize: Historical evidence from the tontine of
king William in 1693
– Juan Carlos Rodriquez (TiU): Managing conversion risk in defined
contribution plans
– Mariacristina De Nardi (University College London), Eric French (Federal
Reserve Bank of Chicago), John Jones (SUNY University at Albany): Medicaid
insurance in old age
Research Grants
Total Grant Amount
(Amounts in € 1,000)
Granted in 2011
70
Granted in 2012
49
Granted in 2013
66
185
21
– Aureo de Paula (University College London), Bo Honore (Princeton
2011
21
21
Payments
2012 2013
49
15
21
20
64
41
Difference
2014
13
46
59
-
Granted in 2013
– Johannes Binswanger (TiU), Adriaan Kalwij (UU), Arthur van Soest (TiU):
Time use and well-being before and after retirement: Collecting DRM data
in the Netherlands
University): Joint retirement in Europe
– Elena Stancanelli (Paris School of Economics): Retiring together or apart
and spousal happiness outcomes
Research Master’s Grants
In 2013 it is no longer possible to apply for a scholarship.
Total Grant Amount
(Amounts in € 1,000)
Granted in 2011
6
Granted in 2012
6
12
Payments
2011 2012 2013
1
5
1
5
1
6
5
– Timm Böhnke (Freie Universität Berlin), Daniel Kemptner (German
Institute for Economic Research Berlin), Holger Lüthen (Institute of Public
Knowledge Development - Data
Finance and Social Policy, Freie Universität Berlin): The introduction of
In the Projects started from 2011 costs for data are included in the project
disincentives for early retirement and its effect on labor market
budget. This item pertains to incidental costs for data.
participation
– Hans-Martin von Gaudecker (University of Bonn), Benjamin Enke
Knowledge Sharing – Events
(University of Bonn): Subjective beliefs and individual risk preferences in
This item pertains to costs for the large number of academic and industry-
a structural model of portfolio choice
oriented events presented on topical issues. In 2013 two International
– Michael Haliassos (Goethe University Frankfurt), Thomas Jansson (Sveriges
Riskbank), Yigitcan Karabulut (Goethe University Frankfurt): Culture and
Pension Workshop were held: at Amsterdam and Frankfurt. A list of events
held in 2013 can be found in Appendices F and G.
household financial behavior
– Robert Kosowksi (Imperial College London), Gonçalo Faria (CEF, UP,
Knowledge Sharing – Publications
University of Porto): The correlation risk premium: Term structure and
This item pertains to costs for the Editorial Board of Netspar and costs for
hedging
editing and printing publications.
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fi nan cial report
Knowledge Sharing – Expertise Center
This item pertains to personnel costs (Netspar staff and student assistants)
for expertise provided to partners by Netspar. The increase of personnel costs
is mainly attributable to a correction in the compensation to Tilburg
University for Bovenberg and Nijman.
Knowledge Sharing – Education
This item includes expenditures related to the EFA scholarships, Thesis
Awards, the new Netspar Tracks at Tilburg University, a summer school at
Venice University, as well as the execution of the executive education
program for professionals working in the pension sector at the NetsparTiasNimbas academy. Netspar partners each receive 3 full series of 4 master
classes for free. The higher expenditures on the new executive education
program in 2012 included the development costs.
Governance & Overhead
This item concerns expenditure related to the Board of Directors, costs for
personnel of the Netspar staff which can’t be assigned to specific network,
knowledge development or knowledge sharing activities, as well as to
operating costs, and overhead paid to Tilburg University for housing and
other facilities. The higher personnel costs for the Board of Directors and
Staff on New Netspar relate to the lower personnel costs on these items for
Old Netspar. The total on these items for Old and New decreases.
Transitory revenues
In 2013 the income (k€ 4.216) exceeded the expenses (k€ 4.060) with k€ 156.
Based on the agreement with Tilburg University an addition of k€ 156 has
been made to the liquidation reserve.
i n come statement for 2013
22
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balan ce sheet
23
balance sheet netspar 31 december 2013
Current assets
Partner Contracts from 2011
NWO Subsidy
SHARE
MOPACT
Tilburg University Subsidy
SZW Subsidy
Institute Gak Subsidy
Pension Fund UWV
Equity
Liquidation Reserve
General Reserve Projects
Provision Recreational Leave
Provision Vacation Accruals
Budget 2014 not yet committed
Budget 2015 and further not yet committed
887.500
375.000
319.000
148.000
600.000
1.775.000
1.096.917
50.000
282.000
190.619
5.549
19.917
318.617
3.505.619
4.322.321
5.251.417
Other Receivables
1.050.752
Cash
In cash
3.978.467
Long-term liabilities
Ongoing Theme Projects
Large and Medium Vision Projects
Topicaliy Projects
Small Vision Projects
Senior Faculty
Junior Faculty
PhD’s
Personnel Costs
Data
Panel and NEA papers
Management & Coordination
Operation Costs & Miscellaneous
Addition Liquidation Reserve
1.018.549
2.076.773
80.000
349.660
32.693
82.566
877.414
202.000
18.000
43.044
694.087
5.474.786
Short term debt
January and June Pension Workshops
EFA Scholarships
Research Master’s Grants
Research Grants
TiasNimbas Executive Education
Other Debts
220.000
45.500
175.000
43.029
483.529
10.280.636
10.280.636
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notes to balance sheet
balan ce sheet
24
Retirement in Europe). As per December 31, 2013 an amount of k€ 319 can still
be expected for activities regarding SHARE.
Assets
Current assets
Partner Contracts from 2011
In 2011, the following partners agreed to fund Netspar for four more years:
–Achmea
–Aegon
– APG Groep NV
– ASR Pensioenen
– Autoriteit Financiële Markten
–Cardano
– De Nederlandsche Bank
– Nationale Nederlanden
– Ortec Finance
–PGGM
–Robeco
–SVB
As per December 31, 2013 an amount of k€ 887.5 can still be expected for
partner contributions in 2014.
NWO Subsidy
The Netherlands Organization for Scientific Research agreed in 2012 to fund
Netspar an amount of € 1.5 million to be spent over 3 years starting from
2013. As per December 31, 2013 an amount of k€ 375 can still be expected for
projects granted in 2013.
SHARE
In 2012 a total amount of k€ 869 was awarded by NWO and the Ministry of
OCW for executing the fifth wave of SHARE (Survey of Health, Ageing and
MOPACT
An amount of k€ 220 was awarded by the European Union for MOPACT
(Mobilising the Potential of Active Ageing in Europe). As per December 31,
2013 an amount of K€ 148 can still be expected.
Tilburg University Subsidy
In 2011, the Board of Directors of Tilburg University designated Netspar as
“Center of Excellence.” As part of that status, it is granting Netspar an
amount of € 1 million to be spent over five years. As per December 31, 2013
an amount of k€ 600 can still be expected.
SZW Subsidy
The Dutch Ministry of Social Affairs and Employment, representing a
consortium of four Dutch ministries, granted Netspar the amount of
€ 1 million a year, for four years. In 2012 k€ 857 was received and in 2013
k€ 1.368. Therefore k€ 1.775 is still to be received.
Instituut Gak Subsidy
In 2013 Instituut Gak decided to finance two part time chairs in pensions for
five years, as well as PhD- and Postdoc positions for four years.
Other Receivables
This item pertains to interest and other types of income to be received.
Due to a delayed facturing of the partner contributions an amount of
approximately k€ 800 is to be received in 2014.
Cash
In Cash
This is the bank balance as of December 31, 2013.
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balan ce sheet
25
Equity
Long-term liabilities
Liquidation Reserve
Ongoing Theme Projects
Due to an agreement with Tilburg University, Netspar builds up reserves for
This item concerns the Theme Projects that were granted before 2011, which
possible future personnel claims in the event Netspar is liquidated.
will not be finished by the end of 2014. Project that will finish by the end of
2014 are mentioned under the heading “Other Debts”.
General Reserve Projects
This item pertains to reservations made for a member of the staff who
Large and Medium Vision Projects
coordinated the SHARE-activities. The concerning staff member retires in
This item pertains to the payments that still have to be made for Large and
September 2015 and is on a paid leave. The reservation is funded form
Medium Vision Projects, which were granted in 2012 (five projects for a total
results of SHARE-activities as well as earlier contributions of Tilburg
of € 1.5 million, payments started in 2013) and 2013 (three projects for a total
University.
of k€ 750, payments start in 2014).
Provision Recreational Leave
Topicality Projects
Provision Vacation Accruals
In 2013, five topicality projects were granted. This item concerns the
Since Netspar is independent from 2012 these Provisions have to be legally
payments that still have to be made for topicality projects granted in 2012
formed.
(one) and in 2013 (five).
Budget 2014 not yet committed
Small Vision Projects
This item pertains to the costs that are not yet committed for the year 2014.
In 2013, four small vision projects were granted. This item pertains to the
The amounts already committed to for 2014 like personnel costs, projects
payments owed over the next few years for projects granted in 2011 (six, one
and other items are included in the Long Term Liabilities and the Short Term
stopped), 2012 (one) and 2013 (four).
Debt.
Senior Faculty
Budget 2015 and further not yet committed
Junior Faculty
The ‘Budget for 2015 and further not yet committed’ is indicative and based
PhD’s
on contracts running through April 1, 2015. The amounts already committed
Funding of individual positions is being phased out as a tool in the Netspar
to for 2015 and further like personnel costs and projects are included in the
portfolio and will gradually be replaced by project-based funding only.
Long Term Liabilities and the Short Term Debt.
These are the payments for the existing positions.
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Personnel Costs
balan ce sheet
26
Short-term debt
These are the personnel costs for Netspar staff for 2014 and Q1-2015, which
are not directly related to projects granted before 2011. Due to the fact that
January and June 2014 Pension Workshops
new commitments from partners and government as from 2015 still have to
This item pertains to projected expenditure for the Pension Workshops in
be realized, out of prudence a liquidation scenario 2015-2019 was prepared.
January 2014 in Amsterdam and in June 2014 in Venice.
In this scenario, personnel are reduced tot 25% as from 2015 Q2. For the
remaining activities in 2015-2019 an amount of k€ 900 was budgeted, which
EFA Scholarships
is part of ‘Budget 2015 and further not yet committed’.
This item pertains to projected expenditure for EFA students who received
scholarships in 2012.
Data
This item pertains to future expenditure that will be needed to buy data for
Research Master’s Grants
use in Netspar projects granted before 2011. As of 2012 the costs for data are
This item pertains to projected expenditure for research master’s students
included in the project budget.
under grants awarded in 2012
Panel and NEA Papers
Research Grants
This item pertains to expenditure related to papers emanating from ongoing
This item pertains to projected expenditure for research grants awarded in
projects that were granted before 2011. As of 2012 the compensation for Panel
2012 and 2013.
and Nea papers are included in the project budget.
TiasNimbas Executive Education
Management & Coordination
These are the costs for the executive education in 2014 for which TiasNimbas
Operation Costs & Miscellaneous
was contracted in 2011. The contract will end in 2014.
These are personnel costs for the Netspar Board of Directors, for the Netspar
staff and operation costs related to projects granted before 2011.
Other Debts
This item pertains to projected expenditure on Theme Projects that do finish
Addition Liquidation Reserve
This item pertains to the reserves still to be made for liquidation reserves, as
agreed upon with Tilburg University.
before 2014.
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balan ce sheet
27
In-kind/Matching
In 2013, a substantial portion of Netspar’s expenditure was matched by
either our partners or by universities, as shown in the charts below.
Income - In Kind (amounts in € 1,000)
First money stream
Tilburg University
Other universities
Total first money stream
Third money stream
Private Partners
Public Institutions
Total third money stream
In kind 2012
In kind 2013
751
1.480
2.231
568
1.283
1.851
242
15
257
200
15
215
Total Income
2.488
2.066
Expenses - In Kind (amounts in € 1,000)
Old Netspar
Projects & Grants
Themes
Senior & Junior Faculty
Total Projects & Grants
Knowledge Sharing
Public Events
Total Knowledge Sharing
Education
Academic and Executive education
Total Education
Other
Scientific Directors & Coordination
Total Other
In kind 2012
In kind 2013
1.465
102
1.567
646
82
728
0
0
0
0
0
0
0
0
61
61
25
25
1.629
753
Total Old Netspar
Expenses - In Kind (amounts in € 1,000)
New Netspar
Network Development general
Networkdevelopment general
Total Network Development general
Knowledge Development - Project Grants
Pesonnel costs
Small vision projects
Topicality projects
Large Vision projects
Total Knowledge Development - Project Grants
Knowledge Sharing - Events
Events
Total Knowledge Sharing - Events
Knowledge Sharing - Publications
Personnel costs
Total Knowledge Sharing - Publications
Knowledge Sharing- Education
Personnel costs
National Executive
Total Knowledge Sharing - Education
Governance & overhead
Personnel costs Board of Directors
Other costs
Total governance & overhead
Total New Netspar
Total Expenses (Old + New)
In kind 2012
In kind 2013
5
5
1
1
125
173
214
0
511
32
341
190
524
1.087
93
93
85
85
28
28
18
18
37
34
71
8
0
8
122
29
152
100
15
115
859
1.314
2.488
2.066
ne tspar ann ual re po rt 2 0 13
fi nan cial report
appendix i. grants, awarded before 2013
This Appendix resumes all the grants awarded before 2013.
appen dix i . grants awarded befo re 2013
28
– Benedict Dellaert (EUR): Supporting Consumer Pension Decision-making
Online
1. Themes
Granted in 2010
Granted in 2006
– Thomas Dohmen and Andries de Grip (UM): Human Capital and Aging
– Maarten Lindeboom (VU) and Eddy van Doorslaer (VU): Income, Health
– Casper van Ewijk (CPB): Multi-pillar Pension Schemes and Macroeconomic
and Work across the Life Cycle
– Peter Schotman (UM): Private Retirement Provision
– Antoon Pelsser (UvA): Valuation and Risk Management for Insurance
Companies and Pension Funds
Performance
– Andrew Ang (Columbia Business School): Portfolio Strategies: Aspects of
Long Horizon, Illiquidity, and Long-run Tail Risk
– Rob Alessie (RUG) and Adriaan Kalwij (Utrecht School of Economics):
Pensions, Savings, and Retirement Decisions II
Granted in 2007
– Johan Mackenbach (EUR): Living Longer in Good Health: Prospects,
– Johan Mackenbach (Erasmus MC): Rising Life Expectancy: Causes and
Consequences in the Netherlands
Strategies, Consequences
– Casper van Ewijk (CPB): The Macroeconomics of Pension Reform
2. PhD postions
– Arthur van Soest and Rob Alessie (TiU): Pensions, Savings and Retirement
Granted in 2005
Decisions
– Zhen Shi: Three Essays in Pension Finance
– Karen van der Wiel: Essays on Expectations, Power, and Social Security
Granted in 2009
– Peter Schotman (UM): Balance Sheet Management of Pension Funds and
Insurance Companies
– Annamaria Lusardi (Dartmouth College): Financial Literacy: Evidence and
Implications for Retirement Planning, Saving Behavior, and Financial
Education Programs
Granted in 2006
– David Vonka (stopped in 2010)
– Oliver Weidenmuller: Performance and Money Flows in the Hedge Fund
Industry
– Marike Knoef: Well-being of the Elderly
– Eddy van Doorslaer (EUR) and Maarten Lindeboom (VU): Health and
Income, Work and Care across the Life Cycle II
– Michel Vellekoop (UvA): Reconciling Short-term Risks and Long-term
Goals for Retirement Provisions
– Peter Kooreman (TiU) and Jan Potters (TiU): Economics and Psychology of
Life Cycle Decision-making
– Laura Spierdijk (RUG): Influence of Market Imperfections on Recovery
Strategies for Pension Funds
Granted in 2007
– Jinqiang Guo: Quantitative Investment Strategies and Portfolio
Management
– Patrick Hullegie: Essays on Health Economics (provisional)
– Jochen Mierau: Macroeconomics of Pensions and Aging
– Nathanaël Vellekoop: Framing and Frequency Effects
ne tspar ann ual re po rt 2 0 13
fi nan cial report
Granted in 2008
– Salvatore Stefannelli (discontinued in 2010)
appen dix i . grants awarded befo re 2013
29
– Magnus Dahlquist and Jose Vicente Martinez: Investor Inattention: The
Hidden Cost of Choice in Pension Funds
David Hollanders: The Effect of Aging on Pension Funds
– Annette Bergemann and Erik Grönqvist: The Effects of Job Displacement on
Granted in 2009
– Ralph Koijen, Stijn van Nieuwerburgh, and Motohiro Yogo: Optimal Health
the Onset and Progression of Diabetes
– Korhan Nazliben: Strategic Asset Allocation
and Longevity Insurance
Granted in 2010
Granted in 2009
– Noelia Bernal: Generational Accounting Model
– Hans Fehr: Fertility, Female Labor Supply, and Family Policy
– Tim Boonen: The Modeling of Strategic Interactions between Stakeholders
– Joachim Inkmann and Alexander Michaelides: Bequest Motives and
in Pension Funds or Insurance Companies
– Marc de Graaf: The Elderly Home Equity Puzzle: Explained by Demand for
Long-term Care?
– Jacqueline van Leeuwen: Pensioenfondsen en prudentie bij beleggingen
– Alexander de Roode: The Term Structure of Real Interest Rates
Portfolio Choice
– Pierre Pestieau and Uri Possen: The Effect of Retirement of the Shifting
from Defined Benefit to Defined Contribution Pensions
– Francesco Franzoni, Eric Nowak, and Ludovic Phalippou: Private Equity
and Liquidity Risk
– Paola Profeta and Vincenzo Galasso: Family Ties and the Design of Pension
Granted in 2011
– Zorka Simon: The Real Bond – Nominal Bond Arbitrage: Evidence from G7
Countries
Systems and Reforms
– Tomi Kyrrä: Substitution between Early Retirement Schemes: Lessons from
Finnish Pension Reforms
– Dean Karlan, Sendhil Mullainathan, Jonathan Zinman, and Margaret
3. Research Grants
Granted in 2006
– Dimitrios Christelis and Guglielmo Weber: Expected Bequests and Wealth
of Elderly Households
McConnell: Psychology of Savings: Evaluations of Innovative Savings
Products
– Hippolyte d’Albis and Johanna Etner: Deferred Annuities
– Sebastian Buhai and Hans-Martin von Gaudecker: Business Cycles and the
Age Structure of Labor Adjustments: Structural Framework and Empirical
Granted in 2008
Assessment
– Astrid Hopfensitz and Tanja Wranik: Increasing Confidence and Combating
Overconfidence: Personality and Contextual Influencing Financial Risk-
Granted in 2010
taking
– Alessandro Beber, Michael W. Brandt, and Mathijs Cosemans: Institutional
– Roger Laeven, Bruno Niais, and Enrico Perotti: Optimal Capital Structure
for Insurance Companies and Pension Funds
– Ting Zhang and Tong Yu: Testing Moral Hazard and Tax Benefit Hypotheses:
Evidence from Pension Plan Contribution and Asset Allocation
Ownership Composition, Asset Liquidity, and Related Implications for the
Optimal Investment Policy of Long-Term Investors
– Scott Cederburg, Doron Avramov, and Jun Tu: Long-run Risk: Implications
for Asset Allocation
ne tspar ann ual re po rt 2 0 13
fi nan cial report
– Tunga Kantarci, Ingrid Smeets, and Arthur van Soest: Implications of Early,
appen dix i . grants awarded befo re 2013
30
– Bastian Ravesteijn, Eddy Van Doorslaer, and Hans Van Kippersluis:
Partial, and Late Retirement for Replacement Rates in a Defined Benefit
Occupational Choice and Health: Which Jobs Offer Better Health Prospects
System
for a Long Career?
– Alexander Ludwig, Max Groneck, and Alexander Zimper: On the Role of
Biased Survival Beliefs in a Structural Life Cycle Model
– Hanna van Solinge: Explaining Transitions into Self-Employment after
(Early) Retirement
– Giovanni Mastrobuoni and Filippo Taddei: The Age Profile of Earnings,
Productivity, and Social Security: Theory and Evidence from European
Granted in 2012
Countries
– Viola Angelini, Alessandro Bucciol, Matthew Wakefield and Guglielmo
– Raimond Maurer: Private Equity and Liquidity Risk: The Impact of
Uninsurable Labor Income Risk on Optimal Work Effort, Retirement
Behavior, and Portfolio Choice over the Life Cycle
– Thomas Maurer: Asset Pricing Implications of Demographic Change
– Eduard Ponds and Juan Yermo: Funding Risks in Public Sector Workers
– Veronika Pool, Clemens Sialm, and Irina Stefanescu: The Real Cost of
Employer-Sponsored Retirement Accounts: Evidence from the Company
Choice of Mutual Funds
– Vallapuzha V. Sandhya and Vikas Agarwal: In-depth Analysis of Target
Weber: Temptation and Housing in Later Life
– Eleanor Davies and Natalie Sappleton: The Role of Line Managers in
Shaping Alternative Retirement Exits
– Charles Gottlieb, Guiso Luigi and Andreas Fagereng: Asset Market
Participation and Portfolio Choice over Life-cycle
– Ludovic Phalippou and Mark Westerfield: Commitment Risk
– Amelie Wuppermann, Sebastian Bauhoff and Markus Grabka: The Price
Sensitivity of Health Plan Choice among Retirees: Evidence from Natural
Experiments in the German Social Health Insurance
Date Funds
4. Visitor Grants
Granted in 2011
Granted in 2008 and 2009
– Söhnke Bartram: Post-Retirement Benefit Plans, Leverage, and Real
– Norma Coe
Investment
– Tullio Jappelli, Dimitris Christelis, and Dimitris Georgarakos: Wealth Stocks,
– Courtney van Houtven
– Michele Belloni
Consumption, and Asset Allocation of Older Households
– Petra De Jong, Jan Rouwendal, Pascal Van Hattum, and Aleid Brouwer:
Granted in 2010
Housing Preferences of an Aging Population: Insight into the Diversity
– Douglas Hershey
Among Senior Citizens
– Annamaria Lusardi
– Orly Lobel and On Amir: Risk Management for the Future: Judgment,
Decision Making, and Choice Architecture
– Kim Peijnenburg, Olivia Mitchell, Stephen Dimmock, and Roy Kouwenberg:
Uncertainty Attitudes and Savings of the Elderly
– Marjan Maes: Micro-Econometric Estimation of the Labor Supply,
Budgetary and Distributional Impact of the Earnings Test in the Old-Age
Pension Scheme: The Case of Belgium
Granted in 2011
– Miao Nie
– Mo Wang
ne tspar ann ual re po rt 2 0 13
fi nan cial report
appen dix i . grants awarded befo re 2013
5. Research Master’s Grants
6. Small Vision Projects
Granted in 2008
Granted in 2011
– Jing Li: An Investigation of the Multi-Prior Approach and an Extension of It
– Niels Vermeer (TiU): Non-Financial Determinants of the Individual
– Korhan Nazliben: Strategic Portfolio Allocation under Risk Constraints
– Rasa Stasiukynaite: The Effect of Background Mood and Pre-existing Risk
on Risk and Time Preference
– Ma Kebn
– Georgios Petropoulos: Product Market under Uncertainty with Dynamic
Strategic Interactions
– Zeynep Burcu: The Determinants of Fertility
31
Retirement Age
– Yang Zhou (TiU): Guarantees in Pension Plans
– Sjoerd Timmermans (TiU): Pension Plan Design: Individual Solutions and
Collective Improvements
– Jordana Liberali (EUR): Designing Risk Profile Questions that Help
Consumers to Better Understand Pension Risks
– Louise Nell (UU): Choosing Better with Comprehensible Pension Overviews
– Ivor Witte (VU): Supervision Rules: Contribution to or Prevention of Better
Granted in 2009
Pension Protection
– Ying Yang: The Healthy Life Expectancy According to Different Cohorts and
Ages
Granted in 2012
– Siyi Zhu: Safety First Approach in a Life Cycle Model
– Job Krijnen (TiU): Procrastinating Pension Planning
– Miao Nie: Optimal Investment Policy for Pension Funds with Transaction
– Nick van der Sande (APG): A Comparison of Pension Systems in the
Costs: The Finite Horizon Case
Netherlands and Australia
Granted in 2010
7. Topicality projects
– Vesile Kutlu (TiU): Essays on Subjective Well-Being and Early Retirement
Granted in 2011
– Siqi Pan (TiU): Pensions, Redistribution, and Intergenerational Fairness
– Elisabeth Brüggen (UM), Ingrid Rohde (UM), and Mijke van den Broeke
under Income Uncertainty: An Experimental Study
(AEGON): Verschillende mensen, verschillende keuzes: de invloed van
communicatie op de pensioenskeuze Granted in 2011
– Ang Ling Ying Dyonisius: When Are We Predictably Irrational? Limited
Resource Model and Risk Preferences
– Chi Chen: The Retirement Patterns and Retirement Expectations between
Ethnic Dutch and Immigrants
– Anja De Waegenaere (UvT), Bertrand Melenberg (UvT), Tim Boonen
(UvT), and Alexander Paulis (APG): Het koppelen van de pensioenleeftijd
aan ontwikkelingen in de levensverwachting
– Didier Fouarge (UM), Andries de Grip (UM), and Raymond Montizaan (UM):
Hoe gevoelig is de uittredeleeftijd voor veranderingen in het
pensioenstelsel? Granted in 2012
– Lei Shu: Intergenerational Transfers and Retirement Decision in Rural
China
– Zhiyu Yu: Labor Supply Preferences around the Retirement for the US
Households
– Frank de Jong (UvT) and Peter Schotman (UM): De inschatting van de reële
pensioenrisico’s per deelnemer en het analyseren van consistentie in
ambitie, financiering en resultaat van een Pensioenfonds ne tspar ann ual re po rt 2 0 13
fi nan cial report
– Ralph Koijen (Chicago), Jules van Binsbergen (Kellogg), Dirk Broeders
appen dix i . grants awarded befo re 2013
32
8. Large and Medium Vision Projects
(DNB), Joris van Dijk (MinFin), and Myrthe de Jong (MinFin):
Granted in 2012
Mogelijkheden om keuzevrijheid vorm te geven met behoud van
– Benedict Dellaert (EUR): Interactive Pension Communication and Decision
solidariteit en collectiviteit – Marike Knoef (RUL), Adriaan Kalwij (UU), Rob Alessie (RUG), Koen
Camenida (RUL), and Kees Goudswaard (RUL): Pension Reforms and the
Financial Well-Being of Dutch Elderly Households
– Giovanna Nicodano (CeRP), Kees de Vaan (Achmea), Daniele Fano (Tor
Vergata University), and Herialt Mens (Achmea): A Reporting Standard for
Defined Contribution Pension Plans
– Antoon Pelsser (UM) and Niels Kortleve (PGGM): Europees Toezicht op
Pensioenfondsen
– Eduard Ponds (UvT), Roel Mehlkopf (CPB), Dick Boeijen (PGGM), Mark
Brusse (PGGM), Pascal Jansen (PGGM), Jiajia Cui (UvA), and Zina Lekniute
(APG): Leeftijddifferentiatie – Bas Werker (UvT) and Theo Nijman (UvT): Implicaties van de keuze van de
disconteringsvoet in het concept StAR contract
Granted in 2012
– Dirk Brounen (TiU) and Ronald Mahieu (TiU): Sustainable Housing Finance:
Going Dutch
– René Maatman (RU), Bas de Jong (RU) and Leonard Verburg (RU):
Juridische vormgeving van het nieuwe pensioencontract
– Bas Werker (TiU) and Theo Nijman (TiU): Uitwerken van voorstellen voor
FTK2
– Jan-Willem Wijckmans (PGGM), Erwin Fransen (PGGM), Niels Kortleve
(PGGM), Hans Staring (PGGM) and Hans Schumacher (TiU): The Feasability
and use of a Harmonised Technical Framework for Prudential Pension
Supervision
– Alfred Slager (TiU) and Kees Koedijk (TiU): Van droom naar daad: hoe
innovaties in wonen, arbeid, pensioen en kennis een zet in de juiste
richting te geven
– Arthur van Soest (TiU) and Charlotte Kuiper (AFM): Hoe moet het nieuwe
UPO eruit zien
Making
– Mauro Mastrogiacomo (VU A): A Second and a Half Pillar for the SelfEmployed?
– Bas Werker (TiU): Robust Models for Supervision of Pension Funds and
Insurance Companies
– Michel Vellekoop (UvA): Risk Management in Funded Pension Systems
ne tspar ann ual re po rt 2 0 13
fi nan cial report
appendix ii. auditor’s report
This is a translation of the Dutch Auditor’s Report
as included on the right side of this page
We have audited the draft version of the Netspar annual accounts for the
2013 calendar year pursuant to your request. The audit covered the profit
and loss account for 2013, as well as the ‘in cash’ and ‘liquidation reserve’
items on the balance sheet as of 31 December 2013.
We ascertained that in 2013 the university accounts showed:
– € 4,215,803 in income and
– € 4,059,803 in expenditure.
Included in the income is an amount of € 144,826 that was deducted from
the balance of amounts received in advance. The remainder of the results,
totalling € 156,000, has been added to the reserve formed in 2012 for any
expenses that might be incurred in the event that Netspar is liquidated. The
balance in this reserve at year-end 2013 was € 282,000, and the reserve was
also included on the balance sheet as of 31 December 2013.
The balance of the amounts received in advance as of 31 December 2013 was
€ 4,800,615. On the balance sheet € 822,146 of this is listed under ‘other
receivables’, leaving an amount of € 3,978,467 to be posted under the ‘cash’
balance sheet item.
This information corresponds with the amounts listed in the draft version of
the Netspar annual accounts. We hope that our services have proved
helpful.
Your sincerely,
appen dix i i . auditor’s repo rt
appendix ii. accountantsverklaring internal audit
33
annual report / jaarverslag
Appendices
ne tspar ann ual re po rt 2 0 13
appendix
a. organ izati on chart
appendix a. organization chart
netspar foundation
tilburg university
agreement
Foundation Board
Executive Board of TiU
member Executive Board =
member Supervisory Board
Supervisory Board
approves budget plan
Board
Netspar Foundation
same director
Netspar Center
35
ne tspar ann ual re po rt 2 0 13
appendix
b. n etspar partn er o rganizatio ns
36
appendix b. netspar partner organizations
industry partners
industry member
scientific partners
government partners
Achmea
ActuIT
Erasmus University Rotterdam
Autoriteit Financiële Markten
AEGON
Leiden University
De Nederlandsche Bank
APG
Maastricht University
Sociale Verzekeringsbank
a.s.r.
Radboud University
Cardano
Tilburg University
Nationale-Nederlanden
University of Amsterdam
Ortec Finance
University of Groningen
PGGM
University of Twente
Robeco
Utrecht University
VU University Amsterdam
ne tspar ann ual re po rt 2 0 13
appendix
c. parti ci pati ng researchers
appendix c. participating researchers
fellows dutch affiliation (124)
Doorslaer, E.K.A. van (Eddy)
EUR
Adema, Y. (Yvonne)
EUR
Draper, D.A.G. (Nick)
CPB
Alessie, R.J.M. (Rob)
RUG
Driessen, J.J.A.G. (Joost)
TiU
Angelini, V. (Viola)
RUG
Dupuy, A. (Arnaud)
CEPS/INSTEAD
Baal, P.H.M. van (Pieter)
RSM
Erp, F.A.M. van (Frank)
CPB
Baele, L. (Lieven)
TiU
Euwals, R.W. (Rob)
CPB
Bago d’Uva, T.M. (Teresa)
EUR
Ewijk, C. van (Casper)
UvA
Bauer, R. (Rob)
UM
Fouarge, D. (Didier)
UM
Beetsma, R.M.W.J. (Roel)
UvA
Frehen, R. (Rik)
TiU
Bikker, J. (Jaap)
DNB
Garcia Gomez, P. (Pilar)
EUR
Binswanger, J. (Johannes)
TiU
Gastel, L. van (Leendert)
UvA
Bloemen, H.G. (Hans)
VU A
Gerhard, P. (Patrick)
UM
Boele-Woelki, K. (Katharina)
Molengraaff Instituut voor Privaatrecht
Gielen, A.C. (Anne)
EUR
Bolhaar, J.A. (Jonneke)
VU A
Giesen, I. (Ivo)
Molengraaff Instituut voor Privaatrecht
Bonsang, E. (Eric)
UM
Goorbergh, R.W.J. van den (Rob)
APG
Borghouts, I. (Irmgard)
TiU
Gradus, R.H.J.M. (Raymond)
Wetenschappelijk Instituut voor het CDA
Bouwknegt, P. (Pieter)
Nationale-Nederlanden
Grip, A. de (Andries)
UM
Bovenberg, A.L. (Lans)
TiU
Groezen, B.J.A.M. van (Bas)
TiU
Broer, D.P. (Peter)
CPB
Heeringa, W. (Willem)
DNB
Brounen, D. (Dirk)
TiU
Heijdra, B.J. (Ben)
RUG
Brouwer, W.B.F. (Werner)
RSM
Henkens, C.J.I.M. (Kène)
NIDI
Brüggen, E. (Elisabeth)
UM
Hochguertel, S. (Stefan)
VU A
Cao, E. de (Elisabetta)
RUG
Hoffmann, A. (Arvid)
UM
Cörvers, F. (Frank)
UM
Jacobs, B. (Bas)
EUR
Cui, J.J. (Jia Jia)
UvA
Jong, F.C.J.M. de (Frank)
TiU
Dalton, P. (Patricio)
TiU
Kalwij, A. (Adriaan)
UU
Dellaert, B.G.C. (Benedict)
EUR
Kantarci, T. (Tunga)
RUN
Delsen, L.W.M. (Lei)
RUN
Keren, G.B. (Gideon)
TiU
Donkers, B. (Bas)
EUR
Kippersluis, J.L.W. van (Hans)
EUR
37
ne tspar ann ual re po rt 2 0 13
appendix
c. parti ci pati ng researchers
Klaauw, B. van der (Bas)
VU A
Roode, F.A. de (Alexander)
TiU
Klein, T.J. (Tobias)
TiU
Rooij, M.C.J. van (Maarten)
DNB
Knaap, T. (Thijs)
APG
Roon, F.A. de (Frans)
TiU
Koopmanschap, M. (Marc)
EUR
Roorda, B. (Berend)
UTwente
Kooreman, P. (Peter)
TiU
Rouwendal, J. (Jan)
VU A
Kortleve, N. (Niels)
PGGM
Salm, M. (Martin)
TiU
Lentz, L. (Leo)
UU
Schenk, H. (Hans)
UU
Lever, M. (Marcel)
CPB
Schotman, P.C. (Peter)
UM
Lindeboom, M. (Maarten)
VU A
Schumacher, J.M. (Hans)
TiU
Lourenço, C.J.S. (Carlos)
RSM
Schut, F.T. (Erik)
EUR
Lutjens, E. (Erik)
VU A
Sender, S. (Samuel)
TiU
Maatman, R.H. (René)
RUN
Soest, A.H.O. van (Arthur)
TiU
Mackenbach, J.P. (Johan)
Erasmus MC
Solinge, H. van (Hanna)
NIDI
Mahieu, R. (Ronald)
TiU
Spierdijk, L. (Laura)
RUG
Mastrogiacomo, M. (Mauro)
DNB
Stadje, M. (Mitja)
TiU
Meijdam, A.C. (Lex)
TiU
Teppa, F. (Federica)
DNB
Melenberg, B. (Bertrand)
TiU
Teulings, C.N. (Coen)
UvA
Nibbelink, A. (André)
CPB
Trautmann, S. (Stefan)
TiU
Nijman, Th.E. (Theo)
TiU
Turlings, M. (Marc)
Achmea
Norde, H. (Henk)
TiU
Vellekoop, M.H. (Michel)
UvA
Nusselder, W. (Wilma)
Erasmus MC
Verbeek, M.J.C.M. (Marno)
EUR
O’Donnell, O. (Owen)
EUR
Vermeulen, F. (Frederic)
Katholieke Universiteit Leuven
Ourti, T. van (Tom)
EUR
Vlaar, P. (Peter)
APG
Pelsser, A.A.J. (Antoon)
UM
Vuuren, D.J. van (Daniel)
CPB
Polder, J. (Johan)
TiU
Waegenaere, A.M.B. De (Anja)
TiU
Ponds, E.H.M. (Eduard)
APG
Werker, B.J.M. (Bas)
TiU
Post, T. (Thomas)
UM
Westerhout, E. (Ed)
CPB
Potters, J.J.M. (Jan)
TiU
Wiel, K. van der (Karen)
CPB
Prast, H.M. (Henriëtte)
TiU
Wijckmans, J.W. (Jan-Willem)
ABN AMRO Bank N.V.
Raaij, W.F. van (Fred)
TiU
Wijnbergen, S.J.G. van (Sweder)
UvA
Riedl, A.M. (Arno)
UM
Wilthagen, C.J.M. (Ton)
TiU
Rodriguez, J.C. (Juan Carlos)
TiU
Zeelenberg, M. (Marcel)
TiU
Romp, W. (Ward)
UvA
Zweerink, J. (Jochem)
VU A
38
ne tspar ann ual re po rt 2 0 13
appendix
c. parti ci pati ng researchers
junior fellows dutch affiliation (71)
Kutlu, V. (Vesile)
UU
Bakx, P. (Pieter)
EUR
Lammers, M. (Marloes)
SEO Economisch Onderzoek
Bao, H. (Hailong)
TiU
Leeuwen, J.G.E. van (Jacqueline) UU
Berkum, F. van (Frank)
UvA
Li, Y. (Yue)
VU A
Bernal Lobato, N. (Noelia)
TiU
Liberali, (Jordana)
EUR
Bilsen, S. van (Servaas)
TiU
Majer, I.M. (Istvan Matyas)
Erasmus MC
Bogaard, L. van den (Levi)
UvA
Mehlkopf, R. (Roel)
TiU
Bonenkamp, J.P.M. (Jan)
CPB
Meijer, C. de (Claudine)
EUR
Boogaard, L. van den (Lexmy)
VU A
Mierau, J.O. (Jochen)
RUG
Boon, L. (Ling Ni)
Dauphine University
Nazliben, K. (Korhan)
TiU
Boon, L. (Ling Ni)
TiU
Nell, L. (Louise)
UU
Boonen, T.J. (Tim)
UvA
Nie, M. (Miao)
TiU
Calseyde, P.P.F.M. van de (Philippe) TiU
Ooijen, R. van (Raun)
RUG
Conen, W.S. (Wieteke)
UU
Perez Padilla, M. (Mitzi)
TiU
Dai, M. (Meimei)
EUR
Peters, F. (Frederik)
Erasmus MC
Damman, M. (Marleen)
NIDI
Rappange, D. (David)
Erasmus MC
Dillingh, R. (Rik)
TiU
Reijnders, L. (Laurie)
RUG
Diris, B. (Bart)
RSM
Sanders, L. (Lisanne)
SNS Reaal
Eberhardt, W. (Wiebke)
UM
Schie, R. van (Ron)
EUR
Erdogan - Ciftci, E. (Esen)
EUR
Scholte, R.S. (Robert)
VU A
Fytraki, A. (Agapi)
EUR
Shen, S. (Sally)
UM
Hollanders, D. (David)
UvA
Simon, Z. (Zorka)
TiU
Hullegie, P. (Patrick)
VU A
Stam, K. (Kirsten)
TiU
Ismayilov, (Huseyn)
TiU
Tausch, F. (Franziska)
UM
Joseph, A. (Agnes)
Achmea
Timmermans, S. (Sjoerd)
APG
Joseph, A. (Agnes)
UvA
Tsekouras, D. (Dimitrios)
EUR
Kabátek, J. (Jan)
TiU
Tuijp, P. (Patrick)
UvA
Karpinska, K. (Kasia)
NIDI
Tyagi, M. (Mukul)
UM
Klijs, B. (Bart)
UMC Groningen
Umar, Z. (Zaghum)
RUG
Knoef, M. (Marike)
UL
Vermeer, N. (Niels)
CPB
Koc, E. (Emre)
TiU
Vonka, D. (David)
TiU
Kort, J. de (Jan)
UvA
Vos, S.J. (Siert Jan)
UvA
Krijnen, J. (Job)
TiU
Wisniewska, A.M. (Anna)
UM
39
ne tspar ann ual re po rt 2 0 13
appendix
c. parti ci pati ng researchers
40
Witte, I. (Ivor)
VU A
Cremer, H. (Helmuth)
University of Toulouse
Wolferen, van (Job)
TiU
Dahlquist, M. (Magnus)
Stockholm Institute for Financial Research
Xing, R. (Ran)
TiU
d’Albis, H. (Hippolyte)
University of Paris
Yang, Y. (Ying)
TiU
Daysal Trandafir, N.M. (Meltem)
University of Southern Denmark
Zandberg, E. (Eelco)
RUG
Dohmen, T. (Thomas)
Universität Bonn
Zhou, Y. (Yang)
TiU
El Mekkaoui de Freitas, N. (Najat) Dauphine University
Ewijk, R.J.G. van (Reyn)
University Medical Centre Mainz
fellows non-dutch affiliation (89)
Fehr, H. (Hans)
University of Würzburg
Ang, A. (Andrew)
Columbia University
Findley, S. (Scott)
Utah State University
Attanasio, O. (Orazio)
University College London
Fornero, E. (Elsa)
University of Turin
Banks, J. (James)
University of Manchester
Gaudecker, H.M. von (Hans-Martin)Universität Bonn
Bekaert, G. (Geert)
Columbia University
Giofré, M. (Maela)
Collegio Carlo Alberto
Belloni, M. (Michele)
Collegio Carlo Alberto
Goldstein, D. (Daniel)
Microsoft Research
Blake, D. (David)
Cass Business School, City University
Gollier, C. (Christian)
Université de Toulouse
Blundell, R. (Richard)
University College London
Gomes, F.J. (Francisco)
London Business School
Bodie, Z. (Zvi)
Boston University School of Management
Groneck, M. (Max)
University of Cologne
Boeri, T. (Tito)
University of Bocconi
Haliassos, M. (Michael)
University of Frankfurt
Boons, M. (Martijn)
Nova School of Business
Häubl, G. (Gerald)
University of Alberta
Borella, M. (Margherita)
University of Turin
Houtven, C.A.H. van (Courtney)
Duke University
Börsch-Supan, A. (Axel)
University of Mannheim
Hurd, M.D. (Michael)
RAND
Brown, J. (Jeffrey)
University of Illinois
Inkmann, J. (Joachim)
University of Melbourne
Bucciol, A. (Alessandro)
University of Verona
Jappelli, T. (Tullio)
University of Naples Federico II
Bucher-Koenen, T. (Tabea)
Munich Center for the Economics of Aging
Jousten, A. (Alain)
Université de Liège
(MEA)
Kapteyn, A. (Arie)
University of Southern California
Bütler, M. (Monika)
University of st Gallen
Keuschnigg, C. (Christian)
University of st Gallen
Cairns, A.J.G. (Andrew)
Heriot-Watt University
Kleinow, T. (Torsten)
Heriot-Watt University
Carman, K. (Katherine)
RAND
Koijen, R.S.J. (Ralph)
London Business School
Cavapozzi, D. (Danilo)
University of Venice
Kotlikoff, L.J. (Laurence)
Boston University
Chen, A. (An)
ULM University
Krüger, D. (Dirk)
University of Pennsylvania
Cocco, J. (Joao)
London Business School
Lopes, P. (Paula)
London School of Economics
Coe, N.B. (Norma)
Boston College, Center for Retirement
Lopez Nicolas, A. (Angel)
Universidad Politecnica de Cartagena
Research
Low, H. (Hamish)
University of Cambridge
Collin-Dufresne, P. (Pierre)
Columbia University
Ludwig, A. (Alexander)
University of Cologne
ne tspar ann ual re po rt 2 0 13
appendix
c. parti ci pati ng researchers
Lumsdaine, R. (Robin Lynn)
Kogod School of Business
Wise, D. (David)
Harvard University
Lusardi, A. (Annamaria)
George Washington School of Business
Zeldes, S.P. (Stephen)
Columbia University
Luttmer, E. (Erizo)
Dartmouth College
Mastrobuoni, G. (Giovanni)
University of Essex
junior fellows non-dutch affiliation (27)
Meara, E. (Ellen)
Dartmouth Institute for Health Policy and
An, B. (Byeong-Je)
Columbia Business School
Clinical Practice
Avitabile, C. (Ciro)
University College London
Michaelides, A. (Alex)
Imperial College London
Ayala, A. (Andres)
Columbia Business School
Michaud, P.C. (Pierre Carl)
Université du Québec à Montréal
Bissonnette, L. (Luc)
University of Laval
Mitchell, O.S. (Olivia)
University of Pennsylvania
Brigden, N. (Neil)
University of Alberta
Monden, C.W.S. (Christiaan)
Oxford University
Chen, B. (Bingxu)
Columbia University
Monticone, C. (Chiara)
OECD
Crouzet, N. (Nicolas)
Columbia University
Nicodano, G. (Giovanna)
Collegio Carlo Alberto
Ermolov, A. (Andrey)
Columbia Business School
O’Donnell, O. (Owen)
University of Macedonia
Fedotenkov, I. (Igor)
University of Verona
Orszag, M. (Michael)
Towers Watson
Ferrara, G. (Gerardo)
Collegio Carlo Alberto
Pasini, G. (Giacomo)
Università Ca Foscari, Venezia
Gonzalez, J. (Juanita)
Columbia University
Pestieau, P. (Pierre)
University of Liège
Gorovyy, S. (Sergiy)
Columbia University
Rauh, J.D. (Joshua)
Stanford University
Hansen, C.W. (Casper)
University of Southern Denmark
Rohwedder, S. (Susann)
RAND
Hedegaard, E. (Esben)
W.P. Carey School of Business
Rossi, M. (Mariacristina)
University of Turin
Kettle, K.L. (Keri)
University of Alberta
Sengmuller, P.F. (Paul)
FMA International
Kiguel, A. (Andrea)
Columbia Business School
Sheshinski, E. (Eytan)
The Hebrew University of Jerusalem
Kindermann, F. (Fabian)
University of Würzburg
Shi, Z. (Zhen)
University of Melbourne
Landoni, M. (Mattia)
Columbia Business School
Skinner, J. (Jonathan)
Dartmouth College
Le Blanc, J. (Julia)
University of Frankfurt
Sorensen, M. (Morten)
Columbia University
Lønstrup, L. (Lars)
University of Southern Denmark
Sorensen, P. (Peter)
University of Copenhagen
Lu, Z. (Zhongjin)
Columbia Business School
Stevens, R. (Ralph)
University of New South Wales
Peijnenburg, K. (Kim)
University of Bocconi
Sun, W. (Wei)
Renmin University
Ree, J. de (Joppe)
World Bank
Tonks, I. (Ian)
University of Bath
Santen, P. van (Peter)
Sveriges Riksbank
Trevisan, E. (Elisabetta)
Università Ca Foscari, Venezia
Vellekoop, N. (Nathanael)
Goethe University Frankfurt
Uhlig, H. (Harald)
University of Chicago
Vonkova, H. (Hana)
Charles University
Viceira, L.M. (Luis)
Harvard University
Walter, S. (Stefan)
Harvard University
Webb, A. (Anthony)
Boston College, Center for Retirement
Research
41
ne tspar ann ual re po rt 2 0 13
appendix
d. compositi on of committees
appendix d. composition of committees
foundation board
supervisory board
netspar foundation
Members
board netspar foundation
Formation
Frank den Butter (VU A)
Chair
Paul Hilbers (DNB)
Jean Frijns (Netspar fellow)
Heiko Hoogendijk (AEGON)
Casper van Ewijk
Description / assignment
Ruud Koning (RUG)
Members
– Governs the Foundation
Harman Korte (AFM)
Else Bos (PGGM)
– Represents the Foundation
Bart Oldenkamp (Cardano)
Jeroen van Breda Vriesman (Achmea)
Franz Palm (UM)
Philip Eijlander (TiU)
Hans Rademaker (Robeco)
Marco Keim (AEGON)
Paul Loven (PGGM)
Dick Sluimers (APG)
Fleur Rieter (a.s.r.)
Job Swank (DNB)
Lou Spoor (Achmea)
Han van Dissel (UvA)
Michel Vellekoop (UvA)
Nicoly Vermeulen (SVB)
Description / assignment
Ton van Welie (Ortec Finance)
– Appointed by the Foundation Board
Arjen van Witteloostuijn (TiU)
– Supervises the Board’s policy and general
Adri van der Wurff (APG)
Sjoerd van der Zee (Nationale Nederlanden)
affairs regarding the Foundation
– Approves the multi-annual plan, budget
plan and financial statements of Netspar
Description / assignment
– All Netspar partners are represented
– The chairman of the Supervisory Board chairs
the meetings of the Foundation Board
– Ministry of SZW is auditor at Foundation
Board meetings
– Appoints Supervisory Board
– Advises (non-) requestedly to bodies of the
Foundation
Center
42
ne tspar ann ual re po rt 2 0 13
appendix
board of directors
netspar center
partner research council (prc)
Formation
d. compositi on of committees
Chair
Description / assignment
Niels Kortleve (PGGM)
– All partners and candidate-partners are
43
represented in the PRC
Casper van Ewijk, director
– Advises (non-) requestedly the Board of
Theo Nijman, scientific director
Members
Peter Gaillard, managing director
Achmea: Bert Jonker
Directors about research programs and about
AEGON Nederland: Frits Bart
knowledge exchange with the pension and
Description / assignment Netspar Center
AFM: Janneke Toussaint
insurance industry in particular
– Netspar Center is the operational unit which
APG: Tjerk Kroes
– Pensioenfederatie and Verbond van
executes Netspar Foundation’s policy as
a.s.r.: Arthur Arbouw
Verzekeraars can be present at meetings of
commissioned by the Supervisory Board
Cardano Risk Management: Bas Bosma
the PRC (without voting rights)
– Netspar Center is part of Tilburg University.
DNB: Jaap Bikker
The Netspar Foundation has a formal
Erasmus University Rotterdam: Benedict Dellaert
agreement with TiU which stipulates that TiU
Groningen University: Rob Alessie
maintains a unit to realize the Netspar
Leiden University: Kees Goudswaard
Foundation’s goals
Maastricht University: Arno Riedl
– Director of the Netspar Foundation is in that
capacity also the director of Netspar Center
Ministry of Economic Affairs: Leendert
Klokkenburg
Ministry of Finance: Sieuwerd van der Zwaag
Ministry of Social Affairs: Lennart Janssens
Nationale-Nederlanden: Edwin van Tricht
Ortec Finance: Martijn Vos
Radboud University: Corjo Jansen
Robeco Nederland: Daniel Haesen
SVB: Robert Olieman
Tilburg University: Frank de Jong
University of Amsterdam: Roel Beetsma
Utrecht University: Adriaan Kalwij
VU University: Maarten Lindeboom
ne tspar ann ual re po rt 2 0 13
appendix
d. compositi on of committees
partner education council (pec)
international scientific council
Chair
Members
Stijn van Schijndel (NN)
David Blake (City University London)
Richard Blundell (University College London)
Members
Zvi Bodie (Boston University)
Achmea: Bert Jonker
Tito Boeri (University of Bocconi)
Ortec Finance: Blanca Wennekes
Paul Embrechts (ETH-Zentrum)
AEGON Nederland: Herman Kappelle
Christian Gollier (University of Toulouse)
PGGM: Erik Goris
Dan Goldstein (Microsoft Research)
APG Groep: Franka Brouwer
Martin Kohli (European University Institute)
Radboud University: Corjo Jansen
Olivia Mitchell (University of Pennsylvania)
a.s.r.: Luc Alders
John Karl Scholz (University of Wisconsin)
Robeco Nederland: Roderick Molenaar
Merril Silverstein (Syracuse University)
Cardano Risk Management: Joeri Potters
Luis Viceira (Harvard University)
Tilburg University: Alfred Slager
DNB: Dirk Broeders
Description / assignment
Twente University: Berend Roorda
– Consists of renowned foreign researchers
Groningen University: Laura Spierdijk
– Advises the Board of Directors on the
University of Amsterdam: Michel Vellekoop
educational and research program of Netspar,
Maastricht University: Dennis Bams
and on the selection of submitted research
VU University: Hans Bloemen
proposals for Large/Medium Vision Projects
Description / assignment
– All partners and candidate-partners are
represented in the PEC
– Advises the Board of Directors (non-)
requestedly on educational affairs, and on
knowledge exchange with the pension and
insurance industry and with universities
44
ne tspar ann ual re po rt 2 0 13
appendix
e. academi c events
45
appendix e. academic events
e1. number of participants* academic events
* National and international participants
Date
Event
# participants from pension
and insurance industry
# participants
from public sector
# participants
from academia
2013-23/25-01
International Pension Workshop
2013-18/19-06
International Pension Workshop
2013-11-08
Pension Day
8
# other
participants
Total # of
participants
7
12
114
1
134
5
5
92
2
104
11
62
1
82
e2. number of international participants academic events
Date
Event
# active participants
# of passive participants
Total # of international
participants
2013-23/25-01
International Pension Workshop
36
9
45
2013-18/19-06
International Pension Workshop
36
23
59
2013-11-08
Pension Day
0
0
0
ne tspar ann ual re po rt 2 0 13
appendix
f. i n du stry-oriented events
46
appendix f. industry-oriented events
f1. number of participants* at industry-oriented events
* National and international participants Date
Event
2013-01-18
Thema conferentie: pensioen en
zorg
2013-02-07
# participants from pension
and insurance industry
# participants
from public sector
# participants
from academia
# other
participants
Total # of
participants
8
17
8
3
36
Werkgroep Wonen, zorg en
pensioen
24
4
5
0
33
2013-03-05
PIL event sensible and less sensible
choices of pension consumers
18
6
16
0
40
2013-03-06
Werkgroep Vernieuwingen in
pensioencommunicatie en
oudedagsvoorzieningen
12
6
7
1
26
2013-03-12
Match making event
11
6
22
0
39
2013-03-13
Werkgroep waardering
27
3
6
0
36
2013-03-26
PIL event: pensioenfondsen:
kosten en alternatieve beleggingen
33
4
11
18
66
2013-03-27
Netspar anniversary meeting
20
9
9
8
46
2013-04-05
Discussiemiddag Algemene
Pensioeninstellingen
27
4
10
3
44
2013-04-08
PIL event: Mortality dynamics and
their economic consequences
8
1
13
2
24
2013-04-10
PIL event: woningmarkt en
pensioen
29
3
13
3
48
2013-06-17
Policy workshop on pensions
8
3
17
21
49
2013-07-02
Werkgroep communicatie van risico
en uitstelgedrag in pensioenkeuzes
16
3
6
1
26
2013-09-02
Consultatieronde FTK
15
4
7
8
34
2013-09-13
Werkgroep langer doorwerken: wat
werkt voor wie?
5
6
6
1
18
2013-09-27
Het nieuwe FTK: stand van zaken
44
17
8
17
86
ne tspar ann ual re po rt 2 0 13
Date
Event
2013-10-11
Theme conference: human capital
and aging
2013-11-15
appendix
f. i n du stry-oriented events
# participants from pension
and insurance industry
# participants
from public sector
# participants
from academia
47
# other
participants
Total # of
participants
3
2
16
1
22
Illiquid investments and robust
portfolio management
12
3
13
1
29
2013-11-19
Werkgroep De toekomst van ons
pensioen
15
2
6
0
23
2013-11-20
Een toereikend pensioen voor
iedereen?
7
9
11
0
27
2013-11-21
Werkgroep Pensioenambitie en
vergrijzing
5
5
0
0
10
2013-11-22
Werkgroep Koijen / De Waegenaere
8
1
20
0
29
2013-11-29
Theme conference: pensions, aging
and retirement II
4
2
20
0
26
2013-12-06
Theme conference: multi pillar
pension schemes
29
20
13
2
64
2013-12-10
Werkgroep Pensioencommunicatie
22
4
9
0
35
ne tspar ann ual re po rt 2 0 13
appendix
f. i n du stry-oriented events
48
f2. number of international participants at industry-oriented events
Date
Event
# active participants
# of passive participants
Total # of international
participants
2013-03-05
PIL event sensible and less sensible
choices of pension consumers
1
0
1
2013-03-12
Match making event
0
1
1
2013-03-26
PIL event: pensioenfondsen:
kosten en alternatieve beleggingen
1
0
1
2013-06-17
Policy workshop on pensions
13
12
25
2013-09-27
Het nieuwe FTK: stand van zaken
0
1
1
2013-10-11
Theme conference: human capital
and aging
3
0
3
2013-11-15
Illiquid investments and robust
portfolio management
1
0
1
2013-11-19
Werkgroep De toekomst van ons
pensioen
0
0
0
2013-11-20
Een toereikend pensioen voor
iedereen?
0
0
0
2013-11-21
Werkgroep Pensioenambitie en
vergrijzing
0
0
0
2013-11-22
Werkgroep Koijen / De Waegenaere
1
0
1
2013-11-29
Theme conference: pensions, aging
and retirement II
1
0
1
2013-12-06
Theme conference: multi pillar
pension schemes
7
38
45
2013-12-10
Werkgroep Pensioencommunicatie
0
0
0
ne tspar ann ual re po rt 2 0 13
appendix
g . ju n i or pensi on day
49
appendix g. junior pension day
Date
2013-06-24
# people from pension and
insurance industry
8
# people from public
sector
# people from academic
sector
# people from other
sectors
Total # of participants
6
20
3
37
ne tspar ann ual re po rt 2 0 13
appendix
h. j ou rnal publi catio ns
50
appendix h. journal publications
(total 115)
Subjective well-being around retirement
Ten strategies for pension funds to better serve
Lowering borrowing costs for states and
Abolhassani, Marzieh and Rob Alessie
their beneficiaries
municipalities through CommonMuni
De Economist, 161(3), 349-366, September 2013
Ambachtsheer, Keith and Rob Bauer
Ang, Andrew and Richard Green
Project: Pensions, savings and retirement
Rotman International Journal of Pension
Municipal Finance Journal, 34(3), 43-94, Fall
decisions II
Management, 6(2), 44-52, September 2013
2013
Project: Balance sheet management
Project: Portfolio strategies - subproject 3
outcomes of health promotion: Results from a
Asset pricing in the dark: The cross section of OTC
Searching for a common factor in public and
discrete choice experiment
stocks
private real estate returns
Alayli-Goebbels, Adrienne, Benedict
Ang, Andrew, Assaf Shtauber and Paul Tetlock
Ang, Andrew, Neil Nabar and Samuel Ward
Dellaert, Stephanie Knox, Andre Ament,Jeroen
Review of Financial Studies, 26(12), 2985-3028,
Journal of Portfolio Management, 39(5), 120-133,
Lakerveld, Sandra Bot and Giel Nijpels
December 2013
JPM RE 2013
Value in Health, 16(1), 114-123, January-February
Project: Portfolio strategies - subproject 3
Project: Portfolio strategies - subproject 3
Project: Interactive pension communication and
Investing in private equity
Systemic sovereign default risk: Lessons from the
decision making
Ang, Andrew and Morten Sorensen
U.S. and Europe
Alternative Investment Analyst Review, 2(1),
Ang, Andrew and Francis Longstaff
Pension Wealth and Household Saving in
21-31, Q2 2013
Journal of Monetary Economics, 60(5), 493-510,
Europe: Evidence from SHARELIFE
Project: Portfolio strategies - subproject 3
July 2013
Consumer preferences for health and nonhealth
2013
Alessie, Rob, Viola Angelini and Peter van
Project: Portfolio strategies - subproject 1
Santen
Liability driven investment with downside risk
European Economic Review, 63, 308-328,
Ang, Andrew, Bingxu Chen and Suresh
Home ownership in Europe: how did it happen?
October 2013
Sundaresan
Angelini, Viola, Anne Laferrère and Guglielmo
Project: Pensions, savings and retirement
Journal of Portfolio Management, 40(1), 71-87,
Weber
decisions II
Fall 2013
Advances in Life Course Research, 18(1), 83-90,
Project: Portfolio strategies - subproject 4
March 2013
Project: Pensions, savings and retirement
decisions II
ne tspar ann ual re po rt 2 0 13
appendix
h. j ou rnal publi catio ns
51
Parental altruism and nest leaving in Europe:
The socioeconomic health gradient across the
The European union, the euro, and equity
Evidence from a retrospective survey
life cycle: What role for selective mortality and
market integration
Angelini, Viola and Anne Laferrère
institutionalization?
Bekaert, Geert, Campbell Harvey, Christian
Review of Economics of the Household, 11(3),
Baeten, Steef, Tom van Ourti and Eddy van
Lundblad and Stephan Siegel
393-420, September 2013
Doorslaer
Journal of Financial Economics, 109(3), 583-603,
Project: Pensions, savings and retirement
Social Science & Medicine, 97, 66-74, November
September 2013
decisions II
2013
Project: Portfolio strategies - subproject 1
Project: Health and income, work and care
Pharmacoeconomic guidelines should prescribe
across the life cycle II - subproject 2
inclusion of indirect medical costs! A response to
Men’s preferences for prostate cancer screening:
a discrete choice experiment
grima et al.
Geef pensioenfondsen meer eigen
Bekker-Grob, Esther, John Rose, Bas
Baal, Pieter van, David Meltzer and Werner
verantwoordelijkheid bij vaststellen risicoprofiel
Donkers, Marie Louise Essink-Bot, Chris
Brouwer
Beetsma, Roel and Lans Bovenberg
Bangma and Ewout Steyerberg
PharmacoEconomics, 31(5), 369-373, May 2013
Het Financieele Dagblad, November 2013
British Journal of Cancer, 108(3), 533-541,
Project: Rising life expectancy - subproject 2
Project: Multi - subproject 3
January 2013
Risicoverevening voor de ouderenzorg
Intergenerational risk sharing, pensions and
Bakx, Pieter, Eddy van Doorslaer and Erik Schut
endogenous labour supply in general
Economisch Statistische Berichten, 98(4651),
equilibrium
Patients’ and urologists’ preferences for prostate
20-23, January 2013
Beetsma, Roel, Ward Romp and Siert Jan Vos
cancer treatment: a discrete choice experiment
Project: Health and income, work and care
Scandinavian Journal of Economics, 115(1), 141-
Bekker-Grob, Esther, M.C.J. Bliemer, Bas
across the life cycle II
154, January 2013
Donkers, Marie Louise Essink-Bot,I.J.
Project: Multi - subproject 1
Korfage, Monica Joanne Roobol-Bouts, Chris
Project: Interactive pension communication and
decision making
Bangma and Ewout Steyerberg
Rising inequalities in income and health in
China: Who is left behind?
Pensioenplan jongeren onvoldoende doordacht
British Journal of Cancer, 109(3), 633-640,
Baeten, Steef, Tom van Ourti and Eddy van
Beetsma, Roel
August 2013
Doorslaer
Het Financieele Dagblad, May 2013
Project: Interactive pension communication and
Project: Health and income, work and care
Project: Multi - subproject 4
decision making
Risk, uncertainty and monetary policy
Actuarial fairness when longevity increases: An
Bekaert, Geert, Marie Hoerova and application to the Italian pension system
Marco Lo Duca
Belloni, Michele and Carlo Maccheroni
Journal of Monetary Economics, 60(7), 771-788,
The Geneva Papers on Risk and Insurance -
October 2013
Issues and practice, 38(4), 638-674, October 2013
across the life cycle II - subproject 2
Project: Portfolio strategies - subproject 1
ne tspar ann ual re po rt 2 0 13
appendix
Lifetime income and old-age mortality risk in
The Dutch Potato Famine 1846-1847: A study on
Persoonlijkheidskenmerken van zelfstandigen
Italy over two decades
the relationship between early life exposure and
Bosch, Nicole, Roy Breurken and Stefan
Belloni, Michele, Rob Alessie, Adriaan
later life mortality
Hochguertel
Kalwij and Chiara Marinacci
Berg, Gerard van den, Maarten
Economisch Statistische Berichten, 98(4666),
Demographic Research, 29(45), 1261-1298,
Lindeboom and France Portrait
483-485, August 2013
December 2013
In: Vaisermann, A.M., and L.H. Lumey (eds),
Project: Second and a half pillar for the self-
Project: Pensions, savings and retirement
Early-life famine and adult health, 229-250,
employed?
decisions II
NOVA Science Publishers, 2013
Retirement choices in Italy: What an option
h. j ou rnal publi catio ns
Project: Health and income, work and care
Survey response in probabilistic questions and
across the life cycle II - subproject 2
its impact on inference
52
Bresser, Jochem de and Arthur van Soest
value model tells us
Belloni, Michele and Rob Alessie
De kostenefficiëntie van pensioenfondsen
Journal of Economic Behavior and Organization,
Oxford Bulletin of Economics and Statistics,
Bikker, Jaap
96, 65-84, December 2013
75(4), 499-527, August 2013
Tijdschrift voor pensioenvraagstukken, 4, 15-24,
Project: Pensions, savings and retirement
Project: Pensions, savings and retirement
August 2013
decisions II
De optimale schaal van pensioenfondsen
AOW + aanvullend pensioen: nivellerend of
Robust solutions of optimization problems
Bikker, Jaap
denivellerend?
affected by uncertain probabilities
Economisch Statistische Berichten, 98(4662),
Bonenkamp, Jan and Harry ter Rele
Ben-Tal, Aharon, Dick den Hertog, Anja De
378-381, June 2013
Me Judice, March 2013
decisions II
Waegenaere, Bertrand Melenbergand Gijs
Project: Multi-pillar pension schemes and
Rennen
Investment risk-taking of institutional investors
Management Science, 59(2), 341-357, February
Bikker, Jaap and Janko Gorter
2013
Applied Economics, 45(33), 4629-4640, 2013
Project: Risk management in funded pension
systems
macroeconomic performance
Herverdeling door pensioenregelingen: Een
integrale analyse van de AOW en de
The new life market
aanvullende pensioenen
Blake, David, Andrew Cairns, Guy
Bonenkamp, Jan and Harry ter Rele
Paying more for faster care? Individuals’
Coughlan, Kevin Dowd and Richard MacMinn
TPEdigitaal, 7(1), 51-65, 2013
attitude toward price-based priority access in
Journal of Risk and Insurance, 80(3), 501-558,
Project: Multi - subproject 2
health care
September 2013
Benning, Tim and Benedict Dellaert
Project: Risk management in funded pension
Social Science & Medicine, 84, 119-128, May 2013
systems
Project: Interactive pension communication and
decision making
ne tspar ann ual re po rt 2 0 13
appendix
h. j ou rnal publi catio ns
The direct impact of maternity benefits on leave
The value and risk of defined contribution
When do derivatives add value in asset
taking: Evidence from complete fertility histories
pension schemes: International evidence
allocation problems for pension funds?
Brugiavini, Agar, Giacomo Pasini and Elisabetta
Cannon, Edmund and Ian Tonks
Cui, Jiajia, Bart Oldenkamp and Michel
Trevisan
Journal of Risk and Insurance, 80(1), 95-119,
Vellekoop
Advances in Life Course Research, 18(1), 46-67,
March 2013
Rotman International Journal of Pension
March 2013
53
Management, 6(1), 46-57, Spring 2013
Project: Pensions, savings and retirement
Differences in portfolios across countries:
decisions II
Economic environment versus household
Project: Reconciling short term risks
characteristics
Solvency II: Three principles to respect
The geography of financial literacy
Christelis, Dimitris, Dimitris
Danielsson, Jon, Ralph Koijen, Roger
Burncrot, Christopher, Judy Lin and Annamaria
Georgarakos and Michael Haliassos
Laeven and Enrico Perotti
Lusardi
The Review Economics and Statistics, 95(1), 220-
VOXEU, October 2013
Numeracy, 6(2), 2013
236, March 2013
Project: Risk management in funded pension
Project: Financial literacy
systems
The asset and income profiles of residents in
Robust hedging of longevity risk
seniors housing and care communities: What
Three principles for Solvency II insurance rules
Cairns, Andrew
can be learned from existing data sets
Danielsson, Jon, Ralph Koijen, Roger
Journal of Risk and Insurance, 80(3), 621-648,
Coe, Norma and Melissa Boyle
Laeven and Enrico Perotti
September 2013
Research on Aging, 35(1), 50-77, January 2013
Financial Times, October 2013
Project: Risk management in funded pension
systems
Project: Risk management in funded pension
Externe mitigatie van langelevenrisico: ook nu
systems
relevant
The insured victim effect: When and why
Crom, Sylvain de, Ronald van Dijk, Anne Kock -
Mental representations and discrete choice
compensating harm decreases punishment
De Kreuk, Michel Vellekoopand Niels
behavior: State-of-the-art and avenues for
recommendations
Vermeijden
future research
Calseyde, Philippe van de, Gideon
De Actuaris, 20(6), 34-35, July 2013
Dellaert, Benedict, Theo Arentze, Casper
Keren and Marcel Zeelenberg
Project: Risk management in funded pension
Chorus, Harmen Oppewal and Geert Wets
Judgment and Decision Making, 8(2), 161-173,
systems
In: Hess, S. and Daly, A (eds.), Choice Modelling:
March 2013
The State of the Art and the State of Practice,
Project: The economics and psychology of life
107-124, Cheltenham, UK: Edward Elgar, 2013
cycle decision making
Project: Interactive pension communication and
decision making
ne tspar ann ual re po rt 2 0 13
appendix
h. j ou rnal publi catio ns
The psychology and economics of reverse
Crisis and pension system design in the EU:
Financial protection of patients through
mortgage attitudes: evidence from the
International spillover effects via factor mobility
compensation of providers: The impact of health
Netherlands
and trade
equity funds in Cambodia
Dillingh, Rik, Henriëtte Prast, Mariacristina
Fedotenkov, Igor and Lex Meijdam
Flores, Gabriela, Por Ir, Chean Men, Owen
Rossi and Cesira Urzì Brancati
De Economist, 161(2),175-197, June 2013
O’Donnell and Eddy van Doorslaer
WP CeRP 135/13, November 2013
Project: Multi - subproject 1
Journal of Health Economics, 32(6), 1180-1193,
December 2013
The customer cannot choose
Fertility, female labor supply, and family policy
Donkers, Bas Fehr, Hans and Daniela Ujhelyiova
A health production model with endogenous
Inaugural address: Rotterdam: Erasmus Research
German Economic Review, 14(2), 138-165, May
retirement
Institute of Management
2013
Galama, Titus, Arie Kapteyn, Raquel
Fonseca and Pierre-Carl Michaud
Project: Interactive pension communication and
decision making
On the optimal design of pension systems
Health Economics, 22(8), 883-902, August 2013
Fehr, Hans and Johannes Uhde
Expected and actual replacement rates in the
Empirica - Journal of European Economics,
Long term and spillover effects of health on
pension system of the Netherlands: How and
40(3), 457-482, August 2013
employment and income
why do they differ?
Project: Multi - subproject 2
García-Gómez, Pilar, Hans van
Duijn, Mark van, Maarten Lindeboom, Petter
Kippersluis, Owen O’Donnell and Eddy van
Lundborg and Mauro Mastrogiacomo
Should pensions be progressive?
Doorslaer
Journal of Pension Economics and Finance, 12(2),
Fehr, Hans, Manuel Kallweit and Fabian
Journal of Human Resources, 48(4), 873-909,
168-189, April 2013
Kindermann
Fall 2013
Project: Health and income, work and care
European Economic Review, 63, 94-116, October
Project: Health and income, work and care
across the life cycle II - subproject 1
2013
across the life cycle II - subproject 1
Project: Multi - subproject 2
Is business failure due to lack of effort?
Substantial health and economic returns from
Empirical evidence from a large administrative
The world’s interconnected demographic/fiscal
delayed aging may warrant a new focus for
sample
transition
medical research
Ernjæs, Mette and Stefan Hochguertel
Fehr, Hans, Sabine Jokisch and Laurence
Goldman, Dana, David Cutler, John
Economic Journal, 123(571), 791-830, September
Kotlikoff
Rowe, Pierre-Carl Michaud, Jeffrey
2013
The Journal of the Economics of Ageing, 1(1-2),
Sullivan, Desi Peneva and Jay Olshansky
Project: Pensions, savings and retirement
35-49, November 2013
Health Affairs, 32(10), 1698-1705, October 2013
decisions II
54
ne tspar ann ual re po rt 2 0 13
appendix
h. j ou rnal publi catio ns
Koester het verzekeringskarakter van de AOW
Nominal group technique to select attributes for
Individual investor perceptions and behavior
Gradus, Raymond and Evert-Jan Slootweg
discrete choice experiments: an example for
during the financial crisis
Sociaal Bestek, 95(6/7), 44-46, June 2013
drug treatment choice in osteoporosis
Hoffmann, Arvid, Thomas Post and Joost
Hiligsmann, Mickael, Caroline van Durme, Piet
Pennings
How sensitive are individual retirement
Geusens, Benedict Dellaert,Carmen
Journal of Banking & Finance, 37(1), 60-74,
expectations to raising the retirement age?
Dirksen, Trudy van der Weijden, Jean-Yves
January 2013
Grip, Andries de, Didier Fouarge and Raymond
Reginster and Annelies Boonen
Project: Balance sheet management
Montizaan
Patient Preference and Adherence, 7, 133–139,
De Economist, 161(3), 225-251, September 2013
February 2013
Voter’s commitment problem
Project: Human capital and aging
Project: Interactive pension communication and
Hollanders, David and Barbara Vis
decision making
Public Choice 155(3-4), 433-448, June 2013
Communication network formation with link
55
Project: Multi-pillar pension schemes and
specificity and value transferability
Zelfstandigen en sociale verzekeringen
Harmsen - Van Hout, Marjolein, Jean-Jacques
Hochguertel, Stefan and Mette Ejrnæs
Herings and Benedict Dellaert
Economisch Statistische Berichten, 98(4652),
Pareto utility
European Journal of Operational Research,
52-55, January 2013
Ikefuji, Masako, Roger Laeven, Jan
229(1), 199-211, August 2013
Project: Second and a half pillar for the self-
Magnus and Chris Muris
Project: Interactive pension communication and
employed?
Theory and Decision, 75(1), 43-57, July 2013
decision making
macroeconomic performance
Project: Risk management in funded pension
Rör det sig i toppen? Platsbyten i
systems
When social media can be bad for you:
förmögenhetsrangordningen
Community feedback stifles consumer creativity
Hochguertel, Stefan and Henry Ohlsson
Disclosing advisor’s interests neither helps nor
and reduces satisfaction with self-designed
Ekonomisk Debatt, 41(1), 16-21, 2013
hurts
products
Project: Pensions, savings and retirement
Ismayilov, Huseyn and Jan Potters
Hildebrand, Christian, Gerald Häubl, Andreas
decisions II
Journal of Economic Behavior & Organization,
Herrmann and Jan Landwehr
93, 314-320, September 2013
Information Systems Research, 24(1), 14-29,
Aspirations as reference points: An experimental
Project: Economics and psychology of life cycle
March 2013
investigation of risk behavior over time
decision making - subproject 4
Project: Interactive pension communication and
Hoffmann, Arvid , Sam Henry and Nikos
decision making
Kalogeras
Optimal redistributive tax and education
Theory and Decision, 75(2), 193-210, August 2013
policies in general equilibrium
Project: Balance sheet management
Jacobs, Bas
International Tax and Public Finance, 20(2), 312337, April 2013
ne tspar ann ual re po rt 2 0 13
appendix
h. j ou rnal publi catio ns
Small-area health comparisons using health-
Implications of full and partial retirement for
Mortality and smoking prevalence: An empirical
adjusted life expectancies: A Bayesian random-
replacement rates in a defined benefit system
investigation in ten developed countries
effects approach
Kantarci, Tunga, Ingrid Smeets and Arthur van
Kleinow, Torsten and Andrew Cairns
Jonker, Marcel, Peter Congdon, Frank van
Soest
British Actuarial journal 18(2), 452-466, July 2013
Lenthe, Bas Donkers, Alex Burdorfand Johan
The Geneva Papers on Risk and Insurance, 38(4),
Project: Risk management in funded pension
Mackenbach
824-856, October 2013
systems
Health & Place, 23, 70-78, September 2013
Project: Pensions, savings and retirement
Project: Interactive pension communication and
decisions II
decision making
56
Changes in the income distribution of the Dutch
elderly between 1989-2020: A dynamic
Are Americans really less happy with their
microsimulation
The impact of nursing homes on small-area life
incomes?
Knoef, Marike, Rob Alessie and Adriaan Kalwij
expectancies
Kapteyn, Arie, James Smith and Arthur van
Review of Income and Wealth, 59(3), 460-485,
Jonker, Marcel, Frank van Lenthe, Bas
Soest
September 2013
Donkers, Peter Congdon, Alex
The Review of Income and Wealth, 59(1), 44-65,
Project: Pensions, savings and retirement
Burdorfand Johan Mackenbach
March 2013
decisions II
Health & Place, 19, 25-32, January 2013
Project: Pensions, savings and retirement
Project: Interactive pension communication and
decisions II
Pensioeninkomens in de toekomst
Knoef, Marike, Kees Goudswaard, Koen
decision making
Carrot and stick: How reemployment bonuses
Caminada and Jim Been
Pathways to retirement and mortality risk in the
and benefit sanctions affect exit rates from
Economisch Statistische Berichten,
Netherlands
welfare
98(4674/4675), 734-737 december 2013
Kalwij, Adriaan, Rob Alessie and Marike Knoef
Klaauw, Bas van der and Jan van Ours
Project: Pensions, savings and retirement
European Journal of Population, 29(2), 221-238,
Journal of Applied Econometrics, 28(2), 275-296,
decisions II
May 2013
March 2013
Project: Pensions, savings and retirement
Project: Health and income, work and care
Tempus Fugit: Time Pressure in Risky Decisions
decisions II
across the life cycle II - subproject 1
Kocher, Martin, Julius Pahlke and Stefan
Trautmann
The association between individual income and
College education and wages in the U.K.:
Management Science, 59(10), 2380-2391, October
remaining life expectancy at the age of 65 in
Estimating conditional average structural
2013
the Netherlands
functions in nonadditive models with binary
Project: Economics and psychology of life cycle
Kalwij, Adriaan, Rob Alessie and Marike Knoef
endogenous variables
decision making - subproject 1
Demography, 50(1),181-206, February 2013
Klein, Tobias
Project: Pensions, savings and retirement
Empirical Economics, 44(1), 135-161, February 2013
decisions II
Project: Pensions, savings and retirement
decisions II
ne tspar ann ual re po rt 2 0 13
appendix
h. j ou rnal publi catio ns
57
Entropy coherent and entropy convex measures
Pension funding constraints and corporate
Training and retirement patterns
of risk
expenditures
Montizaan, Raymond, Frank
Laeven, Roger and Mitja Stadje
Liu, Weixi and Ian Tonks
Cörvers and Andries de Grip
Mathematics of Operations Research, 38(2), 265-
Oxford Bulletin of Economics and Statistics,
Applied Economics, 2013, 45(15), 1991-1999, 2013
293, May 2013
75(2), 235–258, April 2013
Project: Human capital and aging
Financial literacy and quantitative reasoning in
The economic implications of the department of
Project: Risk management in funded pension
systems
the highschool and college classroom
labor’s 2010 proposals for broker-dealers
Job search requirements for older unemployed:
Lusardi, Annamaria and Dorothy Wallace
Munnell, Alicia, Anthony Webb and Francis
Transitions to employment, early retirement and
Numeracy, 6(2), 2013
Vitagliano
disability benefits
Project: Financial literacy
The Journal of Retirement, 1(1), 38-54, Summer
Lammers, Marloes, Hans Bloemen and Stefan
2013
Hochguertel
Life expectancy and national income in Europe,
European Economic Review, 58, 31-57, February
1900-2008: An update of Preston’s analysis
When can insurers offer products that dominate
2013
Mackenbach, Johan and Caspar Looman
delayed old-age pension benefit claiming?
Project: Pensions, savings and retirement
International Journal of Epidemiology, 42(4),
Nijman, Theo, Anja De
decisions II
1100-1110, August 2013
Waegenaere and Lisanne Sanders
Project: Rising life expectancy - subproject 2
Insurance: Mathematics and Economics, 53(1),
Inkomensongelijkheid gedurende de levensloop
134-149, July 2013
Lever, Marcel and Rob Waaijers
Modelling and forecasting health expectancy;
Project: Risk management in funded pension
TPE digitaal, 7(1), 140-159, 2013
theoretical framework and application
systems
Project: Multi - subproject 2
Majer, Istvan, Ralph Stevens, Wilma Nusselder, Johan Mackenbach and Pieter van Baal
Optimal dividends and ALM under unhedgeable
Early Life conditions and later life inequality in
Demography, 50 (2), 673-697, April 2013
risk
health
Project: Rising life expectancy
Pelsser, Antoon and Roger Laeven
Lindeboom, Maarten and Reyn van Ewijk
Insurance: Mathematics and Economics, 53(3),
Research on Economic Inequality, 21, 399-419,
Health expenditure growth: Looking beyond the
515-523, November 2013
2013
average through decomposition of the full
Project: Robust models for supervision
Project: Health and income, work and care
distribution
across the life cycle II - subproject 2
Meijer, Claudine de, Marc Koopmanschap, Longevity risk, subjective survival expectations,
Owen O’Donnell and Eddy van Doorslaer
and individual saving behavior
Journal of Health Economics, 32(1), 88-105,
Post, Thomas and Katja Hanewald
January 2013
Journal of Economic Behavior & Organization,
Project: Health and income, work and care
86, 200-220, February 2013
across the life cycle II - subproject 3
Project: Balance sheet management
ne tspar ann ual re po rt 2 0 13
appendix
h. j ou rnal publi catio ns
The contribution of occupation to health
Impatience and uncertainty: Experimental
De valkuil van een hogere rekenrente
inequality
decisions predict adolescents’ field behavior
Westerhout, Ed
Ravesteijn, Bastian, Hans van
Sutter, Matthias, Martin Kocher, Daniela
Me Judice, January 2013
Kippersluis and Eddy van Doorslaer
Rützler and Stefan Trautmann
Project: Multi - subproject 3
Research on Economic Inequality, 21, 311-332, 2013
American Economic Review, 103(1), 510-31,
Project: Health and income, work and care
February 2013
De toekomstige inkomenspositie van AOW’ers:
across the life cycle II - subproject 1
Project: Economics and psychology of life cycle
drie scenario’s voor 2025
decision making - subproject 1
Wilkens, Mathijn, Marike Knoef, Jim Been, 58
Miriam Gielen and Daniel van Vuuren
The price and welfare dependence of
equivalence scales: Evidence from Indonesia
Preferences for redistribution and pensions:
CPB Achtergronddocument, 13 september 2013
Ree, Joppe de, Rob Alessie and Menno Pradhan
What can we learn from experiments?
Project: Pensions, savings and retirement
Journal of Public Economics, 97, 272-281, January
Tausch, Franziska, Jan Potters and Arno Riedl
decisions II
2013
Journal of Pension Economics and Finance,
Project: Pensions, savings and retirement
12(03), 298-325, July 2013
Magical thinking in predictions of negative
decisions II
Project: Economics and psychology of life cycle
events: Evidence for tempting fate but not for a
decision making - subproject 2
protection effect
Wolferen, Job van, Yoel Inbar and Marcel
Membership conditions for consistent families of
monetary valuations
Strategic loan defaults and coordination: An
Zeelenberg
Roorda, Berend and Hans Schumacher
experimental analysis
Judgement and Decision Making, 8(1), 45-54,
Statistics & Risk Modeling, 30(3), 255-280,
Trautmann, Stefan and Razvan Vlahu
January 2013
September 2013
Journal of Banking & Finance, 37(3), 747-760,
Project: Economics and psychology of life cycle
Project: Risk management in funded pension
March 2013
decision making - subproject 6
systems
Project: Economics and psychology of life cycle
decision making - subproject 1
Modelrisico op de balans
Funding of pensions and economic growth: Are
they really related?
Schotman, Peter
Consumers’ intention to use health
Zandberg, Eelco and Laura Spierdijk
Pensioen Bestuur en Management, 2013
recommendation systems to receive
Journal of Pension Economics and Finance, 12(2),
Project: Robust models for supervision
personalized nutrition advice
151-167, April 2013
Wendel, Sonja, Benedict Dellaert, Amber
Project: Influence of market imperfections on
Hoe gevoelig is de pensioenleeftijd voor
Ronteltap and Hans van Trijp
recovery strategies
financiële prikkels?
BMC Health Services Research, 13(126), April 2013
Soest, Arthur van
Project: Interactive pension communication and
Testing moral hazard and tax benefit hypothe-
Pensioen Magazine, 18(12), December 2013
decision making
ses: Evidence from pension plan contributions
Project: Pensions, savings and retirement
Zhang, Ting, Tong Yu and Xuanjuan Chen
decisions II
Financial Analyst Journal, 69(4), 58-72, July/
August 2013
ne tspar ann ual re po rt 2 0 13
appendix
i . discu ssi on papers
59
appendix i. discussion papers
(total 82)
Flexible pension take-up in social security
The crowding-out effect of mandatory labour
Risk reallocation in defined-contribution
Adema, Yvonne, Jan Bonenkamp and Lex
market pension schemes on private savings:
funded pension systems
Meijdam
Evidence from renters in Denmark
Beetsma, Roel and Alessandro Bucciol
DP 07/2013-020
Arnberg, Søren and Mikkel Barslund
DP 03/2013-047
Project: Multi - subproject 2
DP 11/2013-054
Can temptation explain housing choices in later
Selling losers and keeping winners: How
gaussian asymmetric volatility model
life?
(savings) goal dynamics predict a reversal of the
Bekaert, Geert and Eric Engstrom
Angelini, Viola, Alessandro Bucciol, Matthew
disposition effect
DP 07/2013-033
Wakefield and Guglielmo Weber
Aspara, Jaakko and Arvid Hoffmann
Project: Portfolio strategies
DP 05/2013-021
DP 05/2013-018
The joint cross section of stocks and options
Flights to safety
volatility
An, Byeong-Je, Andrew Ang, Turan
Baele, Lieven, Geert Bekaert, Koen
Bekaert, Geert and Marie Hoerova
Bali and Nusret Cakici
Inghelbrecht and Min Wei
DP 10/2013-035
DP 10/2013-032
DP 05/2013-034
Project: Portfolio strategies
Project: Portfolio strategies
Project: Portfolio strategies
Incorporating mental representations in discrete
Optimal life-cycle portfolios for heterogeneous
economy analysis of administrative and
choice models of travel behaviour: Modelling
workers
investment costs
approach and empirical application
Bagliano, Fabio, Carolina Fugazza and Bikker, Jaap
Arentze, Theo, Benedict Dellaert and Caspar
Giovanna Nicodano
DP 04/2013-055
Chorus
DP 06/2013-025
Bad environments, good environments: A non-
The VIX, the variance premium and stock market
Is there an optimal pension fund size? A scale-
DP 11/2013-075
The causal effect of retirement on mortality:
Project: Interactive pension communication and
Participation constraints in pension systems
Evidence from targeted incentives to retire early
decision making
Beetsma, Roel and Ward Romp
Bloemen, Hans, Stefan Hochguertel and DP 09/2013-030
Jochem Zweerink
Project: Multi - subproject 1
DP 08/2013-024
Project: Pensions, savings and retirement
decisions II
ne tspar ann ual re po rt 2 0 13
appendix
i . discu ssi on papers
The effect of informal care from children on
Household portfolio risk
Risk taking and risk sharing: Does responsibility
cognitive functioning of older parents
Bucciol, Alessandro and Raffaele Miniaci
matter?
Bonsang, Eric and Valeria Bordone
DP 05/2013-048
Cettolin, Elena and Franziska Tausch
DP 01/2013-008
60
DP 08/2013-049
Project: Human capital and aging
Teaching children to save: What is the best
Project: Economics and psychology of life cycle
strategy for lifetime savings?
decision making
State variables, macroeconomic activity and the
Bucciol, Alessandro and Marcella Veronesi
cross-section of indivdual stocks
DP 10/2013-051
Boons, Martijn
DP 12/2013-081
Optimal design and regulation of funded
pension policies using the holistic balance sheet
Discount functions and self-control problems
framework
Caliendo, Frank and Scott Findley
Chen, Zhiqiang, Antoon Pelsser and Eduard
DP 12/2013-080
Ponds
pension schemes
DP 09/2013-057
Bovenberg, Lans and Roel Mehlkopf
Cohort mortality risk or adverse selection in the
DP 08/2013-026
UK annuity market?
Decision complexity as a barrier to
Evaluating the UK and Dutch defined-benefit
Project: Robust models for supervision
Cannon, Edmund and Ian Tonks
The role of line managers in retirement
DP 04/2013-017
management and their perceptions of their role
annuitization
of the timing of employee retirement
Brown, Jeffrey, Arie Kapteyn, Erzo Luttmer Price efficiency in the Dutch annuity market
Davies, Eleanor, Katie Dhingra and John
and Olivia Mitchell
Cannon, Edmund, Ralph Stevens and Ian Tonks
Stephenson
DP 06/2013-058
DP 04/2013-016
DP 05/2013-019
Financial risk attitude, business cycles and
Alternative weighting structures for
Using preferred outcome distributions to
pervceived risk exposure
multidimensional poverty assessment
estimate value and probability weighting
Bucciol, Alessandro and Raffaele Miniaci
Cavapozzi, Danilo, Wei Han and Raffaele Miniaci
functions in decisions under risk
DP 02/2013-050
DP 11/2013-082
Donkers, Bas, Carlos Lourenço, Benedict
Dellaert and Daniel Goldstein
Financial risk aversion and personal life history
Justice under uncertainty
DP 05/2013-014
Bucciol, Alessandro and Luca Zarri
Cettolin, Elena and Arno Riedl
Project: Interactive pension communication and
DP 02/2013-052
DP 07/2013-045
decision making
Project: Economics and psychology of life cycle
decision making
ne tspar ann ual re po rt 2 0 13
appendix
i . discu ssi on papers
61
The design of pension schemes
Closed-form solutions for options in incomplete
Aging and the politics of the welfare state
Draper, Nick, André Nibbelink and Johannes
markets
Hollanders, David and Ferry Koster
Uhde
Floroiu, Oana and Antoon Pelsser
DP 11/2013-065
DP 12/2013-069
DP 02/2013-004
Project: Multi - subproject 3
Project: Balance sheet management
Option-implied correlations and the price of
Aging, financial literacy, and fraud
Comparison of CNET and hard laddering
correlation risk
Gamble, Keith, Patricia Boyle, Lei Yu and David
Horeni, Oliver, Theo Arentze, Benedict
Driessen, Joost, Pascal Maenhout and Grigory
Bennett
Dellaert and Harry Timmermans
Vilkov
DP 11/2013-066
DP 09/2013-074
Online measurement of mental representation
of complex spatial decision problems:
DP 07/2013-061
Project: Robust models for supervision
Project: Interactive pension communication
On the welfare cost of consumption fluctuations
and decision making
in the presence of memorable goods
Health, pension benefits and longevity: How
Hai, Rong, Dirk Krueger and Andrew
Seek and ye shall find: How search requirements
they affect household savings?
Postlewaite
affect job finding rates of older workers
El-Mekkaoui de Freitas, Najat and Joaquim
DP 08/2013-027
Hullegie, Patrick and Jan van Ours
Oliveira Martins
DP 10/2013-046
DP 05/2013-015
Estimating the conditional CAPM with
Project: Health and income, work and care
overlapping data inference
across the life cycle II
Asset market participation and portfolio choice
Hedegaard, Esben and Robert Hodrick
over the life-cycle
DP 02/2013-031
Portfolio and consumption choice with habit
Fagereng, Andreas, Charles Gottlieb and Luigi
Project: Portfolio strategies
formation under inflation
Guiso
DP 07/2013-022
Jong, Frank de and Yang Zhou
Returning to work after retirement: Who, what
DP 08/2013-023
and why?
Project: Robust models for supervision
What do wages add to the health-employment
Henkens, Kéne and Hanna van Solinge
nexus? Evidence from older European workers
DP 09/2013-029
Flores, Manuel and Adriaan Kalwij
Health status, disability and retirement
incentives in Belgium
DP 03/2013-005
How does investor confidence lead to trading?
Jousten, Alain, Mathieu Lefebvre and Sergio
Project: Pensions, savings and retirement
Theory and evidence on the links between
Perelman
decisions II
investor return experiences, confidence, and
DP 11/2013-056
investment beliefs
Hoffmann, Arvid and Thomas Post
DP 09/2013-067
Project: Balance sheet management
ne tspar ann ual re po rt 2 0 13
appendix
i . discu ssi on papers
62
Retirement incentives in Belgium: Estimations
Rethinking optimal wealth accumulations and
The economic importance of financial literacy:
and simulations using SHARE data
decumulation strategies in the wake of the
Theory and evidence
Jousten, Alain and Mathieu Lefebvre
financial crisis
Lusardi, Annamaria and Olivia Mitchell
DP 04/2013-012
Kopcke, Richard, Anthony Webb, Josh Hurwitz DP 04/2013-009
and Zhenyu Li
Factors limiting the opportunities for partial
DP 01/2013-062
retirement
Reform of the mortgage interest tax relief
system, policy uncertainty and precautionary
Kantarci, Tunga
Individuals’ survival expectations and actual
savings in the Netherlands
DP 10/2013-036
mortality
Mastrogiacomo, Mauro
Kutlu-Koc, Vesile and Adriaan Kalwij
DP 12/2013-070
Stated preference analysis of full and partial
DP 05/2013-013
Project: Second and a half pillar for the self-
retirement in the United States
Project: Pensions, savings and retirement
employed?
Kantarci, Tunga and Arthur van Soest
decisions II
DP 10/2013-038
Optimal degree of funding of public sector
Consumer informedness and firm information
pension plans
The effects of partial retirement on health
strategy
Meijdam, Lex and Eduard Ponds
Kantarci, Tunga
Li, Ting, Robert Kauffman, Eric van Heck, Peter
DP 02/2013-003
DP 10/2013-037
Vervest and Benedict Dellaert
Project: Multi - subproject 1
DP 11/2013-073
Why the rich drink more but smoke less: The
Project: Interactive pension communication and
Negative reciprocity and retrenched pension
impact of wealth on health behaviors
decision making
rights
Kippersluis, Hans van and Titus Galama
Montizaan, Raymond, Frank Cörvers, Andries
DP 02/2013-007
Why do options prices predict stock returns?
de Grip and Thomas Dohmen
Project: Health and income, work and care
Lin, Tse-Chun, Xiaolong Lu and Joost Driessen
DP 05/2013-040
across the life cycle II
DP 07/2013-079
Project: Human capital and aging
Project: Robust models for supervision
Framing effects in an employee saving scheme;
Trends in mortality decrease and economic
A non-parametric analysis
Optimal financial knowledge and wealth
growth
Kooreman, Peter, Bertrand Melenberg, inequality
Niu, Geng and Bertrand Melenberg
Henriëtte Prast and Nathanaël Vellekoop
Lusardi, Annamaria, Pierre-Carl Michaud DP 11/2013-071
DP 01/2013-001
and Olivia Mitchell
Project: Risk management in funded pension
Project: Economics and psychology of life cycle
DP 02/2013-006
systems
decision making
Project: Financial literacy
ne tspar ann ual re po rt 2 0 13
appendix
i . discu ssi on papers
63
Health and inequality
Procyclicality of pension fund regulation and
Promoting later planned retirement: The diffe-
O’Donnell, Owen, Eddy van Doorslaer and Tom
behaviour
rential impact of construal level interventions
Van Ourti
Romp, Ward
for younger and older individuals
DP 10/2013-060
DP 11/2013-068
Schie, Ron van , Benedict Dellaert and Project: Health and income, work and care
Project: Multi - subproject 1
Bas Donkers
DP 06/2013-076
across the life cycle II
Basis risk and inflation replication
Project: Interactive pension communication and
Intra-group risk sharing under financial
Roode, Alexander de
decision making
fairness
DP 09/2013-078
The public market equivalent and private equity
Pazdera, Jaroslav, Hans Schumacher and Bas
Werker
The inflation risk premium: The impact of the
performance
DP 05/2013-072
financial crisis
Sorensen, Morten and Ravi Jagannathan
Roode, Alexander de
DP 09/2013-039
DP 09/2013-077
Project: Portfolio strategies
Pool, Veronika, Clemens Sialm and Irina
How will older workers who lose their jobs
Can long-term care insurance partnership
Stefanescu
during the great recession fare in the long-run?
programs increase coverage and reduce
DP 01/2013-002
Rutledge, Matthew, Natalia Orlova and medicaid costs?
Anthony Webb
Sun, Wei and Anthony Webb
DP 03/2013-064
DP 03/2013-063
Ravesteijn, Bastian, Hans van Kippersluis How individuals react to defined benefit
Trading death: The implications of annuity
and Eddy van Doorslaer
pension risk
replication for the annuity puzzle, arbitrage,
DP 09/2013-028
Salamanca, Nicolás, Andries de Grip and speculation and portfolios
Project: Health and income, work and care
Olaf Sleijpen
Sutcliffe, Charles
across the life cycle II
DP 08/2013-041
DP 10/2013-059
It pays to set the menu: Mutual fund investment
options in 401(k) plans
The wear and tear on health: What is the role
of occupation?
Project: Human capital and aging
Social preferences and portfolio choice
An experimental investigation of risk sharing
Riedl, Arno and Paul Smeets
and adverse selection
DP 08/2013-043 - revised version January 2014
Tausch, Franziska, Jan Potters and Arno Riedl
Project: Economics and psychology of life cycle
DP 08/2013-042
decision making
Project: The economics and psychology of life
cycle decision making
ne tspar ann ual re po rt 2 0 13
The demand for emerging market bonds
Umar, Zaghum
DP 04/2013-011
Stocks for the long run? Evidence from emerging
markets
Umar, Zaghum and Laura Spierdijk
DP 04/2013-010
Measuring time and risk preferences: Reliability,
stability, domain specificity
Wölbert, Eva and Arno Riedl
DP 07/2013-044
Project: Economics and psychology of life cycle
decision making
Value-at-risk-based risk management in a
jump-diffusion model
Zhang, Cheng, Yang Zhou and Zhiping Zhou
DP 06/2013-053
appendix
i . discu ssi on papers
64
ne tspar ann ual re po rt 2 0 13
appendix
j. theses an d dissertatio ns
65
appendix j. theses and dissertations
(total 53)
j1. bsc theses (total 3)
j2. msc theses (total 39)
The effect of the recent financial crisis on
Market consistent insurance pricing
Bijlsma, Ineke
defined benefit pension funds’ asset allocation
Adhanom, Adam
MSc Thesis 2013-024
Arts, Jori
MSc Thesis
Project: Pensions, savings and retirement
BSc Thesis 2013-045
Project: Robust models for supervision
decisions II
De fiscale aspecten van de API en een
Role of the financial incentives for the
Forecasting child allowances with international
internationale vergelijking
retirement decision in Germany
aspects. Identifying and explaining the rise in
Balvert, Eline
Anukiewicz, Katarzyna
WKB expenditure
BSc Thesis 2013-046
MSc Thesis 2013
Bouman, Ron
Project: Second and a half pillar for the
MSc Thesis 2013-013
Changes in household behavior after a housing
wealth shock
Social welfare policy as an instrument for
self‑employed?
fertility regulation
Evaluating UK defined-benefit pension policies
Jager, Arno de
Capital funding for elderly care. Alternative
from the Dutch perspective
BSc Thesis 2013-047
systems for financing the Dutch elderly care:
Chen, Zhiqiang
lessons from international experiences
MSc Thesis 2013-018
Auithrakul, Panadda
Project: Robust models for supervision
MSc Thesis 2013-002
Poverty and wealth
European Union pension funds and the home
Cicoira, Silvia
bias. Geographical asset allocation in light of
MSc Thesis 2013
three goals set by the European Commission
Project: Second and a half pillar for the
Bakker, Melle
self‑employed?
MSc Thesis 2013-004
Risk capital allocation for a guarantee fund in
a central counterparty clearing house
Clavijo, Javier
MSc Thesis 2013-040
Project: Risk management in funded pension
systems
ne tspar ann ual re po rt 2 0 13
appendix
j. theses an d dissertatio ns
66
Backward imputation of financial household
How to measure and apply risk preferences in
Impact of modeling assumptions on the holistic
wealth
the second pension pillar
balance sheet
Evertsen, Lara
Hereijgers, Patrick
Koopman, Lars
MSc Thesis 2013-022
MSc Thesis 2013-012
MSc Thesis 2013-035
Project: Pensions, savings and retirement
Project: Economics and psychology of life cycle
Project: Robust models for supervision
decisions II
decision making
The impact of illiquidity on the capital
Impact on customers of Zwitserleven from the
DC defaults 2.0: An international framework in
requirements of insurers facing long-term
rise of the retitrement age due to the coalition
order to improve the investment strategy for DC
liabilities in a risk-based environment
agreement Rutte-Asscher (VAP Act)
defaults across Europe
Koops, Jasper
Griffioen, Reinder
Horst, Lieke van der
MSc Thesis 2013-036
MSc Thesis 2013-020
MSc Thesis 2013-008
Project: Robust models for supervision
Project: Risk management in funded pension
Project: Pensions, savings and retirement
systems
decisions II
The impact of stochastic interest rates in a
defined contribution pension scheme
What you really know and what you think you
Risk-adjusted returns under leverage constraints
Meeuwis, Maarten
know
- Implications of the “betting against beta”
MSc Thesis 2013-019
Heijstek, Denise
factor for pension funds
Project: Risk management in funded pension
MSc Thesis 2013-028
Hrachovec, Martin
systems
Project: Interactive pension communication and
MSc Thesis 2013-009
decision making
Project: Risk management in funded pension
Annuity market participation in the Netherlands
systems
Marle, Wouter van
MSc Thesis 2013-048
Sponsor support valuation according to the IORP
II Directive applied to Dutch pension funds
The impact of the retirement age increase
Helvert, Sanne van
announcement on the Dutch stock market
Do precious metals have a capacity to hedge
MSc Thesis 2013-034
Hunsel, Gijs van
against inflation?
Project: Robust models for supervision
MSc Thesis 2013-042
Mochnacz, Franciszek
Project: Risk management in funded pension
MSc Thesis 2013-037
systems
Project: Robust models for supervision
Living longer in your own house. Could a reverse
mortgage be the solution?
Hendriks, Ireen
Valuation of the sponsor supprt option.
MSc Thesis 2013-007
A practical tool for risk management
Jaegers, Joeri
MSc Thesis 2013-011
ne tspar ann ual re po rt 2 0 13
appendix
j. theses an d dissertatio ns
Can our grandpa lead us to doom? A theoretical
Context effects in real life decision making
Does the logo make a difference? The influence
and empirical research on the effect of ageing
Sprangers, Stefan
of the Ik Kies Bewust logos on consumer
on financial markets
MSc Thesis 2013-029
purchase intention
Nota, Alessandro
Project: Interactive pension communication and
Wal, Marieke van der
MSc Thesis 2013-041
decision making
MSc Thesis 2013-031
Project: Risk management in funded pension
systems
67
Project: Interactive pension communication and
Labor force participation of older workers in the
decision making
Netherlands: An analysis of recent policy
Single and multi-population mortality models
measures
Valuation of long-term liabilities under solvency
for Dutch data
Stojanovic, Sanja
II - Extrapolation methods for the European
Ouburg, Wilbert
MSc Thesis 2013-003
interest rate market
MSc Thesis 2013-049
Project: Second and a half pillar for the
Wahlers, Marie
self‑employed?
MSc Thesis 2013-044
Health insurance in the Netherlands: The effect
Project: Robust models for supervision
of socio-demographic factors on the individu-
Losses in the great recession: Dutch households
als’ level of Health Insurance Coverage
under fire
The holistic balance sheet: An analysis of
Ree, Marco van
Triep, Matthijs
benefit reduction and conditional indexation
MSc Thesis 2013-030
MSc Thesis 2013-016
Wernekinck, Frans
Project: Interactive pension communication and
Project: Second and a half pillar for the
MSc Thesis 2013-039
decision making
self‑employed?
Project: Robust models for supervision
Interest rate resets on the Dutch mortgage
Social security and pension systems in Rwanda:
Uncovering individual learning about risk using
market: How self-employment, high LTV and LTI
Limits and alternatives
preferred outcome distributions
affect the choice of variabe interest rates
Uwera, Belle
Yarema, Pavel
Romanchuk, Oksana
MSc Thesis 2013-010
MSc Thesis 2013-032
MSc Thesis 2013-017
Project: Interactive pension communication and
Project: Second and a half pillar for the
The consequences of changes in the term
self‑employed?
structure methodology: A study on the
decision making
consequences of introducing the UFR-
The comparison of two techniques on
Tax incentives to promote active ageing: The
methodology for Dutch pension funds
extrapolating term structures under various
introduction of the doorwerkbonus in the
Vorst, Tom van der
input rate conditions
Netherlands
MSc Thesis 2013-026
Zhao, Honglei
Silva Soca, Maria Luisa da
Project: Balance sheet management
MSc Thesis 2013
MSc Thesis 2013-005
Project: Second and a half pillar for the
self‑employed?
Project: Robust models for supervision
ne tspar ann ual re po rt 2 0 13
appendix
j. theses an d dissertatio ns
j3. rm theses (total 4)
j4. dissertations (total 7)
Robust pricing of fixed income securities
Risk, redistribution and retirement: The role of
Scholte, Robert
Horváth, Ferenc
pension schemes
PhD/2013-021
RM Thesis 2013-038
Bonenkamp, Jan
Project: Health and income, work and care
Project: Robust models for supervision
PhD Thesis 2013-006
across the life cycle II
68
The interplay between early-life conditions,
major events and health later in life
Project: Multi-pillar pension schemes and
Comparison between nominal and real
macroeconomic performance
Empirical studies on long-term investing
Umar, Zaghum
indexation systems of Dutch pension fund
Shu, Lei
Between goals and expectations. Essays on
PhD Thesis 2013-015
RM Thesis 2013-027
pensions and retirement
Project: Influence of market imperfections on
Project: Risk management in funded pension
Bresser, Jochem de
recovery strategies
systems
PhD Thesis 2013-023
Dynamics of self-control. A dual-process
Project: Pensions, savings and retirement
Essays on household saving, religion and pay
decisions II
frequency
Vellekoop, Nathanaël
framework
Sun, Chen
Venture capital and innovation
PhD Thesis 2013-014
RM Thesis 2013-033
Gonzalez Uribe, Juanita
Project: Economics and psychology of life cycle
Project: The economics and psychology of life
PhD Thesis 2013-046
decision making
cycle decision making
Project: Portfolio strategies
Labor supply preferences around retirement for
Precautionary saving, wealth accumulation and
US households
pensions. An empirical microeconomic
Yu, Zhiyu
perspective
RM Thesis 2013-025
Santen, Peter van
Project: Pensions, savings and retirement
PhD Thesis 2013-001
decisions II
Project: Pensions, savings and retirement
decisions II
ne tspar ann ual re po rt 2 0 13
appendix
k. panel papers & l. n ea papers
appendix k. panel papers
appendix l. nea papers
(total 4)
(total 4)
Long and healthy careers? The relationship
Mijn pensioen staat als een huis
between occupation and health and its
Graaf, Marc de and Jan Rouwendal
implications for the statutory retirement age
NEA Paper 51 - December 2013
Ravesteijn, Bastian, Hans van Kippersluis and
Project: Human capital and aging
Eddy van Doorslaer
Panel Paper 36 - October 2013
Langdurige tijdelijke arbeidsrelaties als
Project: Health and income, work and care
stimulans voor een hogere participatie van
across the life cycle II
ouderen op de arbeidsmarkt
Cörvers, Frank
The influence of health care spending on life
NEA Paper 50 - September 2013
expectancy
Project: Human capital and aging
Baal, Pieter van, Parida Obulqasim, Werner
Brouwer, Wilma Nusselder and Johan
Pensioenorganisaties en communicatiewet­
Mackenbach
geving. Exploratief onderzoek naar keuzes en
Panel Paper 35 - June 2013
verplichtingen
Project: Rising life expectancy
Nell, Louise and Leo Lentz
NEA Paper 49 - July 2013
Non-financial determinants of retirement
Erp, Frank van, Niels Vermeer and Daniel van
Rationeel beleid voor irrationele mensen. Een
Vuuren
gedragseconomische visie op de toekomst van
Panel Paper 34 - March 2013
gezondheidspreventie in Nederland
Project: Multi-pillar pension schemes and
Prast, Henriëtte
macroeconomic performance
NEA Paper 48 - February 2013
Project: Economics and psychology of life cycle
Moral hazard in the insurance industry
Wolferen, Job van, Yoel Inbar and Marcel
Zeelenberg
Panel Paper 33 - March 2013
Project: Economics and psychology of life cycle
decision making
decision making
69
ne tspar ann ual re po rt 2 0 13
appendix
m. desi gn papers
70
appendix m. design papers
Guarantees and habit formation in pension
(total 13)
rule
schemes. A critical analysis of the floor-leverage
Jong, Frank de and Yang Zhou
Measuring retirement savings adequacy.
Escalerende garantietoezeggingen. Een
Developing a multi-pillar approach in the
alternatief voor het StAr RAM-contract
Netherlands
Bilsen, Servaas van, Roger Laeven and
Different people, different choices. The influence
Knoef, Marike, Jim Been, Rob Alessie,
Theo Nijman
of visual stimuli in communication on pension
Koen Caminada, Kees Goudswaard and
Design Paper 21 - June 2013
choice
Adriaan Kalwij
Project: Reconciling short term risks
Brüggen, Elisabeth, Ingrid Rohde and
Design Paper 25 - November 2013
Design Paper 17 - March 2013
Mijke van den Broeke
Building a distribution builder: Design
Design Paper 15 - March 2013
Naar een nieuw deelnemergericht UPO
considerations for financial investment and
Kuiper, Charlotte, Arthur van Soest and
pension decisions
Herverdeling door pensioenregelingen
Cees Dert
Donkers, Bas, Carlos Lourenço, Daniel Goldstein
Bonenkamp, Jan, Wilma Nusselder, Johan
Design Paper 24 - August 2013
and Benedict Dellaert
Mackenbach, Frederik Peters and Harry ter Rele
Design Paper 20 - May 2013
Design Paper 16 - March 2013
Op naar actieve pensioenconsumenten.
Project: Supporting consumer pension
Project: Multi-pillar pension schemes and
Inhoudelijke kenmerken en randvoorwaarden
decision‑making online
macroeconomic performance; Rising life
van effectieve pensioencommunicatie
expectancy
Kortleve, Niels, Guido Verbaal and
Collective pension schemes and individual
Charlotte Kuiper
choice
Hoofdlijnen pensioenakkoord, juridisch
Design Paper 23 - June 2013
Binsbergen, Jules van, Dirk Broeders,
begrepen
Project: Economics and psychology of life cycle
Myrthe de Jong and Ralph Koijen
Heemskerk, Mark, Bas de Jong and
decision making
Design Paper 19 - May 2013
René Maatman
A reporting standard for defined contribution
The holistic balance sheet as a building block in
pension plans
pension fund supervision
Impliciete en expliciete leeftijdsdifferentiatie in
Vaan, Kees de, Daniele Fano, Herialt Mens and
Fransen, Erwin, Niels Kortleve, Hans
pensioencontracten
Giovanna Nicodano
Schumacher, Hans Staring and Jan-Willem
Mehlkopf, Roel, Jan Bonenkamp, Casper van
Design Paper 22 - June 2013
Wijckmans
Ewijk, Harry ter Rele and Ed Westerhout
Design Paper 18 - April 2013
Design Paper 13 - January 2013
Design Paper 14 - February 2013
Project: Multi-pillar pension schemes and
macroeconomic performance
ne tspar ann ual re po rt 2 0 13
appendix
n . msc program economics and finance of aging
71
appendix n. msc program economics and finance of aging / netspar tracks
2012-2013
Investment Analysis of Aging and Pensions 2
Economics
Paul Sengmüller (TiU)
Seminar Generational Economics
Introduction to Economics and
Bertrand Melenberg (TiU)
Lex Meijdam (TiU)
Finance of Aging
Joost Driessen (TiU)
Eduard Ponds (TiU)
Lans Bovenberg (TiU)
Emre Koç (TiU)
Sweder van Wijnbergen
Topics in Economics and Finance of Aging Roel Mehlkopf (TiU)
Peter Broer
Economics
Thomas van Galen
Seminar Economics and Psychology of Risk,
Investment Analysis of Aging and Pensions 1
Frank de Jong (TiU)
Microeconomics of Lifecycle Behaviour Time and Social Norms
Health Economics of Aging Jan Potters (TiU)
Meltem Daysal (TiU)
Gijs van de Kuilen (TiU)
Katie Carman
Jan Potters (TiU)
Rob Alessie
Quantitative Finance & Actuarial Science
2013-2014 – Netspar tracks
Hans Bloemen
Pension System Design
Theo Nijman (TiU)
All tracks
Ronald Mahieu (TiU)
Macroeconomics of Pensions and Aging The Economics and Finance of Pensions
Samuel Sender (TiU)
Lex Meijdam (TiU)
Lans Bovenberg (TiU)
Eduard Ponds (TiU)
Roel Mehlkopf (TiU)
Quantitative Research in Pension and
Finance
Bas Werker (TiU)
Retirement Economics Investment Analysis of Pensions & Insurance
Samuel Sender (TiU)
Hans Blanc (TiU)
Frank de Jong (TiU)
Martin Salm (TiU)
Bertrand Melenberg (TiU)
Quantitative Finance & Actuarial Science
Asset Liability Management
Econometrics & Mathematical Economics
Panel Data Analysis of Microeconomic Decisions
Psychology of Economic Behaviour Finance
Arthur van Soest (TiU)
Henriëtte Prast (TiU)
Financial Analysis and Investor Behavior
Tobias Klein (TiU)
Yvette van Osch (TiU)
Lieven Baele (TiU)
Oliver Spalt (TiU)
Econometrics & Mathematical Economics
Dynamic Models and Their Applications
Bas Werker (TiU)
Samuel Sender (TiU)
ne tspar ann ual re po rt 2 0 13
appendix
o. executive educatio n netspar-tias academy
appendix o. executive education netspar-tias academy
Netspar-Tias Academy: Master Class Cyclus
Netspar-Tias Academy: Master Class Cyclus
Pensioeninnovatie 2012-2013
Pensioeninnovatie 2013-2014
September 25 & 26, 2012 in Tilburg
October 1 & 2, 2013 in Tilburg
Pensioenconsument centraal
Pensioenconsument centraal
40 participants
44 participants
November 27 & 28, 2012 in Tilburg
November 26 & 27, 2013 in Tilburg
Risicomanagement
Risicomanagement
40 participants
42 participants
February 12 & 13, 2013 in Tilburg
February 11 & 12, 2014 in Tilburg
Beleggen
Beleggen
40 participants
41 participants
April 16 & 17, 2013 in Tilburg
April 15 & 16, 2014 in Tilburg
Regelgeving, Toezicht & Governance
Regelgeving, Toezicht & Governance
38 participants
42 participants
23 Participants took part in an extra assignment,
16 Participants are expected to take part in an
combining pension practice and science.
extra assignment, combining pension practice
and science.
72
ne tspar ann ual re po rt 2 0 13
colophon
Production and Editing
Netspar Center, Nina Woodson
Design and layout
Sander Neijnens
May 2014
www.netspar.nl
73

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