FIELD PROJECTS EUROPEAN AND INTERNATIONAL BUSINESS (GEST S-543) AND FINANCIAL MARKETS AND SERVICES (ECON S-532)

1. FIELD PROJECTS EUROPEAN AND INTERNATIONAL BUSINESS (GEST S-543) AND FINANCIAL MARKETS AND SERVICES (ECON S-532) Prof. Eric De Keuleneer Prof. Pierre Francotte Year: 2012-13

2. Contents A. Field Projects - General B. Field Projects S-543 and S-532

3. A. Field Projects - General • You have to register for one of three Field Projects: • Financial Markets and Services/ECONS-532 (P. Francotte) • European Regulation/ECONS-533 (A. Estache) • European and International Business/GESTS-543 (E. De Keuleneer) • Deadline for registration is Monday February 18. • No more than 16 students per FP. • Pre-requisite for ECONS532: havingtaken ECONS528.

4. Purpose of Field Projects • Put you in a context similar to a stage in a company either as an employee or as a consultant: • you will be asked to produce and present a report containing analyses and recommendations. • Help you learn how to prepare a report, like in a real professional environment, including: • how to interact with your « employer » • how to work in team with « colleagues » under set deadlines • how to produce a report and make a presentation that meet the objectives of your audience.

5. Real life setting • An important facet of what you will learn is to manage the complexities of operating in an uncertain environment and limited control over time and resources, such as: • Managing the expectations of an « employer » (Professor), • Working with colleagues (fellow students in your team or other teams) who can help or hinder your objectives, • Seeking to analyse situations: • with incomplete or uncertain information and data, and yet • having to formulate useful conclusions and • make clear recommendations, • within a timetable that is typically constrained.

6. Practicaltips • See Prof. Estache’s power point presentations in the context of his 2012 Field Project on European Regulation: • Business Economics Workshop – Overview. • How to write and economics paper.

7. B. Field Projects S-543 and S-532 1. Common Theme 2. Theory 3. Report and presentation 4. Grading 5. Case studies 6. Timetable

8. 1. Common theme: EU RegulatoryAssessments • Both FPs on a common theme: • EU Regulatory Assessments. • Prof De Keuleneer will focus more specifically on M&A and • Prof. Francotte more specifically on financial regulations by EU. • Common « Theory » part for both FPs: • joint presentations by EDK and PF • joint presentations by external experts. • « Report » part will be distinct for each FP (by case study), but will be coordinated.

9. 2. Theory • Five lessons, but with heavy « practical » emphasis. • Purpose is: • to give you basic background to prepare the report • NOT to review all theory you are supposed to have already acquired • Includes: • Lessons by Prof. De Keuleneer and Francotte • Review of real EU regulatory and/or merger cases, with external experts (e.g., banker).

10. 3. Report and presentation • Your final output is a written report and an oral presentation of the report to a panel that includes your two professors and some external experts, in front of the whole class. • You will prepare an outline and get input from your Professor on a draft of this outline so as to ensure you are on the right track.

11. Work in teams • Each student will be part of a team. • Each team will play a specific role in the case study. • Roles to be clarified by Professor for case study • Allocation of roles will depend on the number of students registered for each FP.

12. Output of teams • Each team will have to: • prepare an outline • submit a report • make an oral presentation • with the support of a power point presentation.

13. But withindividual input • Each member of each team will have to: • take the lead in a specific part of the report • present the corresponding part to the panel • answer specific questions from panel. • Accordingly, your grade will be a combination of a collective grade for your team and an individual grade for you within your team. • Precise rules will be clarified later and may vary according to Professor.

14. Outline • 3 page note indicating the structure of the report and including a preliminary bibliography of relevant documents. • To be submitted to the Professor for the relevant FP by Monday March 4. • Must include the basic storyline of the report, indicating the next steps in terms of work to be done and the timetable for it.

15. Report • Max 20 page paper for each team. • Providing analysis of issues and making recommendations. • Details to be provided later on the contents and format of papers (including bibliography, structure, etc).

16. Presentation • Each team will make a presentation • summarizing key points of the report, • supported by a power point presentation. • Presentation to a panel playing the role of « decision-maker » on the recommendations. • Presentation in front of full class. • Classmates (from other teams and even other FP) will be prompted to ask questions as colleagues would in a real life professional environment.

17. Panel • Panel will ask probing questions as a decision-making body would in a real life environment. • Panel will include: • Professor for TP (chairman of panel) • Professor of other TP • External experts (e.g., strategic consultant, banker, investment banker, other professors).

18. 4. Grading • You will be graded by the Professor of your FP. • Your grade will be based on: • the outline, • the report, • the oral presentation and supporting PPT • Potentialupside for active and productive participation in class and duringpresentations • Assessed like in a real life working environment: • the technical substance of the output, but also • the quality of the argumentation (how convincing, presentation, structure, etc), • autonomy from the Professor and effectiveness of interaction with teammates in the preparation, and • your ability to meet deadlines.

19. 5. Case studies • Different case studies with different orientations: • Financial regulations for ECONS532 (PF) • Industrial and financial M&A for GESTS543 (EDK) • Your choice of FP determines the choice of case study you will be working on.

20. Case study for Financial Markets and Services • Assessment of one of followingEuropean Commission proposals/decisions: • Financial Transaction Tax (EU-27 + EU-11), • Merger NYSE-ENX with Deutsche Börse • Short Selling • Basle III Liquidity Ratios (LCR and NSFR).

21. Case study for European and International Business • Assessment of one of the following M&A transactions which have been subjected to European Commission review: • Ryanair - Aerlingus • Linde - BOC • Fortis - ABN AMRO • UPS – TNT.

22. 6. Timetable • Theory • Case studies

23. Theory • Dates: • February 6 • February 13 • February 20 • February 27 • March 6 • March 20 • All from 10:00 to 12:00 in R42.4.104 • Attendancefrom all students of both FPs.

24. Case studies • 18/02: Selection of TP/case study by students • 25/02: Final allocation of students to FPs by Professors and constitution of teams and terms of reference by team. • 25/02 onwards: guidance sessions with Professor. • 04/03: Submit draft outline to Professor. • 11/03: Feedback on outline by Professor. • 17/04 to 08/05: Presentations on case studies.

25. Case studiespresentations • 6 slots currentlyavailable for presentations 1 hour for eachpresentation, including Q&A): • April 17 • 10:00 to 12:00 • 16:00 to 18:00 • April 24 • 10:00 to 12:00 • 16:00 to 18:00 • May 8 • 10:00 to 12:00 • 16:00 to 18:00 • Students to choosetheirpreferred slot by 04/03.