Summary
Samenvatting economics and management
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Dit is een kort overzicht van de lessen van prof Van Dyck over economics and management.
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Economics & Management (Van Dyck)• Gereguleerde markt (geld komt van overheden <-> vrije markt)
• Kapitaalmarkt/beurs betaalt de bedrijven
• Onzeker of product op markt komt (<-> technologische markt)
• Groei
o CAGR = company annual growth = lineaire groei tussen 2 punten
o FV = PV*(1+r)t
▪ FV = future value
▪ PV = present value
▪ r = CAGR = annual interest rate = interest/rendement
1
𝐹𝑉∗0,05 𝑡
▪ 𝑟=( 𝑃𝑉
) − 1 (gecorrigeerd voor kans op succes)
▪ Realiteit succes of falen
1
𝐹𝑉 𝑡
• 𝑟= (𝑃𝑉) − 1 → volle winst
• -100% → verlies volledig kapitaal
• ROI
o Return on investment = profit/investment *100% = rendement/interest
o Profit = revenue (topline) - cost (bottom line)
o Geeft aan hoeveel je verdient aan een investering (belangrijk voor investeerders)
o Meestal 1-2% door hoog risico
• Europa
o Gefragmenteerde markt (elke MS beslist zelf op GM op markt mag komen) → meer
middelen nodig
o FDA is 1 grote markt
• Canonical model in the positive theory of innovation
o 𝑝′ (𝐼)[𝐸(𝜋|𝐷) − 𝐸(𝜋|𝑁)] = (1 + 𝑟)𝜑′ (𝐼)
o <-> 𝑝′ (𝐼)[𝑔𝑎𝑖𝑛] = (𝑐𝑎𝑝𝑖𝑡𝑎𝑙 𝑐𝑜𝑠𝑡 𝑜𝑓 𝑖𝑛𝑛𝑜𝑣𝑎𝑡𝑖𝑜𝑛)𝜑′ (𝐼)
▪ = optimale level van innovatie
▪ p(I) = prob. of a successful discovery resulting from I
▪ E(π|D): expected profit from discovery, No discovery
▪ Φ(I) = the firm’s investment outlay = investering van bedrijf
▪ r = ROI
o Afgeleiden
▪ 1e is positief → hoe meer investering, hoe groter kans op succes
▪ 2e is negatief → functie daalt weer → er is een optimaal punt voor
investering
o Zoekt naar investeringen die minimaal gelijk zijn aan cost of capital (anders betaal je
voor je kapitaal)
o Level of investment = hoeveel moet ik investeren om te verdienen
o Auto-financiëring is goedkoper → enkel externe investering/kapitaal indien goede ROI
o Expected profit obv prijs en hoeveelheid → investeren in domeinen met veel
patiënten of weesGM (minder patienten maar duurder)
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