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Dit eindwerk analyseert de beslissingen van de Raad voor de Mededinging, het orgaan van de Belgische mededingingsautoriteit. Het brengt de Raad voor de Mededinging en het beslissingsproces duidelijk in beeld en gaat op zoek naar de factoren die aan de basis liggen van het al dan niet accepteren van fusies en overnames. Deze analyse wordt uitgevoerd aan de hand van een steekpoef van 43 concentraties die plaatsvonden in de periode 1997-2005. Tot slot vergelijken we de beslissingen met die van de Europese Commissie.

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Nowadays, the health expenditures in European countries are increasing. Regulations in the pharmaceutical industry are implemented by the government to suppress these rising health expenditures. The difficulty for the government is that it has to take into consideration two objectives; the health policy objectives and the industrial policy objectives. On one side, the patients have to be secured of safe and effective medicines. But on the other side, drugs research and development and innovations has to be encouraged. Despite these contrasting objectives, the pharmaceutical industry is one of the most regulated industries in the world. Our approach is based on the Community Innovation Survey, to provide empirical evidence for the pharmaceutical industry in the European Union. This paper reveals that the pharmaceutical enterprises consider regulations as an important barrier to innovation. The considered countries Germany, Greece, Italy, Hungary and Poland exhibit very different degrees in importance.

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This Master’s thesis outlines the characteristics contributing to the attractiveness of an M&A target in the pharmaceutical industry, more specifically, with a focus on Belgian based target companies. The existing literature assesses merely general determinants of M&A, whereas, this research conducts semi-structured interviews with Belgian based target companies to examine the unique focal points in Belgium. Firstly, this research shows characteristics in line with the literature that are beneficial for the attractiveness of a Belgian based target company, namely, product portfolio overlap in terms of same disease area, technology and knowledge overlap, possibility of product market expansion, complementary product portfolio, former collaborations and products in the later stages of clinical research. However, other characteristics discussed in the literature do not appear to be relevant for Belgian based target companies. Furthermore, supplementary determinants are suggested: the potential market sales, the number of alternatives to get access to a certain drug or asset, the team of researchers, the willingness to sell and the number of interested companies. Eventually, this paper highlights the collaborative environment in the pharmaceutical industry in Belgium which is a nourishing foundation for the creation of a great number of potential M&A targets in the country.

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This thesis investigates the performance of a Low-Cost carrier as part of an airline network versus a stand-alone LCC. This case study focuses on Transavia, Eurowings and Ryanair, and will seek to investigate how these airlines are performing in terms of productivity and profitability. The case study considers a period of five years, between 2012-2016, to make it possible to observe recent trends. Background information on the airlines is provided and an analysis section. From this case study, it becomes clear that Ryanair is outperforming the other two airlines both in terms of profitability and productivity due to a lower cost structure, higher load factor and revenue per ASK resulting in a positive operating result over the observed period. Although Transavia and Eurowings are making a positive evolution, they still have to make improvements to close the gap with Ryanair.

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We examined the effects of institutionals investors holding large blocks of shares in companies. We analyzed blockholdings by institutional investors in listed Belgian firms.