Browsing by Title
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Petersen, Christian; Plenborg, Thomas (København, 2008)[More information][Less information]
Abstract: This study focuses on methodological errors that arise when firm valuation is carried out in practice. Violation of assumptions underlying the valuation models are examples of methodological errors. We analyze valuation spreadsheets from five Danish financial institutions (i.e., stockbrokers and corporate finance departments) in order to trace if firm valuation models are properly applied. We conclude the following: (i) Methodological errors often cause valuation models to generate estimates that differ significantly from the theoretically correct value; and (ii) Firm value estimates were biased due to a variety of methodological errors. The implications of those errors may be significant. Investors are exposed to poor recommendations. Financial institutions such as investment bankers and stockbrokers may be exposed to bad reputation and lawsuits. Accounting firms that do not carry out firm valuation correctly (for example in testing goodwill for impairment) also run the risk of litigations. URI: http://hdl.handle.net/10398/6746 Files in this item: 1
wp_2008-03.pdf (229.2Kb) -
The Case of the Pre-nominal Genitive in EnglishAnker Jensen, Per (Frederiksberg, 2010)[More information][Less information]
URI: http://hdl.handle.net/10398/8237 Files in this item: 1
gengram_Dokumentation final+code.pdf (341.5Kb) -
Rosholm, Michael; Scheuer, Christian; Sørensen, Anders (København, 2007)[More information][Less information]
Abstract: This paper investigates the impact of globalization, in the sense of increasing international trade, on the demand for skills in Danish manufacturing companies. The study is based on a unique data set that enables us to develop rich measures of international outsourcing and import penetration. Moreover, the data also allows several strategies to strengthen the causal interpretation of our results. The main finding of the analysis is that it is of crucial importance to distinguish imports - both in the form of outsourcing and overall imports - by country-of-origin. We find that international trade with low-wage countries leads to skill-upgrading. This is especially pronounced for import penetration with a ceteris paribus contribution of around fifty percent to skill-upgrading. Moreover, we find that import penetration in goods originating from high-wage countries lead to skill-downgrading. This latter result suggests that Danish manufacturing has comparative advantage in skill intensive production when compared to low-wage countries, but in unskill-intensive production when compared to high-wage countries. Skill-upgrading, Low-wage country outsourcing, Low-wage country import penetration, Comparative advantage URI: http://hdl.handle.net/10398/7709 Files in this item: 1
artikel 20.pdf (389.3Kb) -
Scheuer, Christian; Sørensen, Anders; Rosholm, Michael (København, 2007)[More information][Less information]
Abstract: This paper investigates the impact of globalization, in the sense of increasing international trade, on the demand for skills in Danish manufacturing companies. The study is based on a unique data set that enables us to develop rich measures of international outsourcing and import penetration. Moreover, the data also allows several strategies to strengthen the causal interpretation of our results. The main finding of the analysis is that it is of crucial importance to distinguish imports - both in the form of outsourcing and overall imports - by country-of-origin. We find that international trade with low-wage countries leads to skill-upgrading. This is especially pronounced for import penetration with a ceteris paribus contribution of around fifty percent to skill-upgrading. Moreover, we find that import penetration in goods originating from high-wage countries lead to skill-downgrading. This latter result suggests that Danish manufacturing has comparative advantage in skillintensive production when compared to low-wage countries, but in unskill-intensive production when compared to high-wage countries. Skill-upgrading, Low-wage country outsourcing, Low-wage country import penetration, Comparative advantage URI: http://hdl.handle.net/10398/7625 Files in this item: 1
wp8-2007.pdf (532.1Kb) -
Jeppesen, Lars Bo (København, 2002)[More information][Less information]
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An Empirical TestDahlgren, Henrich (København, 2005)[More information][Less information]
Abstract: This paper takes an economic approach to investigate the role of geographical proximity for organizing new product development (NPD) activities within inter-firm linkages. Product development theory and the resource-based view is discussed from an inter-firm perspective and contrasted to arguments in the literature on geographical economics. The approach in this paper assumes that geographical proximity is crucial for inter-firm learning, knowledge transfer and creation of capabilities to a higher extent in inter-firm linkages with a high level of interaction, in industries where knowledge is relatively more important as a resource and where collaboration partners are important. Hypotheses are tested by means of a quantitative analysis of a data set containing information about 4842 domestic and international inter-firm linkages of Danish firms in manufacturing industries. The findings in this analysis exhibit low support for the general role of geographical proximity for organizing NPD activities within inter-firm linkages. The result suggests that geographical proximity seems to play a role in inter-firm linkages in few cases. For instance, it is shown that knowledge intensive firms exhibit a propensity for international linkages. It is further suggested closer geographical distance for inter-firm linkages with medium and high level of interaction, suppliers or customers accounting for more than one third of total purchases or sales, and for linkages lasting for at least 10 years. Key words: capabilities, economics of localization, innovation, inter-firm linkages, knowledge, product development, proximity, resources JEL-codes: L23, L60, O32 URI: http://hdl.handle.net/10398/7268 Files in this item: 1
lok_wp_1_2005.pdf (342.9Kb) -
a latent class estimationPedersen, Torben; Soo, Christine; Devinney, Timothy M. (København, 2002)[More information][Less information]
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Laursen, Keld (Frederiksberg, 2001)[More information][Less information]
Abstract: Recent theoretical and empirical analysis in the field of economic organisation has focussed almost exclusively on identifying organisational practices and complementarities between such practices, invariant to the type of activity in question. However, this paper takes its point of departure in the observation from organisational theory that more knowledge-intensive production activities often involve higher degrees of strategic uncertainty for firms and performance ambiguity in relation to individual employees. Therefore, the “organic” or “clan” form of organisation — involving the application of “new” HRM practices — is expected to yield a higher outcome in terms of performance within knowledge-intensive sectors of the economy, as compared to other sectors. Moreover, knowledge-intensive activities are likely to require the utilisation of local knowledge to a higher degree than less knowledge-intensive activities. Given that the application of new HRM practices is one way of supporting such local knowledge, it should also for this reason be expected that the application of HRM practices are more effective for knowledge-intensive production activities. A sample of 726 Danish firms with more than 50 employees in manufacturing and private services is applied. The results show that HRM practices are more effective in influencing innovation performance when applied together, rather than when applied alone. In other words, organisational complementarities obtain. Moreover, it is shown that the application of (complementary) HRM practices is more effective in what is normally perceived to be more knowledge-intensive sectors as compared to less knowledge-intensive sectors. URI: http://hdl.handle.net/10398/7897 Files in this item: 1
DRUID_01_11.pdf (120.9Kb) -
Laursen, Keld (København, 2001)[More information][Less information]
Abstract: Recent theoretical and empirical analysis in the field of economic organisation has focussed almost exclusively on identifying organisational practices and complementarities between such practices, invariant to the type of activity in question. However, this paper takes its point of departure in the observation from organisational theory that more knowledgeintensive production activities often involve higher degrees of strategic uncertainty for firms and performance ambiguity in relation to individual employees. Therefore, the "organic" or "clan" form of organisation — involving the application of "new" HRM practices — is expected to yield a higher outcome in terms of performance within knowledge-intensive sectors of the economy, as compared to other sectors. Moreover, knowledge-intensive activities are likely to require the utilisation of local knowledge to a higher degree than less knowledge-intensive activities. Given that the application of new HRM practices is one way of supporting such local knowledge, it should also for this reason be expected that the application of HRM practices are more effective for knowledge-intensive production activities. A sample of 726 Danish firms with more than 50 employees in manufacturing and private services is applied. The results show that HRM practices are more effective in influencing innovation performance when applied together, rather than when applied alone. In other words, organisational complementarities obtain. Moreover, it is shown that the application of (complementary) HRM practices is more effective in what is normally perceived to be more knowledge-intensive sectors as compared to less knowledge-intensive sectors. URI: http://hdl.handle.net/10398/6892 Files in this item: 1
linkwp01-16.pdf (83.45Kb) -
Laursen, Keld, Valentina Meliciani (København, 1999)[More information][Less information]
Abstract: This paper introduces inter-sectoral technology-based linkages (or technological spillovers) in a empirical model of international market share dynamics. The Pavitt taxonomy is applied as a yardstick for interpreting the empirical results. In accordance with the criteria behind the taxonomy, we find upstream linkages to be more important for the determination of market shares in scale intensive and supplier dominated sectors, while downstream linkages are particularly important for specialised suppliers. We also find investment to be more important for scale intensive types of sectors, formal R&D for science based sectors, and costs for supplier dominated sectors. The results highlight that the relative importance of different sources of competitiveness differs across sectors and thus reconcile the differences in emphasis in relation to the role of technology in determining trade flows, between (a) a tradition that stresses the importance of knowledge developed in a particular sector, and (b) the so-called ‘home market hypothesis’, that points out how inter-sectoral linkages within a particular country determine trade flows from that country. URI: http://hdl.handle.net/10398/8087 Files in this item: 1
8778730805.pdf (130.7Kb) -
Laursen, Keld; Meliciani, Valentina (Frederiksberg, 1999)[More information][Less information]
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Rent Sharing or Composition?Fosse, Henrik Barslund; Maitra, Madhura (Frederiksberg, 2012)[More information][Less information]
Abstract: Offshoring firms are found to pay higher average wages than purely domestic firms. We provide a unifying empirical approach by capturing the different channels through which offshoring may explain this wage difference: (i) due to change in the composition of workers (skill composition effect) (ii) because all existing workers get higher pay (rent sharing effect). Using Danish worker-firm data we explain how much each channel contributes to higher wages. To estimate the causal effect of offshoring on wages we use China’s accession to the WTO in December 2001 - and the soon after boom in Chinese exports - as positive exogenous shocks to the incentive to offshore to China. Both skill composition and rent sharing effects are found to be important in explaining the resultant gain in wages. We also show that the firm’s timing in the offshoring process determines the relative importance of a channel. For firms offshoring to China in 2002 but not in 1999, only rent sharing explains the gain in wages. For firms offshoring to China both before and after China’s WTO accession the wage increase is explained mostly by the skill composition effect. Moreover, these patterns are not discernible from the measures of skill composition and rent sharing available in typical firm level datasets - like ratio of educated to uneducated workers and sales per employee. URI: http://hdl.handle.net/10398/8540 Files in this item: 1
Fosse_2012_2.pdf (255.2Kb) -
Lund Jensen, Rasmus; Valentin, Finn (København, 2007)[More information][Less information]
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validating new indicators by understanding patenting strategiesReitzig, Markus (København, 2002)[More information][Less information]
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voluntary versus mandatory approachesChudnovsky, Daniel; López, Andrés (København, 1999)[More information][Less information]
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Cotta-Schønberg, Michael (København, 2005)[More information][Less information]
Abstract: Forestillingen om det store velordnede univers, hvor kosmos regerer over kaos, og hvor alting flyder fra nogle få overordnede principper - helst eet, muligvis to - udøver stadig en mægtig fascination på menneskesindet. Med rette, naturligvis, selvom vi i det postmoderne mellemrum et øjeblik kunne komme i tvivl. Få institutioner er i lige så høj grad som biblioteker afhængige af orden og kontrol. Selve bibliotekets grundfunktion kræver minutiøs orden. En bog, der er fejlplaceret i systemet, er en tabt bog, det ved vi alle. Netop bibliotekernes historiske kompetence med henblik på at ordne informationsressourcer på måder, der gør dem lettilgængelige for brugerne, opfattes af mange som bibliotekernes billet til den kommende informationsorden. Ordning og orden med deres korrelater af kontrol og planlægning er derfor ikke tilfældige biprodukter af bibliotekernes virksomhed, men hører til selve deres væsen. Det Kongelige Bibliotek er et smukt eksempel. Tilbage til sin oprindelse var bibliotekets funktion helt afhængig af et opstillingsystem, der var forståeligt for datidens mennesker, og som blev kodificeret af Moldenhawer i begyndelsen af 1800-tallet med udgangspunkt i videnssystemet, således om det dengang tog sig ud ved universitetet i Göttingen. Behovet for en enstrenget intellektuel struktur, der kan bruges som grundplan for den fysiske opstilling af bøger er blevet mindre vigtig i edb-alderen, men den er stadig vigtig i biblioteker med åbne samlinger, og det er selvfølgelig under alle omstændigheder stadig afgørende, at bøgerne faktisk står hvor de skal. URI: http://hdl.handle.net/10398/6937 Files in this item: 1
cbsl library wp2005-001.pdf (177.0Kb) -
[More information][Less information]
Abstract: In security, as in other areas, the emergence of transnational private organizations with a central role in governance poses profound challenges to established conceptions of international politics and democracy. This paper discusses one side of this challenge by looking at accountability of private security companies (PSCs). PSCs have become authorities in their own right in the security sphere. This has raised the question of their accountability and also resulted in considerable efforts to improve the accountability of the firms. This paper looks at why these efforts bear so little fruit. It begins by pointing to the tension involved in any effort to hold an authority (private or public) accountable, namely the tension between the centrality of acceptance for authority and accountability measures that necessarily involve contestation. It then proceeds to analyse this tension in the case of PSCs. The paper argues that PSCs’ status as experts on risk and entrepreneurs of security mobilizes a favourable bias, making contestation less likely. The difficulty of seeing and/or admitting that PSCs are independent actors in turn makes contestation of their activities seem ill-directed and unnecessary. The point made in this paper that this, rather than sheer complexity or hidden political agendas, is key for understanding the present rather puzzling lack of (democratic) accountability of PSCs and its likely continuation. URI: http://hdl.handle.net/10398/6985 Files in this item: 1
leander_isa07_woc-wp89.pdf (174.0Kb) -
Lage Hansen, Jakob (København, 2002)[More information][Less information]
Abstract: It is argued that specificity is inadequate to explain hold-up, as the definition is imprecise as to which party incurs a loss if an asset is redeployed. If both parties to a transaction incur a loss when an asset is redeployed, neither party can credibly hold up the other party. Also the concept does not address expectations. It is the expected loss (not the actual loss) of parties that will drive attempts at hold-up. Therefore focusing on specificity when talking hold-up can be misleading. As a consequence the concept of importance is introduced. The importance of an asset to a firm is the expected loss to the firm if access to the asset is lost. Various determinants of importance are discussed by using a formal framework. Implications are forwarded, and it is argued that the relative importance of the parties has to change for hold-up to occur. One-sided specific investments inherently lead to mutual importance, which mitigates hold-up. Situations without specificity can lead to hold-up if expectations are asymmetric. Lastly, hold-up does not imply a hold-up problem. URI: http://hdl.handle.net/10398/6883 Files in this item: 1
linkwp02-13.pdf (181.7Kb) -
Duguid, Paul (København, 2003)[More information][Less information]
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Glazer, Amihai; Kanniainen, Vesa; Poutvaara, Panu (København, 2008)[More information][Less information]
Abstract: We consider the effects of income redistribution when people can migrate from one country to another, and when land within each country is heterogeneous. Taxes related to income can then affect property values, and can induce migration, which further affects property values. We show that under these conditions a utilitarian government should never equalize after-tax incomes. If migration is impossible, it may even transfer income from the poor to the rich, reducing the rents earned by absentee landlords. The redistributive tax on the rich may be higher or lower when the rich can migrate than when they cannot. A Rawlsian government in the absence of mobility will equalize after-tax incomes. Under mobility, Rawlsian governments cut their taxes if and only if the relative pre-tax income of the poor is sufficiently low. URI: http://hdl.handle.net/10398/7689 Files in this item: 1
dp 2008-05.pdf (163.9Kb)