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Insights from Annual General MeetingsStrand, Therese (Frederiksberg, 2012)[More information][Less information]
Abstract: This thesis consists of five empirical studies, all relating to shareholder activism at annual general meetings. The first study concerns the structure and content of general meetings in Denmark and Sweden comparatively. The paper reveals significant differences in the level of activism, with Swedish investors being the most active in terms of proposals, proxy voting, and ‘voice’. The paper takes a legal approach, and discusses divergence in activism levels from the perspective of shareholder prerequisites to engage in monitoring efforts. Further, the paper investigating the topics addressed through questions and opinions. The results show that matters which can be categorized as irrelevant are reasonably rare. This is an important finding, as suggestions to abolish general meetings have often been based on the assumption that general meetings facilitate nothing but irrelevant, time consuming, and costly discussions that serves no monitoring function. The second study analyses the impact of voting power on shareholder activism. We hypothesize that there is a positive relationship between shareholder activism and a measure of the largest shareholder’s sensitivity to increased participation by small shareholders and find that firms’ amenability to small shareholder influence leads to more proposals by the nomination committee, but fewer proposals by other shareholders. We interpret this as evidence that the shareholder elected nomination committees effectively channel shareholder concerns and preempt other kinds of activism. Politicians and companies that desire active shareholders could improve the amenability of firms to shareholder influence by ownership transparency, shareholder committees, and contacts with shareholder associations and other vehicles for collective action... URI: http://hdl.handle.net/10398/8460 Files in this item: 1
Therese_Strand.pdf (1.719Mb) -
evidence from EstoniaJones, Derek C.; Mygind, Niels (København, 1999)[More information][Less information]
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evidence from EstoniaJones, Derek C.; Mygind, Niels (København, 1999)[More information][Less information]
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preliminary results from a manager surveyMygind, Niels (København, 2002)[More information][Less information]
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preliminary results from a manager surveyMygind, Niels (København, 2002)[More information][Less information]
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preliminary results from a manager surveyMygind, Niels (København, 2002)[More information][Less information]
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evidence from the BalticsJones, Derek; Mygind, Niels (København, 1998)[More information][Less information]
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Junge, Martin; Meisner Nielsen, Kasper; Torp Jespersen, Svend; Kragh Jacobsen, Jesper; Bennedsen, Morten (København, 2007)[More information][Less information]
Abstract: Firms in the European countries today have the possibility of choosing from a range of control enhancing mechanisms giving the controlling owners an amount of influence which is disproportional to their share of cash flow. The list of control enhancing mechanisms includes dual class shares, pyramidal ownership structures and several others. The justification for these control enhancing mechanisms is currently the subject of much debate within the European Union. The opposing positions in the debate can be stated briefly as i) the control enhancing mechanisms are an impediment to takeovers and should therefore be removed to improve the market for corporate control. ii) Removing the control enhancing mechanisms reduces the contractual freedom to decide desirable ownership structures. This report investigates whether ownership structures affect firm performance. To do so this study provides a description of the current ownership structures in European countries and the economic outcomes for firms using different ownership structures. The results are presented in the tables below. URI: http://hdl.handle.net/10398/7491 Files in this item: 1
rep03-2007.pdf (359.3Kb) -
noter til en tiltrædelsesforelæsningFoss, Nicolai Juul (København, 1998)[More information][Less information]
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Evidence from Unexpected Inheritance due to Sudden DeathAndersen, Steffen; Meisner Nielsen, Kasper (Frederiksberg, 2010)[More information][Less information]
Abstract: We use a natural experiment to investigate the impact of participation constraints on individuals' decisions to invest in the stock market. Unexpected inheritance due to sudden deaths results in exogenous variation in financial wealth and allows us to examine whether fixed entry and ongoing participation costs cause non-participation. We have three key findings. First, windfall wealth has a positive effect on participation. Second, the majority of households do not react to sizeable windfalls by entering the stock market, but hold on to substantial safe assets—even over longer horizons. Third, the majority of households inheriting stock holdings actively sell the entire portfolio. Overall, these findings suggest that participation by many individuals is unlikely to be constrained by financial participation costs. URI: http://hdl.handle.net/10398/8169 Files in this item: 1
wp3-2010.pdf (254.6Kb) -
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Abstract: Spørgsmålet er om der er aftaleretlig revolution på vej, en revolution som er baseret på, at hvis virksomhederne vil overleve i den globale økonomi kræves nye initiativer for at skabe værdi.1 Den globale økonomi er karakteriseret ved omskiftelighed og aggressiv konkurrence. Derfor kan virksomheder sjældent stå alene om at skabe værdi.2 Det er forandringen i virksomhedernes værdiskabelse, som er årsagen til revolutionen. I stedet for at skabe værdi alene skaber virksomhederne nu værdier i fællesskab og til det kræves nye samarbejdsformer og nye måder at indgå aftaler på, selv i virksomhedens første levetid. De gamle metoder og teorier duer således ikke mere. Nye samarbejdsformer indbefatter både i Storbritannien,3 USA og i Danmark begrebet partnering. Selv om partnering er et forholdsvist nyt begreb i Danmark, har partnering allerede i USA vist at være vejen til fundamentale forandringer for, hvordan store virksomheder kontraherer. URI: http://hdl.handle.net/10398/8656 Files in this item: 1
Tvarnoe_2003.pdf (208.8Kb) -
When to Ally with Weak PartnersOverby, Mikkel Lucas (Frederiksberg, 2005)[More information][Less information]
Abstract: In many emergent markets, cross-industry alliances are necessary to develop and market new products and services. The resource-based view suggests that firms form alliances to access or acquire valuable, rare, non-imitable and non-substitutable resources, and that such access determines the level of profits. Hence, firms confronted with the choice between partners with strong versus partners with weak resource endowments should choose the former. We contest this view and argue that firms benefit from allying with weak partners at certain times. In essence, we suggest that partner selection involves assessing the relative importance of strong resource endowments and aligned strategic aspirations over time. By adopting an evolutionary approach, we show that appropriate partner selection criteria are dynamic and may involve allying with weak partners in the initial exploratory stage, with weak and/or strong partners in the development stage and with strong partners in the maturity stage. Our findings suggest that the resource-based understanding of strategic alliances should be extended to include a more profound role for a partner firm’s strategic aspiration. URI: http://hdl.handle.net/10398/7888 Files in this item: 1
DRUID_05_07.pdf (380.4Kb) -
Norus, Jesper (København, 2004)[More information][Less information]
Abstract: In recent years, establishing successful collaborative arrangements and relationships between university, industry and public institutions has come to be seen as essential in transforming new scientific knowledge into new innovations and business ventures. The fit between these very different actor groups has been treated as a contingent factor. However, little attention has been given to the managerial efforts that entrepreneurs have make to establish the fit between small firms, university research, and public policies such as regulatory policies and R&D policies through network-type structures. New biotechnology organizations are perfect objects to study these relationships because new biotechnologies and techniques predominantly come from the university sector (Kenney, 1986; Yoxen; 1984; Zucker & Darby, 1997; Robbins-Roth, 2001). From the perspective of the small biotechnology firms (SBFs,) this paper analyzes four different managerial strategies of how to create network structures to deal with the interfaces between industry, university and public institutions. The research-oriented strategy, the incubator strategy, the industrial-partnering strategy, and the policyoriented strategy. The research-oriented strategy focuses narrowly on how biotechnology firms transform scientific results into solid business plan or business models revealing the aim of the technologies, services or products. The incubator strategy is concerned with localization and how to overcome specific types of managerial problems in the initial stage of forming a business venture. The industrialpartnering strategy is concerned with how to overcome the problem of bringing the technologies from an experimental stage at a research lab to be able to handle industrial processes and full-scale production. Last, but not least, the policy-oriented strategy focuses on the problem of having products approved by the public authorities. The aim of the article is to demonstrate how SBFs over time develop network structures through patchwork-like activities, ongoing and overlapping activities, that serve as a blueprint for the management URI: http://hdl.handle.net/10398/6779 Files in this item: 1
wp06-2004.pdf (158.9Kb) -
Analyzing the consistency of EPO's ruling on novelty and inventive step in emerging industriesBurke, Paul F.; Reitzig, Markus (København, 2006)[More information][Less information]
Abstract: The increasing number of patent applications worldwide and the extension of patenting to the areas of software and business methods have triggered a debate on "patent quality". While patent quality may have various dimensions, this paper argues that consistency in the decision making on the side of the patent office is one important dimension, particularly in new patenting areas (emerging technologies). In order to understand whether patent offices appear capable of providing consistent assessments of a patent's technological quality in such novel industries from the beginning, we study the concordance of the European Patent Office's (EPO's) granting and opoposition decisions for individual patents. We use the historical example of biotech patens filed between 1978 until 1986, the early stage of the industry. Our results indicate that the EPO shows systematically different assessments of technological quality during the granting and the opposition phase. The inconsistency is likely not entirely attributable to additional information revealed after the grant date. URI: http://hdl.handle.net/10398/6778 Files in this item: 1
wp01-2006.pdf (266.9Kb) -
Davis, Lee (København, 2002)[More information][Less information]
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Do Patents "Crowd Out” Prizes?Davis, Jerome; Davis, Lee (København, 2006)[More information][Less information]
Abstract: Debate over the merits of patents versus inducement prizes has tended to ignore the signaling roles of patents, and totally ignores the impact of patent signaling on prize contests. This paper asks: How does patent signaling affect the strategic choices of firms considering entering prize contests? First, we consider contests that do not allow patenting, then contests that do. If patenting is not allowed, we argue, patent-holders, both internal and external to the contest, can adversely impact prize contests by claiming prize winner violation of their patents, and suing for damages. The likelihood of such challenges being made can deter entry, particularly in contests requiring large sunk costs. Furthermore, the firm's decisionmaking process will discriminate against entering prize contests and favor R&D projects with patentable outcomes. Together, these problems may circumscribe any future wider role for prize contests, and limit their major putative welfare advantage: the ability to place prize winning solutions into the public domain. In contests where entrants may patent their inventions, entry is subject to basically the same problems as above (although such contests may carry some advantages as regards contest design). Our overall conclusion is that prize contests are liable to fail due to the lack of potential entrants, particularly as regards entry on the part of larger commercial firms. URI: http://hdl.handle.net/10398/7204 Files in this item: 1
ipr-w_12-davisdavis-mai03-1.pdf (332.8Kb) -
Sommerlund, Julie (København, 2005)[More information][Less information]
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Zinck Pedersen, Kirstine (, 2008)[More information][Less information]
URI: http://hdl.handle.net/10398/8194 Files in this item: 1
Patientens_politiske_diskurs.pdf (424.8Kb)