Browsing by Title
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Keuschnigg, Christian; Nielsen, Søren Bo (København, 2003)[More information][Less information]
Abstract: This paper proposes and analyses a model of start-up investment. Innovative entrepreneurs are commercially inexperienced and can benefit from venture capital support. Only part of them succeed in matching with a venture capitalist while the rest must resort to standard bank finance. We consider a number of policies to promote entrepreneurship and venture capital backed innovation. JEL Classification: D82, G24, G28, H24. Keywords: venture capital bank finance, matching, moral hazard, public policy. URI: http://hdl.handle.net/10398/7658 Files in this item: 1
cesifo working paper no. 850.pdf (392.7Kb) -
Keuschnigg, Christian; Nielsen, Søren Bo (København, 2001)[More information][Less information]
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Keuschnigg, Christian; Nielsen, Søren Bo (København, 2006)[More information][Less information]
Abstract: In recent years, venture capital has become an important source for nancing young entrepreneurial rms. Given the apparently more innovative nature and extra value added of venture capital backed rms compared to other firms, policy makers have taken an increasing interest in an active venture capital industry. We explore how selected policy instruments determine the incentives of individuals to start up new rms and of venture capitalists to nance and advise them, and how policy thereby influences the size and nature of the industry and how it aspects aggregate welfare. We examine the impact of wage and corporate income taxes as well as capital gains taxes and start-up capital subsidies on the volume and quality of venture capital backed entrepreneurship. JEL-Classi cation: D82, G24, H24, H25 Keywords: Entrepreneurship, venture capital, double moral hazard, taxes, sub-sidies. URI: http://hdl.handle.net/10398/7569 Files in this item: 1
wp15-06.pdf (291.5Kb) -
An international analysis - from a legal and economic perspectiveAndersen, Henrik; Cao, Fuguo; Tvarnø, Christina D.; Wang, Ping (Nottingham, 2010)[More information][Less information]
Abstract: This book provides a legal, economic and policy analysis of Public Private Partnerships. It is designed as a text for students at university level, but also for lawyers, procurement officials and policy-makers. The book consists of an EU, a WTO and a Chinese legal perspective. As explained on the cover page, the book was prepared as a part of a collaborative project in higher education, the EU Asia Inter University Network for Teaching and Research in Public Procurement Regulation 2009-2011, funded by the EU. This project involved several universities in Europe and Asia and has sought to promote and support the teaching of public procurement in Europe, Asia and globally. This text is one of five books produced under the auspices of the project that are designed to be used as resources in the teaching of public procurement law and regulation. The main editors and chapter authors are listed below, but it should be recognised that the text is a collaborative effort of all the partners to the extent that it has benefited from input by, and discussions between, many different persons at the different partner institutions. In addition to the authors and editor mentioned below, the text has benefited from editing and proof reading by Laura Graham at the University of Nottingham and text assistance from Marie Pade Andersen , Cecilie Voss and Kim Jørgensen at Copenhagen Business School whose assistance the project would like to acknowledge gratefully. The contents of the book are up to date as of August 2010. It has also been possible to include later developments in some parts of the book. URI: http://hdl.handle.net/10398/8422 Files in this item: 1
public-private_partnership.pdf (1.762Mb) -
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Abstract: Offentlige forvaltninger verden over har været præget af voldsomme reformbølger de seneste 20-30 år, og den private sektor er i stigende grad blevet inddraget i den offentlige serviceproduktion. Privatiseringer og udliciteringer kendetegnede således forvaltningspolitikken i mange vestlige lande op gennem 1980erne og 1990erne. De mange reformtiltag er i forvaltningslitteraturen kendt under betegnelsen New Public Management. En af de senere udviklinger i den moderne forvaltningshistorie er fremkomsten af offentlig-private partnerskaber (OPP). OPP har i dag fået en lignende udbredelse som de tidligere privatiserings- og udliciteringstendenser. De fleste vestlige landeforvaltninger har således forsøgt sig med OPP, og i forvaltningslitteraturen har antallet af publiceringer om emnet været hastigvoksende de seneste cirka 10 år. Trods den store udbredelse, i såvel teori som praksis, skorter der imidlertid med klassifikationer, endsige definitioner af OPP begrebet. Denne afhandling har to centrale formål. Det ene er at afdække OPP begrebets mangetydige betydninger. Det gøres ved at kortlægge hvordan begrebet bliver anvendt i den internationale forvaltningslitteratur. Analysen viser at begrebets grænser er slørede, og at betegnelsen OPP bliver anvendt om en mangfoldighed af offentlig-private samarbejdsformer dækkende over uformaliserede netværksbaserede relationer såvel som stærkt formaliserede kontraktstrukturer. På baggrund af analysen inddeles forvaltningslitteraturen i en række strømninger. Dermed skabes et overblik over feltet som ikke eksisterede forud for analysen. Denne del af analysen munder endvidere ud i en ny måde at klassificere og definere forskellige typer OPP på. OPP er et relativt ungt forskningsfelt. En markant barriere for udviklingen af feltet har været manglen på anerkendte klassificeringer/definitioner. Begrebsdefinitioner er en forudsætning for teoriudvikling. Ved at afdække OPP begrebets mangetydige betydninger, og ved at udvikle nye måder at klassificere og definere OPP på bidrager denne analyse væsentligt til den fremtidige teoriudvikling om OPP. Afhandlingens andet formål er at afdække hvad der kendetegner samarbejdsrelationerne i idriftsatte OPP-projekter. Det er en udbredt opfattelse blandt praktikere såvel som forskere at OPP bebuder noget kvalitativt nyt relativt til de fordums tiders privatiseringer og udliciteringer. Der findes således en udbredt teoretisk diskurs om at OPP indebærer tætte og tillidsbaserede samarbejdsrelationer, dialog og fokus på processer frem for output. På trods af sådanne udbredte forventninger og antagelser om samarbejdsformens karakter, så er der forbavsende få systematiske empiriske studier af hvordan samarbejdsrelationerne ser ud i praksis. Ved empirisk at kortlægge samarbejdets karakter i fem britiske OPP-projekter udfylder afhandlingen derfor et vigtigt hul i den internationale forvaltningslitteratur. Analysen bidrager til litteraturen på to centrale måder. Den viser, for det første, at forventningerne om kvalitativt anderledes samarbejdsrelationer ikke bliver indfriet i flertallet af de analyserede cases. Det forventede skift fra hierarkiske, kontrolorienterede principal-agent relationer mod fladere, tillidsbaserede principalprincipal relationer ses ikke i praksis. For det andet ses der dog alligevel stor variation i den måde hvorpå samarbejdet udmønter sig i de forskellige cases. Den ene case udviser således mange af de førnævnte samarbejdskarakteristika som typisk bliver kædet sammen med OPP. Analyseresultatet peger på, at samarbejdsrelationernes kan udmøntes væsensforskelligt indenfor den samme type kontraktstrukturer. Dette peger videre på, at formelle strukturer kun giver en begrænset indsigt i samarbejdets karakter. For at få en dybere forståelse af OPP, er det derfor nødvendigt at gå bagom kontrakten og analysere hvordan samarbejdsformen udspiller sig i praksis. Der identificeres endvidere en sammenhæng mellem samarbejdspraksis og partnerskabsperformance. De cases som involverer de mest tillidsbaserede og tætte relationer ser samtidig ud til at være de cases, der præsterer bedst. Analyseresultaterne har implikationer for OPP litteraturen og ledelsesmæssige implikationer. For det første giver resultaterne anledning til at revidere den eksisterende teoretiske diskurs om OPP. Der er en tendens i litteraturen til at forbinde bestemte samarbejdsstrukturer med bestemte typer samarbejdsprocesser. Resultaterne her indikerer at disse to dimensioner ikke følger hinanden. Dernæst peger resultaterne på at ressourcer og ledelsesmæssig opmærksomhed med fordel kan rettes mod de løbende samarbejdsprocesser, da dette kan få betydning for samarbejdets udfald. URI: http://hdl.handle.net/10398/7734 Files in this item: 1
Gudrid_Weihe.pdf (4.007Mb) -
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Abstract: There is a great deal of confusion about the meaning of the concept public-private partnership (PPP). Much is written on the subject but only rarely do authors give an adequate account of what they mean when they talk about PPP, nor do they acknowledge that there exist qualitatively different PPP research traditions. The lack of conceptual clarity leads to false statements about PPP, since what is true for one specific PPP-type does not necessarily apply to other forms of PPP. This paper reviews the literature on PPP and argues that there exist at least five distinct approaches in the burgeoning PPP literature with different origins and that it is vital for analytical clarity that authors place themselves within one of these traditions when doing research on PPP. URI: http://hdl.handle.net/10398/7348 Files in this item: 1
ppp_approaches_guri_16.pdf (180.8Kb) -
Policy and Regulation - With Comparative and Multi-level Case Studies from Denmark and IrelandHelby Petersen, Ole (, )[More information][Less information]
Abstract: This PhD dissertation studies national similarities and differences in policy and regulation of public-private partnerships (PPPs), with an empirical focus on Denmark and Ireland. The starting point and motivation for the study is the observation that whereas PPPs are often depicted in the academic literature and in policy practice as a globally disseminated governance scheme, in reality, a closer examination of the PPP reform landscape reveals significant differences in national governments’ PPP policy and regulation and in the amount of actually implemented PPP projects. By comparing the initiatives taken by the Irish government, which has embraced PPPs, with those of the Danish government, which has been a PPP sceptic, this study inquires into the fundamental questions as to how, why and to what consequences some governments have developed widespread policy and regulation frameworks to support the implementation of PPPs, whereas others have been much more reluctant. The dissertation addressed four research questions: (i) what are the key actors, strategies and institutions that create policies and regulations for the formation of PPPs?; (ii) how did governments’ PPP policies and regulations develop over time, and how can their similarities and differences be explained?; (iii) how do differing national policy and regulation frameworks serve to facilitate or hinder the formation of PPPs, exemplified by four case studies from the schools sector?; (iv) what framework conditions does the EU set for PPP initiatives at national and sub-national levels? URI: http://hdl.handle.net/10398/8304 Files in this item: 1
Ole_Helby_Petersen.pdf (1.358Mb) -
An explorative study of the contracts of the Tender Electronic Daily (TED)la Cour, Lisbeth; Milhøj, Anders (Frederiksberg, 2013)[More information][Less information]
Abstract: Public procurement is estimated to constitute more than 16% of GDP in the EU, see e.g. Ramsey (2006). This is one of the reasons why a lot of interest has been attached to this topic. Most of the papers in this field have been of a theoretical nature but during the last ten years also a few empirical studies have become available, see e.g. Marion, J. (2007) and Bajari et al (2008). At the EU level liberalizations have been going on since the late 80’ies (see e.g. the EU commission (1985). Here certain regulations imply that public projects of a certain size need to be subject to a public tender. Again according to Ramsey (2006) around 16% of all public procurement in the EU is subject to these rules and regulations and information on the contracts corresponding to these 16% can be found in Tenders Electronic Daily (TED) database. In general, the hypothesis is that public procurement will increase competition and ultimately lead to cheaper contracts for the authorities, see e.g. Cecchini (1988) for the economic arguments. But in practice: do the rules and regulations ensure more competition? Do they lead to more internationalization in the sense that more foreign firms become contract winners? Do the government and municipalities in the EU countries actually gain economically from the procurement? Does the choice of type of procedure matter? A lot of interesting questions immediately pops up and some of them – but only some of them - may be analyzed based on the content of this data base. Still, due to the large coverage and the international nature of the data base we believe that a thoroughly study of the possibilities of TED is of major interest and the present study is just a first step in this direction. One of the students who extracted the TED data has also used them for analysis in his master thesis, see Bundsgaard (2010). He has, however, limited his interest to analyze the choice of procedure: auction vs. negotiation and therefore our study has a broader scope when it comes to available variables. To our knowledge we are the first group of researchers who begins to analyze the content of this database using explorative statistical techniques based on a broad range of variables. URI: http://hdl.handle.net/10398/8686 Files in this item: 1
Lisbeth la Cour_SYMP_13.pdf (172.5Kb) -
en introduktionPlenborg, Thomas; Knudsen, Hans Jørgen; Bang Christensen, Tinus (Frederiksberg, 2009)[More information][Less information]
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Agersnap, Flemming; Witfelt, Claus; Löfvall, Steffen; Find, Anders (København, 2003)[More information][Less information]
Abstract: I dette working paper præsenteres og diskuteres et e-læringskoncept: Pædagogisk Selvtræning. Først vises den medietekniske udformning. Dernæst præsenteres et læringsteoretisk grundlag for konceptet ud fra K. Illeris, 2001. Det starter ud fra de læringsprocesser (kognitive, psykodynamiske og sociale), som foregår i brugere af konceptet, lærere så vel som studerende. Ud fra denne model diskuteres, hvordan denne viden kan være vejledende for lærerens resp. den studerendes direkte aktivitet i klasselokalet. Problemet for brugeren (en lærer eller en student) er dels at diagnosticere situationen på holdet, ved eksamen e.l. og dels at finde/vælge en reaktionsmåde, der er relevant hertil. Det er disse kompetencer, Pædagogisk Selvtræning søger at udvikle. Til sidst diskuteres, hvordan Pædagogisk Selvtræning kan videreudvikles og indplaceres ift. andre, fx IT-baserede undervisningsformer. URI: http://hdl.handle.net/10398/6691 Files in this item: 1
dokument 20.pdf (818.1Kb) -
Hansson, Finn (København, 2003)[More information][Less information]
Abstract: A central issue in science policy today is the changing role and function of research evaluation. How is quality selected, has local organizational traditions and managerial practices influence on the research evaluation? Who is perceived as peers or evaluators by the researchers and by managers? Recent organizational theory has focused on organizational and social dimensions in private knowledge-based companies, but left out research organizations. How important is the organizational context for the research evaluation processes? The paper will present results from an interview-based study of four private and public research organizations and discuss the importance of the organizational context on the production of new knowledge. URI: http://hdl.handle.net/10398/6310 Files in this item: 1
wp23-2003.pdf (248.6Kb) -
implications of recent nonparametric testsDahl, Christian M.; Nielsen, Steen (København, 2001)[More information][Less information]
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the Danish stock market since World War 1Risager, Ole (København, 1998)[More information][Less information]
Abstract: Abstract: This paper contributes to the growing literature on mean reversion in stock markets by examining a newly constructed Danish data set for the period 1922-95. Variance ratio tests clearly reject the random walk hypothesis at the 2-year horizon, that is, the riskiness of a 2- year investment is significantly less than twice the risk of a 1-year investment. Variance ratio tests for 3- and 4-year horizons are not significant under conventional significance levels, whereas autocorrelation tests of the joint hypothesis that there is departure from random walk at all horizons tend to reject the random walk hypothesis and support the mean reversion hypothesis. URI: http://hdl.handle.net/10398/7617 Files in this item: 1
1998_7.pdf (71.21Kb) -
Kjærgaard, Annemette (Frederiksberg, 2012)[More information][Less information]
Abstract: Vi afholdt i efterårssemestret 2012 en fastholdelsesworkshop for de nye studerende på HA(it) med økonomisk støtte fra uddannelsesdekanen. I denne rapport vil vi kort gøre rede for forløbet samt de umiddelbare reaktioner fra de studerende som deltog. Det er først muligt at sammenligne tal for frafald med tidligere årgange til sommer 2013, når de studerende aktivt skal semestertilmelde sig, så denne rapport har ingen resultater ift fastholdelsesmålet. URI: http://hdl.handle.net/10398/8652 Files in this item: 1
Kjaergaard.pdf (1.317Mb) -
Udarbejdet for Penge- og PensionspaneletChristiansen, Charlotte; Hasager, Leif; Astrup Jensen, Bjarne (København, 2011)[More information][Less information]
Abstract: Denne rapport er udarbejdet efter anmodning fra Penge- og Pensionspanelet (PPP). Ifølge udvalgets kommissorium har udvalget haft til opgave at udarbejde en rapport indeholdende forslag til anbefalinger om investering i obligationer og obligationsbaserede investeringsforeninger. M algruppen er fastlagt som danske ikke-professionelle investorer, og anbefalingerne forventes at være operationelle og letforst aelige samt veldokumenterede. URI: http://hdl.handle.net/10398/8535 Files in this item: 1
Astrup_Rapport_2011.pdf (390.1Kb) -
Construction and information content of an investor-cost based rating of Danish mutual fundsBechmann, Ken L.; Rangvid, Jesper (København, 2005)[More information][Less information]
Abstract: We develop a new rating of mutual funds: the atpRating. The atpRating assigns crowns to each individual mutual fund based upon the costs an investor pays when investing in the fund in relation to what it would cost to invest in the fund’s peers. Within each investment category, the rating assigns five crowns to funds with the lowest costs and one crown to funds with the highest costs. We investigate the ability of the atpRating to predict the future performance of a fund. We find that an investor who has invested in the funds with the lowest costs within an investment category would have obtained an annual risk-adjusted excess return that is approximately 3-4 percentage points higher per annum than if the funds with the highest costs had been invested in. We compare the atpRating with the Morningstar Rating. We show that one reason why the atpRating and the Morningstar Rating contain different information is that the returns Morningstar uses as inputs when rating funds are highly volatile whereas the costs the atpRating uses as inputs when rating funds are highly persistent. In other words, a fund that has low costs one year will most likely also have low costs the following year, whereas the return of a fund in a certain year generally contains only little information about the future return that the fund will generate. Finally, we have information on the investments in different mutual funds made by a small subgroup of investors known to have been exposed to both the atpRating and the Morningstar Rating, i.e. information is provided on how investors use the two ratings. We find that investors have a clear preference for high-rated funds. URI: http://hdl.handle.net/10398/7194 Files in this item: 1
endeligt_wp_2005_6.pdf (598.9Kb) -
Lando, Henrik (København, 2007)[More information][Less information]
Abstract: This article suggests a rationale for statutes of limitations in sales law, i.e. for the practice of cutting off buyers’ remedies after the expiration of a limitation period. The rationale is based on the notion of wear and tear, which carries two implications: First, a good that breaks down after several periods of use is likely to be of nearly optimal quality, and in this case little is gained by allowing a claim. Second, the number of dysfunctions is likely to increase over time, which implies that the pool of potential claims, and in particular the pool of unjustified claims, is likely to increase over time. It will be shown theoretically that these implications can provide a rationale for cutting off claims. The rationale will be supported with empirical evidence stemming from a recent extension of the limitation period from one to two years in Denmark. URI: http://hdl.handle.net/10398/7237 Files in this item: 1
wp06-2007.pdf (237.2Kb) -
Staff utilisation in branches of a large Canadian bankAsmild, Mette; Bogetoft, Peter; Hougaard, Jens Leth (, 2011)[More information][Less information]
Abstract: In this paper we consider staffing decisions in branches of a large Canadian bank. The bank has well-developed staffing models and the branches work in a highly competitive environment. One would therefore expect limited ’inefficiency’ in the sense of wasted resources and over-staffing. Using Data Envelopment Analysis (DEA) we nevertheless find considerable ’inefficiency’ which raises the question whether this is best interpreted as waste or if the apparent inefficiency may serve other purposes. To investigate this, we invoke the theoretical framework of Rational Inefficiency (Bogetoft and Hougaard 2003). A systematic pattern of slack consumption emerges, which suggests that the allocation of slack between sta↵ groups is far from random. The slack pattern seems natural from the point of view of employee value and hierarchy and also considering employee flexibility and substitutability. For example we find relatively large over-staffing at the supervisor level which is natural given both their strong bargaining position derived from their role in the branch hierarchy and given the relative flexibility of supervisor resources. URI: http://hdl.handle.net/10398/8634 Files in this item: 1
Asmild Bogetoft Hougaard_2011.pdf (567.5Kb) -
on procedural and consequential interests of the rule-guided individualKaisla, Jukka (København, 2001)[More information][Less information]
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Davis, Lee (København, 1999)[More information][Less information]