Browsing by Title
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Bechmann, Ken (København, 2003)[More information][Less information]
Abstract: The announcement of a convertible bond call is associated with an average con- temporaneous abnormal stock price decline of 1.75% and an ensuing price recovery in the conversion period. A price fall and the subsequent recovery suggest price pressure as the explanation for the announcement eect. However, in a perfect capital market the option to convert is not exercised early and hence, the increase in the number of shares outstanding does not occur at the announcement date. Instead, this paper ar- gues and provides evidence that hedging-induced short selling is causing at least part of the short-run price pressure. Key words: Convertible bond calls; Hedging; Short selling; Price pressure; Underwriting JEL Classication: G14; G24; G32 URI: http://hdl.handle.net/10398/7165 Files in this item: 1
caf wp-164.pdf (719.6Kb) -
Malchow-Møller, Nikolaj; Rose Skaksen, Jan (København, 2008)[More information][Less information]
Abstract: In this paper, we show that the welfare implications of immigration which takes place in upturns, and may be partly reversed in downturns, are very different from the implications of immigration usually found in static models. Abstracting from any gains to capital owners and native workers due to complementarities, we find that (especially temporary) immigration may still benefit native workers in a European type of labour market where minimum wages may bind in downturns. However, in the presence of hiring costs, these effects may be reversed. Thus, promoting temporary immigration schemes may lead to adverse consequences if they also increase the costs of hiring foreign labour. URI: http://hdl.handle.net/10398/7700 Files in this item: 1
dp 2008-12.pdf (351.9Kb) -
Määttänen, Niku; Poutvaara, Panu (København, 2007)[More information][Less information]
Abstract: We study the welfare effects of earnings testing flat-rate old-age benefits in a quantitative overlapping generations model with idiosyncratic labor income risk. In our model economy, even a moderate earnings testing reduces individuals’ expected lifetime utility, whenever other taxes are taken into account. Moreover, it also lowers the realized lifetime utilities of those at the bottom of the lifetime utility distribution. Social security; Retirement; Means-testing URI: http://hdl.handle.net/10398/7705 Files in this item: 1
artikel 09.pdf (315.4Kb) -
Braun, Sebastian (København, 2008)[More information][Less information]
Abstract: The paper presents first empirical evidence on the effect of foreign ownership on the union wage premium. Using matched employer-employee data for Denmark, the positive effect of plant-level unionisation on wages is found to vanish in foreign-owned firm. While the estimation establishes a positive wage effect of foreign ownership of between two and four per cent for workers employed in non-unionised firms, the foreign ownership premium is close to zero for workers in highly unionised enterprises. This result might help to understand why trade unions frequently resist foreign take-overs even though the existence of a positive foreign ownership wage premium is widely acknowledged in the literature. URI: http://hdl.handle.net/10398/7715 Files in this item: 1
dp 2008-07.pdf (181.2Kb) -
A Reflection on Historical Sociology and IRLeander, Anna (Frederiksberg, 2009)[More information][Less information]
Abstract: In 2004 I published an argument to the effect that “taking Tilly seriously” could help International Relations (IR) scholars understand some of the processes and mechanisms involved in state-building (Leander, 2004: the chapter is pasted in at the end of this statement). This short statement is a reflection on why, if I were to write that piece today, it would be written differently. I would still argue that we should all engage the Historical Sociology of State-Building (HSS) in a serious way (go beyond the folklore as I termed it in 2004) but my inclination today would be to be far more explicit about to the pitfalls of not going beyond the folklore as well as about the importance of studies of practices (in anthropology, ethnography, geography, regional/area studies or even IR, sic!) in signposting these pitfalls. This change in tone has less to do with any particular idea or argument in historical sociology, and even less with the work of any particular historical sociologist (seen the focus of this workshop Tilly will figure as the recurring reference point) than it does with the way the HSS is read, feeds into and shapes IR discussions (section 1). The way HSS has been integrated into IR has led scholars deeper into the pitfalls which hamper their understanding of contemporary state-building. More specifically it has perpetuated a misconstrued understanding of the inside/outside, it has obscured the nature and role of the private/public, and that it has devalued contextually specific articulations of politics and governance (sections 2-4). This “misunderstanding” is not only a scholastic matter as it translates into policies that are ineffective, inadequate not to say positively harmful (section 5). As the statement concludes, the implication is that IR scholars who decide to walk the terrain chartered by HSS would do well to observe the warning signposts set up by observers of political practices around these pitfalls. URI: http://hdl.handle.net/10398/7968 Files in this item: 1
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Leander, Anna (København, 2008)[More information][Less information]
Abstract: This paper analyses one influential Hollywood documentary, Edward Zwick’s movie Blood Diamond as if it were an advertising campaign. Drawing on a business school textbook: Sign Wars: The Cluttered Landscape of Advertising, it poses the kinds of question an advertiser would: namely how the brand image is established, how it is made superior to other images and how good it is at capturing would-be-consumers. The paper suggests that Blood Diamond fares well on all three accounts and it traces why this is so. Specifically, it emphasizes the extent to which the film has contributed to establish and solidify the link between blood and diamonds in a process of "cultural cannibalism”. Second, it underlines role of "Hollywood authenticity” in establishing its very particular picture of politics as superior to alternatives. This certainly is more an unintended "collateral damage” than a part the producers’/directors’ intention. Finally, the last section suggests that Blood Diamond effectively captures the spectator by the reassuring, but illusive, plurality of images and by its visual fetichism. URI: http://hdl.handle.net/10398/7031 Files in this item: 1
wp 2008-1.pdf (207.4Kb) -
Implications for New Organizational FormsFoss, Kirsten; Foss, Nicolai J. (København, 2005)[More information][Less information]
Abstract: Two of Herbert Simon’s best-known papers are "The Architecture of Complexity" and "The Structure of Ill-Structured Problems." We discuss the neglected links between these two papers, highlighting the role of decomposition in the context of problems on which constraints have been imposed as a general approach to problem solving. We apply these Simonian ideas to organizational issues, specifically new organizational forms. Specifically, Simonian ideas allow us to develop a morphology of new organizational forms and to point to some design problems that characterize these forms. Keywords: Herbert Simon, problem-solving, new organizational forms. JEL Code: D23, D83 URI: http://hdl.handle.net/10398/7431 Files in this item: 1
cbs forskningsindberetning smg 28.pdf (508.4Kb) -
Foss, Nicolai Juul (København, 2001)[More information][Less information]
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Why Docility Evolves to Breed Successful AltruismKnudsen, Thorbjørn (København, 2002)[More information][Less information]
Abstract: In light of the under-explored potential of Simon’s theory of altruism, the purpose of the present article is to review his explanation of altruism and to point out some of its implications for behavioural economics and theories of economic organization. In the course of the argument, this article relates Simon’s theory of altruism to Hamilton’s theory of kinship selection and then proceeds to examine a critical assumption of Simon’s model that social organizations know better than individuals. Within the parameters of Simon’s own model, the paper suggests how this assumption can be justified. The paper concludes by noting that Simon offered a new and so far under-explored mechanism for the emergence of altruism in biological populations and suggests a controlled experiment to test Simon’s explanation against Hamilton’s. Finally, it is noteworthy that Simon’s theory has immediate implications for the understanding of human nature that invites revision and development of behavioural economics and theories of economic organization. URI: http://hdl.handle.net/10398/6898 Files in this item: 1
linkwp02-21.pdf (101.9Kb) -
Nielsen, Søren Bo (København, 1998)[More information][Less information]
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- analysed through costume and movement in Crouching Tiger, Hidden DragonSkov, Lise (København, 2008)[More information][Less information]
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analysed through costume and movement in Crouching Tiger, Hidden DragonSkov, Lise (, 2008)[More information][Less information]
Abstract: In this essay, I wish to examine the relation between body, movement and costume in Chinese martial arts film. I propose to see fight choreography as dance, and I rush to say that this is a totally unoriginal claim on my part; practically any book or commentary on the martial arts genre will use the word dance, either literally or evocatively. There are good reasons for this, as I will discuss below. URI: http://hdl.handle.net/10398/7778 Files in this item: 1
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Ooi, Can-Seng; Gomez, James (København, 2006)[More information][Less information]
URI: http://hdl.handle.net/10398/6623 Files in this item: 1
working paper int_can-seng ooi_2-1.pdf (57.15Kb) -
Lando, Henrik (København, 2004)[More information][Less information]
Abstract: The paper argues that society should vary the sanction applied to a criminal defendant with the weight of the evidence against him or her. This is optimal when it is costly for society to apply sanctions, since it can yield the same degree of deterrence while requiring fewer resources to be spent on sanctioning. Furthermore, when the unfairness of convicting an innocent defendant increases with the size of the sanction, this provides a further rationale for graduating sanctions with the probability of guilt. Some objections are briefly discussed, mainly that it is inherently unfair to apply different sanctions on people, who have committed the same offense, and that the legal system will lose legitimacy if it allows sanctions to vary in the way suggested. URI: http://hdl.handle.net/10398/6820 Files in this item: 1
wplefic082004.pdf (289.7Kb) -
Lund, Lars (København, 2004)[More information][Less information]
Abstract: Processing ashore of raw materials from the fisheries tend intuitively to recommend itself because more creation of value added in this manner should take place in Greenland. However, we observe the opposite tendency: production is shifted aboard on factory trawlers and catches are shipped directly to export markets or may be so after transshipping in e.g. Nuuk. It is shown that this actual development indeed is the prediction of location economics. In the case of unemployment it may be optimal to secure raw materials for processing on plants ashore, an aim that may be achieved via subsidies. The optimality of such policy is discussed using concepts from cost benefit analysis, and it is demonstrated how the shadow price of labor has a crucial role. Shifting to the macro level capacity restrictions on plants and on the labor market are pointed out. The effect of taking raw material ashore is illustrated with a macro production function, which is assumed to have a positive marginal product until the capacity limit is hit. This, however, may take place after the noninflationary augmenting level of employment has been reached. Finally the possibility of alternative and better policies than the one relying on subsidies is touched upon. URI: http://hdl.handle.net/10398/7570 Files in this item: 1
wpec012004.pdf (323.5Kb) -
notat til udvalget om skat og internationaliseringBlomgren-Hansen, Niels (København, 2001)[More information][Less information]
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Theoretical Concepts, Empirical Problems and a Survey of the EvidenceSanders, Mark, Bas ter Weel (Frederiksberg, 2000)[More information][Less information]
Abstract: The structure of wages and employment has shifted against the low-skilled in many OECD countries over the last decade. Many authors have attributed this shift to the impact of new technologies, and or technical change in general. This paper investigates and structures the growing body of literature on skill-biased technical change (SBTC) by first presenting a model in which SBTC is formalised and decomposed into factor and sector biases of technical change. We show that as we go down to the job level the scope for pure within unit-skill bias decreases and between-unit effects explain the within-unit effects detected at higher aggregation levels. Second, we address some potential sources of skill bias, which are learning, R&D, human capital formation, organisational change and the introduction of new general purpose technologies. Finally we present some conceptual and practical problems we encounter when studying SBTC empirically. We conclude with a survey of selected empirical literature on the subject and discuss the results in light of the empirical and theoretical problems pointed out above. URI: http://hdl.handle.net/10398/8079 Files in this item: 1
8778730929.pdf (303.0Kb) -
A Disaggregate PerspectiveMalchow-Møller, Nikolaj; Skaksen, Jan Rose (København, 2003)[More information][Less information]
Abstract: Skill-Biased Technological Change in Denmark: A Disaggregate Perspective* In this paper, we provide an industry-level analysis of skill-biased technological change (SBTC) in Denmark over the last two decades. The analysis shows that SBTC has varied considerably across industries, and traditionally large Danish industries have experienced relatively less SBTC. This may partly explain why wage inequality between skilled and less skilled has risen less in Denmark than in other countries. We also find that SBTC has been concentrated in already skill-intensive industries. This contains important information about future labour requirements, as the relative importance of these industries must be expected to grow, thereby reinforcing the shift in demand for skilled labour. JEL Classification: J24, J31, L6 Keywords: skill-biased technological change, Danish industries URI: http://hdl.handle.net/10398/7549 Files in this item: 1
dp752.pdf (762.4Kb) -
Larsen, Birthe (København, 2004)[More information][Less information]
Abstract: This paper examines the implications of that workers may not be able to estimate their true costs of acquiring skills. Consequently, too few workers may acquire skills. This allows for the possibility that subsidizing education is welfare improving. Furthermore, if the presence of skill-biased technological shocks increase unemployment, this may explain why the market it-self cannot respond to this by making it sufficiently attractive to acquire skills. Consequently, the trade-off in-between subsidizing education and thereby reducing unemployment and optimizing welfare may be eliminated. We analyse this issue in a simple educational model and next in a search equilibrium model including a skill choice decision. Keywords: Education, subsidies, efficiency, unemployment. JEL codes: I20, J64. URI: http://hdl.handle.net/10398/7593 Files in this item: 1
wpec172004.pdf (269.2Kb) -
Country-of-Origin or End-Use of Products.Sørensen, Anders (København, 2007)[More information][Less information]
Abstract: This paper investigates the empirical consequences for the relationship between skill upgrading and internationalization by decomposing import after country-of-origin and after the end-use of products. I find that the break-down after country-of-origin is of crucial importance, implying that international trade with low-wage countries leads to comprehensive skill upgrading, whereas international trade with high-wage countries leads to skill downgrading in Danish Manufacturing. The empirical literature on skill-upgrading and internationalization has mainly focused on international outsourcing and has to a large extent disregarded import penetration. By splitting import after country-of-origin, this reintroduces import penetration as an important explanation for skill upgrading. skill upgrading, import, country-of-origin, end-use of products URI: http://hdl.handle.net/10398/7686 Files in this item: 1
artikel 19.pdf (143.0Kb)