Titler
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The Conflicting Legacies of Demsetz and PenroseFoss, Nicolai J. (Frederiksberg, 1997)[Flere oplysninger][Færre oplysninger]
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a study of India's corporate sectorPatibandla, Murali (København, 2001)[Flere oplysninger][Færre oplysninger]
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The Role of Host Country Governance ManagementGloberman, Steven; Nielsen, Bo B. (København, 2006)[Flere oplysninger][Færre oplysninger]
Resume: A substantial literature has evolved focusing on the ownership structure of international strategic alliances (ISAs). Most of the relevant studies are theoretical in nature and concentrate on the conceptual factors that influence the choice between equity and non-equity structures. A smaller number of studies provide some empirical evidence on the importance of some of the conceptual factors. The theoretical literature highlights the potential influence of relational capital and transaction costs as determinants of ISA structure; however, there is little empirical evidence on the relative importance of these potential determinants. Moreover, there is only limited and indirect evidence bearing upon the impact of host country governance attributes on ISA ownership structure. In this study, we provide statistical evidence on the importance of potential determinants of governance mode choice for a sample of ISAs involving Danish firms. Our study documents how the determinants of governance mode choice vary in importance depending upon the "quality" of the governance infrastructure of the host country. Key words: Relational Capital, Governance, International Strategic Alliance URI: http://hdl.handle.net/10398/7422 Filer i denne post: 1
smg wp 2006-019.pdf (381.8Kb) -
en undersøgelse af Sigchi.dk fællesskabets videnClemmensen, Torkil; Leisner, Pelle (København, 2002)[Flere oplysninger][Færre oplysninger]
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Resume: Participation rate on the Greenland labour market: situation of year 2000 A goal is that a large part of the population of normal working age is employed. The participation rate is one of the statistics used to describe the performance of the economy in this respect. Two sources are used to arrive at an estimate of the rate both for Greenland in general and for four regions defined by four so called growth towns: Nuuk, Sisimiut, Ilulissat and Qaqortoq. They are Statistic Greenland’s publications on employment and on unemployment. There are some difficulties using the available data: the employment and unemployment surveys refer to periods whereas the potential workforce is counted at a date. Furthermore persons with yearly income below an arbitrary limit of 40.000 DKK are sorted out even though they should contribute to the number of full year employed. The participation rate is found to be much higher in Nuuk than in the other regions. For Greenland as such the number is in line with figures for Western Europe and North America. Characteristics of people not in the work force are looked for. To some extent a connection exists to the number people receiving pension as disabled, people in education, and those on leave because of childbirth, but the relation is imperfect and great differences are seen between regions. URI: http://hdl.handle.net/10398/7604 Filer i denne post: 1
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Datagrundlag og analyserHolm Hansen, Jacob; Bordum, Anders (København, 2005)[Flere oplysninger][Færre oplysninger]
Resume: Erhvervslivets strategiske ledelseskommunikation – datagrundlag og analyser præsenterer på 250 sider datagrundlaget og analyserne af de 50 største virksomheder i Danmarks strategiske ledelseskommunikation. Analyserne er bilag til og udgør grundlaget for bogen af Anders Bordum & Jacob Holm Hansen: Strategisk Ledelseskommunikation – Erhvervslivets ledelse med visioner, missioner og værdier. Udgivet på Jurist- og Økonomforbundets Forlag 2005. URI: http://hdl.handle.net/10398/7669 Filer i denne post: 1
8799022451.pdf (2.505Mb) -
Om analysen af den økonomisk-politiske integration i EUNedergaard, Peter (København, 2007)[Flere oplysninger][Færre oplysninger]
Resume: Artiklen diskuterer anvendelige teorier for analysen af den økonomisk-politiske integration i EU’s politiske system, som i dag er langt den vigtigste reguleringsramme om virksomhederne i EU. I den forbindelse foreslår artiklen en såkaldt socialkonstruktivistisk rational choice-teori, hvor socialkonstruktivismen tager sig af de ændrede politiske præferencer og rational choice-teorien sig af de langt mere konstante politiske institutioner. Den foreslåede teori anvendes til forklaring af de politiske resultater af tre vigtige reformer af EU’s landbrugspolitik i 1984, 1992 og 2003. Den viser sig i stand til både at forklare indarbejdelsen af mere postmoderne præferencer i reformerne og at det er de svagt organiserede grupper som forbrugerne og (i stigende grad) skatteyderne, der betaler regningen for EU’s landbrugspolitik uanset, hvordan den reformeres. URI: http://hdl.handle.net/10398/7354 Filer i denne post: 1
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Resume: This paper reports the findings of a research project investigating the utilization and continuous improvement of Enterprise Resource Planning (ERP) systems. Adopting the aspects of a resource management framework and Critical Success Factor research, an initial framework is developed. The framework is developed through a survey of ERP system expert consultants. A number of factors and causalities are identified, including the positive role of use by top management and the role of corporate culture. Two factors were found to have a negative impact on utilization. The first is the unreflective use of ERP system implementation methods, which can ‘kill’ the visions and ideas of implementing ERP systems, while the second is the vanilla implementation strategy. URI: http://hdl.handle.net/10398/8009 Filer i denne post: 1
CAICT_Com_22010.pdf (1.679Mb) -
Sudzina, Frantisek; Razmerita, Liana (Frederiksberg, 2012)[Flere oplysninger][Færre oplysninger]
Resume: Due to advances of technology including faster and ubiquitously accessible Internet connection, on-line gaming have grown tremendously in the last couple of years. The aim of this paper is to investigate whether escapist motives for playing games are linked to strengthening of weak ties through on-line gaming. The research investigates Facebook and other on-line games separately. A surprising result is that while most of the investigated escapist motives are positively correlated with strengthening of weak ties, the mundane breaking motive is negatively correlated with strengthening of weak ties. URI: http://hdl.handle.net/10398/8620 Filer i denne post: 1
Razmerita_2012Itais.pdf (139.7Kb) -
Sudzina, Frantisek; Razmerita, Liana (Frederiksberg, 2012)[Flere oplysninger][Færre oplysninger]
Resume: Due to advances of technology including faster and ubiquitously accessible Internet connection, on-line gaming have grown tremendously in the last couple of years. The aim of this paper is to investigate whether escapist motives for playing games are linked to strengthening of weak ties through on-line gaming. The research investigates Facebook and other on-line games separately. A surprising result is that while most of the investigated escapist motives are positively correlated with strengthening of weak ties, the mundane breaking motive is negatively correlated with strengthening of weak ties. URI: http://hdl.handle.net/10398/8603 Filer i denne post: 1
Razmerita_2012.pdf (139.7Kb) -
"feelings are the motive power, reason is the rudder"Ry Nielsen, J.C.; Ry, Morten (København, 2003)[Flere oplysninger][Færre oplysninger]
Resume: In this essay we will demonstrate that the role of project management in organisational change processes is a mixture of rational and non-rational features. It is also colourful, difficult, interesting, and messy. We have named the paper "An Essay on". An essay means treating a topic freely from different angles, although not forgetting the sources you used. The implication of this is that we are not able or willing to make an encompassing study of the literature on project management3. We thus know that many angles will not be covered. Furthermore we do not intend a make a negative delineation, indicating what we are not dealing with. We prefer to make a positive delineation, emphasising what we are going to take up in our essay. Positively phrased we are inspired by 3 sources that will make the foundation for our different angles: 1. Decision making theory (Enderud,1976)4. One of the authors has previously with success applied decision-making theory as an approach for analysing organisation change processes 5. Both authors have followed the same line in analysing organisational changes in the Danish public sector6. That success has inspired us to re-use the distinction between rational, political and anarchic processes in this essay 7. Enderud (1976:21-22) excludes explicitly the role of the actors’ participation in his presentation of decision models. We find, however this aspect so important that we have decided to include it 2. Buchanan and Boddy´s analysis of the character of change8: The authors characterise the change project in to dimensions. One pertains to the activities concerned: Are we dealing with peripheral or core activities of the organisation. The second dimension deals with the magnitude of the change. Buchanan and Boddy use the scale: incremental - radical9. Furthermore Buchanan and Boddy makes a useful distinction between "public performance" (on stage) of rationally considered and logically phased and visibly participative change and "backstage activity" in the recruitment and maintenance of support and in seeking and blocking resistance (ibid p.27) 3. We will apply data from our own case studies. We will use a format that we call an illustration, thereby indicating that we "only" illustrate a point. We do not prove it10. Our cases are almost all from the public sector or from trade unions. Most of them have been published elsewhere. URI: http://hdl.handle.net/10398/6711 Filer i denne post: 1
dokument 9.pdf (272.6Kb) -
Bennett, Patrick (Frederiksberg, 2016)[Flere oplysninger][Færre oplysninger]
Resume: With a limited budget and resources, governments must decide how to allocate funds across a variety of factors which benefit society such as education, crime deterrence, and public safety. Each increase in spending on one area comes with the knowledge that this money cannot be spent on social problems in another area. As such, externalities and unexpected spillover effects impact the costs and benefits of public spending to society and may have large and meaningful implications on how to most effectively allocate resources across a multitude of outcomes. For example, an increase in education corresponds to an increase in the opportunity cost of engaging in criminal activity, decreasing the probability an individual commits crime. Likewise, loss of employment decreases the opportunity cost of engaging in criminal activity, increasing the probability an individual commits crime. Discrimination towards immigrants can impact their employment prospects which, in turn, impacts their decision to further pursue education. Identifying how these individual level factors have an impact on society is key to informing and designing effective public policy. This Ph.D. thesis, entitled “Essays in Education, Crime, and Job Displacement”, analyzes the determinants and social implications of these three factors. While independent, each essay within this thesis examines the impact of factors such as education, in terms of reduced crime, job loss, in terms of increased crime, and discrimination, in terms of its impact on the educational attainment of immigrants, on society. URI: http://hdl.handle.net/10398/9308 Filer i denne post: 1
Patrick Bennett.pdf (3.850Mb) -
Rzeznik, Aleksandra Anna (Frederiksberg, 2017)[Flere oplysninger][Færre oplysninger]
Resume: This thesis consists of three essays investigating financial and real estate markets and identifying a relationship between them. A 2008 financial crises provides a perfect example of sizeable interactions between US housing market and equity prices, where a negative shock to house prices triggered a word-wide recession. Therefore, understanding forces driving investors behaviour and preferences, which in turn affect asset prices in both equity and housing market are of great interest. URI: http://hdl.handle.net/10398/9436 Filer i denne post: 1
Aleksandra Rzeznik.pdf (1.986Mb) -
Nielsen, Steen (Frederiksberg, 2000)[Flere oplysninger][Færre oplysninger]
Resume: This dissertation adresses various issues regarding the functioning of financial markets. It consists of introduction and five independent chapters of which the first four are empirical and the last one is theoretical. The introduction provides a brief background on some of the data used in subsequent chapters and a discussion of the main results of the dissertation URI: http://hdl.handle.net/10398/7935 Filer i denne post: 1
Steen_Nielsen.pdf (17.09Mb) -
Hanspal, Tobin (Frederiksberg, 2017)[Flere oplysninger][Færre oplysninger]
Resume: This Ph.D. thesis, entitled Essays in Household Finance, analyzes the determinants and implications of investment biases, personal experiences in financial markets, and financing disruptions on households, individual investors, and entrepreneurs and small business owners. The first essay of this thesis, Once Bitten, Twice Shy: The Role of Inertia and Personal Experiences in Risk Taking, with Steffen Andersen and Kasper Meisner Nielsen, studies how personal experiences affect individual financial risk taking. An important concern with pre-existing studies on the effect of personal experiences on risk taking is the potential bias resulting from inertia and inattention, which has been shown to be endemic in household finance. If individuals are inert or inattentive, it is difficult to establish whether changes in risk taking are caused by personal experiences or whether the change in risk taking is due to inertia and movements in market prices. To separate the effect of personal experiences from the confounding effect of inertia, we use an identification strategy that relies on a sample of individuals who inherit a portfolio of risky assets as a result of the death of their parents. The main advantage of this identification strategy is that inheritances from estates that hold risky assets alter the active decision from one of choosing to take risk to one of choosing not to take risk. Our measure of experience derives from investments in banks that defaulted following the financial crisis. We classify experiences into first-hand experiences, resulting from personal losses; second-hand experiences, from the losses of close family members; and third-hand experiences, from living in municipalities where banks defaulted. Our results demonstrate that experiences gained personally, aside from inertia or common shocks, explain substantial heterogeneity in individuals’ risk taking. URI: http://hdl.handle.net/10398/9457 Filer i denne post: 1
Tobin Hanspal.pdf (6.138Mb) -
Evidence from Danish Micro DataSchultz, Esben Anton (Frederiksberg, 2012)[Flere oplysninger][Færre oplysninger]
Resume: This thesis consists of four empirical essays within the broad field of modern labor economics. All four essays are self-contained and can be read independently of the others. Chapter 1 investigates the distinct effects on information technology and communication technology on firm’s skill demand. Chapter 2 studies whether the observed wage gab between majors in human arts and other fields are caused by their education per se or by selection. Chapter 3 examines taxable income responses to variation in marginal tax rates. Chapter 4 analyzes the effect of income taxation on the international migration of top earners. Each chapter provides an independent and separate analytical contribution to their specific field. URI: http://hdl.handle.net/10398/8442 Filer i denne post: 1
Esben_Anton_Schultz.pdf (4.890Mb) -
Gjedsted Nielsen, Mads (Frederiksberg, 2014)[Flere oplysninger][Færre oplysninger]
Resume: The rst essay examines the relationship between publicly and privately traded commercial real estate and macroeconomic risk. To represent publicly traded real estate, I use exchange listed US Real Estate Investment Trusts (REITs), and to proxy for direct and privately traded real estate, I use a transaction based index (TBI) based on the data in the NCREIF database. Because the fundamental asset of the two investment types are the same, it seems reasonable to assume that they should be related in the long run. In the short run there are, however, several investment-vehicle speci c reasons why this need not be the case. For example, REITs are publicly listed on stock exchanges, and are thus expected to share a lot of commonalities with other publicly traded stocks. This is in fact also found by Goetzmann and Ibbotson [1990], Ross and Zisler [1991], and Myer and Webb [1994]. The fact that REITs are traded on exchanges makes them more liquid than direct real estate investments, and investors might therefore accept a lower risk premium for holding REITs, than for holding direct real estate. However, the lower contemporaneous correlation between direct real estate and the general stock market gives direct real estate a diversi cation bene t that may make investors accept a lower risk premium for investing in direct real estate. URI: http://hdl.handle.net/10398/9035 Filer i denne post: 1
Mads_Gjedsted_Nielsen.pdf (1.841Mb) -
Tomio, Davide (Frederiksberg, 2017)[Flere oplysninger][Færre oplysninger]
Resume: The first essay investigates how credit risk, the risk that a bond issuer will default, affects bond market liquidity. Specifically, we depart from the current literature in that we analyze the direct and indirect channels through which credit risk affects market liquidity, rather than determining whether both are priced in the bond. We focus on the Italian sovereign bond market, which allows us to determine how central bank interventions affect the sensitivity of the liquidity provision by market makers to default risk. We motivate our empirical analysis with a simple model of a risk averse market maker, holding an inventory of a risky asset and setting her optimal marginal quotes (and, therefore, the optimal bid-ask spread), in the presence of margin constraints and borrowing costs. The margins, set by a clearing house, depend on the risk of the asset, as measured by the CDS spread, and the actions of the central bank. The CDS market is fundamental to the market maker’s and the clearing house’s decisions, since it is from the CDS market that they deduce the future volatility of the asset return. In addition, the market maker can pledge her assets at the central bank to finance her positions at rates influenced by the central bank’s actions. The model provides several empirical predictions that we test in the empirical section of the paper. URI: http://hdl.handle.net/10398/9482 Filer i denne post: 1
Davide Tomio.pdf (2.469Mb) -
Klingler, Sven (Frederiksberg, 2017)[Flere oplysninger][Færre oplysninger]
Resume: The rst essay focuses on Credit default swap (CDS) premiums of safe sovereigns, that is, the insurance against the default of countries with a low credit risk, like Germany, Japan, or the United States. We motivate the essay by establishing the following two stylized facts. First, we document that there is a large market for insurance against the default of safe sovereigns and that the CDS premiums for these sovereigns are substantial, sometimes exceeding 100 basis points. Second, we show that there is virtually no relationship between CDS premiums and bond yield spreads, which are measured as the spread between bond yield and risk-free rate, for safe sovereigns. This nding is in opposition to the no-arbitrage theory that CDS premiums and yield spreads should move in lockstep. Motivated by these stylized facts, we investigate the following two questions: First, what are the motives behind purchasing insurance against the default of safe sovereigns? Second, what drives safe-haven CDS premiums if not credit risk? URI: http://hdl.handle.net/10398/9502 Filer i denne post: 1
Sven Klingler.pdf (2.498Mb) -
Stenbo Nielsen, Mads (Frederiksberg, 2011)[Flere oplysninger][Færre oplysninger]
Resume: The thesis consists of three essays that cover different aspects of correlation modelling in corporate default risk. Each essay is self-contained and can be read independently. Essay I: Correlation in corporate defaults: Contagion or conditional independence? Essay II: Systematic and idiosyncratic default risk in synthetic credit markets. Essay III: Credit spreads across the business cycle. URI: http://hdl.handle.net/10398/8370 Filer i denne post: 1
Mads_Stenbo_Nielsen.pdf (5.032Mb)