Browsing by Title
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Mahnke, Volker (København, 1997)[More information][Less information]
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Bramming, Pia (København, 2004)[More information][Less information]
Abstract: This article is about how a constructivist observation of development within Human Resource Management (HRM) opens the possibility for communicating about development in the language of possibility, seen in contrast to a language of deficiency. HRM is discussed as a paradoxical development concept, where the paradoxical consists in that when one focuses upon a proactive development ideal from a linear development understanding, one develops regressively, directly counter to one’s intentions. In this article two observation dimensions are developed, as well as two dimensions of how to cope with development on the background of the constructivist observation. URI: http://hdl.handle.net/10398/6708 Files in this item: 1
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Rose, Caspar (København, 2005)[More information][Less information]
Abstract: It has been advocated within corporate governance that institutional investors may discipline management in listed firms and thereby alleviate the free rider problem associated with dispersed ownership. This article tests this hypothesis using a sample of Danish listed firms during 1998-2001 seeking to determine, whether ownership by institutional investors impacts performance, measured by Tobin’s q. Using three stage least squares, it is shown that aggregate ownership by institutional investors does not influence firm performance. However, when decomposing the results, it is found that joint ownership by the largest two Danish institutional investors, has a significant negative impact on firm performance. Ownership by banks, and to a lesser, extent insurance companies significantly influences firm performance positively. The results somehow challenge the conventional wisdom, arguing that the black box view of institutional investors should be abandoned. Therefore, it is suggested that a more careful analysis should be devoted to each institutional investor’s own legal environment. JEL Classification: L25, G2 and G3 Keywords: Corporate governance, institutional investors, concentrated ownership, agency costs URI: http://hdl.handle.net/10398/7728 Files in this item: 1
caninstitutional[1].pdf (148.3Kb) -
The Rebirth of Production in the Theory of Economic OrganizationFoss, Nicolai J.; Langlois, Richard N. (Frederiksberg, 1997)[More information][Less information]
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the Rebirth of Production in the Theory of Economic OrganizationJ. Foss, Nicolai; N. Langlois, Richard (Connecticut, 1997)[More information][Less information]
Abstract: We argue that since Coase’s seminal 1937 paper on “The Nature of the Firm,” there has been an odd and unjustified separation between price theory and the economics of organization. For example, matters of production has been the domain of the former exclusively. However, a new approach to economic organization, here called “the capabilities approach,” that places production center-stage in the explanation of economic organization, is now emerging. We discuss the sources of this approach and its relation to the mainstream economics of organization. URI: http://hdl.handle.net/10398/8116 Files in this item: 1
8778730201.pdf (206.4Kb) -
Foss, Nicolai J. (Frederiksberg, 1996)[More information][Less information]
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Abstract: The arguably dominant approaches to the study of interfirm relations are the capabilities and organizational economics perspectives. This paper discusses their merits and weaknesses, concentrating on the capabilities perspective, which is argued to rest on rather weak foundations, particularly as a theory of economic organization (including interfirm relations). However, it is suggested that both perspectives may be seen as part of an overarching bargaining approach to economic organization (yet to be developed). Both perspectives have identified impediments to efficient bargaining. URI: http://hdl.handle.net/10398/8088 Files in this item: 1
8778730775.pdf (99.93Kb) -
On Some Problems in Recent ResearchOn Inter-firm RelationsFoss, Nicolai J. (Frederiksberg, 1999)[More information][Less information]
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Fuest, Clemens; Huber, Bernd; Nielsen, Søren Bo (København, 2004)[More information][Less information]
Abstract: Recent years have seen large swings in house prices in many countries. Motivated by housing price variations, proposals for taxing capital gains on housing have repeatedly been put forth. The idea seems to be that such taxes would curb the redistribution occurring between those owning houses and those trying to get into the market for owner-occupied housing. Our paper shows that at least in simple settings, a tax on real capital gains on housing will only lead to even bigger price swings and will not be able to redistribute between people appearing on either side of the housing market. Keywords: capital gains tax, housing market, price fluctuations JEL-Classification: H23, H24, R 31. Addresses: URI: http://hdl.handle.net/10398/7640 Files in this item: 1
wpec162004.pdf (178.3Kb) -
Huizinga, Harry; Nielsen, Søren Bo (København, 2005)[More information][Less information]
Abstract: Europe has seen several proposals for tax coordination only in the area of capital income taxation, leaving countries free to adjust their labor taxes. The expectation is that higher capital income tax revenues would cause countries to reduce their labor taxes. This paper shows that such changes in the mix of capital and labor taxes brought on by capital income tax coordination can potentially be welfare reducing. This reflects that in a non-cooperative equilibrium capital income taxes may be more distorting from an international perspective than are labor income taxes. Simulations with a simple model calibrated to EU public finance data suggest that countries indeed lower their labor taxes in response to higher coordinated capital income taxes. The overall welfare effects of capital income tax coordination, however, are estimated to remain positive. JEL Classification: F20, H87 URI: http://hdl.handle.net/10398/7582 Files in this item: 1
wp24-2005.pdf (343.7Kb) -
Dietrich, J. Kimball; Wihlborg, Clas (København, 2003)[More information][Less information]
Abstract: We investigate the effect of changes in capital regulation on the strictness (leniency) of loan terms using a simple model of bank capital requirements and asset quality examinations. Banks offer different levels of "leniency" in the sense of willingness to offer automatic extensions of loans in the presence of temporary payment difficulties of borrowers. Banks offering lenient (less strict) loan terms must have higher initial levels of capital and charge higher loan rates. When capital requirements are increased, both strict and lenient banks hold higher levels of initial capital and they raise loan rates. As capital requirements increase the difference between initial capital levels and between interest rates of strict and lenient banks decrease. Thus, higher capital requirements in recessions tend to reduce the interest rate premium paid for leniency. If a recession is interpreted as an increase in the required return, the interest rate premium paid for leniency is increased in recession at a given level of required capital. URI: http://hdl.handle.net/10398/6804 Files in this item: 1
wplefic082003.pdf (364.4Kb) -
Inference from the Business CycleRose Skaksen, Jan; Sørensen, Anders (København, 2004)[More information][Less information]
Abstract: The relative demand for skills has increased considerably in many OECD countries during recent decades. This development is potentially explained by capital-skill complementarity and high growth rates of capital equipment. When production functions are characterized by capital-skill complementarity, relative wages and employment of skilled labor are countercyclical because capital equipment is a quasi- fixed factor in the short run. The exact behavior of the two variables depends on relative wage flexibility. Relative wages are rigid in Denmark, implying that the employment share of skills should be countercyclical. The labor market is competitive in the United States and therefore relative wages of skilled labor are expected to be countercyclical. We find that the business cycle development of the two economies is consistent with capital-skill complementarity. Keywords: capital-skill complementarity, relative wages, business cycle URI: http://hdl.handle.net/10398/7537 Files in this item: 1
wpec102004.pdf (313.9Kb) -
Model choice and volatility calibrationBajlum, Claus; Tind Larsen, Peter (København, 2007)[More information][Less information]
Abstract: When identifying relative value opportunities across credit and equity markets, the arbitrageur faces two major problems, namely positions based on model misspeci cation and mismeasured inputs. Using credit default swap data, this paper addresses both concerns in a convergence-type trading strategy. In spite of dierences in assumptions governing default and calibration, we nd the exact structural model linking the markets second to timely key inputs. Studying an equally-weighted portfolio of all relative value positions, the excess returns are insigni cant when based on a traditional volatility from historical equity returns. However, relying on an implied volatility from equity options results in a substantial gain in strategy execution and highly signi cant excess returns - even when small gaps are exploited. The gain is largest in the speculative grade segment, and cannot be explained from systematic market risk factors. Although the strategy may seem attractive at an aggregate level, positions on individual obligors can be very risky. URI: http://hdl.handle.net/10398/7196 Files in this item: 1
ssrn-id956839.pdf (424.3Kb) -
Juul Andersen, Torben (København, 2005)[More information][Less information]
Abstract: Previous research found that capital structure affects performance when it is adapted to the level of environmental dynamism and pursuit of an innovation strategy. The current study reproduces some of these relationships in a more recent dataset but also identifies significant nuances across industrial environments. Analyses of a large cross sectional sample and various industry sub-samples suggest that other factors have influenced capital structure effects in recent years including flexibilities in multinational organization and effective strategic risk management capabilities. URI: http://hdl.handle.net/10398/7440 Files in this item: 1
smg wp 2005-002.pdf (601.2Kb) -
A Longitudinal Study of Corporate and Organisational Identity DynamicsKjærgaard, Annemette; Morsing, Mette (København, 2005)[More information][Less information]
Abstract: Research on identity has raised attention to the importance for managers to align corporate and organisational identity, and to express those identity features that are central, distinct and enduring to strengthen corporate image and reputation among a variety of stakeholders. Drawing from an extensive data collection from two longitudinal studies in the same organisation, Oticon A/S, this study challenges the advantage of an enduring corporate identity by exploring how the dynamics between an organisation’s corporate identity and its organisational identity unfolded over time. Following a grounded theoretical approach, a process model is developed to show how the strong corporate identity fluctuated from being productive for the alignment of organisational identity and member identification to being counterproductive during a period of ten years. The paper discusses the implications of endurance of a strong corporate identity, and contrary to prior research we suggest that a strong corporate identity may result in member disidentification. We also suggest that a strong enduring corporate identity may impede organisational development, because top management will disappoint external and internal audiences if a corporate identity change is suggested. The paper concludes by encouraging more longitudinal research to advance knowledge about the complex dynamics of interplay between corporate and organisational identity. URI: http://hdl.handle.net/10398/6451 Files in this item: 1
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from Think Aloud to Participatory AnalysisNielsen, Janni (København, 2004)[More information][Less information]
Abstract: Think Aloud is cost effective, promises access to the user’s mind and is the applied usability technique. But "keep talking" is difficult, besides, the multimodal interface is visual not verbal. Eye-tracking seems to get around the verbalisation problem. It captures the visual focus of attention. However, it is expensive, obtrusive and produces huge amount of data. Besides, eye-tracking do not give access to user’s mind. Capturing interface/cursor tracking may be cost effective. It is easy to install, data collection is automatic and unobtrusive and replaying the captured recording to the user and probing about her actions and thoughts open for participatory analysis. Keywords usability test, cost effective, unobtrusive, TA, eye and cursor tracking, user experience, participatory analysis URI: http://hdl.handle.net/10398/6501 Files in this item: 1
14-2004.pdf (347.6Kb) -
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Abstract: Carlsberg is a leading word company, whose primary activity is the production, sale and distribution of beer and soft drinks, as well as related activities. It is a part of Carlsberg Group, which include also among others: Royal Scandinavia A/S, Combio A/S, Ejendomsaktieselskabet Tuborg and others. Total revenues of the group reach the level of 48,603 millions of DKK. The group employs 28 466 people. URI: http://hdl.handle.net/10398/7053 Files in this item: 1
wp56 carlsberg pl 040402.pdf (400.5Kb) -
Berg, Petter (Frederiksberg, 2012)[More information][Less information]
Abstract: During the last ten years there has been a rigorous debate on how to improve anti-cartel enforcement in Europe. Introducing private enforcements systems, like in the US, was early in the process regarded as one of the most important steps for significant improvements. In contrast to public enforcement, private enforcement relies on adequate compensation to customers harmed by a cartel. But cartel damages are hard to calculate and the European Commission has therefore presented a draft guideline on how to quantify harm to assist courts and claimants. The focus in the guidance is on price effects, but cartels are also likely to cause other types of damage, such as efficiency effects. For example, a Swedish committee investigating cartels in the 1950’s stated that ”A monopolist or a cartel can charge too high prices in relation to its costs. A cartel determines prices after the least efficient firm in the cartel, and hence protects it” (SOU 1951:27). This statement reflects an early awareness that pricing and efficiency effects from cartels are deeply related, and jointly determines the harm for consumers. This thesis aims at re-joining the discussion of cartel prices and efficiencies for the purpose of determining cartel damages. It will focus on the issue outlined above, i.e. cartel behaviour and the harm caused by cartels when a cartel consists of members that are not symmetric in costs. Cost asymmetries can be both exogenous and endogenous to cartel formation, but rather than discussing why asymmetries arise, I will in the four chapters focus on the effect the asymmetries have on cartel prices and hence consumer harm. URI: http://hdl.handle.net/10398/8407 Files in this item: 1
Petter_Berg.pdf (1.385Mb) -
A linguistic contribution to the comparative study of national ways of thinking and communicatingLundquist, Lita (Frederiksberg, 2010)[More information][Less information]
Abstract: Recently, it was observed that the French President Nicolas Sarkozy ‘uses a lot of verbs’ (Calvet & Véronis 2008), what contributes to the impression he makes of being a “turbopresident”. At the same time, the (then) Minister of State in Denmark, Anders Fogh-Rasmussen, was characterised as being arrogant because of his top-down, formal, and impersonal way of communicating. If these two styles of communication stuck out as being noticeable in their French and Danish political framework respectively, it is because they were seen against the backdrop of social norms spelling out other rules for communicating in the two societies; a French norm, for presidents at least, stipulating not to use a lot of verbs, and a Danish norm telling not to be formal and impersonal. URI: http://hdl.handle.net/10398/8207 Files in this item: 1
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Strandsbjerg, Jeppe (København, 2008)[More information][Less information]
Abstract: It is common practice to consider global space a coherent entity that naturally contains social practices and provides the stage for actors of global politics. Yet, such a view ignores the social process of establishing a global space as a framework for other social practices. This paper suggests that an analysis of cartographic practices is key to understand the historical formation of spaces. Drawing on Bruno Latour, I show how the globe has been assembled through cartographic practices in Europe from 1450-1650. I trace how the emerging discipline of cosmography transformed knowledge of the world, and how the Spanish attempts to map the world during the 16th century put in place a system to cartographically establish a new reality of global space. Finally, the paper focuses on how the world was published by Dutch map makers which disseminated this novel global reality and, in effect, made it mobile. This leads to the conclusion that the global map preceded, and assembled, the globe as a unified abstract space enabling the expansion of European political and economic practices. URI: http://hdl.handle.net/10398/7377 Files in this item: 1
wp cbp 2008-45.pdf (951.5Kb)