Browsing by Author "Dick-Nielsen, Jens"
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From Cost Reduction to Knowledge SeekingMaskell, Peter; Pedersen, Torben; Petersen, Bent; Dick-Nielsen, Jens (Frederiksberg, 2005)[More information][Less information]
Abstract: A corporation’s offshore outsourcing may be seen as the result of a discrete, strategic decision taken in response to an increasing pressure from worldwide competition. However, empirical evidence of a representative cross-sector sample of international Danish firms indicates that offshore sourcing in low-cost countries is best described as a learning-by-doing process in which the offshore outsourcing of a corporation goes through a sequence of stages towards sourcing for innovation. Initially, a corporation’s outsourcing is driven by a desire for cost minimization. Over a period of time the outsourcing experience lessens the cognitive limitations of decision-makers as to the advantages that can be achieved through outsourcing in low-cost countries: the insourcer/vendor may not only offer cost advantages, but also quality improvement and innovation. The quality improvements that offshore outsourcing may bring about evoke a realization in the corporation that even innovative processes can be outsourced. URI: http://hdl.handle.net/10398/7885 Files in this item: 1
DRUID_05_17.pdf (115.1Kb) -
Dick-Nielsen, Jens (Frederiksberg, 2010)[More information][Less information]
Abstract: The three essays study the US corporate bond market with special attention to bond liquidity. All essays are empirical studies which rely heavily on the availability of transactions data. Earlier studies had to use quoted bond prices for empirical studies, but with the introduction of the TRACE system and with the following dissemination of transaction prices the data quality on corporate bonds has improved immensely. In the years after 2000 a range of studies assessed the performance of structural credit risk models and found that they were not able to fully explain the size of the average credit spread for corporate bonds. Huang and Huang (2003) suggested (among others) that the remaining non-default-component of the credit spread was an illiquidity premium. Using transaction data this thesis studies the impact of illiquidity and trading frictions on corporate bonds. URI: http://hdl.handle.net/10398/8198 Files in this item: 1
Jens_Dick-Nielsen.pdf (3.104Mb)
Now showing items 1-2 of 2