Browsing Departments by Subject "kep"
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Sørensen, Carsten; Trolle, Anders Bjerre (København, 2004)[More information][Less information]
Abstract: We derive an explicit solution to the portfolio problem of a power utility investor with preferences for wealth at a ¯nite investment horizon. The investor can invest in assets with return dynamics described as part of a general multivariate model. The modeling framework encompasses discrete-time VAR-models where some of the state-variables (e.g. expected excess returns) may not be directly observable. A realistic multivariate model is estimated and applied to analyze the portfolio implications of investment horizon and return predictability when real interest rates and expected excess returns on stock and bonds are not directly observed but must be estimated as part of the problem faced by the investor. The solution exhibits small variability in portfolio allocations over time compared to the case when excess returns are assumed observable. JEL Classification: G11 Keywords: Portfolio choice, predictability, VAR, unobserved state-variables, hedging demands URI: http://hdl.handle.net/10398/7151 Files in this item: 1
endeligt_wp_2004_8_030105.pdf (427.9Kb) -
The co-creation of worth, calculative devices and calculative agencies in the Danish wind power marketKarnøe, Peter (København, 2004)[More information][Less information]
Abstract: Wind power generated electricity offers a unique vantage point on the nature of markets and the specific organizing processes by which markets become constructed, configured, and contested. Modern Wind power generated electricity emerged in Denmark after the first oil supply crisis in 1974 when various entrepreneurial actors responded to that situation and saw wind power as one possible solution to ‘the’ problem. Today wind power is globally the fastest growing energy technology and supplies significant amounts of energy in countries like Denmark and Germany, in Denmark wind power generated electricity supplies 20% of annual electricity consumption. Although the trajectory of wind power institutionally and materially is much more robust today than 25 years ago very few thought that this technology had such a future. In the context of the 1970s with modernization and emerging nuclear power, many evaluated wind power as a relic from the past, some imagined opportunities (doomed as unrealistic), but nobody imagined that wind power should become one of the important ‘weapons’ against the CO2-related climate change at the turn of the century. However, confronted with emergent technologies outside the existing evaluative frames and institutionalised categories, it is not about being right or wrong from an objective epistemology, but about what epistemologies are used to frame the potential worth of a potential new energy technology. URI: http://hdl.handle.net/10398/6668 Files in this item: 1
markets-melbourne-5.pdf (371.8Kb) -
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Boxenbaum, Eva (København, 2004)[More information][Less information]
Abstract: This paper investigates the bringing into existence of a proto-institution, that is, a new practice, rule or technology that diffuses beyond the innovative setting, but which is not yet taken-for-granted in a field. A case study, conducted real-time, shows how a collaborative group of business actors deliberately develop a proto-institution. They transpose an institutional logic from another field and combine it with an institutional logic in the focal field to resolve a field-level problem. Enabling factors include a high level of institutional heterogeneity in the focal field, the use of inter-organizational networks, and actors embedded in multiple fields. The making of the proto-institution is intentional, yet the institutional building blocks and the apparent interests of actors are institutionally embedded. The results from this micro-dynamic analysis suggest revisions to current conceptualizations of institutional change processes. Keywords: Institutional change, proto-institution, cognition, institutional entrepreneurship, innovation, collaborative networks. URI: http://hdl.handle.net/10398/6726 Files in this item: 1
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From Czechoslovakia To The Czech Republic and SlovakiaOoi, Can-Seng; Peji´c Kristensen, Tatjana; Lomanová Pedersen, Zdenka (København, 2004)[More information][Less information]
Abstract: Tourism offers an arena through which a place identity is imagined, negotiated and contained. This paper compares the Czech Republic and Slovakia, and show how these countries construct and assert their identities through tourism. They both share a common history as Czechoslovakia, however, they are perceived differently by the outside world. These former Eastern Bloc countries are promoting themselves in several ways and they are also marginalising their socialist past and invoking their Central European identity. The Czech and Slovak search for destination identity takes into account tourists’ demands and perceptions. This paper introduces the concept of the orientalist tourist gaze, and demonstrates how orientalism may manifest in tourism. Data on how these two countries are imagined were collected in Denmark. Keywords: destination identity, host society-guest interaction, impact of tourism, orientalism URI: http://hdl.handle.net/10398/6576 Files in this item: 1
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Percy, Larry; Hansen, Flemming; Randrup, Rolf (København, 2004)[More information][Less information]
URI: http://hdl.handle.net/10398/6660 Files in this item: 1
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Olsen, Jørgen Kai (København, 2004)[More information][Less information]
URI: http://hdl.handle.net/10398/6645 Files in this item: 1
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Lyse Hansen, Thomas; Astrup Jensen, Bjarne (København, 2004)[More information][Less information]
Abstract: It is a delicate matter to trade spot products and financial derivatives in energy markets. Op- posite to bond and stock markets, the underlying assets are real products and a significant part of the demand for them represents a real need for the products, which can only be substituted away with some difficulties or, in some cases, only in a prohibitively costly manner. This is particularly true in the spot market, where the demand is almost always met, but where the spot price processes can be quite different from the spot price processes conventionally used in the pricing of derivatives. This pattern of real demand is also the main reason for the existence of the well-known convenience yield in energy markets. URI: http://hdl.handle.net/10398/7185 Files in this item: 1
endeligt_wp__2004_10_.pdf (365.3Kb) -
Any Gains from TradeFoss, Nicolai J.; Klein, Peter G. (København, 2004)[More information][Less information]
Abstract: Although they have developed very much in isolation from each other, we argue the theory of entrepreneurship and the economic theory of the firm are closely related, and each has much to learn from the other. In particular, the notion of entrepreneurship as judgment associated with Frank Knight and some Austrian school economists aligns naturally with the theory of the firm. In this perspective, the entrepreneur needs a firm, that is, a set of alienable assets he controls, to carry out his function. We further show how this notion of judgment adds to the key themes in the modern theory of the firm (i.e., the existence, boundaries, and internal organization). In our approach, resource uses are not data, but are created as entrepreneurs envision new ways of using assets to produce goods. The entrepreneur’s decision problem is aggravated by the fact that capital assets are heterogeneous. Asset ownership facilitates experimenting entrepreneurship: Acquiring a bundle of property rights is a low cost means of carrying out commercial experimentation. In this approach, the existence of the firm may be understood in terms of limits to the market for judgment relating to novel uses of heterogeneous assets; and the boundaries of the firm, as well as aspects of internal organization, may be understood as being responsive to entrepreneurial processes of experimentation. Key words: Entrepreneurship, heterogeneous assets, judgment, ownership, firm boundaries, internal organization. JEL Codes: B53, D23, L2 URI: http://hdl.handle.net/10398/6429 Files in this item: 1
04-12.pdf (343.6Kb) -
On the role of knowledge in industrial districtsHåkanson, Lars (København, 2003)[More information][Less information]
Abstract: This paper questions the prevailing notions that firms within industrial clusters have privi-leged access to ‘tacit knowledge’ that is unavailable – or available only at high cost – to firms located elsewhere, and that such access provides competitive advantages that help to explain the growth and development of both firms and regions. It outlines a model of cluster dynam-ics emphasizing two mutually interdependent processes: the concentration of specialized and complementary epistemic communities, on the one hand, and entrepreneurship and a high rate of new firm formation on the other. URI: http://hdl.handle.net/10398/6627 Files in this item: 1
working paper 2003-10.pdf (320.9Kb) -
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Abstract: 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 Files in this item: 1
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An Interview with David J. TeeceAugier, Mie (København, 2004)[More information][Less information]
Abstract: In this paper, Mie Augier provides a rich description of the intellectual traditions, the signifi-cant people and academic institutions that in some way or another made a difference to Davis Teece’s own intellectual development. In this sense, it is a dynamic account of the emerging career of a distinguished scholar - but not only that. It is also a description of the co-development of three major disciplinary fields; organization theory, economics and strategic management during three decades or so. David Teece has made several important contribu-tions, perhaps most notably to economics (on the theory of the firm and transaction cost eco-nomics) and strategic management (on dynamic capabilities) while drawing upon organization theory and notions such as organizational routines and bounded rationality. In addition, Augier also provides an interview with David Teece, a true scholar still unsettled with what has been achieved so far - in all three fields: "Maybe I’m wrong; and maybe technology is a special case and maybe technology and organization do not belong at the core of the theory of the firm. My intuition tells me otherwise." (David Teece, quoted in this issue). URI: http://hdl.handle.net/10398/6686 Files in this item: 1
2004-51.pdf (238.3Kb) -
Evidence from CEO TransitionsBennedsen, Morten; Nielsen, Kasper (København, 2004)[More information][Less information]
Abstract: Economists have long acknowledged that the structure of the family (number of offspring, marital status, etc.) plays a crucial role in important economic decisions (e.g., labor supply, demand patterns, portfolio choice, educational attainment). In this paper we investigate the link between family structure and corporate decisions of family firms. Even though there is considerable anecdotal evidence on this link, there is no systematic study. This paper fills this gap. To this end, we assembled a unique dataset with accounting information from 1995 to 2002 of the universe of privately held firms in Denmark. Our dataset includes the family trees of the owners as well as personal information about all family members. This information allows us to identify family firms among privately held firms. We find that, using a 50% definition of control, 89% of privately held firms are family firms. We focus on the decision whether to choose a family member or an outsider as the next CEO. We show that the larger the pool of potential heirs, the higher the probability of family transition. Also we document that this probability is significantly lower when all offspring are female. Finally, family conflicts (proxied by divorce or multiple marriages) reduce the probability of family transition. In a robustness check we show that there is a causal effect from family structure to corporate decisions. We do this by instrumentimg the number of children with sibling sex composition and by restricting the sample to one in which founders had their last child years before founding the firm. URI: http://hdl.handle.net/10398/7631 Files in this item: 1
wpec032004.pdf (354.0Kb) -
Olai Hansen, Bodil; Keiding, Hans (København, 2004)[More information][Less information]
Abstract: We consider a simple model of international trade under uncertainty, where production takes time and is subject to uncertainty. The riskiness of production depends on the choices of the producers, not observable to the general public, and these choices are influenced by the availability and cost of credit. If investment is financed by a bond market, then a situation may arise where otherwise identical countries end up with different levels of interest and different choices of technique, which again implies differences in achieved level of welfare. Under suitable conditions on the parameters of the model, the market may not be able to supply credits to one of the countries. The introduction of financial intermediaries with the ability to control the debtors may change this situation in a direction which is welfare improving (in a suitable sense) by increasing expected output in the country with high interest rates, while opening up for new problems of asymmetric information with respect to the monitoring activity of the banks. Keywords: Capital outflow, financial intermediaries, moral hazard JEL classification: F36, D92, E44 URI: http://hdl.handle.net/10398/7498 Files in this item: 1
wpec072004.pdf (112.4Kb) -
Håkanson, Lars (København, 2004)[More information][Less information]
Abstract: All knowledge is context dependent. The relevant context is the social community where it resides, i.e. the ‘epistemic community’ formed as groups of people define and legitimize the knowledge they possess. In the mutual engagement in a common enterprise, epistemic communities develop, maintain and nurture the codes, tools and theories that provide the basis of their practice. Commonalities of code, tools and theory facilitate both voluntary transfer and involuntary imitation of knowledge within communities, also ones spanning organizational boundaries. Conversely, knowledge transfer between different epistemic communities, whether desired or unintended, is often cumbersome and fraught with difficulties. In order to achieve effective integration and cooperation between its various professional communities and subcultures, firms must therefore undertake investments in boundary-spanning mechanisms. Since these investments are specific to the context in which they take place and to the transactions that they enable, they cannot easily be organized through arm’s length contracts. Firms exist because they have a relative advantage over markets in the integration of diverse knowledge. However, the associated capabilities need not translate into a relative advantage also in the transfer of knowledge, i.e. knowledge exchanged between members of the same epistemic community. Within communities, knowledge disseminates with relative ease both intentionally and through emulation. Knowledge thus acquired can generally be applied also outside the context of the exchange and the effort or investment expended in its acquisition is not transaction specific. The governance mode applied in such exchanges is therefore determined by strategic and contextual factors, including those of traditional transaction cost logic. URI: http://hdl.handle.net/10398/6594 Files in this item: 1
governance and knowledge exchange 2.pdf (168.6Kb) -
Erwartungen an Kommunikationstechnologie und -mitarbeiterPogner, Karl-Heinz (København, 2004)[More information][Less information]
Abstract: Unternehmen, Institutionen und Organisationen setzen zunehmend auf elektronische Kommunikati-on (1). Vor diesem Hintergrund legt der Artikel erste Ergebnisse einer Pilotstudie zum sozialen und technischen Umfeld der Text- und Medienproduktion in dänischen Organisationen vor. Kommuni-kations- und Informationschefs sowie Kommunikationsberater wurden befragt zu: Kommunikati-onsstrategie, Nutzung digitaler Kommunikationsformen und gewünschte Mitarbeiterqualifikationen (2, 3). Die wichtigsten Ergebnisse lauten: Das Intranet soll besser strukturiert und vereinfacht wer-den, ausserdem soll es vermehrt als Forum für den Dialog genutzt werden. Bei der Nutzung digita-ler Kommunikationsformen dominiert die E-Mail. Andere Medien wie Homepages oder TV/Film werden, je nachdem, ob sie der internen oder der externen Kommunikation dienen, als unterschied-lich bedeutsam gewertet. Bei den Mitarbeiterqualifikationen stehen persönliche und soziale Kompe-tenzen sowie Vermittlungsfähigkeiten und -fertigkeiten im Vordergrund, nicht technisches Spezia-listentum. Handwerkliches Können bei der Produktion von Texten und anderen Kommunikations-inhalten sowie generelles Wissen über Vor- und Nachteile der einzelnen Medien werden als wichti-ge Voraussetzungen für die Meisterung zunehmend strategisch geprägter Aufgaben angesehen (4). Da sich die Studie auf dänische Organisationen beschränkt, wären vergleichbare Untersuchungen in anderen Ländern wünschenswert (5). URI: http://hdl.handle.net/10398/6993 Files in this item: 1
wp79.pdf (96.01Kb) -
Raahauge, Peter (København, 2004)[More information][Less information]
Abstract: Kinks and jumps in the payoff function of option contracts prevent an effective implementation of higher-order numerical approximation methods. Moreover, the derivatives (the greeks) are not easily determined around such singularities, even with standard lower-order methods. This paper suggests a transformation to turn the original ill-conditioned pricing problem into a well-behaved numerical problem. For a standard test case, both vanilla- and binary call price functions are approximated with (tensor) B-splines of up to 10’th order. Polynomial convergence rates of orders up to approximately 10 are obtained for prices as well as for first and second order derivatives (delta and gamma). Unlike similar studies, numerical approximation errors are measured both as weighted averages and in the supnorm over a state space including time-to-maturities down to a split second. KEYWORDS: Numerical option pricing, Transformed state spaces, Higher-order B-splines. URI: http://hdl.handle.net/10398/7157 Files in this item: 1
2004_5.pdf (467.4Kb) -
Toward an Alternative Epistemology for Gender Research in OrganizationsEllehave, Camilla Funck (København, 2004)[More information][Less information]
Abstract: "How becoming!" we say (though often with a subtle ironic twist) when someone says or does something that we find is suitable or appropriate for him- or her or the situation in which he or she is. And while it may be old-fashioned, the phrase is also used when the clothes people are wearing make them look attractive. By pronouncing: ‘how becoming!’ we condone the appearance, the saying or the doing by making a reference to the appropriateness of somebody’s attire, words and deeds. However, the appropriateness is situated in that it is based on cultural conventions of a particular time and space, and simultaneously produces culturally accepted boundaries around what denotes culturally intelligible identities or subject positions (parallel to suggesting that something is "for the likes of you/us" versus "not for the likes of you/us" (Bourdieu, 1990:55-56)). URI: http://hdl.handle.net/10398/6679 Files in this item: 1
forside 200406+working paper.pdf (257.5Kb) -
Bjørn-Andersen, Niels; Viborg Andersen, Kim; Holm Larsen, Michael; Schou, Peter (København, 2004)[More information][Less information]
Abstract: Danish banks have traditionally been in the absolute forefront globally as regards the automation and introduction of IT since the mid 60’ies. But when the e-commerce opportunities emerged in the late 90’ies, the majority of the Danish banks resisted the development. They saw no reason to be the prime movers in cannibalising their own key competitive advantage, the 2.500+ retail-outlets (branches) placed on all the best locations on corners of the shopping streets1. However, once pure Internet banks were introduced in 1998 - 2000, all major banks (and the computing centres servicing the smaller banks) launched massive initiatives to bring the brick-and-mortar banks back into the driver seat using Internet banking. At the end of 2003 more than 30% of all Danish bank customers are using Internet. This development in the banking industry is illustrated using two cases. The first is one of the most ambitious attempts at creating a Nordic based large international financial service company, capable of spearheading the transition to the digital economy - the case of Nordea. This bank is in the midst of various transformation processes across the organisation due to several years of multiple cross boarder mergers and acquisitions, new composition of the group executive management, increasing thrives towards automation of business processes to reduce costs, and different innovations involving a change of the roles of value network partners. The other case is Lån & Spar Bank, which is one of the smaller Danish banks, who have its basic IT services done at a joint computing centre owned with many other smaller banks, but have its own IT development for strategic purposed done in-house in close collaboration with the business units. This bank has been in the forefornt in adopting new IT-solutions. This report consists of an analysis of the background for the development of the Danish banking sectors, the key processes in the Danish banking industry, the environmental and policy actors influencing the development, the e-commerce readiness in the Danish banking sector, the diffusion of e-commerce, and finally the impact on efficiency, industry structure and competition. The main results are that there are more Danish financial institutions having Internet technologies and Internet applications than in the other nine countries in the GEC survey. Furthermore, we suspect that they have had it for a longer period on average than found elsewhere in the sample. However, when we compare the figures in the GEC-survey on the ‘ Use of Internet for the different business processes’, and ‘On-line support’, the number of Danish financial institutions having Internet applications is not higher than in the other countries. URI: http://hdl.handle.net/10398/6483 Files in this item: 1
04-2004.pdf (824.9Kb) -
Ionaşcu, Delia; Meyer, Klaus; Estrin, Saul (København, 2004)[More information][Less information]
Abstract: The concept of ‘distance’ has been used by international business scholars to explain variations in international business strategies and operations across countries. The more distant a host country is from the organizational centre of a multinational enterprise (MNE), the more it has to manage cultural, regulatory and cognitive differences, and to develop appropriate entry strategies, organizational forms, and internal procedures to accommodate these differences. Scholarly research has focused on the concept of psychic distance, which has been narrowed down in empirical work to indices based on Hofstede’s work on culture. However, these measures capture only very partially the dimensions of distance of concern to international business. In this paper, we show how the broader theoretical concept of institutional distance, which incorporates normative, regulatory and cognitive aspects, affects entry strategies. Specifically, our theoretical arguments suggest that the impact of distance varies with different aspects of the concept of institutional distance, and that this impact interacts with both the investor’s experience and with the relative importance of the pertinent operation for the investing MNE. Using a unique dataset of foreign direct investment in emerging economies that incorporates multi-host as well as multi-home countries, we find empirical support for our propositions, and provide an explanation for apparently inconsistent results in the previous literature. URI: http://hdl.handle.net/10398/6620 Files in this item: 1
working paper 2004-51.pdf (550.9Kb)