Browsing Departments by Title
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The Economic and Artistic Constitution of a Social PhenomenonWymann, Christian (Frederiksberg, 2011)[More information][Less information]
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A Useful Way of Burning MoneyBechmann, Ken L.; Raaballe, Johannes (København, 2005)[More information][Less information]
Abstract: Firms pay out cash using both dividends and share repurchases. In many aspects these two means are similar, but one important difference is that dividends are generally taxed more heavily than share repurchases. Nevertheless firms persist in paying out large amounts in dividends. This paper provides an explanation for this dividend puzzle by developing a class of signaling models violating the "single-crossing" property in which information about the quality of the firm is asymmetric between the management and the shareholders. In these models a high-quality firm can always signal its quality by using share repurchases only. However, in certain cases share repurchases become costlier on the margin for a high-quality firm than for a low-quality imitator. In such cases, the high-quality firm signals most cost efficiently by means of a combination of share repurchases and taxable cash dividends financed by the issuance of new shares. Taxable cash dividends financed by the issuance of new shares then can be considered a positive kind of money burning whose role is to signal a firm’s high quality. The implications of the models are consistent with several important empirical facts about dividends and share repurchases. Thus, this paper’s main contribution is to examine a range of new signaling models that provides a role for taxable cash dividends and share repurchases and to derive their empirical implications. Key words: Dividends, Share Repurchases, Signaling, Single-Crossing Property, Money Burning JEL Classification: G35, D82 URI: http://hdl.handle.net/10398/7156 Files in this item: 1
ken_bechmann_wp_elektronisk_samlet.pdf (203.9Kb) -
Lund, Diderik (København, 2003)[More information][Less information]
Abstract: Abstract Lund (2002a) showed in a CAPM-type model how tax depreciation schedules affect required expected returns after taxes. Even without leverage higher tax rates implied lower betas when tax deductions were risk free. Here they are risky, and marginal investment is taxed together with inframarginal in an analytical model of decreasing returns. With imperfect loss offset tax claims are analogous to call options. The beta of equity is still decreasing in the tax rate, but increasing in the underlying volatility. The results are important if market data are used to infer required expected returns, and in discussions of tax design. Keywords: Corporate tax, depreciation, imperfect loss offset, decreasing returns, cost of capital, uncertainty URI: http://hdl.handle.net/10398/7643 Files in this item: 1
wpec022003.pdf (341.1Kb) -
Keuschnigg, Christian; Nielsen, Søren Bo (København, 2003)[More information][Less information]
Abstract: In recent years, venture capital has increasingly become a factor in the financing of new firms. We examine how the value of mature firms determines the incentives of entrepreneurs to start up new firms and of venture capitalists to finance and advise them. We examine how capital gains taxes as well as subsidies to start-up costs of new firms affect venture capital-backed entrepreneurship. We also argue that dividend and capital gains taxes on mature firms have important consequences for start-up firms as well. JEL Classification: D82, G24, H24 and H25 Keywords: double moral hazard, entrepreneurship, taxes and venture capital URI: http://hdl.handle.net/10398/7592 Files in this item: 1
cepr nr. 4097.pdf (464.2Kb) -
Raimondos-Møller, Pascalis; Schjelderup, Guttorm; Nielsen, Søren Bo (København, 2006)[More information][Less information]
Abstract: We examine how a multinational’s choice to centralize or de-centralize its decision structure is affected by country tax differentials. Within a simple model that emphasizes the multiple conflicting roles of transfer prices in MNEs — here, as a strategic pre-commitment device and a tax manipulation instrument —, we show that decentralization is preferred in case of small tax differentials, whereas centralization can be more profitable, when tax differentials are large. In essence, the organizational flexibility of MNEs is triggered by the scope for tax minimization. Our analysis allows for both commitment and non-commitment to transfer prices, and for alternative modes of competition. Keywords: Centralized vs. de-centralized decisions, taxes, transfer prices, MNEs. JEL-Classification: H25, F23, L23. URI: http://hdl.handle.net/10398/7509 Files in this item: 1
wp7-2006.pdf (234.3Kb) -
GreenlandVesterø Jensen, Carsten; Nielsen, Søren Bo (København, 2003)[More information][Less information]
Abstract: This paper provides an assessment of Greenland's tax system and contemplates changes that may be undertaken in the future to prepare for greater economic self-reliance and for the country's participation in the wider world economy. At the outskirts of Europe, Greenland is an autonomous part of the Danish kingdom, though currently not a member of EU. However, its cooperation with European countries and its dependency on international trade renders it necessary for the tax system in Greenland to be attuned to developments in the rest of the world. Drawing on a thorough international benchmarking analysis of Greenland's tax system, the paper's special focus will be on the corporate tax system and its interplay with personal taxation, as well on as the system of import duties. In particular, we carry out computations of effective marginal and average corporate tax rates, as well as average effective tax burdens on consumption, labour income and capital income, and compare these to similar measures for EU countries. In addition, we outline how Greenland's economic policy in other areas interferes with tax policy. Especially fishery regulation, management of government-owned companies, and housing policy have major implications for the tax system. Key words: international benchmarking, effective tax rates, Greenland JEL: H20, H25 URI: http://hdl.handle.net/10398/7595 Files in this item: 1
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Nielsen, Søren Bo; Raimondos-Møller, Pascalis; Schjelderup, Guttorm (København, 2001)[More information][Less information]
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Affectivity, schooling and poverty in MexicoBlasco, Maribel (København, 2002)[More information][Less information]
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Lotz, Maja (København, 2008)[More information][Less information]
Abstract: In this paper I explore the constructive links between co-operation, rivalry, and learning within the structure of team communities. Drawing upon social learning theory, the main purpose of this paper is to argue that both co-operation and rivalry are important triggers for mobilizing learning processes within and between teams. However, social learning theory tends to disregard the positive aspects of rivalry. Consequently, this paper will argue for the need to extend social learning theory beyond its rather harmonious learning perspective. URI: http://hdl.handle.net/10398/7369 Files in this item: 1
wp cbp 2008-55.pdf (340.5Kb) -
Foss, Nicolai J. (Frederiksberg, 2011)[More information][Less information]
Abstract: A concern with teams was central to early attempts to grasp the nature of the firm, but fell out of favor in later work. We encourage a return to the emphasis on teams, but argue that the idea of teams as central to the nature of the firm needs to be grounded in an appreciation of the importance of We frames and group agency. We use converging insights from evolutionary anthropology, cognitive social psychology and work on team agency to develop such a grounding, and link it to the issues of the existence and boundaries of firms. URI: http://hdl.handle.net/10398/8362 Files in this item: 1
Nicolai_J_Foss_SMG_2011.pdf (345.3Kb) -
Munar, Ana María (Frederiksberg, 2010)[More information][Less information]
Abstract: A development in Information and Communication Technologies promising to have a large impact on tourism is the phenomenon known as the Web 2.0. A key to this development is the encouraging of interactivity due to User Generated Content (UGC). This paper focuses on a specific type of UGC: Tourist Created Content (TCC). Based on an exploratory examination of the Web and an extensive analysis of the content, the study systematizes the knowledge about TCC, presents a classification system and provides an overview of its characteristics. The paper shows the processes that allow the tourist to digitalize content and reveals how TCC relates to the cultures of the Internet and shapes the tourism experience. URI: http://hdl.handle.net/10398/8034 Files in this item: 1
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Or how materials produce degrees of humanity in strategic research and practiceTryggestad, Kjell (København, 2003)[More information][Less information]
Abstract: The aim of this article is to inquire into the possible significance of materials in the production of emerging strategic outcomes. The article first sets out to discuss the different ways contemporary strategy research define the identity of strategic actors. It is argued that the various schools of strategy research, although different in important respects, operate with a common human centered assumption: Humanity is treated as given – the strategic actor or subject is assumed to be an individual human or a collective of humans. By adding the possible significance of materials and other non-human entities to the explanatory repertoire of strategy research, another line of inquiry is pursued. The performative perspective thus proposed, is inspired by the classical work of Von Clausewitz and the recent anthropology of science, technology and organizational identities. In the proposed perspective, the human centered assumption is no longer just a premise for doing strategy research, but instead considered an interesting emerging outcome to be explained. Further more, the performative perspective allows strategy research to extend the notion of emergent strategies so as to include the possible significance of materials and other non-human entities in the explanation of 2 emerging strategic identities and outcomes. Hence, also a new task has been added to strategy research: To explain how emerging strategic identities – consisting of both humans and non-humans, are produced as part of strategic outcomes. Three cases are presented, each of them with a particular bearing on how materials participate in the making of emerging strategic identities and outcomes: The first case account for strategies transforming plans into anti-plans. This is a case of how a strategic plan is betrayed (or rejected) by an emerging collective consisting of both humans and diverse materials like a paper inscription and heavy machinery. The second case account for how the emerging twin identities of the strategic management subject and the human object are co-produced in interaction with a machine delegate. Finally, the third case account for how the strategic technology and the strategic collective emerge and co-produce each other as a macro-actor, only to become transformed in unexpected ways - as common technology and reflective human subjects. In the concluding section, it is argued that the humanity of the reflective human subject should be regarded as an emerging identity, co-produced in interaction with diverse materials like machinery. It is further argued that strategy research has slowly written out Von Clausewitz original insight in this respect. The complexity Von Clausewitz introduced with the notion of ‘degrees of humanity’ has been replaced with a given humanity, yet the costs of doing so remain outside the frames of contemporary strategy research. Failing to attend to the possible significance of materials in producing degrees of humanity has made strategy research as much producers of strategic outcomes, as providers of explanations and observations. The expression ‘technological strategy as macro-actor’ summarizes these findings and the associated implications for research and practice. URI: http://hdl.handle.net/10398/6699 Files in this item: 1
working paper 2003 no.25.pdf (417.5Kb) -
en analyse af diskussionen omkring indførelse af EPJ på en hospitalsafdelingSchnack, Morten (København, 2008)[More information][Less information]
Abstract: The aim of this thesis is to analyse how the implementation of electronic patient records (EPR) may affect cross-disciplinary clinical practice in a particular hospital department. The thesis presents a modified discourse analysis, a technology analysis, and some reflections on power. Using nineteen interviews of doctors and nurses in the Paediatric Department of Hvidovre Hospital, it emphasizes those actions in relation to the implementation of EPR that may either hinder or foster cross-disciplinary co-operation between doctors and nurses. The general pattern is that EPR fosters mono-disciplinarity, even though the management’s ambitions in regard to EPR had been to foster crossdisciplinarity. The overall conclusion of the thesis is that EPR has the capacity to open a space for cross-disciplinarity. The changes in the documentation practices of the doctors and the nurses that follow from the implementation of EPR have also brought changes in their communication and decision-making processes. This can be seen especially when they prepare for regular rounds, during rounds, and in the subsequent documentation of rounds. Also, the changes in both the structures of communication and the processes of decision-making do not seem to result in fundamental task slippage between the doctors and the nurses because the doctor maintains ultimate authority and responsibility in regard to diagnosis, prescriptions, and treatment plans, while the nurses remain responsible for patient care (nursing) and keeping the doctors informed. Like the paper-based patient record, EPR expresses the rationality of medical science but, unlike the paper-based patient record, the doctors no longer hold a monopoly on the expression of this rationality. The thesis focuses on the spaces of conduct that arise as a result of the managing doctor’s political intention to use the transformation of patient record technology as an occasion for managers and professionals to reconsider how they have hitherto organized the routines and tasks in the department. URI: http://hdl.handle.net/10398/7129 Files in this item: 1
morten_schnack.pdf (5.242Mb) -
Hjort, Katrin Erna; Novak, Lis; Salskov-Iversen, Dorte; Werther, Charlotte (København, 1996)[More information][Less information]
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Milhøj, Anders; la Cour, Lisbeth Funding (København, 2006)[More information][Less information]
Abstract: We study aggregation - or sample frequencies - of time series, e.g. aggregation from weekly to monthly or quarterly time series. Aggregation usually gives shorter time series but spurious phenomena, in e.g. daily observations, can on the other hand be avoided. An important issue is the effect of aggregation on the adjustment coefficient in cointegrated systems. We study only first order vector autoregressive processes for n dimensional time series Xt, and we illustrate the theory by a two dimensional and a four dimensional model for prices of various grades of gasoline. URI: http://hdl.handle.net/10398/7605 Files in this item: 1
wp14-06.pdf (567.4Kb) -
The Effects of International Trade Fairs, Conventions and Other Professional GatheringsMaskell, Peter; Bathelt, Harald; Malmberg, Anders (København, 2004)[More information][Less information]
Abstract: Business people and professionals regularly come together at conventions, congresses, conferences, trade fairs and exhibitions. Here, their latest and most advanced findings, inventions and products are revealed and evaluated by peers and competitors, as well as by customers and suppliers. Organising or participating in such events are means to identify the current market frontier, take stock of relative competitive positions and form future plans. These events exhibit many of the characteristics ascribed to permanent clusters, albeit in a temporary, periodic and intensified form. The temporary clusters are hotspots of intense knowledge exchange, network building and idea generation. In investigating the extent and nature of these phenomena, the present paper explores a number of issues. First, it shows that international trade fairs and other professional gatherings are events which enable firms to compare their own products with others which are available to the world market. Comparisons to and interactions with other firms stimulate processes of knowledge creation. Second, it demonstrates how trade fairs are important for firms when selecting partners with whom to develop global pipelines, enabling access to distant markets and technologies. Third, it compares such temporary clusters with permanent territorial hubs within their respective sector or industry. If regular participation in temporary clusters could satisfy a firm’s need to learn through interaction with suppliers, customers, peers and rivals, why is the phenomenon of permanent clustering so pervasive? The answer, it is claimed, lies in the restrictions imposed on economic activity when knowledge and ideas are transformed into valuable products and services. The paper sheds new light on how interaction among firms in current clusters coincides with the configuration of knowledge-intensive pipelines out of the cluster. It examines the procedures selected by firms in developing ideas or gaining access to new knowledge and compares these organisational forms to those chosen when using knowledge for commercial purposes. Keywords: economic geography, knowledge creation, clusters, temporary clusters, trade fairs, conventions, pipelines JEL-codes: D83, L22, O17, O18, R12 URI: http://hdl.handle.net/10398/7222 Files in this item: 1
2004-04.pdf (1.004Mb) -
foreign investment in emerging marketsMøllgaard, H. Peter; Overgaard, Per Baltzer (København, 1998)[More information][Less information]
Abstract: Asymmetric information and fear of acquiring a 'lemon' may explain the paucity of foreign investment in emerging market economies. If investors are uncertain about the profitability of investments, intrinsically inefficient, temporary partnerships or joint ventures may serve as mechanisms through which information is transmitted. Temporary partnerships with joint in- vestments by the domestic firm and the foreign investor, together with a buy-out option to the investor, can be used to separate good and bad invest- ment prospects in equilibrium. However, non-revealing equilibria may exist. Implications for foreign direct investment are traced and briefly related to the experience of transition economies. Keywords: investment, complementary assets, partnerships, joint ventures and licensing, costly signaling JEL: D8, F2, L14, O12 URI: http://hdl.handle.net/10398/7496 Files in this item: 1
1998_10.pdf (1.238Mb) -
Armerin, Frederik; Björk, Tomas; Astrup Jensen, Bjarne (København, 2005)[More information][Less information]
Abstract: We investigate the possibility of an arbitrage free model for the term structure of interest rates where the yield curve only changes through a parallel shift. We consider HJM type forward rate models driven by a multidimensionalWiener process as well as by a general marked point process. Within this general framework we show that there does indeed exist a large variety of nontrivial parallel shift term structure models, and we also describe these in detail. We also show that there exists no nontrivial flat term structure model. The same analysis is repeated for the similar case, where the yield curve only changes through proportional shifts. Key words: bond market, term structure of interest rates, flat term structures. URI: http://hdl.handle.net/10398/7137 Files in this item: 1
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Raffnsøe, Sverre (København, 2006)[More information][Less information]
Abstract: Currently, terrorism provokes a widespread feeling of insecurity and global reactions to the terrorist attacks. This is not simply because it poses a substantial threat to society and to the lives of individual citizens. The relatively rare incidents of terrorism cause emotional overreaction because they challenge and intensify the contract that supersaturates today’s society. In the welfare society one can observe the existence of a diffuse but widespread social contract, which has become the single most cohesive element in the social fabric. According the terms of this contract, we agree to care for all and everyone and improve our wellbeing at an individual and collective level. Through its concrete institutions and organizations, the welfare society provides its citizens with a whole range of offers that he or she is unable to refuse. The agreement on perpetual self-improvement and mutual amelioration pervades an organisation and work culture in both the public and private sectors which encompasses our entire existence. The common aim of the furtherance of humanity has enabled us develop in multi-faceted ways. But at the very same time it establishes a logic of mutual self-sacrifice. We agree to cure one another to death. URI: http://hdl.handle.net/10398/6321 Files in this item: 1
wp1-2006.pdf (122.3Kb) -
the Danish cement industryla Cour, Lisbeth Funding; Møllgård, Peter (København, 2000)[More information][Less information]