Browsing Departments by Title
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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]
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[More information][Less information]
Abstract: It has become common over the last 25 years to formulate general ethical standards for management of public administration, not only in developing countries, but in most western democratic societies too. Standards of ethical conduct currently exist for public managers in USA, England, New Zealand, Canada, Australia5, and a number of other countries6. They apply to members of the civil service on the basis of professional merits (meritocracy) as well as to public officials on the basis of their political appointment (politocracy). URI: http://hdl.handle.net/10398/7791 Files in this item: 1
WP CBP 2009-64.pdf (159.2Kb) -
Adaptive Appropriation in Japanese Labor Law and the Roman Catholic Social QuestionTackney, Charles (Frederiksberg, 2012)[More information][Less information]
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suppressing margins and entrepreneurshipFoss, Kirsten; Foss, Nicolai Juul (København, 2000)[More information][Less information]
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a review of the four dominant perspectivesHansen, Michael W. (København, 1995)[More information][Less information]
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A Market-Based Alternative to Government?Hodge, Graeme; Greve, Carsten (Frederiksberg, 2011)[More information][Less information]
Abstract: One of the paradoxes of the past few decades has been the continuity and even growth of infrastructure Public-Private Partnerships (PPPs) despite the loud voices of critics and harsh judgments of some academics. Indeed, there is little doubt about the success of PPPs judging on the basis of increasing global interest, the frequency of use in countries such as the United Kingdom or Australia, or by the spectacular delivery of timely new infrastructure. There has been considerable work undertaken to date on the multiple meanings of PPP more generally, on the multiple disciplinary languages spoken by commentators and on the evaluation challenges faced by those interested in assessing PPPs as projects or activities. There has been less work undertaken, however, on the meanings given to how PPP has been judged as ‘successful’ by implementing governments. Indeed, the criteria on which governments might judge PPP as a success story seems to be inherently ambiguous and as politically oriented as it is oriented towards more traditional utilitarian policy goals concerned with project delivery or efficiency. In view of the continuity of PPPs post-GFC, the very nature of ‘PPP success’ needs serious rethinking. This paper explores the notion of ‘success’ for PPP and argues that short of embarrassing and large scale corruption or widespread incompetence, PPP and PPP projects are inevitably judged as ‘successful’ in government. This is not only because the PPP concept itself is so wonderfully amorphous and ambiguous, but because each strand of PPP has multiple goals. Infrastructure PPPs for example, have fifteen or so different goals. The criteria for success are therefore multi-faceted and themselves incorporate the very goals of government itself. It is inevitable that PPPs are seen by government to help create public value as well as private value. The paper uses theories of policy success and evaluation studies to assess how ‘success’ is interpreted. The paper concludes that many of the claims for PPP success and failure are therefore, to an extent, self defining exercises. URI: http://hdl.handle.net/10398/8573 Files in this item: 1
Greve_2011_c.pdf (320.9Kb) -
Bordum, Anders (København, 2002)[More information][Less information]
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Debates and a Novel ViewFoss, Nikolai J. (København, 2007)[More information][Less information]
Abstract: Arguments derived from the theory of science have been present in strategic management discourse since at least the beginning of the 1970s. The field’s topjournal,the Strategic Management Journal, has printed several theory of sciencebased papers. Most positions in the theory of science (falsificationism, instrumentalism, realism, constructivism, etc.) have been present in the methodological discourse in the field. This chapter briefly reviews theory science applications to strategic management, before a distinctive perspective on the evolution of the strategic management field is developed. According to this perspective, science progresses when deeper level mechanisms are identified and theorized. Theoretical reduction may therefore be an independent criterion of scientific progress. Application to the strategic management field of this perspective, which in the social sciences is closely connected to the notion of methodological individualism, reveals that the field has evolved in a manner akin to a swinging pendulum, oscillating between micro and macro perspectives. URI: http://hdl.handle.net/10398/7441 Files in this item: 1
cbs forskningsindberetning smg 7.pdf (211.0Kb) -
Foss, Nicolai Juul; Lando, Henrik; Thomsen, Steen (København, 1998)[More information][Less information]
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an introduction to themes and contributionsFoss, Nikolaj Juul (København, 1998)[More information][Less information]
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A five-act Spestrale on Online Communication, Collaboration & OrganizationTunby Guldbrandsen, Ib (Frederiksberg, 2012)[More information][Less information]
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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) -
Blomgren-Hansen, Niels (København, 2005)[More information][Less information]
Abstract: Samuelson (1958) analyses a three-period model, whereas Diamod (1965) considers a two-period model. This difference poses the question whether the insights derived by analysing the simple two-period model carry over in the more complicated three-period case. They do. The Samuelson model (no productive capital) has only one positive solution (r = n); however, this root is unstable. The Diamond model (no nonproductive abode of purchasing power) has also only one positive solution; the root is stable but inefficient. In a model with both productive capital and a non-productive abode of purchasing power, the inefficient Diamond solution becomes unstable and the socially optimal solution becomes stable. URI: http://hdl.handle.net/10398/7575 Files in this item: 1
wp15-2005.pdf (130.6Kb) -
Kragh, Simon (København, 2000)[More information][Less information]