Browsing Departments by Title
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Traveling ideas for providing transparency and trust?Georg, Susse (København, 2003)[More information][Less information]
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economic integration and the Nordic CountriesBenito, Gabriel R.G.; Grøgaard, Birgitte; Narula, Rajneesh (København, 2002)[More information][Less information]
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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) -
Boom, Anette (København, 2008)[More information][Less information]
Abstract: This paper uses an adapted version of the linear tracing procedure, suggested by Harsanyi and Selten (1988), in order to discriminate between two types of multiple Nash equilibria. Equilibria of the same type are pay-off equivalent in the analysed multiple-unit unit price auction where two sellers compete in order to serve a fixed demand. The equilibria where the firm with the larger capacity bids the maximum price, serves the residual demand and is undercut by the low capacity firm that sells its total capacity risk dominate the equilibria where the roles are interchanged. URI: http://hdl.handle.net/10398/7664 Files in this item: 1
wp2-2008.pdf (302.0Kb) -
a study of India's corporate sectorPatibandla, Murali (København, 2001)[More information][Less information]
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The Role of Host Country Governance ManagementGloberman, Steven; Nielsen, Bo B. (København, 2006)[More information][Less information]
Abstract: A substantial literature has evolved focusing on the ownership structure of international strategic alliances (ISAs). Most of the relevant studies are theoretical in nature and concentrate on the conceptual factors that influence the choice between equity and non-equity structures. A smaller number of studies provide some empirical evidence on the importance of some of the conceptual factors. The theoretical literature highlights the potential influence of relational capital and transaction costs as determinants of ISA structure; however, there is little empirical evidence on the relative importance of these potential determinants. Moreover, there is only limited and indirect evidence bearing upon the impact of host country governance attributes on ISA ownership structure. In this study, we provide statistical evidence on the importance of potential determinants of governance mode choice for a sample of ISAs involving Danish firms. Our study documents how the determinants of governance mode choice vary in importance depending upon the "quality" of the governance infrastructure of the host country. Key words: Relational Capital, Governance, International Strategic Alliance URI: http://hdl.handle.net/10398/7422 Files in this item: 1
smg wp 2006-019.pdf (381.8Kb) -
en undersøgelse af Sigchi.dk fællesskabets videnClemmensen, Torkil; Leisner, Pelle (København, 2002)[More information][Less information]
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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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Om analysen af den økonomisk-politiske integration i EUNedergaard, Peter (København, 2007)[More information][Less information]
Abstract: Artiklen diskuterer anvendelige teorier for analysen af den økonomisk-politiske integration i EU’s politiske system, som i dag er langt den vigtigste reguleringsramme om virksomhederne i EU. I den forbindelse foreslår artiklen en såkaldt socialkonstruktivistisk rational choice-teori, hvor socialkonstruktivismen tager sig af de ændrede politiske præferencer og rational choice-teorien sig af de langt mere konstante politiske institutioner. Den foreslåede teori anvendes til forklaring af de politiske resultater af tre vigtige reformer af EU’s landbrugspolitik i 1984, 1992 og 2003. Den viser sig i stand til både at forklare indarbejdelsen af mere postmoderne præferencer i reformerne og at det er de svagt organiserede grupper som forbrugerne og (i stigende grad) skatteyderne, der betaler regningen for EU’s landbrugspolitik uanset, hvordan den reformeres. URI: http://hdl.handle.net/10398/7354 Files in this item: 1
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Sudzina, Frantisek; Razmerita, Liana (Frederiksberg, 2012)[More information][Less information]
Abstract: Due to advances of technology including faster and ubiquitously accessible Internet connection, on-line gaming have grown tremendously in the last couple of years. The aim of this paper is to investigate whether escapist motives for playing games are linked to strengthening of weak ties through on-line gaming. The research investigates Facebook and other on-line games separately. A surprising result is that while most of the investigated escapist motives are positively correlated with strengthening of weak ties, the mundane breaking motive is negatively correlated with strengthening of weak ties. URI: http://hdl.handle.net/10398/8620 Files in this item: 1
Razmerita_2012Itais.pdf (139.7Kb) -
Sudzina, Frantisek; Razmerita, Liana (Frederiksberg, 2012)[More information][Less information]
Abstract: Due to advances of technology including faster and ubiquitously accessible Internet connection, on-line gaming have grown tremendously in the last couple of years. The aim of this paper is to investigate whether escapist motives for playing games are linked to strengthening of weak ties through on-line gaming. The research investigates Facebook and other on-line games separately. A surprising result is that while most of the investigated escapist motives are positively correlated with strengthening of weak ties, the mundane breaking motive is negatively correlated with strengthening of weak ties. URI: http://hdl.handle.net/10398/8603 Files in this item: 1
Razmerita_2012.pdf (139.7Kb) -
"feelings are the motive power, reason is the rudder"Ry Nielsen, J.C.; Ry, Morten (København, 2003)[More information][Less information]
Abstract: In this essay we will demonstrate that the role of project management in organisational change processes is a mixture of rational and non-rational features. It is also colourful, difficult, interesting, and messy. We have named the paper "An Essay on". An essay means treating a topic freely from different angles, although not forgetting the sources you used. The implication of this is that we are not able or willing to make an encompassing study of the literature on project management3. We thus know that many angles will not be covered. Furthermore we do not intend a make a negative delineation, indicating what we are not dealing with. We prefer to make a positive delineation, emphasising what we are going to take up in our essay. Positively phrased we are inspired by 3 sources that will make the foundation for our different angles: 1. Decision making theory (Enderud,1976)4. One of the authors has previously with success applied decision-making theory as an approach for analysing organisation change processes 5. Both authors have followed the same line in analysing organisational changes in the Danish public sector6. That success has inspired us to re-use the distinction between rational, political and anarchic processes in this essay 7. Enderud (1976:21-22) excludes explicitly the role of the actors’ participation in his presentation of decision models. We find, however this aspect so important that we have decided to include it 2. Buchanan and Boddy´s analysis of the character of change8: The authors characterise the change project in to dimensions. One pertains to the activities concerned: Are we dealing with peripheral or core activities of the organisation. The second dimension deals with the magnitude of the change. Buchanan and Boddy use the scale: incremental - radical9. Furthermore Buchanan and Boddy makes a useful distinction between "public performance" (on stage) of rationally considered and logically phased and visibly participative change and "backstage activity" in the recruitment and maintenance of support and in seeking and blocking resistance (ibid p.27) 3. We will apply data from our own case studies. We will use a format that we call an illustration, thereby indicating that we "only" illustrate a point. We do not prove it10. Our cases are almost all from the public sector or from trade unions. Most of them have been published elsewhere. URI: http://hdl.handle.net/10398/6711 Files in this item: 1
dokument 9.pdf (272.6Kb) -
Nielsen, Steen (Frederiksberg, 2000)[More information][Less information]
Abstract: This dissertation adresses various issues regarding the functioning of financial markets. It consists of introduction and five independent chapters of which the first four are empirical and the last one is theoretical. The introduction provides a brief background on some of the data used in subsequent chapters and a discussion of the main results of the dissertation URI: http://hdl.handle.net/10398/7935 Files in this item: 1
Steen_Nielsen.pdf (17.09Mb) -
Evidence from Danish Micro DataSchultz, Esben Anton (Frederiksberg, 2012)[More information][Less information]
Abstract: This thesis consists of four empirical essays within the broad field of modern labor economics. All four essays are self-contained and can be read independently of the others. Chapter 1 investigates the distinct effects on information technology and communication technology on firm’s skill demand. Chapter 2 studies whether the observed wage gab between majors in human arts and other fields are caused by their education per se or by selection. Chapter 3 examines taxable income responses to variation in marginal tax rates. Chapter 4 analyzes the effect of income taxation on the international migration of top earners. Each chapter provides an independent and separate analytical contribution to their specific field. URI: http://hdl.handle.net/10398/8442 Files in this item: 1
Esben_Anton_Schultz.pdf (4.890Mb) -
Stenbo Nielsen, Mads (Frederiksberg, 2011)[More information][Less information]
Abstract: The thesis consists of three essays that cover different aspects of correlation modelling in corporate default risk. Each essay is self-contained and can be read independently. Essay I: Correlation in corporate defaults: Contagion or conditional independence? Essay II: Systematic and idiosyncratic default risk in synthetic credit markets. Essay III: Credit spreads across the business cycle. URI: http://hdl.handle.net/10398/8370 Files in this item: 1
Mads_Stenbo_Nielsen.pdf (5.032Mb) -
Bajlum, Claus (København, 2008)[More information][Less information]
Abstract: This Ph.D. thesis consists of three self-contained chapters, which can be read independently. The chapters are interrelated through their use of structural credit risk models and a credit derivative known as the Credit Default Swap (CDS). Chapter 1 estimates the impact of accounting transparency on the term structure of CDS spreads for a large cross-section of firms. Chapter 2 analyzes the use of CDS spreads in a convergence-type trading strategy known as capital structure arbitrage. Finally Chapter 3 estimates the time-series behaviour of the credit risk premium in the market for Credit Default Swaps. URI: http://hdl.handle.net/10398/6520 Files in this item: 1
claus_bajlum.pdf (1.513Mb) -
Amore, Mario Daniele (Frederiksberg, 2012)[More information][Less information]
Abstract: The effect of corporate governance and managers on the value of companies has received great attention in the recent public debate. In the academic research, this increased attention has been associated with an effort to develop finer conceptual frameworks and analytical techniques to assess how governance and financial characteristics influence corporate policies and profitability. While theoretical models represent a successful approach under specific hypotheses, the econometric analysis of corporate governance and managerial characteristics has proven to be extremely challenging. Because governance and managerial characteristics are equilibrium outcomes largely determined by the firm itself, it is methodologically difficult to separate out their determinants from their consequences to infer causal effects. Since its infancy the empirical corporate governance and corporate finance research has faced this problem, which is often responsible for mixed empirical results. In my dissertation, I adopt a common methodological framework developed in the “program evaluation” literature to shed new light on the effects of governance and managerial characteristics on a variety of corporate policies and, ultimately, firm performance. In particular, I estimate a class of difference-in-differences models deriving the empirical identifications from policy changes that generate “quasi-natural experiments”. URI: http://hdl.handle.net/10398/8451 Files in this item: 1
Mario_Daniele_Amore.pdf (1.242Mb) -
Zhou, Haoyong (Frederiksberg, 2012)[More information][Less information]
Abstract: The dissertation examines corporate performance and capital structure of family firms, contributing to the limited empirical research on family firms. Family firms are prevalent in national economies all over the world. It is the prevalence that makes family firms receive increasing attentions from academia. The dissertation consists of an introduction and three chapters. Each chapter is an independent paper. The first chapter is a joint work with Professor Morten Bennedsen and Dr. Markus Ampenberger. The version of in the dissertation will be published as Chapter 6 in the forthcoming Oxford Handbook of Entrepreneurial Finance by Oxford University Press. The second paper and third paper are single-authored papers. In the first chapter, we discuss the capital structure of family firms, with a focus on the debtequity mix. Two parts comprise the chapter. In the first part, we provide a literature review on existing theoretical and empirical research in the capital structure of family firms. The literature review shows that the most important theories to explain capital structure in family firms seem to be risk aversion, agency theory, and control considerations. We argue that risk aversion and control considerations have opposing impacts on the optimal choice of debt leverage of family firms. On one hand, controlling families of family firms are typically non-diversified investors with most of their wealth and human capital tied to the company and consequently family firms use less debt. On the other hand, controlling families want to maintain the control over their companies. This control consideration restricts the willingness to raise new equity outside the family and therefore often lead to a stronger dependence on banks and other debt instruments. The literature review also shows that evidence on capital structure choices of family firms is inconclusive. Large-scale evidence on private family firms is almost missing. URI: http://hdl.handle.net/10398/8607 Files in this item: 1
Haoyong_Zhou.pdf (2.035Mb) -
Forssbæck, Jens (Frederiksberg, 2009)[More information][Less information]
Abstract: The thesis studies how financial markets discipline commercial and central banks’ behavior in various ways. In the first part, two papers test different aspects of market discipline of commercial banks’ risk taking, using a dataset of several hundred banks worldwide. In the first paper, it is shown that the risk-shifting opportunity of shareholders introduced by deposit insurance depends on ownership structure and the extent of market discipline by uninsured creditors. I find that the effect of shareholder control on risk is convex, and that creditor discipline tempers this effect but has little individual influence on risk. The second paper tests the monitoring dimension of market discipline and formulates a two-step procedure which makes it possible to sidestep the common methodological problem that banks’ ‘true’ risk is unobserved. Results suggest that if the quality of institutions is sufficiently high, some market-based indicators may be more accurate measures of banks’ true risk than a set of commonly used accounting-based benchmark indicators – a possibility effectively precluded by much of previous research. In the second part of the thesis, three papers study constraints on central bank behavior introduced by financial markets, using data from a set of small, open European economies during the 1980s and 1990s. The first of these papers tests how capital account liberalization and exchange-rate regime constrain monetary policy autonomy. Contrary to traditional theory, the paper finds no autonomy effect of exchange rate flexibility, whereas capital controls provided some (albeit limited) independence from innovations in foreign money market interest rates. The remaining two papers address how deregulation, innovation, and growth in domestic money markets interplay with central banks’ choices of monetary policy operating procedures. The analysis of the European countries suggests that while deregulation and the emergence of short-term financial markets constrained central bank discretion and compelled increased reliance on open market operations, the paths of money market development in different countries were also partially determined by the respective central banks’ decisions. In the final paper, the same framework of analysis is applied to China, which has announced its intention to rely increasingly on market operations in monetary policy. The results suggest that the disciplining effect of domestic financial markets on central bank behavior in China is so far very small, largely due to remaining de facto financial repression. URI: http://hdl.handle.net/10398/7785 Files in this item: 1
Jens_Forssbæck.pdf (3.819Mb) -
Vinten, Frederik Christian (København, 2008)[More information][Less information]
Abstract: We study the impact of stock market valuations on delistings from European stock exchanges 1996-2004. Previous research has found that mergers and acquisitions (M&A) occur more often when market valuations are high. This is paradoxical since it implies that companies are more likely to engage in M&A when it is most expensive. In accordance with prior research we find that delistings by mergers and acquisitions are more likely when industry market-to-book values (q) are high. In contrast, we find no effect of industry q on going private transactions. The data also suggest that M&A are more likely to take place in bull years while going private transactions are relatively more likely in bear years. Our study is the first comprehensive study of delistings in Europe and the first study to demonstrate that going private transactions appear to be driven by different causal mechanisms than M&A. URI: http://hdl.handle.net/10398/7682 Files in this item: 1
frederik_vinten.pdf (1.449Mb)