Departments Titler
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Behavioral Aspects and the Impact of Personal CharacteristicsStæhr, Simone (Frederiksberg, 2017)[Flere oplysninger][Færre oplysninger]
Resume: This thesis is broadly concentrated on decision making under uncertainty. It seeks to investigate how agents in financial markets make decisions at the individual level and how these decisions can sometimes be affected by personal traits and cognitive biases rather than being perfectly rational. The primary focus is on financial analysts in the task of conducting earnings forecasts while a secondary focus is on investors’ abilities to interpret and make use of these forecasts. Simply put, financial analysts can be seen as information intermediators receiving inputs to their analyses from firm management and providing outputs to the investors. Amongst various outputs from the analysts are forecasts of earnings. According to decision theories mostly from the literature in psychology all humans are affected by cognitive constraints to some degree. These constraints may lead to unintentional biases in the decision making and the magnitude of these constraints does sometimes vary with personal traits. Therefore, to the extent that financial analysts are subjects to behavioral biases their outputs to the investors are likely to be biased by their interpretation of information. Because investors need accuracy in the financial forecasts on which they base investment decisions they may end up losing money as a consequence of biased forecasts. Thus, relying primarily on decision theories such as social comparison theory and theories on confirmation bias this thesis investigates how and why pronounced biases in financial analysts’ forecasts documented at the market level by prior literature occur at the individual level and which personal traits interact in this process. URI: http://hdl.handle.net/10398/9492 Filer i denne post: 1
Simone Stæhr.pdf (3.062Mb) -
explaining incremental changeMoschella, Manuela; Tsingou, Eleni (Frederiksberg, 2013)[Flere oplysninger][Færre oplysninger]
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Implications for Early Option Exercise and Realized VolatilityJensen, Mads Vestergaard (Frederiksberg, 2016)[Flere oplysninger][Færre oplysninger]
Resume: A call option on a stock is a common and widely used derivative. On an average trading day in 2015, more than 800,000 such options traded on the Chicago Board Options Exchange, the largest options exchange in the United States. Each option grants its owner the right to buy 100 of a specific stock at a pre-specified price, no later than a pre-specified date. For example, an option can grant the right to buy 100 General Electric shares for USD 31 each no later than October 21, 2016. An interesting issue is determining when an option is optimally exercised. Merton (1973) shows that in a world without frictions, a call option should never be exercised early, but only at expiration or just before the underlying stock pays a dividend. Chapter one of this thesis shows that suffciently severe frictions can make early exercise optimal. Short-sale costs especially represent an important driver of early exercise. Chapter two shows that when option owners exercise early, it predicts stock returns, consistent with option owners acting on private information. Chapter three does not include options but shows that demand shifts in the shorting market for stocks predict the volatility of the affected stocks, which is consistent with increases in differences of opinions among market participants. URI: http://hdl.handle.net/10398/9386 Filer i denne post: 1
Mads Vestergaard Jensen.pdf (4.740Mb) -
Olai Hansen, Bodil; Keiding, Hans (København, 2004)[Flere oplysninger][Færre oplysninger]
Resume: 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 Filer i denne post: 1
wpec072004.pdf (112.4Kb) -
A study of enforcement activities in 17 European countriesJohansen, Thomas Riise; Plenborg, Thomas; Buhrkal, Hans Peter Lindegaard; Olsen, Søren Kok (København, 2014)[Flere oplysninger][Færre oplysninger]
URI: http://hdl.handle.net/10398/9037 Filer i denne post: 1
Financial-repoting-enforcement.pdf (522.9Kb) -
Lessons from the UKMallin, Chris; Mullineux, Andy; Wihlborg, Clas (København, 2004)[Flere oplysninger][Færre oplysninger]
Resume: In 1992 the Cadbury Committee report on the financial aspects of corporate governance was published. The Committee had been established following the failures of a number of high profile businesses in the UK which had shaken confidence in the market. Some nine years later, in 2001, the collapse of Enron sent shockwaves through the US market. As a result of the Enron collapse and various other high profile scandals in the years since its occurrence, the US is examining its own corporate governance structures and provisions to determine how these might be improved and help avoid another Enron. The EU similarly is developing principles and legislation to improve corporate governance, and scandals such as Royal Ahold and Parmalat have helped drive further governance reforms. In this paper we detail the development of corporate governance codes in the UK and the adaptation of similar codes in the EU. We discuss the role of the financial sector in corporate governance and how principles for regulation and supervision of the financial sector complement codes of conduct and legislation in the area of corporate governance. JEL Classification numbers: G34, G28, G22, G23 Keywords: corporate governance, financial sector; institutional investors. URI: http://hdl.handle.net/10398/6789 Filer i denne post: 1
wplefic062004.pdf (171.8Kb) -
Ulslev Pedersen, Rasmus; Häuser, Ivan; Balle, Kim; Copenhagen Business School. CBS; Institut for IT-Ledelse; ITM; Department of IT Management; ITM (www, 2014)[Flere oplysninger][Færre oplysninger]
Resume: Micro, small and medium-sized enterprises (SMEs) are the engine of the European economy. In the 25 member states there are 23 million SMEs providing 75 million jobs and represent 99% of all enterprises. They SMEs strongly contribute to an entrepreneurial spirit and innovation in the EU and foster competitiveness. This handbook has specifically been written in order to make it easier for micro, small and medium enterprises within Information and Communication Technology (ICT) to apply for funding in open calls in October 2014 and October 2015 under the EU project FINODEX (www.finodex-project.eu). The handbook provides practical advice and helps the enterprises transform innovative ideas into business. URI: http://hdl.handle.net/10398/9087 Filer i denne post: 1
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Evidence from Estate Sales due to Sudden DeathAndersen, Steffen; Meisner Nielsen, Kasper (Frederiksberg, 2013)[Flere oplysninger][Færre oplysninger]
Resume: We exploit a natural experiment in Denmark to investigate when forced sales lead to fire sale discounts. Forced sales result from sudden deaths of house owners in an institutional environment in which beneficiaries are forced to settle the estate, and hence sell the house, within 12 months. We identify 6,329 forced sales by suddenly deceased house owners, and find that forced sales bring in lower prices than do comparable houses as the deadline winds down: We find no discounts for sales long before the deadline, and discounts of 12.5% for sales shortly before the deadline. Market conditions and the urgency of the sale also affect the average discount: Discounts are larger when house prices contract, in thin markets where demand is lower, and when the sale is more likely to be a fire sale because of financial or liquidity constraints. Late fire sales are more likely when the house price is in the loss domain suggesting that disposition effects play a role in explaining discounts. We establish these results using (i) a hedonic pricing model, and (ii) the tax authorities’ yearly assessments of value as benchmark for realized prices. Overall, our results characterize market conditions under which forced sales lead to fire sale discounts. URI: http://hdl.handle.net/10398/8838 Filer i denne post: 1
Andersen_Meisner Nielsen.pdf (286.7Kb) -
Håkanson, Lars (København, 2008)[Flere oplysninger][Færre oplysninger]
Resume: Based on a social-constructivist conceptualization of knowledge as residing in groups of practitioners, epistemic communities, this paper proposes a new perspective on the knowledge based view of the firm and sketches the outline of a new research agenda. It argues that the cost of governing knowledge processes depends as much on the cognitive background of the exchange partners as on the tacitness of the knowledge. Firms exist because they may form epistemic communities in their own right with enabling and motivational properties superior to those of markets in the governance of knowledge processes across epistemic boundaries. Establishing a firm as an epistemic community requires transaction specific investments that are difficult to realize under market forms of governance. URI: http://hdl.handle.net/10398/6534 Filer i denne post: 1
wp4-2008.pdf (121.6Kb) -
The Role of Competition and of the Initial Firm Efficiency. Evidence from the Czech Republicla Cour, Lisbeth; Ionascu, Delia (København, 2007)[Flere oplysninger][Færre oplysninger]
Resume: It has been argued that the effect of competition on a company’s incentive to innovate and to reduce managerial slack depends on the initial level of efficiency. For example, while firms close to the technology frontier invest more in innovation if competition increases, backward firms reduce innovation. On a panel data of Czech companies, for the years 1993-2005, we empirically assess the impact of increased competition on firm productivity and the importance of the initial firm efficiency level. We depart from the empirical literature on emerging markets by taking into account both domestic and foreign competition. In line with the theory, our results show that there is an inverted U-relationship between domestic competition and firm productivity. Our results also confirm that trade liberalization has a positive impact on productivity. However, the effect is less significant if domestic competition is not taken into account. In addition, we find that both domestic and foreign competition have an effect on productivity in companies close to the technology frontier but not in backward companies. URI: http://hdl.handle.net/10398/7653 Filer i denne post: 1
wp9-2007.pdf (2.398Mb) -
Framing Research Collaboration Through ScreensBjørn Vedel, Jane (København, 2011)[Flere oplysninger][Færre oplysninger]
Resume: In recent years, research collaboration between academic and corporate scientists has become a matter of concern for policy makers as well as research managers in academia and industry. Often, both in public research policies and in university and company strategies, science-industry collaboration has been presented as a catalyst for advancing science for the benefit of society as well as for the involved collaborators. The same policies and strategies, however, often emphasize that science-industry collaboration is difficult and demanding due to inherent and often incommensurable differences between the respective goals and processes of academia and industry. URI: http://hdl.handle.net/10398/8561 Filer i denne post: 1
Jane-Vedel-2011.pdf (257.8Kb) -
Østrup, Finn (København, 2005)[Flere oplysninger][Færre oplysninger]
Resume: The article analyses how government spending is determined under different exchange rate regimes in the context of a small open economy. Assuming nominal wage contracts which last for one period and assuming a benevolent government which determines government spending to optimise a representative individual’s utility, it is demonstrated that there are differences between exchange rate regimes with respect to the level of government spending. These differences arise first because a rise in government spending affects macroeconomic variables differently under different exchange rate regimes, and second because the government’s inclination to expand government spending is affected by inflation which depends on the exchange rate regime. At low rates of inflation, the government is inclined to set a higher level of government spending under a fixed exchange rate regime than under a floating exchange rate regime in which the monetary authority optimises preferences which include an employment target and an inflation target. As government spending affects the representative individual’s utility, the choice of exchange rate regime has an impact on welfare. Keywords: exchange rate regimes; fiscal policy; monetary union; inflation targeting. JEL classicification: E42, E61, E62, F33. URI: http://hdl.handle.net/10398/7140 Filer i denne post: 1
endeligt_wp_2005-1.pdf (290.0Kb) -
Lund-Thomsen, Peter (København, 2007)[Flere oplysninger][Færre oplysninger]
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Et aktør-netværksteoretisk ledelsesstudie af politiske evalueringsreformers betydning for ledelse i den danske folkeskoleGylling Olesen, Kristian (Frederiksberg, 2014)[Flere oplysninger][Færre oplysninger]
Resume: Med en række evalueringsreformer har danske politikere siden sen-80´erne forsøgt at gøre op med lærernes autonome undervisning for at få lærere til gennem evalueringer at forbedre elevernes læring. I 90´erne blev der bl.a. introduceret frivillige kvalitetsprogrammer og teamarbejde, og i 00´erne fulgte nationale læringsmål, -test og skriftlige elevplaner. Mere indflydelse til skolelederen er blevet set som et politisk svar på, hvordan evalueringsreformerne kan blive gennemført ude i skolerne, så eleverne lærer mere. Samtidig har den evidensbaserede skoleledelsesforskning givet en række svar på, hvilke generelle ledelsespraktikker og succesfulde personlighedstræk hos skoleledere der kan fremme elevernes læring og faglige udbytte i folkeskolen. Ifølge denne ph.d.-afhandling er den politiske og evidensbaserede forståelse af skoleledelse for entydig. Afhandlingen argumenterer i stedet for, at skoleledelse ikke opstår entydigt eller klart, når politikerne introducerer nye evalueringsreformer i folkeskolen. Der er snarere tale om, at skoleledelse opstår forskelligt og med skiftende aktører – skoleledelse emergerer flertydigt. I lokale kontekster spiller en række forhold ind og får betydning for, hvem der leder hvem, hvordan, hvor og hvornår. Ud fra et toårigt studie i to folkeskoler på den københavnske vestegn og med brug af aktør-netværksteori undersøger afhandlingen, hvordan forskelligt praktisk udstyr og taktiske manøvrer ud fra lokale dagsordner oversætter de politiske evalueringsreformer ude i skolerne, og hvad disse oversættelser betyder for flertydig og emergerende ledelse. Skolerne, som i afhandlingen bliver kaldt ABC Skolen og Byskolen, er blevet undersøgt med interviews, fotos og logs samt observationer. Afhandlingen er en artikelafhandling, som består af tre videnskabelige artikler udarbejdet på engelsk og en dansk ramme, der introducerer afhandlingen, præsenterer baggrundsanalyser, reviewer dansk og international skoleledelseslitteratur, udvikler ledelsesanalytik og metodisk setup samt præsenterer analysestrategiske valg og foretager en samlende konklusion. Den teoretiske inspiration kommer primært fra aktør-netværksteori (Bruno Latour, Michel Callon og John Law). Samtidig inddrager afhandlingen Mats Alvesson og Andrew Spicers (2010) flertydighedscentrerede ledelsesanalytik samt postbureaukratisk ledelsesteori, teori om evaluering og læringsledelse samt teori om ledelse med social kapital. URI: http://hdl.handle.net/10398/8979 Filer i denne post: 1
Kristian_Gylling_Olesen.pdf (4.044Mb) -
Obed Madsen, Søren (Frederiksberg, 2012)[Flere oplysninger][Færre oplysninger]
Resume: Although a strategy, in theory, should help the organization to move in the same direction by showing a direction for the organization, in practice the strategy increases the number of possible paths, as managers translate the strategy into their own context. This increases the number of strategies in the organization, and it becomes difficult to get an overview of the interaction and relationships between the translated strategies. The managers distinguish between the different parts of the strategy, such as the abstract words or intention, and the concrete as targets and projects. Managers use the various parts of the strategy in different contexts, but still speak about "strategy" even if they have changed dimension like the words and KPIs. Another dimension is that the managers also perceive the strategy as correct, but irrelevant, which is linked to their distinction between the abstract and the concrete in the strategy. The abstract dimension is perceived as being true, while the effet of the strategy may be irrelevant for certain managers. The strategy is also used as documentation for senior management intentions. This allows other players to gain insight into top management's thinking, take 2 countermeasures, resist in an elegant way, or just prepare to argue his case within the logic of the strategy. URI: http://hdl.handle.net/10398/8591 Filer i denne post: 1
Søren_Obed_Madsen.pdf (158.3Kb) -
Om kulturel produktion på Roskilde FestivalMunkgård Pedersen, Kristine (Frederiksberg, 2010)[Flere oplysninger][Færre oplysninger]
Resume: The dissertation explores how cultural production is unfolding at Roskilde Festival – the biggest music- and culture festival in Denmark. The overall question being adressed is how the festival is assembled. The question is explored through four subquestions related to the cultural expressions, identity and materiality of the festival. The first part of the dissertation investigates the specificity of the festival’s audience- based culture. The symbolic and historical connections between the festival and the 1960s’ cultural activism is argued to be of an importance to the socioaesthetics, performed jointly by audience as well as performers. The dissertation further investigates how the identity of the festival is being negotiated between a number of different commercial and cultural actors: sponsors, volunteers and artists among others. The many different economic and cultural practices and values converge when the festival ground is being transformed from anonymous space to festival space embracing both cultural and commercial content. In this regard the dissertation investigates how the valuebased economic logics of subcultural production is debated and negotiated during the pratices of materializing space. It is argued that the complexity of the festival identity adds to the credibility of the festival and its many different producers. The second part of the dissertation is a socio-material analysis of two festival projects. One is the hybrid festival area Cosmopol, the other is the Orange Stage area. The analyses are based on a research agenda developed by the Actor- Network-Theory (ANT) which explores how ideas are materialised through proceses of interaction, translation and involvement. The explorations explain how subcultural attitudes, practices of transgression and oppositional identity are distributed through an ephemeral network of actors including humans (volunteers, artists, performers) and things (scenes, art works, graffiti, pictures and music) which forge performative alliances with the festival audience. URI: http://hdl.handle.net/10398/8058 Filer i denne post: 1
Kristine_Munkgaard_Pedersen.pdf (17.24Mb) -
Schachtenhaufen, Ruben (Frederiksberg, 2013)[Flere oplysninger][Færre oplysninger]
Resume: Med udgangspunkt i det danske talesprogskorpus DanPASS undersøges tilbøjeligheden til fonetisk reduktion i dansk talesprog i forhold til en række intralingvistiske faktorer. I undersøgelsen udføres en kortlægning mellem 300.000 fonemer og foner. På baggrund af denne kortlægning er det muligt at danne et meget detaljeret billede af både hvor i sproget den fonetiske realisering afviger fra den fonologisk forudsagte form, og naturen af denne afvigelse. I afhandlingen fokuseres der på den type afvigelser der kan karakteriseres som reduktioner, dvs. svækkelse og bortfald af de enkelte lydsegmenter. De reducerede forekomster sammenlignes med de øvrige annoterede lag i korpusset, herunder grammatiske, informationsstrukturelle og prosodiske forhold. Det demonstreres at tilbøjeligheden til reduktion, såvel som reduktionernes fonetisk resultat, i høj grad er knyttet til lingvistisk faktorer, såsom ordklasse, grammatisk funktion, ny vs. kendt information, fokus, emfase mm. foruden en række fonologiske faktorer. Reduktioner bliver ofte betragtet som sprogligt ukrudt, men på baggrund af den systematiske sammenhæng med informationsbærende elementer i sproget, virker det rimeligt at betragte reduktioner som funktionelle elementer, der er understøttende for kommunikationen snarere end forstyrrende. I afhandlingen udforskes og dokumenteres en række tilbøjeligheder som ikke tidligere er undersøgt i dansk, og kun sparsomt i internationale sammenhænge. Herigennem opnås et dybere indblik i dansk lydstruktur og de mønstre som reduktioner generelt ser ud til at følge. URI: http://hdl.handle.net/10398/8676 Filer i denne post: 1
Ruben_Schachtenhaufen.pdf (2.520Mb) -
International Competition and Industrial Districts in the Italian Fottwear IndustryLorentzen, Jochen (København, 2003)[Flere oplysninger][Færre oplysninger]
Resume: ABSTRACT The paper analyses the effect on manufacturers in Italy’s footwear districts of international competition, and investigates the underresearched nature of the link between international competition and the internal cohesion of districts. It addresses if and how global competition provokes the (partial) geographic fragmentation of local supply chains, dislocating select local parts manufacturers in its wake. The findings suggest that when international competition threatens the viability of local production, firms with the requisite organisational capabilities delocalise parts of the value chain. This helps them to retain competitive advantages but it also reduces agglomeration. This insight should inform regional development policy. Keywords: Industrial districts, footwear industry, international competition, delocalisation URI: http://hdl.handle.net/10398/6552 Filer i denne post: 1
jl-wp7-2003.pdf (1.046Mb) -
Sestoft, Christine (Frederiksberg, 2009)[Flere oplysninger][Færre oplysninger]
Resume: E-business is marching on in several markets, but not in one important one: the grocery market. The lesson learned in the last ten, fifteen years, from brick-and-mortar supermarkets going online, is, that it is very difficult to profit from digitalizing the daily buying of groceries. All consumption research shows that online grocery business still has a lot of functional, e.g. technical and sensory, disadvantages to offline ditto. Apparently it is not much easier to plan, choose and buy groceries online than in the traditional retailer/supermarket. Some of the relative few experienced grocery consumers supports the theory that one may save some time and effort getting ones groceries packed and delivered, but to the majority this is obviously just not good enough, especially when accounting the delivery fee. However, the functional disadvantage explanation cannot stand alone as an answer to why online grocery business is not more of a success - and it may even be overrated. New sales channels have always had the "disadvantage" of not functioning like/as good as the old ones. To me, another interesting issue to the subject seems to be about consumer values and how their practising is not supported in this new sales channel.... URI: http://hdl.handle.net/10398/7737 Filer i denne post: 1
Christine_sestoft.pdf (1.323Mb) -
Giver øget præferencebevidsthed klarere præferencer?Viktor, Smith; Sørensen, Henrik Selsøe; Qvistgaard, Francoise; Madsen, Mai Hviid; Green-Petersen, Ditte (Frederiksberg, 2014)[Flere oplysninger][Færre oplysninger]
URI: http://hdl.handle.net/10398/9107 Filer i denne post: 1