Ph.D. theses
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Zunino, Diego (Frederiksberg, 2018)[Flere oplysninger][Færre oplysninger]
Resume: Entrepreneurship is an increasingly relevant and popular object of scholarly investigation. In this dissertation, I borrow relevant socio-cognitive constructs from the field of strategy and employ them to four relevant steps of the venture creation process. The purpose of this dissertation is to refine our understanding about perceptions in entrepreneurship through four essays. The first essay of the dissertation investigates entry into entrepreneurship. More specifically, I look at the relationship between institutional environment and predisposition to entrepreneurship as antecedents of entrepreneurial activity. The key insight is that, among other institutional factors, the perception of entrepreneurial activity positively moderates the role of innate predisposition to entrepreneurship. The second essay looks at the problem of resource acquisition when entrepreneurs have experienced business failure in the past. The key insight is that past failure is an ambiguous rather than a negative signal of entrepreneurial skill. When entrepreneurs provide additional information about their entrepreneurial skill, investors do not penalize past failure. The third essay addresses the problem of recruitment. The key insight is that startups can convey different types of information through their job advertisements and attract different types of early employees based on their level of human capital and risk propensity. The fourth essay looks at the step of technology product launch. The key insight is that perception of familiarity and creativity of category labels has an influence on their adoption to represent the technology product category. More precisely, I find that for both familiarity and creativity, there is an inverted U-shaped relationship associated to category labels’ adoption. Through diverse theories and methodologies, the dissertation provides empirical support to the role perceptions play during the entrepreneurship process, and suggests rhetorical strategies entrepreneurs can exploit to gather resources and achieve competitive advantage. URI: http://hdl.handle.net/10398/9638 Filer i denne post: 1
Diego Zunino.pdf (3.082Mb) -
Gormsen, Niels Joachim Christfort (Frederiksberg, 2018)[Flere oplysninger][Færre oplysninger]
Resume: This thesis concerns the empirical relation between risk and return in equities. It studies why the expected return on stocks as a whole varies over time and why there are predictable cross-sectional di↵erences in the return on individual stocks. The thesis consists of three chapters which can be read independently. The first chapter addresses why the expected return on the market portfolio varies over time. The market portfolio is a claim to all future cash flows earned by the firms in the stock market. I study the expected return to these future cash flows individually. I find that the expected return to the distant-future cash flows increases by more in bad times than the expected return to near-future cash flows does. This new stylized fact is important for understanding why the expected return on the market portfolio as a whole varies over time. In addition, it has strong implications for which economic model that drives the return to stocks. Indeed, I find that none of the canonical asset pricing models can explain this new stylized fact while also explaining the previously documented facts about stock returns. The second chapter, called Conditional Risk, studies how the expected return on individual stocks is influenced by the fact that their riskiness varies over time. We introduce a new ”conditional-risk factor”, which is a simple method for determining how much of the expected return to individual stocks that can be explained by time variation in their market risk, i.e. market betas. Using this new factor, we find that around 20% of the cross-sectional variation in expected stock returns worldwide can be explained by such time variation in market betas. The third chapter studies why stocks with low market betas have high risk-adjusted returns. To shed light on this low-risk e↵ect, we decompose all stocks’ market betas into their volatility and their correlation with the market portfolio. We find that both stocks with lower volatility and stocks with lower correlation have higher risk-adjusted returns. The last fact, that stocks with low correlation have high risk-adjusted returns, is particularly important because it helps distinguish between competing theories of the low-risk e↵ect. Indeed, the high risk-adjusted returns to low-correlation stocks are consistent with leverage based theories of the low-risk e↵ect, but it is not immediately implied by competing behavioral theories we consider in the paper. URI: http://hdl.handle.net/10398/9636 Filer i denne post: 1
Niels Gormsen.pdf (5.568Mb) -
Jarmatz, Martin (Frederiksberg, 2018)[Flere oplysninger][Færre oplysninger]
Resume: Pricing is the number one driver of profitability (Hinterhuber, 2004) and deserves greater attention from practitioners and academics (Kienzler & Kowalkowski, 2017; LaPlaca, 1997; Liozu, 2015). Research on pricing processes in business-to-business contexts is still underdeveloped (Leone, Robinson, Bragge, & Somervuori, 2012; Rao & Kartono, 2009). In line with authors, such as Homburg, Jensen, and Hahn (2012) and Liozu and Hinterhuber (2017), Carricano, Trinqueste and Mondejar (2010) particularly stress that there is a “continued lack of research providing sufficient detail to understand how companies organize for pricing” (p. 468). It is important to shed light on the phenomenon of organizing in terms of pricing to better understand firms’ internal pricing processes and how they arrive at prices, to eventually help firms to move towards smarter pricing and potentially higher profitability (Carricano et al., 2010; Liozu, 2015). Based on this foundation and motivation, this dissertation addresses the following research question: how do firms organize for pricing? For this purpose, an organizing perspective is applied. Rather than focusing on the static aspects of the pricing organization, it draws attention to the process of organizing. Hence, it is a process lens that acknowledges dynamic ways of understanding social phenomena in organizations (Langley & Tsoukas, 2010). URI: http://hdl.handle.net/10398/9634 Filer i denne post: 1
Martin Jarmatz.pdf (3.061Mb) -
On the Politics of Translation in Global GovernanceGrasten, Maj Lervad (Frederiksberg, 2017)[Flere oplysninger][Færre oplysninger]
Resume: This thesis is about the rule of law in global governance and the role of legal expertise. It is about how contested concepts, vague wordings and political promises combine with international legal expertise to shape political and social realities in the making of global order(s). To this end, the aim of the thesis is to problematize and scrutinize the meaning and doings of the rule of law as a key concept in present-day international law and politics. Drawing on the case of internationally administered rule of law reforms in post-conflict Kosovo, the main problem I address in the thesis is – given the ambiguity of the very meaning of the concept – how, why and when is the meaning of the rule of law ‘fixed’, stabilized and made knowable to serve as a source of justification for the authority of international experts in ruling the domestic legal and what are the political implications thereof? To address this problem, I adopt a practice-oriented, multi-sited ethnographic approach to reconstruct the different and often conflicting meanings that are inscribed into the concept of the rule of law by various international actors, in particular international lawyers, engaged in rule of law reforms in the period from the establishment of the UN administration in 1999 until today where an European Union (EU) rule of law mission exercises extensive powers within the legal field in Kosovo. The main argument of the thesis is that the practical meaning of the rule of law in global governance is constituted through struggles over drawing the boundary between ‘law’ and ‘politics’ in the quest towards constructing and enacting law’s relative autonomy versus what is narrated and thus assessed as being social, political and moral influences. This plays out in the often mundane, everyday practices and ordinary language of international actors who are formally identified, authorized and justified to possess the professional knowledge – the particular expertise – that is required to solve the ‘problem’ of the rule of law and thus to translate it into what it should be in practice. Importantly, the separation and relationship between law and politics is not naturally given in practice and can therefore not be taken for granted. The boundary between the two realms is narrated and enacted differently by different actors for a particular purpose, in a given time and place. Indeed, inscribing meanings into the rule of law follows from enacting and inscribing a particular meaning into the boundary between law and politics. In sum, the construction of knowledge and meaning around the ‘rule of law’ unfolds in struggles over discursively fixing, momentarily stabilizing and thereby inscribing meaning into this boundary, which in turn would authorize a particular group of actors and their attending solutions to the problem over other actors and their solutions. The construction of knowledge and meaning around the ‘rule of law’, I will demonstrate in this thesis, is a result of how politics of translation play out in everyday practices of global governance. URI: http://hdl.handle.net/10398/9633 Filer i denne post: 1
Maj Lerved Grasten.pdf (3.021Mb) -
An Analysis of the Perception of and Reaction to Reviewers in Fine-DiningMüller, Fabian Heinrich (Frederiksberg, 2018)[Flere oplysninger][Færre oplysninger]
Resume: Our society has seen a proliferation of valuation devices leading to the existence of multiple devices that valuate the same product or service. Studies of valuation devices have demonstrated wide-ranging implications for the objects they valuate as well as for the context, in which they are embedded. However, what remains opaque is the understanding of how these valuation devices themselves are valuated by actors in and around the devices. Aiming to enrich this understanding, this thesis gives an answer to the following research question: How are multiple valuation devices valuated by the actors in and around the devices in one particular context, in this thesis the Copenhagen fine-dining context and what are implications of this valuation? Theoretically, this thesis mobilizes the notion of valuation devices and is built on two theoretical pillars that originate out of economic sociology: valuation studies and studies of devices. Through delving into their common roots and reviewing previous studies, this thesis finds that both areas of research suggest the aspect of multiplicity and the aspect of the valuation of valuation devices as aspects needing in-depth exploration. I aim to shed light on these two theoretical gaps. In addition, the thesis elaborates on the effects of valuation devices, centering on performativity and reactivity, introducing the former and going deeper into the latter. URI: http://hdl.handle.net/10398/9632 Filer i denne post: 1
Fabian Henrich Müller.pdf (2.892Mb)
