Browsing Ph.D. theses by Title
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Kallestrup, René (Frederiksberg, 2012)[More information][Less information]
Abstract: The Global Financial Crisis which started in 2007 is a defining economic event of our lifetime. Recessions and public bailouts of banking systems have resulted in concerns about the solvency of sovereigns in recent years as many Eurozone countries face substantial fiscal pressures. The exact causes of the Global Financial Crisis are still debated but it is unlikely to be the outcome of one single event. In a review of the Global Financial Crisis based on 21 books on the topic, Lo (2011) summarises the underlying causes and policy prescriptions: ”there is still significant disagreement as to what the underlying causes of the crisis were, and even less agreement as to what to do about it ... Like World War II, no single account of this vast and complicated calamity is sufficient to describe it.” The listed causes range from global capital flows, poor regulation, regulatory capture, inequality, high leverage, skewed economic incentives of borrowers and lenders, etc. Gorton and Metrick (2012) also contain an interesting summary of the literature written in recent years and in ”Lessons from the Financial Crisis” edited by Berd (2010) several chapters from academic researchers analyse the ongoing crisis. URI: http://hdl.handle.net/10398/8450 Files in this item: 1
Rene_Kallestrup.pdf (1.375Mb) -
A Complexity ApproachHolm Andreasen, Peter (Frederiksberg, 2012)[More information][Less information]
Abstract: “How can we understand the dynamics of procurement management?” An answer to this question has predominantly been explained by procurement management experiencing dissatisfaction with the status quo, where the procurement organisation was viewed from other entities in the company as an insignificant, reactive and an administrative part of the business. The potential, however, for the procurement organisation to be significant in the company was argued to be vast (Ammer 1989, Ellram & Carr 1994, Van Weele 2005). In order to change the situation of the procurement organisation, procurement management was informed that they should in gradual steps develop the procurement organisation towards more sophistication and significance (Reck & Long 1988) producing strategies that were aligned with the overall company strategy including the development of policies, procedures, systems, tools and processes (Cousins 2002, Cousins et al 2008). This process changed the perspective of the procurement organisation which among other things, allowed the procurement entity to contribute to the implementation of the concept of supply chain management (Freeman & Cavinato 1990). Ever since I first got familiar with the practices of procurement and its management, I have been puzzled by its complexity. At the same time, I have wondered about how the same space of complexity in the procurement management domain literature has explained the same practices by reductionism, smoothness and simplicity as just described. URI: http://hdl.handle.net/10398/8384 Files in this item: 1
Peter_Holm_Andreasen.pdf (1.552Mb) -
Vintergaard, Christian (København, 2006)[More information][Less information]
Abstract: Dette værk er indgivet til Ph.D. bedømmelse under Forskerskolen i Viden og Ledelse ved Institut for Ledelse, Politik og Filosofi ved Copenhagen Business School som en del af opfyldelse af kravene for at opnå graden Ph.D. Målet med denne afhandling er, at fremsætte en kombination af nye teoretisk perspektiver og ledelsesmetoder, som tilsammen vil give et bedre indblik i de tidlige stadier af corporate venturing. Dette vil inkludere nye perspektiver på corporate venturing, eftersom afhandlingen videreudvikler akademiske og praktiske værktøjer for beslutningsprocesser. Afhandling bidrager med to overordnede tilføjelser til den nuværende litteratur om corporate venture. For det første, sætter den fokus på de vigtige, men oversete, tidlige faser ved venture processen. Dette indebærer de forhold, nødvendige for udvikling af nye innovative venture muligheder (venture basen), opdagelse af investeringsmuligheder og endelig forberedelse til evaluering af investeringsmuligheder. Venture basen er de karakteristika og forhold der for et firma og dets miljø kan udgøre ressourcer til opstart af nye ventures. Grundet ventures innovative natur bliver det, at opdage entreprenelle muligheder en hovedudfordring der involverer en diversificeret gruppe af aktører. Den tidlige fase inkluderer også specifikke vidensskabende handlinger der skal udføres for at kunne evaluere de mange investeringsmuligheder. For det andet bibringer afhandlingen nye perspektiver til hvorledes aktiviteterne i de tidlige faser er forbundet i værdikæden. I modsætning til tidligere litteratur, hvor venture processer præsenteres som lineære og forudsigelige, demonstrerer dette værk, at en mere dynamisk tilgang er tiltrængt, en tilgang der er særlig fokuseret på hvordan vidensprocesser og læringsfremmende aktiviteter driver venture processen, lige fra udviklingen af nye ideer til deres betydning evalueres. Disse bidrag trækker på teoretiske perspektiver fra den nuværende corporate venture litteratur (såsom Block and MacMillan, 1993; Burgelman, 1984, 1996; Chesbrough, 2000; Zahra, 1991) og komplementerende litteratur der tilvejebringer et netværk og videns perspektiv (såsom Gibbons et al. 1994; Kline and Rosenberg, 1986; Powell et al., 1996). Disse perspektiver er særligt gennemslagskraftige i deres argumentation om innovations processer og evolutionær udvikling. De bringer også ny indsigt om den type læringsproces som corporate ventures er en del af når de udvikler og evaluerer nye venture muligheder. I modsætning til en traditionel monografisk Ph.D. afhandling, så præsenterer denne afhandling sine resultater i fem (5) uafhængige men forbundne undersøgelser, udgivet i internationale peerreviewed tidsskrifter og bog kapitler. Udover disse studier så indeholder afhandlingen også en teoretisk introduktion og metode, en litteratur gennemgang og en konklusion. URI: http://hdl.handle.net/10398/7133 Files in this item: 1
christian_vintergaard.pdf (4.638Mb) -
Urban, Dieter (Frederiksberg, 1999)[More information][Less information]
Abstract: Denne Ph.D. afhandling søger af sammenknytte to nationaløkonomiske problemkredse: Økonomisk vækst og økonomisk geografi. Afhandlingens centrale spørgsmål er: Vil økonomisk vækst føre til industriel koncentration eller industriel spredning? Hvordan påvirker en ændring i industriens lokalisering regional og national vækst? Hvilken indflydelse har den stadig tættere integration på økonomisk vækst og industrikoncentration? Afhandlingen består af fem kapitler. Kapitlerne er nært forbundne, men kan læses uafhængigt af hinanden. Kapitel 1 er et introduktionskapitel. Det indeholder en oversigt over litteraturen på området og et resume af de i denne afhandling fremlagte forskningsbidrag. Udgangspunktet for min forskning har været Krugman’s banebrydende artikel “Economic Geography and Increasing Returns” fra 1991. Heri udvikler han en model, der kan forklare, under hvilke omstændigheder, industrier tenderer at koncentrere sig i en land eller en region. Artiklen mangler imidlertid en fulstændig analytisk løsning af modellen, og intuitionen bag dens centrale sammenhænge er uklar. Kapitel 2 tilstræber at råde bod på disse svagheder. Kapitlet indeholder dels en rigoristisk analytisk løsning, dels en simpel grafisk illustration af Krugman’s model. Det påpeges, at der er en nær analogi mellem Krugman’s model og neoklassisk udenrigshandelsteori baseret på antagelsen om heterogene agenter. I kapitel 3 vises, at Krugman’s model har en unik kortsigtet ligevægt, men multiple langsigtede ligevægte. Afhængig af industriens initiale fordeling vil en relativt mindre industrialiseret økonomi enten af-industrialiseres eller konvergere mod samme udviklingstrin som den mere industrialiserede økonomi. Den mulige eksistens af en “fattigdomsfælde”, hvoraf en økonomi ikke kan udvikle sig ved egen kraft, giver en teoretisk begrundelse for, at aftaler om fri bevægelse for varer og kapital (eksempelvis inden for EU) kædes sammen med aftaler om strukturstøtte til de mindre industrialiserede regioner. I kapitel 4 integreres økonomisk geografi og neoklassisk vækstteori i en model, der simultant forklarer økonomisk vækst og industriens fordeling. Det påvises, at der er to regimer: Et neoklassisk “catching-up” regime, hvor økonomierne gradvis konvergerer, og et fattigdomsregime”, hvor forskellen i økonomisk udvikling udvides. Det påvises, at afvikling af handelsbarrierer kan eliminere fattigdomsfælden, således at mere tilbagestående lande med tiden vil tilnærme sig de mere udviklede økonomier. Kapitel 5 er en empirisk test af den model, der udvikles i kapitel 4, mod data for USA og Japan. Testen viser, at modellen ikke kan afvises for så vidt angår perioden efter Bretton Woods fast-kurs systemets sammenbrud i 1972. Under Bretton Woods systemet synes de to økonomer at have udviklet sig uafhængigt af hinanden, hvorfor modellen må afvises for denne periode. URI: http://hdl.handle.net/10398/7914 Files in this item: 1
Dieter_Urban.pdf (1.410Mb) -
Politikernes og forvaltningens medkonstruktion og konsekvenserne herafSecher, Christine (Frederiksberg, 2010)[More information][Less information]
Abstract: This thesis is about how different e-participation user groups co-construct technology through the use in practice. It is studied how technology is used on a municipality level for citizen-communication and -participation with an online debate forum as a case in point. Users of online debates are citizens, politicians and the administration. In this thesis, I have chosen to focus on how politicians and the administration use online debates. I show how politicians and the administration participate in very distinct ways on the debate forum and thereby create specific forms of citizen communication and participation. Everybody can participate in the online debate as long as they give up their name and email. Periodically, citizens write quite a lot of contributions on the debate forum. But politicians’ and the administration’s perception of what is happening on the debate influence which role the citizens’s contributions will have for the politicians and administration, as well as forms of interaction between users. In this thesis, I argue that the users’ (politicians’s and administration’s) sensemaking about online debates as well as the mediation of the use of online debates have a crucial influence on which types of practice of online debate can develop. Online debate is perceived as an equivocal technology in the sense that the use of the technology is not clear cut but a result of the user’s sensemaking about the technology and thereby the sensemaking about possible acts and interactions with the technology and other users. Sensemaking is the primary theoretical frame with a special focus on situation-specific cue-frame-relations. The Municipality of Odder is the case and a unique one with its 11 years of experience within municipally facilitated online debate. The empirical data are contributions written from September 3rd, 2005 to April 15, 2008 (a total of 1983 contributions), 17 semi-structured interviews of ½-1½ hours length with administration and politicians in the municipality as well as different written documents from the municipality. In this thesis I show that politicians and administration act as users of the online debate in four different ways: Political candidate, councilor, administrator and mediator. The political candidate run for the municipal election and is only present in the debate the last three months before the election. The political candidate see online debates as a good opportunity to make him/herself visible to voters and competing candidates, and therefore (s)he writes a lot of contributions during this period. The political candidate rarely answers ordinary citizen’s contributions but instead decides to write new contributions or answer contributions started by competitors. The political candidate rarely gets involved in real discussions on the debate but instead choose to give his/her visions for the future of the Municipality of Odder. The councilor see the debate as the citizen’s opportunity to voice their meaning and therefore rarely participate in the debate, as this could have a negative effect on citizens motivation to write on the debate. The councilor reads the citizens’ contributions and once in a while the contributions act as input for internal council discussions. When the contribution reflect misunderstanding and when it is not only a few citizens who share the misunderstanding, the councilor chooses to write a report for the debate. It is usually the relevant committee chairman or equivalent who writes the contribution. The administrator believes that the majority of the contributions on the debate are political and therefore (s)he should not participate in the debate. The administrator sees citizens and business as partners. It is groups of professionals, which cover associations, organizations etc. and does not necessarily, see the individual citizen as a key stakeholder. The groups of professionals use other media, such as mails and letters, in their communication with the administration, as their input is often long reports and technical judgments. The administrator chooses only to answer factual misunderstandings in ongoing processes or more general issues in the municipality. The mediator, which is a role only a small part of the administration acts in, generally works with the implementing and forming the use of technology in the municipality. (S)he sees ICT as a way of increasing openness and effectiveness in the municipality. Online debates is a solution which the mediator believes especially increases openness and (s)he works with the aim of ensuring a continued debate. The mediator focuses on maximizing the number of contributions, on making it easy to participate and to make it possible to discuss anything, which is why the debate is in no editor or guided use of the debate. The result is that the individual user – political candidate, councilor and administrator – mediate the use of the debate and develop filters for their own and others’ ability to act on the online debate. That politicians and administration appear in these four roles in relation to online debate problematic several aspects of the use of e-participation practices in a municipal context. One aspect is that the four roles develop different practices for the use of the debate which function parallel on the debate without the development of a common practice. A second aspect is that a mediator role is established. An actor who mediates the interaction between citizen and politician, and thereby an actor who has a high degree of importance for what online debating becomes in practice. A third aspect is that the administration takes the mediating role and becomes a political advisor or an administrator of political decisions. A shift which neither the politicians nor the administrator are aware of. At the same time, the way the technology is mediated creates both synergy and conflict between the councilor, the political candidate and the administrator. Synergy and conflict which primarily can be related to the focus of the mediator on the increased use of the technology and the missing focus on contextualization of the online debate. URI: http://hdl.handle.net/10398/8000 Files in this item: 1
christine_secher.pdf (6.411Mb) -
In Between Local Translation, Institutional Logics and DiscourseWaldorff, Susanne Boch (Frederiksberg, 2010)[More information][Less information]
Abstract: In this dissertation I focus on a national reform of the Danish public sector, which in January 2007 facilitated the development of new municipal health care centers in order to meet specific local demands and to improve primary health care. However, this new organizational concept was not presented as a mandatory and detailed legislative reform. The municipalities therefore developed centers focusing in different ways on health promotion and rehabilitation and with great variation in their structure. Specifically, I find it intriguing how specific actors at the local level, such as politicians, medical professions, and social welfare professionals, were able to participate in local developments, and how they constructed specific organizational forms as local manifestations of the new national policy. Particularly, I am interested in exploring how the heterogeneous institutional context influences local actors’ translation of an abstract organizational concept into specific organizational forms.... URI: http://hdl.handle.net/10398/8021 Files in this item: 1
Susanne_Boch_Waldorff.pdf (2.327Mb) -
Stern, Alexander Brian (Frederiksberg, 2010)[More information][Less information]
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Fosse, Henrik Barslund (Copenhagen Business School, 2012)[More information][Less information]
Abstract: The thesis consists of an introduction followed by three numbered chapters (independent papers). It covers topics in international trade, and in di¤erent ways the thesis investigates aspects of heterogeneity. The rst chapter is coauthored with Pascalis Raimondos-Møller. The version of this chapter is published in the CESifo Working Paper Series and serves as the nal background paper for the compressed journal article published in Review of Development Economics, May 2012. The second chapter is coauthored with Madhura Maitra, senior PhD student at Columbia University at the time. The third chapter is a solo paper. In the rst chapter we introduce a traditional macro model of trade and change the com- petitive environment by introducing state-owned enterprises. We also include heterogenous households to analyze e¤ects on the income distribution. The chapter focuses on Vietnam s accession to the World Trade Organization (WTO) in 2007. Upon entry, Vietnam was granted an accession period lasting till 2014. During this period tari¤s would have to fall according to the accession agreement. This rst chapter evaluates this 2007-2014 trade liberalization by building an applied general equilibrium model and calibrating it to the Vietnamese data. The model pays careful attention to the fact that Vietnam has many state-owned enterprises that do not behave in a pro t maximizing way. The model simulations show that the WTO imposed tari¤ reforms will reduce the overall welfare level of the Vietnamese households. Moreover, the biggest loss of income will take place among the poor rural households in Vietnam. We propose other tari¤ reforms that both raise overall welfare and reduce income inequality. URI: http://hdl.handle.net/10398/8541 Files in this item: 1
Henrik_Barslund_Fosse.pdf (1.149Mb) -
Overgaard Olesen, Jan (, 2001)[More information][Less information]
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Shi, Qingxin (Frederiksberg, 2010)[More information][Less information]
Abstract: Usability evaluation methods are widely used to assess and improve the user interface design. This dissertation investigates the thinking aloud usability testing from a cultural perspective. In a test situation, representative users are required to verbalize their thoughts as they perform their tasks while using the system, and an evaluator observes the user’s task performance and comes up with usability problems. The primary goal of a usability test is to find a list of usability problems. In this research, the impacts of evaluators’ and users’ cultural backgrounds on both the result and the process of the thinking aloud usability testing were investigated. Regarding the results of the usability testing, the identified usability problem was the main focus, whereas for the process of testing, the communication between users and evaluators was the main focus. In this dissertation, culture was regarded as cognitive styles and communication orientations. For the theories of thinking aloud, both Ericsson and Simon’s classic model, and Boren and Ramey’s revised model for usability testing were taken into account. Based on the culture theories and thinking aloud models, hypotheses were developed to investigate the evaluators’ identified usability problems in different cultural settings, and themes were put forward to investigate the evaluators’ and users’ communications. In order to investigate the hypotheses and themes, an experimental study was conducted. The experimental design consisted of four independent groups with evaluators and users from similar or different cultures (Danish and Chinese). Empirical data were collected by using background questionnaires, usability problem forms, usability problem lists, video recordings of the testing and interviews. The usability testing software “Morae” was used to record the whole testing, including the faces of the evaluators and users, the screen and keyboard activities. Evaluators’ and users’ communications were analyzed by the behavioural coding and analysis software “Observer XT 8.0” with a well defined coding system. The results of the systematic study of the thinking aloud usability testing in the context of the intra- and inter-cultural usability engineering show that the evaluators’ cultural backgrounds do have some influences on the usability testing; however, the influences are different for the tests with Western and East Asian users. The main findings of this research have implications for both usability research and practice. The methodological approach also gives inspiration for usability evaluation studies URI: http://hdl.handle.net/10398/8167 Files in this item: 2
Ny_version_Qingxin_Shi.pdf (4.021Mb)Qingxin_Shi.pdf (5.203Mb) -
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Essays on sorting and globalizationScheuer, Christian (Frederiksberg, 2009)[More information][Less information]
Abstract: "Leaping into the future of labor economics: the research potential of linking employer and employee data" is the title of a paper by Daniel S Hammermesh published in Labour Economics in 1999. I quote it here, since it captures much of my motivation for the work included in this thesis. Considering applied micro econometrics and labor economics my main elds of interest, the development of linked employer-employee data that took place in Denmark around the time of the new millennium, marked new and exciting possibilities. For some years Danish researchers have had access to very detailed information on all people living in Denmark, but at the beginning of this century also data on all companies linked to these persons was being made available for research. Combined with modern computer technology this meant access to a linked database following all employers and all employees in Denmark over time. I had no doubt that this should be the centerpiece of my Ph.D. The result has been two lines of research, one studying the e¤ect of globalization on labor demand in Denmark, and one studying sorting, that is, how and why employers meet employees in the labor market. In the summary I treat each line of research independently although I would like to emphasize, that studying a labor market where fi rms and workers reacts to one another is the corner stone in both. URI: http://hdl.handle.net/10398/7928 Files in this item: 1
Christian_Scheuer.pdf (1.312Mb) -
An empirical investigation of business model innovation in supplier relation-ship managementNøkkentved, Chris (Frederiksberg, 2009)[More information][Less information]
Abstract: In broad terms we want to identify the initiatives that drive business model transformation and study their effect on performance. We also presume that such initiatives are primarily influencing the context-specific skills and priorities of the organization. Transformation initiatives leading to organizational and technological change are presumably constrained by resident capabilities (Hartmann et al.,2002, Håkansson & Waluszewski, 2002), the focus and state of the current operations (Subramanian & Shaw, 2002), hence they indirectly influence performance26. There are potentially additional environmental contingencies affecting those same domain-specific factors, of which we will investigate industry membership, region, and company size (Ford et al. 1997). Finally, we will explore whether different actors or leaders incharge of such technology-oriented and organizational transformations have differences of opinion on the priorities of the firm (Håkansson & Waluszewski, 2002). URI: http://hdl.handle.net/10398/7767 Files in this item: 1
Chris_Nøkkentved.pdf (35.92Mb) -
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)