Browsing Working papers by Title
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Brier, Søren (København, 2003)[More information][Less information]
URI: http://hdl.handle.net/10398/7718 Files in this item: 1
sorenbrierunderstandingunderstanding.pdf (481.9Kb) -
Nielsen, Steen; Melander, Preben; Jakobsen, Morten (København, 2003)[More information][Less information]
Abstract: Artiklen er resultatet af en undersøgelse af 154 virksomheder foretaget indenfor et samlebegreb, der her benævnes 'Moderne Økonomistyrings-Værktøjer' (MØV). MØV omfatter her: Activity Based Costing, Activity Based Management, target costing, lifecycle- costing, kaizen costing, Total Quality Management, ikkefinansielle performance mål, quality costing, cost of engineering, strategic costing, Business Excellence Modellen, Balanced Scorecard, videnregnskab, Economic Value Added, samt Shareholder Value. Disse begreber er udvalgt, da de vurderes at være de mest kendte og mest omdiskuterede såvel i teorien som i praksis. De inkluderede værktøjer er således ikke udtømmende for listen af nyere økonomistyringskoncepter og ledelsesmodeller. Data er indsamlet ved hjælp af et spørgeskema udsendt dels postalt dels via e-mails. Formålet har været at få en form for state-of-the-art viden på området. Dette betyder, at der kun er få forklarende virksomhedsvariable inddraget. Undersøgelsen viser bl.a., at økonomistyringen i disse år bevæger sig ind på nye områder, men at dette kun sker langsomt og med et rimeligt stort time-lag til følge, i forhold til hvornår et given koncept første gang blev eksponeret i litteraturen. Et andet resultat er, at ABC og Balanced Scorecard rangerer på et højt niveau, når man ser på kendskab, hvorimod Kaizen Costing og Strategic Costing ligger forholdsvist lavt, trods det faktum, at disse i teorien har været kendt i langt længere tid. Dog ser det ud til, at de sidstnævnte mere tekniske og mere veldefinerede koncepter umiddelbart giver en større nytte. Et tredje resultat er, at trods relativt godt kendskab og en positiv holdning,er den konkrete anvendelse af koncepterne langt mindre end først antaget. URI: http://hdl.handle.net/10398/6297 Files in this item: 1
moev-artikel-1.pdf (372.7Kb) -
Could Prosperity Backfire?Priks, Mikael; Poutvaara, Panu (København, 2007)[More information][Less information]
Abstract: Empirical evidence reveals that unemployment tends to increase property crime but that it has no effect on violent crime. To explain these facts, we examine a model of criminal gangs and suggest that there is a substitution effect between property crime and violent crime at work. In the model, non-monetary valuation of gang membership is private knowledge. Thus the leaders face a trade-off between less crime per member in large gangs and more crime per member in small gangs. Unemployment increases the relative attractiveness of large and less violent gangs engaging more in property crime. Violence, Crime, Gangs, Unemployment, Identity URI: http://hdl.handle.net/10398/7692 Files in this item: 1
artikel 13.pdf (172.5Kb) -
Praest Knudsen, Mette; Knudsen, Thorbjørn (København, 2002)[More information][Less information]
Abstract: Empirical research has made progress in developing indicators for the measurement of technological competences. A so far unmet challenge, however, is to trace the patterns of relationships among key variables at the firm level as they unfold in the context of the industry dynamics. The aim of the present paper is therefore to develop the methodology required to search for patterns of relationships among such key variables (R&D investments, technology and performance), to trace these patterns over time and thereby unfold the underlying industry dynamics. We are here referring to the possibility of using statistical methods such as Multidimensional Scaling (MDS) to trace similarities and dissimilarities among a set of variables - as opposed to testing simple linear and non-linear causal relations. We extend the previous use of MDS to further include what is known as "external unfolding." Using this proposed methodology, we derive an "industry space" that allows identification of the tendency to form groups, and to infer the stability of such groups of firms sharing similar conditions. URI: http://hdl.handle.net/10398/6934 Files in this item: 1
link02-02.pdf (131.0Kb) -
Protectors of Achieved Rights or Active Co-Constructors of the Future?Kristensen, Peer Hull; Rocha, Robson (København, 2006)[More information][Less information]
URI: http://hdl.handle.net/10398/7334 Files in this item: 1
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globalization, regionalization, and hegemonic policyOugård, Morten (København, 1996)[More information][Less information]
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Wenneberg, Søren Barlebo (København, 2000)[More information][Less information]
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Kragh, Simon U.; Bislev, Sven (København, 2004)[More information][Less information]
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Raahauge, Peter (København, 2004)[More information][Less information]
Abstract: This paper suggests a method for determining rigorous upper bounds on approximation errors of numerical solutions to infinite horizon dynamic programming models. Bounds are provided for approximations of the value function and the policy function as well as the derivatives of the value function. The bounds apply to more general problems than existing bounding methods do. For instance, since strict concavity is not required, linear models and piecewise linear approximations can be dealt with. Despite the generality, the bounds perform well in comparison with existing methods even when applied to approximations of a standard (strictly concave) growth model. KEYWORDS: Numerical approximation errors, Bellman contractions, Error bounds URI: http://hdl.handle.net/10398/7171 Files in this item: 1
2004_4.pdf (385.2Kb) -
Moeran, Brian (Frederiksberg, 2011)[More information][Less information]
Abstract: This working paper is a case study about the development of a faience product line in Royal Copenhagen and illustrates several aspects of how, at what stages of development, and by whom, cultural products in general are evaluated. Three theoretical issues emerge. One concerns the constraints imposed upon design and production by the use of materials and, to a lesser extent, technology. Another argues that product development has to take place within a particular brand and genre – in this case, those of Royal Copenhagen. A third reveals the way in which the design and manufacture of a particular cultural product had to be negotiated within a particular organizational world embracing both management and workers, with differentiated skills. These issues lead to a more general discussion of craftsmanship and storytelling. URI: http://hdl.handle.net/10398/8338 Files in this item: 1
62 - BM Royal Copenhagen.pdf (341.7Kb) -
The Indian Innovative Journey, Reflections and ChallengesSudhanshu, Rai (Frederiksberg, 2010)[More information][Less information]
Abstract: In this paper I present a framework of innovation and then use the framework on interview data collected to reflect and gain insight on the status of ICT Innovation using India as a case. The central question I pose in this paper is how ICT Innovativeness can be articulated. In this paper I argue that innovativeness is a dynamic concept distinct from notions of R&D, although elements of innovativeness determine the outcome of successful R&D but a successful R&D does not necessarily imply that the is innovative. We make distinction between R&D and innovation, using the distinction we demonstrate how the dynamic nature of innovation needs to be understood distinctly different from R&D, I propose that R&D is a institutional arrangement while innovativness is a contextual phenomena being determined by factors both inside and outside the business entity. I conclude this paper with a framework for understanding the dynamic nature of ICT Innovativeness, I use data from India to reflect on the research question. URI: http://hdl.handle.net/10398/8258 Files in this item: 1
Sudhanshu_Working Paper 2.pdf (129.6Kb) -
Elgaard Jensen, Torben (København, 2004)[More information][Less information]
Abstract: In various ways, this paper makes the counter-intuitive claim that the utopian and the material are thoroughly interdependent, rather than worlds apart. First, through a reading of Thomas More’s Utopia, it is argued that Utopia is the product of particular kinds of relations, rather than merely a detachment from the known world. Second, the utopianism of a new economy firm is examined. It is argued that the physical set-up of the firm – in particular the distribution of tables and chairs – evoke a number of alternatives to ordinary work practice. In this way the materialities of the firm are crucial to its persuasive image of being the office of the future. The notion that utopia is achieved through material arrangements is finally related to the analysis of facts and fictions in ANT. It is argued, that even though Utopias are neither fact nor fiction, they are both material and effective on the configuration of networks; Where facts tend to stabilise the network by ‘holding’ others, Utopias tend to ‘push’ the network by evoking the possibility of others. URI: http://hdl.handle.net/10398/6706 Files in this item: 1
wp2004-02.pdf (305.4Kb) -
RevisitedLund, Diderik (København, 2003)[More information][Less information]
Abstract: Levy and Arditti (1973) introduced depreciable assets into the Modigliani and Miller (1958) model, and analyzed the implications for the cost of capital. Assuming that the firm reinvests indefinitely to maintain a constant expected cash flow, they found that depreciation increases the cost of capital before and after tax. Most of their assumptions are maintained. However, commitment to perpetual reinvestment is in most cases not a reasonable assumption. Without it, depreciation decreases the cost of capital before and after tax. The effect of depreciation is less in absolute value than in Levy and Arditti, but not insignificant. Keywords: Cost of capital, depreciation, corporate taxes JEL classification numbers: G31, H25 URI: http://hdl.handle.net/10398/7583 Files in this item: 1
wpec032003.pdf (138.8Kb) -
Bechmann, Ken L.; Løchte Jørgensen, Peter (København, 2003)[More information][Less information]
Abstract: Abstract Over the last decade the Danish corporate environment has experienced a significant increase in the use of option-based compensation (OBC). This and many other facts are documented in the present paper which provides the first insights into the characteristics of the option and warrant contracts issued by the complete sample of Danish companies listed on the Copenhagen Stock Exchange. A newly constructed database containing all publicly available information on details of Danish OBC contracts allows us to present, for example, results regarding contract values at an aggregated as well as at firm, personnel group, and individual level. The paper also contains a section which discusses and presents evidence on the incentive effects provided by the option-based compensation contracts adopted by Danish listed companies. URI: http://hdl.handle.net/10398/7150 Files in this item: 1
the_value_and_incentives_1.pdf (310.6Kb) -
Building Bridges Between the Economics of Property Rights and Strategic ManagementFoss, Kirsten; Foss, Nikolai J. (København, 2003)[More information][Less information]
Abstract: Abstract We forge linkages between the economics of property rights (Coase, Demsetz, Cheung, Barzel) and strategic management. Property rights to resources consist of the rights to consume, obtain income from, and alienate these resources. Transaction costs are the costs of exchanging, protecting and capturing property rights. We clarify the key role of transaction costs with respect to understanding value creation and the limitations and opportunities of strategizing relative to competitive forces. The economics of property rights identifies new sources of value creation (i.e., reducing the dissipation caused by transaction costs), and new types of resources (i.e., capture and protection capabilities), clarifies the role of contracting in the exercise of market power, and suggests that "strategizing" and "economizing" perspectives are related to a larger extent than is normally recognized. Refutable propositions are derived. URI: http://hdl.handle.net/10398/6868 Files in this item: 1
link2003-05.pdf (187.6Kb) -
The case of Hewlett-PackardSøren Nymark (Frederiksberg, 2000)[More information][Less information]
Abstract: Learning organizations’ enable companies to remove hierarchical levels and to introduce a flatter organizational structure, which can lead to reduced costs and increased productivity. A recent Danish study has proved coherence between a flat, integrative organizational structure and an increased productivity. This enables a kind of management in which the managerial form is not as direct as it is in more traditional structured companies. Value-based management is advanced as a possible answer to the question of which managerial form that is appropriate for these kind of companies. In the article, value-based management is described as well as the underlying factors that are affected by such a managerial form. Required managerial elements in relation to value-based management are advanced. Examples from Hewlett-Packard are used to illustrate both the use of value-based management in practice and the underlying factors. URI: http://hdl.handle.net/10398/8077 Files in this item: 1
8778730945.pdf (123.9Kb) -
Holm Larsen, Michael (København, 2005)[More information][Less information]
Abstract: As deals are becoming more complex, and as technology, and the people supporting it, are becoming key drivers of merger and acquisition processes, planning of information and communication technologies in early stages of the integration process is vital to the realization of benefits of an Merger & Acquisition process. This statement is substantiated through review of literature from academics as well as practitioners, and case exemplifications of the financial service organization, the Nordea Group. Keywords: ICT Integration, Mergers & Acquisitions, Nordea Group. URI: http://hdl.handle.net/10398/6446 Files in this item: 1
08_2005.pdf (677.0Kb) -
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Abstract: As a social scientist of ethics and morality, Luhmann has noticed the ethical wave that has recently swept across the western world, and states that this particular kind of wave seems to have a wavelength of about one hundred years (cf. Luhmann 1989: 9 ff.). Even though the frequency and the regularity of such a phenomenon is both hard to verify and, if true, difficult to explain, it seems fair to say that since the Enlightenment, an approaching fin-de-siecle has brought an increased interest in matters concerning morality and ethics.1 The present peak has in public-political discourse and some parts of business ethics given prominence to especially one term, namely ‘value’. The question that interests me is the following: What does the articulation of ethics and morality in terms of values mean for ethics and morality as such. Or, to put the question in a more fashionably way: What is the value of value for morality and ethics? To make things a bit more precise, we can make use of the common distinction between ethics and morality, i.e. that morality is the immediate, collective and unconscious employment of morals, whereas ethics is the systematic, individual and conscious reflections of morals and morality.2 The main question is then, what the use of ‘value’ as the key-term in moral discourses means to morality as such. Accepting ethics as a part of morality - since one cannot be moral without sometimes reflecting on the validity of the morality employed andexperienced - I have attempted to answer this question by investigating what the use of the term ‘value’ leads to in ethical discourses, i.e., what moral implications it has for ethics to focus on the concept of value. URI: http://hdl.handle.net/10398/6327 Files in this item: 1
wp7-2005.pdf (136.5Kb) -
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Abstract: A number of influential studies have documented a strong value premium for US stocks over the period 1963 to 1990 (Fama and French (1992), Lakonishok et al. (1994)). Stocks with low price-earnings multiples, price-book values and other measures of value are reported to have given a higher mean return than the high multiple growth firms. Work by Basu (1997) and others have shown that the value dominance is also a feature of the earlier market history of the United States. The value premium is reported also to exist in a number of other countries over the period 1975 to 1995 (Fama and French (1998)). The results for these markets are based on Morgan Stanley (MSCI) data. Since these data are softer due to a relatively short time horizon and due to a small number of stocks in some cases down at 10 stocks, the conclusions are likely to be less robust. There is therefore a need for more research on this issue. The purpose of this paper is to report evidence for the Danish stock market and to test whether the value premium is a genuine long-term feature of the market or just a phenomenon that pops up now and then. To research this issue we have collected accounting and stock market data for more than half a century. We report in particular on the insights obtained when portfolios are formed on the basis of the price-earnings multiple. The paper shows that there is a value premium. The paper also analyzes whether the premium is likely to be due to risk (Fama and French (1992,98)) or mispricing as emphasized by the Behavioral Finance School (Chan et al. (2000), Lakonishok et al. (1994) and La Porta et al. (1997)). URI: http://hdl.handle.net/10398/7613 Files in this item: 1
wp20-2005.pdf (293.8Kb) -
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Abstract: A number of influential studies have documented a considerable value premium for US stocks over long periods of time. Value stocks, defined as companies that trade at low price-earnings or price-book values, are reported to have given a higher mean return than growth stocks trading at high multiples. Outside the US, there is also robust evidence of a value premium for the UK, but otherwise the evidence is more uncertain due to data shortages. Studies of continental European and Asian markets are, for example, based on data that typically only covers 20 years of market history. The purpose of this paper is to report evidence for the Danish market using a consistent data set that extends over the period 1950-2008. On the basis of these data the paper investigates whether the value premium is a stylized fact or just a phenomenon that pops up every few decades only to disappear again. The results show that the Danish value premium exists and is significant over the long run. However, this paper also shows that the premium is not a simple constant but is volatile even across decades. URI: http://hdl.handle.net/10398/8241 Files in this item: 1