Browsing Working papers by Year Published
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Hansen, Jan V.; Højbjerg Jacobsen, Rasmus; Lau, Morten I. (Durham, 2012)[More information][Less information]
Abstract: We estimate the maximum amount that Danish households are willing to pay for three different types of insurance: auto, home and house insurance. We use a unique combination of claims data from the largest private insurance company in Denmark, measures of individual risk attitudes and discount rates from a field experiment with a representative sample of the adult Danish population, and information on household income and wealth from registers at Statistics Denmark. We assume that households maximize expected inter-temporal utility subject to an inter-temporal budget constraint with several possible states of nature, where all uncertainty is realized in the initial period and any loss incurred by an accident is subtracted from initial wealth. The estimated willingness to pay is based on annual claims and should thus be considered as an annual premium. Since there is some uncertainty about the estimates of risk attitudes and discount rates, there is some uncertainty about the estimated willingness to pay. We use a randomized factorial design in our sensitivity analysis where each simulation involves a random draw from independent normal distributions of the estimated risk and time preferences. The results show that the willingness to pay is marginally higher than the actuarial fair value under Expected Utility Theory. However, the estimated willingness to pay is significantly higher under Rank-Dependent Utility Theory, and for some households it may be up to 600% higher than the actuarial value of the insurance claims. URI: http://hdl.handle.net/10398/8538 Files in this item: 1
Hansen_Jacobsen_Lau_2012.pdf (464.5Kb) -
Rent Sharing or Composition?Fosse, Henrik Barslund; Maitra, Madhura (Frederiksberg, 2012)[More information][Less information]
Abstract: Offshoring firms are found to pay higher average wages than purely domestic firms. We provide a unifying empirical approach by capturing the different channels through which offshoring may explain this wage difference: (i) due to change in the composition of workers (skill composition effect) (ii) because all existing workers get higher pay (rent sharing effect). Using Danish worker-firm data we explain how much each channel contributes to higher wages. To estimate the causal effect of offshoring on wages we use China’s accession to the WTO in December 2001 - and the soon after boom in Chinese exports - as positive exogenous shocks to the incentive to offshore to China. Both skill composition and rent sharing effects are found to be important in explaining the resultant gain in wages. We also show that the firm’s timing in the offshoring process determines the relative importance of a channel. For firms offshoring to China in 2002 but not in 1999, only rent sharing explains the gain in wages. For firms offshoring to China both before and after China’s WTO accession the wage increase is explained mostly by the skill composition effect. Moreover, these patterns are not discernible from the measures of skill composition and rent sharing available in typical firm level datasets - like ratio of educated to uneducated workers and sales per employee. URI: http://hdl.handle.net/10398/8540 Files in this item: 1
Fosse_2012_2.pdf (255.2Kb) -
Expo 2010 – Performing and regulating ‘Danishness’Ren, Carina; Ooi, Can-Seng (Frederiksberg, 2012)[More information][Less information]
Abstract: Using the concepts of auto-communication and micro-orientalism, this article argues that nation branding at World Expos produces and propagates notions of difference and otherness. By use of the Danish ‘Welfairytales’ pavilion at the 2010 Expo in Shanghai, we show how national Self is performed in two versions. One attempts to communicate ‘the good Danish life’ to the Danes themselves, while the other claims Occidental superiority. The case shows how the Danish exhibition is performed and regulated as sustainable and authentic and how in spite of its seemingly dialogical and interactive layout, a number of auto-communicative and micro-orientalist practices are enacted. URI: http://hdl.handle.net/10398/8557 Files in this item: 1
Ooi_2012.pdf (163.7Kb) -
Fosse, Henrik Barslund (Frederiksberg, 2012)[More information][Less information]
Abstract: Firms exporting to foreign markets face a particular challenge: to price their exports in a foreign market when the exchange rate changes. This paper takes on pricing- to-market using a unique data set that covers rm level monthly trade at great detail. As opposed to annual trade ows, monthly trade ows bring us closer to the transaction level where rm decisions are actually made. I nd that the utilization of monthly data does add new information about the average level of pricing-to-market, and the di¤erences between long-run pricing-to-market and short-run pricing-to-market. Furthermore, I nd industry di¤erences in pricing-to-market in terms of the magnitude (zero to complete pricing-to-market) and the timing (when do rms changes prices), and that pricing-to-market is stronger on high-income markets. As discussed in detail in the paper, all results are in-line with predictions of several theoretical contributions to the litterature on pricing-to-market and exchange rate pass-through. URI: http://hdl.handle.net/10398/8539 Files in this item: 1
Fosse_2012_1.pdf (303.2Kb) -
Budeanu, Adriana (Frederiksberg, 2012)[More information][Less information]
Abstract: The development of sustainable products or services is defined by Maxwell as the process of making products or services in a more sustainable way (production) throughout their entire life cycle, from conception to the end-of-life (Maxwell & van der Vorst, 2003). Essentially, sustainable products or services are alternatives to existing ones, but of a superior quality, providing the same function to the customer, being more cost-effective, while also generating less harm on the surrounding environments or societies. The emphasis is on securing the efficiency of inputs and outputs is all actions along the life cycle of the product or service, from raw materials to discharged waste, so that unnecessary consumption of resources and generation of wastes are avoided. More advanced concepts such as product-service systems and needs-oriented-service systems aim to reduce impacts from the production and the use phase, or even at the end-of-life phase of a product (Mont, 2002; Roy, 2000). New and under development, the area of product-service systems is increasingly gaining acceptance from companies (Manzini & Jégou, 2003). URI: http://hdl.handle.net/10398/8544 Files in this item: 1
Budeanu_WP3_2012.pdf (1.108Mb) -
A framework for analyzing innovation in the context of holiday package industryBudeanu, Adriana (Frederiksberg, 2012)[More information][Less information]
Abstract: This paper has the starting point in the acknowledgement that a closer examination of the operational elements related to holiday packages may reveal advanced opportunities for advanced innovation. The investigation confirms that such opportunities exist in the intangible aspects of tourism products and production. Summarizing these findings, the paper proposes a framework that enables better insights into the nature of tourism innovation. URI: http://hdl.handle.net/10398/8545 Files in this item: 1
Budeanu_WP2_2012.pdf (53.29Kb) -
Laursen, Keld; Foss, Nicolai J. (Frederiksberg, 2012)[More information][Less information]
Abstract: We survey, organize, and discuss the literature on the role of organizational practices for explaining innovation outcomes. We discuss how individual practices influence innovation, and how the clustering of specific practices matters for innovation outcomes. Relatedly, we discuss various possible mediators of the HRM/innovation link, such as knowledge sharing, social capital and network effects. We argue that the causal mechanisms underlying the HRM/innovation links are still ill-understood, calling for further research. URI: http://hdl.handle.net/10398/8516 Files in this item: 1
Laursen_Foss_SMGWP2012_5.pdf (914.1Kb) -
Munar, Ana María (Frederiksberg, 2012)[More information][Less information]
Abstract: Tourism is often linked to ideas of escapism and release from everyday duties and obligations. Modern societies are characterized by highly complex systems of social and cultural control, and citizens of these societies find forms of liberation in travel (Jafari 1987). Tourism destinations act as magnetic spaces of leisure and relaxation that can be visualized as the realm of ‘touristhood’– a theatrical arena in which individuals adopt different masks and conduct themselves according to expectations and norms that differ from those that rule their everyday lives. The consumption and enjoyment of alcoholic drinks constitutes a relevant element of the scenery of touristhood. In touristic spaces the beer product is socially transformed and constructed; tourists enact beer tourism through drinking practices and rituals performed at the destination. Alcohol, and in this case beer consumption, is constitutive of socio-cultural traditions in many national cultures (such as those in Northern Europe). National and local beer cultures are however being transformed and re-shaped in tourism destinations. This study examines the interrelation of beer cultures, more specifically German beer culture, and tourism. It examines how beer culture, combined with touristhood, produces extreme and novel forms of consumption transforming both tourism practices and the world of beer. URI: http://hdl.handle.net/10398/8570 Files in this item: 1
Ana_Maria_Munar_2012.pdf (425.2Kb) -
Do We Observe “Creative Destruction” in China?Deng, Poul; Jefferson, Gary (Frederiksberg, 2012)[More information][Less information]
Abstract: We adopt the framework of Schumpeterian creative destruction formalized by Aghion et al. (2009) to analyze the impact of foreign entry on the productivity growth of domestic firms. In the face of foreign entry, domestic firms exhibit heterogeneous patterns of growth depending on their technological distance from foreign firms. Domestic firms with smaller technological distance from their foreign counterparts tend to experience faster productivity growth, while firms with larger technological distance tend to lag further behind. We test this hypothesis using a unique firm-level data of Chinese manufacturing. Our empirical results confirm that foreign entry indeed generates strong heterogeneous growth patterns among domestic firms. URI: http://hdl.handle.net/10398/8594 Files in this item: 1
Deng_Jefferson.pdf (203.9Kb) -
En nøgle til velfærd og velstandRitter, Thomas; Geersbro, Jens (Frederiksberg, 2012)[More information][Less information]
Abstract: Diskussionen om Danmarks fremtid som velfærdstat er i fuld gang – og har været det i et stykke tid. På det seneste har en ny rapport fra OECD tegnet et dystert billede for Danmark, idet landets produktivitet fortsat er for nedadgående. Så det store spørgsmål er nu endnu mere aktuelt: Hvad skal Danmark leve af i fremtiden for at bevare og udbygge velfærd og velstand? For at belyse dette spørgsmål fokuserer en stor del af diskussionen på ”produktivitet” som nøglen til velfærd og velstand. Vi vil i denne rapport argumentere for en supplerende faktor, som vi mener er af endnu større betydning end selve produktiviteten: Danmark kan og skal leve af kommercialiseringevnen. Evnen til at kommercialisere dækker over virksomheders aktiviteter til at tjene penge med deres ydelser (produkter, service, m.v.). Kort sagt handler kommercialisering om at forstå kundernes behov og værdiskabelse, matche denne indsigt med ydelser, og bygge passende relationer med kunder for at forklare værdi. Hvor god en virksomhed er til kommercialisering kan måles som: Kommercialiseringsefficens = Omsætning / ydelser. URI: http://hdl.handle.net/10398/8596 Files in this item: 1
RitterGeersbro.pdf (212.4Kb) -
Too Much of Two Good Things?Moberg, Kåre (Frederiksberg, 2012)[More information][Less information]
Abstract: I present an analysis of a survey in which the effect of entrepreneurship education and project-based education on students at lower secondary level is investigated. The results are based on a random sample of 2000 Danish students. The analysis indicates that entrepreneurship education has a positive effect on students’ personal development, and that its effect on entrepreneurial intentions is fully mediated by its effect on students’ self-conception. A finding with important policy implications is that there is a negative interaction effect between entrepreneurship education and project-based education regarding impact on students’ self-conception. The implication of the results is that we should replace project-based education with entrepreneurship education rather than having them run in parallel. URI: http://hdl.handle.net/10398/8515 Files in this item: 1
Moberg_SMGWP_4_2012.pdf (1.038Mb) -
Waisman, Gisela; Larsen, Birthe (Frederiksberg, 2012)[More information][Less information]
Abstract: We exploit the regional variation in negative attitudes towards immigrants to Sweden in order to analyse the consequences of the attitudes on immigrants welfare. We find that attitudes towards immigrants are of importance: they both affect their labour market outcomes and their quality of life. We interpret the negative effect on wages as evidence of labour market discrimination. We estimate the welfare effects of negative attitudes, through their wage and local amenities, for immigrants with different levels of skills, origin, gender and age. URI: http://hdl.handle.net/10398/8519 Files in this item: 1
Waisman_Larsen_wp2012-4.pdf (542.0Kb) -
The Role of Technology in Sustainable Tourism GovernanceBudeanu, Adriana (Frederiksberg, 2012)[More information][Less information]
Abstract: Tourism has a dualistic nature characterised on the one hand by a high resilience and constant growth and on the other hand by a short-term greed of “consuming” its own life support systems: nature, culture and communities (Snepenger, Snepenger, Dalbey, & Wessol, 2007). Both aspects are constantly spurred by the rapid changes in demand and the diversity of supply, and the intrinsic importance that tourism has gained in individual lifestyles and in national economies. In addition, the strong influence of globalization on the institutional, organizational and policy formulation (Hall, 2005), determines three major aspects of tourism: the expansion of demand, the concentration of supply and increased similarities in demand. (Cornelissen, 2005) Consequently, the fragile balance required by a sustainable tourism development (European Commission, 2003a), (UNEP / UNWTO / WMO, 2008) is often at risk from conflicting goals of conservation versus development plans for tourism. Mixed approaches that combine top-down governance models with bottom-up collaborative strategies and policy networks are considered able to provide resilient decision making systems able to cope with unexpected challenges or conflict situations. These are characterized by shared rule-making and agreements between interdependent actors with divergent opinions and goals (Elzen, Geels, & Ken, 2004). Ultimately, a significant progress towards sustainability can be achieved by fostering changes of meaning and concepts, infrastructures and user-learning processes (Ehrenfeld, 2001). URI: http://hdl.handle.net/10398/8508 Files in this item: 1
Budeanu.pdf (222.2Kb) -
Exploring a New Indicator to Predict Financial PerformanceHallin, Carina Antonia; Tveterås, Sigbjørn; Andersen, Torben Juul (Frederiksberg, 2012)[More information][Less information]
Abstract: This paper explores a new judgmental forecasting indicator, the Employee Sensed Operational Capabilities (ESOC). The purpose of the ESOC is to establish a practical prediction tool that can provide early signals about changes in financial performance by gauging frontline employees’ sensing of changes in the firm’s operational capabilities. We present the first stage of the development of ESOC by applying a formative measurement approach to test the index in relation to financial performance and against an organizational commitment scale. We use distributed lag models to test whether the ESOC can predict financial performance. Monthly data were collected from frontline employees in three different companies during an 18-month period, and the initial results indicate that the ESOChas predictive power. URI: http://hdl.handle.net/10398/8507 Files in this item: 1
Hallin .pdf (479.4Kb) -
Klein, Peter G.; Barney, Jay B.; Foss, Nicolai J. (Frederiksberg, 2012)[More information][Less information]
Abstract: Strategic entrepreneurship is a newly recognized field that draws, not surprisingly, from the fields of strategic management and entrepreneurship. The field emerged officially with the 2001 special issue of the Strategic Management Journal on “strategic entrepreneurship”; the first dedicated periodical, the Strategic Entrepreneurship Journal, appeared in 2007. Strategic entrepreneurship is built around two core ideas. (1) Strategy formulation and execution involves attributes that are fundamentally entrepreneurial, such as alertness, creativity, and judgment, and entrepreneurs try to create and capture value through resource acquisition and competitive posi-tioning. (2) Opportunity-seeking and advantage-seeking—the former the central subject of the entrepreneurship field, the latter the central subject of the strategic management field—are pro-cesses that should be considered jointly. This entry explains the specific links between strategy and entrepreneurship, reviews the emergence and development of the strategic entrepreneurship field, and discusses key implications and applications. URI: http://hdl.handle.net/10398/8514 Files in this item: 1
Klein_Barney_Foss_SMGWP2012_3.pdf (457.4Kb) -
Larsen, Birthe; Waisman, Gisela (Frederiksberg, 2012)[More information][Less information]
Abstract: We examine the impact of discrimination on labour market performance when workers are subject to a risk of losing skills during the experience of unemployment. Within a search and matching model, we show that all natives and immigrants are affected by discrimination. Discrimination in one sector has positive spillovers, inducing employment increases in the other sector. Discrimination may induce immigrants to train more or less than natives, depending on the sector where it is present. Welfare tends to be most negatively affected by discrimination among highproductivity workers. URI: http://hdl.handle.net/10398/8520 Files in this item: 1
Larsen_Waisman_wp2012-5.pdf (374.6Kb) -
Lyck, Lise (Frederiksberg, 2012)[More information][Less information]
Abstract: Advisory board for cand.soc studiet i service management bad på mødet den 22.06 om udarbejdelse af en kort oversigt over uddannelser og forskning inden for niveau 3 (højere uddannelse i Danmark). Nærværende notat tilstræber at præsentere hovedlinjerne inden for service og turisme uddannelses- og forsknings området. Notatet bygger på oplysninger fra nettet samt telefonsamtaler med de omfattede uddannelsesinstitutioner i Danmark. Endvidere er benyttet materiale fra Lise Lyck (2003); Turismeudvikling og Attraktioner i et Strategisk Perspektiv, kapitel 1, Nyt fra Samfundsvidenskaberne. Herudover indgår Universitetsloven, lov nr. 403 fra 2003 som ramme for de højere læreanstalters strategi. Endelig inddrages beretning fra rådet for erhvervsøkonomiske uddannelser til belysning af niveau 2 uddannelserne. URI: http://hdl.handle.net/10398/8480 Files in this item: 1
Lyck_2012_6.pdf (130.0Kb) -
The Sensing of Frontline Employees Against Executive ExpectationsHallin, Carina Antonia; Andersen, Torben J.; Tveterås, Sigbjørn (Frederiksberg, 2012)[More information][Less information]
Abstract: The literature suggests that important strategic initiatives can derive from employees within the organization as they respond to needs and opportunities observed in daily operations. This seems to indicate that employees have a good sense of the firm’s operational capabilities observed through direct interactions with colleagues, customers and partners. Executives make their own judgments about the corporate capabilities from discussions with various managers, other executives and industry specialists. But, the information gathered by executives may be qualitatively different from the conditions sensed by the employees. So, we arranged a contest between operational capabilities assessed by employees and executives and the relationship to subsequent firm performance. Based on more than 400 individual data points collected from two medium-sized organizations over a period of eighteen months, advanced distributed lag time-series analyses show that the sensing of front-line employees (surprisingly) is a better medium-term predictor of organizational performance than executive judgments. These results have implications for the way organizations set up their management information and communication structure. URI: http://hdl.handle.net/10398/8471 Files in this item: 1
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Junge, Martin; Severgnini, Battista; Sørensen, Anders (Frederiksberg, 2012)[More information][Less information]
Abstract: This paper investigates the importance of the educational mix of employees at the firm level for the probability of firms being involved in innovation activities. We distinguish between four types of innovation: product, process, organisational, and marketing innovation. Moreover, we consider three different types of education for employees with at least 16 years of schooling: technical sciences, social sciences, and humanities. Furthermore, we examine the influence of these different innovation activities on firm productivity. Using a rotating panel data sample of Danish firms, we find that different types of innovations are related to distinct educational types. Moreover, we find that firms that adopt product and marketing innovation are more productive than firms that adopt product innovation but not marketing innovation and firms that adopt marketing innovation but not product innovation. In addition, firms that adopt organisational and process innovation demonstrate greated productivity levels than forms that adopt organisational innovation but not process innovation that again demonstrate greater productivity than firms that do not adopt process innovation but not organisational innovation. Finally, we establish that product and marketing innovation as well as organisational and process innovation are complementary inputs using formal tests for supermodularity. Complementarity can be rejected for all other pairs of innovation types. URI: http://hdl.handle.net/10398/8498 Files in this item: 1
Junge_Severgnini_Sørensen.pdf (517.4Kb) -
What Would it Mean to be an Artisan of Finance?Thompson, Grahame (Frederiksberg, 2012)[More information][Less information]
Abstract: This paper confronts the question of what a revitalized financial sector might look like if this were to be reconfigured so as to reproduce first an artisanal like persona for the financial analyst and craft like organizational structure for financial businesses, and secondly if this were to be re-territorialized so that it acted like a partisan rather than, as at present, like a disembedded footloose structure of ‘global finance’. Initially the analysis is pitched at a rather abstract and theoretical level – pulling together artisans, nomads and partisans and tracing their intellectual lineages. But the chapter ends with three very concrete illustrations of actual financial relations in practice that meet some of the criteria for being both artisanal and partisanal. URI: http://hdl.handle.net/10398/8458 Files in this item: 1
Grahame_Thompson.pdf (1.310Mb)