Browsing Working papers by Title
-
implications of recent nonparametric testsDahl, Christian M.; Nielsen, Steen (København, 2001)[More information][Less information]
-
the Danish stock market since World War 1Risager, Ole (København, 1998)[More information][Less information]
Abstract: Abstract: This paper contributes to the growing literature on mean reversion in stock markets by examining a newly constructed Danish data set for the period 1922-95. Variance ratio tests clearly reject the random walk hypothesis at the 2-year horizon, that is, the riskiness of a 2- year investment is significantly less than twice the risk of a 1-year investment. Variance ratio tests for 3- and 4-year horizons are not significant under conventional significance levels, whereas autocorrelation tests of the joint hypothesis that there is departure from random walk at all horizons tend to reject the random walk hypothesis and support the mean reversion hypothesis. URI: http://hdl.handle.net/10398/7617 Files in this item: 1
1998_7.pdf (71.21Kb) -
Construction and information content of an investor-cost based rating of Danish mutual fundsBechmann, Ken L.; Rangvid, Jesper (København, 2005)[More information][Less information]
Abstract: We develop a new rating of mutual funds: the atpRating. The atpRating assigns crowns to each individual mutual fund based upon the costs an investor pays when investing in the fund in relation to what it would cost to invest in the fund’s peers. Within each investment category, the rating assigns five crowns to funds with the lowest costs and one crown to funds with the highest costs. We investigate the ability of the atpRating to predict the future performance of a fund. We find that an investor who has invested in the funds with the lowest costs within an investment category would have obtained an annual risk-adjusted excess return that is approximately 3-4 percentage points higher per annum than if the funds with the highest costs had been invested in. We compare the atpRating with the Morningstar Rating. We show that one reason why the atpRating and the Morningstar Rating contain different information is that the returns Morningstar uses as inputs when rating funds are highly volatile whereas the costs the atpRating uses as inputs when rating funds are highly persistent. In other words, a fund that has low costs one year will most likely also have low costs the following year, whereas the return of a fund in a certain year generally contains only little information about the future return that the fund will generate. Finally, we have information on the investments in different mutual funds made by a small subgroup of investors known to have been exposed to both the atpRating and the Morningstar Rating, i.e. information is provided on how investors use the two ratings. We find that investors have a clear preference for high-rated funds. URI: http://hdl.handle.net/10398/7194 Files in this item: 1
endeligt_wp_2005_6.pdf (598.9Kb) -
Lando, Henrik (København, 2007)[More information][Less information]
Abstract: This article suggests a rationale for statutes of limitations in sales law, i.e. for the practice of cutting off buyers’ remedies after the expiration of a limitation period. The rationale is based on the notion of wear and tear, which carries two implications: First, a good that breaks down after several periods of use is likely to be of nearly optimal quality, and in this case little is gained by allowing a claim. Second, the number of dysfunctions is likely to increase over time, which implies that the pool of potential claims, and in particular the pool of unjustified claims, is likely to increase over time. It will be shown theoretically that these implications can provide a rationale for cutting off claims. The rationale will be supported with empirical evidence stemming from a recent extension of the limitation period from one to two years in Denmark. URI: http://hdl.handle.net/10398/7237 Files in this item: 1
wp06-2007.pdf (237.2Kb) -
Staff utilisation in branches of a large Canadian bankAsmild, Mette; Bogetoft, Peter; Hougaard, Jens Leth (, 2011)[More information][Less information]
Abstract: In this paper we consider staffing decisions in branches of a large Canadian bank. The bank has well-developed staffing models and the branches work in a highly competitive environment. One would therefore expect limited ’inefficiency’ in the sense of wasted resources and over-staffing. Using Data Envelopment Analysis (DEA) we nevertheless find considerable ’inefficiency’ which raises the question whether this is best interpreted as waste or if the apparent inefficiency may serve other purposes. To investigate this, we invoke the theoretical framework of Rational Inefficiency (Bogetoft and Hougaard 2003). A systematic pattern of slack consumption emerges, which suggests that the allocation of slack between sta↵ groups is far from random. The slack pattern seems natural from the point of view of employee value and hierarchy and also considering employee flexibility and substitutability. For example we find relatively large over-staffing at the supervisor level which is natural given both their strong bargaining position derived from their role in the branch hierarchy and given the relative flexibility of supervisor resources. URI: http://hdl.handle.net/10398/8634 Files in this item: 1
Asmild Bogetoft Hougaard_2011.pdf (567.5Kb) -
on procedural and consequential interests of the rule-guided individualKaisla, Jukka (København, 2001)[More information][Less information]
-
Davis, Lee (København, 1999)[More information][Less information]
-
Sørensen, Anders (København, 2005)[More information][Less information]
Abstract: It may be optimal from a welfare perspective to use R&D subsidies when the source of R&D distortions originates from the surplus appropriability problem and technological spillovers in the form of knowledge spillovers, creative destruction, and duplication externalities are absent. Hence, R&D subsidies may constitute the optimal policy even when subsidies directly targeted on monopoly pricing could be applied. The result holds when dynamic effects are important relative to static effects and when governments spending is restricted. The latter characteristic arises when a government is unable or unwilling to use the level of spending required to implement the optimum policy. The argument is developed in a semi-endogenous growth model where the only distortion is monopoly pricing of intermediate goods. Keywords: R&D, policy instruments, welfare, market power JEL: O38, O41 URI: http://hdl.handle.net/10398/7541 Files in this item: 1
wp17-2005.pdf (332.0Kb) -
Ideological Continuity and the Organization of Anti-Socialist Propaganda in the Danish Business Community, 1945-1974Lund, Joachim (, 2009)[More information][Less information]
Abstract: In Denmark, only minor changes took place in the economic elite after the liberation. Retributions with economic collaborators were dealt with in the legal system, and business managers who had been involved in pro-German political activities during the occupation withdrew to their executive offices and kept a low profile. With Nazism defeated, other ideational forces of integration surfaced as prewar anti-Socialist feelings and activities were invigorated. As an integral part of a general fight against economic regulation and for free trade, anti-Socialism became an important integral factor among Danish business leaders during the immediate postwar years. URI: http://hdl.handle.net/10398/7917 Files in this item: 1
WP CBP 2009-68.pdf (183.4Kb) -
Challenges without the ClassroomLindberg, Frank; Pettersson, Michael (København, 2007)[More information][Less information]
Abstract: The development of ITC has increased focus onto distance learning programs worldwide. Most universities today offer distance learning programs that are based on the Internet. This development represents a fundamental change in the very logic of being a university. It is no longer enough to rely on professor authority. How can one create a learning situation that enables the university to remain viable? In most western countries, the professors have dominated the learning processes at universities. Since the 50-ties, learning has been about learning-in, memorizing, and cram (Illeris, 2000) where professors most often decide what and when one could learn by providing the context and substance. In this perspective, the student has a role which is close to the one of a passive receiver, and s/he is mainly preoccupied with the problem of generating substance in memory most efficiently. Today, technology challenges our pedagogical reasoning in many ways. However, old pedagogical models often prevail. We see practices where lectures, notes and course information are published on the Internet, where ICT helps professor-student communication, and online based student tests. These attempts are based on old-time educational logic. There are fewer attempts to use ICT according to a different pedagogical perspective than the old professor authoritarian model. The purpose of this paper is to illuminate some challenges virtual students experience when facing a new ICT-based learning situation. We will try to explore and develop understandings of what it might mean to be a student when learning occurs within a virtual problem based learning landscape. When students are used to the traditional classroom, challenges appear in the twilight zone between two pedagogical practices. How do the students cope with challenges that a new virtual program demands, and what paradoxes and ambiguities appear when old learning processes do not work anymore? The present focus reflects an existential-phenomenological point of departure. This perspective is based on the philosophical writings of Søren Kierkegaard and Martin Heidegger (1927/1996; "Being and Time”), and the successors Hans-Georg Gadamer and Paul Ricoeur. The work is also inspired of the father of culturalism – Jerome Bruner (1996) and Wenger’s (1998) community of practice. Thompson (1997) is an inspiration through his initiator of hermeneutical endeavor within consumer research. The consequences of this perspective are that the student and his/her experiences and learning cannot be separated from the student’s existence. As for the subject matter, we cannot separate the student from his/her studying. Learning becomes a profoundly socio-cultural process which has to be studied according to the situation and context in which it appears. It is the heart of this project that the twilight zone between cultural roles might reveal some interesting knowledge about the introduction of ICT and its consequences. The socio-cultural conditions of present society set the context for the hermeneutic analysis of meanings and salient life concerns that learning experiences hold for time-pressured virtual students with high degree of responsibilities. An existential-phenomenological assumption is that individuals would tend to interpret their experiences within present socio-cultural framework. Due to its novel characteristics of the program, however, it is particularly interesting to investigate the role that virtual studying serves in the construction of reality and meaning. Furthermore, as it is assumed that experiences cannot be separated from who one is (being-in-the world), the process of human change during virtual studying is also expected to influence salient types of learning, the student’s work practice, and his/her private practice. URI: http://hdl.handle.net/10398/7676 Files in this item: 1
-
Foss, Nicolai Juul (København, 1998)[More information][Less information]
-
Thinking International Relations through Fields, Habitus and PracticeLeander, Anna (København, 2006)[More information][Less information]
-
Shared Leadership in a Filmmaking CompanyStrandgaard, Jesper (Frederiksberg, 2011)[More information][Less information]
Abstract: How can organizations innovate and break with conventions without losing their legitimacy? Organizing for legitimacy (serving tradition and convention) often contrasts organizing for innovation and is often perceived a choice between two evils. This paper suggests that leaders can reconcile the legitimacy-innovation tension by combining and addressing them as two complimentary processes. An ethnographic case study depicts how shared leadership in a highly successful filmmaking company, confronts the legitimacy-innovation tension and, based on a combination of ‘out-of-fashion’ and contra-intuitive actions, their search for new solutions makes them balance between being a rebel or an outlaw. URI: http://hdl.handle.net/10398/8392 Files in this item: 1
-
The Power of the Private Security BusinessLeander, Anna (København, 2007)[More information][Less information]
URI: http://hdl.handle.net/10398/6948 Files in this item: 1
reconfiguring security praxis-wp88.pdf (113.1Kb) -
Ten general principlesLi, Xin; Brødsgaard, Kjeld Erik; Jacobsen, Michael (, 2009)[More information][Less information]
Abstract: We argue, due to the conspicuous failure of Washington Consensus-guided reforms in most part of the developing world in 1990s and the outbreak of the current global financial crisis, Washington Consensus, as a general term of the neoliberal free market economic thinking, has been withering. In the meantime, Chinese economic model has gain wide recognition and praise worldwide. Joshua C. Ramo coined the term of Beijing Consensus as an alternative approach to economic development for developing nations. There has been hot debate on the notion of Beijing Consensus. We argue even though there are some problems in Ramo’s original definition of Beijing Consensus, we should not reject this notion altogether. Instead, we should try to come up with better conceptualizations of this term. In this paper, we sum up ten general principles of the Chinese development model as our new definition of the Beijing Consensus. URI: http://hdl.handle.net/10398/7830 Files in this item: 1
CDP 2009-029.pdf (112.1Kb) -
Csaba, Fabian Faurholt (, 2008)[More information][Less information]
Abstract: This study first addresses some of the key definitional, conceptual and moral issues arising in the analysis of luxury. It points to the challenges of even defining luxury, and instead adopts and extends a flexible scheme for conceptualizing luxury. This provides a framework for investigation the consumption and management of luxury today. We then examine contemporary luxury through different perspectives on “new luxury” and the related issue of the rise of Asia as the world’s primary market for luxury. While the paper does aim to give a sense of the characteristics of the present-day luxury scene, the central focus of the study is on discourses on luxury. We consider to what extent and in which ways luxury is being redefined – by “new luxury” and Asia’s ascent. Finally the paper suggest themes and pointers for further research. URI: http://hdl.handle.net/10398/7765 Files in this item: 1
-
Faurholt Csaba, Fabian (København, 2008)[More information][Less information]
Abstract: This paper seeks to establish a framework for the study of luxury based and to explore the contemporary luxury scene with the purpose of providing ideas and directions for more in-depth, focused investigations of the production and consumption of luxury goods. Drawing on sociological, anthropological and historical inquiry, it first addresses some of the key definitional, conceptual and moral issues arising in the analysis of luxury. Pointing to the challenges of even defining luxury, the paper adopts and extends a flexible scheme for conceptualizing luxury. This provides a framework for investigation the consumption and management of luxury today. We then examine contemporary luxury through different perspectives on “new luxury” and the related issue of Asia’s rise as the world’s primary market for luxury. While the paper does aim to give a sense of the characteristics of the present-day luxury scene, the central focus of the study is on discourses on luxury. We consider to what extent and in which ways luxury is being redefined – by “new luxury” and Asia’s ascent. Finally the paper suggests themes and pointers for further research. URI: http://hdl.handle.net/10398/8153 Files in this item: 1
x656557493.pdf (432.6Kb) -
om det filosofiske miljø på Institut for Ledelse, Politik og Filosofi ved Handelshøjskolen i KøbenhavnGørtz, Kim (København, 2002)[More information][Less information]
-
Bordum, Anders (København, 2005)[More information][Less information]
Abstract: In this article I will interpret John Dewey’s perspective on reflective thinking as if he were a philosopher of innovation management. From his pragmatist point of departure, the problems involved in knowledge-processes relevant to innovation are analysed and reconceptualised. On the basis of the analysis I attempt to identify some categories of general applicability when understanding, designing, and managing radical innovation processes. These categories are useful to conceptualise and talk about innovation, when knowledge is taken seriously and when managing innovation is also understood as managing the production of new knowledge, that is of making the unjustified justified, and the unknown known. Keywords: Reflexivity, reflective thought, radical innovation, innovation management, potential innovation, Plato, John Dewey, epistemology, knowledge. URI: http://hdl.handle.net/10398/7667 Files in this item: 1
-
Shambaugh, David (Frederiksberg, 2010)[More information][Less information]
Abstract: China’s diplomacy is among the many accomplishments of China during the period of reform and opening up. The People’s Republic of China is emerging fully on to the world’s stage, and in a largely positive fashion. It now has both interests and a presence in parts of the world completely new to China—such as Latin America and the Middle East. Beijing has managed its relations well with the major world powers—United States, Russia, and the European Union. It has transformed its regional diplomacy in Asia, reasserted a role in Africa, and has become more active in multilateral organizations. Thirty years ago, at the outset of the “reform and opening” era, China acted hesitantly on the world stage, limiting itself largely to its united front tactics against Soviet “social imperialism.” Its diplomats were not very sophisticated and rarely left their embassies abroad. In the United Nations, China’s preferred medium of voting was to abstain (especially on sensitive issues). In short, China’s diplomacy was hesitant and not confident, inward-looking not outward looking, parochial and not sophisticated, reactive not proactive, and composed more of words than deeds. Today, these latter characterizations better describe China’s diplomacy. URI: http://hdl.handle.net/10398/8013 Files in this item: 1
Hele_discussion_paper.pdf (72.18Kb)