Browsing Research documents by Title
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a stylished model for Egypt with some numerical policy examplesRisager, Ole; Yang, Chang-Po (København, 1999)[More information][Less information]
Abstract: This paper analyzes the consequences of pursuing a less activist Government employment stabilization policy strategy in Egypt. On the basis of a fairly stylized model we find that a reduction of the Government’s involvement in the economy along with an introduction of mild but binding firing regulations in the private sector may lead to a rise in total employment and to an improvement in Egypt’s trade balance vis-à-vis the rest of the world. URI: http://hdl.handle.net/10398/7659 Files in this item: 1
1999_3.pdf (84.99Kb) -
Lando, Henrik; Rose, Caspar (København, 2003)[More information][Less information]
Abstract: Abstract: Proponents of specific performance as a remedy for breach of contract have found support in the alleged use of the remedy in Civil Law countries. However, we provide evidence that specific performance is in fact a rare remedy in Denmark, Germany and France, and under CISG, when performance requires actions to be undertaken, and we relate this to costs of enforcement. We argue that it is administratively costly to run a system of enforcement that renders specific performance attractive to the aggrieved party, and that the Civil Law countries have (like Common Law countries) chosen not to incur these costs of enforcement. This is especially clear in the case of Denmark, where specific performance of actions has been abandoned as a legal remedy. At the normative level, we argue that enforcement costs provides an additional rationale, over and above the rationales of the theory of efficient breach, for damages and against specific performance as the general remedy. URI: http://hdl.handle.net/10398/6823 Files in this item: 1
wplefic142003new2.pdf (270.4Kb) -
Lorenzen, Mark (København, 2008)[More information][Less information]
Abstract: The paper presents stylized facts about the economic organisation of the film industry, arguing that while we know a lot about production, specialization and internationalization, the complex processes of globalization are still under-researched. The paper concludes with a research agenda of how to address globalization. URI: http://hdl.handle.net/10398/8146 Files in this item: 1
x656557108.pdf (202.1Kb) -
Lorenzen, Mark (, 2008)[More information][Less information]
Abstract: The paper presents stylized facts about the economic organisation of the film industry, arguing that while we know a lot about production, specialization and internationalization, the complex processes of globalization are still under-researched. The paper concludes with a research agenda of how to address globalization. URI: http://hdl.handle.net/10398/7775 Files in this item: 1
Creative Encounters Working Papers 8.pdf (202.1Kb) -
Eliasson, Gunnar; Wihlborg, Clas (København, 2003)[More information][Less information]
Abstract: The New Economy is closely associated with computing & communications technology, notably the Internet. We discuss property rights to, and trade in, the difficult-to-define intangible assets increasingly dominating the New Economy, and the possibility of under-investment in these assets. For a realistic analysis we introduce a Schumpeterian market environment (the experimentally organized economy). Weak property rights prevail when the rights to access, use, and trade in intangible assets cannot be fully exercised. The trade-off between the benefits of open access on the Internet, and the incentive effects of strengthened property rights, depend both on the particular strategy a firm employs to secure property rights, and the protection offered by law. Economic property rights can be strengthened if the originator can find innovative ways to charge for the intangible assets. The extreme complexity of the New Economy and the large number of possible innovative private contract arrangements make it more important to facilitate the use and enforcement of private individualized contracts to protect intellectual property than to rely only on standard mandatory patent and copyright law. Enabling law is one proposed solution. Current patent legislation in the US has led to costly litigation processes weakening the position of small firms and individuals in patent disputes. The property rights of such firms and individuals could be strengthened with insurance or arbitration procedures. Key words: Competence bloc theory, Enabling law, Experimentally Organized Economy, New Economy, Weak property rights, Tradability, Underinvestment. URI: http://hdl.handle.net/10398/6811 Files in this item: 1
wplefic052003.pdf (378.8Kb) -
Lando, Henrik (København, 2005)[More information][Less information]
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Overgaard Olesen, Jan; Risager, Ole (København, 2000)[More information][Less information]
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Lando, David; Mortensen, Allan (København, 2004)[More information][Less information]
Abstract: This paper investigates the pricing of step-up bonds, i.e. corporate bonds with provisions stating that the coupon payments increase as the credit rating level of the issuer declines. To assess the risk-neutral rating transition probabilities necessary to price these bonds, we introduce a new calibration method within the reduced-form rating-based model of Jarrow, Lando, and Turnbull (1997). We also treat split ratings and adjust for rating outlook. Step-up bonds have been issued in large amounts in the European telecom sector, and we find that, through most of the sample, step-up bonds issued by the two largest issuers have traded at a discount relative to comparable fixed-coupon bonds from the same issuers. Our findings cannot be attributed to traditional liquidity factors, and they suggest that issuing step-up bonds increased the cost of capital for the issuers. Keywords: defaultable bonds, step-up coupons, rating-based models JEL classification: G12, G13 URI: http://hdl.handle.net/10398/7184 Files in this item: 1
endeligt_wp_2004-9.pdf (412.0Kb) -
Foss, Nicolai Juul (København, 1997)[More information][Less information]
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Overgaard Olesen, Jan; Risager, Ole (København, 2000)[More information][Less information]
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Lando, Henrik (København, 1998)[More information][Less information]
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tax neutrality in the discrete time modelAstrup Jensen, Bjarne (København, 2002)[More information][Less information]
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J.M.P., Albin; Bjarne, Astrup Jensen; Anders, Muszta; Martin, Richter (København, 2006)[More information][Less information]
Abstract: This article deals with stochastic differential equations with volatility induced stationarity. We study of theoretical properties of such equations, as well as numerical aspects, together with a detailed study of three examples. URI: http://hdl.handle.net/10398/7167 Files in this item: 1
dcaf-wp-10.pdf (811.2Kb) -
Veugelers, Reinhilde; Schneider, Cedric (København, 2008)[More information][Less information]
Abstract: Recent policy initiatives in the EU aim at supporting so-called Young Innovative Companies (YICs). This paper provides empirical evidence from German CIS data on the innovative performances of this specific type of firms, supporting why they matter. We first characterize YICs in the sample of innovation active firms. We show that firms that combine newness, smallness and high R&D intensity, are rare in the sample of innovative firms, but achieve significantly higher innovative sales than other innovative firms, especially innovative sales that are new to the market. Not surprisingly, YICs view financial constraints, both internal and external, as an important factor hampering their innovation activities, significantly more so than other innovation active firms. This access to finance problem is an often used motive for government intervention. In Germany, subsidies schemes for innovation are general and not particularly targeted at YICs. When assessing the effectiveness of these public funding schemes for our sample firms, we find that they are not effective to increase the innovative sales of YICs, unlike the average innovative firm in our sample. URI: http://hdl.handle.net/10398/7663 Files in this item: 1
wp4-2008.pdf (209.8Kb) -
Nedergaard, Peter (København, 2005)[More information][Less information]
Abstract: The purpose of this paper is to address two normative and interlinked methodological and theoretical questions concerning the Open Method of Coordination (OMC): First, what is the most appropriate approach to learning in the analyses of the processes of the European Employment Strategy (EES)? Second, how should mutual learning processes be diffused among the Member States in order to be efficient? In answering these two questions the paper draws on a social constructivist approach to learning thereby contributing to the debate about learning in the political science literature. At the same time, based on the literature and participatory observations, it is concluded that the learning effects of the EES are probably somewhat larger than what is normally suggested, but that successful diffusion still depends on a variety of contextual factors. At the end of the paper a path for empirical research based upon a social constructivist approach to learning is suggested. URI: http://hdl.handle.net/10398/7364 Files in this item: 1
eu-coordination.pdf (183.4Kb) -
Methodological and Theoretical ConsiderationsNedergaard, Peter (København, 2007)[More information][Less information]
Abstract: The purpose of this paper is solely to address two interlinked methodological and theoretical questions concerning the Open Method of Coordination (OMC), using the European Employment Strategy as a case: First, what is the most appropriate approach to learning in the analyses of the processes of the European Employment Strategy (EES)? Second, how is mutual learning processes diffused among the Member States? In answering these two questions the paper draws on a social constructivist approach to learning thereby contributing to the debate about learning in the political science literature. At the same time, based on this concept of learning, it is concluded that the learning effects of the EES are probably somewhat larger than what is normally suggested, but that successful diffusion still depends on a variety of contextual factors. URI: http://hdl.handle.net/10398/7338 Files in this item: 1
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Beyond the Business CaseHolck, Jesper; Kühn Pedersen, Mogens; Holm Larsen, Michael (København, 2005)[More information][Less information]
Abstract: Lately we have seen a growing interest from both public and private organisations to adopt Open Source Software (OSS), not only for a few, specific applications but also on a more general level throughout the organisation. As a consequence, the organisations’ decisions on adoption of OSS are becoming increasingly more important and complex. We present three perspectives organisations can employ in their decisions: seeing OSS acquisition as a business case, as COTS acquisition, and as architectural change within a governance framework. We present case studies of decisions on OSS adoption, and categorise the decision criteria we have found. Our results indicate that for large-scale adoption of OSS, focus will be on architectural considerations: enterprise-wide architectures will at first be a barrier, but in the long term OSS’s support of open standards can be a major enabler for OSS adoption. In contrast, in smaller organisations and in small-scale adoption of OSS, the cheap price of OSS is a major enabler, as it provides a good opportunity for experiments and short-term economic benefits. For small organisations these experiments can lead to development of a common IT-architecture, and in larger organisations OSS can be adopted in niche-areas, without significantly violating an existing IT-architecture. Keywords: open source, COTS, IT architecture, governance URI: http://hdl.handle.net/10398/6471 Files in this item: 1
07_2005.pdf (167.0Kb) -
Implications for the Government PolicyKühn Pedersen, Mogens; Fomin, Vladislav V. (København, 2006)[More information][Less information]
Abstract: Literature review URI: http://hdl.handle.net/10398/6489 Files in this item: 1
08_2006.pdf (227.2Kb) -
Lund, Lars (København, 2006)[More information][Less information]
Abstract: The Greenland infrastructure for the airborne traffic uses Kangerlussuaq, Søndre Strømfjord, as hub. New scenarios may change that, and one possibility is the construction of a large airport at Nuuk with a 3000 m runway. The trunk line will then be between Copenhagen and Nuuk. In that case the village Kangerlussuaq will be abandoned. The paper analyses the size of the economic gain to Greenland of such a change. Using official statistics and information collected for the investigation a description is made of the employment structure and the income earned in the trades represented in Kangerlussuaq. It is then discussed to which extent people do tasks that will still be needed with the new structure and to which extent they will be set free to go into alternative production. The last possibility is regarded as a saving or as an increase in resources for Greenland, and the estimate is that this gain will amount to around 40 percent of the contribution to GDP in Kangerlussuaq. The saving is modified a little by the need of some new investments in Nuuk, mostly for housing. URI: http://hdl.handle.net/10398/7507 Files in this item: 1
wp1-2006.pdf (395.9Kb) -
Transaction cost and property rights perspectives on entrepreneurshipStieglitz, Nils; Foss, Nicolai J. (, 2009)[More information][Less information]
Abstract: Entrepreneurs in a competitive economy face three fundamental problems. They need to search for and discover a business opportunity (Kirzner, 1973), evaluate it (Knight, 1921), and then seize the opportunity to reap entrepreneurial profits (Schumpeter, 1911) (Langlois, 2007). The problem that we address is how the ability to exploit business opportunities is influenced by entrepreneurial search and the economic organization of entrepreneurship (Arrow, 1962; Lippman & Rumelt, 2003; Aghion et al., 2005; Foss et al., 2007). In many cases, the discovery for a new business opportunity needs to be motivated by expected gains, since the search and evaluation of business opportunities is a costly, resource-consuming process (Denrell, Fang & Winter, 2003; Nickerson & Zenger, 2004; Foss & Klein, 2005; Teece, 2007; Foss & Foss, 2008).1 We show the critical role of expectations for understanding of the economic organization of entrepreneurship, and argue that transaction cost economics, with its insistence on bounded rationality, but far-sighted contracting offers useful insights and presents rich opportunities for further theoretical and empirical research (cf. also Furubotn, 2002). URI: http://hdl.handle.net/10398/7784 Files in this item: 1
SMG WP 2009-04.pdf (208.1Kb)