Browsing Research documents by Title
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On Some Problems in Recent ResearchOn Inter-firm RelationsFoss, Nicolai J. (Frederiksberg, 1999)[More information][Less information]
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Fuest, Clemens; Huber, Bernd; Nielsen, Søren Bo (København, 2004)[More information][Less information]
Abstract: Recent years have seen large swings in house prices in many countries. Motivated by housing price variations, proposals for taxing capital gains on housing have repeatedly been put forth. The idea seems to be that such taxes would curb the redistribution occurring between those owning houses and those trying to get into the market for owner-occupied housing. Our paper shows that at least in simple settings, a tax on real capital gains on housing will only lead to even bigger price swings and will not be able to redistribute between people appearing on either side of the housing market. Keywords: capital gains tax, housing market, price fluctuations JEL-Classification: H23, H24, R 31. Addresses: URI: http://hdl.handle.net/10398/7640 Files in this item: 1
wpec162004.pdf (178.3Kb) -
Huizinga, Harry; Nielsen, Søren Bo (København, 2005)[More information][Less information]
Abstract: Europe has seen several proposals for tax coordination only in the area of capital income taxation, leaving countries free to adjust their labor taxes. The expectation is that higher capital income tax revenues would cause countries to reduce their labor taxes. This paper shows that such changes in the mix of capital and labor taxes brought on by capital income tax coordination can potentially be welfare reducing. This reflects that in a non-cooperative equilibrium capital income taxes may be more distorting from an international perspective than are labor income taxes. Simulations with a simple model calibrated to EU public finance data suggest that countries indeed lower their labor taxes in response to higher coordinated capital income taxes. The overall welfare effects of capital income tax coordination, however, are estimated to remain positive. JEL Classification: F20, H87 URI: http://hdl.handle.net/10398/7582 Files in this item: 1
wp24-2005.pdf (343.7Kb) -
Dietrich, J. Kimball; Wihlborg, Clas (København, 2003)[More information][Less information]
Abstract: We investigate the effect of changes in capital regulation on the strictness (leniency) of loan terms using a simple model of bank capital requirements and asset quality examinations. Banks offer different levels of "leniency" in the sense of willingness to offer automatic extensions of loans in the presence of temporary payment difficulties of borrowers. Banks offering lenient (less strict) loan terms must have higher initial levels of capital and charge higher loan rates. When capital requirements are increased, both strict and lenient banks hold higher levels of initial capital and they raise loan rates. As capital requirements increase the difference between initial capital levels and between interest rates of strict and lenient banks decrease. Thus, higher capital requirements in recessions tend to reduce the interest rate premium paid for leniency. If a recession is interpreted as an increase in the required return, the interest rate premium paid for leniency is increased in recession at a given level of required capital. URI: http://hdl.handle.net/10398/6804 Files in this item: 1
wplefic082003.pdf (364.4Kb) -
Inference from the Business CycleRose Skaksen, Jan; Sørensen, Anders (København, 2004)[More information][Less information]
Abstract: The relative demand for skills has increased considerably in many OECD countries during recent decades. This development is potentially explained by capital-skill complementarity and high growth rates of capital equipment. When production functions are characterized by capital-skill complementarity, relative wages and employment of skilled labor are countercyclical because capital equipment is a quasi- fixed factor in the short run. The exact behavior of the two variables depends on relative wage flexibility. Relative wages are rigid in Denmark, implying that the employment share of skills should be countercyclical. The labor market is competitive in the United States and therefore relative wages of skilled labor are expected to be countercyclical. We find that the business cycle development of the two economies is consistent with capital-skill complementarity. Keywords: capital-skill complementarity, relative wages, business cycle URI: http://hdl.handle.net/10398/7537 Files in this item: 1
wpec102004.pdf (313.9Kb) -
Model choice and volatility calibrationBajlum, Claus; Tind Larsen, Peter (København, 2007)[More information][Less information]
Abstract: When identifying relative value opportunities across credit and equity markets, the arbitrageur faces two major problems, namely positions based on model misspeci cation and mismeasured inputs. Using credit default swap data, this paper addresses both concerns in a convergence-type trading strategy. In spite of dierences in assumptions governing default and calibration, we nd the exact structural model linking the markets second to timely key inputs. Studying an equally-weighted portfolio of all relative value positions, the excess returns are insigni cant when based on a traditional volatility from historical equity returns. However, relying on an implied volatility from equity options results in a substantial gain in strategy execution and highly signi cant excess returns - even when small gaps are exploited. The gain is largest in the speculative grade segment, and cannot be explained from systematic market risk factors. Although the strategy may seem attractive at an aggregate level, positions on individual obligors can be very risky. URI: http://hdl.handle.net/10398/7196 Files in this item: 1
ssrn-id956839.pdf (424.3Kb) -
Juul Andersen, Torben (København, 2005)[More information][Less information]
Abstract: Previous research found that capital structure affects performance when it is adapted to the level of environmental dynamism and pursuit of an innovation strategy. The current study reproduces some of these relationships in a more recent dataset but also identifies significant nuances across industrial environments. Analyses of a large cross sectional sample and various industry sub-samples suggest that other factors have influenced capital structure effects in recent years including flexibilities in multinational organization and effective strategic risk management capabilities. URI: http://hdl.handle.net/10398/7440 Files in this item: 1
smg wp 2005-002.pdf (601.2Kb) -
A Longitudinal Study of Corporate and Organisational Identity DynamicsKjærgaard, Annemette; Morsing, Mette (København, 2005)[More information][Less information]
Abstract: Research on identity has raised attention to the importance for managers to align corporate and organisational identity, and to express those identity features that are central, distinct and enduring to strengthen corporate image and reputation among a variety of stakeholders. Drawing from an extensive data collection from two longitudinal studies in the same organisation, Oticon A/S, this study challenges the advantage of an enduring corporate identity by exploring how the dynamics between an organisation’s corporate identity and its organisational identity unfolded over time. Following a grounded theoretical approach, a process model is developed to show how the strong corporate identity fluctuated from being productive for the alignment of organisational identity and member identification to being counterproductive during a period of ten years. The paper discusses the implications of endurance of a strong corporate identity, and contrary to prior research we suggest that a strong corporate identity may result in member disidentification. We also suggest that a strong enduring corporate identity may impede organisational development, because top management will disappoint external and internal audiences if a corporate identity change is suggested. The paper concludes by encouraging more longitudinal research to advance knowledge about the complex dynamics of interplay between corporate and organisational identity. URI: http://hdl.handle.net/10398/6451 Files in this item: 1
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from Think Aloud to Participatory AnalysisNielsen, Janni (København, 2004)[More information][Less information]
Abstract: Think Aloud is cost effective, promises access to the user’s mind and is the applied usability technique. But "keep talking" is difficult, besides, the multimodal interface is visual not verbal. Eye-tracking seems to get around the verbalisation problem. It captures the visual focus of attention. However, it is expensive, obtrusive and produces huge amount of data. Besides, eye-tracking do not give access to user’s mind. Capturing interface/cursor tracking may be cost effective. It is easy to install, data collection is automatic and unobtrusive and replaying the captured recording to the user and probing about her actions and thoughts open for participatory analysis. Keywords usability test, cost effective, unobtrusive, TA, eye and cursor tracking, user experience, participatory analysis URI: http://hdl.handle.net/10398/6501 Files in this item: 1
14-2004.pdf (347.6Kb) -
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Abstract: Carlsberg is a leading word company, whose primary activity is the production, sale and distribution of beer and soft drinks, as well as related activities. It is a part of Carlsberg Group, which include also among others: Royal Scandinavia A/S, Combio A/S, Ejendomsaktieselskabet Tuborg and others. Total revenues of the group reach the level of 48,603 millions of DKK. The group employs 28 466 people. URI: http://hdl.handle.net/10398/7053 Files in this item: 1
wp56 carlsberg pl 040402.pdf (400.5Kb) -
Berg, Petter (Frederiksberg, 2012)[More information][Less information]
Abstract: During the last ten years there has been a rigorous debate on how to improve anti-cartel enforcement in Europe. Introducing private enforcements systems, like in the US, was early in the process regarded as one of the most important steps for significant improvements. In contrast to public enforcement, private enforcement relies on adequate compensation to customers harmed by a cartel. But cartel damages are hard to calculate and the European Commission has therefore presented a draft guideline on how to quantify harm to assist courts and claimants. The focus in the guidance is on price effects, but cartels are also likely to cause other types of damage, such as efficiency effects. For example, a Swedish committee investigating cartels in the 1950’s stated that ”A monopolist or a cartel can charge too high prices in relation to its costs. A cartel determines prices after the least efficient firm in the cartel, and hence protects it” (SOU 1951:27). This statement reflects an early awareness that pricing and efficiency effects from cartels are deeply related, and jointly determines the harm for consumers. This thesis aims at re-joining the discussion of cartel prices and efficiencies for the purpose of determining cartel damages. It will focus on the issue outlined above, i.e. cartel behaviour and the harm caused by cartels when a cartel consists of members that are not symmetric in costs. Cost asymmetries can be both exogenous and endogenous to cartel formation, but rather than discussing why asymmetries arise, I will in the four chapters focus on the effect the asymmetries have on cartel prices and hence consumer harm. URI: http://hdl.handle.net/10398/8407 Files in this item: 1
Petter_Berg.pdf (1.385Mb) -
A linguistic contribution to the comparative study of national ways of thinking and communicatingLundquist, Lita (Frederiksberg, 2010)[More information][Less information]
Abstract: Recently, it was observed that the French President Nicolas Sarkozy ‘uses a lot of verbs’ (Calvet & Véronis 2008), what contributes to the impression he makes of being a “turbopresident”. At the same time, the (then) Minister of State in Denmark, Anders Fogh-Rasmussen, was characterised as being arrogant because of his top-down, formal, and impersonal way of communicating. If these two styles of communication stuck out as being noticeable in their French and Danish political framework respectively, it is because they were seen against the backdrop of social norms spelling out other rules for communicating in the two societies; a French norm, for presidents at least, stipulating not to use a lot of verbs, and a Danish norm telling not to be formal and impersonal. URI: http://hdl.handle.net/10398/8207 Files in this item: 1
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Strandsbjerg, Jeppe (København, 2008)[More information][Less information]
Abstract: It is common practice to consider global space a coherent entity that naturally contains social practices and provides the stage for actors of global politics. Yet, such a view ignores the social process of establishing a global space as a framework for other social practices. This paper suggests that an analysis of cartographic practices is key to understand the historical formation of spaces. Drawing on Bruno Latour, I show how the globe has been assembled through cartographic practices in Europe from 1450-1650. I trace how the emerging discipline of cosmography transformed knowledge of the world, and how the Spanish attempts to map the world during the 16th century put in place a system to cartographically establish a new reality of global space. Finally, the paper focuses on how the world was published by Dutch map makers which disseminated this novel global reality and, in effect, made it mobile. This leads to the conclusion that the global map preceded, and assembled, the globe as a unified abstract space enabling the expansion of European political and economic practices. URI: http://hdl.handle.net/10398/7377 Files in this item: 1
wp cbp 2008-45.pdf (951.5Kb) -
Seabrooke, Leonard; Hobson, John (, 2006)[More information][Less information]
Abstract: Our everyday actions have important consequences for the constitution and transformation of the local, national, regional and global contexts. How, what, and with whom we spend, save, invest, buy and produce in our ordinary lives shapes markets and how states choose to intervene in them. The political, economic, and social networks with which we associate ourselves provide us not only with meaning about how we think economic policy is made, but also constitute vehicles for how economic policy, both at home and abroad, should be made. And while elite actors in politics and economics obviously have more direct influence, this should not obscure the point that peripheral actors can challenge the legitimacy of how power is exercised. Nor should it obscure the point that such actors have a good deal more agency in terms of determining their own life experiences as well as those of others through their everyday actions than is commonly recognised. URI: http://hdl.handle.net/10398/7912 Files in this item: 1
WP CBP 2006-26.pdf (156.3Kb) -
Evolutionary Aspects of Technological Learning in Korea's Electronics IndustryErnst, Dieter (København, 1998)[More information][Less information]
Abstract: This paper addresses a puzzle: How is it possible that a country that has established a broad, export-oriented industrial base at record speed, remains vulnerable to the vicissitudes of international finance and currency markets? I argue that the Korean model that was tremendously successful for catching-up, has now reached its limits. The analysis centers on the co-evolution of industry structure and firm behavior. The focus is on the role of technological learning for the development of the electronics industry, a main carrier of Korea´s successful late industrialization. It is shown that a heavy reliance on credit and an extremely unbalanced industry structure have given rise to a narrow knowledge base and a sticky pattern of specialization. Catching-up has focused on capacity and international market share expansion for homogeneous, mass-produced products; very little upgrading has occurred into higher-end and rapidly growing market segments for differentiated products and services. Such truncated upgrading is one important reason for Korea´s vulnerability to the financial and currency crisis. URI: http://hdl.handle.net/10398/8101 Files in this item: 1
x645054827.pdf (221.5Kb) -
analyzing Immanuel Kant's grounding for a metaphysics of moralsBordum, Anders (København, 2002)[More information][Less information]
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Kongsted, Hans Christian; Meisner Nielsen, Kasper; Bennedsen, Morten (København, 2007)[More information][Less information]
Abstract: Boards are endogenously chosen institutions determined by observable and unobservable firm characteristics. Empirical studies of large publicly traded firms have successfully controlled for observable determinants of board size and shown a robust negative relationship between board size and firm performance. The evidence on smaller closely held firms is less clear; we argue that existing work has been incomplete in analyzing the causal relationship due to weak identification strategies. Using a rich data set of almost 6,000 small and medium-sized closely held corporations we provide a causal analysis of board size effects on firm performance using a novel instrument given by the number of children of the founders of the firms. First, we find no empirical evidence of adverse board size effects when the size of the board lies in the typical range for closely held corporations of three to six directors. Second, we find a significantly negative board size effect for the minority of closely held firms that are characterized by having comparatively large boards of seven or more members and non-complex operations. URI: http://hdl.handle.net/10398/7600 Files in this item: 1
wp14-2007.pdf (428.8Kb) -
Pedersen, Torben; Thomsen, Steen (København, 2001)[More information][Less information]
Abstract: The causal relationship between insider ownership and market valuation is tested by simultaneous estimation of the causes and effect of insider ownership among the largest continental European companies. Controlling for nation and industry effects insider ownership (measured by the fraction of "closely held" shares) is found to have a positive effect on market valuation (market-to-book values). And market valuation is found to have a positive feedback effect on the level of insider ownership. The findings provide empirical support for a theoretical model proposed by La Porta et al (1999). But the results are also found to be sensitive to owner identity: while a higher level of financial and corporate insider ownership is found to increase market valuation, family ownership has no significant effect, and a higher level of government ownership is found to reduce market valuation. URI: http://hdl.handle.net/10398/6535 Files in this item: 1
linkwp01-13.pdf (92.70Kb) -
An Empirical Investigation from a Dyad PerspectiveWeber, Oliver Jacob (Frederiksberg, 2010)[More information][Less information]
Abstract: In line with the concept of long-term relationships, as opposed to discrete exchanges, gaining acceptance amongst marketing researchers (e.g. Wilson, 1995; Ganesan, 1994; and Dwyer et al., 1987), the prevalent literature has increasingly emphasised the importance of cooperation between companies. As described in Selnes (1998), the objective of long-term relationships is to establish, maintain and enhance relations with trading partners at a profit. It is a dynamic process, whose success depends on the ability of companies to provide one another with episodes of value on a continuous basis. Definable as, “...similar or complementary coordinated action taken by firms in interdependent relationships to achieve mutual outcomes or singular outcomes with reciprocation over time” (Anderson and Narus, 1990, p. 45), cooperation between companies is viewed as an important foundation to the success of long-term relationships (Eriksson and Sharma, 2003). A joint effort based on coordination of activities thus permits companies to attain outcomes of mutual value otherwise not possible, e.g. exchange efficiency (Cannon and Perreault, 1999), decreased environmental uncertainty (Buvik and Grønhaug, 2000), and management of dependencies (Stern and El-Ansary, 1992).... URI: http://hdl.handle.net/10398/8059 Files in this item: 1
Oliver_Jacob_Weber.pdf (3.917Mb) -
Juel Henrichsen, Peter (, 2009)[More information][Less information]
Abstract: This working paper presents the CBS text-to-speech tool colloquially known as the TtT (Tekst-til-Tale). The tool is intended for training of university-level students, especially linguists training for a degree in speech technology, and visiting foreign students wanting to improve their spoken Danish. The TtT is operated through a simple wwwbased user-interface. Using the TtT requires basic skills in formal grammar-writing, but no knowledge on other aspects of artificial voice development such as phonetic-acoustic quantification, prosodic modelling, and signal generation. The paper includes a user manual. URI: http://hdl.handle.net/10398/7763 Files in this item: 1
2009-1.pdf (363.0Kb)