Browsing Research documents by Title
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Armerin, Frederik; Björk, Tomas; Astrup Jensen, Bjarne (København, 2005)[More information][Less information]
Abstract: We investigate the possibility of an arbitrage free model for the term structure of interest rates where the yield curve only changes through a parallel shift. We consider HJM type forward rate models driven by a multidimensionalWiener process as well as by a general marked point process. Within this general framework we show that there does indeed exist a large variety of nontrivial parallel shift term structure models, and we also describe these in detail. We also show that there exists no nontrivial flat term structure model. The same analysis is repeated for the similar case, where the yield curve only changes through proportional shifts. Key words: bond market, term structure of interest rates, flat term structures. URI: http://hdl.handle.net/10398/7137 Files in this item: 1
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Raffnsøe, Sverre (København, 2006)[More information][Less information]
Abstract: Currently, terrorism provokes a widespread feeling of insecurity and global reactions to the terrorist attacks. This is not simply because it poses a substantial threat to society and to the lives of individual citizens. The relatively rare incidents of terrorism cause emotional overreaction because they challenge and intensify the contract that supersaturates today’s society. In the welfare society one can observe the existence of a diffuse but widespread social contract, which has become the single most cohesive element in the social fabric. According the terms of this contract, we agree to care for all and everyone and improve our wellbeing at an individual and collective level. Through its concrete institutions and organizations, the welfare society provides its citizens with a whole range of offers that he or she is unable to refuse. The agreement on perpetual self-improvement and mutual amelioration pervades an organisation and work culture in both the public and private sectors which encompasses our entire existence. The common aim of the furtherance of humanity has enabled us develop in multi-faceted ways. But at the very same time it establishes a logic of mutual self-sacrifice. We agree to cure one another to death. URI: http://hdl.handle.net/10398/6321 Files in this item: 1
wp1-2006.pdf (122.3Kb) -
the Danish cement industryla Cour, Lisbeth Funding; Møllgård, Peter (København, 2000)[More information][Less information]
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[More information][Less information]
Abstract: It has become common over the last 25 years to formulate general ethical standards for management of public administration, not only in developing countries, but in most western democratic societies too. Standards of ethical conduct currently exist for public managers in USA, England, New Zealand, Canada, Australia5, and a number of other countries6. They apply to members of the civil service on the basis of professional merits (meritocracy) as well as to public officials on the basis of their political appointment (politocracy). URI: http://hdl.handle.net/10398/7791 Files in this item: 1
WP CBP 2009-64.pdf (159.2Kb) -
Adaptive Appropriation in Japanese Labor Law and the Roman Catholic Social QuestionTackney, Charles (Frederiksberg, 2012)[More information][Less information]
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suppressing margins and entrepreneurshipFoss, Kirsten; Foss, Nicolai Juul (København, 2000)[More information][Less information]
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a review of the four dominant perspectivesHansen, Michael W. (København, 1995)[More information][Less information]
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Vetterlein, Antje; Brown, Dana; Roemer-Mahler, Anne (København, 2009)[More information][Less information]
Abstract: An increasing number of firms are engaging in social and environmental initiatives beyond their core business activities. While much has been written on the question of why business should be spending resources on social and environmental causes, relatively few studies have systematically addressed the question of why companies actually do engage in such activities. A notable exception is literature on the ‘business case’ for corporate social responsibility, which argues that good social and environmental performance will positively affect a company’s financial results. Empirical evidence, however, has failed to prove this. Moreover, even if there is an economic rationale, it is not clear why some companies engage in social activities while others do not. And, why do many more companies today ‘see’ the business case than in the past? Our paper attempts to conceptualise the motives of companies to engage or not to engage in such activities. Drawing on theories from Management Studies, Sociology, Political Science and International Relations, we suggest modifying the notion of the business case by opening the black box of the corporation’s identity as a social actor. URI: http://hdl.handle.net/10398/7337 Files in this item: 1
wp cbp 2008-61.pdf (157.8Kb) -
A Market-Based Alternative to Government?Hodge, Graeme; Greve, Carsten (Frederiksberg, 2011)[More information][Less information]
Abstract: One of the paradoxes of the past few decades has been the continuity and even growth of infrastructure Public-Private Partnerships (PPPs) despite the loud voices of critics and harsh judgments of some academics. Indeed, there is little doubt about the success of PPPs judging on the basis of increasing global interest, the frequency of use in countries such as the United Kingdom or Australia, or by the spectacular delivery of timely new infrastructure. There has been considerable work undertaken to date on the multiple meanings of PPP more generally, on the multiple disciplinary languages spoken by commentators and on the evaluation challenges faced by those interested in assessing PPPs as projects or activities. There has been less work undertaken, however, on the meanings given to how PPP has been judged as ‘successful’ by implementing governments. Indeed, the criteria on which governments might judge PPP as a success story seems to be inherently ambiguous and as politically oriented as it is oriented towards more traditional utilitarian policy goals concerned with project delivery or efficiency. In view of the continuity of PPPs post-GFC, the very nature of ‘PPP success’ needs serious rethinking. This paper explores the notion of ‘success’ for PPP and argues that short of embarrassing and large scale corruption or widespread incompetence, PPP and PPP projects are inevitably judged as ‘successful’ in government. This is not only because the PPP concept itself is so wonderfully amorphous and ambiguous, but because each strand of PPP has multiple goals. Infrastructure PPPs for example, have fifteen or so different goals. The criteria for success are therefore multi-faceted and themselves incorporate the very goals of government itself. It is inevitable that PPPs are seen by government to help create public value as well as private value. The paper uses theories of policy success and evaluation studies to assess how ‘success’ is interpreted. The paper concludes that many of the claims for PPP success and failure are therefore, to an extent, self defining exercises. URI: http://hdl.handle.net/10398/8573 Files in this item: 1
Greve_2011_c.pdf (320.9Kb) -
Bordum, Anders (København, 2002)[More information][Less information]
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Debates and a Novel ViewFoss, Nikolai J. (København, 2007)[More information][Less information]
Abstract: Arguments derived from the theory of science have been present in strategic management discourse since at least the beginning of the 1970s. The field’s topjournal,the Strategic Management Journal, has printed several theory of sciencebased papers. Most positions in the theory of science (falsificationism, instrumentalism, realism, constructivism, etc.) have been present in the methodological discourse in the field. This chapter briefly reviews theory science applications to strategic management, before a distinctive perspective on the evolution of the strategic management field is developed. According to this perspective, science progresses when deeper level mechanisms are identified and theorized. Theoretical reduction may therefore be an independent criterion of scientific progress. Application to the strategic management field of this perspective, which in the social sciences is closely connected to the notion of methodological individualism, reveals that the field has evolved in a manner akin to a swinging pendulum, oscillating between micro and macro perspectives. URI: http://hdl.handle.net/10398/7441 Files in this item: 1
cbs forskningsindberetning smg 7.pdf (211.0Kb) -
Foss, Nicolai Juul; Lando, Henrik; Thomsen, Steen (København, 1998)[More information][Less information]
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an introduction to themes and contributionsFoss, Nikolaj Juul (København, 1998)[More information][Less information]
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A Stocktaking and AssessmentFoss, Nicolai J.; Klein, Peter G. (København, 2005)[More information][Less information]
Abstract: Ever since its emergence in the 1970s the modern economic or Coasian theory of the firm has been discussed and challenged by sociologists, heterodox economists, management scholars, and other critics. This chapter reviews and assesses these critiques, focusing on behavioral issues (bounded rationality and motivation), process (including path dependence and the selection argument), entrepreneurship, and the challenge from knowledge-based theories of the firm. JEL Codes: B4, D23, L14, L22 URI: http://hdl.handle.net/10398/7312 Files in this item: 1
ckg-wp 2005-2.pdf (192.3Kb) -
A Stocktaking and AssessmentFoss, Nicolai J.; Klein, Peter G. (Frederiksberg, 2005)[More information][Less information]
Abstract: Ever since its emergence in the 1970s the modern economic or Coasian theory of the firm has been discussed and challenged by sociologists, heterodox economists, management scholars, and other critics. This chapter reviews and assesses these critiques, focusing on behavioral issues (bounded rationality and motivation), process (including path dependence and the selection argument), entrepreneurship, and the challenge from knowledge-based theories of the firm. URI: http://hdl.handle.net/10398/7890 Files in this item: 1
DRUID_05_03.pdf (363.9Kb) -
A five-act Spestrale on Online Communication, Collaboration & OrganizationTunby Guldbrandsen, Ib (Frederiksberg, 2012)[More information][Less information]
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Precursor of the Competence-Based Approach to the FirmJ. Foss, Nicolai (København, 1996)[More information][Less information]
Abstract: This paper makes the point that Thorstein Veblen should be considered one of the important precursors of the emerging competence-based approach to the firm. Thus, the emphasis in this literature on firms as path-dependent entities characterised by their heterogeneous knowledgebases, operating under conditions of genuine uncertainty, and existing because they provide moral and cognitive communities that foster the development of productive competencies, can all be traced to key themes in Veblen’s work. URI: http://hdl.handle.net/10398/8118 Files in this item: 1
8778730155.pdf (129.0Kb) -
Precursor of The Competence-Based Approach to The FirmFoss, Nicolai J. (Frederiksberg, 1996)[More information][Less information]
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Dick-Nielsen, Jens (Frederiksberg, 2010)[More information][Less information]
Abstract: The three essays study the US corporate bond market with special attention to bond liquidity. All essays are empirical studies which rely heavily on the availability of transactions data. Earlier studies had to use quoted bond prices for empirical studies, but with the introduction of the TRACE system and with the following dissemination of transaction prices the data quality on corporate bonds has improved immensely. In the years after 2000 a range of studies assessed the performance of structural credit risk models and found that they were not able to fully explain the size of the average credit spread for corporate bonds. Huang and Huang (2003) suggested (among others) that the remaining non-default-component of the credit spread was an illiquidity premium. Using transaction data this thesis studies the impact of illiquidity and trading frictions on corporate bonds. URI: http://hdl.handle.net/10398/8198 Files in this item: 1
Jens_Dick-Nielsen.pdf (3.104Mb) -
Blomgren-Hansen, Niels (København, 2005)[More information][Less information]
Abstract: Samuelson (1958) analyses a three-period model, whereas Diamod (1965) considers a two-period model. This difference poses the question whether the insights derived by analysing the simple two-period model carry over in the more complicated three-period case. They do. The Samuelson model (no productive capital) has only one positive solution (r = n); however, this root is unstable. The Diamond model (no nonproductive abode of purchasing power) has also only one positive solution; the root is stable but inefficient. In a model with both productive capital and a non-productive abode of purchasing power, the inefficient Diamond solution becomes unstable and the socially optimal solution becomes stable. URI: http://hdl.handle.net/10398/7575 Files in this item: 1
wp15-2005.pdf (130.6Kb)