Browsing Research documents by Title
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An international analysis - from a legal and economic perspectiveAndersen, Henrik; Cao, Fuguo; Tvarnø, Christina D.; Wang, Ping (Nottingham, 2010)[More information][Less information]
Abstract: This book provides a legal, economic and policy analysis of Public Private Partnerships. It is designed as a text for students at university level, but also for lawyers, procurement officials and policy-makers. The book consists of an EU, a WTO and a Chinese legal perspective. As explained on the cover page, the book was prepared as a part of a collaborative project in higher education, the EU Asia Inter University Network for Teaching and Research in Public Procurement Regulation 2009-2011, funded by the EU. This project involved several universities in Europe and Asia and has sought to promote and support the teaching of public procurement in Europe, Asia and globally. This text is one of five books produced under the auspices of the project that are designed to be used as resources in the teaching of public procurement law and regulation. The main editors and chapter authors are listed below, but it should be recognised that the text is a collaborative effort of all the partners to the extent that it has benefited from input by, and discussions between, many different persons at the different partner institutions. In addition to the authors and editor mentioned below, the text has benefited from editing and proof reading by Laura Graham at the University of Nottingham and text assistance from Marie Pade Andersen , Cecilie Voss and Kim Jørgensen at Copenhagen Business School whose assistance the project would like to acknowledge gratefully. The contents of the book are up to date as of August 2010. It has also been possible to include later developments in some parts of the book. URI: http://hdl.handle.net/10398/8422 Files in this item: 1
public-private_partnership.pdf (1.762Mb) -
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Abstract: Offentlige forvaltninger verden over har været præget af voldsomme reformbølger de seneste 20-30 år, og den private sektor er i stigende grad blevet inddraget i den offentlige serviceproduktion. Privatiseringer og udliciteringer kendetegnede således forvaltningspolitikken i mange vestlige lande op gennem 1980erne og 1990erne. De mange reformtiltag er i forvaltningslitteraturen kendt under betegnelsen New Public Management. En af de senere udviklinger i den moderne forvaltningshistorie er fremkomsten af offentlig-private partnerskaber (OPP). OPP har i dag fået en lignende udbredelse som de tidligere privatiserings- og udliciteringstendenser. De fleste vestlige landeforvaltninger har således forsøgt sig med OPP, og i forvaltningslitteraturen har antallet af publiceringer om emnet været hastigvoksende de seneste cirka 10 år. Trods den store udbredelse, i såvel teori som praksis, skorter der imidlertid med klassifikationer, endsige definitioner af OPP begrebet. Denne afhandling har to centrale formål. Det ene er at afdække OPP begrebets mangetydige betydninger. Det gøres ved at kortlægge hvordan begrebet bliver anvendt i den internationale forvaltningslitteratur. Analysen viser at begrebets grænser er slørede, og at betegnelsen OPP bliver anvendt om en mangfoldighed af offentlig-private samarbejdsformer dækkende over uformaliserede netværksbaserede relationer såvel som stærkt formaliserede kontraktstrukturer. På baggrund af analysen inddeles forvaltningslitteraturen i en række strømninger. Dermed skabes et overblik over feltet som ikke eksisterede forud for analysen. Denne del af analysen munder endvidere ud i en ny måde at klassificere og definere forskellige typer OPP på. OPP er et relativt ungt forskningsfelt. En markant barriere for udviklingen af feltet har været manglen på anerkendte klassificeringer/definitioner. Begrebsdefinitioner er en forudsætning for teoriudvikling. Ved at afdække OPP begrebets mangetydige betydninger, og ved at udvikle nye måder at klassificere og definere OPP på bidrager denne analyse væsentligt til den fremtidige teoriudvikling om OPP. Afhandlingens andet formål er at afdække hvad der kendetegner samarbejdsrelationerne i idriftsatte OPP-projekter. Det er en udbredt opfattelse blandt praktikere såvel som forskere at OPP bebuder noget kvalitativt nyt relativt til de fordums tiders privatiseringer og udliciteringer. Der findes således en udbredt teoretisk diskurs om at OPP indebærer tætte og tillidsbaserede samarbejdsrelationer, dialog og fokus på processer frem for output. På trods af sådanne udbredte forventninger og antagelser om samarbejdsformens karakter, så er der forbavsende få systematiske empiriske studier af hvordan samarbejdsrelationerne ser ud i praksis. Ved empirisk at kortlægge samarbejdets karakter i fem britiske OPP-projekter udfylder afhandlingen derfor et vigtigt hul i den internationale forvaltningslitteratur. Analysen bidrager til litteraturen på to centrale måder. Den viser, for det første, at forventningerne om kvalitativt anderledes samarbejdsrelationer ikke bliver indfriet i flertallet af de analyserede cases. Det forventede skift fra hierarkiske, kontrolorienterede principal-agent relationer mod fladere, tillidsbaserede principalprincipal relationer ses ikke i praksis. For det andet ses der dog alligevel stor variation i den måde hvorpå samarbejdet udmønter sig i de forskellige cases. Den ene case udviser således mange af de førnævnte samarbejdskarakteristika som typisk bliver kædet sammen med OPP. Analyseresultatet peger på, at samarbejdsrelationernes kan udmøntes væsensforskelligt indenfor den samme type kontraktstrukturer. Dette peger videre på, at formelle strukturer kun giver en begrænset indsigt i samarbejdets karakter. For at få en dybere forståelse af OPP, er det derfor nødvendigt at gå bagom kontrakten og analysere hvordan samarbejdsformen udspiller sig i praksis. Der identificeres endvidere en sammenhæng mellem samarbejdspraksis og partnerskabsperformance. De cases som involverer de mest tillidsbaserede og tætte relationer ser samtidig ud til at være de cases, der præsterer bedst. Analyseresultaterne har implikationer for OPP litteraturen og ledelsesmæssige implikationer. For det første giver resultaterne anledning til at revidere den eksisterende teoretiske diskurs om OPP. Der er en tendens i litteraturen til at forbinde bestemte samarbejdsstrukturer med bestemte typer samarbejdsprocesser. Resultaterne her indikerer at disse to dimensioner ikke følger hinanden. Dernæst peger resultaterne på at ressourcer og ledelsesmæssig opmærksomhed med fordel kan rettes mod de løbende samarbejdsprocesser, da dette kan få betydning for samarbejdets udfald. URI: http://hdl.handle.net/10398/7734 Files in this item: 1
Gudrid_Weihe.pdf (4.007Mb) -
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Abstract: There is a great deal of confusion about the meaning of the concept public-private partnership (PPP). Much is written on the subject but only rarely do authors give an adequate account of what they mean when they talk about PPP, nor do they acknowledge that there exist qualitatively different PPP research traditions. The lack of conceptual clarity leads to false statements about PPP, since what is true for one specific PPP-type does not necessarily apply to other forms of PPP. This paper reviews the literature on PPP and argues that there exist at least five distinct approaches in the burgeoning PPP literature with different origins and that it is vital for analytical clarity that authors place themselves within one of these traditions when doing research on PPP. URI: http://hdl.handle.net/10398/7348 Files in this item: 1
ppp_approaches_guri_16.pdf (180.8Kb) -
An Embedded, Comparative Case Study of Municipal Waste Management in England And DenmarkDam, Sofie (Frederiksberg, 2015)[More information][Less information]
Abstract: This PhD concerns the potentials and challenges for conducting innovation in public-private partnerships (PPPs) towards the objective of transforming municipal waste management towards more sustainable systems. In recent years, local authorities have been met with intensified demands from the EU and national governments to change existing waste management systems from solutions based on disposal and recovery towards more recycling and prevention and at the same time deliver more efficient waste management services through the inclusion of private businesses. These two demands may to some degree be mutually supportive, but may also lead to challenges in the prioritization and development of new solutions. URI: http://hdl.handle.net/10398/9169 Files in this item: 1
Sofie Dam.pdf (2.365Mb) -
With Comparative and Multi-level Case Studies from Denmark and IrelandHelby Petersen, Ole (Frederiksberg, 2011)[More information][Less information]
Abstract: This PhD dissertation studies national similarities and differences in policy and regulation of public-private partnerships (PPPs), with an empirical focus on Denmark and Ireland. The starting point and motivation for the study is the observation that whereas PPPs are often depicted in the academic literature and in policy practice as a globally disseminated governance scheme, in reality, a closer examination of the PPP reform landscape reveals significant differences in national governments’ PPP policy and regulation and in the amount of actually implemented PPP projects. By comparing the initiatives taken by the Irish government, which has embraced PPPs, with those of the Danish government, which has been a PPP sceptic, this study inquires into the fundamental questions as to how, why and to what consequences some governments have developed widespread policy and regulation frameworks to support the implementation of PPPs, whereas others have been much more reluctant. The dissertation addressed four research questions: (i) what are the key actors, strategies and institutions that create policies and regulations for the formation of PPPs?; (ii) how did governments’ PPP policies and regulations develop over time, and how can their similarities and differences be explained?; (iii) how do differing national policy and regulation frameworks serve to facilitate or hinder the formation of PPPs, exemplified by four case studies from the schools sector?; (iv) what framework conditions does the EU set for PPP initiatives at national and sub-national levels? The main aim of the dissertation is to study how and why national PPP policy and regulation frameworks developed over time. At the national government level, the study thus contains both diachronic and synchronic analysis. Furthermore, in line with previous research within what has been called the governance approach within PPP studies, policy and regulation are also seen as constitutive elements that tap into and set the general framework conditions and institutional ‘rules of the game’ for the realisation of concrete PPP projects. The comparative interest at the central government level is thus supplemented by an analysis (a) of the interplay between decisions about policy and regulation at the national level and the formation of concrete PPP projects, and (b) of the EU’s role in regulating decisions about PPPs at national level and in relation to the formation of concrete PPP schemes. A main finding is that whereas academic PPP literature often portrays governments’ rationales for resorting to PPPs in terms of achieving innovation, collaborative advantage, value-for-money, new market possibilities, improved risk sharing etc., the findings brought to the fore in this dissertation suggest that a primary objective indeed was to remove major public infrastructure investments from governments’ balance sheets, and thereby reduce the pressure on public capital budgets and provide more infrastructure than would otherwise be possible. However, as the off balance sheet rationale has been shown to be largely false, because there is always a bill to pay in the long term, this raise a number of broader legitimacy and accountability issues, which the present PPP policy and regulation frameworks of governments do not seem to adequately address. URI: http://hdl.handle.net/10398/9114 Files in this item: 1
Ole_Helby_Petersen.pdf (1.358Mb) -
A processual and embedded explorationStelling, Christiane (Frederiksberg, 2014)[More information][Less information]
Abstract: This thesis addresses the need, development and management of trust in Public-Private Partnerships (PPPs), an issue that thus far has received only very little attention. For this purpose, the dissertation contributes with four separate articles, of which the first two explore the main concepts – PPPs and trust – while the last two present the empirical exploration of trusting in PPPs by drawing on four in-depth case studies. The exploration of the PPP concept in the first article focuses on the definitory and classificatory practices across disciplinary and professional fields and contributes with an inductive map of the dominant patterns. The review of PPP publications argues that the main divergence lies in the focus on two differing dimensions. While a first group focuses on PPPs as a new way of distributing responsibilities across public and private partners a second group defines PPPs as a new means for joint decision-making and interactive collaboration between public and private partners. For the thesis it is especially the second dimension – the relational - that becomes relevant when trust moves centre-stage. In the second article, the dissertation addresses trust conceptualizations in an interorganizational setting. The article argues for a more processual approach to (re)embed trust in time and space. Following, the paper develops a processual framework for studying interorganizational trusting as ever evolving, always embedded and not least rooted in individual experiences of organizational members from various organizational levels. Finally, the article highlights the constitutive importance of contingency not only creating the need for trust but also its precondition. It is because we experience the future as open (contingent) that we are in need and able to form trust, i.e. suspend doubts and form positive expectations about another’s future behaviour despite he/she has the possibility for alternative actions. URI: http://hdl.handle.net/10398/8942 Files in this item: 1
Christiane_Stelling.pdf (1.915Mb) -
An explorative study of the contracts of the Tender Electronic Daily (TED)la Cour, Lisbeth; Milhøj, Anders (Frederiksberg, 2013)[More information][Less information]
Abstract: Public procurement is estimated to constitute more than 16% of GDP in the EU, see e.g. Ramsey (2006). This is one of the reasons why a lot of interest has been attached to this topic. Most of the papers in this field have been of a theoretical nature but during the last ten years also a few empirical studies have become available, see e.g. Marion, J. (2007) and Bajari et al (2008). At the EU level liberalizations have been going on since the late 80’ies (see e.g. the EU commission (1985). Here certain regulations imply that public projects of a certain size need to be subject to a public tender. Again according to Ramsey (2006) around 16% of all public procurement in the EU is subject to these rules and regulations and information on the contracts corresponding to these 16% can be found in Tenders Electronic Daily (TED) database. In general, the hypothesis is that public procurement will increase competition and ultimately lead to cheaper contracts for the authorities, see e.g. Cecchini (1988) for the economic arguments. But in practice: do the rules and regulations ensure more competition? Do they lead to more internationalization in the sense that more foreign firms become contract winners? Do the government and municipalities in the EU countries actually gain economically from the procurement? Does the choice of type of procedure matter? A lot of interesting questions immediately pops up and some of them – but only some of them - may be analyzed based on the content of this data base. Still, due to the large coverage and the international nature of the data base we believe that a thoroughly study of the possibilities of TED is of major interest and the present study is just a first step in this direction. One of the students who extracted the TED data has also used them for analysis in his master thesis, see Bundsgaard (2010). He has, however, limited his interest to analyze the choice of procedure: auction vs. negotiation and therefore our study has a broader scope when it comes to available variables. To our knowledge we are the first group of researchers who begins to analyze the content of this database using explorative statistical techniques based on a broad range of variables. URI: http://hdl.handle.net/10398/8686 Files in this item: 1
Lisbeth la Cour_SYMP_13.pdf (172.5Kb) -
en introduktionPlenborg, Thomas; Knudsen, Hans Jørgen; Bang Christensen, Tinus (Frederiksberg, 2009)[More information][Less information]
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The Rebranding of Georg JensenKarmark, Esben; Csaba, Fabian Faurholt; Beckmann, Suzanne C. (Frederiksberg, 2015)[More information][Less information]
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Agersnap, Flemming; Witfelt, Claus; Löfvall, Steffen; Find, Anders (København, 2003)[More information][Less information]
Abstract: I dette working paper præsenteres og diskuteres et e-læringskoncept: Pædagogisk Selvtræning. Først vises den medietekniske udformning. Dernæst præsenteres et læringsteoretisk grundlag for konceptet ud fra K. Illeris, 2001. Det starter ud fra de læringsprocesser (kognitive, psykodynamiske og sociale), som foregår i brugere af konceptet, lærere så vel som studerende. Ud fra denne model diskuteres, hvordan denne viden kan være vejledende for lærerens resp. den studerendes direkte aktivitet i klasselokalet. Problemet for brugeren (en lærer eller en student) er dels at diagnosticere situationen på holdet, ved eksamen e.l. og dels at finde/vælge en reaktionsmåde, der er relevant hertil. Det er disse kompetencer, Pædagogisk Selvtræning søger at udvikle. Til sidst diskuteres, hvordan Pædagogisk Selvtræning kan videreudvikles og indplaceres ift. andre, fx IT-baserede undervisningsformer. URI: http://hdl.handle.net/10398/6691 Files in this item: 1
dokument 20.pdf (818.1Kb) -
Johannsen Duus, Henrik; Bjerre, Mogens (Frederiksberg, 2015)[More information][Less information]
Abstract: Qualitative value profiling (QVP) is a relatively unknown method of strategic analysis for companies in international business-to-business settings. The purpose of QVP is to reduce the information complexity that is faced by international companies in dealing with business partners. The QVP method allows the development of 1) profiles of the target country in which operations are to take place, 2) profiles of the buying center (i.e. the group of decision makers) in the partner company, and 3) profiles of the product/service offering. It also allows the development of a semantic scaling method for deeper analysis of all involved factors. This paper presents the method and compares and contrasts it with other similar methods like the PESTELE method known from corporate strategy, the STEEPAL method known from scenario analysis, and the Politics-Institutions-Economy (PIE) framework known from International Business. This comparison suggests that QVP on most accounts provides deeper insights than alternative methods and thus lays the foundation for better strategic planning in international business-to-business markets. Hence, it is a valuable addition to the toolbox of business strategists and consequently, for the advancement of international development. Further use of QVP is recommended and suggestions for future research are provided. URI: http://hdl.handle.net/10398/9243 Files in this item: 1
Johansen Duus_Bjerre_2015.pdf (266.4Kb) -
A RessessmentJohannsen Duus, Henrik; Bjerre, Mogens (Frederiksberg, 2015)[More information][Less information]
Abstract: Qualitative value profiling (QVP) is a relatively unknown method of strategic analysis for companies in international business-to-business settings. The purpose of QVP is to reduce the information complexity that is faced by international companies in dealing with business partners. The QVP method allows the development of 1) profiles of the target country in which operations are to take place, 2) profiles of the buying center (i.e. the group of decision makers) in the partner company, and 3) profiles of the product/service offering. It also allows the development of a semantic scaling method for deeper analysis of all involved factors. This paper presents the method and compares and contrasts it with other similar methods like the PESTELE method known from corporate strategy, the STEEPAL method known from scenario analysis, and the Politics-Institutions-Economy (PIE) framework known from International Business. This comparison suggests that QVP on most accounts provides deeper insights than alternative methods and thus lays the foundation for better strategic planning in international business-to-business markets. Hence, it is a valuable addition to the toolbox of business strategists and consequently, for the advancement of international development. Further use of QVP is recommended and suggestions for future research are provided. URI: http://hdl.handle.net/10398/9237 Files in this item: 1
henrik_duusP.pdf (287.1Kb) -
Hansson, Finn (København, 2003)[More information][Less information]
Abstract: A central issue in science policy today is the changing role and function of research evaluation. How is quality selected, has local organizational traditions and managerial practices influence on the research evaluation? Who is perceived as peers or evaluators by the researchers and by managers? Recent organizational theory has focused on organizational and social dimensions in private knowledge-based companies, but left out research organizations. How important is the organizational context for the research evaluation processes? The paper will present results from an interview-based study of four private and public research organizations and discuss the importance of the organizational context on the production of new knowledge. URI: http://hdl.handle.net/10398/6310 Files in this item: 1
wp23-2003.pdf (248.6Kb) -
The role of internal controls and materialityChristensen, Leif (Frederiksberg, 2016)[More information][Less information]
Abstract: Accounting and auditing is closely related to the quality of data. Two important elements supporting the quality of information are internal controls and materiality. Inspired by Simons (1994), these elements can be considered “basic building blocks”. Internal controls are perhaps the most important element, as they ensure that information used for management purposes has the required quality (Kinney, 2000). This information can be used as a basis for preparing the external financial reporting (COSO, 2013) and as a prerequisite for establishing information-based management control systems (MCS) (Simons, 1994). When regarding management controls as a package, internal controls are part of the administrative controls and often formalised in policies and procedures (Malmi and Brown, 2008). The level of controls should be guided by the need for reliable information. These considerations are linked to another “basic building block”, namely the concept of materiality. The basic meaning of materiality is “that there is no need to be concerned with what is not important or with what does not matter” (Bernstein, 1967). Gaining an understanding of these concepts is important in order to answer the question “when is enough – enough?” The information should be both reliable and relevant, but there is also the cost to consider, since companies spend considerable resources on the design, implementation and operation of administrative controls and financial reporting (Carney, 2006). It is also important to understand these concepts when performing an audit of the internal controls embedded in the company systems and processes (Kinney et al., 2013), as well as when preparing an annual report. The overall objective of this thesis is to add to the understanding of the role of internal controls and materiality. The three articles included aim at meeting this objective by analysing selected areas within accounting and auditing. URI: http://hdl.handle.net/10398/9353 Files in this item: 1
Leif Christensen.pdf (2.457Mb) -
implications of recent nonparametric testsDahl, Christian M.; Nielsen, Steen (København, 2001)[More information][Less information]
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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) -
Beier, Niels C.; Jensen, Heidi Steen; Jørgensen, Martin; Moshøj, Christina Mary; Blyt, Janne; Kleve, Aslaug; Steenstrup, Jakob; Hammer-Jespersen, Lars; Rosenmejer, Jeppe; Heide-Jørgensen, Caroline; Jakobsen, Søren Sandfeld; Hansen, Torben; Nørbæk, Line; Nielsen, Christina Toftegaard; Gullander, Michelle Anne; Banke, Lars M. (Valby, 2016)[More information][Less information]
Abstract: Formålet med markedsføringsloven er, at den skal understøtte fair konkurrence samt gode forbrugerforhold. Markedsføringsloven udgør således en væsentlig rammebetingelse for alle virksomheder og forbrugere i Danmark. Fair konkurrence, og en hensigtsmæssig forbrugerbeskyttelse, hvor forbrugerne er beskyttet mod fx at blive vildledt eller udsat for aggressiv markedsføring, understøtter velfungerende markeder. Markedsføring er i høj grad reguleret af fælles europæiske regler. Siden den sidste store revision af markedsføringsloven, der skete i 2005, har der været en række ændringer af markedsføringsloven i forbindelse med gennemførelse af EU-regler, herunder særlig direktivet om urimelig handelspraksis. Disse ændringer har savnet en egentlig integrering med lovens øvrige regler. Det har betydet, at en række af reglerne overlapper hinanden, og at loven flere steder fremstår fragmenteret. Det har også medført en åbningsskrivelse fra Europa- Kommissionen, som gør opmærksom på, at Danmark på en række punkter, efter Europa- Kommissionens opfattelse, ikke har implementeret direktivet om urimelig handelspraksis korrekt. Den teknologiske udvikling har endvidere givet virksomhederne nye måder at markedsføre sig på. Det har dels skabt udfordringer for virksomhederne, der kan være usikre på, om deres kommunikation holder sig inden for lovens rammer, og dels for forbrugerne i forhold til, hvilke rettigheder de har. Der er endvidere behov for at se på de redskaber, Forbrugerombudsmanden har til rådighed i sin håndhævelse. URI: http://hdl.handle.net/10398/9345 Files in this item: 1
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Kjærgaard, Annemette (Frederiksberg, 2012)[More information][Less information]
Abstract: Vi afholdt i efterårssemestret 2012 en fastholdelsesworkshop for de nye studerende på HA(it) med økonomisk støtte fra uddannelsesdekanen. I denne rapport vil vi kort gøre rede for forløbet samt de umiddelbare reaktioner fra de studerende som deltog. Det er først muligt at sammenligne tal for frafald med tidligere årgange til sommer 2013, når de studerende aktivt skal semestertilmelde sig, så denne rapport har ingen resultater ift fastholdelsesmålet. URI: http://hdl.handle.net/10398/8652 Files in this item: 1
Kjaergaard.pdf (1.317Mb) -
Udarbejdet for Penge- og PensionspaneletChristiansen, Charlotte; Hasager, Leif; Astrup Jensen, Bjarne (København, 2011)[More information][Less information]
Abstract: Denne rapport er udarbejdet efter anmodning fra Penge- og Pensionspanelet (PPP). Ifølge udvalgets kommissorium har udvalget haft til opgave at udarbejde en rapport indeholdende forslag til anbefalinger om investering i obligationer og obligationsbaserede investeringsforeninger. M algruppen er fastlagt som danske ikke-professionelle investorer, og anbefalingerne forventes at være operationelle og letforst aelige samt veldokumenterede. URI: http://hdl.handle.net/10398/8535 Files in this item: 1
Astrup_Rapport_2011.pdf (390.1Kb) -
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)