Browsing Research documents by Title
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Building Bridges Between the Economics of Property Rights and Strategic ManagementFoss, Kirsten; Foss, Nikolai J. (København, 2003)[More information][Less information]
Abstract: Abstract We forge linkages between the economics of property rights (Coase, Demsetz, Cheung, Barzel) and strategic management. Property rights to resources consist of the rights to consume, obtain income from, and alienate these resources. Transaction costs are the costs of exchanging, protecting and capturing property rights. We clarify the key role of transaction costs with respect to understanding value creation and the limitations and opportunities of strategizing relative to competitive forces. The economics of property rights identifies new sources of value creation (i.e., reducing the dissipation caused by transaction costs), and new types of resources (i.e., capture and protection capabilities), clarifies the role of contracting in the exercise of market power, and suggests that "strategizing" and "economizing" perspectives are related to a larger extent than is normally recognized. Refutable propositions are derived. URI: http://hdl.handle.net/10398/6868 Files in this item: 1
link2003-05.pdf (187.6Kb) -
Competitive paper, IMP ASIA Conference, December 6-10, 2009 Kuala Lumpur, MalaysiaEllegaard, Chris; Geersbro, Jens; Medlin, Christopher J. (Frederiksberg, 2009)[More information][Less information]
Abstract: This paper explores the interplay between value creation and appropriation of value by firms within a business network context. These two value processes are inter-linked. Collectively firms create a product of value to an end consumer and a part of that value is appropriated by each firm in the network. Value appropriation is composed of a number of different negotiation processes, value and cost moving between exchange parties and price making and taking spread across time. Value appropriation is a process. Value appropriation is important to a firm’s survival. Firms that appropriate a greater proportion of the value captured by the network, relative to their resource base and costs, will be more profitable. These firms are able to invest in new technologies, resources and business relationships to continually develop their network positions. Value creation in a business network is a result of individual firm efforts, either independently or in relationships. Equally, firms work alone and in groups to appropriate value. Understanding the dynamics and linkages between value creation and appropriation allows a better understanding of how value is created by business firms and by value nets. In the final sections of the paper we present propositions for further research and make recommendations for managers. URI: http://hdl.handle.net/10398/8231 Files in this item: 1
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The case of Hewlett-PackardSøren Nymark (Frederiksberg, 2000)[More information][Less information]
Abstract: Learning organizations’ enable companies to remove hierarchical levels and to introduce a flatter organizational structure, which can lead to reduced costs and increased productivity. A recent Danish study has proved coherence between a flat, integrative organizational structure and an increased productivity. This enables a kind of management in which the managerial form is not as direct as it is in more traditional structured companies. Value-based management is advanced as a possible answer to the question of which managerial form that is appropriate for these kind of companies. In the article, value-based management is described as well as the underlying factors that are affected by such a managerial form. Required managerial elements in relation to value-based management are advanced. Examples from Hewlett-Packard are used to illustrate both the use of value-based management in practice and the underlying factors. URI: http://hdl.handle.net/10398/8077 Files in this item: 1
8778730945.pdf (123.9Kb) -
Interaction, Interconnection and PositionVedel, Mette (Copenhagen, 2010)[More information][Less information]
Abstract: This thesis reports the findings of one of three co-financed research projects under the heading: “Customer driven innovation in the building articles industry”. The issue is value creation in triadic business relationships, and the aim is to explore in what ways the expansion from a dyadic level of analysis to the level of micro-networks can inform our understanding of value creation in intermediated systems. URI: http://hdl.handle.net/10398/8165 Files in this item: 1
Mette_Vedel.pdf (4.461Mb) -
Holm Larsen, Michael (København, 2005)[More information][Less information]
Abstract: As deals are becoming more complex, and as technology, and the people supporting it, are becoming key drivers of merger and acquisition processes, planning of information and communication technologies in early stages of the integration process is vital to the realization of benefits of an Merger & Acquisition process. This statement is substantiated through review of literature from academics as well as practitioners, and case exemplifications of the financial service organization, the Nordea Group. Keywords: ICT Integration, Mergers & Acquisitions, Nordea Group. URI: http://hdl.handle.net/10398/6446 Files in this item: 1
08_2005.pdf (677.0Kb) -
Understanding Technology Decision MakingGimpel, Gregory (Frederiksberg, 2011)[More information][Less information]
Abstract: Recent innovations have integrated information and communication technology (ICT) into the fabric of people’s daily lives. Wireless technology, with its constant presence and transcendence of geographical boundaries, has profoundly influenced people’s behavior and the consumption of technology and related services. During the past few years, wireless technologies have shifted from simple devices offering mobile phone calling to multipurpose devices that incorporate the capabilities of other devices. The multiple uses of these devices, coupled with the blurring of the work-home and utilitarianhedonic technology, creates the need for a new understanding of technology adoption and use.... URI: http://hdl.handle.net/10398/8326 Files in this item: 1
Gregory Gimpel.pdf (7.363Mb) -
A Strategic Analysis FrameworkJetzek, Thorhildur; Avital, Michel; Bjørn-Andersen, Niels (Frederiksberg, 2012)[More information][Less information]
Abstract: Government data has been accumulated for centuries in protected repositories and registries as public record and a matter of civil order. Recently, the Open Government Data (OGD) movement has emerged as a group that focuses on facilitating open access to government data. Proponents of OGD initiatives argue that it can strengthen democracy and improve government through increased participation, collaboration and transparency. OGD advocates are also motivated by its potential contribution to greater productivity and economic growth through increased government efficiency and the creation of new businesses and services. However, as most OGD initiatives are relatively recent, the key questions regarding the value propositions and return on investment of these initiatives remain unanswered. In this theory development paper, we propose a strategic options framework that offers criteria for generating and prioritizing OGD initiatives. The framework can guide structured analysis of the economic and social impacts of OGD with an emphasis on its value propositions for both the public and private sectors. Building on a literature review and fieldwork-based anecdotal evidence, we expect OGD initiatives to generate value and substantial returns through increased transparency, efficiency of government activities, citizen participation and entrepreneurial activity. URI: http://hdl.handle.net/10398/8621 Files in this item: 1
Jetzek.pdf (271.3Kb) -
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Abstract: As a social scientist of ethics and morality, Luhmann has noticed the ethical wave that has recently swept across the western world, and states that this particular kind of wave seems to have a wavelength of about one hundred years (cf. Luhmann 1989: 9 ff.). Even though the frequency and the regularity of such a phenomenon is both hard to verify and, if true, difficult to explain, it seems fair to say that since the Enlightenment, an approaching fin-de-siecle has brought an increased interest in matters concerning morality and ethics.1 The present peak has in public-political discourse and some parts of business ethics given prominence to especially one term, namely ‘value’. The question that interests me is the following: What does the articulation of ethics and morality in terms of values mean for ethics and morality as such. Or, to put the question in a more fashionably way: What is the value of value for morality and ethics? To make things a bit more precise, we can make use of the common distinction between ethics and morality, i.e. that morality is the immediate, collective and unconscious employment of morals, whereas ethics is the systematic, individual and conscious reflections of morals and morality.2 The main question is then, what the use of ‘value’ as the key-term in moral discourses means to morality as such. Accepting ethics as a part of morality - since one cannot be moral without sometimes reflecting on the validity of the morality employed andexperienced - I have attempted to answer this question by investigating what the use of the term ‘value’ leads to in ethical discourses, i.e., what moral implications it has for ethics to focus on the concept of value. URI: http://hdl.handle.net/10398/6327 Files in this item: 1
wp7-2005.pdf (136.5Kb) -
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Abstract: A number of influential studies have documented a considerable value premium for US stocks over long periods of time. Value stocks, defined as companies that trade at low price-earnings or price-book values, are reported to have given a higher mean return than growth stocks trading at high multiples. Outside the US, there is also robust evidence of a value premium for the UK, but otherwise the evidence is more uncertain due to data shortages. Studies of continental European and Asian markets are, for example, based on data that typically only covers 20 years of market history. The purpose of this paper is to report evidence for the Danish market using a consistent data set that extends over the period 1950-2008. On the basis of these data the paper investigates whether the value premium is a stylized fact or just a phenomenon that pops up every few decades only to disappear again. The results show that the Danish value premium exists and is significant over the long run. However, this paper also shows that the premium is not a simple constant but is volatile even across decades. URI: http://hdl.handle.net/10398/8241 Files in this item: 1
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Abstract: A number of influential studies have documented a strong value premium for US stocks over the period 1963 to 1990 (Fama and French (1992), Lakonishok et al. (1994)). Stocks with low price-earnings multiples, price-book values and other measures of value are reported to have given a higher mean return than the high multiple growth firms. Work by Basu (1997) and others have shown that the value dominance is also a feature of the earlier market history of the United States. The value premium is reported also to exist in a number of other countries over the period 1975 to 1995 (Fama and French (1998)). The results for these markets are based on Morgan Stanley (MSCI) data. Since these data are softer due to a relatively short time horizon and due to a small number of stocks in some cases down at 10 stocks, the conclusions are likely to be less robust. There is therefore a need for more research on this issue. The purpose of this paper is to report evidence for the Danish stock market and to test whether the value premium is a genuine long-term feature of the market or just a phenomenon that pops up now and then. To research this issue we have collected accounting and stock market data for more than half a century. We report in particular on the insights obtained when portfolios are formed on the basis of the price-earnings multiple. The paper shows that there is a value premium. The paper also analyzes whether the premium is likely to be due to risk (Fama and French (1992,98)) or mispricing as emphasized by the Behavioral Finance School (Chan et al. (2000), Lakonishok et al. (1994) and La Porta et al. (1997)). URI: http://hdl.handle.net/10398/7613 Files in this item: 1
wp20-2005.pdf (293.8Kb) -
Risager, Ole (København, 2008)[More information][Less information]
Abstract: A number of influential studies have documented a considerable value premium for US stocks over long time periods (Fama and French (1992, 2008), Lakonishok et al. (1994)). Stocks with low price-earnings multiples, price-book values and other measures of value are reported to have given a higher mean return than stocks with high multiples and high asset growth (Cooper et al. (2008)). Outside the US, the evidence is more uncertain due to data shortages. On the basis of a unique data set that extends over more than half a century, this paper not only shows that there is a value premium in the Danish market but also that growth stocks only produce high earnings growth in the run-up to portfolio formation. Growth stocks are therefore likely to have disappointed investors. We therefore also estimate the proportion of the premium that can be explained by growth stocks’ earnings disappointment. URI: http://hdl.handle.net/10398/6560 Files in this item: 1
wp1-2008.pdf (193.1Kb) -
Banghøj, Jesper; Plenborg, Thomas (København, 2006)[More information][Less information]
Abstract: This paper examines if the level of voluntary disclosure affects the association between current returns and future earnings. Economic theory suggests that firms might find it advantageous to provide additional pieces of information (i.e., voluntary disclosure) to investors and analysts (Verrecchia 1983). Our results indicate that more voluntary disclosure does not improve the association between current returns and future earnings; i.e. current returns do not reflect more future earnings news. This finding raises the question whether voluntary information in the annual report contains value relevant information about future earnings or if investors are simply not capable of incorporating voluntary information in the firm value estimates. Key words: Disclosure, future earnings, informativeness URI: http://hdl.handle.net/10398/6742 Files in this item: 1
artikel_udkast_010606.pdf (534.4Kb) -
The Changing Dynamics of Industrial CapitalismLanglois, Richard N. (København, 2002)[More information][Less information]
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Denmark in the Global EconomyCampbell, John L.; Pedersen, Ove K. (København, 2005)[More information][Less information]
Abstract: Proponents of the varieties of capitalism literature maintain that capitalist countries whose institutions best fit either the liberal market economy or coordinated market economy types will perform the best. Countries whose institutions are more mixed will perform less well. This paper challenges that assertion by focusing on Denmark—a country that has performed at least as well as many other advanced capitalist countries during the 1990s, including those that fit much more closely either the pure CME or LME types. Denmark has recently developed a more hybrid form than is generally recognized. The dynamic interaction of elements found in both liberal and coordinated types of capitalism have contributed to its success. This is demonstrated by analyses of the institutions that coordinate Danish labor markets, vocational training, and industrial policy. URI: http://hdl.handle.net/10398/7351 Files in this item: 1
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an institutional investigation of international financial transactionsPiroska, Dóra (København, 2002)[More information][Less information]
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An institutional investigation of international financial transactionsPiroska, Dóra (København, 2004)[More information][Less information]
Abstract: The paper focuses on the foreign debt management of the Hungarian and Slovenian policy makers in the global financial markets. The proposed argument combines a theoretical refinement of international financial markets as locally embedded social relations with a domestically oriented institutional analysis of foreign debt management. I argue that in order to understand the differences between the two states’ debt management strategies, it is important to look at the institutional differences within which the strategies were proposed, rejected or accepted. At this level of analysis the paper also considers the links between globalization of finance and the changing role of the state. URI: http://hdl.handle.net/10398/6947 Files in this item: 1
wp74.pdf (246.7Kb) -
dokumentation, fleksibilitet og delagtiggørelse på ældreområdetHøjlund, Holger (København, 2002)[More information][Less information]
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Munk, Kasper B.; Vintergaard, Christian (København, 2004)[More information][Less information]
Abstract: In contemporary literature on venture capital financial infrastructures are identified as major contributors to a large proportion of today’s innovations. Yet quite contradictory the literature on systems of innovation, hardly ever treat venture capitalists as a coherent actor in neither national nor regional innovation systems. In attempt to locate and determine the potentials and importance of the venture capitalists in the innovation system a two-dimensional taxonomy is constructed and used to illuminate their role and position. The taxonomy gains insights through theoretical reasoning and the possible location is exemplified by a case of the Danish venture capital market. It is argued in this article that venture capitalists stand a better chance of realizing their potential when they take and are given direct and formal responsibility in the innovation system. In relation hereto, the authors thus present initiatives to be taken to raise venture capitalists to a more direct and formal role in the context of systems of innovation. Key words: Venture capital, innovation systems, innovation. URI: http://hdl.handle.net/10398/6314 Files in this item: 1
wp 1 2004.pdf (325.2Kb) -
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Abstract: Valency deals with the question of how many participants a certain verb logically presupposes in order for the event denoted by the verb to be realizable. For instance, it takes only one individual to carry out a sleeping event. Each and every one of us can do that without any assistance from others. Therefore, we say that a verb (or verbs) denoting a sleeping event presupposes one argument, namely the individual doing the sleeping. A full sentence describing a sleeping event, then, typically consists of an appropriate form of the verb plus a phrase, typically an NP denoting the individual who sleeps, as in (1): (1) John sleeps Accordingly, the verb sleeps is described as belonging to the class of Mono-valent verbs, which comprises all intransitive verbs, die, wither, walk, run, liquidate, etc.. In this sentence the argument is realized as an NP with the sentential grammatical function of subject, and the subject has the semantic role of AGENT. Note that sleeping is an intentional act since (more often than not) you can decide whether you want to sleep or not1. URI: http://hdl.handle.net/10398/8673 Files in this item: 1
Per Anker Jensen_Lecture Notes 01.pdf (61.89Kb) -
Boom, Anette (København, 2007)[More information][Less information]
Abstract: We compare investments in generating capacities of an integrated monopolist with the aggregate investments of two vertically integrated competing firms. The firms invest in their capacity and fix the retail price while electricity demand is uncertain. The wholesale price is determined in a unit price auction where the firms know the level of demand when they bid their capacities. Total capacities can be larger or smaller with a duopoly than with a monopoly. If the two firms select the Pareto dominant equilibrium, then the retail price is always higher and the social welfare lower in the duopoly case. URI: http://hdl.handle.net/10398/7572 Files in this item: 1
wp3-2007.pdf (552.5Kb)