Ph.D. theses (ECON) Titler
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Berg, Petter (Frederiksberg, 2012)[Flere oplysninger][Færre oplysninger]
Resume: 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 Filer i denne post: 1
Petter_Berg.pdf (1.385Mb) -
Webber, Stuart (Frederiksberg, 2012)[Flere oplysninger][Færre oplysninger]
Resume: This dissertation analyzes ways in which Multinational Enterprises (MNEs) shift profits from one country to another to reduce their income tax expense. This is an important topic for a number of reasons. From a country’s perspective, its income tax rates and policies can have a significant impact upon its tax revenue, economic competitiveness, and the vibrancy of its economy. From the MNE’s perspective, income tax rates and policies determine a firm’s tax obligations, and thus affect net income and enterprise value. The dissertation examines several ways in which MNEs shift profits to reduce income taxes, and consists of five chapters. The introductory chapter reviews the economic evidence demonstrating firms shift profits from one country to another in response to tax rates. In the past two decades a number of economic studies have shown firms use tax and accounting techniques to shift reported profits to low tax jurisdictions, and that chapter reviews key articles that have demonstrated this. The second paper explains how MNEs finance international investments to shift interest income to low-tax jurisdictions. It reviews government tax policies in a number of countries that have been enacted to limit interest income shifting, and recommends an approach to control this activity. The third paper examines tax efficient supply chains, in which tax departments and supply chain organizations collaborate to site business operations to achieve supply chain objectives and reduce tax obligations. The fourth chapter analyzes how some U.S.-headquartered firms have moved their corporate headquarters from the U.S. to tax havens, to reduce their tax expense and avoid U.S. international tax policies. The fifth and final chapter examines new U.S. tax regulations that propose to value intellectual property transfers in the same way outside investors would, which the U.S. Internal Revenue Service (IRS) calls its “investor model.” It also makes recommendations concerning how the investor model can be improved. URI: http://hdl.handle.net/10398/8457 Filer i denne post: 1
Stuart_Webber.pdf (1.230Mb) -
Urban, Dieter (Frederiksberg, 1999)[Flere oplysninger][Færre oplysninger]
Resume: Denne Ph.D. afhandling søger af sammenknytte to nationaløkonomiske problemkredse: Økonomisk vækst og økonomisk geografi. Afhandlingens centrale spørgsmål er: Vil økonomisk vækst føre til industriel koncentration eller industriel spredning? Hvordan påvirker en ændring i industriens lokalisering regional og national vækst? Hvilken indflydelse har den stadig tættere integration på økonomisk vækst og industrikoncentration? Afhandlingen består af fem kapitler. Kapitlerne er nært forbundne, men kan læses uafhængigt af hinanden. Kapitel 1 er et introduktionskapitel. Det indeholder en oversigt over litteraturen på området og et resume af de i denne afhandling fremlagte forskningsbidrag. Udgangspunktet for min forskning har været Krugman’s banebrydende artikel “Economic Geography and Increasing Returns” fra 1991. Heri udvikler han en model, der kan forklare, under hvilke omstændigheder, industrier tenderer at koncentrere sig i en land eller en region. Artiklen mangler imidlertid en fulstændig analytisk løsning af modellen, og intuitionen bag dens centrale sammenhænge er uklar. Kapitel 2 tilstræber at råde bod på disse svagheder. Kapitlet indeholder dels en rigoristisk analytisk løsning, dels en simpel grafisk illustration af Krugman’s model. Det påpeges, at der er en nær analogi mellem Krugman’s model og neoklassisk udenrigshandelsteori baseret på antagelsen om heterogene agenter. I kapitel 3 vises, at Krugman’s model har en unik kortsigtet ligevægt, men multiple langsigtede ligevægte. Afhængig af industriens initiale fordeling vil en relativt mindre industrialiseret økonomi enten af-industrialiseres eller konvergere mod samme udviklingstrin som den mere industrialiserede økonomi. Den mulige eksistens af en “fattigdomsfælde”, hvoraf en økonomi ikke kan udvikle sig ved egen kraft, giver en teoretisk begrundelse for, at aftaler om fri bevægelse for varer og kapital (eksempelvis inden for EU) kædes sammen med aftaler om strukturstøtte til de mindre industrialiserede regioner. I kapitel 4 integreres økonomisk geografi og neoklassisk vækstteori i en model, der simultant forklarer økonomisk vækst og industriens fordeling. Det påvises, at der er to regimer: Et neoklassisk “catching-up” regime, hvor økonomierne gradvis konvergerer, og et fattigdomsregime”, hvor forskellen i økonomisk udvikling udvides. Det påvises, at afvikling af handelsbarrierer kan eliminere fattigdomsfælden, således at mere tilbagestående lande med tiden vil tilnærme sig de mere udviklede økonomier. Kapitel 5 er en empirisk test af den model, der udvikles i kapitel 4, mod data for USA og Japan. Testen viser, at modellen ikke kan afvises for så vidt angår perioden efter Bretton Woods fast-kurs systemets sammenbrud i 1972. Under Bretton Woods systemet synes de to økonomer at have udviklet sig uafhængigt af hinanden, hvorfor modellen må afvises for denne periode. URI: http://hdl.handle.net/10398/7914 Filer i denne post: 1
Dieter_Urban.pdf (1.410Mb) -
Skibsted, Marie Kruse (Frederiksberg, 2016)[Flere oplysninger][Færre oplysninger]
Resume: This thesis focuses on individuals’ educational achievements and labor market outcomes in a Danish context. Particularly, the thesis aims at determining the returns to specific tertiary educational decisions and understanding the mechanisms underlying such decisions. These related objectives are addressed using econometric methods applied on Danish micro data. All four chapters are empirical studies and combine data from different sources. The main source of data is an administrative data set obtained from Copenhagen Business School (CBS) that contains detailed educational information on students enrolled at CBS. I combine this data with register data obtained from Statistics Denmark. The educational data is the core of Chapter 2, Chapter 3, and Chapter 4 and defines the sample in these chapters. Chapter 1 relies exclusively on data from Statistics Denmark. Chapter 1 (a joint work with Anders Sørensen from Copenhagen Business School) estimates the wage premium of those with a master’s degree in business economics and management when compared to the wages of those with master’s degrees in other fields in the social sciences. By means of an Instrumental Variable (IV) approach, we identify the returns to a business education by addressing the endogenous selection of master’s programs. Using season of birth as an exogenous determinant of master’s degree choice, we find that a master’s degree in business economics and management results in a wage premium of around 12% compared to other master’s degrees in the social sciences. Moreover, we find that the probability of private sector employment is significantly larger for individuals with a master’s degree in business economics and management. Finally, in contrast to the literature that finds significant reductions in the gender wage gap when controlling for educational fields, controlling for a master’s degree in business economics and management does not affect the large and robust gender wage gap prevalent in our sample. URI: http://hdl.handle.net/10398/9318 Filer i denne post: 1
Marie_Skibsted.pdf (2.867Mb) -
Fosse, Henrik Barslund (Copenhagen Business School, 2012)[Flere oplysninger][Færre oplysninger]
Resume: The thesis consists of an introduction followed by three numbered chapters (independent papers). It covers topics in international trade, and in di¤erent ways the thesis investigates aspects of heterogeneity. The rst chapter is coauthored with Pascalis Raimondos-Møller. The version of this chapter is published in the CESifo Working Paper Series and serves as the nal background paper for the compressed journal article published in Review of Development Economics, May 2012. The second chapter is coauthored with Madhura Maitra, senior PhD student at Columbia University at the time. The third chapter is a solo paper. In the rst chapter we introduce a traditional macro model of trade and change the com- petitive environment by introducing state-owned enterprises. We also include heterogenous households to analyze e¤ects on the income distribution. The chapter focuses on Vietnam s accession to the World Trade Organization (WTO) in 2007. Upon entry, Vietnam was granted an accession period lasting till 2014. During this period tari¤s would have to fall according to the accession agreement. This rst chapter evaluates this 2007-2014 trade liberalization by building an applied general equilibrium model and calibrating it to the Vietnamese data. The model pays careful attention to the fact that Vietnam has many state-owned enterprises that do not behave in a pro t maximizing way. The model simulations show that the WTO imposed tari¤ reforms will reduce the overall welfare level of the Vietnamese households. Moreover, the biggest loss of income will take place among the poor rural households in Vietnam. We propose other tari¤ reforms that both raise overall welfare and reduce income inequality. URI: http://hdl.handle.net/10398/8541 Filer i denne post: 1
Henrik_Barslund_Fosse.pdf (1.149Mb) -
Overgaard Olesen, Jan (, 2001)[Flere oplysninger][Færre oplysninger]
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Essays on sorting and globalizationScheuer, Christian (Frederiksberg, 2009)[Flere oplysninger][Færre oplysninger]
Resume: "Leaping into the future of labor economics: the research potential of linking employer and employee data" is the title of a paper by Daniel S Hammermesh published in Labour Economics in 1999. I quote it here, since it captures much of my motivation for the work included in this thesis. Considering applied micro econometrics and labor economics my main elds of interest, the development of linked employer-employee data that took place in Denmark around the time of the new millennium, marked new and exciting possibilities. For some years Danish researchers have had access to very detailed information on all people living in Denmark, but at the beginning of this century also data on all companies linked to these persons was being made available for research. Combined with modern computer technology this meant access to a linked database following all employers and all employees in Denmark over time. I had no doubt that this should be the centerpiece of my Ph.D. The result has been two lines of research, one studying the e¤ect of globalization on labor demand in Denmark, and one studying sorting, that is, how and why employers meet employees in the labor market. In the summary I treat each line of research independently although I would like to emphasize, that studying a labor market where fi rms and workers reacts to one another is the corner stone in both. URI: http://hdl.handle.net/10398/7928 Filer i denne post: 1
Christian_Scheuer.pdf (1.312Mb) -
Bennett, Patrick (Frederiksberg, 2016)[Flere oplysninger][Færre oplysninger]
Resume: With a limited budget and resources, governments must decide how to allocate funds across a variety of factors which benefit society such as education, crime deterrence, and public safety. Each increase in spending on one area comes with the knowledge that this money cannot be spent on social problems in another area. As such, externalities and unexpected spillover effects impact the costs and benefits of public spending to society and may have large and meaningful implications on how to most effectively allocate resources across a multitude of outcomes. For example, an increase in education corresponds to an increase in the opportunity cost of engaging in criminal activity, decreasing the probability an individual commits crime. Likewise, loss of employment decreases the opportunity cost of engaging in criminal activity, increasing the probability an individual commits crime. Discrimination towards immigrants can impact their employment prospects which, in turn, impacts their decision to further pursue education. Identifying how these individual level factors have an impact on society is key to informing and designing effective public policy. This Ph.D. thesis, entitled “Essays in Education, Crime, and Job Displacement”, analyzes the determinants and social implications of these three factors. While independent, each essay within this thesis examines the impact of factors such as education, in terms of reduced crime, job loss, in terms of increased crime, and discrimination, in terms of its impact on the educational attainment of immigrants, on society. URI: http://hdl.handle.net/10398/9308 Filer i denne post: 1
Patrick Bennett.pdf (3.850Mb) -
Nielsen, Steen (Frederiksberg, 2000)[Flere oplysninger][Færre oplysninger]
Resume: This dissertation adresses various issues regarding the functioning of financial markets. It consists of introduction and five independent chapters of which the first four are empirical and the last one is theoretical. The introduction provides a brief background on some of the data used in subsequent chapters and a discussion of the main results of the dissertation URI: http://hdl.handle.net/10398/7935 Filer i denne post: 1
Steen_Nielsen.pdf (17.09Mb) -
Hanspal, Tobin (Frederiksberg, 2017)[Flere oplysninger][Færre oplysninger]
Resume: This Ph.D. thesis, entitled Essays in Household Finance, analyzes the determinants and implications of investment biases, personal experiences in financial markets, and financing disruptions on households, individual investors, and entrepreneurs and small business owners. The first essay of this thesis, Once Bitten, Twice Shy: The Role of Inertia and Personal Experiences in Risk Taking, with Steffen Andersen and Kasper Meisner Nielsen, studies how personal experiences affect individual financial risk taking. An important concern with pre-existing studies on the effect of personal experiences on risk taking is the potential bias resulting from inertia and inattention, which has been shown to be endemic in household finance. If individuals are inert or inattentive, it is difficult to establish whether changes in risk taking are caused by personal experiences or whether the change in risk taking is due to inertia and movements in market prices. To separate the effect of personal experiences from the confounding effect of inertia, we use an identification strategy that relies on a sample of individuals who inherit a portfolio of risky assets as a result of the death of their parents. The main advantage of this identification strategy is that inheritances from estates that hold risky assets alter the active decision from one of choosing to take risk to one of choosing not to take risk. Our measure of experience derives from investments in banks that defaulted following the financial crisis. We classify experiences into first-hand experiences, resulting from personal losses; second-hand experiences, from the losses of close family members; and third-hand experiences, from living in municipalities where banks defaulted. Our results demonstrate that experiences gained personally, aside from inertia or common shocks, explain substantial heterogeneity in individuals’ risk taking. URI: http://hdl.handle.net/10398/9457 Filer i denne post: 1
Tobin Hanspal.pdf (6.138Mb) -
Evidence from Danish Micro DataSchultz, Esben Anton (Frederiksberg, 2012)[Flere oplysninger][Færre oplysninger]
Resume: This thesis consists of four empirical essays within the broad field of modern labor economics. All four essays are self-contained and can be read independently of the others. Chapter 1 investigates the distinct effects on information technology and communication technology on firm’s skill demand. Chapter 2 studies whether the observed wage gab between majors in human arts and other fields are caused by their education per se or by selection. Chapter 3 examines taxable income responses to variation in marginal tax rates. Chapter 4 analyzes the effect of income taxation on the international migration of top earners. Each chapter provides an independent and separate analytical contribution to their specific field. URI: http://hdl.handle.net/10398/8442 Filer i denne post: 1
Esben_Anton_Schultz.pdf (4.890Mb) -
Andersen, Henrik Yde (Frederiksberg, 2018)[Flere oplysninger][Færre oplysninger]
Resume: Money is a scarce resource for most people. For that reason, the decision whether to spend more today and less in the future or vice versa is a recurrent question to many of us. Pension systems provide incentives for saving for future consumption and mortgage markets allow us to increase consumption immediately by giving up future spending opportunities accordingly. For this reason, pension and mortgage systems play a key role to individual savings decisions. This dissertation is comprised by three self-contained chapters concerned with how individual savings behavior depends on the design of certain pension and mortgage features. URI: http://hdl.handle.net/10398/9627 Filer i denne post: 1
Henrik Yde Andersen.pdf (3.174Mb) -
Jessen, Lasse J. (Frederiksberg, 2016)[Flere oplysninger][Færre oplysninger]
Resume: This thesis consists of three independent chapters on the elicitation of individual discount rates and on the estimation of gambling prevalence in Denmark. The first chapter, “Discount Rate Sensitivity to Background Consumption and Consumption Smoothing,” studies the sensitivity of individual discount rates with respect to background consumption and consumption smoothing. I use simulated choice data from standard decision tasks in time preference experiments and show that individual discount rates are sensitive to assumptions with respect to background consumption and consumption smoothing if the utility function is non-linear and exogenous. However, if discount rates and the utility function are elicited jointly, discount rates are robust to assumptions on time-invariant background consumption and consumption smoothing. The analysis clarifies mixed conclusions from previous studies and indicates which elicitation methods provide robust estimates of individual discount rates. URI: http://hdl.handle.net/10398/9325 Filer i denne post: 1
Lasse_J_Jessen.pdf (3.019Mb) -
Amore, Mario Daniele (Frederiksberg, 2012)[Flere oplysninger][Færre oplysninger]
Resume: The effect of corporate governance and managers on the value of companies has received great attention in the recent public debate. In the academic research, this increased attention has been associated with an effort to develop finer conceptual frameworks and analytical techniques to assess how governance and financial characteristics influence corporate policies and profitability. While theoretical models represent a successful approach under specific hypotheses, the econometric analysis of corporate governance and managerial characteristics has proven to be extremely challenging. Because governance and managerial characteristics are equilibrium outcomes largely determined by the firm itself, it is methodologically difficult to separate out their determinants from their consequences to infer causal effects. Since its infancy the empirical corporate governance and corporate finance research has faced this problem, which is often responsible for mixed empirical results. In my dissertation, I adopt a common methodological framework developed in the “program evaluation” literature to shed new light on the effects of governance and managerial characteristics on a variety of corporate policies and, ultimately, firm performance. In particular, I estimate a class of difference-in-differences models deriving the empirical identifications from policy changes that generate “quasi-natural experiments”. URI: http://hdl.handle.net/10398/8451 Filer i denne post: 1
Mario_Daniele_Amore.pdf (1.242Mb) -
Zhou, Haoyong (Frederiksberg, 2012)[Flere oplysninger][Færre oplysninger]
Resume: The dissertation examines corporate performance and capital structure of family firms, contributing to the limited empirical research on family firms. Family firms are prevalent in national economies all over the world. It is the prevalence that makes family firms receive increasing attentions from academia. The dissertation consists of an introduction and three chapters. Each chapter is an independent paper. The first chapter is a joint work with Professor Morten Bennedsen and Dr. Markus Ampenberger. The version of in the dissertation will be published as Chapter 6 in the forthcoming Oxford Handbook of Entrepreneurial Finance by Oxford University Press. The second paper and third paper are single-authored papers. In the first chapter, we discuss the capital structure of family firms, with a focus on the debtequity mix. Two parts comprise the chapter. In the first part, we provide a literature review on existing theoretical and empirical research in the capital structure of family firms. The literature review shows that the most important theories to explain capital structure in family firms seem to be risk aversion, agency theory, and control considerations. We argue that risk aversion and control considerations have opposing impacts on the optimal choice of debt leverage of family firms. On one hand, controlling families of family firms are typically non-diversified investors with most of their wealth and human capital tied to the company and consequently family firms use less debt. On the other hand, controlling families want to maintain the control over their companies. This control consideration restricts the willingness to raise new equity outside the family and therefore often lead to a stronger dependence on banks and other debt instruments. The literature review also shows that evidence on capital structure choices of family firms is inconclusive. Large-scale evidence on private family firms is almost missing. URI: http://hdl.handle.net/10398/8607 Filer i denne post: 1
Haoyong_Zhou.pdf (2.035Mb) -
Bäckman, Claes (Frederiksberg, 2017)[Flere oplysninger][Færre oplysninger]
Resume: In Denmark and in many countries around the world, housing markets are of considerable importance for households and policy-makers alike. As the boom and bust in the US and Danish housing market so aptly demonstrated, disruptions in the housing market potentially have wide-ranging consequences for individual households and for the aggregate economy. Housing is important because we all have to live somewhere, but also because it serves as a considerable source of both wealth and debt. As such, housing market policy can not only create vast benefits for many, but can also have substantial negative impacts for all, and should therefore be a topic of major interest for economists and policy makers alike. This Ph.D. thesis, entitled “Essays on Housing Markets”, analyzes the Danish housing market during the 2000s, with a focus on how policy changes affected house prices and how changes in house prices affect households. While independent, each chapter in this thesis attempts to contribute to our understanding of how housing markets function, and has important lessons for policy-makers and economists around the world. URI: http://hdl.handle.net/10398/9438 Filer i denne post: 1
Claes Bäckman.pdf (5.016Mb) -
Clementi, Federico (Frederiksberg, 2017)[Flere oplysninger][Færre oplysninger]
Resume: This Thesis consists of an introduction followed by three independent chapters. Each chapter is a self-contained paper that can be read independently. They cover different topics of international economics with a specific focus on multinational production and international trade. A common feature to all the papers is that they are micro-based empirical analyses of the effects of globalization on the competitiveness of companies. The first and last chapters are solo papers, while the second is coauthored with Friedrich Bermann, PhD student at Copenhagen Business School. The first paper studies the impact of foreign direct investment on the intensity of competition in the host economy. In this chapter I use firm-level data of Romanian manufacturing companies active between 2001 and 2008 and I measure the impact of foreign ownership on the market power of affiliates and local competitors. The empirical evidence shows that foreign ownership is associated to a higher market power, which I proxy with firms’ estimated markups. Moreover, I find that higher competition of foreign affiliates is associated to a decrease in the markups charged by domestic firms. In the second chapter we analyze how the strategy of vertical integration of foreign multinationals modifies the nature of productivity spillovers perceived by local suppliers (i.e. backward spillovers). Building on the results of previous research on productivity spillovers and on multinational production, we argue that backward productivity spillovers should be weaker if foreign multinationals are vertically integrated in the industry of local suppliers. We test this hypothesis using a panel dataset of firm-level data of European manufacturing companies. We find that the vertical integration of foreign multinationals does in fact modify the intensity of spillovers to local suppliers. Domestic firms benefit only from the activity of foreign clients that are not vertically integrated in their industry. In the last chapter, I use a detailed dataset of international transactions of Danish companies to study the impact of Chinese competition on the pricing strategy of Danish exporters. I also explore the role of quality differentiation in determining the nature and intensity of this effect. I find that Chinese export represents a source of stiffer competitive pressure for Danish exporters that are forced to reduce the prices they charge. This effect depends on the quality of Danish products. I find the producers of low-quality goods reduce their prices less intensively than producers of high-quality ones. This is because producers of low-quality varieties react to Chinese competition upgrading the quality of their products. This mitigates the downward pressure on prices. I finally reconcile these results by using quality-adjusted prices. Using this measure I find that quality does in fact protect Danish exporters from the pressure of Chinese competition. URI: http://hdl.handle.net/10398/9469 Filer i denne post: 1
Federico Clementi.pdf (1.584Mb) -
Vinten, Frederik Christian (København, 2008)[Flere oplysninger][Færre oplysninger]
Resume: We study the impact of stock market valuations on delistings from European stock exchanges 1996-2004. Previous research has found that mergers and acquisitions (M&A) occur more often when market valuations are high. This is paradoxical since it implies that companies are more likely to engage in M&A when it is most expensive. In accordance with prior research we find that delistings by mergers and acquisitions are more likely when industry market-to-book values (q) are high. In contrast, we find no effect of industry q on going private transactions. The data also suggest that M&A are more likely to take place in bull years while going private transactions are relatively more likely in bear years. Our study is the first comprehensive study of delistings in Europe and the first study to demonstrate that going private transactions appear to be driven by different causal mechanisms than M&A. URI: http://hdl.handle.net/10398/7682 Filer i denne post: 1
frederik_vinten.pdf (1.449Mb) -
Boscán F., Luis R. (Frederiksberg, 2016)[Flere oplysninger][Færre oplysninger]
Resume: This PhD thesis consists of five essays on the economics of Power System Flexibility, a topic that has traditionally been addressed from a technical perspective by engineers, system planners, electricity industry stakeholders and energy policymakers interested in the integration of Variable Renewable Energy. While significant progress has been made in the understanding and characterization of exibility, its economic properties and the required incentives to provide it have not been suficiently analyzed. The present work aims at filling this gap. URI: http://hdl.handle.net/10398/9367 Filer i denne post: 1
Luis R Boscán F.pdf (3.519Mb) -
Danø, Bo (Frederiksberg, 2003)[Flere oplysninger][Færre oplysninger]
Resume: Afhandlingen består af en introduktion og fire selvstændige kapitler. kapitlerne omhandler dels forskellige aspekter af valutakurseksponering og dels prisfastsættelse af valutakursrisiko, og alle de empiriske data er gennemført på danske data. URI: http://hdl.handle.net/10398/7926 Filer i denne post: 1
Bo_Danø.pdf (10.38Mb)
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