Browsing Centre for Economic and Business Research (CEBR) by Title
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Kaiser, Ulrich; Kongsted, Hans Christian; Rønde, Thomas (København, 2008)[More information][Less information]
Abstract: We measure the quantitative importance of labor mobility as a vehicle for the transmission of knowledge and skills across firms. For this purpose we create a unique data set that matches all applications of Danish firms at the European Patent Office to linked employer-employee register data for the years 1999-2002. The Danish workforce is split into "R&D workers", who hold a bachelor's or a master's degree in a technical field, and "non-R&D workers". We find that mobile R&D workers ("R&D joiners"') contribute more to patenting activity than immobile R&D workers. Furthermore, R&D workers who have previously been employed by a patenting firm ("patent exposed workers") have a larger effect on patenting activity than R&D workers without this experience. Patent exposed R&D joiners constitute the most productive group of workers: for firms that patented prior to 1999, one additional worker of this type relates to an increase in the number of patent applications of the new employer by 0.0646. This corresponds to a 14 percent increase in the mean number of yearly patent applications. We also find that mobility of R&D workers increases the joint patenting activity of the donor and recipient firms, confirming the importance of labor mobility for innovation in the economy. URI: http://hdl.handle.net/10398/7704 Files in this item: 1
dp 2008-16.pdf (363.9Kb) -
Fosfuri, Andrea; Rønde, Thomas (København, 2006)[More information][Less information]
Abstract: We study a situation in which an R&D department promotes the introduction of an innovation, which results in costly re-adjustments for production workers. In response, the production department tries to resist change by improving the existing technology. We show that firms balancing the strengths of the two departments perform better. This principle is employed to derive several implications concerning the hiring of talents, monetary incentives, and technology investment policies. As a negative effect, resistance to change might distort the R&D department’s effort away from radical innovations. The firm can solve this problem by implementing the so-called ”skunk works model” of innovation where the R&D department is isolated from the rest of the organization. Resistance to change, innovation, skunk works model, contest. URI: http://hdl.handle.net/10398/7691 Files in this item: 1
artikel 02.pdf (561.0Kb) -
Labour Market, Health Care and Prescription DrugsHøjbjerg Jacobsen, Rasmus (Frederiksberg, 2011)[More information][Less information]
Abstract: This paper uses a register dataset for the entire Danish population to examine the effect of early motherhood on labour market measures, health care measures and family measures for the mothers and their offspring. The dataset is divided into three groups according to the age of the woman at the time of her first child delivery. Using standard cross-sectional econometric techniques the results show that very young mothers (aged 16-21) have significantly lower employment rates, higher propensity to receive welfare benefits and a lower wage income. Children of very young mothers have a higher family replacement rate, more services received from General Practitioners and a higher propensity to receive ADHD-medications. The majority of the effects reported are also significantly greater for mothers who were aged 22-25 at the birth of their first child compared to older mothers. URI: http://hdl.handle.net/10398/8377 Files in this item: 1
Rasmus_Hoejbjerg_Jacobsen_wp_2011.pdf (92.36Kb) -
Keller, Katarina; Poutvaara, Panu; Wagener, Andres (København, 2008)[More information][Less information]
Abstract: Economic theory predicts that military conscription is associated with static inefficiencies as well as with dynamic distortions of the accumulation of human and physical capital. Relative to an economy with an allvolunteer force, output levels and growth rates should be lower in countries that rely on a military draft to recruit their army personnel. For OECD countries, we show that military conscription indeed has a statistically significantly negative impact on economic performance. URI: http://hdl.handle.net/10398/7714 Files in this item: 1
dp 2008-10.pdf (234.9Kb) -
Koskela, Erkki; Poutvaara, Panu (København, 2008)[More information][Less information]
Abstract: We evaluate the effects of international outsourcing and labor taxation on wage formation and equilibrium unemployment in dual labor markets. Outsourcing promotes wage dispersion between the high-skilled and low-skilled workers. Higher domestic low-skilled wage tax, higher payroll tax and lower wage tax exemption increase optimal outsourcing. Outsourcing will reduce equilibrium unemployment of low-skilled workers both in the presence and absence of labor taxation. In the presence of outsourcing, wage tax, tax exemption and payroll tax have an ambiguous effect on equilibrium unemployment. Increasing the degree of tax progression decreases the wage rate and increases the demand of low-skilled workers. URI: http://hdl.handle.net/10398/7697 Files in this item: 1
dp 2008-09.pdf (203.0Kb) -
Junge, Martin; Meisner Nielsen, Kasper; Torp Jespersen, Svend; Kragh Jacobsen, Jesper; Bennedsen, Morten (København, 2007)[More information][Less information]
Abstract: Firms in the European countries today have the possibility of choosing from a range of control enhancing mechanisms giving the controlling owners an amount of influence which is disproportional to their share of cash flow. The list of control enhancing mechanisms includes dual class shares, pyramidal ownership structures and several others. The justification for these control enhancing mechanisms is currently the subject of much debate within the European Union. The opposing positions in the debate can be stated briefly as i) the control enhancing mechanisms are an impediment to takeovers and should therefore be removed to improve the market for corporate control. ii) Removing the control enhancing mechanisms reduces the contractual freedom to decide desirable ownership structures. This report investigates whether ownership structures affect firm performance. To do so this study provides a description of the current ownership structures in European countries and the economic outcomes for firms using different ownership structures. The results are presented in the tables below. URI: http://hdl.handle.net/10398/7491 Files in this item: 1
rep03-2007.pdf (359.3Kb) -
En analyse på baggrund af en detaljeret uddannelsesopdeling. Teknisk baggrundsnotatFosse, Henrik Barslund; Højbjerg Jacobsen, Rasmus (Frederiksberg, 2013)[More information][Less information]
Abstract: CEBR har for Djøf udført en opgave, der har bestået i at få klarlagt produktivitetseffekter af uddannelse på et relativt højt detaljeniveau. Opgaven omfatter to dele: Den første del er en klarlægning af såkaldte egen- og fælleseffekter på 16 uddannelsesgrupper defineret ud fra fire uddannelseslængder og fire uddannelsesretninger. Beregningerne er udført på brancheniveau og inden for sektorerne privat fremstilling og privat service. Den anden del af opgaven omfatter en konsekvensberegning af at løfte Danmark op i OECD’s top 5, når det gælder andel af personer på arbejdsmarkedet med en videregående uddannelse. CEBR har beregnet produktivitetseffekter inden for sektorerne privat fremstilling og privat service. Endelig har Djøf ønsket, at de samlede produktivitetsgevinster af et uddannelsesløft omsættes til populære størrelser i velfærdsdebatten. Dette notat indeholder en beskrivelse af beregninger af uddannelseseffekter. Beregningerne tager udgangspunkt i allerede estimerede marginaleffekter og følger tidligere anvendte metoder. Notatet inddelt som følger: Kapitel 2 er et kort teknisk kapitel, der informerer om data samt kort opremser litteraturgrundlaget og de anvendte metoder til at beregne effekterne af uddannelse. URI: http://hdl.handle.net/10398/8742 Files in this item: 1
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En analyse på baggrund af en detaljeret uddannelsesopdelingFosse, Henrik Barslund; Højbjerg Jacobsen, Rasmus; Lykkebo, Ole Bech; Brandt, Kathrine Marie Skou (København, 2013)[More information][Less information]
Abstract: Denne rapport handler om den ekstra værdi, som højtuddannede er med til at skabe i de virksomheder, hvor de er ansat. En ekstra værdi som sætter virksomhederne i stand til at levere kunderne serviceydelser og produkter i en højere kvalitet eller til en lavere pris end ellers. Den ekstra værdi kan opstå på mange forskellige måder afhængigt af uddannelse og branche. Eksempelvis skaber det ekstra værdi, at kvinden med boret er uddannet tandlæge, når man sætter sig i tandlægestolen for at få en omfattende og måske bekostelig behandling. For en familie, der køber og renoverer et gammelt hus, har det også ekstra værdi, at det er en uddannet el-installatør, som udfører el-arbejdet. Det kræver loven i øvrigt også. Ligesom det har værdi for en dansk vækstvirksomhed, som opkøber en udenlandsk konkurrent, at uddannede jurister har styr på kontrakten, så investeringen sker på det rette grundlag. Denne rapport sætter for første gang i en dansk sammenhæng krone og ører på den ekstra værdi – også kaldet højere produktivitet – som samlet er forbundet med alle de meget forskellige kategorier af videregående uddannelser i den private sektor1. Analyserne viser effekterne opdelt på uddannelseslængde, fagretning og branche. Mere uddannelse skaber højere værditilvækst pr. præsteret time i den private sektor. Dermed er der udsigt til højere produktivitet ved at øge uddannelsesniveauet. Samtidig foretages en samlet beregning som viser, at velstanden i Danmark vil stige betydeligt i form af øget BNP, hvis en større andel af de privatansatte har en videregående uddannelse. Flere højt-uddannede privatansatte vil forbedre virksomhedernes produktivitet og dermed styrke konkurrenceevnen. Det vil også kunne få en gunstig indvirkning på eksport og beskæftigelse. URI: http://hdl.handle.net/10398/8741 Files in this item: 1
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Harr, Thomas; Rønde, Thomas (København, 2006)[More information][Less information]
Abstract: We study the optimal regulation of banking groups ("banks”), taking both minimum capital requirements and legal structure into account. A bank can set up either as one legal unit facing limited liability jointly (branch structure) or as a bank holding company with subsidiaries (subsidiary structure). Banks are exposed to risk from their unobservable asset choices and to exogenous risk from their environment. We show that banks with branches are more prudent in normal times than banks with subsidiaries, but are also less prudent when problems arise. A regulator that observes banks’ exogenous risk should optimally determine both capital requirements and legal structure. If the exogenous risk is private information to banks, it can be optimal to screen banks according to risk by setting capital requirements appropriately, and letting banks choose their legal structure. URI: http://hdl.handle.net/10398/7708 Files in this item: 1
artikel 01.pdf (717.4Kb) -
The Effect on Transitional GenerationsKoethenbuerger, Marko; Poutvaara, Panu (København, 2007)[More information][Less information]
Abstract: We show that taxation of rents may yield an intergenerational Pareto-improvement in a small open economy provided tax revenues are earmarked to reduce wage taxes. Previous literature has shown that rent taxation benefits current young and future generations, while we show that it also benefits the current old generation when the initially prevailing tax mix is sufficiently skewed towards wage taxation. Rent Taxes, Capitalization, Transitional Dynamics, Labor Supply, Asset Prices. URI: http://hdl.handle.net/10398/7685 Files in this item: 1
artikel 08.pdf (154.1Kb) -
Hagen Jørgensen, Ole (København, 2008)[More information][Less information]
Abstract: Using a stochastic overlapping generations model with endogenous labour supply, this paper studies the design and performance of a policy rule for the retirement age in response to fertility and mortality shocks. Two main results are derived: First, to oset a change in the labour force the retirement age should adjust more than proportionally to the fertility change and, second, to be socially desirable the retirement age should be indexed less than proportionally to changes in life expectancy. URI: http://hdl.handle.net/10398/7688 Files in this item: 1
dp 2008-03.pdf (361.1Kb) -
Heterogeneity and Non-LinearitiesIversen, Jens; Malchow-Møller, Nikolaj; Sørensen, Anders (Frederiksberg, 2010)[More information][Less information]
Abstract: The returns to education in self-employment are addressed in four different specifications of the relationship between log income and years of schooling. The specifications range from a standard Mincer equation with a constant percentage increase in income to an additional year of schooling to the most flexible specification with dummy variables for the different number of years of schooling split into different types of education. Based on the more flexible specifications, important non-linearities and heterogeneity in the returns to education in self-employment are found. These results are robust across different estimation methods: OLS; Heckit correction models to handle sample selection; and IV to deal with the potential endogeneity of years of schooling. Moreover, the results are insensitive to the use of different sample years, different definitions of self-employment, and different income measures for the self-employed. URI: http://hdl.handle.net/10398/8225 Files in this item: 1
Sorensen_WP_2010.pdf (411.9Kb) -
Jacobsen, Jóannes (Frederiksberg, 2012)[More information][Less information]
Abstract: Vækstkautioner fra Vækstfonden giver anledning til privat finansiering af erhvervsaktivitet, som ellers ikke ville opstå. Vækstkautioner udstedt i 2011 medførte, at virksomhederne kunne skaffe samlet privat finansiering for 1153 mio. kr. til at foretage investeringer for. Beregninger i ADAM modellen viser, at investeringerne over en 3-årig periode skaber 872 arbejdspladser årligt – eller 5 arbejdspladser per virksomhed. I forhold til de forventede tabsudgifter på udstedte Vækstkautioner er beskæftigelseseffekten per udgiftskrone 15 gange større end effekten af udgifter til offentlige investeringer. URI: http://hdl.handle.net/10398/8660 Files in this item: 1
Jacobsen_CEBR-rapport.pdf (451.5Kb) -
Keuschnigg, Christian; Nielsen, Søren Bo (København, 2007)[More information][Less information]
Abstract: In financing start-up firms, venture capitalists carefully select among alternative projects, design incentive compatible financial contracts and support portfolio companies with value enhancing managerial advice. This paper considers how venture capitalists can induce self-selection among entrepreneurial firms with different qualities by designing appropriate contracts and offering commercial support. We study the efficiency of the competitive market equilibrium with respect to the level and quality of entrepreneurship and the level of effort by entrepreneurs and venture capitalists. We also provide comparative statics results with respect to basic preference and technology parameters. Venture capital, entrepreneurship, self-selection, moral hazard. URI: http://hdl.handle.net/10398/7707 Files in this item: 1
artikel 07.pdf (407.6Kb) -
Malchow-Møller, Nikolaj; Rose Skaksen, Jan (København, 2008)[More information][Less information]
Abstract: In this paper, we show that the welfare implications of immigration which takes place in upturns, and may be partly reversed in downturns, are very different from the implications of immigration usually found in static models. Abstracting from any gains to capital owners and native workers due to complementarities, we find that (especially temporary) immigration may still benefit native workers in a European type of labour market where minimum wages may bind in downturns. However, in the presence of hiring costs, these effects may be reversed. Thus, promoting temporary immigration schemes may lead to adverse consequences if they also increase the costs of hiring foreign labour. URI: http://hdl.handle.net/10398/7700 Files in this item: 1
dp 2008-12.pdf (351.9Kb) -
Määttänen, Niku; Poutvaara, Panu (København, 2007)[More information][Less information]
Abstract: We study the welfare effects of earnings testing flat-rate old-age benefits in a quantitative overlapping generations model with idiosyncratic labor income risk. In our model economy, even a moderate earnings testing reduces individuals’ expected lifetime utility, whenever other taxes are taken into account. Moreover, it also lowers the realized lifetime utilities of those at the bottom of the lifetime utility distribution. Social security; Retirement; Means-testing URI: http://hdl.handle.net/10398/7705 Files in this item: 1
artikel 09.pdf (315.4Kb) -
Braun, Sebastian (København, 2008)[More information][Less information]
Abstract: The paper presents first empirical evidence on the effect of foreign ownership on the union wage premium. Using matched employer-employee data for Denmark, the positive effect of plant-level unionisation on wages is found to vanish in foreign-owned firm. While the estimation establishes a positive wage effect of foreign ownership of between two and four per cent for workers employed in non-unionised firms, the foreign ownership premium is close to zero for workers in highly unionised enterprises. This result might help to understand why trade unions frequently resist foreign take-overs even though the existence of a positive foreign ownership wage premium is widely acknowledged in the literature. URI: http://hdl.handle.net/10398/7715 Files in this item: 1
dp 2008-07.pdf (181.2Kb) -
Country-of-Origin or End-Use of Products.Sørensen, Anders (København, 2007)[More information][Less information]
Abstract: This paper investigates the empirical consequences for the relationship between skill upgrading and internationalization by decomposing import after country-of-origin and after the end-use of products. I find that the break-down after country-of-origin is of crucial importance, implying that international trade with low-wage countries leads to comprehensive skill upgrading, whereas international trade with high-wage countries leads to skill downgrading in Danish Manufacturing. The empirical literature on skill-upgrading and internationalization has mainly focused on international outsourcing and has to a large extent disregarded import penetration. By splitting import after country-of-origin, this reintroduces import penetration as an important explanation for skill upgrading. skill upgrading, import, country-of-origin, end-use of products URI: http://hdl.handle.net/10398/7686 Files in this item: 1
artikel 19.pdf (143.0Kb) -
Poutvaara, Panu; Siemers, Lars (København, 2007)[More information][Less information]
Abstract: We study the social interaction of non-smokers and smokers as a sequential game, incorporating insights from social psychology and experimental economics into an economic model. Social norms a®ect human behavior such that non-smokers do not ask smokers to stop smoking and stay with them, even though disutility from smoking exceeds utility from social interaction. Overall, smoking is unduly often accepted when accommodating smoking is the social norm. The introduction of smoking and non-smoking areas does not overcome this speci¯c ine±ciency. We conclude that smoking bans may represent a required (second-best) policy. smoking policy, health, social norms, guilt aversion, social interaction URI: http://hdl.handle.net/10398/7702 Files in this item: 1
artikel 14.pdf (283.5Kb) -
Konsekvenserne for løn og beskæftigelseMunch, Jakob Roland; Rose Skaksen, Jan; Malchow-Møller, Nikolaj (København, 2007)[More information][Less information]