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Abstract: The IBOR transition is affecting financial reporting. US GAAP and IFRS are influenced more by the transition from IBOR to RFR compared to SWISS GAAP FER. Most directly affected is hedge accounting, which aims to avoid artificial earnings volatility. This might occur if value changes in the hedging instrument and hedged item are recognized in different reporting periods. A transition from IBOR to RFR without an amendment to existing accounting rules might lead to an increase in earnings volatility due to de-designation of hedge accounting relations. Related to IFRS: In May 2019, the IASB issued an exposure draft that reliefs these earnings volatility concerns. Entities can assume existing IBOR-based contractual terms for assessing the hedge accounting requirements. Related to US GAAP: A change in a contract's reference rate as a result of the IBOR transition would not create a new contract but would be accounted for as a continuation of that contract. Specifics on hedge accounting will be addressed in a future board meeting. Cash flow hedge accounting allows some flexibility in payment dates of the hedging instrument and the hedged item. This will be an important feature with alternative RFRs. URI: http://hdl.handle.net/10398/9743 Files in this item: 1
SARON_hedgeacc_20190702.pdf (579.9Kb) -
Onarheim, Balder; Christensen, Bo T. (Frederiksberg, 2011)[More information][Less information]
Abstract: The paper investigates the question of screening ideas in the ‘fuzzy front end’ of engineering design, examining the validity of employee voting schemes and related biases. After an employee-driven innovation project at {Company Name removed for review}, 99 ideas were to be screened for further development. Based on the concept of ‘wisdom of the crowds’, all ideas were individually rated by a broad selection of employees, and their choices of ideas and idea categories compared to those of a small team of senior marketers. The study also tested for two biases: visual complexity and endowment effect/ownership of ideas. The study shows that the crowd wisdom of employees significantly correlates with the preferences of the marketing team: overall, in top 12 selected ideas and in choice of idea categories. This match increases when including only the ratings of the most experienced employees. The experienced employees also proved to be less affected by visual complexity in the ideas presented. The endowment effect was potent in that every employee proved to be more likely to select their own ideas over others, but this effect disappeared when aggregating across the crowd of employees. URI: http://hdl.handle.net/10398/8255 Files in this item: 1
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Holck, Jesper; Holm Larsen, Michael; Kühn Pedersen, Mogens (København, 2004)[More information][Less information]
Abstract: The main research interest in Open Source Software (OSS) has been in answering the questions of why individuals and organizations without economic compensation contribute to OSS projects and how these projects are organized. In this paper we instead focus on managerial decisions for acquisition of OSS and discuss potential barriers for widespread use of OSS. Based on existing literature and a small case study, we develop and discuss the hypothesis that a major barrier may be the "customer" organizations’ uncertainty and unfamiliarity with the relationships with OSS "vendors". To develop viable models for these relationships is an important challenge, which we will deal with in a research project, of which this paper should be seen as a first step. URI: http://hdl.handle.net/10398/6511 Files in this item: 1
wp 10-2004.pdf (328.7Kb) -
Lean Management in the Construction IndustryBrinch Jensen, Kenneth (Frederiksberg, 2010)[More information][Less information]
Abstract: Ledelsesteknologier såsom Balanced Scorecard, Six Sigma og Activity Based Costing må fremtræde som konkrete, stabile, funktionelle og homogene løsninger, hvis de skal kunne fange både interesse og finansiering i forretningsverdenen. Studier af disse ledelsesteknologiers møde med organisationspraksis viser imidlertid, at disse teknologier er præget af stor ustabilitet og heterogenitet på tværs af implementeringer. Benders & Van Veen (2001) argumenterer for at ledelsesidéer besidder en kvalitet, der kan kaldes for ’fortolkningsmæssig levedygtighed’. Med dette skal forstås, at ledelsesidéerne har en evne til at tilpasse sig lokale forhold og interesser. Argumentet er endvidere, at denne kvalitet er mere afgørende for idéens overlevelse end idéens indhold..... URI: http://hdl.handle.net/10398/8163 Files in this item: 1
Kenneth_Brinch_Jensen.pdf (4.092Mb) -
Westenholz, Ann (København, 2003)[More information][Less information]
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Thoughts from DenmarkBlasco, Maribel; Tackney, Charles T. (, 2009)[More information][Less information]
Abstract: Denmark is among the world’s most competitive nations. At the same time it has a strong tradition of citizenship‐oriented tertiary education. Nevertheless, we are currently witnessing the erosion of this tradition, arguably as a result of neoliberal ideologies ushered in by globalization and internationalization processes. These processes have stirred domestic fears, evident in government reports, about the need to improve Danish higher education to ‘meet the challenges of globalisation’. Concrete instances of possible erosion include recent directives to examine and grade group work on an individual basis, the abolition of the ‘13’ grade for individual or group performance, and the introduction of measurable skills via “learning objectives,” for all tertiary education courses. URI: http://hdl.handle.net/10398/7921 Files in this item: 1
wp 2009-4.pdf (318.0Kb) -
Christensen, Bo T. (, 2009)[More information][Less information]
Abstract: Two studies tested whether introducing images to designers during the design process lead to more useful design solutions as evaluated by the end-users willingness-to-use the final design. It was hypothesized based on theories in cognitive science and design that there were at least two paths from images to usefulness. One path concerns analogically transferring within-domain properties to the design solution. The other path concerns mentally simulating end-user characteristics and preferences and inclusion of the user in the resulting design. Study 1 supported that random images led to increased outcome usefulness, and supported both hypothesized paths, by using withindomain products and end-user images as input. Study 2 showed that the image categories competed for attention, and that the within-domain product stimuli attracted the most attention and was considered the most inspirational to the designers. The practical use of the technique may lead to only marginally original products perhaps limiting its applicability to incremental innovation. URI: http://hdl.handle.net/10398/7941 Files in this item: 1
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Key note présentation at the ESU Conference, 2009, Benevento, Italy, September 8th – 13thHjorth, Daniel (Frederiksberg, 2009)[More information][Less information]
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from visual communication to visual interactionNielsen, Janni (København, 2002)[More information][Less information]
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Viborg Andersen, Kim; Zinner Henriksen, Helle (København, 2006)[More information][Less information]
Abstract: Bhutan is in economic terms highly dependent of tourism. E-tourism is in this report assessed as a mean to maintain the current positive development in tourism and as a driver for extending tourism to new markets. Effective use of information, communication, distribution and transactions through the new media, such as the Internet, can lead to an increased level of economic activity in the tourism sector in Bhutan. Also, the indirect economic impacts on transportation, accommodation and the retail/ handicraft industry can be substantial. The macro-economic impacts of e-tourism in terms GDP growth, improvement of the foreign exchange balance, and increased employment are in this report described in three scenarios based on a forecasted annual increase in tourism by 15%. In the event driven scenario where the Bhutanese tourism industry manages to increase the number of bed nights per tourist and their consumption by 15% and to increase the number of international arrivals by 5%, there is a short term increase in the GDP output from the tourism sector and the dependent sectors by 22.4%, an improvement of the foreign exchange balance by 1.2 million USD, and an increase in the employment in the tourism sector and the dependent sectors by 5.1%. In the transition driven scenario the Bhutanese tourism sector manages to use the internet and other technologies to increase the number of international arrivals by 15% but the number of bed nights increases by only 5% and the consumption by 5%. In this scenario, the GDP output increases by 8.7% and employment by only 2.3%, whereas the foreign exchange balance increases by 623,000 USD. In the tourism consumption spending driven scenario, there is an increase in the number of international arrivals and bed nights by 5% only, but the consumption by tourists increases by 15%. Thus, the GDP contribution from the tourism sector and the dependent sectors increases by 15.5% and employment by 6.7%, whereas the foreign exchange balance increases by 873,000 USD. There are several challenges to be met in order for the full scale benefits of e-tourism to materialize. Effective online visa procedures and marketing training of tour operators are being implemented as part of the E-Bhutis project. Economic incentives for the tour operators and the scale of economics benefits are less visible in the current business structure. The relative limited international orientation of the tour market and the lack of international players at the Bhutan market are other inhibiting factors for e-tourism to materialize in the Bhutanese economy. This report also highlights several facilitating factors for e-tourism to flourish: the commitment by the Association of Bhutanese Tour Operators (ABTO) and the willingness of the various institutional players to facilitate a smoother visa application process. URI: http://hdl.handle.net/10398/6439 Files in this item: 1
wp2006-009.pdf (438.6Kb) -
Bennedsen, Morten; Nielsen, Kasper (København, 2002)[More information][Less information]
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Gangopadhyay, Shubhashis; Wihlborg, Clas (København, 2001)[More information][Less information]
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Do homogeneous brand associations benefit the brand?Koll, Oliver; von Wallpach, Sylvia; Platzgummer, Sophia (Frederiksberg, 2012)[More information][Less information]
Abstract: Brand associations have been linked to brand response in numerous ways. Much research has focused on the number, valence and uniqueness of brand associations. This paper focuses on another association facet which managerially-oriented brand literature frequently highlights as a sign of brand strength: Brand consensus, that is, the degree to which people elicit the same associations when confronted with a brand. We introduce two meaningful operationalizations of consensus (group- and individual-level) and discuss and test the link between consensus and brand response. Our results, which are based on a large-scale study for an international luxury brand, show that for individual consumers high levels of brand consensus tend to foster positive brand response whereas for a group as a whole too much brand consensus tends to be detrimental. URI: http://hdl.handle.net/10398/8682 Files in this item: 1
Wallpach_2012_1.pdf (57.73Kb) -
Rocha, Robson S. (København, 2008)[More information][Less information]
Abstract: The present article investigates co-decision making with focus on the development of partnerships arrangements (PAs) between managers and trade-union representatives in a Danish multinational company which has grown through cross-border mergers and acquisitions. The findings show the difficulties which trade-union representatives and management face in combining different forms of corporate governance and supporting PAs. The article argues that hybrid forms of PAs are unlikely to develop, due to historically embedded governance institutions, which create distinct expectations about how a firm must be controlled and who has the rights to exert this control. URI: http://hdl.handle.net/10398/7343 Files in this item: 1
wp cbp 2008-60.pdf (195.0Kb) -
Rocha, Robson (København, 2008)[More information][Less information]
Abstract: The present article investigates changes over time in the patterns of co-decisionmaking in a Danish multinational company which has grown through cross-border mergers and acquisitions. The findings show the difficulties that trade union representatives face when firms try to introduce a governance regime based on shareholder value ideology. The article argues that hybrid forms of governance are unlikely to develop due to historically embedded governance institutions, which create distinct expectations about how a firm must be governed and who has the right to participate in this governance. The spread of the Anglo-Saxon model of governance in Europe is likely to have negative effects on co-decision-making processes and established patterns of organizational cooperation. URI: http://hdl.handle.net/10398/7358 Files in this item: 1
wp cbp 2008-58.pdf (226.2Kb) -
Too Much of Two Good Things?Moberg, Kåre (Frederiksberg, 2012)[More information][Less information]
Abstract: I present an analysis of a survey in which the effect of entrepreneurship education and project-based education on students at lower secondary level is investigated. The results are based on a random sample of 2000 Danish students. The analysis indicates that entrepreneurship education has a positive effect on students’ personal development, and that its effect on entrepreneurial intentions is fully mediated by its effect on students’ self-conception. A finding with important policy implications is that there is a negative interaction effect between entrepreneurship education and project-based education regarding impact on students’ self-conception. The implication of the results is that we should replace project-based education with entrepreneurship education rather than having them run in parallel. URI: http://hdl.handle.net/10398/8515 Files in this item: 1
Moberg_SMGWP_4_2012.pdf (1.038Mb) -
Olney, William W. (Frederiksberg, 2018)[More information][Less information]
Abstract: This paper studies the relationship between immigration and offshoring by examining whether an in ux of foreign workers reduces the need for firms to relocate jobs abroad. We exploit a Danish quasi-natural experiment in which immigrants were randomly allocated to municipalities using a refugee dispersal policy and we use the Danish employer-employee matched data set covering the universe of workers and firms over the period 1995-2011. Our findings show that an exogenous in ux of immigrants into a municipality reduces firm-level offshoring at both the extensive and intensive margins. The fact that immigration and offshoring are substitutes has important policy implications, since restrictions on one may encourage the other. While the multilateral relationship is negative, a subsequent bilateral analysis shows that immigrants have connections in their country of origin that increase the likelihood that firms offshore to that particular foreign country. URI: http://hdl.handle.net/10398/9656 Files in this item: 1
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Gatti, Anna; Vendelø, Morten Thanning (København, 2005)[More information][Less information]
Abstract: Our paper reports research from the emerging institutional field of venture capitalists in Europe. In Europe venture capitalism began to emerge about ten years ago, and thus, in Europe the phenomenon has the characteristics of emergence and novelty, as a local in-dustry venture capitalists have yet to develop distinctive characteristics. The European countries do not constitute a homogeneous institutional environment, but must be per-ceived as different local settings, and thus, venture capitalism may evolve into different forms in the various parts of Europe. The objective is to understand if and how differen-ces in local institutional settings affect learning and adaptation by European venture ca-pitalists and start-ups, and thus, affect the processes of field formation. For example, it has been observed that institutional settings can facilitate or discourage learning from direct experience (Herriot et al., 1985). Thus, depending on the institutional settings venture capitalists and start-ups may rely on diffusion of experience in various degrees. Experiences can diffuse from the US, where venture capitalism as an entrepreneurial form evolved in Silicon Valley in the 1970s. In the US venture capitalists represent an institutionalized type of organization with formalized rules and standards, codified be-havior and roles (Suchman, 1995; Suchman et al., 2001). European venture capitalists and start-ups may imitate behavior and rules developed in Silicon Valley, and thus, a second research objective is to understand if and how US venture capitalism affect the evolvement of venture capitalism in Europe. We study the emergence of a venture capitalist industry in Denmark and Italy, and thus, by selecting two countries with distinctive differences in cultures and institutions, we study learning and adaptation by venture capitalists and start-ups in different institutio-nal settings. We suggest that venture capitalists and start-ups perceiving institutional settings as non venture-friendly are more likely to rely on learning by imitation than on trial-and-error learning. URI: http://hdl.handle.net/10398/6515 Files in this item: 1
05_2005.pdf (492.0Kb) -
presentations on share prices, insider trading and securities regulationRose, Caspar (København, 2001)[More information][Less information]
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Bjørn-Andersen, Niels; Viborg Andersen, Kim; Holm Larsen, Michael; Schou, Peter (København, 2004)[More information][Less information]
Abstract: Danish banks have traditionally been in the absolute forefront globally as regards the automation and introduction of IT since the mid 60’ies. But when the e-commerce opportunities emerged in the late 90’ies, the majority of the Danish banks resisted the development. They saw no reason to be the prime movers in cannibalising their own key competitive advantage, the 2.500+ retail-outlets (branches) placed on all the best locations on corners of the shopping streets1. However, once pure Internet banks were introduced in 1998 - 2000, all major banks (and the computing centres servicing the smaller banks) launched massive initiatives to bring the brick-and-mortar banks back into the driver seat using Internet banking. At the end of 2003 more than 30% of all Danish bank customers are using Internet. This development in the banking industry is illustrated using two cases. The first is one of the most ambitious attempts at creating a Nordic based large international financial service company, capable of spearheading the transition to the digital economy - the case of Nordea. This bank is in the midst of various transformation processes across the organisation due to several years of multiple cross boarder mergers and acquisitions, new composition of the group executive management, increasing thrives towards automation of business processes to reduce costs, and different innovations involving a change of the roles of value network partners. The other case is Lån & Spar Bank, which is one of the smaller Danish banks, who have its basic IT services done at a joint computing centre owned with many other smaller banks, but have its own IT development for strategic purposed done in-house in close collaboration with the business units. This bank has been in the forefornt in adopting new IT-solutions. This report consists of an analysis of the background for the development of the Danish banking sectors, the key processes in the Danish banking industry, the environmental and policy actors influencing the development, the e-commerce readiness in the Danish banking sector, the diffusion of e-commerce, and finally the impact on efficiency, industry structure and competition. The main results are that there are more Danish financial institutions having Internet technologies and Internet applications than in the other nine countries in the GEC survey. Furthermore, we suspect that they have had it for a longer period on average than found elsewhere in the sample. However, when we compare the figures in the GEC-survey on the ‘ Use of Internet for the different business processes’, and ‘On-line support’, the number of Danish financial institutions having Internet applications is not higher than in the other countries. URI: http://hdl.handle.net/10398/6483 Files in this item: 1
04-2004.pdf (824.9Kb)