Browsing Departments by Title
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RevisitedLund, Diderik (København, 2003)[More information][Less information]
Abstract: Levy and Arditti (1973) introduced depreciable assets into the Modigliani and Miller (1958) model, and analyzed the implications for the cost of capital. Assuming that the firm reinvests indefinitely to maintain a constant expected cash flow, they found that depreciation increases the cost of capital before and after tax. Most of their assumptions are maintained. However, commitment to perpetual reinvestment is in most cases not a reasonable assumption. Without it, depreciation decreases the cost of capital before and after tax. The effect of depreciation is less in absolute value than in Levy and Arditti, but not insignificant. Keywords: Cost of capital, depreciation, corporate taxes JEL classification numbers: G31, H25 URI: http://hdl.handle.net/10398/7583 Files in this item: 1
wpec032003.pdf (138.8Kb) -
An Analysis of the Perception of and Reaction to Reviewers in Fine-DiningMüller, Fabian Heinrich (Frederiksberg, 2018)[More information][Less information]
Abstract: Our society has seen a proliferation of valuation devices leading to the existence of multiple devices that valuate the same product or service. Studies of valuation devices have demonstrated wide-ranging implications for the objects they valuate as well as for the context, in which they are embedded. However, what remains opaque is the understanding of how these valuation devices themselves are valuated by actors in and around the devices. Aiming to enrich this understanding, this thesis gives an answer to the following research question: How are multiple valuation devices valuated by the actors in and around the devices in one particular context, in this thesis the Copenhagen fine-dining context and what are implications of this valuation? Theoretically, this thesis mobilizes the notion of valuation devices and is built on two theoretical pillars that originate out of economic sociology: valuation studies and studies of devices. Through delving into their common roots and reviewing previous studies, this thesis finds that both areas of research suggest the aspect of multiplicity and the aspect of the valuation of valuation devices as aspects needing in-depth exploration. I aim to shed light on these two theoretical gaps. In addition, the thesis elaborates on the effects of valuation devices, centering on performativity and reactivity, introducing the former and going deeper into the latter. URI: http://hdl.handle.net/10398/9632 Files in this item: 1
Fabian Henrich Müller.pdf (2.892Mb) -
Bechmann, Ken L.; Løchte Jørgensen, Peter (København, 2003)[More information][Less information]
Abstract: Abstract Over the last decade the Danish corporate environment has experienced a significant increase in the use of option-based compensation (OBC). This and many other facts are documented in the present paper which provides the first insights into the characteristics of the option and warrant contracts issued by the complete sample of Danish companies listed on the Copenhagen Stock Exchange. A newly constructed database containing all publicly available information on details of Danish OBC contracts allows us to present, for example, results regarding contract values at an aggregated as well as at firm, personnel group, and individual level. The paper also contains a section which discusses and presents evidence on the incentive effects provided by the option-based compensation contracts adopted by Danish listed companies. URI: http://hdl.handle.net/10398/7150 Files in this item: 1
the_value_and_incentives_1.pdf (310.6Kb) -
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 Role of Carriers, Ports and Thrid Parties in Liner and Bulk ShippingRoslyng Olesen, Thomas (Frederiksberg, 2015)[More information][Less information]
Abstract: This report has examined the concept of value creation in the maritime chain of transportation. A maritime transport chain can best be conceptualized as a network through which carriers (e.g. shipping companies and haulage providers) and third parties (e.g. terminal operators, freight forwarders, brokers and agents) provide services for the movement of cargo provided by shippers. The main actors in the maritime chain of transportation are the carriers who add value to the shipper by moving goods from areas with excess supply to areas with excess demand. In this process a number of (independent) third parties may provide a number of services. The shipper and/or carrier will employ these agents if the rise in costs is more than compensated by the value of the service. The third parties can thus only exist if they provide value added services to the carrier and/or to other third party service providers. From a financial perspective value is created when a business earns revenue that exceeds the expenses. In many sectors, however, value is increasingly being created by more intangible drivers such as research, innovation, branding, ideas and networks which usually provide indirect rather than direct benefits (Kaplan & Norton, 2004a; 2004b). This is also the case within maritime logistics. According to Johansson et al. (1993) third parties may add value through (1) improve the level of service, (2) quality, (3) cost and (4) time reduction. The chartering agent’s network and market knowledge allows him to speed up the search time and match process for shippers and carriers (time reduction). The port agent’s local network allows him to speed up port operations (time reduction) and make the necessary arrangement on behalf of the carrier (service). Freight forwarders may take over part of the production chain and provide services which manufacturers don’t consider their core business (service). This includes assembly, quality control, customizing and packing of goods, pest control and after sales services. Third party ship management companies may reduce costs through economies of scale (cost reduction) and increase quality of crew and equipment maintenance through specialization (quality). Just to mention a few. While the report has investigated the concept of value creation, the question of value capturing has not been addressed in this study. Value capturing depends on the individual transactions between the actors in the chain. A port agent may add value to a carrier by securing smooth port operations and thus reduce waiting time. The added value may, however, be captured by a freight forwarder who forces the carrier to lower the price or more likely be distributed among several actors. The business model literature may provide a fruitful lens for exploring this in greater depth. The maritime chain of transportation is becoming increasingly complex and involves an increasing number of actors. The services of some actors are furthermore overlapping. Inland haulage can thus be provided by shippers, freight forwarders, independent liner agents, in-house liner sales offices, or by an independent haulage provider. Freight forwarders are increasingly overtaking functions in the value chain from manufacturer etc. In order to successfully navigate this network is it important to have an overview of the chain of transportation at a more general level. URI: http://hdl.handle.net/10398/9252 Files in this item: 1
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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) -
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) -
Rethinking practice, problems and possibilitiesHjordrup, Sanne K. (Frederiksberg, 2015)[More information][Less information]
Abstract: This industrial PhD is about talent management. More specifically, it is about how the customer relationship becomes a source of value and value creation for the company through the practice of talent management, a key strategic HR initiative. Talent management is a costly activity in terms of both time and money. Nevertheless, talent management is an HR practice that is virtually taken for granted in any company of a certain size. This is the case because it is assumed to be a value-adding initiative and believed to be a key strategic HR initiative, in particular for large global organisations, to remain competitive. This dissertation suggests that talent management practices are not necessarily as value-adding as is the long-standing assumption, and thus challenges prevailing notions of what constitutes valuable talent management. It argues the need to rethink the practice of talent management to ensure that it adds a level of value that justifies the amount of attention and resources spent on it. The dissertation examines what the implications are for talent management when a company introduces a customer focus as a way of competing in the market. In order to examine this, the dissertation brings the concept of value into the discussion of talent management and thus invites new ways of connecting the various dots of talent management – both within the HR function and in the interaction between HR, the business and the customers. Value is a complex concept, and in the management literature (including the literature on talent management), the concept is often addressed in a narrow economic sense based on an industrial logic. The strategic management literature has increasingly focused on value in a relational sense, which alters ways of doing successful business. The dissertation argues that when a company perceives customer relations as a potential source of competitive advantages, this has implications for notions of value and value creation in the organisation, including the practice of talent management. This requires a relational perspective on value and value creation, which implies that value becomes both more difficult to control and more complex and embedded in a system of multiple, mutually dependent factors. URI: http://hdl.handle.net/10398/9207 Files in this item: 1
Sanne K. Hjordrup.pdf (3.334Mb) -
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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) -
Sløk-Madsen, Stefan K.; Christensen, Jesper (Frederiksberg, 2017)[More information][Less information]
Abstract: The world over classrooms in business schools are being taught that corporate values can impact performance. The argument is typically that culture matter more than strategy plans and culture can be influenced and indeed changed by a shared corporate value set. While the claim seems intuitively and anecdotally true surprisingly little hard evidence has been produced either for or against. This study attempts to rectify this. The study claims that for corporate values to matter they must at least align, and potentially alter, employee decision-making hence their concept of optimality and rational behavior. This paper attempt to test such a claim. This is done via unique and privileged access to top-level managers in a Fortune 250 company. This company is special in having very well-defined, long-running values that are in opposition to a narrowly defined homo-economics rationality. These values and their precise intonation and implementation can be traced to unique events and periods in the company history. The managers partaking in this study were present at these events and periods, and represent a very unique and curated group of test subjects. The managers were subjected to multilevel experiments involving vignettes and games. Their results were compared to their actual knowledge of the content of the company corporate values. The results were tested against hypotheses on expected rational behavior and a control group consisting of similar level managers from other companies. This study makes a unique contribution to the effects of investment in shared company values, and to whether agent rationality can be fundamentally changed by committed organizational efforts. URI: http://hdl.handle.net/10398/9490 Files in this item: 1
CEVRO OPEN.pdf (205.7Kb) -
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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) -
Colleoni, Elanor (Frederiksberg, 2011)[More information][Less information]
Abstract: The development of an information economy, and in particular its more recent “social economy” phase, has seen the “pluralisation” of conceptions of value (Stark, 2009). The rise of brands, the growing importance of reputation, both for individuals and for companies, the need to attract affective investments and in general to establish a positive large-scale recognition for companies are all manifestation of this. While companies have clearly identified the strategic importance of these intangible assets, an adequate and broadly accepted interpretation of how such immaterial wealth is transformed into tangible monetary value still lack. URI: http://hdl.handle.net/10398/8731 Files in this item: 1
Colleoni.pdf (142.3Kb) -
The 23rd Nordic Symposium on Tourism and Hospitality Research. 2-4 october 2014Budeanu, Adriana; Möckel, Marie; Gyimóthy, Szilvia (Frederiksberg, 2014)[More information][Less information]
URI: http://hdl.handle.net/10398/9079 Files in this item: 1
Proceedings_23 Nordic Symposium.pdf (3.546Mb) -
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)