Working Papers (ECON) Titler
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Keuschnigg, Christian; Nielsen, Søren Bo (København, 2001)[Flere oplysninger][Færre oplysninger]
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Keuschnigg, Christian; Nielsen, Søren Bo (København, 2006)[Flere oplysninger][Færre oplysninger]
Resume: In recent years, venture capital has become an important source for nancing young entrepreneurial rms. Given the apparently more innovative nature and extra value added of venture capital backed rms compared to other firms, policy makers have taken an increasing interest in an active venture capital industry. We explore how selected policy instruments determine the incentives of individuals to start up new rms and of venture capitalists to nance and advise them, and how policy thereby influences the size and nature of the industry and how it aspects aggregate welfare. We examine the impact of wage and corporate income taxes as well as capital gains taxes and start-up capital subsidies on the volume and quality of venture capital backed entrepreneurship. JEL-Classi cation: D82, G24, H24, H25 Keywords: Entrepreneurship, venture capital, double moral hazard, taxes, sub-sidies. URI: http://hdl.handle.net/10398/7569 Filer i denne post: 1
wp15-06.pdf (291.5Kb) -
implications of recent nonparametric testsDahl, Christian M.; Nielsen, Steen (København, 2001)[Flere oplysninger][Færre oplysninger]
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the Danish stock market since World War 1Risager, Ole (København, 1998)[Flere oplysninger][Færre oplysninger]
Resume: Abstract: This paper contributes to the growing literature on mean reversion in stock markets by examining a newly constructed Danish data set for the period 1922-95. Variance ratio tests clearly reject the random walk hypothesis at the 2-year horizon, that is, the riskiness of a 2- year investment is significantly less than twice the risk of a 1-year investment. Variance ratio tests for 3- and 4-year horizons are not significant under conventional significance levels, whereas autocorrelation tests of the joint hypothesis that there is departure from random walk at all horizons tend to reject the random walk hypothesis and support the mean reversion hypothesis. URI: http://hdl.handle.net/10398/7617 Filer i denne post: 1
1998_7.pdf (71.21Kb) -
Staff utilisation in branches of a large Canadian bankAsmild, Mette; Bogetoft, Peter; Hougaard, Jens Leth (, 2011)[Flere oplysninger][Færre oplysninger]
Resume: In this paper we consider staffing decisions in branches of a large Canadian bank. The bank has well-developed staffing models and the branches work in a highly competitive environment. One would therefore expect limited ’inefficiency’ in the sense of wasted resources and over-staffing. Using Data Envelopment Analysis (DEA) we nevertheless find considerable ’inefficiency’ which raises the question whether this is best interpreted as waste or if the apparent inefficiency may serve other purposes. To investigate this, we invoke the theoretical framework of Rational Inefficiency (Bogetoft and Hougaard 2003). A systematic pattern of slack consumption emerges, which suggests that the allocation of slack between sta↵ groups is far from random. The slack pattern seems natural from the point of view of employee value and hierarchy and also considering employee flexibility and substitutability. For example we find relatively large over-staffing at the supervisor level which is natural given both their strong bargaining position derived from their role in the branch hierarchy and given the relative flexibility of supervisor resources. URI: http://hdl.handle.net/10398/8634 Filer i denne post: 1
Asmild Bogetoft Hougaard_2011.pdf (567.5Kb) -
Sørensen, Anders (København, 2005)[Flere oplysninger][Færre oplysninger]
Resume: It may be optimal from a welfare perspective to use R&D subsidies when the source of R&D distortions originates from the surplus appropriability problem and technological spillovers in the form of knowledge spillovers, creative destruction, and duplication externalities are absent. Hence, R&D subsidies may constitute the optimal policy even when subsidies directly targeted on monopoly pricing could be applied. The result holds when dynamic effects are important relative to static effects and when governments spending is restricted. The latter characteristic arises when a government is unable or unwilling to use the level of spending required to implement the optimum policy. The argument is developed in a semi-endogenous growth model where the only distortion is monopoly pricing of intermediate goods. Keywords: R&D, policy instruments, welfare, market power JEL: O38, O41 URI: http://hdl.handle.net/10398/7541 Filer i denne post: 1
wp17-2005.pdf (332.0Kb) -
Who Gains?Boom, Anette; Schwenen, Sebastian (Frederiksberg, 2013)[Flere oplysninger][Færre oplysninger]
Resume: We examine welfare e ects of real-time pricing in electricity markets. Before stochastic energy demand is known, competitive retailers contract with nal consumers who exogenously do not have real-time meters. After demand is realized, two electricity generators compete in a uniform price auction to satisfy demand from retailers acting on behalf of subscribed customers and from consumers with real-time meters. Increasing the number of consumers on real-time pricing does not always increase welfare since risk-averse consumers dislike uncertain and high prices arising through market power. In the Bertrand case, welfare is the same with all or no consumers on smart meters. URI: http://hdl.handle.net/10398/8766 Filer i denne post: 1
boom_schwenen_1-2013.pdf (532.8Kb) -
Nielsen, Steen; Overgaard Olesen, Jan (København, 2000)[Flere oplysninger][Færre oplysninger]
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An Optimal Insurance ApproachOlai Hansen, Bodil; Keiding, Hans (København, 2000)[Flere oplysninger][Færre oplysninger]
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Med særligt henblik på grønlandske forholdLund, Lars (København, 2007)[Flere oplysninger][Færre oplysninger]
Resume: Resource rents and models for taxation of these rents. Some references to the situation for Greenland. After a general introduction to the concept of rents the risk of distortion by double taxation of the normal capital income to investment is explained. Cash flow taxation or deduction in the tax base of investment times the risk free interest rate can be used to avoid this double taxation. Among other instruments to secure a part of rents for the public sector are direct participation and selling rights to exploit the resources by auction. The greater part of the paper is about taxation of rents in fisheries. The regulation is assumed to be based on professional advising and individual transferable quotas. Duties on the quota or a general cost increasing tariff, e. g. on fuel, are administratively simple models for taxation. Cost increasing indirect taxation has the good quality of incentive compatibility, as it supports the effort reducing aim of regulation. A concrete example illustrates a possible taxation of the prawn/shrimp fishery combining a duty on the quota with a tariff levied on the catch. Some comment are given on a recent report on the shrimp fishery (2005), and it is criticised for highlighting the theoretical qualities of Greenland’s fisheries policy, but neglecting the regulation and also to which extent incomes derived from quotas end up as income for Greenlandic households. URI: http://hdl.handle.net/10398/7559 Filer i denne post: 1
wp1-2007_rev.pdf (305.6Kb) -
Effects on Capacity Investments, Prices and WelfareBuehler, Stefan; Boom, Anette (København, 2006)[Flere oplysninger][Færre oplysninger]
Resume: We examine the effects of reorganizing electricity markets on capacity investments, retail prices and welfare when demand is uncertain. We study the following market configurations: (i) integrated monopoly, (ii) integrated duopoly with wholesale trade, and (iii) separated duopoly with wholesale trade. Assuming that wholesale prices can react to changes in retail prices (but not vice versa), we find that generators install sufficient capacity to serve retail demand in each market configuration, thus avoiding blackouts. Furthermore, aggregate capacity levels and retail prices are such that the separated (integrated) duopoly with wholesale trade performs best (worst) in terms of welfare. Keywords: Electricity, Investments, Generating Capacities, Vertical Integration, Monopoly and Competition. JEL-Classification: D42, D43, D44, L11, L12, L13 URI: http://hdl.handle.net/10398/7589 Filer i denne post: 1
wp11-2006.pdf (286.3Kb) -
Vertical Structure and the Risk of Rent ExtractionBoom, Anette; Buehler, Stefan (Frederiksbarg, 2014)[Flere oplysninger][Færre oplysninger]
Resume: We study the role of vertical structure in determining generating capacities and retail prices in the electricity industry. Allowing for uncertain demand, we compare three market configurations: (i) integrated monopoly, (ii) integrated duopoly with wholesale trade, and (iii) separated duopoly with wholesale trade. We find that equilibrium capacities and retail prices are such that welfare is highest (lowest) under separated (integrated) duopoly. The driving force behind this result is the risk of rent extraction faced by competing integrated generators on the wholesale market. Our analysis suggests that vertical structure plays an important role in determining generating capacities and retail prices. URI: http://hdl.handle.net/10398/9031 Filer i denne post: 1
boom.pdf (614.5Kb) -
Heterogeneity and Non-LinearitiesIversen, Jens; Malchow-Møller, Nikolaj; Sørensen, Anders (Frederiksberg, 2010)[Flere oplysninger][Færre oplysninger]
Resume: 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 Filer i denne post: 1
Sorensen_WP_2010.pdf (411.9Kb) -
Overgaard Olesen, Jan; Risager, Ole (København, 1999)[Flere oplysninger][Færre oplysninger]
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Moriconi, Simone; Peri, Giovanni; Pozzoli, Dario (Frederiksberg, 2018)[Flere oplysninger][Færre oplysninger]
Resume: The offshoring of production by multinational firms has expanded dramatically in recent decades, increasing the potential for economic growth and technological trans- fers. What determines the location of such offshore production? How do the policies and characteristics of countries affect these decisions? Do firms choose specific coun- tries because of their policies or because they are more familiar with them? In this paper, we use a very rich dataset on Danish firms to analyze how their decisions re- garding offshore production depend on institutional characteristics and firm-specific bilateral connections with these countries. We find that institutions that enhance in- vestor protections and reduce corruption increase the probability of offshoring, while those that introduce regulatory constraints in the labor market discourage it. We also show that offshoring activities are more likely for firms that have developed networks in the country of destination. URI: http://hdl.handle.net/10398/9658 Filer i denne post: 1
Dario4.pdf (2.366Mb) -
limits to competition policy harmonisation in EU enlargementMøllgård, Peter; Lorentzen, Jochen (København, 2001)[Flere oplysninger][Færre oplysninger]
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Recent developments and dependencies on prices/taxesla Cour, Lisbeth; Milhøj, Anders (København, 2005)[Flere oplysninger][Færre oplysninger]
Resume: In the following we will analyse the sale of alcohol in Denmark. Various figures related to this question are published by Statistics Denmark at different frequencies. Our main concern will be with quarterly data for the sale of beer, wine and spirits from the period 1990 – 2004. Our two hypotheses are: First we want to convince the reader that the total sale of alcohol in Denmark since 1980 has been fairly stable. By total sale we mean the total sale of 100% alcohol so the three categories – beer, wine and spirits are measured in litres of 100% alcohol equivalents. In order to convince the reader that the total sale of alcohol has been fairly constant we will present graphs and various indicators and tests of the degree of temporal dependence in this series. The overall impression from this analysis is that our first hypothesis seems to be supported – at least not contradicted – by the data. Next, we want to model the sale of beer and wine as shares of the total sale of alcohol. Even though the total sale can be considered fairly stable there have been divergent paths of evolvement for the sub-groups: the sale of beer has decreased over the period and the sale of wine has increased. The sale of spirits has been fairly stable. Modelling the system of the beer-share and the wine-share we want to split the total development into a part that can be ascribed to changes in the relative prices and a part that can be explained by changes in taste and drinking habits specified as a trend. By specifying a system conditionally on the prices of beer, wine and spirits and a trend we manage to estimate price sensitivity and taste sensitivity. A small forecasting exercise shows that the final model is fairly good at predicting changes in the shares due to price changes. Finally, the effects on the market shares of hypothetical changes in the taxation of alcohol are discussed. URI: http://hdl.handle.net/10398/7532 Filer i denne post: 1
wp18-2005.pdf (1.837Mb) -
Lund, Lars (København, 2005)[Flere oplysninger][Færre oplysninger]
Resume: The focus is effects of investments in airports and runways on the market for air travel and more in general for the production possibilities of the economy. In the case of Greenland two types of impacts can be sorted out. One is more efficient production of air transport due to increased density in the utilization of the net because of no use or less use of the airport in Kangerlussuaq. The other effect, connected to the first, is that resources are set free by avoidance of double work receiving the same passengers (and goods) in Kangerlussuaq and especially in Nuuk. Transformation curves are used to illustrate both effects and the first is dealt with also in an ordinary price quantity diagram. Using previous calculations and estimates done by the author two specific scenarios are treated in the theoretical framework presented: one is a lengthening of the runway in Nuuk to 1799 m and less intensive use of Kangerlussuaq, the other is the building of an airport south of Nuuk with a 3000 m runway in combination with abandoning Kangerlussuaq. Profitability and amortisation of the investments are reviewed in transformation curve diagrams. On the assumptions of the calculations both scenarios are profitable, but by far the most profitable is the big investment south of Nuuk. Concluding remarks stress the preliminary character of my calculations, but they also point out that decision makers’ choice of scenarios to be discussed and compared is unstable. URI: http://hdl.handle.net/10398/7500 Filer i denne post: 1
wp8-2005-1.pdf (155.3Kb) -
Marker-Larsen, Svend (København, 2004)[Flere oplysninger][Færre oplysninger]
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Hvad ved vi og hvad kan det bruges til?Bennedsen, Morten (København, 2004)[Flere oplysninger][Færre oplysninger]
Resume: I provide a short survey on recent research on the governance of closely held corporations. I focus on the strategic choice of ownership structure, the creation of family firms and the role of the board in the closely held corporation. Attention is payed to policyimplications of the research results. URI: http://hdl.handle.net/10398/7524 Filer i denne post: 1
wpec022004.pdf (179.2Kb)