Working Papers (ECON) Forfattere "Risager, Ole"
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Nielsen, Steen; Risager, Ole (København, 2001)[Flere oplysninger][Færre oplysninger]
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Risager, Ole (København, 2003)[Flere oplysninger][Færre oplysninger]
Resume: 1. Brief Introduction The two companies D/S Svendborg and D/S 1912 have for almost a century been the parent companies of the A.P. Møller Group. These companies were founded by Mr. Arnold Peter Møller and his father Captain Peter Mærsk Møller. They were in the beginning entirely into shipping. In 1912, the fleet consisted of 6 vessels. Much has happened since the company was founded: The A.P. Møller Group has by any standards become the biggest company in Denmark. Moreover, "Svendborg" and "1912" have recently been merged into one company "A.P. Møller – Mærsk A/S". However, as we shall be concerned with the performance of the company also in the past we will repeatedly make reference to the historic parent companies. As "Svendborg" and "1912" grew bigger they expanded into a number of other businesses. It is common to split the main businesses of the APM Group into three broad categories: URI: http://hdl.handle.net/10398/7627 Filer i denne post: 1
wpec102003.pdf (101.2Kb) -
problems, policies and prospectsAndersen, Torben M.; Hougaard Jensen, Svend E.; Risager, Ole (København, 1998)[Flere oplysninger][Færre oplysninger]
Resume: Over the last 25 years the Danish economy has had difficulties in growing as fast as other EU countries and the United States. While the average growth difference is small, it signals that if this trend persists into the next century, Denmark will not be able to maintain its high position in the world income hierarchy. Moreover, during these years, the number of individuals living on transfer incomes have increased dramatically. Although we interpret both tendencies as signals of structural weaknesses, we are also aware that these developments may reflect that other goals in economic policy have been pursued, such as protecting the environment and/or achieving certain redistributive objectives. This paper analyzes this and other broad policy issues of importance for Denmark. URI: http://hdl.handle.net/10398/7612 Filer i denne post: 1
1998_18.pdf (175.5Kb) -
a stylished model for Egypt with some numerical policy examplesRisager, Ole; Yang, Chang-Po (København, 1999)[Flere oplysninger][Færre oplysninger]
Resume: This paper analyzes the consequences of pursuing a less activist Government employment stabilization policy strategy in Egypt. On the basis of a fairly stylized model we find that a reduction of the Government’s involvement in the economy along with an introduction of mild but binding firing regulations in the private sector may lead to a rise in total employment and to an improvement in Egypt’s trade balance vis-à-vis the rest of the world. URI: http://hdl.handle.net/10398/7659 Filer i denne post: 1
1999_3.pdf (84.99Kb) -
Overgaard Olesen, Jan; Risager, Ole (København, 2000)[Flere oplysninger][Færre oplysninger]
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Overgaard Olesen, Jan; Risager, Ole (København, 2000)[Flere oplysninger][Færre oplysninger]
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Risager, Ole (København, 2004)[Flere oplysninger][Færre oplysninger]
Resume: Price-earnings ratios are part of the toolkit that is used for assessing the valuation of individual firms on the stock market as well as the entire market itself. This paper presents consistent P/E series for the liquid Danish shares adjusted for share buybacks. The results show that over the period from 1969 to 2003, the average (trailing) P/E equals 13.5. The P/E reaches its lowest level in 1980, which is likely to be due to a soaring oil price, high wage increases and interest rates approaching 20 percent. Notwithstanding optimistic equity pricing also in Denmark in the late 1990s, the upturn in Danish valuations was more moderate than in the US. The correction that sets in subsequently reversed essentially the gains in the Danish P/E in the 1990s. URI: http://hdl.handle.net/10398/7620 Filer i denne post: 1
wpec132004.pdf (395.4Kb) -
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) -
Overgaard Olesen, Jan; Risager, Ole (København, 1999)[Flere oplysninger][Færre oplysninger]
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Nielsen, Steen; Risager, Ole (København, 2001)[Flere oplysninger][Færre oplysninger]
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[Flere oplysninger][Færre oplysninger]
Resume: 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 Filer i denne post: 1
wp20-2005.pdf (293.8Kb)
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