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Evidence from Reinvestment in Housing Stock
Full text linkUsing the data on maintenance expenditures and self-assessed house value, I separate the measure of individual housing stock and house prices, and use these data for testing whether nondurable consumption and housing are characterized by intratemporal nonseparability in households’ preferences. I find evidence in favor of intratemporal dependence between total nondurable consumption and housing. I reach a similar conclusion for some separate con-sumption categories, such as food and utility services. My findings also indicate households are more willing to substitute housing and nondurable consumption within a period than to substitute composite consumption bundles over different time periods
Socialt og økonomisk?
Full text linkDenne rapport handler om socialøkonomi – eller rettere sagt om virksomheder,
der tager et særligt ansvar ved at inkludere socialt udsatte gennem ansættelse
og/eller erhvervsuddannelse i eksisterende arbejdsfællesskaber. Altså arbejdsintegrerende
virksomheder – eller mere mundret: virksomheder, der ansætter
udsatte. Projektet er gennemført med støtte fra TrygFonden, men ansvaret for
undersøgelsernes tilrettelæggelse og rapportens udformning hviler udelukkende
på forskerne fra CBS Center for Civilsamfundsstudier.
Arbejdsintegrerende virksomheder er værd at sætte fokus på, fordi de forsøger
at fremme trivsel for de mange, der af sociale grunde er blevet udelukket fra
arbejdsmarkedet. I mange tilfælde lykkes det faktisk på den måde at bringe udsatte
ind på det ordinære arbejdsmarked – eller i det mindste at give dem anerkendelse
og andre trivselsfremmende oplevelser i forbindelse med forskellige
former for beskæftigelsesforløb.
Både hvad angår beskæftigelseseffekter og trivsel på arbejdspladsen er
arbejdsintegrerende virksomheder i det store og hele fuldt ud på højde med
traditionelle erhvervsvirksomheder. Selvom disse virksomheder med social-
økonomiske formål netop er karakteriseret ved at rekruttere mennesker, der
typisk befinder sig ganske langt væk fra det ordinære arbejdsmarked.
Arbejdsintegrerende virksomhed kan således både være en gevinst for skatteborgerne
og de socialt udsatte. Alene af den grund virker det oplagt, at kommunerne
burde være interesserede i at fremme vilkårene for den slags aktiviteter.
Der er da også mange af dem, der arbejder ihærdigt for at få arbejdsintegrerende
virksomheder til at trives. Men samtidig er der også store udfordringer i
samarbejdet
Corporate experiences with Cooperative Compliance in Denmark
Full text linkThis working paper presents an analysis of the experiences of Cooperative Compliance in Denmark. Cooperative Compliance denotes a specific kind of collaborative program for the regulation of large corporate taxpayers by the tax authorities. Cooperative Compliance programs have been implemented in several countries worldwide. In Denmark the program is called Tax Governance. Tax Governance has been studied using qualitative method and the analyses of the working paper build on an extensive base of in-depth interviews – primarily with tax directors from corporations participating in the program. The working paper shows as a general stance that the corporations are supporting the ideas behind Tax Governance and are generally satisfied with their participation. However, the working paper also shows that most of them explain to be stretched between this willingness to participate and the different challenges and contradictions they told to experience in the everyday work practices related to the Tax Governance program. The working paper zooms in at these various everyday experiences from the corporations. Yet, it also zooms out and shows that the Tax Governance program in different ways relate to wider international trends within tax administration, especially concerning the development of risk assessments and internal control in the corporations and a greater focus on monitoring of these elements by the tax authorities. Overall, the working paper concludes that Tax Governance as a model for a collaborative regulatory relationship between Skat and large corporations comes with both possibilities and challenges
Essays on Debt and Pensions
Full text linkMoney is a scarce resource for most people. For that reason, the decision whether to
spend more today and less in the future or vice versa is a recurrent question to many of us.
Pension systems provide incentives for saving for future consumption and mortgage markets
allow us to increase consumption immediately by giving up future spending opportunities
accordingly. For this reason, pension and mortgage systems play a key role to individual
savings decisions. This dissertation is comprised by three self-contained chapters concerned
with how individual savings behavior depends on the design of certain pension and mortgage
features
Toward Value Representations of Individual Knowledge in Accounting
Full text linkConcerned with the management and control of the forces that drive the “knowledge
economy”— the research question of the thesis is: How can individual knowledge become operable
in dispersed, global contexts to support knowledge-based management decisions at a distance?
The conceptual part of the thesis proposes generic, global measurement units in The Intangible
Currency, (TIC), to represent the values of individual knowledge resources distributed in a webbased
system of non-financial accounting, Intellectual Capital Management Control System,
(ICMCS). It suggests methods for knowledge accounting on which to manage allocation of
individual knowledge in dispersed firms.
The thesis is in three parts. The first part, which applies the theory Design Studies Research,
(DSR), conceptualizes the artefacts TIC and ICMCS. The second part produces case-based
empirical validations of the two artefacts in a global company. The artefacts are technically and
socially tested producing 2x2 tests. The development and implementation process of ICMCS is
qualitatively tested and socially analyzed by Actor Network Theory, (ANT) and TIC is
quantitatively tested by the use of proxies, because individual knowledge and competence is
invisible and ICMCS has not been implemented yet. By four hypotheses the calculative
properties in TICs are explored to analyze in an ANT perspective whether the calculative
devices, containing no price mechanism, is able to keep the non-financial network of accounting
together. The 2x2 validations were successful except for the 4th moment of translation, the
mobilization, {{267 Callon,Michel 1986}}in the social validation of ICMCS, where the roll-out
was stopped by top management decisions.
The third part discusses the used methods, the results and their limitations and alleys for further
research. Furthermore, it proposes contributions to literature in IC, Accounting, KM and OM by
the concept of TICs as generic calculative devices and measurement units for individual
knowledge and competence and the ICMCS as the IC system of accounting, which is assumed
to coordinate and distribute Human Capital (HC) by means of clicks mirroring managerial
decisions about movements (flow) in the capital.
The remaining part of the summary is placed in 6 sections as follows; Firstly, the theoretical
problem is presented and secondly a discussion of the empirical relevance is conducted. Thirdly,
the research design is briefly described and the main results from the empirical testing
presented. The summary is finished by references to the main contributions to theory and
practice, and by some limitations and possible avenues for further research
The Dilemma of Authentic Tourist Experiences and Residential Life in Urban Areas
Full text linkTraditionally, tourists spend their holidays in tourist spaces that provide the needed infrastructure for their experiences (i.e., hotels, restaurants, sight-seeing spots). However, nowadays tourists often occupy more residential space than in the past; this development is fuelled at least by two important trends in tourism. First, destination marketing organizations (DMO’s) increasingly seek to intertwine tourists‘ paths with local neighbourhood in order to create perceived tourist authenticity (e.g. the ‘localhood’ strategy of various city tourism organizations; Wonderful Copenhagen, 2017). Second, shared economy offerings, such as Airbnb, create tourist spaces in residential areas (Gutierrez et al., 2017). Both developments result in the integration of tourists into the residents’ living sphere, and anecdotal evidence indicates that this does not come without fraction between residents and tourists (e.g., Andereck et al., 2005; Gutierrez et al., 2017; Yang et al., 2013)
Task force IRSPM A&A SIG, CIGAR Network, EGPA PSG XII
Full text linkThe IPSAS CP asks the following questions in its REQUEST FOR COMMENTS. The responses prepared by the Task Force IRSPM A&A SIG, CIGAR Network and EGPA PSG XII are presented hereafter.
The IRSPM A&A SIG, CIGAR Network and EGPA PSG XII are three research networks that focus on Public Sector Accounting. The Task Force is made up of 16 researchers from these networks. The responses being presented are based on an analysis of the Consultation Paper, the IPSASB Conceptual Framework, relevant IPSAS, and various published research papers on the subject. Following various meetings and discussions, the members of the Task Force have reached the following common conclusions and suggestions.
The views expressed in this document represent those of the members of the Task Force and not of the whole research community represented by the networks, and neither of the Institutions/Universities with which they are affiliated
Complexities of Social Capital in Boards of Directors
Full text linkThe aim of the dissertation is to disentangle complexities of social capital in boards of
directors through proposing new theoretical perspectives and methodological approaches.
Although extant previous research has discussed various aspects of social capital and its
association with numerous organizational outcomes, still the literature demonstrates evident
shortcomings resulting from overlooking and oversimplifying its complexities. Therefore, to fill
gaps in the literature, the dissertation addresses the following research question: in the context of
boards of directors, how can social capital be better understood through exploration of its
complexities?
The dissertation comprises three empirical studies that individually address the identified
gaps in the literature and combined address the aforementioned research question. In this way,
the dissertation demonstrates that social capital in boards of directors is more complex than it
has been assumed in previous studies and its understanding requires a novel approach to
conceptualization and empirical research. The first chapter explains the topic and motivation for
the dissertation. The following chapter (Chapter 2) synthetizes the previous approaches to
investigating board social capital and proposes a new theoretical and methodological approach.
It particularly asserts that research on board social capital may be advanced through utilizing
configurational perspective and method, what is then shown on an example of the relationship
between board social capital and firm performance. Chapter 3 explores social capital of board
chair, which has been overlooked in previous studies. It suggests that individual social capital of
board chair is as important for organizational performance as social capital of CEO and
directors. Therefore, performance effect derives from combined social capital of board chair,
CEO, and directors. Further, the dissertation discusses dynamics of board social capital (Chapter
4) in the context of firm expansion. It emphasizes that evolution process of board social capital
is driven by multidimensional changes occurring within internal and external networks of social
relationships created by board members. Evolution paths are consequently proposed for
diversity and strength of external network ties, and for internal network cohesion. In light of the
overarching research question, the final chapter summarizes the findings
Essays on Empirical Asset Pricing
Full text linkThis thesis concerns the empirical relation between risk and return in equities. It studies
why the expected return on stocks as a whole varies over time and why there are predictable
cross-sectional di↵erences in the return on individual stocks. The thesis consists of three
chapters which can be read independently.
The first chapter addresses why the expected return on the market portfolio varies over
time. The market portfolio is a claim to all future cash flows earned by the firms in the
stock market. I study the expected return to these future cash flows individually. I find that
the expected return to the distant-future cash flows increases by more in bad times than
the expected return to near-future cash flows does. This new stylized fact is important for
understanding why the expected return on the market portfolio as a whole varies over time.
In addition, it has strong implications for which economic model that drives the return to
stocks. Indeed, I find that none of the canonical asset pricing models can explain this new
stylized fact while also explaining the previously documented facts about stock returns.
The second chapter, called Conditional Risk, studies how the expected return on individual
stocks is influenced by the fact that their riskiness varies over time. We introduce a
new ”conditional-risk factor”, which is a simple method for determining how much of the
expected return to individual stocks that can be explained by time variation in their market
risk, i.e. market betas. Using this new factor, we find that around 20% of the cross-sectional
variation in expected stock returns worldwide can be explained by such time variation in
market betas.
The third chapter studies why stocks with low market betas have high risk-adjusted
returns. To shed light on this low-risk e↵ect, we decompose all stocks’ market betas into their
volatility and their correlation with the market portfolio. We find that both stocks with lower
volatility and stocks with lower correlation have higher risk-adjusted returns. The last fact,
that stocks with low correlation have high risk-adjusted returns, is particularly important because it helps distinguish between competing theories of the low-risk e↵ect. Indeed,
the high risk-adjusted returns to low-correlation stocks are consistent with leverage based
theories of the low-risk e↵ect, but it is not immediately implied by competing behavioral
theories we consider in the paper