Showing papers by "Copenhagen Business School published in 2011"

Time Series Momentum

Abstract: We document significant “time series momentum” in equity index, currency, commodity, and bond futures for each of the 58 liquid instruments we consider. We find persistence in returns for 1 to 12 months that partially reverses over longer horizons, consistent with sentiment theories of initial under-reaction and delayed over-reaction. A diversified portfolio of time series momentum strategies across all asset classes delivers substantial abnormal returns with little exposure to standard asset pricing factors and performs best during extreme markets. Examining the trading activities of speculators and hedgers, we find that speculators profit from time series momentum at the expense of hedgers.

Corporate Bond Liquidity Before and After the Onset of the Subprime Crisis

Abstract: We analyze liquidity components of corporate bond spreads during 2005-2009 using a new robust illiquidity measure. The spread contribution from illiquidity increases dramatically with the onset of the subprime crisis. The increase is slow and persistent for investment grade bonds while the effect is stronger but more short-lived for speculative grade bonds. Bonds become less liquid when financial distress hits a lead underwriter and the liquidity of bonds issued by financial firms dries up under crises. During the subprime crisis, flight-to-quality is confined to AAA-rated bonds.

Linking Customer Interaction and Innovation: The Mediating Role of New Organizational Practices

Abstract: The notion that firms can improve their innovativeness by tapping users and customers for knowledge has become prominent in innovation studies. Similar arguments have been made in the marketing literature. We argue that neither literatures take sufficient account of firm organization. Specifically, firms that attempt to leverage user and customer knowledge in the context of innovation must design an internal organization appropriate to support it. This can be achieved in particular through the use of new organizational practices, notably, intensive vertical and lateral communication, rewarding employees for sharing and acquiring knowledge, and high levels of delegation of decision rights. In this paper, six hypotheses were developed and tested on a data set of 169 Danish firms drawn from a 2001 survey of the 1,000 largest firms in Denmark. A key result is that the link from customer knowledge to innovation is completely mediated by organizational practices.

Market Orientation in Food and Agriculture

Abstract: Книга рассматривает основные проблемы рыночной ориентации продовольственного сектора, а также пути повышения прозрачности и рыночной направленности. Она построена на анализе некоторых продовольственных компаний Дании и их поведении на трёх экспортных рынках – Франции, Германии и Великобритании. Книга состоит из трёх основных частей – концепция рыночной ориентации фирмы и развитие сравнительных преимуществ, получение рыночной информации и знаний, приложение на практике полученных знаний в продовольственной компании в области обновления процессов переработки и создания, усовершенствования продукта.

Why a Central Network Position Isn't Enough: The Role of Motivation and Ability for Knowledge Sharing in Employee Networks

Abstract: Contrasting views exist on how network characteristics predict knowledge sharing. Although large, open egocentric networks foster network positions that provide access to nonredundant knowledge, cr...

Exploring the Effect of Geographical Proximity and University Quality on University–Industry Collaboration in the United Kingdom

Abstract: Laursen K., Reichstein T. and Salter A. Exploring the effect of geographical proximity and university quality on university–industry collaboration in the United Kingdom, Regional Studies. This paper concerns the geographical distance between a firm and the universities in its local area. It is argued that firms' decisions to collaborate with universities for innovation are influenced by both geographical proximity to universities and the quality of these universities. The findings show that being located close to a lower-tier university reduces the propensity for firms to collaborate locally, while co-location with top-tier universities promotes collaboration. However, it is also found that if faced with the choice, firms appear to give preference to the research quality of the university partner over geographical closeness. This is particularly true for high-research and development intensive firms. Laursen K., Reichstein T. et Salter A. Examiner l'impact de la proximite geographique et de la qualite des...

The IDEFICS cohort: design, characteristics and participation in the baseline survey.

Abstract: The European IDEFICS (Identification and prevention of dietary- and lifestyle-induced health effects in children and infants) study was set up to determine the aetiology of overweight, obesity and related disorders in children, and to develop and evaluate a tailored primary prevention programme. This paper focuses on the aetiological element of the multicentre study, the measures and examinations, sociodemographic characteristics of the study sample and proportions of participation. Prospective cohort study with an embedded intervention study that started with a baseline survey in eight countries in 2007–2008. Baseline participants of the prospective cohort study were 16 224 children aged 2–9 years. Parents reported sociodemographic, behavioural, medical, nutritional and other lifestyle data for their children and families. Examinations of children included anthropometry, blood pressure, fitness, accelerometry, DNA from saliva and physiological markers in blood and urine. The built environment, sensory taste perception and other mechanisms of children's food choices and consumer behaviour were studied in subgroups. Between 1507 and 2567, children with a mean age of 6.0 years and an even sex distribution were recruited from each country. Of them, 82% lived in two-parent families. The distribution of standardised income levels differed by study sample, with low-income groups being strongly represented in Cyprus, Italy and Germany. At least one 24-h dietary recall was obtained for two-thirds of the children. Blood pressure and anthropometry were assessed in more than 90%. A 3-day accelerometry was performed in 46%, motor fitness was assessed in 41%, cardiorespiratory fitness in 35% and ∼11% participated in taste perception tests. The proportion of children donating venous blood, urine and saliva was 57, 86 and 88%, respectively. The IDEFICS cohort provides valuable data to investigate the interplay of social, environmental, genetic, physiological and behavioural factors in the development of major diet- and lifestyle-related disorders affecting children at present.

The Role of Communication and Trust in Global Virtual Teams: A Social Network Perspective

Abstract: The importance of communication and trust in the context of global virtual teams has been noted and reiterated in the information systems (IS) literature. Yet precisely how communication and trust influence certain outcomes within virtual teams remains unresolved. In this study, we seek to contribute some clarity to the understanding of the theoretical linkages among trust, communication, and member performance in virtual teams. To this end, we identify and test three proposed models (additive, interaction, and mediation) describing the role of trust in its relationship with communication to explain performance. In testing the relationships, we note that the concepts of communication and trust are inherently relational and not properties of individuals. Thus, we argue that a social network approach is potentially more appropriate than attribute-based approaches that have been utilized in prior research. Our results indicate that the "mediating" model best explains how communication and trust work together to influence performance. Overall, the study contributes to the existing body of knowledge on virtual teams by empirically reconciling conflicting views regarding the interrelationships between key constructs in the literature. Further, the study, through its adoption of the social network analysis approach, provides awareness within the IS research community of the strengths of applying network approaches in examining new organizational forms.

Good Friends, Bad News - Affect and Virality in Twitter

Abstract: The link between affect, defined as the capacity for sentimental arousal on the part of a message, and virality, defined as the probability that it be sent along, is of significant theoretical and practical importance, e.g. for viral marketing. A quantitative study of emailing of articles from the NY Times finds a strong link between positive affect and virality, and, based on psychological theories it is concluded that this relation is universally valid. The conclusion appears to be in contrast with classic theory of diffusion in news media emphasizing negative affect as promoting propagation. In this paper we explore the apparent paradox in a quantitative analysis of information diffusion on Twitter. Twitter is interesting in this context as it has been shown to present both the characteristics social and news media. The basic measure of virality in Twitter is the probability of retweet. Twitter is different from email in that retweeting does not depend on pre-existing social relations, but often occur among strangers, thus in this respect Twitter may be more similar to traditional news media. We therefore hypothesize that negative news content is more likely to be retweeted, while for non-news tweets positive sentiments support virality. To test the hypothesis we analyze three corpora: A complete sample of tweets about the COP15 climate summit, a random sample of tweets, and a general text corpus including news. The latter allows us to train a classifier that can distinguish tweets that carry news and non-news information. We present evidence that negative sentiment enhances virality in the news segment, but not in the non-news segment. We conclude that the relation between affect and virality is more complex than expected based on the findings of Berger and Milkman (2010), in short 'if you want to be cited: Sweet talk your friends or serve bad news to the public'.

Qualitative Research and Theory Development: Mystery as Method

Abstract: Empirical data is one of the cornerstones of knowledge in the social sciences. And yet, the researcher often takes it for granted, reserving his or her imaginative faculties for finding a theory that fits the data. This revealing account of the theory-data relationship calls this faith in data into question and establishes a reflexive framework and vocabulary to explore the creative, political and philosophical elements of data production.Rather than thinking about the theory-data 'fit', Alvesson and Karreman will encourage you to consider the research process as one of theory-data interplay, asking if creative empirical material can challenge established theory and inspire new lines of development, and if breakdowns and mysteries encountered in research can be a constructive rather than destructive process.They will encourage you to think critically about empirical data in terms of construction rather than verification, and most importantly they will encourage you to develop theory that is interesting and novel, rather than naive or irrelevant, making this title essential reading for those who often find the traditional vocabulary and frameworks of social science research obvious or simplistic.

Good Friends, Bad News - Affect and Virality in Twitter

Abstract: The link between affect, defined as the capacity for sentimental arousal on the part of a message, and virality, defined as the probability that it be sent along, is of significant theoretical and practical importance, e.g. for viral marketing. The basic measure of virality in Twitter is the probability of retweet and we are interested in which dimensions of the content of a tweet leads to retweeting. We hypothesize that negative news content is more likely to be retweeted, while for non-news tweets positive sentiments support virality. To test the hypothesis we analyze three corpora: A complete sample of tweets about the COP15 climate summit, a random sample of tweets, and a general text corpus including news. The latter allows us to train a classifier that can distinguish tweets that carry news and non-news information. We present evidence that negative sentiment enhances virality in the news segment, but not in the non-news segment. Our findings may be summarized ‘If you want to be cited: Sweet talk your friends or serve bad news to the public’.

Effects of actor‐network theory in accounting research

Abstract: Purpose – This paper aims to discuss how Bruno Latour's version of actor‐network theory has influenced accounting research. It also seeks to show that Latour's writings contain unexplored potential that may inspire future accounting research.Design/methodology/approach – The paper takes the form of a critical literature review and discussion.Findings – Since the early 1990s, actor‐network theory, particularly the work of Bruno Latour, has inspired accounting researchers and led to a number of innovative studies of accounting phenomena. In particular, Latour's book, Science in Action, has been the primary source of inspiration for accounting research. This means that there is unexplored potential in Latour's more recent writings which may lead to further inspiration and research in the field of accounting.Research limitations/implications – The paper reviews only a few of the relatively large number of accounting papers that apply actor‐network theory. A different sample might have given a somewhat differe...

Stakes Matter in Ultimatum Games

Abstract: One of the most robust findings in experimental economics is that individuals in one-shot ultimatum games reject unfair offers. Puzzlingly, rejections have been found robust to substantial increases in stakes. By using a novel experimental design that elicits frequent low offers and uses much larger stakes than in the literature, we are able to examine stakes' effects over ranges of data that are heretofore unexplored. Our main result is that proportionally equivalent offers are less likely to be rejected with high stakes. In fact, our paper is the first to present evidence that as stakes increase, rejection rates approach zero. (JEL: C72, C78, C91)

Strategy as performative practice: The case of Sydney 2030

Abstract: This article focuses on the relation between strategy-as-practice and its power effects in the context of a strategy project (Sustainable Sydney 2030) undertaken by the City of Sydney. The followin...

New Knowledge Products As Bricolage: Metaphors and Scripts in Organizational Theory

Abstract: We argue that three epistemic scripts of knowledge production—evolution, differentiation, and bricolage—underpin the production—that is, the conception and the presentation—of new organizational theories. Bricolage of concepts, empirical material, and metaphors enables the conception of new theories, whereas evolution and differentiation, carrying higher academic legitimacy, predominate in theory presentation. We develop an integrative model and provide an illustration from organizational institutionalism to delineate how metaphors and scripts influence organizational theory production.

Managing Joint Production Motivation: The Role of Goal Framing and Governance Mechanisms

Abstract: We contribute to the microfoundations of organizational performance by proffering the construct of joint production motivation. Under such motivational conditions individuals see themselves as part of a joint endeavor, each with his or her own roles and responsibilities; generate shared representations of actions and tasks; cognitively coordinate cooperation; and choose their own behaviors in terms of joint goals. Using goal-framing theory, we explain how motivation for joint production can be managed by cognitive/symbolic management and organizational design.

“When you make manager, we put a big mountain in front of you” : An ethnography of managers in a Big 4 Accounting Firm

Abstract: Previous studies of the socialization of trainee accountants put emphasis on how disciplinary power mechanisms shape their professional identities. Literature on the ongoing growth and commercialization of the Big 4 Accounting Firms suggests that senior employees, and especially partners, have to be understood as entrepreneurially minded agents. These two bodies of knowledge provide the theoretical vantage point for our empirical analysis of the “missing link” between trainee and partner – the manager. Based on an ethnographic study of a Big 4 Firm (pseudonym Sky Accounting), we suggest understanding the career step of the manager as a rite of passage that has two effects: first, managers experience that their previous identity is destabilized; and second, our study shows how a set of new practices (performing, playing games and politicking) shape the identity of managers, enabling them to navigate the complex organizational network of a Big 4 Firm. We conclude our paper with a discussion of power effects of the rite of passage, how it shapes the identity of managers, and the practice of managerial work in a Big 4 Accounting Firm.

Building nation-wide information infrastructures in healthcare through modular implementation strategies

Abstract: Initiatives that seek to realize the vision of nation-wide information infrastructures (II) in healthcare have often failed to achieve their goals. In this paper, we focus on approaches used to plan, conduct, and manage the realization of such visions. Our empirical material describes two Danish initiatives, where a national project failed to deliver interoperable Electronic Patient Record (EPR) systems while a small, local solution grew and now offers a nation-wide solution for sharing patient record information. We apply II theory, specifically the five design principles proposed by Hanseth and Lyytinen, to contrast the organization and implementation strategies of the two projects. Our findings highlight how implementation strategies differ with respect to how stakeholders are mobilized. We argue that the realization of nation-wide IIs for healthcare not only requires a gradual transition of the installed base, which current II theory advocates. Here we articulate and exemplify a modular implementation strategy as an approach that also addresses the challenges related to mobilization and organization of multiple stakeholders.

New knowledge products as bricolage: Metaphors and scripts in organizational theory

Abstract: We argue that three epistemic scripts of knowledge production--evolution, differentiation, and bricolage--underpin the production--that is, the conception and the presentation--of new organizational theories. Bricolage of concepts, empirical material, and metaphors enables the conception of new theories, whereas evolution and differentiation, carrying higher academic legitimacy, predominate in theory presentation. We develop an integrative model and provide an illustration from organizational institutionalism to delineate how metaphors and scripts influence organizational theory production.

Tourist-created Content: Rethinking Destination Branding

Abstract: Purpose – The purpose of this paper is to analyze the relationship between tourists' user‐generated content on the web and destination branding, as well as to discuss the online strategies used by destination management organizations.Design/methodology/approach – The research adopts an exploratory study of social media sites and destination brands, relying on qualitative research methods, content analysis and field research.Findings – Tourists are largely contributing to destination image formation, while avoiding the use of the formal elements of the brands. The most popular strategies used by destination management organizations exhibit some crucial weaknesses. However, a strategy based on analytics brings new opportunities for destination branding.Originality/value – The study provides an innovative analysis of tourist‐created content and its impact on destination branding and presents a theoretical model of generic web‐based strategies.

International expansion through flexible replication: Learning from the internationalization experience of IKEA

Abstract: Business organizations may expand internationally by replicating a part of their value chain, such as a sales and marketing format, in other countries. However, little is known regarding how such “international replicators” build a format for replication, or how they can adjust it in order to adapt to local environments and under the impact of new learning. To illuminate these issues, we draw on a longitudinal in-depth study of Swedish home furnishing giant IKEA, involving more than 70 interviews. We find that IKEA has developed organizational mechanisms that support an ongoing learning process aimed at frequent modification of the format for replication. Another finding is that IKEA treats replication as hierarchical: lower-level features (marketing efforts, pricing, etc.) are allowed to vary across IKEA stores in response to market-based learning, while higher-level features (fundamental values, vision, etc.) are replicated in a uniform manner across stores, and change only very slowly (if at all) in response to learning (“flexible replication”). We conclude by discussing the factors that influence the approach to replication adopted by an international replicator.

Determinants of lean success and failure in the Danish public sector: A negotiated order perspective

Abstract: Purpose – The purpose of this paper is to examine the determinants of lean implementation in Danish public sector organisations. It is proposed to structure the paper around a theoretical model based on a negotiated order perspective.Design/methodology/approach – The paper is based on interviews with 29 managers and employees from Danish public sector organisations who have been involved in the planning and implementation of lean projects over the past few years.Findings – The paper identifies a number of factors within the structural context and the negotiation context which are deemed important for the fate of lean projects in the public sector.Originality/value – The qualitative study brings new insights into the debate on the barriers and success factors in the lean transformation process in the public sector.

The Economic Geography of Offshoring: The Fit between Activities and Local Context

Abstract: We draw from the literature on economic geography and from the thematic offshoring literature, and propose three hypotheses that rest on the assumption that the choice of offshoring location is based on the fit between the attributes of different destinations and the attributes of the offshored business activities. The study reveals a multi-faceted location pattern in which firms' location strategies, to some degree, follow a logic whereby manufacturing is relocated to low-cost destinations, and research and development is relocated to high-cost destinations. However, the picture is more nuanced when distinguishing between standardized and advanced activities. Asia attracts as many advanced activities as Western Europe while North America attracts more advanced activities even in manufacturing. Central and Eastern Europe attract offshoring in manufacturing and IT, but the activities that are offshored to these regions are typically not advanced. One important theoretical implication of this study is that a more detailed understanding of the nature of offshored activities is needed, since such attributes appear to be an important determinant of location choice.

White matter microstructure in superior longitudinal fasciculus associated with spatial working memory performance in children

Abstract: During childhood and adolescence, ongoing white matter maturation in the fronto-parietal cortices and connecting fiber tracts is measurable with diffusion-weighted imaging. Important questions remain, however, about the links between these changes and developing cognitive functions. Spatial working memory (SWM) performance improves significantly throughout the childhood years, and several lines of evidence implicate the left fronto-parietal cortices and connecting fiber tracts in SWM processing. Here we report results from a study of 76 typically developing children, 7 to 13 years of age. We hypothesized that better SWM performance would be associated with increased fractional anisotropy (FA) in a left fronto-parietal network composed of the superior longitudinal fasciculus (SLF), the regional white matter underlying the dorsolateral pFC, and the posterior parietal cortex. As hypothesized, we observed a significant association between higher FA in the left fronto-parietal network and better SWM skills, and the effect was independent of age. This association was mainly accounted for by variability in left SLF FA and remained significant when FA measures from global fiber tracts or right SLF were included in the model. Further, the effect of FA in left SLF appeared to be mediated primarily by decreasing perpendicular diffusivity. Such associations could be related to individual differences among children in the architecture of fronto-parietal connections and/or to differences in the pace of fiber tract development. Further studies are needed to determine the contributions of intrinsic and experiential factors to the development of functionally significant individual differences in fiber tract structure.

Stars and Misfits: Self-Employment and Labor Market Frictions

Abstract: Recent evidence has shown that entrants into self-employment are disproportionately drawn from the tails of the earnings and ability distributions. This observation is explained by a multitask model of occupational choice in which frictions in the labor market induce mismatches between firms and workers, and misassignment of workers to tasks. The model also yields distinctive predictions relating prior work histories to earnings and to the probability of entry into self-employment. These predictions are tested with the Korean Labor and Income Panel Study, from which we find considerable support for the model. This paper was accepted by Lee Fleming, entrepreneurship and innovation.

Consumer ethnocentrism and willingness to buy: Analyzing the role of three demographic consumer characteristics

Abstract: Purpose – The purpose of this paper is to clarify how demographic consumer characteristics influence and interact with consumer ethnocentrism on willingness to buy. The authors analyze the direct effects of selected characteristics on the tendency for consumer ethnocentrism. Further, the moderating effects of these consumer characteristics are investigated.Design/methodology/approach – Data were gathered from 361 consumers in Australia. Data analysis was conducted using regression analysis with interactions and post hoc slope analysis.Findings – The empirical findings show that consumer tendencies for ethnocentrism are directly influenced by characteristics of the customer. The authors also find that the strength of the relationship between consumer ethnocentrism and willingness to buy is influenced by customer characteristics. Specifically, age and gender are found to be important moderators of the consumer ethnocentrism‐willingness to buy relationship.Research limitations/implications – The results of t...