Institution
Copenhagen Business School
Education•Copenhagen, Hovedstaden, Denmark•
About: Copenhagen Business School is a education organization based out in Copenhagen, Hovedstaden, Denmark. It is known for research contribution in the topics: Corporate governance & Entrepreneurship. The organization has 2194 authors who have published 9649 publications receiving 341898 citations.
Topics: Corporate governance, Entrepreneurship, Corporate social responsibility, Context (language use), European union
Papers published on a yearly basis
Papers
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TL;DR: In this article, a large register-based panel data set containing detailed information on educational attainments as well as financial and socioeconomic variables for individual investors enables them to test the hypothesis that due to informational advantages economists are more likely to hold stocks than otherwise identical investors.
Abstract: A large register-based panel data set containing detailed information on educational attainments as well as financial and socioeconomic variables for individual investors enables us to test the hypothesis that due to informational advantages economists are more likely to hold stocks than otherwise identical investors. Firstly, we consider the change in stockholdings associated with (i) completing an economics education and (ii) an economist moving into the household. Secondly, we model the stock market participation decision by a probit model with unobserved individual heterogeneity. This model allows us to control for both observable and unobservable investor characteristics. Thirdly, instrumental variables estimation allows us to identify the causal effect of an economics education on stock market participation for individuals who are induced to acquire an economics education due to a university opening. Throughout, we focus explicitly on the effect of a change in educational status on the likelihood of holding stocks. Our overall result is that economists have a significantly higher probability of participating in the stock market than investors with any other education. This result is shown to be highly robust. Finally, we find that economists hold more stocks value-wise than similar investors with other educational backgrounds.
154 citations
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TL;DR: In this paper, it is argued that under certain conditions, it is both meaningful and efficacious to ascribe the competency for conscious and intentional behavior to organiza- tions.
Abstract: It is common for organizational theorists as well as business practitioners to speak of an organization's visions, strategies, goals and respon- sibilities. This implies that collectivities have compe- tencies normally attributed to individuals, i.e. to reflect, evaluate, learn and make considered choices. The article provides a series of reflections on the concept of consciousness in an organizational context. It is argued that, under certain conditions, it is both meaningful and efficacious to ascribe the competency for conscious and intentional behavior to organiza- tions. The arguments provided are based on empir- ical observations, common sense and deductive reasoning.
153 citations
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TL;DR: The authors argue that the central problem of economic organization is adaptation to unforeseen contingencies and propose the notion of incomplete contracts as a means to bridging ideas from organizational economics and organization theory, particularly organizational learning.
Abstract: This explorative paper argues that the central problem of economic organization is adaptation to unforeseen contingencies. However, flexibility is a rather neglected issue in the theory of economic organization. This contrasts with much organization theory, in which the seeking and processing of information about the organization's key uncertainties is seen as a determinant of organizational form. The notion of incomplete contracts is argued to provide a means to bridging ideas from organizational economics and organization theory, particularly organizational learning. Incomplete contracts are not only important because they provide room for incentive problems, but more importantly because they allow firms to exploit processes of organizational learning that must always involve some unforeseen contingencies. Firms are seen as efficient institutional responses to learning processes that involve strongly complementary problem-solving activities.
153 citations
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TL;DR: In this article, the authors explain how the transnational financial policy community can influence the content of financial governance by organizing itself via a club model and highlight the mechanisms through which actors operate, the expertise and skills valued by this community and the way in which principles for what constitutes appropriate financial governance are derived.
Abstract: Who writes the rules of global finance? This article explains how the transnational financial policy community can influence the content of financial governance by organizing itself via a club model. This agent-centered explanation advances the concept of a club to highlight the mechanisms through which actors operate, the expertise and skills valued by this community and the way in which principles for what constitutes appropriate financial governance are derived. Evidence is provided by an investigation of the Group of Thirty, part-think tank, part-advocacy group, a hybrid organization whose members are active in both the official and private sectors. Club characteristics can be seen in the group's high profile and prestigious membership, which self-presents a strong sense of honor. The article highlights the club as a location for those traditionally understood as financial elites. It emphasizes the collective attributes of the club, such as reputational consistency of membership, but also the ...
153 citations
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TL;DR: In this article, the authors assess the precision of common dynamic models and quantify the magnitude of the estimation error by constructing confidence intervals around the point VAR and expected shortfall (ES) forecasts, and suggest a resampling technique that takes into account parameter estimation error in dynamic models of portfolio variance.
Abstract: Value-at-risk (VAR) is increasingly used in portfolio risk measurement, risk capital allocation and performance attribution. Financial risk managers are therefore rightfully concerned with the precision of typical VAR techniques. The purpose of this paper is to assess the precision of common dynamic models and to quantify the magnitude of the estimation error by constructing confidence intervals around the point VAR and expected shortfall (ES) forecasts. A key challenge in constructing proper confidence intervals arises from the conditional variance dynamics that are typically found in speculative returns. Our paper suggests a resampling technique that takes into account parameter estimation error in dynamic models of portfolio variance.
153 citations
Authors
Showing all 2280 results
Name | H-index | Papers | Citations |
---|---|---|---|
Cass R. Sunstein | 117 | 787 | 57639 |
John Campbell | 107 | 1150 | 56067 |
Nicolai J. Foss | 91 | 454 | 31803 |
Stewart Clegg | 70 | 517 | 23021 |
Robert J. Kauffman | 69 | 437 | 15762 |
James R. Markusen | 67 | 216 | 26362 |
Timo Teräsvirta | 62 | 224 | 20403 |
John D. Sterman | 62 | 171 | 27982 |
Björn Johansson | 62 | 637 | 16030 |
Richard L. Baskerville | 61 | 284 | 18796 |
Torben Pedersen | 61 | 241 | 14499 |
Peter Christoffersen | 59 | 208 | 15208 |
Saul Estrin | 58 | 359 | 16448 |
Ram Mudambi | 56 | 236 | 13562 |
Xin Li | 56 | 214 | 11450 |