Copenhagen Business School

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 & Context (language use). The organization has 2194 authors who have published 9649 publications receiving 341898 citations.

Option-Implied Measures of Equity Risk

Abstract: Equity risk measured by beta is of great interest to both academics and practitioners. Existing estimates of beta use historical returns. Many studies have found option-implied volatility to be a strong predictor of future realized volatility. We find that option-implied volatility and skewness are also good predictors of future realized beta. Motivated by this finding, we establish a set of assumptions needed to construct a beta estimate from option-implied return moments using equity and index options. This beta can be computed using only option data on a single day. It is therefore potentially able to reflect sudden changes in the structure of the underlying company. Copyright 2011, Oxford University Press.

Contracting for Public Services

Abstract: The nature of the delivery of public services has changed in recent years and is becoming more dependent on contractual relationships for a number of reasons. Public services today are provided by multiple providers that are public organizations, for-profit companies and non-profit organizations. The result is a "public service delivery system" consisting of a variety of different organizations. The "contract" has gained importance is one of the key institutions that link the public purchasers with service providers. Managing by contracts differs from managing through hierarchies. Public managers both have to authorize and sign contracts and act as "purchasers," and try to establish working relationships with providers built on mutual respect and businesslike arrangements. As contractual relationships increase in importance the management of contracts has become a core task for the successful public manager. This text is a must read for anyone currently working in, or studying public management today. Illustrated with practitioner case studies to bring the theory to life, along with clear directives in each chapter this text enables its readers to develop: * A critical understanding of the nature of contracting for public services, and the ability to decide under what circumstances contracting is a sensible idea to implement * An understanding of how to deal with service provider markets * An understanding of the use of information technology in the management of contracts * A set of contract management skills to enable them to successfully plan and introduce contracts * A set of skills to be able to evaluate service provided through contractual arrangements * Approaches to hire, train and educate contract managers

Corporate legitimacy in risk society: the case of Brent Spar

Abstract: The aim of this paper is to understand what lessons on corporate legitimacy can be drawn from the Shell – Greenpeace conflict in 1995 about the dumping of the Brent Spar oil storage platform in the North-East Atlantic. Based on theories of corporate legitimacy and risk society, it is argued that the Brent Spar conflict reflects a new balance between business, government and civil society as well as a radicalization of the requirements for corporate legitimacy. As a part of these new and more demanding requirements, corporations will need to address a much broader scope of responsibilities and a wider circle of stakeholders than suggested so far by theories of stakeholder management. In addition, corporations will need to develop new and trustworthy forms of dialogue with the public. © 1998 John Wiley & Sons, Ltd and ERP Environment.

Public entrepreneurship: desiring social change, creating sociality

Abstract: In this paper we want to affirm the desiring-social-change that we find in practices presently represented by theorists and policy-makers as examples of ‘social entrepreneurship’ (SE). We do this as an attempt to intensify the presence of the social and sociality in today's discourse on the entrepreneurship–society relationship. SE, as all entrepreneurship practices, operates by social and economic forces (limiting ourselves to those here), and generates social and economic outcomes (amongst others). Its second half, however, dominates the concept of SE, and our analysis seek to remedy this imbalance by focusing on the social productivity of entrepreneurship, on entrepreneurship desiring social change. We suggest ‘public entrepreneurship’ might grasp this as a more balanced concept that will also support a more precise analysis of the entrepreneurship–society relationship.

Which CEO Characteristics and Abilities Matter

Abstract: We exploit a unique data set to study individual characteristics of CEO candidates for companies involved in buyout and venture capital transactions and relate these characteristics to subsequent corporate performance. CEO candidates vary along two primary dimensions: one that captures general ability and another that contrasts communication and interpersonal skills with execution skills. We find that subsequent performance is positively related to general ability and execution skills. The findings expand our view of CEO characteristics and types relative to previous studies.