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 & Entrepreneurship. The organization has 2194 authors who have published 9649 publications receiving 341898 citations.

Is the Potential for International Diversi…cation Disappearing?

Abstract: Quantifying the evolution of security co-movements is critical for asset pricing and portfolio allocation, and so we investigate patterns and trends in correlations and tail dependence over time using weekly returns for developed markets (DMs) and emerging markets (EMs) during the period 1973-2009. We use the DECO, DCC, and BEKK correlation models, and develop a novel dynamic t-copula to allow for dynamic tail dependence. We show that it is possible to characterize co-movements for many countries simultaneously. Correlations have signi…cantly trended upward for both DMs and EMs, but correlations between EMs are lower than between DMs. Further, our evidence clearly contradicts the decoupling hypothesis. The tail dependence has also increased for both EMs and DMs, but its level is still very low for EMs as compared to DMs. Thus, while our correlation analysis suggests that the diversi…cation potential of EMs

Frontier Analysis A State-of-the-Art Review and Meta-Analysis

Abstract: This article presents a comprehensive review of frontier studies in the tourism literature. We discuss the main advantages and disadvantages of the various frontier approaches, in particular, the nonparametric and parametric frontier approaches. The study further differentiates between micro and macro applications of these approaches, summarizing and critically reviewing the characteristics of the existing studies. We also conduct a meta-analysis to create an overview of the efficiency results of frontier applications. This allows for an investigation of the impact of frontier methodology on tourism research. The present review also highlights the limitations of existing studies and suggests an agenda for future research.

Evolution of Subsidiary Competences: Extending the Diamond Network Model

Abstract: We extend the ‘centers of excellence’ concept in the multinational corporation (MNC) literature to address the diversity and the multidimensionality of subsidiary competence and link such diversity to the host country environment. Using Rugman and Verbeke’s (1993) diamond network model of competitive advantage of nations, we hypothesize the contingencies under which heterogeneity in host environments influences subsidiary competence configuration. We test our model with data from more than 2,000 subsidiaries in seven Western European countries. Our results provide new insights on the evolution of subsidiary competence and how MNCs can overcome ‘unbalanced’ national diamonds by acquiring complementary capabilities across borders.