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.

Towards an explanation of regional specialization and industry agglomeration

Abstract: The main argument advanced in this paper is that proximity matters. Product innovations, new forms of organization or new skills are arrived at in interactive processes within industrial systems. Such systems are embedded in a broader cultural and institutional context. Everything else being equal, interactive collaboration will be less costly and more smooth, the shorter the distance between the participants. The benefits of proximity can be translated into a force of spatial agglomeration in relation to firms engaged in interactive learning. Thus, agglomerations of related economic activity are not just reminiscents of previously cost efficient spatial configurations, but are currently being recreated as a result of an increasing demand for rapid knowledge transfer between firms. In this finding, we argue, lies the foundation for explaining the observed durability in otherwise incomprehensible patterns of specialization and competitiveness between countries and regions.

Is Information Risk a Determinant of Asset Returns

Abstract: In this research we investigate the role of information-based trading in affecting asset returns. Our premise is that in a dynamic market asset prices are continually adjusting to new information. This evolution dictates that the process by which asset prices become informationally efficient cannot be separated from the process generating asset returns. Using the structure of a sequential trade market microstructure model, we derive an explicit measure of the probability of information-based trading for an individual stock, and we estimate this measure using high-frequency data for NYSE-listed stocks for the period 1983-1998. The resulting estimates are a time-series of individual stock probabilities of information-based trading for a very large cross section of stocks. We investigate whether these information probabilities affect asset returns by incorporating our estimates into a Fama-French [1992] asset pricing framework. Our main result is that information does affect asset prices: stocks with higher probabilities of information-based trading require higher rates of return. Indeed, we find that a difference of 10 percentage points in the probability of information-based trading between two stocks leads to a difference in their expected returns of 2.5% per year. We interpret our results as providing strong support for the premise that information affects asset pricing fundamentals.

Manufacture, integration and demonstration of polymer solar cells in a lamp for the “Lighting Africa” initiative

Abstract: Semitransparent flexible polymer solar cells were manufactured in a full roll-to-roll process under ambient conditions. After encapsulation a silver based circuit was printed onto the back side of the polymer solar cell module followed by sheeting and application of discrete components and vias. The discrete components were white light LEDs, a blocking diode, a lithium ion battery, vias and button contacts in two adjacent corners. The completed lamp has outside dimensions of 22.5 × 30.5 cm, a weight of 50 g and a very flat outline. The battery and components were the thickest elements and measured < 1 mm. A hole with a ring was punched in one corner to enable mechanical fixation or tying. The lamp has two states. In the charging state it has a completely flat outline and will charge the battery when illuminated from either side while the front side illumination is preferable. When used as a lamp two adjacent corners are joined via button contacts whereby the device can stand on a horizontal surface and the circuit is closed such that the battery discharges through the LEDs that illuminate the surface in front of the lamp. Several different lamps were prepared using the same solar cell and circuitry while varying the amount of white LEDs employed and by variation of the number of batteries and the individual battery capacity. The lamp prototype was developed through two early prototypes and the final and serially produced prototype was subjected to field tests in Zambia. Some of the lamps were recovered and the experiences gained with the prototype are presented allowing for further development that takes systemic factors such as the immediate response and spontaneous handling of the lamp by someone with no prior knowledge of the lamp or its workings.