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.

Market Skewness Risk and the Cross-Section of Stock Returns

Abstract: The cross-section of stock returns has substantial exposure to risk captured by higher moments in market returns. We estimate these moments from daily S&P 500 index option data. The resulting time series of factors are thus genuinely conditional and forward-looking. Stocks with high sensitivities to innovations in implied market volatility and skewness exhibit low returns on average, whereas those with high sensitivities to innovations in implied market kurtosis exhibit high returns on average. The results on market skewness risk are extremely robust to various permutations of the empirical setup. The estimated premium for bearing market skewness risk is between -6.00% and -8.40% annually. This market skewness risk premium is economically significant and cannot be explained by other common risk factors such as the market excess return or the size, book-to-market, momentum, and market volatility factors. Using ICAPM intuition, the negative price of market skewness risk indicates that it is a state variable that negatively affects the future investment opportunity set.

Managing and Organizations: An Introduction to Theory and Practice

Abstract: Introduction PART ONE: MAKING SENSE OF MANAGEMENT Making Sense of Management History, Science, Perspectives Managing Rationalities Modernity, Postmodernity, Embeddedness Managing Realities Pathologies, New Forms, Dialectics PART TWO: MANAGING ORGANIZATIONS Managing Organization Design Structure - Environment - Fit Managing Power and Politics in Organizations Resistance - Empowerment - Ethics Managing Organizational Behavior Personalities - Teams - Emotions Managing Leadership Motivation, Inspiration, Transformation Managing Cultures Values - Practice - Manipulation Managing Communications Identity - Sensemaking - Polyphony PART THREE: MANAGING CHANGE Managing Knowledge and Learning Communities, Collaboration, Boundaries Managing Innovation and Change Creativity - Chaos - Foolishness Managing Strategy Competition - Games - Differences Managing Globalization Global Flows - Winners and Losers - Local Specialization

Fifteen Years of Quality in Higher Education

Abstract: The review explores 15 years of contributions to Quality in Higher Education. In this first part the review focuses on external processes and factors, both national and international. The developments in a wide range of countries are reported and evaluated. The concept of quality should not be detached from purpose and context and quality has political undertones. A key issue for countries more recently introducing quality systems, especially less developed countries, is the transferability of systems established elsewhere in the world. Also apparent is how conceptions of quality assurance that originated in North West Europe and the USA have been the basis of developments around the world and how little variation there is in the methods adopted by quality‐assurance agencies. The proliferation of quality‐assurance agencies is being followed by a mushrooming of qualifications frameworks and the growing pressure to accredit everything, even if it is a poor means of assuring quality and encouraging ...

The challenge of public-private partnerships: Learning from international experience

Abstract: Contents: 1. Introduction 2. The Public-Private Interface: Surveying the History 3. The United Kingdom Private Finance Initiative: The Challenge of Allocating Risk 4. Getting the Contract Right 5. Political Issues of Public-Private Partnerships 6. Public-Private Partnerships as the Management of Co-Production: Strategic and Institutional Obstacles in a Difficult Marriage 7. Traditional Contracts as Partnerships: Effective Accountability in Social Services Contracts in the American States 8. United States: Human Services 9. North American Infrastructure P3s: Examples and Lessons Learned 10. The Private Finance Initiative or the Public Funding or Private Profit? 11. Learning from UK Private Finance Initiative Experience 12. Public-Private Partnerships in Social Services: The Example of the City of Stockholm 13. Public-Private Partnerships for Infrastructure in Denmark from Local to Global Partnering 14. German Public-Private Partnerships in Personal Social Services: New Directions in a Corporatist Environment 15. Using Public-Private Partnerships to Deliver Social Infrastructure: The Australian Experience 16. Public-Private Partnerships: The Australasian Experience with Physical Infrastructure 17. Public-Private Partnerships: A Policy for All Seasons? Index

Learning Paths to Offshore Outsourcing - From Cost Reduction to Knowledge Seeking

Abstract: A corporation's offshore outsourcing may be seen as the result of a discrete, strategic decision taken in response to an increasing pressure from worldwide competition. However, empirical evidence of a representative cross-sector sample of international Danish firms indicates that offshore sourcing in low-cost countries is best described as a learning-by-doing process in which the offshore outsourcing of a corporation goes through a sequence of stages towards sourcing for innovation. Initially, a corporation's outsourcing is driven by a desire for cost minimization. Over a period of time the outsourcing experience lessens the cognitive limitations of decision-makers as to the advantages that can be achieved through outsourcing in low-cost countries: the insourcer/vendor may not only offer cost advantages, but also quality improvement and innovation. The quality improvements that offshore outsourcing may bring about evoke a realization in the corporation that even innovative processes can be outsourced.