Report 2002: Department of Finance (FI)
Solbjerg Plads 3
DK-2000 Frederiksberg
Head of Department: Niels Chr. Nielsen Telefon: +45 3815 3615
Fax: +45 3815 3600
E-mail: ia.fi@cbs.dk
DK-2000 Frederiksberg
Head of Department: Niels Chr. Nielsen Telefon: +45 3815 3615
Fax: +45 3815 3600
E-mail: ia.fi@cbs.dk
Highlights of 2002
- More theses and dissertations were prepared in 2002 than ever before: Three PhD theses and one doctoral dissertation.
- International research showed good growth, and research aimed at Danish institutions increased steadily. International publications include: "Ex-Day Behavior When Investors and Professional Traders Assume Reverse Roles: The Case of Danish Lottery", Journal of Financial Intermediation; "Modeling Seasonality in Agricultural Commodity Futures", Journal of Futures Markets, and "Corporate Financial Performance and the Use of Takeover Defenses", European Journal of Law and Economics.
- Several members of the Department staff were awarded prizes for the high quality of their academic activities, including the Tietgen Prize, the Statoil Prize and the Danske Bank Teaching Prize.
- In terms of research, the Department contributed especially with a significant increase in our empirical knowledge of Danish institutional relations, including empirical understanding of the significance of various forms of ownership and the distribution and significance of option-based incentives in listed companies. Publications include: "Incitamentsprogrammer og oplysningsforpligtelsen" (Incentive programmes and the duty of disclosure); "Effektiv beskatning af arbejdsindkomst og kapitalafkast i det danske skattesystem" (Efficient taxation of earned income and return on capital in the Danish tax system); and "Om anvendelsen af decharge i børsnoterede selskaber - en empirisk analyse" (On the use of discharge in listed companies - an empirical analysis). Many of these research contributions attracted considerable public attention.
- June 6-8, 2002, the Department hosted the Annual Meeting of the Financial Management Association in Copenhagen.
Academic profile
The academic activities of the Department comprise a wide spectrum of financial issues, including issues related to risk management and to financial management and corporate governance:
- corporate finance
- asset management
- securities pricing
- empirical analyses of capital markets
- institutional relations in financial markets
- risk management and insurance
- investment planning and cost-benefit analyses
- international finance
- corporate governance and the market for corporate control
- personal finance.
Academic activities are divided into three main areas:
- Corporate finance and international corporate finance
- Financial markets and securities pricing
- Risk management and insurance
The Center for Law, Economics and Financial Institutions (LEFIC) is affiliated to the Department. It is an interdisciplinary centre with participants from the Department of Finance, the Department of Industrial Economics and Strategy, the Law Department and the Department of Economics. It was established with preliminary external financial support for the period from March 2002 to June 2005. The objective of the Center is to support an international research network in law and economics and financial institutions and to create synergy between researchers and the business community in areas of social significance.
Research strategy
The overall objective of the Department is to conduct research and research-based study programmes of international standard. The research activities of the Department comprise both empirical and theoretical finance research on the financial problems of enterprises as well as on financial institutions, financial markets and financial structure, especially in a small, open society. The Department has a special obligation to conduct research into the Danish financial infrastructure.
The overall objective of the Department is to conduct research and research-based study programmes of international standard. The research activities of the Department comprise both empirical and theoretical finance research on the financial problems of enterprises as well as on financial institutions, financial markets and financial structure, especially in a small, open society. The Department has a special obligation to conduct research into the Danish financial infrastructure.
In addition to contributing independent new knowledge, it is important to apply international research results to a Danish context and to present research results to students at CBS in the form of courses at a high academic level as well as to society, including the business community, the public sector and other research communities where financial aspects form an integral part of research.
Research results
International production from 1998-2002 increased considerably in the form of articles in respected journals. This increase was in accordance with the internationalisation strategy of the Department. The development was more positive than expected. One doctoral dissertation and two PhD theses were prepared in 2002, the highest number ever. Production in Danish was also considerable and was characterised by being highly relevant to Danish financial issues. In particular, empirical production concerning Danish conditions was particularly substantial, including research in the significance of various forms of corporate governance, ownership structure and option-based incentives in listed companies. This production was also published in respected journals with a large readership. Two members of the Department staff were awarded major research prizes in 2002, i.e. the Tietgen Prize and the Statoil Prize, respectively, in appreciation of their research.
International production from 1998-2002 increased considerably in the form of articles in respected journals. This increase was in accordance with the internationalisation strategy of the Department. The development was more positive than expected. One doctoral dissertation and two PhD theses were prepared in 2002, the highest number ever. Production in Danish was also considerable and was characterised by being highly relevant to Danish financial issues. In particular, empirical production concerning Danish conditions was particularly substantial, including research in the significance of various forms of corporate governance, ownership structure and option-based incentives in listed companies. This production was also published in respected journals with a large readership. Two members of the Department staff were awarded major research prizes in 2002, i.e. the Tietgen Prize and the Statoil Prize, respectively, in appreciation of their research.
Figure 1: Department of Finance, publication types 1998-2002
Figure 2: Department of Finance, research funds 1998-2002
Research relations to practice
A considerable part of the research conducted is based on Danish conditions with a narrow relation to practice. Cases in point are a number of empirical analyses of various forms of remuneration, ownership structures and shares with different voting rights. Much of this research is directly related to key issues of current interest. The national community thus benefits considerably from the researchers' knowledge and insight. Results are also made available through presentations at or organisation of conferences aimed at practice. Many of the research results are presented in journals read by practicians. Three of the PhD students at the Department are financed in part or in full by business enterprises. Finally, research results are extensively presented to practice via study programmes, including programmes aimed directly at practicians, e.g. the HD programme and the various executive programmes organised by CBS or other institutions. Several members of the Department staff are deeply involved in the academic activities of the Danish Society of Investment Professionals. The Department has also worked closely with the local business community to create a research-based HD finance study programme in Herning, Denmark.
A considerable part of the research conducted is based on Danish conditions with a narrow relation to practice. Cases in point are a number of empirical analyses of various forms of remuneration, ownership structures and shares with different voting rights. Much of this research is directly related to key issues of current interest. The national community thus benefits considerably from the researchers' knowledge and insight. Results are also made available through presentations at or organisation of conferences aimed at practice. Many of the research results are presented in journals read by practicians. Three of the PhD students at the Department are financed in part or in full by business enterprises. Finally, research results are extensively presented to practice via study programmes, including programmes aimed directly at practicians, e.g. the HD programme and the various executive programmes organised by CBS or other institutions. Several members of the Department staff are deeply involved in the academic activities of the Danish Society of Investment Professionals. The Department has also worked closely with the local business community to create a research-based HD finance study programme in Herning, Denmark.
Last updated by Anders Krag 09/02/2005
