Report 2003: Department of Finance (FI)
Department of Finance (FI): Research Report 2003
Highlights 2003
- The Department managed to sustain the relatively high level of international publication of 2002. The diversity of the Department research profile is reflected in the broad selection of international journals in which Department staff published their work in 2003, including: European Journal of Law and Economics, International Tax Journal, Applied Financial Economics, International Review of Financial Analysis, European Financial Management, Journal of Emerging Market Finance, Corporate Governance, Journal of Applied Corporate Finance and Journal of Evolutionary Economics.
- On 6-7 November 2003, the Department hosted an international conference entitled ”Symposium on Dynamic Corporate Finance and Incentives”. This conference was sponsored by the mathematical finance theory network (SSF).
- In 2003, the Department worked on the integration of the Statistics Group as a Statistics Center under the Department of Finance. This centre will be operational as of 1 January 2004. In this connection Risk Management constitutes an important focus area. On 1 April 2003, David Lando took up his position as professor of finance at the Department. Before his employment by CBS, David Lando served as a professor at the University of Copenhagen. David Lando is a recognised international capacity in the areas of credit risk modelling and risk management.
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
- 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 international standard research and research-based study programmes. 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 communicate 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 1999-2003 increased in the form of articles in respected journals. This increase was in accordance with the internationalisation strategy of the Department. The number of articles published in international journals was sustained at the relatively high level of 2002. Production in Danish was also considerable and was characterised by being highly relevant to Danish financial issues. Empirical production concerning Danish conditions was particularly substantial, including surveys of option-based incentives in Danish listed companies.
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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. Two 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. Furthermore, several members of the Department staff are deeply involved in the academic activities of the Danish Society of Investment Professionals.
Last updated by Webmaster 19/11/2004
