| 1. |
- Cronqvist, Henrik, et al.
(författare)
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Why Agency Costs Explain Diversification Discounts
- 2001
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Ingår i: Real Estate Economics. - : Wiley. - 1080-8620 .- 1540-6229. ; 29:1, s. 85-126
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Tidskriftsartikel (refereegranskat)abstract
- We study diversificsation within the real estate industry because of its relative transparency: portfolio management of assets with well-defined market prices. Diversification is over property types and geographical regions. The major cause of the diversification discount is not diversification per se but anticipated costs due to rent dissipation in future diversifying acquisitions. Firms expected to pursue nonfocusing strategies do indeed diversify more, are valued ex ante at a 20% discount over firms anticipated to follow a focusing strategy, are predominantly privately controlled and use dual-class shares extensively. The ex ante diversification discount is, therefore, a measure of agency costs.
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| 2. |
- Holmén, Martin, et al.
(författare)
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A Law and Finance Analysis of Initial Public Offerings
- 2004
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Ingår i: Journal of Financial Intermediation. - : Elsevier BV. ; 13:3, s. 324-358
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Tidskriftsartikel (refereegranskat)abstract
- Do families keep control of their firms because they, operating in an environment with weak protection of minority shareholders, fear being exploited by management after the IPO? Or is ownership concentration due to the value families attach to control? We find a positive relation between use of security designs that separate votes from capital and frequency of family-controlled firms in Sweden and other countries. It is not caused by differences in legal regimes or in minority protection. Since control blocks are never sold piecemeal to preserve control value, ownership remains highly concentrated. Family-controlled firms trade at a discount because of the misallocation of control rights to heirs who make inefficient decisions, not because of extraction of pecuniary benefits.
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| 3. |
- Högfeldt, Anna-Karin, et al.
(författare)
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Program leadership from a nordic perspective : Program leaders' power to influence their program
- 2013
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Ingår i: Proceedings of the 9th International CDIO Conference.
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Konferensbidrag (refereegranskat)abstract
- In this paper a continuation research at five technical universities in Nordic countries (N5T network) in 2012 is presented, wheretheaim was to find out how the program leadersconceived their function, role and mandate, and the work situations between the universitieswere compared. The previous research demonstrated that programleadershave quite different positions, strategies and methods when it comes to monitoring and developing their programs.In this paper, a deeper investigationis carried out ofthe (im-) possibilitiesto make realinfluence on the study courses that constitutesthe respective Engineering study programs. Eightprogram leaders from thefiveN5Tuniversities have been interviewed, and theanalysis of these studies, has culminatedina model for the analysis of program leadership for Engineering educationdevelopment.
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| 4. |
- Högfeldt, Anna-Karin, et al.
(författare)
-
Program leadership from a Nordic perspective - Managing education development
- 2012
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Ingår i: Proceedings of 8th International CDIO Conference, Brisbane, Australia.
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Konferensbidrag (refereegranskat)abstract
- Nordic Five Tech (N5T) is a strategic alliance between five technical universities in Denmark, Finland, Norway and Sweden. The overall aim is to “utilize shared and complementary strengths and create synergy within education, research and innovation”. In this paper we focus on university educational development issues by investigating the program leadership at five Nordic technical universities. Specifically, the paper compares definitions, views and experiences of education leadership in the Nordic Five Tech (N5T) universities. The paper does this by, first, reviewing the definitions of roles and responsibilities for program directors at each university, and second, by presenting results from a survey carried out in March 2012 among program directors at the N5T universities. Based on this data, we analyze how program directors experience their role, their possibilities to lead, and their opportunities of learning to lead. How is time for reflection and development as leaders handled at the different universities? The paper goes on to consider what impact the mandate of the leadership role has on the possibilities for developing educational programs. For instance, how can program directors ensure that learning objectives concerning generic skills and abilities are reached? How can program directors drive implementation of integrative and value-oriented topics such as sustainable development, innovation and entrepreneurship?
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| 5. |
- Högfeldt, Anna-Karin, et al.
(författare)
-
Program leadership from a Nordic perspective - Program leaders' power to influence their program
- 2013
-
Ingår i: Proceedings of the 9th International CDIO Conference, Cambridge, USA.
-
Konferensbidrag (refereegranskat)abstract
- In this paper a continuation research at five technical universities in Nordic countries (N5T network) in 2012 is presented, where the aim was to find out how the program leaders conceived their function, role and mandate, and the work situations between the universities were compared. The previous research demonstrated that program leaders have quite different positions, strategies and methods when it comes to monitoring and developing their programs. In this paper, a deeper investigation is carried out of the (im-) possibilities to make real influence on the study courses that constitutes the respective Engineering study programs. Eight program leaders from the five N5T universities have been interviewed, and the analysis of these studies, has culminated in a model for the analysis of program leadership for Engineering education development.
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| 6. |
- Högfeldt, Peter, et al.
(författare)
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A law and finance theory of strategic blocking and preemptive bidding in takeovers
- 2000
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Ingår i: Journal of corporate finance (Amsterdam, Netherlands). - : Elsevier B.V. - 1872-6313 .- 0929-1199. ; 6:4, s. 403-425
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Tidskriftsartikel (refereegranskat)abstract
- This paper uses a law and finance approach to develop a new takeover theory that formalizes the idea that large target shareholders, who can block a takeover attempt, exercise a strategic influence on tender offer prices, and thereby, on the distribution of the takeover gain. The theory captures the interaction between legal rules, target ownership structure, bidder toehold and potential effects of arbitrageurs in an endogenously determined bargaining parameter that predicts a skewed distribution of the gain in favor of target shareholders. In a regression model, the parameter has significant explanatory power, specifically when the total takeover gain is positive.
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| 7. |
- Högfeldt, Peter, et al.
(författare)
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The Equal Bid Principle : an Analysis of The Thirteenth Council Takeover Directive of the European Union
- 1997
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Ingår i: Journal of Business Finance and Accounting. - : Wiley: 24 months. - 1468-5957 .- 0306-686X. ; 24:3, s. 375-396
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Tidskriftsartikel (refereegranskat)abstract
- This paper analyzes the economic consequences of a proposal from the EU Commission: The Amended Proposal for a Thirteenth Council Directive on Company Law, Concerning Takeover and Other General Bids (1990). By implementing the Equal Bid Principle, the Directive enforces a potential bidder to extend the same tender offer price to all shareholders. The paper demonstrates that it is likely that the effect of the Equal Bid Principle is directly opposed to the declared goal of protecting the economic interests of shareholders in the target company. Moreover, it tends towards a direction opposite to the declared goal of stimulating corporate acquisitions.
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| 8. |
- Munkebo Hussmann, Peter, et al.
(författare)
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Peer Evaluation of Master Programs: Closing the Quality Circle of the CDIO Approach?
- 2012
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Ingår i: International Journal of Quality Assurance in Engineering and Technology Education (IJQAETE). - 2155-496X. ; 2:2, s. 67-79
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Tidskriftsartikel (refereegranskat)abstract
- A quality assurance project was conducted within the framework of the Nordic Five Tech Alliance (N5T), a strategic alliance of the five leading technical universities in Denmark, Finland, Norway, and Sweden. The project concerned the development of a common quality enhancement tool for conducting peer evaluations of educational programs to enable their further development and close the quality circle. In addition, the project will contribute to the consolidation of the N5T alliance by facilitating contacts between faculty members and providing them with an in-depth knowledge of the study programs within their field at another N5T institution. The article describes the quality enhancement tool in detail, its contribution to the development of the involved programs, and how international peer evaluation can contribute to closing the quality circle. Finally, it assesses the value of the approach to contribute to the creation of long-term relationships in educational networks.
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| 9. |
- Rosén, Anders, Dr, et al.
(författare)
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Mapping the CDIO Syllabus to the UNESO Key Competences for Sustainability
- 2019
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Ingår i: Proceedings of the International CDIO Conference. - 2002-1593. ; , s. 67-84
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Konferensbidrag (refereegranskat)abstract
- In this paper a framework of key competencies for sustainability defined by UNESCO is used to evaluate the relevance of the CDIO Syllabus for promoting engineering education for sustainable development. The evaluation is performed in two steps. First, topics, terms and concepts in the CDIO Syllabus that corresponds to the different UNESCO key competencies are identified. The second step is a qualitative discussion where areas of strong mapping are highlighted and aspects that could be better visualized or strengthened in, or added to, the Syllabus are identified. Differences in definitions of various concepts between the CDIO Syllabus and the UNESCO key competencies and the overall relation between the two frameworks are discussed. It is concluded that the CDIO Syllabus is rather well aligned with the UNESCO framework, however several opportunities (not to say needs) for strengthening the Syllabus in relation to the key competencies are identified. The UNESCO key competencies are found to be useful instruments for scrutinizing and updating the CDIO Syllabus. Other opportunities for knowledge and methods transfer between the Education for Sustainable Development (ESD) domain and the Engineering Education domain are identified. The paper is proposed to be used as basis for updating the CDIO Syllabus into a version 3.0 for maintaining its relevance in a changing world.
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| 10. |
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