| 1. |
- Berglöf, Erik, et al.
(författare)
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Ägarmakt och omvandling: Den svenska modellen utmanad
- 2003. - 1
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- Med hjälp av röststarka aktier och investmentbolag har svenska kontrollägare kunnat utöva aktivt ägarskap i växande entreprenörsföretag och multinationella jättar. Staten och kapitalet har stöttat varandra i god harmoni i den svenska modellen för ägarstyrning. Men nu är den svenska ägarmodellen utmanad. Globaliserade marknader för riskkapital ser med skepsis på inlåsta ägarstrukturer och efterlyser en aktie- en röst. Ett stagnerande Europa kastar avundsjuka blickar på tillväxtundret i USA med dess dynamiska strukturomvandling i näringslivet. EU-kommissionen tar initiativ till en gemensam europeisk marknad för företagskontroll och kräver genomgripande reformer som inspirerats av anglosaxiska förebilder. Har den svenska modellen kommit till vägs ände? Kommer Europas inlåsta ägarmakt att brytas upp och marknaden för företagskontroll att amerikaniseras? Finns det några alternativ? Vad blir konsekvenserna för tillväxt, sysselsättning och välstånd? SKS Ekonomiråd 2003 består av Erik Berglöf, docent i finansiell ekonomi vid Handelshögskolan i Stockholm och chef för SITE - Stockholm Institute for Transition Economics, Bengt Holmström, Professor of Economics vid MIT, Cambridge, Mass, Peter Högfeldt, docent vid Institutionen för finansiell ekonomi, Handelshögskolan i Stockholm, Eva M Meyersson Milgrom, docent i sociologi vid Stockholms Universitet, samt Hans Tson Söderström, rådets ordförande, adjungerad professor vid Handelshögskolan i Stockholm och forskningsledare vid SNS.
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| 5. |
- 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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| 6. |
- 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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| 7. |
- Holmström, Bengt, et al.
(författare)
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Corporate governance and structural change : European challenges
- 2003
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- The fundamental problems associated with corporate governance are not due to fraud of the sort that has come to light in recent corporate scandals on both sides of the Atlantic. Rather, Europe's recent interest in corporate governance is driven by the amtition, set forth in the Lisbon Declaration, to make Europe the world's most dynamic economic region. According to the EU Commission, the slow pace of corporate change in Europe is largely due to shortcomings in European corporate governance. The EU Commission's ambition to break up existing control structures poses a challenge to the Swedish model of corporate governance, based on concentrated ownership and various instruments for separating ownership from control. This year's Economic Policy Group Report is inteded to provide a basis for taking a position on these issues. Its aim is to enrich public discussion in this area with a number of aspects that are both material and neglected. Not least, it points to the contrast beetween the self-image of the business sector and critical perspectives from international social science research and debate.
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| 8. |
- 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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| 9. |
- Högfeldt, Anna-Karin, et al.
(författare)
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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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| 10. |
- 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, Cambridge, USA.
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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, 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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