COPENHAGEN BUSINESS SCHOOL

CENTER FOR CORPORATE GOVERNANCE

ANNUAL REPORT 2015

1

Table of contents

CENTER FOR CORPORATE GOVERNANCE 2

HIGHLIGHTS FROM 2015 2

AWARD WINNING PUBLICATIONS IN 2015: 3

RESEARCH PROJECTS 3

BOARD COMPOSITION AND PERFORMANCE 3 THE RESEARCH PROJECT ON INDUSTRIAL FOUNDATIONS 4 NORDIC FINANCE AND THE GOOD SOCIETY 4

FOCUS IN 2016 5

ORGANIZATION 5

RESEARCHERS 6 VISITING PROFESSORS 10 ADJUNCT PROFESSORS 10 PHD FELLOWS 11 STUDENT ASSISTANTS 11 ADMINISTRATION AND COMMUNICATION 11 ADVISORY BOARD 12

SUPERVISORY BOARD 12

AFFILIATED RESEARCHERS 12

DEPARTMENT OF ECONOMICS 12 DEPARTMENT OF FINANCE 12 DEPARTMENT OF ACCOUNTING AND AUDITING 12 DEPARTMENT OF LAW 12

BOARD MEMBERSHIPS AND PROFESSIONAL RESPONSIBILITIES 13

ACTIVITIES AT CENTER FOR CORPORATE GOVERNANCE 13

LARGER RESEARCH PROJECTS 16

PUBLICATIONS 17

RECRUITMENT 21

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Center for Corporate Governance

Center for Corporate Governance (CCG) is an international, interdisciplinary research center at

Copenhagen Business School (CBS). The center is a forum for discussion and coordination of

research within corporate governance across departments and functions. CCG is one of the

largest centers of its kind in Europe and aims to have a world class research environment. The

overall focus of the center is to deliver timely and relevant research to the society, including the

business community. While maintaining a clear research focus, the center strives to make the

research useful through continuous dialogue with the business community by providing relevant

open seminars and offering a strong teaching environment.

Highlights from 2015 Throughout 2015, CCG had a high level of activity. Our research agenda was expanded

significantly and a range of domestic as well as international research seminars were conducted -

including the International Corporate Governance Society (ICGS). Furthermore, our teaching,

especially in the area of board training, was expanded together with the Board Leadership Society

in Denmark.

During 2015, CCG hosted several international conferences, events, research seminars and

workshops.

In June 2015, CCG and The Nordic Corporate Governance Network hosted the 7th Annual

Workshop at Copenhagen Business School. Leading academics from the Nordic countries

presented and discussed current Nordic corporate governance research. Keynote speakers,

Professor Roberta Romano (Yale Law School) and Professor Morten Bennedsen (Insead)

shared their expertise on the risks of overregulation and family ownership respectively.

In September 2015, more than 150 professors, researchers, and business executives visited

Copenhagen Business School to participate in the Inaugural Conference of the International

Corporate Governance Society.

In September 2015, a business seminar on global competitiveness and the financial sector in the

Nordic countries was executed. The event was a part of the research project “Nordic Finance and

the Good Society” and included a presentation from Arturo Bris, Professor of Finance and Director

of IMD World Competitiveness Center.

In the fall of 2015, CCG hosted three Financial Regulation Seminars. Three acknowledged

scholars from University of Oxford, Columbia University, and University of Bonn came to CBS and

gave interesting and focused presentations. Daniel Awrey (University of Oxford) gave his talk ““The

Mechanisms of Derivatives Market Efficiency”, Kathryn Judge gave her talk "Information Gaps and

Shadow Banking", and Martin Hellwig gave his talk ““Banks, Governments, and Central Banks in

the Crisis”. All three seminars got very positive feedback and we will continue the series of

seminars in the spring of 2016.

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CCG has in 2015 appointed two new adjunct professors; Ole Andersen (Chairman, Danske Bank)

and Marianne Phillip (partner at Kromann Reumert). These appointments are recognitions of their

work in the field of corporate governance and board training. With the adjunct professorships

awarded to Ole Andersen and Marianne Philip, CCG has further strengthened our network in the

business community in order to make CCG one of the leading global centers for research and

teaching in the field of corporate governance and board work.

In 2015, CCG published in total 17 peer-reviewed papers in top journals among these two papers

were nominated and won several awards.

Award Winning Publications in 2015: Florence Villeseche, Evis Sinani, Olaf Sigurjonsson (2015) - Symposium “Women on

Boards: Reopening Governance"

This paper won Emerald Best International Symposium Award at Academy of Management

meeting in August 2015 in Vancouver

Vergne, J-P., Georg Wernicke, Steffen Brenner (2015) – Working Paper “Bang for the

buck? Media disapproval of overpaid CEOs at philanthropic firms“

This paper won the Best Paper Award in the Strategic Management Interest Group and the Best

Paper Award in the Strategic Management General Track at the annual meeting of the European

Academy of Management in Warsaw 2015.

Steffen Brenner and Georg Wernicke (2015) – Working Paper “Dad is in the press: CEO

identities and the social constraints on CEO compensation”

This paper was nominated for the Best Paper Award at the annual meeting of the International

Corporate Governance Society 2015 in Copenhagen.

Research Projects

Board composition and performance

Center for Corporate Governance continued its research program with Amrop, one of the largest

international retained executive search networks in the world. The project, which was launched in

September 2014, is scheduled to run for 3 years.

The objective of the research project is to provide insights on board selection, board composition,

and board evaluation. This includes clarifying the board's influence on strategy and performance in

order to enhance the understanding of the impact of board selection and board competences for

value creation in companies. Internally, the project is driven by Professor Sabina Nielsen,

Associate Professor Aleksandra Gregoric, and Associate Professor Evis Sinani. The first outcome

of the project is the largest meta-study in the area of board compensation and gender diversity

where more than 400 scientific publications were reviewed.

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The Research Project on Industrial Foundations

The research project began in late 2011 and was completed in 2015. The research project on

industrial foundations deals with the numbers of foundations and the regulation of these.

Furthermore, the project analyses how the foundations influence the companies they own. 12

researchers participated during the project and 15 research papers have been published so far.

In cooperation with Statistics Denmark, the Danish Business Authority and Experian, the

researchers have mapped the activities of all Danish industrial foundations and foundation-owned

companies. The industrial foundations are a unique company structure often seen in the Danish

business sector accounting for 10 percent of the private business community, 50 percent of Danish

research and a significant part of the stock exchange through industrial foundations, e.g. Maersk

and Novo Nordisk.

In Denmark, more than 1300 foundations exist of which approximately 400 have real economic

significance as they own companies. The project presents results in terms of working papers,

reports and open seminars. These research finding will be published in a book about Danish

industrial foundation in December 2016.

The strategy of CCG is to continue this research tradition by announcing a chair in Nordic

Corporate Governance.

Nordic Finance and the Good Society

The Nordic Finance and the Good Society project started in 2015. Together with key stakeholders,

CCG is conducting a research project focusing on the challenges of the financial sector in the

future and how these challenges will either create or destroy wealth for the society – including

aspects such as job- and export creation.

The primary focus of the research project is to examine the strategic and regulatory issues

affecting the financial sector and to study how to create the right framework conditions in a market

with growing international competition. To ensure the relevance of the research, Copenhagen

Business School has established a partnership with several players from the financial sector.

Among the sponsors, who have made the research project possible, are the Financial Services

Union Denmark (Finansforbundet), Danske Bank, Sparinvest, Investment Bank Carnegie, LOPI

(Lokale Pengeinstitutter), The Association of Local Banks, Savings Banks and Cooperative Banks

in DenmarkThe Danish Bankers Association (Finansrådet), The Nordic Council of Ministers, and

the Nordic Financial Union (NFU).

The project runs until 2018 and is structured as an open multi-disciplinary research project.

Researchers from CCG and CBS will contribute to the project, including five professors; Steen

Thomsen, Peter Bogetoft, Jan Damsgaard, Georg Ringe and Niels Westergård-Nielsen.

Furthermore, a number of international renowned professors are involved. Among these are;

Professor Arturo Bris from the International Institute for Management Development (IMD) in

Switzerland and Professor Marc Steffen Rapp from Philipps-Universität Marburg in Germany. At

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last, a partnership model in the area of regulation is established with Southern Danish University

(SDU) and Aarhus University (AU).

The general public will have access to research results related to the financial sector. The aim is to

publish 12-14 articles within the relevant disciplines. The project will ultimately produce a research

report describing the strategic position of the entire sector including the competition situation,

internationalization, regulatory and compliance factors and employment potential.

Focus in 2016

Together with the advisory board, CCG has been through an extensive strategy process. We have

identified the core vision behind the proposal is to make Copenhagen a global center for research,

teaching and policy making in corporate governance. The aim is that executives and academics

will come to Copenhagen for inspiration and that our research will shape the global policy agenda.

We expect that world class academics will make Copenhagen a relevant and interesting place for

academics around the world and that world class executive board education will attract directors

from leading companies.

The Nordic corporate governance model should be an inspiration for global policy debates which

are strong enough to constructively challenge to predominance of existing governance models.

Outstanding links to the business community through adjunct professors and many other channels

will provide a constant interaction with best practices in corporate governance. CCG will play an

important part in this endeavor by evidence-based recommendations. The synergies between

research, teaching, policy and practice will provide a powerful driver for continuing progress.

In connection with the above, the objective is to create 9 new research positions over a period of 5

years including senior chairs in Nordic Corporate Governance, Board Leadership and Governance

regulation, and risk management.

The total research budget for this plan is DKK 38.6 mil and active fund raising has already

commenced.

Organization

Center for Corporate Governance is a virtual center that brings together researchers from several

departments and institutions inside as well as outside of Copenhagen Business School.

The center is managed by Director, Lars Ohnemus, and Chairman, Professor Steen Thomsen,

under the supervision of a board composed of representatives from the participating CBS

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departments. The center is guided in long-term strategic matters by an advisory board consisting

of business professionals, where Lars Nørby Johansen is Chairman of the board.

Staff

Lars Christian Ohnemus is Director of Center for Corporate Governance. He

is a seasoned executive with experience from the academic world,

international board work, and executive positions. Lars has a wide and

profound network among Danish, Nordic, and Central European business

executives, which is of essence when building up contacts for potential

research areas and research funding channels for CCG. Lars has been

directly and indirectly involved in teaching activities at CBS and Baltic

Management Institute for nearly a decade and has a Ph.D.

Researchers

Steffen Brenner is Professor MSO. His research interests revolve around

understanding managerial choices. In one of his projects, he elicits risk

preferences of U.S. executives from their option exercising behavior and uses

these data to explain sorting into certain economic environments and risk-

taking decisions. Furthermore, he is interested in the social and moral

constraints of top executives pay that result from the institutional and

individual environment to which the manager is exposed to. More recently, he

uses phenotypic information of top decision makers to predict their financial

choices.

Aleksandra Gregorič is Associate Professor and her research interest

centers on the relationship between the social context (structures, norms and

processes), the heterogeneity and dynamics of corporate governance, and

the behavior of its main actors. Earlier, she studied the evolution of corporate

governance in transition economies. Her current research builds around the

Nordic corporate governance model, in particular issues related to gender

equality, workers’ participation in firm governance and, more generally,

employee-owner/manager relations in public and private firms.

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Bersant Hobdari is Associate Professor and his research interests span the

broad areas of corporate governance, and international business and

economics. In corporate governance his research focuses on the role and

impact of ownership types and board of directors, the determinants of

investment and financing constraints, and how the role of national

governance bundles on firm operations in developed, developing and

emerging economies. In international business and economics his interests

cover a host of issues such as the organizational dynamics of multinational

enterprises, the interrelation between international trade and foreign direct

investment, and the political economy of trade and investment flows.

Niels Mygind is Professor and has been head of department 2008-2012. He

holds a M.Sc. from Department of Economics, Copenhagen University, and

he was Director of the Center for East European Studies 1996-2010. He has

done research on the effects of different ownership structures, the economic

transition and especially privatization, corporate governance and enterprise

restructuring in Eastern Europe with focus on the Baltic Countries. His current

research covers the development in politics, institutions and the economy in

emerging markets with focus on the BRIC countries. He is also working on

corporate governance in China with focus on employee ownership.

Sabina Nielsen is Professor with special responsibilities and a Marie Curie

post-doc research fellow. She holds a PhD from University of St. Gallen,

Switzerland. Her research in the area of corporate governance and top

management teams have been published in international scholarly journals

and in some of the best paper proceedings of the Academy of Management

and the Academy of International Business. Her research includes the

composition, dynamics and decision-making of top management teams and

boards of directors.

Thomas Poulsen is Associate Professor and holds a Ph.D. Thomas has

done several research studies within the field of corporate governance and

has published his work in Applied Financial Economics and Cogent

Economics and Finance, in which he, among other areas, focused on means

to reduce asymmetric information and underinvestment.

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Larissa Rabbiosi is Associate Professor and holds a Ph.D. from Politecnico

di Milano, Italy. Her research interest lies in the relationship between a

number of dimensions of organizational design (e.g., formal structures,

coordination mechanisms, human resource management practices) and firm

strategic processes and outcomes (e.g., international expansion, knowledge

transfer, innovation). Her work has appeared in the Human Resource

Management, Industrial and Corporate Change, Journal of International

Management, Journal of World Business and Long Range Planning.

Caspar Rose is a Professor with special responsibilities at CCG and with

special tasks in Company Law and Corporate Governance. He holds a PhD

in finance from Copenhagen Business School as well as a Master of Law

degree from the University of Copenhagen. He serves as a free-lance

consultant for large corporations and he has formerly worked as a legal

advisor for the Confederation of Danish Industries and as Chief Analyst in

Operational Risk at Danske Bank. His current research is on mergers and

acquisitions

Evis Sinani is Associate Professor. She has several publications in Journal

of Comparative Economics, Applied Economics and Journal of International

business Studies. Her research interests lie in corporate governance,

networks of firms, and boards of directors.

Therese Strand is Assistant Professor at CCG and Associate Research

Scholar in Law at Center for the Study of Corporate Law, Yale Law School

(2014-2015), and chairman of the Nordic Corporate Governance Network

(NCGN). Her research interests lie within corporate ownership and control,

corporate law and governance, short-termism in financial markets,

shareholder activism, financial intermediaries, and proxy voting, institutional

investors, and foreign corporate ownership and cross-border voting.

Steen Thomsen is the Chairman of the CCG board and Professor, PhD. He

has published extensively on corporate governance including a 2012 textbook

and papers in Strategic Management Journal and Journal of Corporate

Finance. His current research is focused on industrial foundations. He has

served as a consultant and lecturer to several large companies and

government organizations, including the EU, the UN, Copenhagen Stock

Exchange and the Danish Central Bank.

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Florence Villesèche is Assistant Professor and Marie Curie Fellow. She

holds a PhD and MSc in Business Administration from the University of

Geneva as well as an MPhil in Anglophone Studies. She received an

Emerald/EFMD award for outstanding doctoral research in 2012. She

currently conducts a research project on the role of networks for women’s

access to board positions. Her research interests are networks, gender,

boards of directors, identity, institutional work, and discourse analysis

methods.

Georg Wernicke is Assistant Professor and received his Ph.D. in

Management from the University of Mannheim, Germany. His research

mostly focuses on issues of corporate governance and corporate social

responsibility, particularly on topics related to the role of the media as

governance watchdog as well as the impact of public norms on executive

compensation, boards of directors and firms’ social responsibility.

Niels Westergård-Nielsen is Professor, MSc (Econ) from Aarhus University,

1975, and a PhD (lic.polit) from University of Copenhagen, 1982. His field of

experience is vast having been a visiting scholar at University of Wisconsin

1979-80, University of Chicago 1983, Harvard University 1997, Curtin

University, Perth 1998, and a RSF-scholar, Russell Sage Foundation, New

York 2007-2008. His research interests lie within firm level job creation and

destruction and its courses, firm level performance and the employees, the

role of entrepreneurship, work environment, and sickness absenteeism

Finn Østrup is Professor with special responsibilities. He has written

extensively on financial institutions, financial crises, and international

monetary economics. He worked in the Danish Ministry of Economic Affairs

as Financial Attaché at the Permanent Danish Representation at the EU and

as Private Secretary to the Minister of Economic Affairs. He has been a

member of several Danish government committees, e.g. the Commission for

Nature and Agriculture and the committee for the investigation of the causes

of the Danish financial crisis.

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Visiting Professors

Marc Steffen Rapp was visiting Center for Corporate Governance during

summer 2015. Marc is a professor at Philipps-Universität Marburg in

Germany, where he is affiliated with the Marburg Center for Institutional

Economics (MACIE). During his stay at CCG, he started a project on the

financial structure of Nordic countries, which will contribute to the project

“Nordic Finance and the Good Society”. In parallel, he worked on a joint

project with Aleksandra Gregoric and Evis Sinani that examines

codetermination in Nordic countries. Furthermore, Marc has started a project

on the effect of state ownership on corporate investment together with Patrick

Jaslowitzer (Marburg) and Bill Megginson (University of Oklahoma).

Takao Kato visited CCG in the fall of 2015. Takao is professor at Colgate

University, NY and visiting Velux Professor at CBS. Takao is a well-known

scholar within labor economics, industrial relations and human resource

management, East Asian economics (Japan). During his stay at CBS he

developed a new collaborative research project with Niels Westergård-

Nielsen and Elena Cottini on corporate bosses. He gave two talks, "Good

Jobs and Bad jobs in Japan: 1982-2007" and "Dynamics of the Gender Gap in

the Workplace: An Econometric Case Study of a Large Japanese Firm".

Takao Kato will be back in his office at CCG in the spring 2016.

Adjunct Professors

Marianne Philips is a graduate at law from the University of Copenhagen,

LL.M. from Duke University, US, and partner at Kromann Reumert. Marianne

Philip's current positions of trust include: Komiteen for god Fondsledelse

(Chairman), Toms Gruppens Fond (Chairwoman), Novo Nordisk Fonden,

Bitten og Mads Clausens Fond (Danfoss fonden), Codan A/S and Codan

Forsikring A/S, Nordea Invest, Scan Office A/S (Chairwoman).

Ole Andersen is chairman at among others: Danske Bank, Chr. Hansen, and

B&O. He has a wide range of competences and has experience within the

areas of leadership and development of financial and non-financial

international companies, business strategies, and risk management.

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PhD Fellows Christa Damgaard Børsting is a PhD fellow at the Center for Corporate

Governance. She holds a Master in Economics from the University of

Copenhagen. Her current research is focused on industrial foundations and

her research includes research on performance, ownership, long-termism and

reputation.

Benjamin Faigen Iwona Sulinska

Student Assistants

- Alexander Gaba Mathiesen, Student Assistant - IT (From November, 2015)

- Alexander Larsen, Student Assistant - (from August 2015)

- Anders Tvistholm, Research Assistant – (Until January 2016 )

- Anna Sofie W. Andersen, Research Assistant (From October, 2015)

- Britta Ruth Andreassen, Student Assistant / Head of Secretary - The Board Leadership

Society (From August, 2015)

- Casper Berg Lavmand, Research Assistant (From April, 2015)

- Ida Linde Hansen, Research Assistant

- Helene Skovhøj Henriksen, Research Assistant (Until August, 2015)

- Laura Kabell Lundberg, Communications Assistant (From April, 2015)

- Malou Søderlund Christensen, Research Assistant (From October, 2015)

- Sara Eichen, Research Assistant (From October, 2015)

- Signe Marie Degn, Research Assistant

- Signe Sander Frederiksen, Research Assistant (Until August, 2015)

Administration and Communication

- Charlotte Brendstrup Simonsen, Communication and Event Manager

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Advisory Board

- Lars Nørby Johansen, Chairman at Falck A/S (Chairman)

- Anders Würtzen, Vice President at APMM

- Jeppe Christiansen, CEO at Maj Invest

- Henrik Heideby, CEO at PFA (Until March, 2015)

- Peter Engberg Jensen, Board member, PensionDanmark

- Tine Roed, Deputy Director General at DI

- Flemming Besenbacher , Chairman of the Supervisory Board of Carlsberg A/S

- Sten Scheibye, Chairman at Novo Nordisk

- Birgit Aagaard-Svendsen, Vice President and CFO at Lauritzen

- Marianne Philip, Lawyer and Partner Kromann Reumert

Supervisory Board - Professor Steen Thomsen CCG, CBS (Chairman)

- Professor Niels Westergård- Nielsen CCG CBS

- Professor Michael Møller, Department of Finance, CBS

- Professor Carsten Rohde, Department of Accounting and Auditing, CBS

Affiliated researchers

Department of Economics

- Professor Peter Bogetoft

- Professor Søren Bo Nielsen

Department of Finance

- Professor Michael Møller (supervisory board member)

- Associate Professor Ken Bechmann

- Professor Niels Christian Nielsen

- Associate Professor, Center for Statistics, Dorte Kronborg

Department of Accounting and Auditing

- Associate Professor Michael Andersen

- Associate Professor Kim Klarskov Jeppesen

- Professor Thomas Plenborg

- Associate Professor Carsten Rohde (supervisory board member)

Department of Law

- Professor George Ringe

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Board memberships and professional responsibilities

Lars Ohnemus - Chairman Northern Horizon Capital since 2001- Founder and Chairman (DK)

- Chairman Lithuanian Financial Market Institute (LFMI) – (Lithuania)

- Scandinavian International Property Association SIPA ( Sweden)

- Member of the board of Dansk Farm Land (AP)

- Member of the board of Dansk Senior Housing (ATP)

- Member of the board of BPT Hansa and Laurus (Luxembourg)

- Member of the board of RetNemt A/S (DK)

- Member of the board of LGMD Holding (Switzerland

- Member of the board of Dancasa Aps (DK)

- Member of the board of Baltic Management Institute (BMI) since 2000 (Lithuania)

Steen Thomsen - Owner and chief executive, Steen Thomsen Enterprise ApS (a holding company).

- Board Positions: Pluss Leadership A/S (Chairman),

- Board of Directors Association of Denmark (board member)

- Advisor to: NB Capital (a Biotech Investment Fund)

- Editorial Board member: The Journal of Management and Governance and The European

Management Review.

- Advisory board memberships: Corporate Governance. An International Review. The Centre

for Governance, Institutions and Organisations (CGIO), National University of Singapore.

SIDBI Innovation & Incubation Centre, University of Kanpur, India.

Niels Westergård-Nielsen - Member of the board of Nordisk Rebalance A/S, Allerød

Activities at Center for Corporate Governance

At www.cbs.dk/ccg you will find descriptions of past and future events as well as publications,

projects, and news updates.

ACTIVITY AND PRESENTER TOPIC DATE

Inaugural Lecture

Ole Andersen

”Board Dynamics and Board

Leadership”

March 26, 2015

Research Seminar “Social Attitudes on Gender May 7, 2015

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Simon Janssen Equality and Firm’s Discriminatory

Pay Settings”

Inaugural Lecture

Marianne Philips

“Corporate Governance in

Perspective”

May 20, 2015

Business Seminar “Risk Management and Board

Responsibility”

May 20, 2015

The 7th annual workshop of The Nordic Corporate Governance Network

June 1-2, 2015

Seminar Professor Roberta Romano Yale Law School

“How to Get Finanical Regulation

Back on Track?”

June 2, 2015

Inaugural Conference of the International Corporate Governance Society

How corporate governance

systems work to enhance trust in

business, and deepen our

understanding of how failures in

corporate governance systems

degrade trust in business.

September 18-19,

2015

Business Seminar Arturo Bris IMD Business School

“Global Competitiveness and the

Financial Sector in the Nordic

Countries”

September 30, 2015

Financial Regulation Seminar Dan Awrey Oxford University

“The Mechanisms of Derivatives

Market Efficiency”

October 20, 2015

Research Seminar

Takao Kato Colgate University

“Worker and Workplace

Characteristics”

October 30, 2015

Financial Regulation Seminar Torben Juul, Douglas Jondle, and Michelle Rovang Burke

“The Role Ethics in Risk

Governance”

November 16, 2015

Financial Regulaion Seminar

Kathryn Judge Columbia University

"Information Gaps and Shadow

Banking"

November 18, 2015

Financial Regulation Seminar

Martin Hellwig

“Banks, Governments, and Central

Banks in the Crisis”

December 1, 2015

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Bonn

Kr. 2015 2014 2013 2012

Revenue

total

139,888 191,391 284,894 99,196

Books and

journals

-1,101 - -6,308 -412

Consulting

services

- - -990 -

Travels -142,879 -3.677 -75,955 -74,804

Entertainmen

t expenses

-19,385 0 -13,473 -42,374

Telephony,

IT-office

supplies etc.

-120.120 -62 -5,078 -1,977

Operating

costs

-283,485 -3739 -218,804 -119,567

Wages -337,906 -171.585 -16,977 -15,894

Wage related

expenses

-1,514 -373 -1.053 -1.467

Wages total -339,420 -171.957 - 18.029 -17.362

Expenses

total

-622,905 -175.696 -236.833 -136.928

Total -483,017 15.695 48.061 -37.732

Note: The income statement includes only a small part of the center activities, namely our basic grant from CBS. The participating researchers’ salaries alone account for more than 5

million, to which must be project funds on average more than 1 million DKK annually. We have therefore decided to refer salary costs below.

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Our 2015 financial results showed a deficit of DKK 483,017 due to the start-up and different

overhead costs related to new activities. The loss should be fully recovered during 2016.

2015 2014 2013 2012

Salary costs

8.618.704 9.615.393 8.644.996 5.789.704

(permanent employees)

Larger Research Projects

Bevillingshaver

Beskrivelse Bevillingsgivere Samlet Bevilling

Steen Thomsen De Danske

Erhvervsdrivende Fonde

Nine industrial

foundations and

CBS

Steen Thomsen Dansk selskabsledelse i

praksis

Diverse private

virksomheder

Lars Ohnemus

Udvælgelse af

bestyrelsesmedlemmer,

bestyrelsessammen-

sætning samt

bestyrelsesevaluering

Amrop

Lars Ohnemus Nordic Finance and the

Good society

Danske Bank,

Finansforbundet,

Canergie, NFU,

SparInvest,

Finansrådet

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Publications

Resistance to Change in the Corporate Elite: Female Directors' Appointments onto Nordic

Boards

Gregoric, A., Oxelheim, L., Randoy, T. & Thomsen, S. 5 jun. 2015 I : Journal of Business Ethics.

21 s.

Employee Ownership in an Icelandic Context: An Initial Empirical Exploration

Faigen, B., Arnardottir, A. A., Sigurjonsson, O. & Mygind, N. 2015

Board Effectiveness in the European Banking Industry

Busta, I. & Hobdari, B. 2015 I : International Journal of Corporate Governance. 6, 1, s. 25-41

What Matters in Location Strategies for Latin American Multinationals: Countries, Regions

or Cities?

Hobdari, B., Sinani, E. & Török, P. 2015

Effective Governance in the Era of Disruptive Changes in Business Illustrated by the Tata

Capital Framework: The Vital Role of the Audit Commitee and Internal Audit

Rose, C., Sherman, D. & Haraszuk, A. 2015 I : Revision & Regnskabsvaesen. 12, s. 58-67

Employee Representation and Board Size in the Nordic Countries

Thomsen, S., Rose, C. & Kronborg, D. 12 mar. 2015 I : European Journal of Law and Economics.

20 s.

Hvad kan bestyrelser lære af OW Bunker-sagen?

Rose, C. 17 jan. 2015 Boersen

Reactions to Corporate Insider’s Transactions: Do Legal Stock Market Disclosure Rules

have an Impact?

Rose, C. & Søpstad, N. 2015 I : European Journal of Law and Economics. 40, 2, s. 247-272

Denmark Country Report: EUFORI Study

Thomsen, S., Poulsen, T. & Børsting, C. D. 2015 Luxembourg: Publications Office of the European

Union. 31 s.

Understanding Board Gender Diversity Beyond Human Capital: The Case of Switzerland

Villeseche, F. & Sinani, E. 2015

What Matters in Location Strategies for Latin American Multinationals: Countries, Regions

or Cities?

Hobdari, B., Sinani, E. & Török, P. 2015

Hasarderet element i model for bankunion

Østrup, F. 15 mar. 2015 I : Økonomisk Ugebrev. 23, 9, s. 20

Mandagsanalyse: Bankunion fyldt med ulemper

Østrup, F. 4 maj 2015 Politiken

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Collective Endeavors to Address Institutional Contradiction between Gender Identity and

Occupational Identity: A Case Study

Villeseche, F.2015

Enhancing Buyer-Supplier Collaboration through Daily Conversations at Shopfloor Level

Bardon, T., Arnaud, N. & Villeseche, F. 2015

The Past Connect

Bardon, T., Josserand, E. & Villeseche, F. 2015 I : The Smart Manager. Jul-Aug, s. 63-65

The Performance of Gender Diverse Teams: Assessing the Impact of Openness to Diversity

and Degree of Gender Diversity

Lauring, J. & Villeseche, F. 2015

Understanding Board Gender Diversity Beyond Human Capital: The Case of Switzerland

Villeseche, F. & Sinani, E. 2015

Valuing Gender Diversity in Teams: The Importance of Attitudes and Degree of Gender

Diversity

Lauring, J. & Villeseche, F. 2015

Smoke Signal or Smoke Screen?: Why the Media Do Not Disapprove Equally or Overpaid

CEOs

Vergne, J-P., Wernicke, G. & Brenner, S. 2015 - Paper presented at The 15th European Academy

of Management Conference (EURAM) 2015, Warsaw, Polen.

Acquired Inventors’ Productivity after Horizontal Acquisition: Managing the R&D Integration

Process

Colombo, M. G., Moreira, S. & Rabbiosi, L. 2015

Simultaneous Versus Sequential Complementarity in the Adoption of Technological and

Organizational Innovations: The Case of Innovations in the Design Sphere

Battisti, G., Rabbiosi, L. & Colombo, M. G. 2015 I : Industrial and Corporate Change. 24, 2, s. 345-

382

Ledelse, belønning og præstationer version 2.0?

Andersen, L. B., Holm Pedersen, L. & Westergård-Nielsen, N. 2015 I : Samfundsoekonomen. 2, s.

5-10

Ledighed. Politikerne skal øge jobskabelsen

Westergård-Nielsen, N. 11 feb. 2015 Politiken

Omsæt den lave rente til flere job

Westergård-Nielsen, N. 5 jan. 2015 Boersen

Tvivlsom skattepræmie til Danmark

Westergård-Nielsen, N. 20 dec. 2015 Berlingske Tidende

19

Exaggerated Peril

Strand, T. 2015 I: FS Focus. 91, s. 8

Nytt EU-Direktiv ska lösa oklara problem

Strand, T. 2015 I : Nordisk Tidsskrift for Selskabsret. 17, 2, s. 29-41

Re-Thinking Short-Termism and the Role of Patient Capital in Europe: Perspectives on the

New Shareholder Rights Directive, Strand, T.8

mar. 2015I : The Columbia Journal of European Law.66 s.

Do State-Owners Facilitate or Constrain Corporate Strategies of Internationalization?: The

Role of Institutions

Nielsen, B. B., Estrin, S., Meyer, K. & Nielsen, Sabine. 2015 Proceedings of the 57th Annual

Meeting of the Academy of International Business: Global Networks: Organizations and People.

Mudambi, R. & Kiyak, T. (red.). East Lansing, MI: Michigan State University Press, s. 166 1 s.

(Academy of International Business. Annual Meeting. Proceedings, Vol. 57).

Ansæt folk med kompetencer i Skat

Thomsen, S. 7. okt. 2015 Boersen

Bedre ledelse i statslige selskaber

Thomsen, S. 17. apr. 2015 Boersen

Bestyrelsens ansvar for risikostyring

Thomsen, S. 6. maj 2015 Boersen

Dansk forskningspolitik på afveje

Thomsen, S. 23.jan. 2014 Boersen

Denmark Country Report: EUFORI Study

Thomsen, S., Poulsen, T. & Børsting, C. D. 2015 Luxembourg: Publications Office of the European

Union. 31 s.

Der er altid en risiko for korruption

Thomsen, S. 13 jul. 2015 Boersen

Employee Representation and Board Size in the Nordic Countries

Thomsen, S., Rose, C. & Kronborg, D. 12 mar. 2015 I : European Journal of Law and Economics.

20 s.

Erhvervslivet har intet at skamme sig over

Thomsen, S. 20 aug. 2015 Boersen

Erhvervslivets kamp mod terrorisme

Thomsen, S. 24 feb. 2015 Boersen

20

Finanssektoren er overreguleret

Thomsen, S. 8 apr. 2015 Boersen

Fjern hindringerne for børsnotering

Thomsen, S. 2 jul. 2015 Boersen

Forkerte spørgsmål til iværksætterne

Thomsen, S. 6 feb. 2015 Boersen

Lad markedet håndtere snyderne

Thomsen, S. 14 dec. 2015 Boersen

Må den bedste ejer vinde selskabet

Thomsen, S. 23 mar. 2015 Boersen

Misundelse er en stærk drivkaft

Thomsen, S. 10 mar. 2015 Boersen

Nu er der for alvor fart på revolutionen

Thomsen, S. 9 nov. 2015 Boersen

Politisk afmagt og udhuling af frihed

Thomsen, S. 28 jan.. 2015 Boersen

Positiv psykologi i moderne ledelse

Thomsen, S. 8 jan.. 2015 Boersen

Resistance to Change in the Corporate Elite: Female Directors' Appointments onto Nordic

Boards

Gregoric, A., Oxelheim, L., Randoy, T. & Thomsen, S. 5 jun. 2015 I : Journal of Business Ethics.

21 s.

Stop hassardspil med fondsmodellen

Thomsen, S. 26 nov. 2015 Boersen

Strategien der blev væk i dagligdagen

Thomsen, S. 23 jun. 2015 Boersen

Tal ordentligt om topcheferne

Thomsen, S. 16 jan. 2015 Boersen

Toshiba viste os Japans svaghed

Thomsen, S. 11 aug. 2015 Boersen

Ulrik Nødgaards jobskifte gav mening

Thomsen, S. 15 maj 2015 Boersen

21

Vi kan eksportere verdens bedste ejerform

Thomsen, S. 4 nov. 2015 Boersen

Denmark Country Report: EUFORI Study

Thomsen, S., Poulsen, T. & Børsting, C. D. 2015 Luxembourg: Publications Office of the European

Union. 31 s.

Recruitment

CCG has a staff of promising young researchers and shall be a base for nurturing and developing

their talent. As part of this endeavor CCG aims to attract experienced top researchers – some of

them as visiting researchers for a longer period.