Fifty years of Research on Accuracy of Capital Expenditure Project Estimates: A Review of the Findings and their Validity.

Capital budgeting research has traditionally focused on ever improving the methods used for evaluating projects. Since it seems futile to use sophisticated evaluation techniques if their input data – that is, estimates of cash inflows and outflows – are of inferior quality, it is justifiable to call this focus into question by exploring forecasting accuracy. In order to do so, the article analyzes the empirical findings on estimation error gathered in 35 studies published between 1954 and 2002. As the review shows, over-optimism seems to be a relevant problem in capital expenditure project forecasting. This calls the traditional research focus into question. More research effort targeted at the misestimation bias in capital budgeting and at ways to improve forecasting accuracy seems necessary.Capital budgeting, Capital Expenditures, Estimation Accuracy, Forecasting, Post-Audit.

Wissensmanagement und Controlling: Eine Forschungsperspektive? [Engl.: Knowledge Management and Management Control Systems: A New Research Field?]

GERMAN ABSTRACT: Wissensmanagement und Controlling werden seit Jahrzehnten parallel in der betriebswirt-schaftlichen Forschung diskutiert. Bis dato wurden aber kaum Versuche unternommen, die Zusammenhänge zwischen beiden Bereichen aufzudecken und die so identifizierten Schnittstel-len als potenzielles Forschungsfeld herauszuarbeiten. Das vorliegende Arbeitspapier hat zum Ziel, diese Schnittstelle anhand des beiden Bereichen gemeinsamen Forschungsobjektes unternehmensrelevantes Wissen zu identifizieren und bei-spielhaft ein Vorgehen aufzuzeigen, dass für beide Forschungsstränge zum Erkenntnisfort-schritt führen kann. Darüber hinaus wird eine Einschätzung der Erforschungswürdigkeit von einzelnen Themen wie alternativen Vergütungssystemen und Kennzahlensystemen in diesem Schnittstellenbereich vorgenommen. ENGLISH ABSTRACT: Knowledge management and management control have been discussed separately in business literature for many years. This working paper looks at the possibility to achieve a linkage be-tween the two research arenas and the value of such a linkage with respect to progress in eco-nomic thought. It shows that knowledge management and management control, in fact, overlap in their analy-sis of explicit, declarative and procedural knowledge. Consequently, it is possible to link the two research perspectives. And doing so, in fact, seems very promising with respect to the po-tential advancement in knowledge that can be achieved in both of the two research arenas. Fi-nally the paper shows that analysis of alternative payment schemes and modern, financial and non- financial performance measurement systems seem the two most promising areas for re-search linking knowledge management and management control.Wissensmanagement, Controlling, Knowledge Management, Management Control Systems

Biochemical evidence that phytochrome of the moss Ceratodon purpureus is a light-regulated protein kinase

AbstractThe phytochrome gene of the moss Ceratodon purpureus (phyCer) codes for a novel phytochrome polypeptide with a predicted molecular mass of 145 kDa that has a COOH-terminal domain which is homologous to the catalytic domain of eukaryotic protein kinases. In this paper we report the first biochemical evidence that in fact, as predicted from the gene sequence, PhyCer represents an active, light-regulated protein kinase. In vitro phosphorylation experiments with protonemata extracts revealed the existence of a 140 kDa protein, phosphorylated in a red/far-red light dependent manner. The binding of a polyclonal antibody directed to the protein kinase catalytic domain of PhyCer enhanced the phosphorylation of a 140 kDa band when assayed in a renaturation-auto-phosphorylation experiment with nitrocellulose bound protein. These findings strongly implicate that the phyCer gene product has protein kinase activity and is capable of auto-phosphorylation. The results of the renaturation-phosphorylation experiments were essentially the same, no matter whether protein extracts from light grown or dark adapted moss protonemata were used. Thus, phyCer expression most likely is not light regulated

Essays on Autonomous Strategic Action

Kun abstrakt er tilgængelig online for denne PhD afhandling. CBS Bibliotek har en trykt udgave der kan findes via CBS bibliotekskatalog. Only abstract of this Ph.D. thesis is available online. The CBS Library has a printed edition this edition can be found through the CBS Library Catalogue

Agency Theory

Agency theory studies the problems and solutions linked to delegation of tasks from principals to agents in the context of conflicting interests between the parties. Beginning from clear assumptions about rationality, contracting and informational conditions, the theory addresses problems of ex ante (“hidden characteristics”) as well as ex post information asymmetry (“hidden action”), and examines conditions under which various kinds of incentive instruments and monitoring arrangements can be deployed to minimize the welfare loss. Its clear predictions and broad applicability have allowed agency theory to enjoy considerable scientific impact on social science; however, it has also attracted considerable criticism. [99 words

Differences in Shedding of the Interleukin-11 Receptor by the Proteases ADAM9, ADAM10, ADAM17, Meprin α, Meprin β and MT1-MMP

Interleukin-11 (IL-11) has been associated with inflammatory conditions, bone homeostasis, hematopoiesis, and fertility. So far, these functions have been linked to classical IL-11 signaling via the membrane bound receptor (IL-11R). However, a signaling cascade via the soluble IL-11R (sIL-11R), generated by proteolytic cleavage, can also be induced. This process is called IL-11 trans-signaling. A disintegrin and metalloprotease 10 (ADAM10) and neutrophil elastase were described as ectodomain sheddases of the IL-11R, thereby inducing trans-signaling. Furthermore, previous studies employing approaches for the stimulation and inhibition of endogenous ADAM-proteases indicated that ADAM10, but not ADAM17, can cleave the IL-11R. Herein, we show that several metalloproteases, namely ADAM9, ADAM10, ADAM17, meprin β, and membrane-type 1 matrix metalloprotease/matrix metalloprotease-14 (MT1-MMP/MMP-14) when overexpressed are able to shed the IL-11R. All sIL-11R ectodomains were biologically active and capable of inducing signal transducer and activator of transcription 3 (STAT3) phosphorylation in target cells. The difference observed for ADAM10/17 specificity compared to previous studies can be explained by the different approaches used, such as stimulation of protease activity or making use of cells with genetically deleted enzymes

Dynamic Responses of Female Volunteers in Rear Impact Sled Tests at Two Head Restraint Distances

The objective of this study was to assess the biomechanical and kinematic responses of female volunteers with two different head restraint (HR) configurations when exposed to a low-speed rear loading environment. A series of rear impact sled tests comprising eight belted, near 50th percentile female volunteers, seated on a simplified laboratory seat, was performed with a mean sled acceleration of 2.1 g and a velocity change of 6.8 km/h. Each volunteer underwent two tests; the first test configuration, HR10, was performed at the initial HR distance ∼10 cm and the second test configuration, HR15, was performed at ∼15 cm. Time histories, peak values and their timing were derived from accelerometer data and video analysis, and response corridors were also generated. The results were separated into three different categories, HR10C (N = 8), HR15C (N = 6), and HR15NC (N= 2), based on: (1) the targeted initial HR distance [10 cm or 15 cm] and (2) whether the volunteers’ head had made contact with the HR [Contact (C) or No Contact (NC)] during the test event. The results in the three categories deviated significantly. The greatest differences were found for the average peak head angular displacements, ranging from 10\ub0 to 64\ub0. Furthermore, the average neck injury criteria (NIC) value was 22% lower in HR10C (3.9 m2/s2), and 49% greater in HR15NC (7.4 m2/s2) in comparison to HR15C (5.0 m2/s2). This study supplies new data suitable for validation of mechanical or mathematical models of a 50th percentile female. A model of a 50th percentile female remains to be developed and is urgently required to complement the average male models to enhance equality in safety assessments. Hence, it is important that future protection systems are developed and evaluated with female properties taken into consideration too. It is likely that the HR15 test configuration is close to the limit for avoiding HR contact for this specific seat setup. Using both datasets (HR15C and HR15NC), each with its corresponding HR contact condition, will be possible in future dummy or model evaluation

The Theory of Mind in Principal-agent Relations

Agency theory studies the impact of and remedies to asymmetrically distributed information in principal-agent relations. Yet, it does so in a surprisingly binary manner: It assumes the principal to be perfectly knowledgeable of some pieces of information (such as the agent’s risk aversion), while others (such as the agent’s true effort exerted) are considered to be perfectly private information of the agent. Agency theory thus makes very asymmetrical assumptions about the knowledge of principals and agents, largely neglecting the human capacity for interpersonal sense-making. This chapter explores the implications of instilling agency theory with a more realistic account of the human capacity to read other people’s desires, intentions, knowledge, and beliefs—that is, to have a theory of someone else’s mind

Organizations and Markets

Austrian economics focuses on markets, but has much to say about organizations. In particular, Austrian insights on the structure of production, the heterogeneity and subjectivity of resources, the nature of uncertainty, the role of monetary calculation, and the function of the entrepreneur provide solid foundations for a distinctly Austrian theory of organizations. We review these insights, discuss recent literature on Austrian economics and the theory of the firm, and suggest new directions for developing and extending an Austrian approach to organizations