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  • 451.
    Karrbom Gustavsson, Tina
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Industrial Economics and Management (Div.) (closed (20130101).
    What next?: An empirical study on project overload and the need for strategies in a multi project context2007Conference paper (Other academic)
  • 452.
    Karrbom Gustavsson, Tina
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Project Communication.
    Hallin, Anette
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Industrial Economics and Management (Div.) (closed (20130101).
    Dobers, Peter
    Mälardalen University, School of Sustainable Development of Society and Technology.
    Guiding in the imaginary city of the future2011Conference paper (Other academic)
  • 453.
    Karrbom Gustavsson, Tina
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Project Communication.
    Hallin, Anette
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Industrial Economics and Management (Div.) (closed (20130101).
    Dobers, Peter
    Mälardalen University, School of Sustainable Development of Society and Technology.
    Who are shaping the sustainable cities of tomorrow and how do they do it?2011Conference paper (Other academic)
  • 454.
    Karrbom Gustavsson, Tina
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Project Communication.
    Jerbrant, Anna
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Industrial Economics and Management (Div.) (closed (20130101).
    Task lists as infrastructure: an empirical study of multi-project work2012In: International Journal of Project Organisation and Management, ISSN 1740-2891, E-ISSN 1740-2905, Vol. 4, no 3, p. 272-285Article in journal (Refereed)
    Abstract [en]

    Multi-project work is fragmented and unpredictable making project professionals continuously facing the risk of experienced control being reduced. In such work settings, there is an increased need for (temporary) sense making structures. In this article, the concept of infrastructure (Bowker and Star, 2002) is applied to multi-project work. The findings, which are based on 43 interviews with multi-project professionals, reveals that task lists are important infrastructures created for supporting sense making, control and prioritising. The task lists reduces ambiguity and uncertainty and thus bridge the gap between organisational demands and individual resources providing room for improvised action.

  • 455.
    Karrbom Gustavsson, Tina
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Project Communication.
    Zika-Viktorsson, Annika
    KTH, School of Industrial Engineering and Management (ITM), Machine Design (Dept.), Integrated Product Development.
    Project Overload2008In: International Journal of Project Management, ISSN 0263-7863, E-ISSN 1873-4634, Vol. 3, p. 4-7Article in journal (Other academic)
  • 456.
    Karrbom, Tina
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Industrial Economics and Management (Div.) (closed (20130101).
    Småprat som ljudkuliss2001In: Finsk tidskrift : kultur, ekonomi, politik, ISSN 0015-248XArticle in journal (Other academic)
  • 457.
    Karrbom, Tina
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Industrial Economics and Management (Div.) (closed (20130101).
    What happens when nothing happens?2000Conference paper (Refereed)
  • 458.
    Karrbom, Tina
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Industrial Economics and Management (Div.) (closed (20130101).
    Gustafsson, Claes
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Industrial Economics and Management (Div.) (closed (20130101).
    Från tyst kunskap till tysta budskap: Om småprat som bärare av tysta budskap mellan individer och mellan projekt2001Conference paper (Refereed)
  • 459.
    Karrbom, Tina
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Industrial Economics and Management (Div.) (closed (20130101).
    Lindahl, Marcus
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Industrial Economics and Management (Div.) (closed (20130101).
    Complexity within International Projects2000In: Projektperspektiv / [ed] Kim Wikström & Alf Rehn, Åbo Akademis Förlag, 2000Chapter in book (Other academic)
  • 460.
    Karrbom, Tina
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Industrial Economics and Management (Div.) (closed (20130101).
    Lindahl, Marcus
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Industrial Economics and Management (Div.) (closed (20130101).
    Complexity Within International Projects2000Conference paper (Refereed)
  • 461.
    Karsberg, Martin
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.).
    Jönsson, Pär-Johan
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.).
    Why small IT-consulting firms have problems adopting value-based selling2012Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The old dominant logic of marketing, goods-dominant logic, is being replaced by a new dominant logic, aservice-dominant logic. The old logic is focused on tangible resources, embedded value and exchange,while the new logic is instead focused on intangible resources, the co-creation of value and relationships. A central concept is that value is not viewed as embedded in products; instead it is co-created in the relationship between customer and supplier.

    For companies, this means that value cannot be delivered; instead companies can only offer value propositions. A value proposition is a statement of the measurable benefits that could be realized for the customer upon accepting the value proposition. The idea of service-dominant logic and value propositions has been conceptualized into value-based selling.

    Value-based selling acknowledges the changing role of the sales force to a strategic asset that has moved away from just selling products and services to selling business impacts that result in increased profits for the customer. There are three salient dimensions of a value-based sales process: (1) understanding the customer’s business model, (2) crafting the value proposition, and (3) communicatingthe value.

    The IT industry is known for having trouble evaluating the value of IT/IS investments. This could become problematic for IT consulting companies that want to adopt a value based sales process. Through a case study of a typical Swedish IT consulting company, we highlight the main practical issues related toadopting value-based selling. We also provide underlying reasons that helps to explain why these issues exist.

    Our findings indicate that the company in the selected case has an internally driven culture focused onthe technical aspects of their offerings which causes a lack of customer focus. Also there is a problemwith measuring the value of projects in part because of the general problems with evaluating IT/ISinvestments, but also because there is lack of knowledge and formalized routines for measuring in the organization. Finally, the company uses an overly complex and technical language when the potential value is communicated to the customer. This makes it hard for the customer to understand what problemsthe company can solve.

    We suggest that more research need to be done on the practical issues with adopting value based sellingin typical organizations, not just “best-in-class” examples. Also it could be useful to incorporate the customer perspective.

  • 462.
    Katzler, Sigrid
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Berggren, Björn
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance.
    Gustafsson, Christina
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Will outsourcing of commercial real estate management add to performance: A quantitative analysis of the Swedish real estate marketManuscript (preprint) (Other academic)
  • 463.
    Kaufmann, Bruno
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Entrepreneurship and innovation.
    The Reverse Product Cycle Model Revisited: Co-produced solutions in knowledge-intensive business services2011Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Services and innovation are the drivers of today’s economy, yet, there is a lack on academic literature on what matter the interactions between these two forces. On that sense, Barras, in 1986, established one of the most representative models regarding innovation within service firms. The “Reverse Product Cycle” (RPC) argue that service firms, trigged by IT advancements, would follow an opposite innovation evolution if compared to the classic manufactured view of novelty progress. Besides representing an important breakthrough on the services differentiation from the predominant industry view, it was replete of problematic that are now reinforced by the present high dynamic environment. On that present scenario, the role knowledge-intensive business services (KIBS) play is of crucial importance to innovation dissemination within a diversity of industries. It features are intrinsically related to tailored co-produced solutions to specific clients requirements that, by the case study of an ongoing KIBS shared solution development, seems to bring back the innovation pattern defended by the RPC model. The present study aims to analyze this hypothesis and revisit the RPC model through the optics of current KIBS innovation process.

  • 464.
    Kaulio, Matti A.
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Industrial Management.
    A psychological contract perspective on project networks2018In: Project Management Journal, ISSN 8756-9728, E-ISSN 1938-9507, Vol. 49, no 4, p. 81-88Article in journal (Refereed)
    Abstract [en]

    A current challenge for project network scholars is to explain “how history matters”; in other words, how past experiences of collaboration between actors in a project network are transformed into an (informal) organizational format that is replicable in future collaborations. How are project networks formed in the first place? By examining a collaboration under formation between two organizations, this article proposes that project networks can be conceptualized as psychological contracts. In this formation process, critical incidents play a key role as they define “items” in the psychological contract; in project network terms, these items define routines for collaboration.

  • 465.
    Kaulio, Matti A.
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Industrial Management.
    Thorén, Kent
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.).
    Rohrbeck, René
    Aarhus School of Business and Social Sciences, Aarhus University.
    Double Ambidexterity: How a telco incumbent used business-model and technology innovations to successfully respond to three major disruptions2017In: Creativity and Innovation Management, ISSN 0963-1690, E-ISSN 1467-8691, Vol. 26, no 4, p. 339-352Article in journal (Refereed)
  • 466.
    Kaur, Upkar
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.).
    A study of management control systems for telecom presales phase2011Independent thesis Advanced level (degree of Master (One Year)), 20 credits / 30 HE creditsStudent thesis
  • 467.
    Kazemi, Madeleine
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Industrial marketing.
    The Assessment of the Customers’ Expectations and Perceptions Towards the Quality of Educational Services: the Case of Industrial Engineering and Management programme at KTH (Royal Institute of Technology)2015Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The services sector is the largest economic sector in the world. In addition, the services sector is growing relative to the rest of the economy even in the countries that are still industrialising. The services sector consists of many subsectors, e.g. education, which currently is the largest global market after health care. Higher education has had a rapid increase in the number of students worldwide. In the Swedish educational scene Industrial Engineering and Management, a Master of Science programme, has long been one of the most applied to engineering-programmes in the country. Every year the average grade needed to be able to get accepted to the education has gotten higher. With these facts presented it can be argued that some of Sweden’s most prominent students apply to the specific education and university.

    When applying to Industrial Engineering and Management at KTH, these students have an expectation of what they will be attaining if attending. After experiencing the education and the university, the students will have a perception of the educational service. The university can be viewed as a service provider, where the service provided is the education, and the students at the university are the customers. Meeting or exceeding the expectations of customers is what the success of a service organisation depends on. It is therefore necessary to understand what determinates the satisfaction of the service after it is provided. If an organisation or a company does not have this understanding the service will not satisfy the customers.  

    The purpose of this study is to investigate and assess the existing gap, if any, between the perception and expectation of students at Industrial Engineering and Management programme at KTH.

    The main research questions addressed for the study thus are:

    • What is the customer’s perception towards the quality of service provided?

    • What is the customer’s expectation towards the quality of service provided?

    • Does the quality of provided services meet the student’s expectation?

    • Is there a gap between the existing perception and expectation? 

    The information is collected through an online survey tool sent out to five clusters of students of the education. The overall finding of the research study is that the customer’s perception towards the quality of the service provided is less than than the expectation’s of the quality of the serviced provided, which has created a negative gap between the customer’s perception and expectation. The quality of the provided services of the Industrial Engineering and Management programme at KTH does therefore not meet the student’s expectation.

  • 468.
    Kerres, Bertrand
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Machine Design (Dept.), Internal Combustion Engines.
    Fischer, Katharina
    Fraunhofer Institute for Wind Energy and Energy System Technology IWES.
    Madlener, Reinhard
    Institute for Future Energy Consumer Needs and Behavior (FCN), School of Business and Economics/E.ON Energy Research Center, RWTH Aachen University.
    Economic evaluation of maintenance strategies for wind turbines: a stochastic analysis2015In: IET Renewable Power Generation, ISSN 1752-1416, E-ISSN 1752-1424, Vol. 9, no 7, p. 766-774Article in journal (Refereed)
    Abstract [en]

    The authors develop a stochastic model for assessing the life-cycle cost and availability of wind turbinesresulting from different maintenance scenarios, with the objective to identify the most cost-effective maintenancestrategy. Using field-data-based reliability models, the wind turbine – in terms of reliability – is modelled as a serialconnection of the most critical components. Both direct cost for spare parts, labour and access to the turbine, as wellas indirect cost from production losses are explicitly taken into account. The model is applied to the case of a VestasV44–600 kW wind turbine. Results of a reliability-centred maintenance analysis of this wind turbine are used to selectthe most critical wind turbine components and to identify possible maintenance scenarios. This study reveals thatcorrective maintenance is the most cost-effective maintenance strategy for the gearbox and the generator of the V44turbine, while the cost benefit of condition-based maintenance using online condition-monitoring systems increaseswith higher electricity price, turbine capacity and remoteness of sites.

  • 469.
    Kollenore, Simon Cherian
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.).
    Analysis of management controls in a telecommunications company2013Independent thesis Advanced level (degree of Master (Two Years)), 30 credits / 45 HE creditsStudent thesis
    Abstract [en]

    The presales sector in the telecommunications industry is a very little researched sector. This work looks at the management controls in place in the presales department of a multinational telecommunications company, the tightness of the controls which are in place and some of the problems that are facing the department because of the control systems. This work also looks into one of the divisions of the presales department to see how an overall improvement can be achieved in sales by improving the team unity and increasing the customer engagement. The management control frameworks used in this work include the ‘Object of control’ frame work by Merchant and van der Stede and the ‘MCS as a package’ framework by Malmi and Brown.

    The full text will be freely available from 2087-01-31 18:57
  • 470. Kong, Xiangyu
    et al.
    Angelis, Jannis
    Exploring customer experience: Level of contact and repurchase intentions2009In: Proceedings of the 20th Annual Production and Operations Management Society Conference, 2009Conference paper (Refereed)
  • 471.
    Kordestani, A
    et al.
    Luleå Technical University.
    Limayem, M
    Luleå Technical University.
    Salehi-Sangari, Esmail
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Industrial marketing.
    Blomgren, Henrik
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Industrial marketing. KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Business Development and Entrepreneurship.
    Why a few social networking sites succeed while many fail2011Conference paper (Refereed)
  • 472. Kordestani, Arash
    et al.
    Amini, Mehdi
    Salehi-Sangari, Esmail
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Industrial marketing.
    Environmentally and Socially Responsible Buyer Supplier Relationship Management2015In: Ideas In Marketing: Finding The New And Polishing The Old, Springer Berlin/Heidelberg, 2015, p. 445-446Conference paper (Refereed)
  • 473.
    Kotro, Samuli
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.).
    Sternås, Joakim
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.).
    Internet of Things Business Models in the Financial Sector2019Independent thesis Advanced level (degree of Master (One Year)), 40 credits / 60 HE creditsStudent thesis
    Abstract [en]

    This is a research paper that aims to further develop a knowledge about implementing IoT in the financial sector and the adaption of business models that entails. As societies is becoming more digitalized, the businesses within these societies needs to adapt and also meet the new digitalized business models. Currently, there is not a sufficient amount of literature available addressing this matter, hence the authors interest in researching the field, meet with industry experts, and deeper understand how the modern financial sector needs to adapt if implementing new digital solution such as IoT. The method of this paper is designed to allow the authors the best possible outcome by initially conduct a literature review based on the pillars of the paper, the IoT as itself, IoT in the financial industry, and Business models. Then the research is based on empirical findings based on semi-structured interviews conducted with industry experts. Lastly, the final data collection is based on secondary data from white papers and consultancy reports to back up the previous findings. The authors hypothesis of the findings was that the data collected from literature review, would have no deviation from the data collected based on the interviews. However, not all of the expected findings suggested the same answer. Because of that, the authors managed to get a very broad picture of the problem, in order to find the proper changes to a new digitalized business model when implementing IoT. The major finding of the research is that the financial sector needs to look at the data collection from IoT different from e.g. a manufacturer as it is the Data itself that is important, and how to best use it, not to install sensors in devices, unless the sensors is installed already previously financed devices by the financial institution.

  • 474.
    Kreuger, Martin
    et al.
    Tidningen Chef.
    Crevani, Lucia
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Organization and management. Mälardalens Högskola.
    Larsen, Kristina
    Vinnova.
    Inledning: Innovation går hand i hand med gott chefskap2013In: Leda mot det nya: En forskningsantologi om chefskap och innovation / [ed] Martin Kreuger, Lucia Crevani, Kristina Larsen, Stockholm: Vinnova , 2013, p. 7-11Chapter in book (Other (popular science, discussion, etc.))
  • 475.
    Kreuger, Martin
    et al.
    Tidningen Chef.
    Crevani, LuciaKTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Organization and management. Mälardalens Högskola.Larsen, KristinaVinnova.
    Leda mot det nya: En forskningsantologi om chefskap och innovation2013Collection (editor) (Refereed)
  • 476.
    Kroencke, Tim A.
    et al.
    Univ Basel, WWZ, Peter Merian Weg 6, CH-4002 Basel, Switzerland.
    Schindler, Felix
    Steinbeis Univ Berlin, CRES, Eisenbahnstr 56, D-79098 Freiburg, Germany;ZEW Mannheim, L7,1, D-68161 Mannheim, Germany.
    Steininger, Bertram I.
    ZEW Mannheim, L7,1, D-68161 Mannheim, Germany;Rhein Westfal TH Aachen, Sch Business & Econ, Templergraben 64, D-52062 Aachen, Germany.
    The Anatomy of Public and Private Real Estate Return Premia2018In: Journal of real estate finance and economics, ISSN 0895-5638, E-ISSN 1573-045X, Vol. 56, no 3, p. 500-523Article in journal (Refereed)
    Abstract [en]

    Market-wide, stock market specific, and real estate market specific risk – what kind of risk and to which extent drives the returns of listed real estate? Based on a structural asset pricing model calibrated to the empirical data in the U.S., we show that at least two thirds of the risk premium of listed real estate are driven by the same factors as direct real estate. Our results shed new light on the risk-characteristics of listed real estate returns and are of high interest for academics, regulators, and portfolio managers alike.

  • 477.
    Kucheev, Yury
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.).
    Shooting Stars: The Value of Ranked Analysts' Recommendations2017Doctoral thesis, comprehensive summary (Other academic)
    Abstract [en]

    Financial analysts play a key role in collecting, processing and disseminating information for the stock market. Selecting the best analysts among thousands of analysts is an important task for investors that determines future investment profitability. Extensive research has been dedicated to finding the best analysts of the market based on various criteria for different clienteles. The state of the art approach in this process has developed into so-called Star Rankings with lists of top analysts who have previously outperformed their peers. How useful are such star rankings? Do the recommendations of stars have higher investment value than the recommendations of non-stars (i.e., recommendations of Stars “shoot” more precisely before and after selection)? Or do star rankings simply represent the past performance that will regress to the mean in the future (i.e., in reality, Shooting Stars are not stars and quickly disappear from the sky)?

    The aim of this Ph.D. thesis is to empirically investigate the performance of sell-side analysts’ recommendations by focusing on a group of star analysts. This thesis comprises four papers that address two overarching questions. (1) Do star rankings capture any true skill, and, thus, can investors rely on the rankings? (Papers I and II) (2) How do market conditions impact star analysts? (Papers III and IV)

    Paper I examines the profitability persistence of the investment recommendations from analysts who are listed in the four different star rankings of Institutional Investor magazine, StarMine’s “Top Earnings Estimators”, “Top Stock Pickers” and The Wall Street Journal and shows the predictive power of each evaluation methodology. By investigating the precision of the signals that the various methodologies use in determining who the stars are, the study distinguishes between the star-selection methodologies that capture short-term stock-picking profitability and the methodologies that emphasize the more persistent skills of star analysts. As a result, this study documents that there are star-selection methods that select analysts based on more enduring analyst skills, and, thus, the performance of these methods’ stars persists even after ranking announcements. The results indicate that the choice of analyst ranking is economically important in making investment decisions.

    Paper II investigates the structure of the portfolios that are built on the recommendations of sell-side analysts and confirms that the abnormal returns are explained primarily by analysts’ stock-picking ability and only partially by the effect of over-weight in small-cap stocks. The study examines the number of stocks in the portfolios and the weights that are assigned to market-cap size deciles and GICS sectors and performs an attribution analysis that identifies the sources of overall value-added performance.

    Paper III examines the differences in seasonal patterns in the expected returns on target prices between star and non-star analysts. Although the market returns in the sample period do not possess any of the investigated seasonal effects, the results show that both groups of analysts, stars and non-stars, exhibit seasonal patterns and issue more optimistic target prices during the summer, with non-stars being more optimistic than stars. Interestingly, the results show that analysts are highly optimistic in May, which contradicts the adage “Sell in May and go away” but is consistent with the notion of a trade-generating hypothesis: since analysts face a conflict of interests, they may issue biased recommendations and target prices to generate a trade. A detailed analysis reveals that the optimism cycle is related to the calendar of companies’ earnings announcements rather than the market-specific effects.

    Paper IV discusses how a shift in economic conditions affects the competitiveness of sell-side analysts. The focus is on the changes that were triggered by the financial crisis of 2007-2009 and a post-crisis “uncertainty” period from 2010-2013. The study follows Bagnoli et al. (2008) in using a change in the turnover of rankings as a measure of a transformation in analysts’ competitive advantages. Paper IV extends their research and documents how different ranking systems capture analysts’ ability to handle changes in the economic environment. The results show that market conditions impact analyst groups differently, depending on the group’s competitive advantages.

  • 478.
    Kucheev, Yury
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.).
    What trend is an analysts' friend? How overall market conditions affect the competitiveness of financial analysts2017Report (Other academic)
    Abstract [en]

    This study documents how a shift in economic conditions triggered by the financial crisis of 2007-2009 and a post-crisis “uncertainty” period of 2010-2013 impacts the competitiveness of sell-side security analysts. I use a change in turnover of rankings as a measure of transformation in analysts’ competitive advantages in order to show how different ranking systems capture analysts’ ability to handle the changes in the economic environment. The results show that Institutional Investor’s stars, elected based on buy-side votes and valued primarily for the “helpfulness” of those analysts, experience an increase in turnover after the financial crisis and that they issue significantly less-profitable investment recommendations during high uncertainty periods. At the same time, objectively selected analysts in rankings based on either accuracy of earnings forecasts or profitability of recommendations, do not show any clear pattern of an impact of the crisis (or uncertainty) on the turnover of stars and on the profitability of their recommendations. The study concludes that the stock-picking skill of analysts is independent of market conditions, while buy-side clients view the “helpfulness” of analysts differently during different economic conditions.

  • 479.
    Kucheev, Yury
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.).
    Ruiz, Felipe
    Sörensson, Tomas
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.).
    Do Stars Shine? Comparing the Performance Persistence of Star Sell-Side Analysts Listed by Institutional Investor, the Wall Street Journal, and StarMine2017In: Journal of financial services research, ISSN 0920-8550, E-ISSN 1573-0735, Vol. 52, no 3, p. 277-305Article in journal (Refereed)
    Abstract [en]

    We investigate the profitability persistence of the investment recommendations from analysts listed in four different star rankings, Institutional Investor magazine, StarMine's "Top Earnings Estimators" and "Top Stock Pickers", and The Wall Street Journal, and show the predictive power of each evaluation methodology. We found that only Buy and Strong Buy recommendations from the entire group of Star analysts outperform those of the Non-Stars in the year after election, while Sell and Strong Sell recommendations performed as those of the Non-Stars. We document that the highest average monthly abnormal return of holding a long-short portfolio, 0.97 %, is obtained by following the recommendations of the group of star sell-side analysts rated by StarMine's "Top Earnings Estimators" during the period from 2003 to 2014. Since earnings are one of the main drivers of stock prices, the results obtained are in line with the notion that focusing on superior earnings forecasts is one of the top requirements for successful stock picks.

  • 480.
    Kucheev, Yury
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.).
    Sorensson, Tomas
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.).
    The origin of outperformance for stock recommendations by sell-side analysts.2017Manuscript (preprint) (Other academic)
    Abstract [en]

    Since Barber et al. (2006, JAE) reported a methodology for measuring the investment value of sell-side analysts' recommendations by constructing a "paper portfolio", this method has become the standard approach in the related academic literature. In this paper, we replicate this portfolio methodology and investigate whether the portfolios' outperformance is explained by the analysts' stock picking skills or it is an artifact of the portfolio construction approach. We examine the number of stocks in the portfolios and the weights assigned to market-cap size deciles and Global Industry Classification Standard (GICS) sectors and perform an attribution analysis that allows us to identify the sources of overall value-added performance. We show that the portfolios' abnormal returns are explained primarily by the analysts' stock picking ability and only partially by the effect of an overweight in small-cap stocks, given that more than 80% of the studied portfolios are concentrated in the three smallest size deciles.

  • 481.
    Kucheev, Yury
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.).
    Sorensson, Tomas
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.).
    The seasonality in sell-side analysts’ recommendations2017Article in journal (Refereed)
    Abstract [en]

    In this paper, we examine whether highly reputed sell-side analysts (stars) account for seasonality in their forecasts. We find that both star and non-star analysts are highly optimistic in May, which contradicts the adage “Sell in May and go away”. Detailed analyses reveal that optimism cycles are related to the calendar of companies’ earnings announcements rather than to market-specific effects. We show this by measuring the differences in seasonality patterns in expected returns on target prices by star and non-star sell-side analysts. Although the market returns in our sample period, 2003-2014, do not show any statistically significant patterns in the three investigated seasonal effects, our results show that Non-Stars issue more optimistic target prices than Stars.

  • 482.
    Kucheev, Yury
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.). Department of Industrial Management, Business Administration and Statistics, School of Industrial Engineering, Technical University of Madrid (UPM)/Universidad Politécnica de Madrid, c/ José Gutiérrez Abascal, 2, Madrid 28006, Spain.
    Sörensson, Tomas
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.). Swedish House of Finance, Stockholm School of Economics, Stockholm, Sweden.
    The seasonality in sell-side analysts’ recommendations2018In: Finance Research Letters, ISSN 1544-6123, E-ISSN 1544-6131Article in journal (Refereed)
    Abstract [en]

    We examine whether highly reputed sell-side analysts (Stars) account for stock market seasonality in their forecasts. Extensive research has documented that seasonality exists in the stock market, and in their quest to become Stars, analysts may consider seasonality when they issue recommendations. We find that both Star and Non-Star analysts are highly optimistic in May, which contradicts the adage “Sell in May and go away”. Detailed analyses reveal that optimism cycles are related to the calendar of companies’ earnings announcements rather than market-specific effects. When they issue recommendations, analysts tend not to consider three well-known seasonal effects that we investigate.

  • 483.
    Kullvén, Håkan
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Management Control.
    Budget och budgetering2009 (ed. 1)Book (Other academic)
  • 484.
    Kullvén, Håkan
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Management Control.
    Ekonomisk styrning: Grunder och perspektiv2001 (ed. 1)Book (Other academic)
  • 485. Kullvén, Håkan
    Ekonomisk styrning ur ett tjänsteperspektiv1994Doctoral thesis, monograph (Other academic)
  • 486.
    Kullvén, Håkan
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Management Control.
    Performance Measures for Service Processes1996In: Advancing Service Quality: A global perspective / [ed] Edvardsson, B, Brown, S, Johnston, R & Scheuing, E, Karlstad: Karlstad University Press , 1996Chapter in book (Other academic)
  • 487.
    Kullvén, Håkan
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Management Control.
    Ax, Christian
    Den nya ekonomistyrningen - Övningsbok2002 (ed. 1)Book (Other academic)
  • 488.
    Kullvén, Håkan
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Management Control.
    Ax, Christian
    Johansson, Christer
    Den nya ekonomistyrningen2002 (ed. 2)Book (Other academic)
  • 489.
    Kullvén, Håkan
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Management Control.
    Ax, Christian
    Johansson, Christer
    Den nya ekonomistyrningen2001 (ed. 1)Book (Other academic)
  • 490.
    Kullvén, Håkan
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Management Control.
    Ax, Christian
    Johansson, Christer
    Den nya ekonomistyrningen2005 (ed. 3)Book (Other academic)
  • 491.
    Kullvén, Håkan
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Management Control.
    Ax, Christian
    Johansson, Christer
    Den nya ekonomistyrningen - Övningsbok2009 (ed. 4)Book (Other academic)
  • 492.
    Kullvén, Håkan
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Management Control.
    Gustavsson, BengtOve
    Larsson, Patrik
    Tjänstekvalitet: - för kund, anställd och ledning1997 (ed. 1)Book (Other academic)
  • 493.
    Kullvén, Håkan
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Management Control.
    Larsson, Patrik
    Quality and Costs in Municipal Care1999In: Making Working Life Work / [ed] Holmer, J, Karlsson, J & Thomasson B, Karlstad: Karlstads Universitet , 1999, p. 49-67Chapter in book (Other academic)
  • 494.
    Kullvén, Håkan
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Management Control.
    Larsson, Patrik
    Quality, Cost and Job Satisfaction in Municipal Care1998In: Pursuing Service Excellence: Practices and insights / [ed] Scheuing, E, Brown, S, Edvardsson, B & Johnston, R, Newark: Newark Press , 1998Chapter in book (Other academic)
  • 495.
    Kullvén, Håkan
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Management Control.
    Mattsson, Jan
    A Management Control Model Based on the Customer Service Process1994In: International Journal of Service Industry Management, ISSN 0956-4233, E-ISSN 1758-6704, Vol. 5, no 3, p. 14-25Article in journal (Refereed)
  • 496.
    Kullvén, Håkan
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Management Control.
    Mattsson, Jan
    Service Process Evaluation in Swedish Telecom1993In: Service Superiority / [ed] Johnston, R & Slack, N, Warwick: Warwick Business School Press , 1993Chapter in book (Other academic)
  • 497.
    Kullvén, Håkan
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Management Control.
    Norling, Per
    Fellesson, Marcus
    Nya synsätt och organisationsformer för statsförvaltningens tjänsteproduktion1996Report (Other academic)
  • 498.
    Kärrlander, Tom
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Malmö diskont: en institutionell analys av en bankkris2011Doctoral thesis, monograph (Other academic)
    Abstract [en]

    In 1817 the then fourteen-year old bank - Malmö diskont - was subjected to a bank run and the bank closed. At the time, Malmö diskont was one of three privately owned commercial banks. All three had to close as bank runs occurred on the other two banks as well. Thus, these banks, with their roots in the 18th century disappeared with noticeable economic repercussions. Although Sweden had a large non-bank credit market, consisting of merchants and private bankers, it took a long time to restore confidence in privately owned commercial banks.

    The purpose of this Ph.D. thesis - Malmö diskont, an institutional analysis of a banking crisis - is to increase the knowledge about the banking crisis in Sweden in 1817. The research question is: “Why did Malmö diskont go under?” Institutional theory has been used as a tool to arrive at the answer. The basic assumption is that institutions both set the limits for individuals‟ actions and sometimes direct them towards actions. The results have been arrived at by mapping the existing institutional framework and analyze how it interacted with the Malmö diskont management.

    The conclusion is that the banking crisis evolved in two stages. The first stage was that the financial position of Malmö diskont became untenable in the interaction between institutions and actors. The thesis describes how the crisis developed. Malmö diskont was beyond hope of survival in 1817. It was not only a matter of a liquidity squeeze. New equity and a bail-out were needed for survival, as well as a restructuring of the institutional structure for survival. The second stage occurred when the financial position became clear for the government. The same support procedure was initially followed as in earlier liquidity crises for the discount banks. However, the institutional framework was over-ridden by an actor - the government, led by the crown prince – who did not pursue the rescue operation with the same determination as in earlier crises and Malmö diskont was allowed to fall.

  • 499. Lager, Thomas
    et al.
    Storm, Per
    KTH, School of Industrial Engineering and Management (ITM), Materials Science and Engineering, Applied Process Metallurgy.
    Application development in process firms: adding value to customer products and production systems2013In: R &D Management, ISSN 0033-6807, E-ISSN 1467-9310, Vol. 43, no 3, p. 288-302Article in journal (Refereed)
    Abstract [en]

    The process industries span several industrial sectors such as minerals and metals, pulp and paper, food and beverages, chemicals and petrochemicals, utilities and generic pharmaceuticals, and thus constitute a considerable part of all manufacturing industry. Application development, as an institutionalised function in process industry firms, focuses on bridging the gap between a product supplier's knowledge of the product's performance scope and the customer's knowledge of its own production process requirements. In an exploratory survey of major process firms in the Swedish process industries, the importance of application development to firms was judged to be very high, but there also seemed to be a window of opportunity for improvements. The most important driver was an opportunity to establish long-term sustainable customer relationships and to secure future product sales'. Expected customer outcomes differed substantially between firms. As extremes, one firm expected 80% of application development to give the customers improved products, while the other extreme expected only improved customer process technology. Because most of the firms in the study population had customers on a global market, it is argued that the research findings may be relevant and of value also to the larger worldwide population of interest.

  • 500.
    Lashgari, Maryam
    et al.
    KTH, School of Industrial Engineering and Management (ITM).
    Sutton-Brady, Catherine
    Univ Sydney, Sch Business, Sydney, NSW, Australia..
    Soilen, Klaus Solberg
    Halmstad Univ, Halmstad, Sweden..
    Ulfvengren, Pernilla
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Industrial Management.
    Adoption strategies of social media in B2B firms: a multiple case study approach2018In: The journal of business & industrial marketing, ISSN 0885-8624, E-ISSN 2052-1189, Vol. 33, no 5, p. 730-743Article in journal (Refereed)
    Abstract [en]

    Purpose The purpose of this study is to clarify business-to-business (B2B) firms' strategies of social media marketing communication. The study aims to explore the factors contributing to the formation and adoption of integration strategies and identify who the B2B firms target. Design/methodology/approach A multiple case study approach is used to compare four multinational corporations and their practices. Face-to-face interviews with key managers, and extensive readings and observations of the firms' websites and social media platforms have been conducted. Findings The study results in a model, illustrating different processes of selection, adoption and integration involved in the development of social media communication strategy for B2B firms. Major factors involved in determining the platform type, and strategies used within different phases and processes are identified. Research limitations/implications As the chosen methodology may limit generalizability, further research is encouraged to test the model within a B2B context especially within small and medium enterprises as only large multinational corporations were investigated in this study. Practical implications The paper provides insight into how B2B marketers can align social media with their firms' goals through the strategic selection of platforms to reach the targeted audience and communicate their message. Originality/value The study uncovers the benefits gained by B2B firms' through interaction with individuals on social media. This is a significant contribution as the value of such interaction was previously undefined and acted as a barrier for adopting social media in some B2B firms.

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