Associate professor of Economics, Aarhus University, present Assistant professor of Economics, The Aarhus School of Business,

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1 Erik Strøjer Madsen Associate professor Department of Economics Aarhus University Fuglesangs Alle Århus V Denmark Phone: ema@asb.dk Academic work experience Associate professor of Economics, Aarhus University, present Assistant professor of Economics, The Aarhus School of Business, Research area Industrial economics Development economics Labour economics Teaching area Micro and macro economics International economics Industrial economics Development economics Other professional experiences Head of department in several periods Member of the faculty board and study board in several periods Chairman of study board in several periods Director of studies in several periods Officially appointed examiner with other business schools and universities Chairman of external examiners within economics and business administration at the Southern University of Denmark 1

2 Publications Advertising and concentration in the brewing industry Madsen, E. S. & Wu, Y. 20 Mar 2014 Aarhus: Institut for Økonomi, Aarhus Universitet, 15 p. (Economics Working Papers; No ). Heterogeneity of Human Capital and the Return Madsen, E. S.2014 Advertising and concentration in the brewing industry Madsen, E. S. & Wu, Y. 15 Aug 2013 How mergers and acquisitions restructured the international brewery industry and why Madsen, E. S., Pedersen, K. & Lund-Thomsen, L The Global Brewery Industry: Markets, Strategies and Rivalries. Gammelgaard, J. & Dörrenbächer, C. (eds.). Cheltenham: Edward Elgar Publishing, Incorporated, Ch. 1, p p. Publication: Research - peer-review Article in proceedings Do firms' growth rates depend on firm size? Bentzen, J., Madsen, E. S. & Smith, V In : Small Business Economics. 39, 4, p p. Effects of the M&A Wave in the Global Brewing Industry Madsen, E. S., Pedersen, K. & Lund-Thomsen, L In : German Journal of Agricultural Economics. 61, 4, p p. Class Size, Type of Exam and Student Achievement Madsen, E. S. Jan 2011 Symposium i anvendt statistik Linde, P. (ed.). København: Danmarks Statistik, p p. Publication: Research Article in proceedings Class size, type of exam and student achievement Madsen, E Aarhus : Department of Economics, University of Aarhus, 15 p. M&A as a driver of global competition Madsen, E. S., Pedersen, K. & Lund-Thomsen, L

3 M&A as a driver of global competition in the brewing industry Madsen, E. S., Pedersen, K. & Lund-Thomsen, L Aarhus: Department of Economics and Business, Aarhus University, 19 p. Case stories from the IT industry Pedersen, K., Lund-Thomsen, L. & Madsen, E. S Export performance and Investment in R&D Dilling-Hansen, M., Madsen, E. S., Schröder, P. & Smith, V Export, Firm Heterogeneity and Innovation Madsen, E. S. & Smith, V Export, Firm Heterogeneity and Innovation Madsen, E. S. & Smith, V Top management, education and networking Dilling-Hansen, M., Madsen, E. S. & Smith, V The Moden Firm, Corporate Governance and Investment. Bjuggren, P-O. & C. Mueller, D. (eds.). Massachusetts: Edward Elgar Publishing, Incorporated, p p. (New Perspectives on the Modern Corporation series). Commercialization of Innovations and Firm Performance Madsen, E. S. & Smith, V Commercialization of Innovations and Firm Performance Madsen, E. S. & Smith, V Aarhus: Aarhus School of Business, Aarhus University, Department of Economics, 28 p. Ledelse og performance: hvad betaler sig? Eriksson, T. V., Madsen, E. S. & Smith, V Århus: Handelshøjskolen, Aarhus Universitet, Nationaløkonomisk Institut. 112 p. Publication: Research Report Case stories from the IT-Industry - Actors and Actions Madsen, E. S., Lund-Thomsen, L. & Pedersen, K Publication: Education Compendium/lecture notes 3

4 Do firms Growth rates depend on firm size?: An empirical test using panel data for Danish firms Bentzen, J. B., Madsen, E. S. & Smith, V Opportunities of the Growth for SME Bentzen, J. B., Madsen, E. S. & Smith, V The HERALD of Ternopil State Economic University - The Scientific Magazine. 12 p. Publication: Research Article in proceedings The Growth Opportunities For SMC? Madsen, E. S., Smith, V. & Bentzen, J. B The Next Decade Challenges For Business. Kozlinskis, V. (ed.). p p. Publication: Research Article in proceedings The Growth Opportunities for SMC? Smith, V., Madsen, E. S. & Bentzen, J. B In : Journal of Business Economics and Management. VII, 3, p The Growth Opportunities for SMEs? Smith, V., Bentzen, J. B. & Madsen, E. S Aarhus School of Business, Department of Economics, 23 p. The Persistance in Firm Profits and Ownership Concentration Madsen, E. S.2006 The problems of Economic Integration of Ukraine into the European Union Madsen, E. S.2006 Top Management, Education and Networking Smith, V., Madsen, E. S. & Dilling-Hansen, M Why have some firms several owners? Madsen, E. S., Smith, V. & Dilling-Hansen, M In : Journal of Corporate Governance. Does Gibrat's Law Hold When Control is Made for Small Firm Survival Bias? Bentzen, J. B., Madsen, E. S. & Smith, V

5 Persistence in Corporate Performance? Empirical Evidence from Panel Unit Root Tests Bentzen, J. B., Smith, V., Madsen, E. S. & Dilling-Hansen, M In : Empirica. 32, 2, p p. Økonomisk Teori: I Internationalt Perspektiv Nielsen, J. U-M., Pedersen, K. & Madsen, E. S ed. København: Djøf / Jurist- og Økonomforbundet. 570 p. Persistence in Corporate Performance?: Empirical Evidence from Panel Unit Root Tests Bentzen, J. B., Madsen, E. S., Smith, V. & Dilling-Hansen, M Aarhus School of Business, Department of Economics, 25 p. R&D and productivity in Danish firms: some empirical evidence Smith, V., Dilling-Hansen, M., Eriksson, T. V. & Madsen, E. S In : Applied Economics. 36, 16, p p. The Establishment of the Danish Windmill Industry - Was it Worthwhile?: A Reply Hansen, J. D., Jensen, C. & Madsen, E. S In : Review of World Economics. 140, 1, p p. Efficiency, R&D and ownership - some empirical evidence Dilling-Hansen, M., Madsen, E. S. & Smith, V In : International Journal of Production Economics. 83, 1, p p. Firm survival and Technical Efficiency. Experience from the Danish Publishing and Printing Industries Dilling-Hansen, M., Madsen, E. S. & Smith, V Hvilke områder i Danmark har "patent på patenter"? Højer, J., Madsen, E. S. & Smith, V In : Oekonomi og Politik. 4, p p. Publication: Research Journal article Industrial Clusters, Firm Location and Productivity - Some Empirical Evidence for Danish Firms Madsen, E. S., Smith, V. & Dilling-Hansen, M Industrial Clusters, Firm Location and Productivity - Some Empirical Evidence for Danish Firms Madsen, E. S., Smith, V. & Dilling-Hansen, M

6 Influences of Market Structure and Firm Strategies on Patenting Activities in Danish Firms Madsen, E. S. & Smith, V Innovation Support, Spatial Distribution of Patents and Regional Economic Growth? Empirical Evidence for Denmark Højer, J., Madsen, E. S. & Smith, V Introduktion til Mikroøkonomisk Teori Pedersen, K., Madsen, E. S. & Nielsen, J. U-M København: Djøf / Jurist- og Økonomforbundet. 192 p. Persistance in Firm Profit and Ownership Concentration Smith, V., Madsen, E. S. & Dilling-Hansen, M Scale in technology and learning-by-doing in the windmill industry Madsen, E. S., Jensen, C. & Hansen, J. D In : Journal for International Business and Entrepreneurship Development. 1, 2, p p. Skaber erhvervsklynger øget vækst og produktivitet? Nogle erfaringer for Danmark i 1990erne Dilling-Hansen, M., Madsen, E. S. & Smith, V The Establishment of the Danish Windmill Industry - Was It Worthwhile? Hansen, J. D., Jensen, C. & Madsen, E. S In : Review of World Economics. 139, 2, p p. Are Ownership Structures Risk- & Wealth-Constrained? Madsen, E. S., Smith, V. & Dilling-Hansen, M Do R&D Investments Affect Export Performance? Smith, V., Madsen, E. S. & Dilling-Hansen, M Does the New Economy Create Higher Productivity? Dilling-Hansen, M., Madsen, E. S. & Smith, V

7 Export performance and investment in R&D Smith, V., Madsen, E. S. & Dilling-Hansen, M Scale in Technology and Learning-by-Doing in the Windmill Industry Madsen, E. S., Jensen, C. & Hansen, J. D Aarhus School of Business, Department of Economics, 18 p. The Establishment of the Danish Windmill Industry - Was it Worthwhile? Drud-Hansen, J., Jensen, C. & Madsen, E. S The global oil industry Rasmussen, M. S., Madsen, E. S. & Pedersen, K Danske virksomheders effektivitet og investering i forskning og udvikling Dilling-Hansen, M., Madsen, E. S. & Smith, V Symposium i Anvendt Statistik Jensen, N-E. & Linde, P. (eds.). København: Danmarks Statistik, p. s p. Danske virksomheders effektivitet og investering i forskning og udvikling Dilling-Hansen, M., Madsen, E. S. & Smith, V Determinants of CEO and Board Turnover Eriksson, T. V., Madsen, E. S., Dilling-Hansen, M. & Smith, V In : Empirica. 28, 3, p p. Green Subsidies and Learning-by-doing in the Windmill Industry Hansen, J. D., Jensen, C. & Madsen, E. S Hvor er Robin Hood? Pedersen, K., Svendsen, G. T. & Madsen, E. S Jyllands-Posten Publication: Communication Feature article International Økonomi Madsen, E. S., Nielsen, J. U-M. & Pedersen, K Århus: Forlaget Pareto I/S. 7

8 Investment in R&D and Corporate Governance Smith, V., Madsen, E. S. & Dilling-Hansen, M Ikke angivet. Duncker & Humblot GmbH, p. s p. Publication: Research Article in proceedings Mere velfærd, mindre skat Madsen, E. S., Pedersen, K. & Svendsen, G. T Berlingske Tidende Publication: Communication Feature article Overskud og vækst i den nye økonomi Madsen, E. S. & Smith, V In : Ledelse og Erhvervsoekonomi. 65, 3, p p. Produktivitetsforskelle mellem danske virksomheder - afhængighed af brancheforhold Madsen, E. S., Eriksson, T. V. & Smith, V In : Nationaloekonomisk Tidsskrift. 139, p p. Skaber den nye økonomi højere produktivitet? Dilling-Hansen, M., Madsen, E. S. & Smith, V In : Ledelse og Erhvervsoekonomi. 65, 4, p p. Velfærd eller vanfærd? Svendsen, G. T., Madsen, E. S. & Pedersen, K In : SALA. 3, p Publication: Communication Journal article Dimensions of the Wage-Unemployment Relationship in the Nordic Countries: Wage Flexibility without Wage Curves Albæk, K., Madsen, E. S., Asplund, R., Blomskog, S., Smith, V. & Barth, E In : Research in Labor Economics. 19, p p. Er danske virksomheder mindre innovative? Madsen, E. S., Smith, V. & Nielsen, A. Ø In : Samfundsoekonomen. 4, p p. Publication: Research Journal article Learning-by-doing in the windmill industry Hansen, J. D., Jensen, C. & Madsen, E. S Patent- og FoU-aktiviteten i Danmark - en sammenligning med de øvrige skandinaviske lande Madsen, E. S., Smith, V. & Nielsen, A. Ø

9 Performance of Patenting Firms Madsen, E. S., Smith, V. & Nielsen, A. Ø Proceedings of the 3rd International Conference on "Building People and Organizational Excellence". Dahlgaard, S. M. P. & Dahlgaard, J. J. (eds.). Aarhus School of Business, p p. Publication: Research Article in proceedings Performance of Patenting Firms in Danish Manufacturing Madsen, E. S., Smith, V. & Nielsen, A. Ø Produktivitetsforskelle mellem danske virksomheder - afhængighed af brancheforhold Madsen, E. S., Eriksson, T. V., Smith, V. & Dilling-Hansen, M R&D and Productivity in Danish Firms: Some Empirical Evidence Smith, V., Dilling-Hansen, M., Eriksson, T. V. & Madsen, E. S Research and Development and Productivity: Evidence from Danish Firm-Level, research note Dilling-Hansen, M., Eriksson, T. V., Madsen, E. S. & Smith, V In : International Advances in Economic Research. 6, 2 The Impact of R&D on Productivity: Evidence from Danish Manufacturing Firms: Research Note Dilling-Hansen, M., Eriksson, T., Madsen, E. S. & Smith, V In : International Advances in Economic Research. 6, 2, p Publication: Research Journal article Økonomisk Teori - i internationalt perspektiv Pedersen, K., Madsen, E. S. & Nielsen, J. U-M ed. København: Djøf / Jurist- og Økonomforbundet. 529 p. Eksport, kvalitet og økonomisk vækst Madsen, E. S. & Pedersen, K Internationalisering - styring og samarbejde. Kurt Pedersen og Steen Thomsen (ed.). Århus: Systime, p. s p. Hvad bestemmer forekomsten og omfanget af virksomhedens F og U-investeringer? Dilling-Hansen, M., Eriksson, T. V., Smith, V. & Madsen, E. S In : Nationaloekonomisk Tidsskrift. 137, 1, p Productivity Growth and R and D: Using Alternative Measures of R and D Capital Dilling-Hansen, M., Eriksson, T. V., Madsen, E. S. & Smith, V Symposium i Anvendt Statistik. Holm, A. & Linde, P. C. (eds.). Kbh.: Amternes og kommunernes Forskningsinstitut, p p. 9

10 Productivity, Competition, Financial Pressure and Corporate Governance - Some Empirical Evidence Dilling-Hansen, M., Eriksson, T. V., Madsen, E. S. & Smith, V Micro- and Macrodata of Firms. Silvia Biffignandi (ed.). New York: Physica-Verlag Rudolf Liebig GmbH, p. s p. Påvirker omfanget af virksomhedernes forskning og udviklingsarbejde deres produktivitet? Smith, V., Dilling-Hansen, M., Eriksson, T. V. & Madsen, E. S Århus: Analyseinstitut for Forskning. 36 p. (Rapport fra Analyseinstitut for Forskning; No. 1999/7). Publication: Research Report The Impact of R&D on Productivity: Evidence from Danish Manufacturing Firms Smith, V., Dilling-Hansen, M., Eriksson, T. V. & Madsen, E. S The Influence of Competition and Ownership Structure on the Performance of Danish Manufacturing Firms Dilling-Hansen, M., Eriksson, T. V., Madsen, E. S. & Smith, V The Wage Curve in the Nordic Countries Madsen, E. S., Albæk, K., Asplund, R., Blomskog, S. & Barth, E Copenhagen: Nordic Council of Ministers. 109 p. Publication: Research Book Firm Productivity Determinants - Some Empirical Evidence Dilling-Hansen, M., Eriksson, T. V., Madsen, E. S. & Smith, V Kan den økonomiske teori forklare omfanget af forskning og udvikling i danske virksomheder? : Rapport fra Analyseinstitut for Forskning; 6 Dilling-Hansen, M., Eriksson, T. V. & Madsen, E. S Århus: Analyseinstitut for Forskning. 44 p. Publication: Research Book Konkurrenceforholdenes betydning for danske virksomheders produktivitet Dilling-Hansen, M., Eriksson, T. V., Madsen, E. S. & Smith, V In : Nationaloekonomisk Tidsskrift. 136, 1, p p. Market Structure, Publicly and Privately Financed R and D Spending. Empirical Evidence for Denmark Dilling-Hansen, M., Eriksson, T. V., Madsen, E. S. & Smith, V Measuring wage effects of plant size Albæk, K., Madsen, E. S., Arai, M., Asplund, R. & Barth, E In : Labour Economics. 5, 4, p p. 10

11 Quality, Export and Economic Growth Madsen, E. S. & Pedersen, K R and D, Productivity and Competition. What Can We Use the R and D-statistics for? Dilling-Hansen, M., Eriksson, T. V., Madsen, E. S. & Smith, V Statistics on Research and Development. Proceedings of the third CEIES seminar. Luxembourg: EUROSTAT, p p. A Business Economic Perspective on Growth Policies Nielsen, J. U-M., Madsen, E. S. & Pedersen, K Entry into Danish Manufacturing Industries Dilling-Hansen, M., Eriksson, T. V., Madsen, E. S. & Smith, V The evolution of firms and industries. International Perspectives. Laaksonen, S. (ed.). Helsinki: Statistics Finland, p p. (Research Reports; No. 223). Firm Productivity Growth and Competition Dilling-Hansen, M., Eriksson, T. V., Madsen, E. S. & Smith, V Growth and Quality Nielsen, J. U-M., Madsen, E. S. & Pedersen, K Proceedings of the International Conference on Quality Management and Economic Development. Publication: Research Article in proceedings Growth and Quality : a business economic perspective on growth policies Pedersen, K., Nielsen, J. U-M. & Madsen, E. S Growth and Quality : a macro-economic perspective Pedersen, K., Nielsen, J. U-M. & Madsen, E. S Virksomhedstilgang, vækst og konkurrence i industrien Dilling-Hansen, M. & Madsen, E. S In : Nationaloekonomisk Tidsskrift. 135, p p. Employer Size-Wage Effects in the Nordic Countries Albæk, K., Madsen, E. S., Arai, M., Asplund, R. & Barth, E Comparisons Internationales De Salaires. Paris: INSEE, p p. 11

12 Employer Size-Wage Effects in the Nordic Countries Albæk, K., Arai, M., Asplund, R., Barth, E. & Madsen, E. S Enrey and Exit in Danish Manufacturing Industries Dilling-Hansen, M., Madsen, E. S. & Smith, V Proceedings of the 1996 Conference of Associations for Global Business. USA: University of Montana-Missoula, p. s p. Inefficiency of Foreign Exchange Markets and Expectation Madsen, E. S In : Applied Economics. 728, 4, p p. Inter-Industrial Wage Differentials in the Nordic Countries Albæk, K., Madsen, E. S., Arai, M., Asplund, R. & Barth, E The Nordic labour markets in the 1990's. Bind 2. Niels Westergaard-Nielsen (ed.). Amsterdam: North-Holland, p. s p. Opgaver til økonomisk teori i internationalt perspektiv Nielsen, J. U-M., Madsen, E. S. & Pedersen, K København: Djøf / Jurist- og Økonomforbundet. Publication: Research Book Økonomisk teori i internationalt perspektiv Pedersen, K., Madsen, E. S. & Nielsen, J. U-M ed. Kbh.: Djøf / Jurist- og Økonomforbundet. 539 p. Publication: Research Book Employer Size-Wage Effects in the Nordic Countries Albæk, K., Arai, M., Asplund, R., Barth, E. & Madsen, E. S International Economics: the wealth of open nations Nielsen, J. U-M., Madsen, E. S. & Pedersen, K London: McGraw-Hill Companies. 252 p. Reflections on the Management of an Open Economy Nielsen, J. U-M., Madsen, E. S. & Pedersen, K In : Academic Newsletter. Publication: Communication Journal article International økonomi. 3.udgave Madsen, E. S., Nielsen, J. U-M. & Pedersen, K Brabrand: Forlaget Pareto I/S. 318 p. Publication: Research Book 12

13 Inter-industry Wage Premiums and Labour Mobility Albæk, K. & Madsen, E. S Panel Data and Labour Market Dynamics. Bunzel, H., Jensen, P. & Westergård- Nielsen, N. (eds.). Amsterdam: North-Holland, 15 p. Publication: Research - peer-review Book chapter Veje til fuld beskæftigelse Albæk, K., Madsen, E. S. & Pedersen, K Kampen mod ledigheden. Albæk, K. (ed.). København: Spektrum, 121 p. Publication: Research - peer-review Book chapter Bankernes valutakursprognoser (1): Betydning af valuta og prognoselængde Madsen, E. S. & Nielsen, J. U-M In : Finans/Invest. 1, p Bankernes valutakursprognoser (2): Forskelle mellem bankerne og terminsmarkedet Madsen, E. S. & Nielsen, J. U-M In : Finans/Invest. 2, p Den solidariske lønpolitik og beskæftigelsen af lavtlønnede Albæk, K. & Madsen, E. S In : Nationaloekonomisk Tidsskrift. 127, p Kan dollarkursen forudsiges? Madsen, E. S. & Nielsen, J. U-M In : Ledelse og Erhvervsoekonomi. 53, 1, p Lønfordelinger og beskæftigelseskonsekvenser af den danske minimumsløn Albæk, K. & Madsen, E. S Studies in unemployment. Lund, R., Pedersen, P. J. & Beyer Schmidt-Sørensen, J. (eds.). København: New Social Science Monographs, 14 p. Publication: Research - peer-review Book chapter Økonomisk Teori: I internationalt perspektiv Madsen, E. S., Pedersen, K. & Nielsen, J. U-M First ed. Djøf / Jurist- og Økonomforbundet. 538 p. Publication: Education - peer-review Book International Økonomi Madsen, E. S., Pedersen, K. & Nielsen, J. U-M First ed. Forlaget Pareto I/S. 150 p. Exchange Rate Changes in the OECD-Area : - a Comparative Time Path Approach Madsen, E. S. & Paldam, M In : Recherches Economiques de Louvain. 49, 1, p

14 Lønspredningen på det danske arbejdsmarked Albæk, K. & Madsen, E. S In : Nationaloekonomisk Tidsskrift. 121, p STINE: Simulation Til Indlæring af Nationaløkonomi med EDB Madsen, E. S., Holbech, P. & Hattesen, M First ed. Forlaget Systime. 95 p. Bevidste valutakursændringer i OECD-området : årsager og virkninger Paldam, M. & Madsen, E. S In : Nationaloekonomisk Tidsskrift. 120, p p. Økonomi: Principper - Politikker - Perspektiver Madsen, E. S., Pedersen, K. & Nielsen, J. U-M First ed. Forlaget Systime. 328 p. Economic and Political Data for the main OECD Countries Madsen, E. S. & Paldam, M First ed., Institut for Økonomi, Aarhus Universitet, 96 p. 14