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  • 101.
    Bjuggren, Carl Magnus
    Linköping University, Department of Management and Engineering, Economics. Linköping University, The Institute of Technology.
    The Effect of Employment Protection Rules on Firm Productivity - A Natural Experiment2013Report (Other academic)
    Abstract [en]

    In this paper I study the effect of employment protection rules on firm productivity using micro data on Swedish firms. A reform of the employment protection rules in 2001 made it possible for small firms to exempt two employees from the last-in-first-out rules. The reform targeted only firms with less than 11 employees, representing a natural experiment. I exploit this using a difference-in-differences framework to estimate the reform's effect on labor productivity. By using firm register data I am able to get a precise estimate of labor productivity for all firms in the economy. The results indicate that the reform increased labor productivity by 2.5 percent for the treatment group of small firms compared to the control group of larger firms. This is shown to be economically significant. The results appear to be driven by the smallest firms and firms that were downsizing. When restricting the sample to include only firms that were downsizing and firms that stayed within the group of treatment and control throughout the whole time period, the estimated increase in labor productivity reaches 6 percent. This effect is likely due to a combination of a decrease in moral hazard behavior and an increased possibility for small firms to retain or lay o personnel based on the worker's idiosyncratic productivity.

  • 102.
    Bjuggren, Carl Magnus
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, The Institute of Technology. Stockholm School of Economics, EHFF, Stockholm, Sweden.
    Daunfeldt, Sven-Olov
    HUI Research, Stockholm & Dalarna University, Borlänge, Sweden.
    Johansson, Dan
    HUI Research, Stockholm & Dalarna University, Borlänge, Sweden.
    High-growth firms and family ownership2013In: Journal of Small Business and Entrepreneurship, ISSN 0827-6331, E-ISSN 2169-2610, Vol. 26, no 4, p. 365-385Article in journal (Refereed)
    Abstract [en]

    Empirical studies demonstrate that most net job-growth originates from a small number of high-growth firms (HGFs). The purpose of this paper is to analyze whether family ownership matters for being an HGF, using data on all private firms in Sweden during 1993–2006. Our study is possible due to a tax reform that required tax authorities to identify family relations among ultimate owners of every Swedish firm. We find that family ownership at first sight decreases the probability of exhibiting high growth, but further analysis indicates a more complex relationship. The negative effect of family ownership seems to be driven primarily by small firms, and sometimes even becomes positive when firm growth is analyzed over longer time periods. In addition, the negative effect of family ownership is no longer present when we analyze firms that transferred ownership and control for unobserved time-invariant firm-specific heterogeneity.

  • 103.
    Bjuggren, Carl Magnus
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, The Institute of Technology.
    Daunfeldt, Sven-Olov
    The Swedish Retail Institute (HUI) & Dalarna University, Sweden..
    Johansson, Dan
    The Swedish Retail Institute (HUI) & Dalarna University, Sweden..
    Ownership and high-growth firms2010Report (Other academic)
    Abstract [en]

    Empirical studies demonstrate that most net job-growth  originates from a small number of high-growth firms (HGFs). The purpose of  this paper is to analyze whether firm ownership – family, or private  non-family – matters for being a HGF, using data covering all firms in  Sweden during 1993-2006. Firm growth is measured in terms of absolute  employment growth, relative employment growth and as a combination of  absolute and relative employment growth (the so-called Birch-index). We  find that family ownership decreases the probability of exhibiting high  growth. Changing ownership from family to private non family increases the  probability of being a HGF, whereas a change from private non-family to  family ownership decreases the probability of being a HGF. The results are  robust, irrespective of measurement of firm growth, suggesting that  ownership and changes in ownership are important determinants of rapid firm  growth.

  • 104.
    Bjuggren, Carl Magnus
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, The Institute of Technology.
    Johansson, Dan
    The Swedish Retail Institute (HUI) & Dalarna University, Sweden..
    Privat och offentlig sysselsättning i Sverige 1950- 20052009In: Ekonomisk Debatt, ISSN 0345-2646, Vol. 37, no 1, p. 41-53Article in journal (Other academic)
    Abstract [sv]

    Ny statistik gör det möjligt att analysera den privata och offentliga sysselsättningsutvecklingen utifrån fler ägarkategorier samt verksamheters branschtillhörighet och storlek. Jämfört med tidigare har den privata sysselsättningen utvecklats svagare. Privata företag utan koncerntillhörighet uppvisar en sjunkande sysselsättning. Hade deras sysselsättning som andel av den arbetsföra befolkningen varit oförändrad skulle ytterligare 225 000 personer ha varit sysselsatta år 2005. Sysselsättningen i stora industrikoncerner har fallit kraftigt. Minskningarna förklaras rimligtvis till viss del av strukturomvandling, men också av utslagning. Den ekonomiska politikens effekter på privatpersoners incitament att starta och expandera företag bör tas upp till diskussion.

  • 105.
    Bjuggren, Carl Magnus
    et al.
    Linköping University, Department of Management and Engineering. Linköping University, The Institute of Technology. Stockholm School of Economics/EHFF, Stockholm, Sweden .
    Johansson, Dan
    The Ratio Institute, Stockholm, Sweden and Dalarna University, Borlänge.
    Sjögren, Hans
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    A Note on Employment and GDP in Family-Owned Business: A Descriptive Analysis2011In: Family Business Review, ISSN 0894-4865, E-ISSN 1741-6248, Vol. 24, no 4, p. 362-371Article in journal (Refereed)
    Abstract [en]

    The Swedish government gathers information that helps identify family-owned businesses and enabled the authors to analyze every business in the economy over a longer period than has heretofore been reported. Using these data, the authors found that family-owned businesses account for up to one fourth of total employment and one fifth of gross domestic product in Sweden. These shares have increased over time due, in part, to economic policy. The authors compare their findings with other studies and suggest how Sweden and other governments might make family firm data more readily available for researchers.

  • 106.
    Bjuggren, Carl Magnus
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, The Institute of Technology.
    Johansson, Dan
    HUI Research, Stockholm, Sweden; Dalarna University, Borlänge, Sweden..
    Stenkula, Mikael
    Research Institute of Industrial Economics (IFN), Stockholm, Sweden.
    Using self-employment as proxy for entrepreneurship: some empirical caveats2012In: International Journal of Entrepreneurship and Small Business, ISSN 1476-1297, E-ISSN 1741-8054, Vol. 17, no 3, p. 290-303Article in journal (Refereed)
    Abstract [en]

    Research on entrepreneurship has received an increased amount of interest in recent years, with self-employment being used as the most common proxy for "entrepreneurship" in empirical studies. However, there are various ways of defining selfemployment, making it a somewhat dubious proxy. This may flaw the analysis, especially in cross-country studies, since the documentation of data often is insufficient and difficult to access due to language barriers. We present an analysis of Swedish self-employment data. We show that the measurement of self-employment has changed over time to noticeably affect the reported number of self-employed in the two major statistical sources on self-employment. The reported development of self-employment sometimes differs diametrically depending on source. Sweden is occasionally erroneously reported to show the largest increase in selfemployment in cross-country studies. Our study mimics the results of other country-specific analyses and we conclude that well-grounded conclusions require that the advantages and disadvantages of different statistical sources are recognized.

  • 107.
    Björklund, Pontus
    et al.
    Linköping University, Department of Management and Engineering, Economics.
    Hegart, Ellinor
    Linköping University, Department of Management and Engineering, Economics.
    Taylor-regelns aktualitet och tillämpbarhet: En jämförelse av Taylor-skattningar i Brasilien, Kanada, Polen, Sverige och Sydafrika för åren 2000-20132014Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    John. B Taylor, professor of Economics at Stanford University, presented a monetary policy rule in 1993 which intended to help central banks with their interst rate decisions. In its design the Taylor-rule was very simple and based on only two variables: the GDP-gap and the deviation of actual inflation from the inflation target. The Taylor rule had a great impact on the academic research and also contributed to changes within monetary policy around the world.

    Many empirical studies have been published on the Taylor rule and there are divided contentions about its applicability in different kind of economies and its relevance today. New theories have also been published regardning the time aspect of the impact on inflation due to a change in the interest rate.

    The intentions of this study is to make a comparsion between the original Taylor rule and a Taylor rule including a time lag regarding how well they describe the actual interest rates set by the central banks in five countries during the period 2000-2013. The results will be analyzed under consideration of the different economies attributes. The study compares the two kinds of Taylor rules and the applicability in describing the historical interest rate in Brazil, Canada, Poland, Sweden and South Africa. The two rules have also been modified with an interest rate smoothing-function.  

    Our results conclude that the original Taylor rule describes the historical interest rate better than the rule including a time lag for the time period 2000-2013 for all countries apart from Poland. For the developed economies Canada and Sweden the time lagged model show less deviations for the 1990’s. However both rules tend to over and underestimate the valutation of the interest rate. The smoothing function does to some extent correct this problem. The coefficients of the variables are held constant during the study which in reality should not be the case. They should instead be adjusted between every period to make allowances for the different relationship of the two variables. Mostly too much weight is put on the GDP-variable which should be a contributing cause of the overestimations. The rules do however have the tendency to describe the historical interst rate of the developed economies superior to the developing economies. The performance is greater at the beginning of the period with less deviation from the actual outcome than later on.

    The conclusion of our study is that the original Taylor rule generally performs superior to the one including time lag with conciderations to the deviations from the actual interest rates. However, the Taylor rule including the time-lag does allow for actual circumstances which the original Taylor rule does not take into consideration. Mainly the rules do perform better for developed economies compared to developing economies. Regarding the impact of the size of the economy on the applicability of the rules it was difficult to conclude anything specific. The Taylor rule with the time-lag is more applicable for the developed economies during the earlier time period, the 1990’s, than the later time period, the 2000’s where the original Taylor rule shows less deviations.

  • 108.
    Björkman, Jonas
    et al.
    Linköping University, Department of Management and Engineering, Economics.
    Durling, Johan
    Linköping University, Department of Management and Engineering, Economics.
    The impact of high-frequency trading on the Swedish stock market – based on liquidity and volatility2018Independent thesis Advanced level (degree of Master (One Year)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    This paper studies how high-frequency trading (HFT) affects the Swedish stock market quality based on volatility and liquidity measures. Previous studies show ambiguous results where a few propose that HFT deteriorates market quality by increasing volatility and decreasing liquidity while some studies point in the opposite direction.By setting up a simultaneous equations system with instrumental variables and estimating the parameters with Generalized Methods of Moments (GMM), this paper finds that in the majority of the investigated stocks high-frequency trading activity reduces bid ask spreads and therefore increases liquidity, i.e. enhancing market quality. Additionally, the results also show that the volatility decreases through high-frequency trading activity. Hence, both measures are indicating that the market quality is positively affected by high-frequency trading.However, interesting is the analysis and discussion on whether high-frequency trading strategies such as spoofing and layering potentially can contribute to false liquidity. This would mean that the market quality is impaired due to HFT. This paper also examines the reversed relationship, how the liquidity and volatility affect HFT activity and conclude that HFT is not affected by how liquid or volatile the market is.

  • 109.
    Björkroth, Sara
    et al.
    Linköping University, Department of Management and Engineering, Economics.
    Lundgren, Emilie
    Fetma och samhället: - En nationalekonomisk analys av fetmans samhälleliga effekter och förebyggande åtgärder2010Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [sv]

    Minst 400 miljoner människor lider i dagsläget av fetma, och sjukdomen har klassificerats som en epidemi. Syftet med vår uppsats är att ur ett nationalekonomiskt perspektiv analysera hur fetma påverkar samhället i Sverige och utvärdera förebyggande åtgärder med utgångspunkt i fetmans orsaker. Vi genomförde studien genom att göra en litteraturundersökning och uppsatsen baseras därför på redan befintlig forskning.

    För att veta vad man kan göra för att förebygga fetma är det viktigt att veta orsakerna. I denna uppsats tar vi upp hur den svaga prisutvecklingen på ohälsosamma varor, den tekniska utvecklingen, den förändrade livsstilen, låg utbildning och låg inkomst samt den omfattande marknadsföringen av ohälsosamma varor bidrar till fetma.

    Vi har kommit fram till att fetma har både fysiska och psykiska effekter som påverkar samhället. De fysiska effekterna är förtida död och olika sjukdomar som hjärt- och kärlsjukdom, typ II diabetes och cancer. De psykiska effekterna består bland annat av låg självkänsla och känslor av utanförskap. Ytterligare effekter är diskriminering och försämrade sociala relationer, vilket tillsammans med de psykiska effekterna tyder på att viktiga behov enligt Maslows behovshierarki inte tillfredsställs. Enligt Solows tillväxtmodell har även sjukdomarna och förtida död en negativ effekt på tillväxten genom produktionsbortfall, högre administrativa kostnader för företag och minskade skatteinkomster för staten. Vi har genom att använda en cost-of-illness analys kommit fram till att den totala samhällskostnaden för fetma ligger mellan 6,2 och 14 miljarder, dock finns en stor osäkerhet i beräkningen.

    För att undvika dessa effekter behövs åtgärder för att förebygga fetma. Baserat på de orsaker vi tagit upp har vi diskuterat effektiviteten av åtgärderna sockerskatt, förmedling av information och övrig reglering. Slutsatsen är att fördelarna med sockerskatt är större än nackdelarna men att mycket förarbete om framförallt priselasticitet ännu återstår innan ett eventuellt införande. Vidare resulterar diskussionen i att förmedling av information är en bra åtgärd om man riktar den till de lågutbildade och integrerar den redan i unga år. Angående den sista diskuterade åtgärden, övrig reglering, är slutsatsen att marknadsföring, speciellt till barn, och tillgången på sötsaker borde regleras, samtidigt som fysisk aktivitet bör stimuleras och märkningen av livsmedel vidareutvecklas. Vidare anser vi att en samordning av alla åtgärder är central då vi tror att fetma bättre förebyggs när flera åtgärder samverkar.

  • 110.
    Björkroth, Sara
    et al.
    Linköping University, Department of Management and Engineering, Economics.
    Lundgren, Emilie
    Ökade avgifter och minskade subventioner – hur påverkar detta efterfrågan på bussresor och därigenom samhället?2011Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
    Abstract [sv]

    Transportstyrelsen vars verksamhetsidé är att "utveckla ett tillgängligt transportsystem med hänsyn till säkerhet, miljö och hälsa", blev den 1 januari 2011 till stor del avgiftsfinansierad istället för anslagsfinansierad. Målet är att de olika transportslagen inom Transportstyrelsens verksamhet ska få mer lika villkor, och att avgifterna ska finansiera verksamheten.

    Då finansieringsförändringen ovan innebär ökade kostnader för transportbolagen är syftet med denna uppsats att analysera och utvärdera tänkbara förändringar i pris och utbud och därefter utvärdera hur detta påverkar efterfrågan på bussresor och därigenom samhället. Eftersom transportsektorn till stor del finansieras av subventioner ämnar vi även att undersöka hur ett borttagande eller minskande av dessa kan påverka pris och utbud för att sedan utvärdera efterföljande förändringar i efterfrågan på bussresor och hur samhället därmed skulle påverkas.

    Utifrån teori om efterfrågan på transport och efter genomförda tester och utvärderingar av olika kombinationer av relevanta förklaringsvariabler valdes en efterfrågemodell för den lokala och regionala kollektivtrafiken med förklaringsvariablerna biljettpris, utbudet av resor, befolkningens storlek och resor i föregående period. Denna modell användes för att analysera förändringar i pris, utbud och därmed efterfrågan av bussresor till följd av både avgiftsinförandet samt borttagandet och minskandet av subventionen.

    Resultaten av vår analys visar på att avgiftsinförandet inte har någon väsentlig effekt på pris, utbud och efterfrågan. Däremot leder ett borttagande eller minskande av subventionen till förändringar i form av stora prishöjningar och utbudsminskningar vilket har en stor negativ effekt på efterfrågan på bussresor. Detta leder till mer ojämlika transportvillkor i samhället då äldre, personer med funktionshinder och personer med lägre inkomst får svårare att transportera sig. Det leder också till att de externa effekterna så som buller, föroreningar och olyckor ökar då människor i större utsträckning använder bil istället för kollektivtrafik.

  • 111.
    Blad, Oskar
    et al.
    Linköping University, Department of Management and Engineering, Economics.
    Ferin, Robin
    Linköping University, Department of Management and Engineering, Economics.
    Prishedge av svenska bostäder: Är det effektivt och vilka hinder för en marknad?2018Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [sv]

    Denna uppsats undersöker hur effektivt det vore att hedga svenska bostadspriser under tidsperioden 2005–2017 med hjälp av ett bostadsprisindex. Uppsatsen undersöker ickeperiodiserade och periodiserade hedgar genom tre olika hedgingstrategier i form av statisk, dynamisk och optimal hedge. Hedge ratios skattas via tre olika hedgingmetoder bestående av OLS, ECM och en naiv hedge. Genom att både använda ett nationellt och regionalt hedginginstrument analyseras skillnaden i hedgingeffektivitet i respektive region som hedgas. Hedgingeffektiviteterna bedöms i termer av reducerad varians vilket har fastställts genom justerad förklaringsgrad samt en alternativ beräkningsmetod för att presentera rättvisande resultat. Med avstamp i resultatet av hedgingeffektivitet och med hjälp av tidigare litteratur genomförs även en analys av förutsättningar för en bostadsprisderivatmarknad i Sverige.

    Genom studiens uppbyggda analysmodell påvisar undersökningen att ett nationellt hedginginstrument överlag är mer effektivt än ett regionalt hedginginstrument för att hedga bostadsprisrisken i Sverige för den undersökta tidsperioden. Våra resultat pekar på att svenska bostäder inhyser en stor grad av idiosynkratisk risk där den ohedgbara risken är beroende utav vilket hedginginstrument som används. Sammanfattningsvis finner vi det svårt att hedga all form av bostadsprisrisk på den svenska bostadsmarknaden. I dagsläget finns det ingen möjlighet för svenska hushåll att riskjustera sin exponering mot bostadsprisrisken. Ur ett transaktionskostnadsperspektiv anser vi att finansiell bildning kan vara en av de stora anledningarna till att en marknad för att riskjustera bostadsprisrisken inte finns. Dels saknas det kunskap för att applicera en hedge men bostadsägarna kan sakna vetskap om sitt egna behov av att skydda sig mot bostadsprisrisken.

  • 112.
    Bol, Simona
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Ceric, Ajla
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Bitcoin - ett hållbart betalningsmedel?: En transaktionskostnadsanalys av Bitcoin som betalningsmedel jämfört med traditionella betalningsmedel2014Independent thesis Advanced level (degree of Master (One Year)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Background: The Swedish central bank has had a currency monopoly since 1897, which has meant that they since then have had exclusive right to issue money. Technological advances and the increasing use of the Internet has led to an evolvement of virtual communities and in some cases these communities created their own currency. Bitcoin is the worlds first fully decentralized currency. In the beginning the currency was based on technological curiosity to a handful of hobbyists. In recent years demand for bitcoins has increased, which has led to a dramatic price increase.Aim: The purpose of this thesis is to identify and analyze the transaction costs that may arise when Bitcoin is used as means of payment, and to compare these costs with the transaction costs associated with the use of traditional means of payment.

    Completion: The study was conducted through a mixture of qualitative and quantitative approaches as well as a processing of the transaction cost theory in the context of new institutional theory. The empirical material consists of three parts in which the study begins with a literature review for the reader to get a glimpse of what Bitcoin is and how the currency works. The qualitative approach is in the form of semi-structured interviews and finally the study's quantitative approach is presented in the form of a questionnaire to survey the use of bitcoin.Conclusion: The study shows that Bitcoins transaction costs are higher than conventional means of payments when account is taken to the fact that the currency is dependent on the current financial structure. The user furthermore disclaims the safety net that traditional means of payments offer. For Bitcoin to become an established means of payment it requires that the basic functions of money are fulfilled which the study shows is inadequate.

  • 113.
    Boman Matton, Maria
    et al.
    Linköping University, Department of Management and Engineering, Economics.
    Odenberg, Camilla
    Linköping University, Department of Management and Engineering, Economics.
    Stadsplanering för att främja hållbara beteenden2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Background: A new district called Vallastaden in Linköping is under construction and the residents will be moving in during 2017. The district has clearly expressed and visionary goals concerning ecological and social sustainability. Vallastaden will be unveiled to the public in an exhibition during the fall of 2017.Aim: The aim of this paper is to analyse how the physical features in a residential area can make its future inhabitants behave in more sustainable ways.Completion: This paper utilizes two methods: text analysis and hypothetical reasoning. The theoretical framework is based on economic theory, the earlier studies focus on specific areas within ecological and social sustainability. The empirics are collected from sources available to the future inhabitants of Vallastaden, the residential area we have chosen to study. They include Vallastaden’s webpage, documents and resolutions from Linköping County as well as public information from the constructors and others involved in the project. The analysis introduces three hypothetical types of individuals who pose as potential inhabitants of Vallastaden.Conclusion: City planning can change human behaviour, influencing inhabitants to behave in a more sustainable manner. It does not only depend on the physical features, but also on the institutions that will be created on different social levels.Keywords: City

  • 114.
    Borg, Elin
    et al.
    Linköping University, Department of Management and Engineering, Economics.
    Larsson, Josefin
    Linköping University, Department of Management and Engineering, Economics.
    Bäst i test: ROT vs. RUT: En ekonometrisk studie över ROT-och RUT-avdragens effekt på anställdas reallöner ur ett genusperspektiv2018Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    In the year 2007 a reform was established that allowed private citizens in Sweden to make tax deductions on companies providing services pertaining to the household (called RUT-deduction). The year later another reform was introduced granting citizens additional tax deductions but this time concerning household renovation, reconstruction and extensive construction (called ROT-deduction). These tax deductions resulted in higher employment and more jobs being executed legally. The purpose of this paper is to examine and analyze what kind of effects these types of tax deductions would have on workers’ real wages and to look at to what extent these effects differ within a female dominated occupation and a male dominated occupation, from a gender perspective. The two professions that are chosen to be researched in this paper are the cleaning and painting professions. Furthermore, the purpose with this study is to examine whether this effect differs within the two separate professions. The study is executed with the use of econometric models, point estimation, economic theory and empirical studies. The result indicates that the RUT-deduction has the biggest positive impact on cleaners’ real wages. This paper shows that one underlying reason to this outcome could be that the cleaning service is a more price sensitive service and that the RUT-deduction might therefore have generated an excess in demand for that service. Nonetheless, to establish an equilibrium in the labor market the wages are required to rise in order to attract more cleaners to enter the certain market. However, this paper is unable to eliminate the possible theory of there being a general wage increase among workers in the private sector. In addition, this study is comprised of an inadequate amount of observations which impedes any reliable conclusions from being made based on evidence.

  • 115.
    Boros, Daniel
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Eriksson, Claes
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Does size matter?: An empirical study modifying Fama & French's three factor model to detect size-effect based on turnover in the Swedish markets2014Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    This thesis investigates whether the estimation of the cost of equity (or the expected return) in the Swedish market should incorporate an adjustment for a company’s size. This is what is commonly known as the size-effect, first presented by Banz (1980) and has later been a part of models for estimating cost of equity, such as Fama & French’s three factor model (1992). The Fama & French model was developed based on empirical research. Since the model was developed, the research on the size-effect has been divided and today there are empirical studies contradicting its existence. Arguments against the size-effect are to some extent supported by the fact that there is no solid theoretical explanation for it. It seems however that market participants in the Swedish markets do adjust for the size.A limitation of the Fama & French model is that market data is required for the estimation. Our starting point is to investigate if there is a presence of the size-effect in the Swedish markets using a modified version Fama & French model. In our modified model a proxy for the market value of the firm has been introduced, namely the firms turnover. This is motivated by the fact data regarding a company’s turnover is available for private firms as well. In the case that size-effect is observable using the turnover as a proxy this would allow to extend the model to estimate the cost of equity for private firms. In the case where a consistent estimated marginal effect of the turnover is observed, our model could be used to estimate cost of equity with reasonable precision.

    Historical data on Swedish companies from each of the OMX Large, Mid & Small cap lists is used in a regression setting to investigate if any statistical significant results can be observed on whether the logarithm of the turnover affects the expected return.Our results indicate that the marginal effect of the turnover is positive, contradicting previous research and economic intuition that size of a company should be negatively correlated (or uncorrelated) with the expected return. By investigating the internal and external validity of the results, comparison to previous research and assessing data quality, we conclude that errors originating from these factors are not plausible to cause the unintuitive results. We therefore conclude that the use of turnover as a proxy for market value is not viable, which may be attributed to the fundamental relationship between the turnover and cost of equity in valuation formulas.

    Conclusively we cannot draw any further conclusions regarding presence of size-effect in the Swedish equity markets and discard the possibility of using our modified model for estimating cost of equity for private firms.

  • 116.
    Bostedt, Robert
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Bitcoin & valutakonkurrens: En jämförande nyttoanalys2015Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    This paper investigates the fulfillment of utility in the currency Bitcoin in relation to the Swedish krona in general andthe macroeconomic consequences of such fulfillment of utility in particular. The paper starts with the assumption thatthe utility generated by money is deduced from its qualities, mainly the quality in storage of value and the currency´spossibilities of generating low transaction costs. The investigation finds that there are possibilities that Bitcoin maygenerate a higher utility for its users than the Swedish krona under some circumstances. This mainly from Bitcoinsqualities in storage of value due to its predetermined change in money supply and in times when the Swedish krona´smonetary base is expanded by monetary policy and its subsequent inflation. In such periods when monetary expansionis undergoing in the Swedish krona, the investigation finds that the expected higher utility in Bitcoin in relation to theSwedish krona may cause a change of individuals incentives for currency, away from the Swedish krona and towardsBitcoin, if the profit gained from such change for an individual is great enough. From this, the central analysis ofBitcoins consequences on macroeconomic level follows. If there is an opportunity to change currency, which causesutility profits for individuals, there is also risk that the stimulus in monetary policy fails. This due to the decrease ofpurchasing power in the Swedish krona due to the lower demand of the currency in question subsequent to its loss init’s quality of storage of value. The analysis finds that depending on which theoretical perspective that is used, systemicrisks stemming from Bitcoin usage can be found in an analysis made with the Keynesian perspective. This while theopposite, that the systemic risks are introduced in the economy with the Swedish krona, is the result of an analysis madewith the Austrian theory of business cycle. Even with the systemic risks identified in the Keynesian analysis, reformsare suggested so that Bitcoin is able to co-exist with Keynesian monetary institutions to be able to take care of the utilitygained on the microeconomic, individual level that may result from Bitcoins usage as means of trade.

  • 117.
    Bouchouicha, Ranoua
    et al.
    University of Reading, England.
    Martinsson, Peter
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences. University of Gothenburg, Sweden.
    Medhin, Haileselassie
    University of Gothenburg, Sweden; Ethiopian Dev Research Institute, Ethiopia.
    Vieider, Ferdinand M.
    University of Reading, England; WZB Berlin Social Science Centre, Germany.
    Stake effects on ambiguity attitudes for gains and losses2017In: Theory and Decision, ISSN 0040-5833, E-ISSN 1573-7187, Vol. 83, no 1, p. 19-35Article in journal (Refereed)
    Abstract [en]

    We test the effect of stake size on ambiguity attitudes. Compared to a baseline condition, we find subjects to bemore ambiguity seeking for small-probability gains and large-probability losses under high stakes. They are also more ambiguity averse for large-probability gains and small-probability losses. We trace these effects back to stake effects on decisions under risk (known probabilities) and uncertainty (unknown probabilities). For risk, we replicate previous findings. For uncertainty, we find an increase in probabilistic insensitivity under high stakes that is driven by increased uncertainty aversion for large-probability gains and for small-probability losses.

  • 118.
    Bouwmeester, S
    et al.
    Erasmus University, The Netherlands.
    Verkoeijen, P. P. J. L.
    Erasmus University, The Netherlands.
    Aczel, B
    Eotvos Lorand University, Hungary.
    Barbosa, F
    University of Porto, Portugal.
    Bègue, L
    Universite Grenoble Alpes, France.
    Brañas-Garza, P
    Middlesex University, UK.
    Chmura, TGH
    University of Nottingham, UK.
    Cornelissen, G
    Pompeu Fabra University, Barcelona, Spain.
    Døssing, FS
    University of Copenhagen, Denmark.
    Espín, AM
    Middlesex University, UK.
    Evans, AM
    Tilburg University, The Netherlands.
    Ferreira-Santos, S
    University of Porto, Portugal.
    Fiedler, S
    Max Planck Institute, Germany.
    Flegr, J
    Charles University, Prague, Czech Republic.
    Ghaffari, M
    Max Planck Institute, Germany.
    Glöckner, A
    University of Hagen, Germany; Max Planck Institute, Germany.
    Goeschl, T
    University of Heidelberg, Germany.
    Guo, L
    University of California, USA.
    Hauser, OP
    Harvard University, USA.
    Hernan-Gonzalez, R
    University of Nottingham, UK.
    Herrero, A
    Universite Grenoble Alpes, France.
    Horne, Z
    University of Illinois, USA.
    Houdek, P
    University of Economics, Prague, Czech Republic.
    Johannesson, M
    Stockholm University, Sweden.
    Koppel, Lina
    Linköping University, Department of Clinical and Experimental Medicine, Center for Social and Affective Neuroscience. Linköping University, Faculty of Medicine and Health Sciences.
    Kujal, P
    Middlesex University, UK.
    Laine, T
    Universite Grenoble Alpes, France.
    Lohse, J
    University of Birmingham, UK.
    Martins, EC
    Maia University, Institute ISMI/CPUP, USA.
    Mauro, C
    Catholic University of Portugal, Portugal.
    Mischkowski, D
    University of Hagen, Germany.
    Mukherjee, S
    Indian Institute of Management Ahmedabad, India.
    Myrseth, KOR
    Trinity College Dublin, Ireland.
    Navarro-Martínez, D
    Pompeu Fabra University, Barcelona, Spain.
    Neal, TMS
    Arizona State University, USA.
    Novakova, J
    Charles University, Prague, Czech Republic.
    Pagà, R
    Pompeu Fabra University, Barcelona, Spain.
    Paiva, TO
    University of Porto, Portugal.
    Palfi, B
    Eotvos Lorand University, Hungary.
    Piovesan, M
    University of Copenhagen, Denmark.
    Rahal, RM
    Max Planck Institute, Germany.
    Salomon, E
    University of Illinois, USA.
    Srinivasan, N
    University of Allahabad, India.
    Srivastava, A
    University of Allahabad, India.
    Szaszi, B
    Eotvos Lorand University, Hungary.
    Szollosi, A
    Eotvos Lorand University, Hungary.
    Thor, K Ø
    University of Copenhagen, Denmark.
    Tinghög, Gustav
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Trueblood, JS
    Vanderbilt University, USA.
    van Bavel, JJ
    New York University, USA.
    van ‘t Veer, A. E.
    Leiden University, The Netherlands.
    Västfjäll, Daniel
    Linköping University, Department of Behavioural Sciences and Learning, Psychology. Linköping University, Faculty of Arts and Sciences. Decision Research, Eugene, OR, USA.
    Warner, M
    Arizona State University, USA.
    Wengström, E
    Lund University, Sweden.
    Wills, J
    New York University, USA.
    Wollbrant, CE
    University of Gothenburg, Sweden; NTNU Business School, Norway.
    Registered Replication Report: Rand, Greene, and Nowak (2012): Multilab direct replication of: Study 7 from Rand, D. G., Greene, J. D., & Nowak, M. A. (2012) Spontaneous giving and calculated greed. Nature, 489, 427–430.2017In: Perspectives on Psychological Science, ISSN 1745-6916, E-ISSN 1745-6924, Vol. 12, no 3, p. 527-542Article in journal (Refereed)
    Abstract [en]

    In an anonymous 4-person economic game, participants contributed more money to a common project (i.e., cooperated) when required to decide quickly than when forced to delay their decision (Rand, Greene & Nowak, 2012), a pattern consistent with the social heuristics hypothesis proposed by Rand and colleagues. The results of studies using time pressure have been mixed, with some replication attempts observing similar patterns (e.g., Rand et al., 2014) and others observing null effects (e.g., Tinghög et al., 2013; Verkoeijen & Bouwmeester, 2014). This Registered Replication Report (RRR) assessed the size and variability of the effect of time pressure on cooperative decisions by combining 21 separate, preregistered replications of the critical conditions from Study 7 of the original article (Rand et al., 2012). The primary planned analysis used data from all participants who were randomly assigned to conditions and who met the protocol inclusion criteria (an intent-to-treat approach that included the 65.9% of participants in the time-pressure condition and 7.5% in the forced-delay condition who did not adhere to the time constraints), and we observed a difference in contributions of −0.37 percentage points compared with an 8.6 percentage point difference calculated from the original data. Analyzing the data as the original article did, including data only for participants who complied with the time constraints, the RRR observed a 10.37 percentage point difference in contributions compared with a 15.31 percentage point difference in the original study. In combination, the results of the intent-to-treat analysis and the compliant-only analysis are consistent with the presence of selection biases and the absence of a causal effect of time pressure on cooperation. 

  • 119.
    Boyer de la Giroday, Elsa
    et al.
    Linköping University, Department of Management and Engineering, Economics.
    Stenvall, David
    Linköping University, Department of Management and Engineering, Economics.
    Globaliseringens effekt på lönekvoten mellan hög- och lågutbildade arbetstagare: Empiriska bevis från svenska tillverkningsindustrier2017Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    In the last decades, the importance of globalization has been growing, especially for a small open economy like Sweden. Due to increased competition from foreign countries, the Swedish labour market has been experiencing major changes. The purpose with this paper is therefore to analyze how globalization has influenced the wage ratio between high- and low educated workers in the Swedish manufacturing sector. The purpose is also to study if there are any differences in how globalization affects the wage ratio between capital intensive and labour intensive companies. Using econometrics, panel data from 14 different industries during the time period of 1995-2005, have been analyzed. Outsourcing works as a proxy variable for globalization. The results indicate that i) Outsourcing has had a positive effect on the wage ratio in the manufacturing industry ii) The wage ratio has been affected due to a positive relationship between outsourcing and the wages of high educated workers iii) As a result of outsourcing, the wage ratio of capital intensive companies increases faster than the ones of labour intensive companies. 

  • 120.
    Boyer de la Giroday, Elsa
    et al.
    Linköping University, Department of Management and Engineering, Economics.
    Stenvall, David
    Linköping University, Department of Management and Engineering, Economics.
    Green Investments Under Uncertainty: - A cross-quantilogram approach2019Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    In this study, we analyze the quantile dependence for green bond returns and renewable energy stock returns with three major asset classes: corporate bonds, stocks and oil. Furthermore, we control the dependence structure for technology, uncertainties as well as lag structures and time-varying effects. We apply the cross-quantilogram developed by Han et al. (2016) that allows us to study the dependence structures between two time series in arbitrary quantiles. The results led us to three key findings: 1) The returns of thegreen bond market are tail-dependent on the returns of both long and short-term maturities for the corporate bond market but are not dependent on the stock market nor the oil market. The tail-dependence indicates that while investors may hold green bonds due to moral incentives, it is not enough during times of turbulence. Further, the dependence structures are short-lived. 2)The renewable energy market is dependent on oil returns of similar quantiles, suggesting that renewable energy substitutes oil when oil prices increase. However, renewable energy does not influence the oil market, indicating that oil is not a substitutional energy source for renewable energy driven firms. Renewable energy stocks are further highly dependent on the returns of the general stock market but are not influenced by the returns on the corporate bond market. 3) The dependence of both renewable energy and green bonds with the asset markets are time-varying. Our overall results obtained by this paper provides information that could help facilitate new investment allocations towards green investments. Further, the results may have immediate and important implications for investors. For those in the corporate bond market, adding green bonds does not add diversification benefits during turbulence. Similarly, renewable energy stock does not add diversification benefits to investors in the oil or stock market.

  • 121.
    Brandt Hjertstedt, Amalia
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Department of Behavioural Sciences and Learning.
    Cetina, Hana
    Linköping University, Department of Management and Engineering, Economics.
    Why does corruption havedifferent effects on economicgrowth?: – A case study of Sub-Saharan Africa and Southeast Asia2016Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    The purpose of this study is to examine and analyse how corruption can have different outcome on economic growth. A clear  division can be seen in Sub-Saharan Africa and Southeast Asia where corruption have different economic outcomes. The countries in this study are the following: Botswana,  Nigeria, Kenya, South Africa, South Korea, Thailand, Vietnam and Indonesia. The thesis composes of data over corruption indexes, annual growth in GDP, and socio-economic indicators such as political stability and Rule  of Law. The result from theassembled statistics is analysed through the Principal -Agent theory as well as previous research. Previous research includes both positive and negative studies on corruption. The  conclusion is that corruption has not a direct effect on economic growth but socio-economic indicators have an important role to explain the different outcome on corruption. The Principal-Agent theory helps us to un derstand the structure of the governmental body and the outcome of corruption.

  • 122.
    Braunerhjelm, Pontus
    et al.
    Linköping University, Faculty of Arts and Sciences. Linköping University, Department of Management and Engineering, Economics .
    Borgman, B.
    Center for Business/Policy Studies, SNS, Box 5629, SE-114 86 Stockholm, Sweden.
    Geographical concentration, entrepreneurship and regional growth: Evidence from regional data in Sweden, 1975-992004In: Regional studies, ISSN 0034-3404, E-ISSN 1360-0591, Vol. 38, no 8, p. 929-947Article in journal (Refereed)
    Abstract [en]

    This paper implements Swedish data cross-tabulated on 143 industries (four-digit level) and 70 labour market regions for 1975-99 to examine empirically the degree of concentration in the production of goods and services, the relationship between concentration and regional growth, and the role of regional entrepreneurship. To our knowledge, these issues have not been analysed previously at this level of aggregation. Ellison-Glaeser indexes and Gini location quotients reveal a geographical concentration in Swedish industry that is stronger than in the USA. The econometric results imply a 2-6% higher growth in regionally concentrated industries. The effect is more pronounced for knowledge-intensive manufacturing, network industries and industries intensively using raw material. It is also found that regional entrepreneurship and regional absorption capacity are important explanations of regional growth, whereas the impact of the skill-level and economies of scale is more mixed. © 2004 Regional Studies Association.

  • 123.
    Braunerhjelm, Pontus
    et al.
    Linköping University, Faculty of Arts and Sciences. Linköping University, Department of Management and Engineering, Economics .
    Johansson, D.
    Ratio Institute, Stockholm, Sweden.
    The determinants of spatial concentration: The manufacturing and service sectors in an international perspective2003In: Industry and Innovation, ISSN 1366-2716, E-ISSN 1469-8390, Vol. 10, no 1, p. 41-63Article in journal (Refereed)
    Abstract [en]

    This study is concerned with determinants of spatial concentration in both the manufacturing and service sectors in Sweden during the period 1975-93. By implementing a detailed data-set on the regional distribution of production, the study is addressed first to the degree of regional concentration in Sweden through Ellison-Glaeser indexes and regional Ginicoefficients. It is shown that concentration is considerably stronger in the manufacturing sector than in the service sector. Moreover, the differences have widened over time. In services, knowledge intensity seems to promote concentration to a larger extent than in manufacturing. An econometric examination is then conducted of the determinants of spatially concentrated industries in the manufacturing sector. Results indicate that production technology and the historical distribution of production seem to exert a stronger influence on location than non-pecuniary knowledge externalities. Finally, the degree of regional concentration in Sweden is compared with France and the USA. We find that concentration in production is more pronounced in Sweden than in these other countries.

  • 124.
    Bruno, Erik
    et al.
    Linköping University, Department of Management and Engineering, Economics.
    Längberg, Joakim
    Linköping University, Department of Management and Engineering, Economics.
    Guld och gröna skogar?: En kostnads-nyttoanalys över projektet gröna påsen från Tekniska verken AB i Linköping2016Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [sv]

    Under år 2012 genomförde Tekniska verken AB i Linköping en ny satsning för att ta tillvara på hushållens organiska matavfall. Denna satsning utgick från att hushållen själva sorterar sitt matavfall i gröna påsar, vilka sedan genom optisk sortering plockas ut och rötas till biogas.

    Inför beslutet gjordes ingen kostnads-nyttoanalys för att se om projektet var samhällsekonomiskt motiverbart från start. I dagsläget är det även fler kommuner inom Sverige som har eller funderar på att införa liknande system. Syftet med uppsatsen har därför varit att avgöra om denna investering är samhällsekonomiskt lönsam, för att bedöma om Linköping bör fortskrida med projektet - samt om liknande satsningar vore lönsam för andra kommuner.

    En kostnads-nyttoanalys genomfördes baserat på relevant data som berör projektet gröna påsen, varpå två kalkyler strukturerades upp. Analysen kompletterades även med en egen CVM-studie. Resultaten visar att satsningen är både samhällsekonomiskt lönsam för Linköping att fortsätta med och för andra kommuner att ta efter.

  • 125.
    Bäckström, My
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Hansson, Denise
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Omregleringen av den svenska apoteksmarknaden: Måluppfyllelse och en kontrafaktisk analys2018Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Sweden's pharmacy market underwent a reregulation year 2009 from a public monopoly to a market exposed to competition. The reason for the reform was liberalization influences in the economy during the nineties, in economic theory aswell as from becoming a member of the European Union. The reform was received with mixed feelings which was well reflected in the many contradictory assessment reports of the reregulation the following years. The lack of consensus about the goal fulfillment and the many impartial reviews leads to the purpose of this essay, to examine if the goals of the reform are fulfilled now nine years later or not. The goals of the reform are presented in proposition 2008/09:145 as following: increased accessibility, improved service and low costs for consumers and the government. The method is goal fulfillment with support in a counterfactual analysis, Sweden without reregulation, that is based upon Sweden before the reregulation with the application of Finland's development after 2009. The analyze examines the goal from nine aspects and lands in the fact that the market with reregulation shows a better result in eight out of nine of them compared with the result of the market without a reregulation.

    The reregulated market generated 434 more pharmacies and the number increased in nine out of ten areas with between 18,9 and 80,7 percent more than the non-reregulated market. The open hours were also 11,2 hours longer per week in the reregulated market. The total added number of pharmacist increased by 956 workers with the reregulation, however, the number of pharmacies increased at a greater rate and the relation between pharmacists and pharmacies worsened, more with the reregulation than without. On the reregulated market there were five pharmacists per pharmacy instead of six, however directly dispensed medicine increased with 1,6 percent more. Total governmental costs increased with 0,289 million euro less and the cost per person decreased instead of increased, also the prices in retail dropped more with the reregulation than without.

    The goal of increased accessibility and low costs are therefore fulfilled, the goal of improved service is fulfilled to a certain degree. The total assessment of the reregulation is that it has been successful. 

  • 126.
    Båvall, Tobias
    et al.
    Linköping University, Department of Management and Engineering, Economics.
    Forsström, Viktor
    Linköping University, Department of Management and Engineering, Economics.
    Amorteringskravets initiala effekter på bostadsmarknaden2017Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    On June 1, 2016, the Swedish Financial Supervisory (Finansinspektionen), in agreement with the Swedish government, imposed an amortization requirement for new housing loans with the intention of reducing the households’ indebtedness. The purpose of this paper is to analyze the effect of the amortization requirement on housing prices in the Swedish housing market. This has been executed using an econometric model and with the support of economic theory and previous research. The study has focused on the change in housing prices in condominiums in Sweden’s three largest municipalities, Stockholm, Göteborg and Malmö. The result shows a statistically and economically significant negative effect of the amortization requirement in the municipality of Stockholm, while results for the other two municipalities fail to show statistical significance. Furthermore, this paper shows that factors determining housing prices have developed in a way that positively affects housing prices and limits the effect that the amortization requirement have on housing prices.

  • 127.
    Bååth, David
    et al.
    Linköping University, Department of Management and Engineering, Economics.
    Zellhorn, Felix
    Linköping University, Department of Management and Engineering, Economics.
    How to combat money laundering in Bitcoin?An institutional and game theoretic approach to anti-money laundering prevention measures aimed at Bitcoin2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Money laundering is a growing issue which has in later years emigrated more and more to the digital sphere of Bitcoin. Its pseudonymous nature and unrigorous legal definition has made regulation a difficult challenge. This thesis provides a unique take on the Bitcoin money laundering problematique by using incentive structures in place of forced restrictions. The goal is to create, validate and analyze a game theoretic incentive model which aims to combat money laundering by increasing the transaction costs for money laundering Bitcoin users without affecting the transaction costs for the honest users. The results prove the model to be feasible, leading to the conclusion that its real-world application has the potential to combat money laundering in Bitcoin to a significant degree.

  • 128.
    Camerer, Colin
    et al.
    Caltech, CA, USA .
    Smith, Alec
    Caltech, CA, USA .
    Kuhnen, Camelia M.
    Northwestern University, Evanston, IL, USA.
    Wargo, Donald T.
    Temple University, PA, USA.
    Samanez-Larkin, Gregory
    Vanderbilt University, Nashville, USA.
    Montague, Read
    Virginia Tech, Blacksburg, USA.
    Levy, Dino J.
    NYU, NY, USA .
    Smith, David
    Free University of Berlin, Germany .
    Meshi, Dar
    Free University of Berlin, Germany .
    Kenning, Peter H.
    Zeppelin University, Germany .
    Clithero, John
    Caltech, CA, USA .
    Weber, Bernd
    University of Bonn, Germany.
    Hare, Todd
    University of Zurich, Switzerland .
    Huettel, Scott
    Duke University, Durham, NC, USA.
    Josephson, Camilla
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    dAcremont, Mathieu
    Caltech, CA, USA .
    Knoch, Daria
    University of Basel, Switzerland .
    Krajbich, Ian
    University of Zurich, Switzerland .
    De Martino, Benedetto
    University College London, UK.
    Mohr, Peter N. C.
    Free University of Berlin, Germany .
    Barton, Jan
    Emory University, Atlanta, USA.
    Halko, Marja-Liisa
    Aalto University, Helsinki, Finland .
    Chick, Christina F.
    Cornell University, NY, USA .
    Gianotti, Lorena
    University of Basel, Switzerland .
    Heekeren, Hauke R.
    Free University of Berlin, Germany .
    Correspondence: Are Cognitive Functions Localizable?2013In: Journal of Economic Perspectives, ISSN 0895-3309, E-ISSN 1944-7965, Vol. 27, no 2, p. 247-250Article in journal (Other academic)
  • 129.
    Carlsson, Per
    et al.
    Linköping University, Department of Medical and Health Sciences, Division of Health Care Analysis. Linköping University, Faculty of Health Sciences.
    Tinghög, Gustav
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences. Linköping University, Department of Medical and Health Sciences, Division of Health Care Analysis. Linköping University, Faculty of Health Sciences.
    Läkemedel: när är det rimligt att betala själv?2013 (ed. 1)Book (Other academic)
    Abstract [sv]

    Samhällets ekonomiska resurser är begränsade och därför finns det ingen möjlighet att offentligt finansiera alla vårdtjänster som har en positiv effekt. Prioritering och ransonering av hälso- och sjukvård är därmed ofrånkomlig. Ett sätt att göra detta på är att låta individen finansiera vissa produkter och tjänster direkt ur egen ficka. Gränsdragningen mellan det individuella och det offentliga ansvaret för finansiering av sjukvård är dock en komplex och politiskt känslig fråga, men den förtjänar likväl en öppen och konstruktiv diskussion. Vår utgångspunkt är att den svenska hälso- och sjukvården under överskådlig tid i huvudsak kommer att förbli offentligt finansierad, men vi konstaterar att en betydande andel av vården idag är privat finansierad. För att personer ska kunna ta ett eget ansvar för finansieringen krävs vissa förutsättningar. Det är därför viktigt att uppmärksamma var, när och hur det är rimligt att individen får ta ett eget ansvar för att finansiera sin vård, och när motsatsen gäller. Denna diskussion kan ta sin utgångspunkt i de etiska principer för prioriteringarsom gäller i Sverige: människovärdesprincipen, behovs-solidaritetsprincipen och kostnadseffektivitetsprincipen.

    Det övergripande syftet med denna rapport är att analysera och diskutera grunden för egenansvar vid finansiering av vård. Syftet är också att presentera ett ramverk för att bedöma lämpligheten av egenfinansiering och applicera detta ramverk på läkemedelsområdet.

    Ramverket består av sex kriterier/egenskaper kopplade till den specifika vårdinsatsen/produkten som bör vara delvis eller helt uppfyllda för att egenfinansiering ska bedömas som rimlig.

    1. Den aktuella vårdinsatsen/produkten bör vara sådan att flertalet individer har god förmåga att värdera behov och kvalitet både före och efter användning.
    2. Den aktuella vårdinsatsen/produkten bör främst utnyttjas av individer som kan betecknas som autonoma och reflekterande i sitt  beslutsfattande.
    3. Den aktuella vårdinsatsen/produkten bör ge små posi tiva externa effekter.
    4. Kostnaden för den aktuella vårdinsatsen/produkten bör vara överkomlig för de flesta som har behov av den.
    5. Efterfrågan på den aktuella vårdinsatsen/produkten bör vara tillräckligt omfattande och regelbunden för att en privat marknad ska kunna uppstå.
    6. Vårdinsatser/produkter som syftar till att förbättra prestationer, funktion eller utseende, utöver vad som anses normalt snarare än medicinsk nödvändigt, är mer lämpade för privat finansiering.

    Sammanfattningsvis dras följande slutsatser i rapporten:

    • Det finns idag en inte obetydlig mängd läkemedel som finansieras privat. Motiven för vad som finansieras privat eller offentligt är dock ofta oklara. Det finns också olikheter mellan landsting när det gäller finansiering av vårdtjänster och sjukvårdsprodukter.
    • Det finns två huvudsakliga typer av egenansvar som kan beaktas vid prioriteringsbeslut: Ansvar för egen hälsa som fokuserar på individers tidigare hälsorelaterade livsstilsval. Ansvar för egen vård som fokuserar på vilka sjukvårdstjänster individer faktiskt klarar att ombesörja och finansiera själva.
    • Ansvar för egen vård är den mest policyrelevanta formen av egenansvar eftersom det kan vara svårt att fastställa samband mellan beteende och ohälsa.
    • Tillräcklig kunskap, individuell autonomi, externa effekter, tillräcklig efterfrågan, överkomligt pris och livsstilsförbättring är relevanta faktorer att beakta vid bedömning av egenfinansiering av läkemedel. Den form av egenansvar för finansiering som presenteras i rapporten 11 är i hög grad förenlig med intentionerna i människovärdesprincipen och behovs-solidaritetsprincipen.
    • Det kan uppstå en konflikt mellan det presenterade ramverket och kostnadseffektivitetsprincipen när kostnadseffektiva läkemedel möjliggör egenansvar och därför med fördel kan finansieras privat trots en god kostnadseffektivitet.
    • Mycket dyra läkemedel som inte är kostnadseffektiva är inte heller lämpliga för egenansvar. Samtidigt har samhället svårt att neka personer tillgång till verksamma läkemedel vid svår sjukdom. För att lösa detta dilemma bör man överväga möjligheten att samhället betalar för sådana läkemedel upp till den nivå där dessa bedöms kostnadseffektiva. Kostnaden därutöver skulle patienten kunna få möjlighet att finansiera själv. Sådana lösningar innebär antagligen en rad komplikationer som behöver utredas noga.
    • För att egenansvar ska kunna tillämpas systematiskt och öppet vidprio riteringar behöver antagligen ett tidigare förslag från Socialstyrelsen till regeringen om att genomföra en översyn av den etiska plattformen aktualiseras på nytt.
    • Det är angeläget att studera i vilken utsträckning privat finansiering leder till ökade skillnader i konsumtion och hälsa inom olika socioekonomiska grupper.
    • Det finns inga perfekta lösningar för hur samhället ska dra gränsen för det offentliga åtagandet. Olika värden måste alltid balanseras mot varandra i syfte att uppnå en hälso- och sjukvård som är både rättvis och effektiv.
  • 130.
    Carlsson, Per
    et al.
    Linköping University, Department of Medical and Health Sciences, Division of Health Care Analysis. Linköping University, Faculty of Medicine and Health Sciences.
    Tinghög, Gustav
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Vilken vård bör vi betala själva?2013In: Svenska Dagbladet, ISSN 1101-2412Article in journal (Other (popular science, discussion, etc.))
    Abstract [sv]

    Det saknas tydliga principer i vården för att avgöra vad som ska finansieras privat respektive offentligt. Därför blir besluten ofta godtyckliga. Varför ska vi till exempel betala privat för glasögon medan hörapparater står det offentliga för?

  • 131.
    Cedic, Samir
    et al.
    Linköping University, Department of Management and Engineering, Economics.
    Jensen, Robert
    Linköping University, Department of Management and Engineering, Economics.
    Utbudet av bostäder och dess priselasticitet: En ekonometrisk studie om vad som påverkar utbudet av bostäder2018Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    The purpose of this paper is to identify the factors that affect investments in dwellings and to analyze which policies would be effective in reducing the housing shortage. This was conducted with a study made by Aida Caldera and Åsa Johansson as a reference paper. The factors examined were the price of housing, construction costs, regulations and geography. These were then analyzed from an empirical and theoretical perspective. The rise in housing prices had a positive impact on investment in dwellings, while the increased construction costs had a marginal negative impact. Regulations should from a theoretical perspective and according to previous research have had a negative impact on supply of dwellings, but this could not be determined in the regression. Geographical conditions do not seem to limit supply for Sweden as a whole, however, geography can locally limit constructible land, which in turn limits the supply. The price elasticity of supply proved to be 1,641 in the regression, which means that it is elastic. The found elasticity was higher compared to the previous studies investigated. However, the elasticity should be interpreted with caution since previous studies have shown that the price elasticity of supply is largely a local phenomenon and not necessarily representative for all local parts of a country. Policies that could increase the price elasticity for supply are easing of restrictions regarding the conservation of the cityscape which includes height restrictions and conservation of buildings with a cultural heritage, but also shoreland and forest protection. More resources to reduce the processing time for zoning plans and the appeals of building permits, as well as an introduction of a fee for appeal would also increase the price elasticity and the supply. A removed rent control would give more rental units but would not increase the total housing supply.

  • 132.
    Chevallier, Julien
    et al.
    IPAG Business Sch, France; Univ Paris 08, France.
    Nguyen, Duc Khuong
    IPAG Business Sch, France.
    Siverskog, Jonathan
    Linköping University, Department of Medical and Health Sciences, Division of Health Care Analysis. Linköping University, Faculty of Medicine and Health Sciences.
    Uddin, Gazi Salah
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Market integration and financial linkages among stock markets in Pacific Basin countries2018In: Journal of Empirical Finance, ISSN 0927-5398, E-ISSN 1879-1727, Vol. 46, p. 77-92Article in journal (Refereed)
    Abstract [en]

    Financial development and globalization have significantly integrated stock markets around the world. This higher degree of interdependence and integration not only provides firms with higher access to international capital markets with lower cost of equity but also generates upward vulnerabilities for local markets due to their exposure to global and regional shocks. This article focuses on the level of interdependence across the Pacific Basin stock markets using the return spillover measure proposed by Diebold and Yilmaz (2009, 2012), given their increasing role in global trade and finance. We are also interested in investigating the effect of shocks affecting the United States and the Japanese stock markets as well as their transmission to the emerging markets. We mainly find that: (1) the interdependence of the emerging stock markets in the ASEAN countries is driven by a higher exposure to the US shocks than to shocks affecting the developed economies of East Asia, and (ii) the cross-market linkages in the Pacific Basin region have become stronger over time, which may reduce the benefit of regional diversification strategies and expose the countries of the region to increasing contagion risk. These results have important implications for public policies related to the issue of regional and global financial integration. (C) 2017 Elsevier B.V. All rights reserved.

  • 133.
    Collryd, Mattias
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Lindau, Isabelle
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Benägenheten att ge pengar till tiggande EU-migranter jämfört med etablerade välgörenhetsorganisationer: En empirisk forskningsstudie utförd i Linköpings stad2015Independent thesis Advanced level (degree of Master (One Year)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    In recent years, the number of homeless EU migrants has increased substantially in Sweden, and almost half of them lack an income whereas many others live by begging. Nowadays, individuals in addition to decide whether to give money to established charities also have to decide whether to give money to begging EU migrants. Based on the assumption that asymmetric information and institutional factors exists, which can affect each type of willingness to donate to charity, it is interesting to investigate whether there are differences in propensity to give money to begging EU migrants compared to established charities.The purpose of the research study is to examine individual’s propensity to give money to begging EU migrants compared to established charities. Furthermore, the aim is also to identify and analyze various individual characteristics that conceivably affect individuals' donation to each type of charity. To answer the purpose of the research study primary data is collected in Linkoping city by a questionnaire and the material is analyzed with econometric models.The results of the study indicate that individuals generally are less likely to give money to begging EU migrants compared with established charities. Variables that affect individuals' willingness to give money to begging EU migrants are gender, age, descent, knowledge of begging EU migrants living situation and attitude towards banning begging. Compared to this, factors that affect the willingness to donate to established charities are age, education, descent, married and social factors.

  • 134.
    Cullberg, Adrian
    et al.
    Linköping University, Department of Management and Engineering, Economics.
    Olsson, Martin
    Linköping University, Department of Management and Engineering, Economics.
    Borta låg men hemma lägst: Importprisernas roll för inflationen i Sverige2019Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [sv]

    Trots minusränta, kvantitativa lättnader och positiv BNP-tillväxt är inflationen i Sverige 2012 till 2016 närmast obefintlig. Liknande mönster visar sig i stora delar av världen där inflationen under återhämtningen efter den globala finanskrisen 2008 inte beter sig som förväntat. En anledning till den låga inflationen anses bland annat vara att ökad import från låglöneländer, med betydligt lägre prisnivåer än Sveriges, håller tillbaka den svenska inflationen. På global nivå visar forskning att inflationsdynamiken ändras efter den globala finanskrisen och att inflationens känslighet för olika förklaringsvariabler, inklusive importpriserna, ändrar sig. I vissa studier uppvisar importpriserna till och med ett negativt samband med inflationen efter finanskrisen. Syftet med uppsatsen är därför att undersöka hur importpriserna påverkar inflationen och om importprisernas effekt på inflationen ändras efter finanskrisen.

    För att utreda huruvida importpriser faktiskt påverkar inflationen och i vilken grad detta sker ställer vi med hjälp av månadsdata över förväntad inflation och arbetslöshetsgap upp en modell baserad på Phillipssambandet som vi utökar med importpriser. Vi kommer fram till att importpriserna har en effekt på inflationen och att sambandet är positivt under hela mätperioden. Våra resultat visar att importpriserna är en viktig del av inflationen; under perioden 2017 till 2018 består inflationen till en tredjedel av ökningen i importpriserna. För att undersöka om sambandet förändras i återhämtningsfasen efter finanskrisen introduceras en indikatorvariabel för finanskrisen och en för år 2012 och framåt. Trots tidigare studier som visar på en förändrad effekt av importpriserna efter den globala finanskrisen så finner vi ingen förändring av effekten i och med, eller efter, finanskrisen.

  • 135.
    Dagberg, Michael
    et al.
    Linköping University, Department of Management and Engineering, Economics.
    Yap, Daniel
    Linköping University, Department of Management and Engineering, Economics.
    Vilka typer av nyheter har drivit stora prisförändringar hos börsnoterade europeiska fotbollsklubbar?: Är prisförändringarna ekonomiskt rationella?2016Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Background: What distinguishes the football industry from other companies is that success in football is not only measured in increased market share or higher revenues but also measured in sporting success. Traditional finance theory based on economic rationality contrasts with an emotionally-based behavioral economics to explain what drives football clubs share prices.

    Purpose: The purpose of this paper is to identify and map the types of news that have driven large price movements and to analyze whether there are factors other than economically rational that affect share prices.

    Limitations: The paper examines all the day's gains and losses with a residual greater than 7% for ten of the total 22 listed football clubs in Europe that can be found on the STOXX Football Index. The time period is 2015-04-05 upto 2016-04-04 and selected according to Thomson Reuters Eikons detailed news. The stock selection is made on the basis of the language that the writers know well.

    Method: Historical quantitative data on shares end prices are obtained from the database Thomson Reuters Eikon in order to identify larger percentage of ups and downs. Subsequently, a survey of public quality information that correlates with the up and downs has been systematically collected from the database and supplemented with public information from the football clubs' websites, match results and additional news pages.

    Results: The study shows that share issues and the sporting results are the most common cause of major ups and downs of football shares. Many ups and downs can be explained by traditional financial theory, but the presence of economically non-rational behaviour shows a need for further development of Gordon’s formula with consideration of sporting dividend.

  • 136.
    Dahlström, Amanda
    et al.
    Linköping University, Department of Management and Engineering, Economics.
    Ege, Oskar
    Linköping University, Department of Management and Engineering, Economics.
    A Tale Of Two Shocks: The Dynamics of Internal and External Shock Vulnerability in Real Estate Markets2016Independent thesis Advanced level (degree of Master (Two Years)), 240 HE creditsStudent thesis
    Abstract [en]

    This paper examines the major potential drivers of five international real estate markets with a focus on pushing versus pulling effects. Using a quantile regression approach for the period 2000-2015 we examine the coefficients during three different market conditions: downward (bearish), normal (median) and upward (bullish). Using monthly data we look at five of the larger securitized property markets, namely, the US, UK, Australia, Singapore and Hong Kong. We find inconclusively that stock market volatility, as measured by the pushing factor VIXS&P500, best informs property market returns during bearish market environment. We also find that our pulling factors, money supply, treasury yields and unemployment presents theoretically grounded results in most cases with the expected signage. However, compared to the volatility index, pulling factors are not as uniformly suited for informing property market returns during bearish markets. We also find a range of insignificant results, which might be indicative of a suboptimal model specification and/or choice of estimation method.

  • 137.
    Dahlén, Olle
    et al.
    Linköping University, Department of Management and Engineering, Economics.
    Ask Åström, Anton
    Linköping University, Department of Management and Engineering, Economics.
    Multi-Scale Predictability for Emerging Foreign Exchange Markets2016Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Expanding the work done by Bekiros and Marcellino [2013] to emerging markets will give a better understanding of the prediction power of artificial neural networks with a wavelet design. The finan- cial perspective discussed will be from an investor or traders view with possible strategies and policies. Investors who seek a better un- derstanding of future volatility or a trader that wishes to improve the prediction of returns can learn from our conclusions. Continu- ously improving prediction models is a difficult but rewarding task, especially considering the effort and resources already invested in the area. The investments in emerging markets have been on a de- cline the past years but still has the possibility to bloom into a more attractive choice. 

  • 138.
    Danaquah, Michael
    et al.
    University of Ghana.
    Ohemeng, William
    GIMPA Business School, Accra,Ghana.
    Sjö, Bo
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    The effects of transaction costs on the optimal price and production risk management for cocoa-exporting countries2015In: African Review of Economics and Finance, ISSN 2042-1478, E-ISSN 2410-4906, Vol. 7, no 2, p. 84-104Article in journal (Refereed)
    Abstract [en]

    This paper derives and estimates empirically the role of transactions costsfor the optimal price-risk hedge ratios for four cocoa producing SSA countries(Cameroon, Ghana, Nigeria and Cote d’Ivoire). Using monthly data from 1966to 2009, transaction costs are introduced in two commonly used approaches forfinding optimal hedge ratios under both price and production risk; the mean-variance approach and the logarithmic utility based approach. For the meanvariance the optimal hedge ratios for cocoa are around 0.93 and 1.0 for allcountries and different transaction costs and levels of risk aversion. For thelogarithmic utility approach, which is supposed to be a more realistic approach the hedge ratios are lower than unity, differ more across countries and arereduced by higher transaction costs. Therefore developing appropriate marketregulations where transaction cost on intermediaries are kept to minimal isrelevant for these countries. 

  • 139.
    Davidsson, Isabelle
    et al.
    Linköping University, Department of Management and Engineering, Business Administration.
    Lilja, Olivia
    Linköping University, Department of Management and Engineering, Economics.
    Basel III och den lokala kreditgivningen till små- och medelstora företag – En institutionell analys av hur kreditrelationens transaktionskostnader förändras2016Independent thesis Advanced level (degree of Master (One Year)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    After the recent global financial crisis, Basel III was presented with the aim to limit financial risk-taking in the banking industry. Basel III requires stricter capital requirements for banks, which might affect the granting of credit. Small and medium-sized enterprises (SME) that usually depend on external credit might be adversely affected by a more restrictive lending. Historically, the relationship between the bank and the SME acted as a source of information in the credit assessment and the relationship has been characterized by an interdependent relationship where geographical proximity has been essential.

    The aim of the study is to analyze how the implementation of Basel III affects local lending to SMEs. The study also analyzes Basel III's impact on the credit relationship between the local bank and SMEs. The analysis is carried out on the basis of institutional theory with a particular focus on transaction cost theory. In order to achieve the aim of the study a qualitative approach through semi-structured interviews is applied, to enable analysis of how the credit relationship’s transaction costs are changing. The study shows that the interdependence between the bank and the SME is no longer of importance as technological development has enabled funding beyond the local context.  The empirical data indicates that after the implementation of Basel III, the banks are price differentiating between SMEs to a greater extent than before. The study shows that the Basel III entails negative consequences for lending to SMEs and credit relationship between the bank and the SME has changed.

  • 140.
    Djure, Kajsa
    et al.
    Linköping University, Department of Management and Engineering, Economics.
    Erlandsson, Daniel
    Linköping University, Department of Management and Engineering, Economics.
    Här, där och överallt?: I vilken typ av branscher är det troligast att hitta karteller?2016Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [sv]

    Karteller är en allvarlig och numera olaglig form av konkurrensbegränsande samarbete. Denna uppsats syftar till att dra slutsatser angående i vilken typ av nscher det är mest troligt att finna karteller. För att ta reda på detta undersöks först hur väl existerande teorier gällande kartellbildningars förutsättningar överensstämmer med statistik över ertappade karteller. Vi använder oss av Structure-Conduct-Performance-modellen för att skapa en hypotes baserad på existerande teori. Hypotesen är en modell som beskriver en idealbransch för en kartell. Denna jämförs sedan med en analys av de branscher som visat på ett högt antal karteller. Det empiriska materialet består av data över olika typer av konkurrensbegränsande samarbeten, både från Sverige och EU. Datamaterialet sträcker sig från 1960-talet till 2010-talet. Med hjälp av jämförelsen mellan hypotesen och det empiriska materialet dras sedan en slutsats om vilka kriterier som beskriver en bransch där det är troligt att karteller förekommer. Slutsatsen är att denna bransch har en hög företagskoncentration, har möjlighet att dra nytta av skal- och stordriftsfördelar, består av homogena konsumtionsvaror som är nära substitut, samt har höga inträdesbarriärer till följd av statliga regleringar.

  • 141.
    Dozet, A.
    et al.
    Department of Community Medicine, Lund University, Lund, Sweden, Lund University, Centre for Health Economics, Lund, Sweden, Department of Economics, Lund University, Lund, Sweden.
    Lyttkens, C.H.
    Department of Community Medicine, Lund University, Lund, Sweden, Lund University, Centre for Health Economics, Lund, Sweden, Department of Economics, Lund University, Lund, Sweden, Department of Economics, Lund University, P.O. Box 7082, SE-220 07 Lund, Sweden.
    Nystedt, Paul
    Linköping University, Faculty of Arts and Sciences. Linköping University, Department of Management and Engineering, Economics .
    Health care for the elderly: Two cases of technology diffusion2002In: Social Science and Medicine, ISSN 0277-9536, E-ISSN 1873-5347, Vol. 54, no 1, p. 49-64Article in journal (Refereed)
    Abstract [en]

    Diffusion of medical technology and the growing proportion of elderly people in the population are generally regarded as major contributors to the increasing health care expenditure in the industrialised world. This study explores the importance of one specific factor in this process, the change in the use of technology among elderly patients. In some instances, a new technology is first used among younger patients and then gradually extended to the elderly. Two such cases are studied, both representing costly procedures: coronary bypass surgery (treatment of coronary heart disease) and dialysis (treatment of uraemia). In both cases, we demonstrate significant diffusion to older age groups. It is also tentatively concluded that the diffusion of technology could have an important effect on per capita health care expenditure among the oldest of the old. © 2001 Elsevier Science Ltd. All rights reserved.

  • 142.
    Dribe, M.
    et al.
    Department of Economic History, Lund University.
    Lundh, C.
    Department of Economic History, Göteborg University.
    Nystedt, Paul
    Linköping University, Faculty of Arts and Sciences. Linköping University, Department of Management and Engineering, Economics .
    Widowhood strategies in preindustrial society2007In: Journal of Interdisciplinary History, ISSN 0022-1953, E-ISSN 1530-9169, Vol. 38, no 2, p. 207-232Article, review/survey (Refereed)
    Abstract [en]

    [No abstract available]

  • 143.
    Dribe, Martin
    et al.
    Lund University, Sweden .
    Nystedt, Paul
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Educational Homogamy and Gender-Specific Earnings: Sweden, 1990-20092013In: Demography, ISSN 0070-3370, E-ISSN 1533-7790, Vol. 50, no 4, p. 1197-1216Article in journal (Refereed)
    Abstract [en]

    Several studies have shown strong educational homogamy in most Western societies, although the trends over time differ across countries. In this article, we study the connection between educational assortative mating and gender-specific earnings in a sample containing the entire Swedish population born 1960-1974; we follow this sample from 1990 to 2009. Our empirical strategy exploits a longitudinal design, using distributed fixed-effects models capturing the impact of partner education on postmarital earnings, relating it to the income development before union formation. We find that being partnered with someone with more education (hypergamy) is associated with higher earnings, while partnering someone with less education (hypogamy) is associated with lower earnings. However, most of these differences in earnings emerge prior to the time of marriage, implying that the effect is explained by marital selection processes rather than by partner education affecting earnings. The exception is hypogamy among the highly educated, for which there are strong indications that in comparison with homogamy and hypergamy, earnings grow slower after union formation.

  • 144.
    Durevall, Dick
    et al.
    Department of Economics, University of Gothenburg, Sweden.
    Sjö, Bo
    Linköping University, Department of Management and Engineering, Economics. Linköping University, The Institute of Technology.
    The Dynamics of Inflation in Ethiopia and Kenya2012Report (Other academic)
    Abstract [en]

    This study provides an assessment of the main drivers of inflation in Ethiopia and Kenya by developing single-equation error correction models for the Consumer Price Index in each country. This approach takes into account a number of potential sources of the recent surge in inflation, including excess money supply, exchange rates, food and non-food world prices, world energy prices and domestic agricultural supply shocks. We find that the inflation rates in both Ethiopia and Kenya are driven by similar factors; world food prices and exchange rates have a long run impact, while money growth and agricultural supply shocks have short-to-medium run effects. There is also evidence of substantial inflation inertia in both countries. The key conclusion is that there is no nominal anchor for inflation in either country in the form of a clear and well-functioning monetary or exchange rate policy.

  • 145.
    Dutta, Anupam
    et al.
    Univ Vaasa, Finland.
    Bouri, Elie
    Holy Spirit Univ Kaslik, Lebanon.
    Junttila, Juha
    Univ Jyvaskyla, Finland.
    Uddin, Gazi Salah
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Does corn market uncertainty impact the US ethanol prices?2018In: Global Change Biology Bioenergy, ISSN 1757-1693, E-ISSN 1757-1707, Vol. 10, no 9, p. 683-693Article in journal (Refereed)
    Abstract [en]

    The growing interest in biofuel as a green energy source has intensified the linkages between corn and ethanol markets, especially in the United States that represents the largest producing and exporting country for ethanol in the world. In this study, we examine the effect of corn market uncertainty on the price changes of US ethanol applying a set of GARCH-jump models. We find that the US ethanol price changes react positively to the corn market volatility shocks after controlling for the effect of oil price uncertainty. In addition, we document that the impact of corn price volatility on the US ethanol prices appears to be asymmetric. Specifically, only the positive corn market volatility shocks are found to influence the ethanol market returns. Our findings also suggest that time-varying jumps do exist in the ethanol market.

  • 146.
    Dutta, Anupam
    et al.
    Univ Vaasa, Finland.
    Junttila, Juha
    Univ Jyvaskyla, Finland.
    Uddin, Gazi Salah
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Forecasting the volatility of biofuel feedstock prices: the US evidence2019In: Biofuels, Bioproducts and Biorefining, ISSN 1932-104X, E-ISSN 1932-1031, Vol. 13, no 4, p. 912-919Article in journal (Refereed)
    Abstract [en]

    Given that, nowadays, 40% of the US corn crop is used for biofuel production, there is a growing concern that the rise in biofuel production might lead to an increase in food prices. However, it is also obvious that significant growth in biofuel use has minimized the demand for fossil fuel and has hence reduced the volume of carbon emissions. It is therefore crucial to model corn market volatility precisely because such an estimate could play a vital role in stabilizing food and biofuel market prices. For this purpose, we consider using the information content of the corn implied volatility (CIV) index to predict the corn futures market return volatility. Using symmetric and asymmetric GARCH-class models, we find that the CIV index provides additional information beyond what is contained in the historical volatility of the corn market returns, and the information provided by the CIV index improves volatility forecasts for the US corn market. These findings could be extremely useful for energy market participants. (c) 2019 Society of Chemical Industry and John Wiley amp; Sons, Ltd

  • 147.
    Edblad, Kristoffer
    et al.
    Linköping University, Department of Management and Engineering, Economics.
    Mörn, Jonathan
    Linköping University, Department of Management and Engineering, Economics.
    Bullervärderingar på bostadsmarknaden: En jämförelse mellan studenters och övriga samhällets betalningsvilja för vägtrafikbuller2015Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [sv]

    Denna uppsats undersöker om studenters betalningsvilja för en vägtrafikbullerreduktion från 40 dBA till 30 dBA skiljer sig från övriga samhällets betalningsvilja för samma reduktion. Övriga samhällets betalningsvilja för vägtrafikbuller är framräknat av Trafikverket i den årliga ASEK-rapporten. Bakgrunden till denna uppsats är det förslag om en ny bullerlagstiftning som regeringen har lagt fram, vilken gör skillnad mellan studentlägenheter och andra lägenheter vad gäller tillåten vägtrafikbullernivå. Om studenters betalningsvilja för vägtrafikbuller skiljer sig från övriga samhällets kan det, utifrån den aspekten, finnas belägg för en särlagstiftning för studentbostäder. Denna uppsats använder en annan metod än Trafikverket för att få fram respondenternas betalningsvilja. Vår undersökning använder metoden Contingent Valuation (CV) och Trafikverkets beräkningar är baserade på metoden Hedonisk Priser (HP). Det finns problem med båda metoderna och dessa problem finns i viss utsträckning i både vår undersökning och den studie Trafikverkets värden är baserade på. Trafikverkets beräkningar visar att individer värderar en bullerreduktion från 40 till 30 dBA till 245,5 kr/månad och person. Vår undersökning visar att studenter värderar samma bullerreduktion till 583,5/månad och person. Vi drar därför slutsatsen att utifrån vår studie och Trafikverkets bullervärdering verkar studenter ha en högre betalningsvilja för trafikbuller än övriga samhällets, och att det därmed inte finns belägg för en särlagstiftning för studentbostäder utifrån den aspekten.

  • 148.
    Ehn, Jonas
    et al.
    Linköping University, Department of Management and Engineering, Economics.
    Fredriksson, Axel
    Linköping University, Department of Management and Engineering, Economics.
    Natural Disasters and the Level of Insurance Market Development: How Can We Handle the Increasing Number of Natural Disaster Events? Evidence from Southeast Asia and Oceania2018Independent thesis Advanced level (degree of Master (One Year)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The study investigates the role of the insurance market in determining the direct economic damage and fatalities from natural disasters in Southeast Asia and Oceania. In particular, if the level of insurance market development influences the outcomes of natural disasters, does it have a mitigating effect? We use quantitative data and apply an econometric approach through pooled OLS and fixed effect models to analyze the relationship between the direct damages from natural disasters and the level of insurance market development in the region. The data is an unbalanced panel and includes losses from natural disasters, insurance penetration, insurance density and various interesting variables. Insurance density is the only focus variable that seems to have an effect on the consequences after a natural disaster, where higher insurance density would lower the direct costs after a natural disaster. The study concludes that the mainly insignificant results is likely due to underdevelopment of the insurance market in the investigated region.

  • 149.
    Ekelund, Charlotta
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Nilsson Berg, Nathalie
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    The Impact of Responsible Investments on Fund Characteristics via Negative Screening: A Study of Four Nordic Countries2017Independent thesis Advanced level (degree of Master (One Year)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The increasing interest in being socially and environmentally responsible in the financial market, is a development that few has failed to notice. There is however no current consensus in whether doing moral good is justified, and what effects it brings on the financial instruments’ characteristics. Besides addressing how social and environmental responsibility affect returns, little is said in previous research about the effect on other measurements, especially in the Nordic countries. The aim of this study is therefore to investigate, analyze and bring knowledge to how exclusion of sinful markets changes a fund’s characteristics in Sweden, Norway, Finland, and Denmark. The completion is done by creating four benchmark portfolios for these countries and by applying different socially responsible screens to measure the final effect on the remaining portfolio. These screenings were performed in three different time periods to capture the ongoing change in the markets, as well as establishing robustness in the results. The outcome of this study give a predominant indication that there are effects on the characteristics that investors need to be aware of. These effects seem to be country specific, as size and sign differs between the countries. Most of the changes in the characteristics are relatively small, why socially responsible investment still should be considered.

  • 150.
    Ekerstad, Niklas
    et al.
    Linköping University, Department of Medical and Health Sciences, Division of Health Care Analysis. Linköping University, Faculty of Medicine and Health Sciences. NU NAL Uddevalla Hospital Grp, Sweden.
    Karlson, Björn W.
    University of Gothenburg, Sweden.
    Dahlin Ivanoff, Synneve
    University of Gothenburg, Sweden.
    Landahl, Sten
    University of Gothenburg, Sweden.
    Andersson, David
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Heintz, Emelie
    Karolinska Institute, Sweden.
    Husberg, Magnus
    Linköping University, Department of Medical and Health Sciences, Division of Health Care Analysis. Linköping University, Faculty of Medicine and Health Sciences.
    Alwin, Jenny
    Linköping University, Department of Medical and Health Sciences, Division of Health Care Analysis. Linköping University, Faculty of Medicine and Health Sciences.
    Is the acute care of frail elderly patients in a comprehensive geriatric assessment unit superior to conventional acute medical care?2017In: Clinical Interventions in Aging, ISSN 1176-9092, E-ISSN 1178-1998, Vol. 12Article in journal (Refereed)
    Abstract [en]

    Objective: The aim of this study was to investigate whether the acute care of frail elderly patients in a comprehensive geriatric assessment (CGA) unit is superior to the care in a conventional acute medical care unit. Design: This is a clinical, prospective, randomized, controlled, one-center intervention study. Setting: This study was conducted in a large county hospital in western Sweden. Participants: The study included 408 frail elderly patients, aged amp;gt;= 75 years, in need of acute in-hospital treatment. The patients were allocated to the intervention group (n=206) or control group (n=202). Mean age of the patients was 85.7 years, and 56% were female. Intervention: This organizational form of care is characterized by a structured, systematic interdisciplinary CGA-based care at an acute elderly care unit. Measurements: The primary outcome was the change in health-related quality of life (HRQoL) 3 months after discharge from hospital, measured by the Health Utilities Index-3 (HUI-3). Secondary outcomes were all-cause mortality, rehospitalizations, and hospital care costs. Results: After adjustment by regression analysis, patients in the intervention group were less likely to present with decline in HRQoL after 3 months for the following dimensions: vision (odds ratio [OR] = 0.33, 95% confidence interval [CI] = 0.14-0.79), ambulation (OR =0.19, 95% CI = 0.1-0.37), dexterity (OR =0.38, 95% CI =0.19-0.75), emotion (OR =0.43, 95% CI =0.22-0.84), cognition (OR =0.076, 95% CI =0.033-0.18) and pain (OR =0.28, 95% CI =0.15-0.50). Treatment in a CGA unit was independently associated with lower 3-month mortality adjusted by Cox regression analysis (hazard ratio [HR] = 0.55, 95% CI = 0.32-0.96), and the two groups did not differ significantly in terms of hospital care costs (Pamp;gt;0.05). Conclusion: Patients in an acute CGA unit were less likely to present with decline in HRQoL after 3 months, and the care in a CGA unit was also independently associated with lower mortality, at no higher cost.

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