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  • 151.
    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. 

  • 152.
    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.

  • 153.
    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.

  • 154.
    Branér, Robert
    Linköping University, Department of Management and Economics.
    Volatilitet och effektivitet på aktiemarknaden -Har risken i enskilda aktier ökat?2002Independent thesis Advanced level (degree of Magister)Student thesis
    Abstract [en]

    In this paper the relation between risk, market efficiency and volatility is being discussed. A study has been made to see if there has been any change in the volatility for individual stocks during the time period 1988-1999. Further, the factors that contribute to changes in the volatility have been examined and also which the consequences are for various types of investors and whether the developement is consistent with the efficient market hypothesis. The study of volatility is interesting because of the risk that an increased volatility entails for the investors. When mispricing occurs in the stockmarket there is also a risk for a non-optimal allocation of capital. Roughly speaking the definition of volatility is how large the uncertainty is about the future return from an individual stock. Volatility is considered to be short time period movements in financial prices within a day or from one day to another but is also used as a mesaure to describe price

  • 155.
    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.

  • 156.
    Bäck, Fredrik
    Linköping University, Department of Management and Economics.
    Europeisk fusionskontroll: på olika villkor2005Independent thesis Advanced level (degree of Magister), 10 points / 15 hpStudent thesis
    Abstract [en]

    The decision of the European Commission to block the merger between Volvo and Scania in the late 90’s became the starting point to the debate of the possible discriminating effects of the European merger regulation. Especially since the Commission a few years earlier had approved of the merger between Mercedes-Benz and Kässbohrer on the German bus market, where the conditions for competition had been similar to those at hand in the Swedish case. The issue that was and still is in focus is whether the European merger regulation is more difficult to pass for large companies situated on a smaller domestic market than is the case for their competitors of corresponding size but situated on a larger domestic market.

    This thesis aims at examining what the judgement of the geographical relevant market means for the application of the Merger act. This is being done from two perspectives. Firstly how the geographical criterion affects large merging companies situated on a relatively small domestic market and secondly how it affects a member state like Sweden, which is so dependent on its large companies. The purpose of this thesis also opens for a discussion of how rigid the merger control can be in an open market economy.

    The company perspective of the purpose is being pursued in two studies of the merger cases Volvo-Scania and Mercedes-Benz/Kässbohrer, being four national champs with differing size of domestic markets. The member state angle considers the smaller state dependence on its large companies and if that dependence itself creates a disadvantage in a merger case. The end of the purpose opens for a common discussion of the legitimacy of merger control in an open market economy. After analysing these aspects the thesis concludes that the geographical criterion makes it impossible for large companies with a relatively small domestic market to merge when a market bears the stamp of brand loyalty. Considering the small member state the conclusion is that the European merger control offers both pros and cons for consumers and that smaller states would be better off with a more producer-oriented merger law. The ending conclusion questions the Merger act as an intervening tool because of its arbitrary aspect depending on which composition the Commission has when a merger is announced.

  • 157.
    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. 

  • 158.
    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.

  • 159.
    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.

  • 160.
    Cardell, David
    Linköping University, Department of Thematic Studies, Department of Child Studies. Linköping University, Faculty of Arts and Sciences.
    Underhållningsidrott som upplevelseindustri: Review of Hans Lundberg (2009) Kommunikativt entreprenörskap [diss.]2010In: Idrottsforum.org/Nordic sport science forum, ISSN 1652-7224Article, book review (Other academic)
    Abstract [sv]

    Utvecklingen av idrotten – ursprungligen den obefläckade kampen mellan vackra nakna grekiska ynglingar, överflyttad till engelska public school-gräsmattor med på- och välklädda, och inte alltid så vackra överklassynglingar, i något skede som folklig kultur med brödrafolksambitioner, till dagens underhållningsidrott med ekonomiska snarare än ädla motiv – har beskrivits i många texter av skilda slag, inklusive avhandlingar. Det har stundtals klagats på en alltför deterministisk hållning inför utvecklingen, som vore den obehindrad, okontrollerbar, oförklarlig – och värst av allt, inte i behov av förklaring. Inte sällan tar studier avstamp i fait accompli som utvecklingens krona, snapshots från en ny tid. Men även i snävt avgränsade tidsrymder kan skeenden fångas, vilket Hans Lundberg, gammal forumrecensent och nybliven ekonomie doktor visar i sin avhandling Kommunikativt entreprenörskap: Underhållningsidrott som totalupplevelse före, under och efter formeringen av den svenska upplevelseindustrin 1999–2008 (Växjö University Press). Vi bad en annan forumrecensent, tillika nybliven idrottsvetenskaplig licentiat, David Cardell om en recension av Lundbergs idé- och empiritäta bok. Sin recension, som på ett närmast impressionistiskt sätt fångar avhandlingen essenser i smått och stort, avslutar Cardell med reflektionen att textens ställvisa svårgenomtränglighet till trots är Lundbergs dióktorsopus läsvärt för alla som uppmärksammat och häpnat inför idrottens senmoderna utveckling, och kanske än mer angelägen för den som inte ens noterat denna utveckling.

  • 161.
    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
  • 162.
    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.

  • 163.
    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.

  • 164.
    Constantinou, Minela
    et al.
    Linköping University, Department of Management and Engineering.
    Lingebrandt, Kristina
    Linköping University, Department of Management and Engineering.
    Dolda strategier: -En kvalitativ studie om hur bankerna hanterar problematiken kring kreditgivningsprocessen till nya låntagare2017Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [sv]

    Bakgrund: I syfte att stävja den höga utlåningen till bostadsfinansieringen införde Finansinspektionen bolånetaket på 85 procent av bostadens marknadsvärde samt amorteringskravet. De stigande bostadspriserna i kombination med de striktare reglerna ledde till höga inträdesbarriärer. Detta ledde till att förstagångsköparna tvingats anpassa sina lånestrategier till att finansiera de höga prisnivåerna då de är i ett desperat behov av en bostad i städer med skriande bostadsbrist. Då även bankerna strävar efter att öka sin omsättning finns belägg att tro att även de anpassat sina strategier.

    Syfte: Syftet är att analysera hur implementering av bolånetak och amorteringskrav har påverkat bankers och förstagångsköpares strategier i kreditgivningsprocessen vid bolån.

    Metod: Studien genomförs med en kvalitativ ansats. Empirin insamlas från semistrukturerade intervjuer med banker samt Finansinspektionen, vilken genom spelteoretisk analys struktureras samt begripliggörs.

    Slutsats: Studien kom fram till att en rad strategier uppstått som bästa respons till följd av de striktare reglerna. En majoritet av dessa strategier kan betecknas som sunda men det har även uppkommit en del som är problematiska. Bland dessa återfinns kontantinsatser finansierade med blancolån.

  • 165.
    Cramer, Michael
    Linköping University, Department of Management and Economics, Economics and Economic History.
    Riksbankens och ECB:s agerande under finanskrisen 2008/09: Fungerar teorin även när världsfinanssystemet står nära avgrunden?2010Student paper other, 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Lehman Brothers kollaps i september 2008 förändrade världens finanssystem och därutöver påskyndade den pågående processen av maktförflyttningen från G8-gruppen till den s.k. G20-gruppen. Därefter blev centralbanker huvudaktörer för att förhindra en kollaps av hela finansmarknaden. Under den ekonomiska nedgången vidtog Riksbanken och den Europeiska Centralbanken, ECB, penningpolitiska åtgärder för att stabilisera ekonomin i Sverige respektive euroområdet.

    Uppsatsen analyserar Riksbankens och ECB:s penningpolitik och jämför dessa med varandra med fokus på hur de agerar under stress, i detta fall under finanskrisen 2008/09.

    Uppsatsen använder en optimeringsmodell som beskriver centralbankers mål, preferenser och restriktioner. Modellen resulterar i en penningpolitiskränteregel, Taylorregeln. Under stress blir det vanliga målet, prisstabilitet, åsidosatt och fokus läggs snarare på ett säkert och stabilt

    betalningssystem. Till följd av räntesänkningar under hösten 2008 och våren 2009 befinner sig den nominella räntan såväl i Sverige som i eurozonen nära noll, vilket ofta lägger grund för den s.k. likviditetsfällan, ett fenomen som optimeringsmodellen inte kan förklara. Därför kompletteras denna modell med Svenssons och Jeannes modell för analys av centralbanker under stress.

    Uppföljningen av Riksbankens och ECB:s penningpolitiska möten, ekonomiska indikatorer såsom styrräntor, inflation, arbetslöshet och ekonomisk tillväxt visar giltigheten av optimeringsmodellen under normala omständigheter från januari till augusti 2008. Modellen är dock inte tillräcklig för att kunna beskriva centralbankernas agerande under stress, vilket är fallet för perioden september 2008 till oktober 2009. Modellen med likviditetsfällan visade sig var lämplig för analys av den här perioden. Riksbanken och ECB agerande, inklusive en styrränta nära noll, kan ha bidragit till att stabilisera finansmarknaden och t.o.m. till en viss återhämtning av ekonomin sedan våren 2009.

    Skillnaderna mellan Riksbankens respektive ECB:s agerande var små. Styrräntan ligger på olika nivåer men de vidtagna åtgärderna genomfördes med samma anledning. Motsatsen till tidsperioden mellan september 2008 och oktober 2009 är uppenbar. Huvudmekanismen, räntekanalen, utnyttjades till

    nästan 100 procent och andra åtgärder fick vidtas för att kunna stimulera och stabilisera ekonomin och banksektorn. Inflationsmålet åsidosattes på kort sikt och fokusen låg på ett säkert och stabilt betalningssystem.

    Även om finanskrisen 2008/09 framstår som den värsta ekonomiska krisen i Sverige och euroområdet, hamnade ingen av ekonomierna i likviditetsfällan under en lång period även om några parametrar uppvisar risk för en sådan utveckling. Centralbankerna lyckades att skapa positiva inflationsförväntningar redan under våren 2009 så att det bara finns tecken för en likviditetsfälla under sista kvartalet 2008 och under första kvartalet 2009.

  • 166.
    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.

  • 167.
    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.

  • 168.
    Dahlqvist, Emanuel
    et al.
    Linköping University, Department of Management and Engineering.
    Larsson, Katarina
    Linköping University, Department of Management and Engineering.
    Bankpanik?: En undersökning om hur hushållens inlåning i banker förändrades hösten 20082009Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [sv]

    Vi har undersökt förändringar i de svenska hushållens inlåning i banker under finanskrisens utbrott hösten 2008. Vår uppsats visar att hushållen i större omfattning än tidigare har flyttat sina inlånade pengar under denna period. Både förflyttningar mellan bankerna och från bankkonton till annan typ av sparande har ökat. De pengar som flyttats är framförallt sådana som överstigit insättningsgarantins maxbelopp. Det är alltså risken att förlora pengar som gjort att hushållen agerat på marknaden. Under finanskrisens inledning i september och oktober förra året föll förtroendet för bankerna kraftigt. Bankmarknadens negativa exponering i media spelade en viktig roll för hushållens syn på de olika bankerna.

    Handelsbanken var nettovinnare medan Swedbank var nettoförlorare på inlåningsmarknaden. Vår uppfattning är att fler har flyttat pengar ifrån Swedbank än från andra banker eftersom de har uppfattats som mest osäkra. Samtidigt har många av dem som spritt sin inlåning valt att flytta sina pengar till  Handelsbanken.

    Våra resultat tyder på att trots stora förflyttningar i inlåningen har hushållen inte bytt bank mer än vanligt i det inledande skedet av finanskrisen. Trögheten på marknaden finns kvar så länge det inte finns risk att förlora sina pengar. Bland annat personliga relationer är ett hinder för kunder att byta bank. Andra orsaker kan vara att kunder inte är intresserade av sparfrågor och att banktjänster inte är så olika. Eftersom det framförallt var rädsla att förlora sina pengar som drev den ökade mobiliteten på marknaden fick insättningsgarantin och dess höjning i oktober stor betydelse för stabiliteten på finansmarknaden.

  • 169.
    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.

  • 170.
    Dahlström, Amanda
    et al.
    Linköping University, Department of Management and Engineering.
    Ege, Oskar
    Linköping University, Department of Management and Engineering.
    CLIMATE POLICY UNDER GEOPOLITICAL UNCERTAINTY: A QUANTITATIVE APPROACH2017Independent thesis Advanced level (degree of Master (Two Years)), 80 credits / 120 HE creditsStudent thesis
    Abstract [en]

    The drivers of CO2 emissions are a widely studied subject of great importance to both individual countries and the global community. However, the inclusion of a quantitative measure of political uncertainty, national and global, has until now been largely overlooked. We investigate how geopolitical uncertainty (GPU) and income interact with CO2 emissions using a panel quantile regression approach for a set of 63 nations over the period 1985-2014. Our key findings are; (i) a consistent negative (positive) relation between global (local) uncertainty and the different CO2 emission distribution levels, (ii) the relation between uncertainty and emissions is heterogeneous across different income groups, (iii) clear and consistent evidence for the Environmental Kuztnet Curve hypothesis with respect to uncertainty, (iiii) when deciding on environmental policy, it is of great importance to consider political uncertainty and whether to use a local or global measure.

  • 171.
    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. 

  • 172.
    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. 

  • 173.
    Davidson, Thomas
    Linköping University, Department of Management and Economics.
    The creation of a cluster A case study of Malaysia's Multimedia Super Corridor2002Independent thesis Advanced level (degree of Master (One Year))Student thesis
    Abstract [en]

    Multinational companies (MNCs) often choose to locate near other MNCs in order to gain advantages from each other. This is one ingredient in creating a cluster, an area composed of companies, institutions and/or organisations, sharing a similar technology or knowledge base with mutual benefits for the cluster participants. Market forces have created the majority of the clusters in the world. Still, governments frequently aim at creating clusters in order to promote regional development and growth. This is the case with the Multimedia Super Corridor (MSC) in Malaysia that was launched in 1996. My purpose with this thesis is to examine if the creation and running of the MSC has had economical benefits for Malaysia and to examine the MSC’s potential to become profitable and productive. The MSC is a new technological area and it is still under construction. The return on investment seems to be negative and the area is dependent on the Malaysian government for its development. The infrastructure, political and economical factors seem, according to my analysis, to be sufficient for creating the MSC. However, the low level of human resource is a problem for the cluster. Furthermore, Malaysia’s comparative advantage does not seem to be in high-technology production but rather in high-quality manufacturing. Even though the MSC is unlikely to develop into a world leading high-technology cluster, it can help to transfer Malaysia into a new phase of development.

  • 174.
    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.

  • 175.
    DeJuan, Joseph
    et al.
    University of Waterloo, Canada.
    Persson, Joakim
    Karlstad University.
    Tomljanovich, Marc
    Drew University, Canada.
    Regional Income Convergence in Sweden,1911-2003: A Time Series Analysis2012In: The journal of economic asymmetries, ISSN 1703-4949, Vol. 9, no 1, p. 67-87Article in journal (Refereed)
    Abstract [en]

    The issue of income convergence is important for policy makers’ regional strategies aimed at redistributing funds to poorer regions in a country. We investigate the growth and convergence characteristics of 24 Swedish counties during the period 1911-2003. Using time series techniques, we find that shocks to relative county per capita incomes are temporary, and that initially poor (rich) counties tend to experience higher (lower) growth rates than the nation as whole. Our findings are consistent with the neoclassical model’s prediction of conditional convergence, and imply that market forces rather than interregional government redistribution are the main drivers behind our results.

  • 176.
    Dianne, Mwanje
    Linköping University, Department of Thematic Studies, Tema Environmental Change.
    Smokeless homes: Challenges for Increasing Use of Improved Biomass Cookstoves in Kisumu, Kenya.2018Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    In Kenya, 69 percent of populations depend on biomass fuels to meet their cooking needs. The incomplete combustion of biomass is performed in insufficiently ventilated settings thus exposing human health and environment to toxic pollution. To date, women and children in resource limited settings have been most vulnerable to severe respiratory infections. The promotion of the Improved Biomass Cookstoves has become a popular issue in policy, research and practice. Community Based Organizations have however faced serious challenges in increasing sustainable use of the cookstoves among users. This qualitative study investigates the role of Community Based Organizations in promoting the Improved Biomass Cookstoves through women’s empowerment initiatives. It applies focus group interviews, questionnaire and formal interviews. 11 interview forms were administered to 30 women, 2 key informants and 3 implementing Community Based Organization representatives in Dunga wetland community. A combination of previous research and this empirical study show that economic resources, small diameter stove designs as well as insufficient policy support hinder effective stove programmes. While there is general adoption, women lack sufficient income and ownership of land which is a significant resource to empowerment. Women informal financial networks are instrumental in driving behavioral change towards clean cooking in the community. Sufficient gender sensitive policy intervention and support can provide effective channels to ensure sustainable incomes of women, livelihoods and stove use.

  • 177.
    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.

  • 178.
    Donner, Henrik af
    Linköping University, Department of Management and Economics.
    Constructing Costs2000Independent thesis Advanced level (degree of Magister)Student thesis
    Abstract [en]

    The economic analysis of building contracts is an unexplored field within Law and Economics. This paper makes an attempt to cast some light over the subject and encourage to more research within the field. The main purpose has been to describe why the actual price in a public construction project often turns out to be higher than the contract price and offer a way of handle that risk. In the paper a model is set up that shows an optimal contract given expectations on actual price and gaps in contracts. Cost increases for the buyer can mainly be explained by two situations. The first situation is when something unexpected occurs that forces costs to increase for the project as a whole and the risk is already allocated in advance. If the contract specifies that the buyer should bear the current risk it will not cause any procedural problems and the project will end up more expensive for the buyer. The second situation arises when a risk is realised and the contract has not specified how to deal with it. Bargaining power and anticipations on the other parts behaviour will be of significance for how to place the extra costs. A more general discussion is also held about contract forms in the construction sector and the way that different contracts handle financial risk. One conclusion is that a fixed price contract without any gaps probably is the best way for the government to keep control of cost increases. Unfortunately, in the real world almost all contracts suffer from gaps. The paper concludes that cost plus contracts should be used very rarely mainly because of the low incentives it gives the contractor to keep costs down.

  • 179.
    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.

  • 180.
    Eckard, Nathalie
    Linköping University, Department of Management and Economics.
    Captureteorin: Regleringar och konsten att fånga politiska beslut i den demokratiska processen tillämpad på den svenska läkemedelsmarknaden2003Independent thesis Advanced level (degree of Magister)Student thesis
    Abstract [en]

    The Capturetheory wants to give an alternative explanation for the need of regulation. From this point if view the government does not have enough information to make an optimal regulation. There is a possibility for different interest groups to take advantage of the political arena by rent- seeking behaviour. An industry may be willing to be regulated to protect itself from competition. The objective of this paper is to account for the pros and cons of the theory of regulatory capture and also if it can be applied to the Swedish market of pharmaceuticals. The theory of regulatory capture is first and foremost a theory of the motives behind regulation. The Swedish market for pharmaceuticals has been analysed by looking into the underlying force of both the pharmaceutical industry and that of the State. There is room for the regulatory agencies to be captured by the industry because of the information provided to them by the industry. The concluding findings show that the Capture theory can applied to the Swedish market for pharmaceuticals.

  • 181.
    Edberg, Tobias
    Linköping University, Department of Management and Economics.
    Personal data and direct marketing: Coase Theorem on EU Directive 95/46/EC2000Independent thesis Advanced level (degree of Magister)Student thesis
    Abstract [en]

    The right to personal data is compared with the right to land. The concept of rights may be regarded as bundles of rights of which the right to use of scarce resources, the right to exclude and the right transfer rights are the most important ones. The development of Information Technology has reduced considerably the cost of using personal data leadingto an increased use of the data in the context of direct marketing by different firms. However, the use and processing of personal data may cause externalities, both positive and negative ones, on the individual to whom the data relates. This situation can be analysed with the Coase Theorem, where the transaction costs have important function. In a state of zero transaction costs the parties, firms and individuals, can make agreements of an optimal use of the personal data, independently of the assignments of rights to the personal data. Such agreements internalise further the externalities. However, in the real life the transaction costs are high meaning that the assignments of rights are most significant leading to that the externalities remain. To pass by the problem of transaction costs and externalities, zoning procedure with transference of rights can be used. The background of bundles of right to personal data together with the Coase Theorem and zoning procedure are applied to the Directive 95 /46/EC adopted by the European Union regarding the processing of personal data and the protection of privacy. This Directive may however be interpreted in different ways leading to that the assignment of rights and level of direct marketing is different between Member States.

  • 182.
    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.

  • 183.
    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.

  • 184.
    Ek, Jenny
    Linköping University, Department of Management and Engineering.
    Vad styr ett Facility Management-beslut?: En kartläggning av faktorer som påverkar företagens beslut kring outsourcing av Facility Management2009Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
    Abstract [sv]

    Bakgrund: Denna uppsats är skriven på uppdrag från Coor AB. Uppdragsgivaren är intresserad av att veta varför vissa företag väljer att outsourca medan andra väljer att bedriva Facility Management-enheten i egen regi. Outsourcad Facility Management ökar i Sverige, men vad är det egentligen som skiljer företag som väljer att outsourca från de företag som inte gör det?

    Syfte: Syftet med studien är att via intervjuer identifiera och utifrån vald teori analysera vilka strategiska faktorer som påverkar företagens beslut kring outsourcing av Facility Management-funktionen.

    Genomförande: Denna studie är intervjubaserad och omfattar sju intervjuer med operativa chefer från olika företag som antingen outsourcar eller bedriver Facility Management-tjänsterna i egen regi.

    Resultat: Studiens resultat påvisar att det är strategiskt klokt att köpa en tjänst av en extern leverantör om en extern leverantör utför tjänsten bättre och billigare än företaget själva, vilket indikerar att ekonomi är en strategisk faktor som påverkar ett outsourcingbeslut. Det visade sig även att det är hur föränderliga företagets produkter är, var företaget befinner sig i förädlingskedjan och hur stor del av förädlingskedjan som företaget verkar inom som avgör vilka strategiska faktorer som spelar in. Även konkurrensen på marknaden och rådande konjunkturen är strategiska faktorer som påverkar ett outsourcingbeslut. De kostnader som uppstår med outsourcing är olika typer av transaktionskostnader och dessa kostnader varierar från företag till företag. Andra förhållanden som påverkar ett outsourcingbeslut är möjlighet att bevara kunskap inom företaget, att kunna samla allt på ett ställe, att kunna bibehålla servicenivån och närhet samt viljan att värna om lokal förankring.

  • 185.
    Ekblom, Jonas
    Linköping University, Department of Management and Engineering, Production Economics. Linköping University, Faculty of Science & Engineering.
    Decision Making under Uncertainty in Financial Markets: Improving Decisions with Stochastic Optimization2018Doctoral thesis, comprehensive summary (Other academic)
    Abstract [en]

    This thesis addresses the topic of decision making under uncertainty, with particular focus on financial markets. The aim of this research is to support improved decisions in practice, and related to this, to advance our understanding of financial markets. Stochastic optimization provides the tools to determine optimal decisions in uncertain environments, and the optimality conditions of these models produce insights into how financial markets work. To be more concrete, a great deal of financial theory is based on optimality conditions derived from stochastic optimization models. Therefore, an important part of the development of financial theory is to study stochastic optimization models that step-by-step better capture the essence of reality. This is the motivation behind the focus of this thesis, which is to study methods that in relation to prevailing models that underlie financial theory allow additional real-world complexities to be properly modeled.

    The overall purpose of this thesis is to develop and evaluate stochastic optimization models that support improved decisions under uncertainty on financial markets. The research into stochastic optimization in financial literature has traditionally focused on problem formulations that allow closed-form or `exact' numerical solutions; typically through the application of dynamic programming or optimal control. The focus in this thesis is on two other optimization methods, namely stochastic programming and approximate dynamic programming, which open up opportunities to study new classes of financial problems. More specifically, these optimization methods allow additional and important aspects of many real-world problems to be captured.

    This thesis contributes with several insights that are relevant for both financial and stochastic optimization literature. First, we show that the modeling of several real-world aspects traditionally not considered in the literature are important components in a model which supports corporate hedging decisions. Specifically, we document the importance of modeling term premia, a rich asset universe and transaction costs. Secondly, we provide two methodological contributions to the stochastic programming literature by: (i) highlighting the challenges of realizing improved decisions through more stages in stochastic programming models; and (ii) developing an importance sampling method that can be used to produce high solution quality with few scenarios. Finally, we design an approximate dynamic programming model that gives close to optimal solutions to the classic, and thus far unsolved, portfolio choice problem with constant relative risk aversion preferences and transaction costs, given many risky assets and a large number of time periods.

    List of papers
    1. Corporate Hedging: an answer to the "how" question
    Open this publication in new window or tab >>Corporate Hedging: an answer to the "how" question
    2018 (English)In: Annals of Operations Research, ISSN 0254-5330, E-ISSN 1572-9338, Vol. 266, no 1-2, p. 35-69Article in journal (Refereed) Published
    Abstract [en]

    We develop a stochastic programming framework for hedging currency and interest rate risk, with market traded currency forward contracts and interest rate swaps, in an environment with uncertain cash flows. The framework captures the skewness and kurtosis in exchange rates, transaction costs, the systematic risks in interest rates, and most importantly, the term premia which determine the expected cost of different hedging instruments. Given three commonly used objective functions: variance, expected shortfall, and mean log profits, we study properties of the optimal hedge. We find that the choice of objective function can have a substantial effect on the resulting hedge in terms of the portfolio composition, the resulting risk and the hedging cost. Further, we find that unless the objective is indifferent to hedging costs, term premia in the different markets, along with transaction costs, are fundamental determinants of the optimal hedge. Our results also show that to reduce risk properly and to keep hedging costs low, a rich-enough universe of hedging instruments is critical. Through out-of-sample testing we validate the findings of the in-sample analysis, and importantly, we show that the model is robust enough to be used on real market data. The proposed framework offers great flexibility regarding the distributional assumptions of the underlying risk factors and the types of hedging instruments which can be included in the optimization model.

    Place, publisher, year, edition, pages
    New York, United States: Springer-Verlag New York, 2018
    Keywords
    Stochastic programming, Currency hedging, Term premia, Uncertain cash flows, Risk management
    National Category
    Economics
    Identifiers
    urn:nbn:se:liu:diva-142117 (URN)10.1007/s10479-017-2645-6 (DOI)000433953200003 ()2-s2.0-85032818917 (Scopus ID)
    Available from: 2017-10-23 Created: 2017-10-23 Last updated: 2018-10-05Bibliographically approved
  • 186.
    Ekblom, Jonas
    et al.
    Linköping University, Department of Management and Engineering.
    Andersson, John
    Linköping University, Department of Management and Engineering.
    Value-at-Risk: Historisk simulering som konkurrenskraftig beräkningsmodell2008Independent thesis Basic level (degree of Bachelor), 10 points / 15 hpStudent thesis
    Abstract [en]

    Value-at-Risk (VaR) is among financial institutions a commonly used tool for measuring market risk. Several methods to calculate VaR exists and different implementations often results in different VaR forecasts. An interesting implementation is historical simulation, and the purpose of this thesis is to examine whether historical simulation with dynamic volatility updating is useful as a model to calculate VaR and how this differs in regard to type of asset or instrument. To carry out the investigation six different models are implemented, which then are tested for statistical accuracy through Christoffersens test. We find that incorporation of volatility updating into the historical simulation method in many cases improves the model. The model also generates good results compared to other commonly used models, especially if the volatility is predicted through a GARCH(1,1) updating scheme.

  • 187.
    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.

  • 188.
    Eklund, Johan E.
    Linköping University, Department of Management and Economics.
    Den politiska ekonomin kring den svenska insiderlagstiftnigen: En fråga om allmänhetens förtroende?2002Independent thesis Advanced level (degree of Magister)Student thesis
    Abstract [sv]

    Under de senaste årtiondena har finansmarknaderna genomgått storastrukturomvandlingar samt internationaliserats, vilket bidragit till en snabb tillväxt. Utvecklingen har lett till att värdepappersmarknaden har kommit att betraktas som samhällsekonomiskt allt viktigare. Samtidigt har insiderhandel under de senaste decinitet blivit föremål för en omfattande reglering från statligt håll. Från 1970-talet och framåt har Sverige genomfört flera lagskärpningar. 1989 kom ett EU-direktiv som förbjöd insiderhandel. Utvecklingen visar på en tydlig trend mot en strängare syn på insiderhandel. Trots denna regleringskarusell är det tveksamt varför regleringen behövs. Det regleringspolitiska motivet bygger på att insiderhandel antas skada allmänhetens förtroende på ett allvarligt sätt. Till detta kommer att mycket tyder på att omfattningen av insiderhandel är opåverkad av lagstiftningen. De välfärds teoretiska argumenten till förmån för insiderlagstiftnigen är svaga. Om lagstiftnigen inte är välfärdsteoretiskt motiverad ställer sig fågan hur den skall förklaras. Syftet med uppsatsen är att belysa regleringen av insiderhandel från intressegruppsperspektiv och utifrån det perspektivet förklara förbudet mot insiderhandel. För att genomföra detta tillämpas ekonomiska teorier kring framväxten av marknadsregleringar. Slutsatserna som dras är att insiderlagstiftningen inte påverkar allmänhetens förmåga att framgångsrikt placera tillgångar. Lagstiftnigen gynnar professionella aktörer (s.k. kvasiinsiders) på bekostnad av traditionella insiders. Slutsatsen som dras är att det finns inget allmänintresse i att bevara insiderlagstiftnigen. Samtidigt kan regleringen av värdepappersmarknaden vara ett sätt att uppvisa politiska handlingskraft.

  • 189.
    Eklund, Sofia
    Linköping University, Department of Management and Economics.
    Det svenska pensionssystemet: Makroekonomiska aspekter ur ett demografiskt perspektiv2006Independent thesis Advanced level (degree of Magister), 10 points / 15 hpStudent thesis
    Abstract [en]

    The reform of the Swedish pension system in 1999 aimed to, among other things, decrease the demographic risk an ageing population has on the system. The new pension system is partly pay-as-you-go and partly funded.

    As an ageing population has proven disadvantageous to pension systems, this thesis treats in a macroeconomic context how these changes affect the Swedish pensions. The work is mainly based on studies of literature and statistics, and on interviews.

    The conclusions show that demographic changes resulting in an ageing population has a negative financial impact on the Swedish pension system. The effects of a higher fertility, mortality or immigration are in practice small, and thus cannot alone counter the financial impact of the ageing. A combination of, for example, high fertility and immigration, would affect the dependency burden even more positively. A positive macroeconomic development, with high employment and return on the financial market, has a positive influence on the pension system – just as a negative macroeconomic development negatively influences the system. Theoretically, it is possible to prevent a disadvantageous demographic development directly and indirectly. However, it is not certain in practice that the direct method can be successful, why the Swedish pension system relies on indirect methods such as the automatic balance mechanism and the life expectancy denominator. It is not clear whether the pension system is politically stable, but financially its stability is guaranteed.

  • 190.
    Eklundh, Jens
    Linköping University, Department of Management and Engineering, Economics.
    Cost-effectiveness of conventional and self-ligated brackets in treatment of malocclusion: An unregulated market for unregulated teeth2019Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Background: All treatments, especially funded by social means, should be subject to cost-effectiveness studies to ensure that the best possible optimization decision it taken between different treatment options. Within the health care area this is a well-developed area. For odontology in general, and orthodontic treatment in specific, this is an unknown territory and cost-effectiveness studies are rare. Malocclusion can be treated with several different systems. The sales pitch from system providers for braces - such as self-ligated brackets (SLB) promises e.g. shorten treatment duration, shorter chairtime, fewer visits, but the purchase cost of SLB systems is higher. Due to lack of results from unbiased RCT there is no guidelines. It is up to the dentist to use the treatment method/system of their own choice.

    Purpose: The purpose of this thesis is to estimate the cost-effectiveness of SLB compared to conventional brackets (CB) to determine which of the two systems that should be considered as the preferred choice of treatment in a publicly funded system.

    Method: Through an incremental cost-effectiveness ratio (ICER) calculate the most costeffective system from a societal perspective which includes all costs. To estimate the health care cost, the Reference price list will be used as baseline for production cost for CB. With the use of secondary resources examine the cost driving components to estimate the production cost of SLB. To estimate the non-health care cost a matrix with downtime from work and travel costs was estimated accounting for travel to disclose the magnitude of these cost. The Outcome of the different treatment alternatives will be measured from different perspectives, such as state specific and general profiles. Treatment duration and foregone education will also be investigated.

    Conclusions: When all production costs for SLB has been adjusted it shows that the total cost of SLB is slightly cheaper. The reduced number of visits required, less chairtime and shorter treatment period are the positive sides of the higher purchase cost of the SLB. Most of the outcome results are not statistically significant, but there is a tendency, with better average values for SLB. SLB seems to be the cheaper and with more effective outcome though not to the extent the provider promises. The difference of treatment duration is minimal and has no significant advantage. The foregone education for the patient is not possible to quantify in monetary terms but could have significant impact depending on different geographical areas but will small differences between the systems. Hence, in lack of unbiased studies and just focusing on average values, SLB dominates CB and should be the preferred choice of treatment until new long-term studies has been published.

  • 191.
    Eklöw, Mattias
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Eriksson, Marcus
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Marknaden för gymnasial utbildning och dess problematik2015Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    When friskolereformen in Sweden was introduced in 1992, the market for secondary education became a competitive market. With new opportunities for schools to pursue secondary education business, the Swedish government hoped that students' preferences could be better met and that the use of resources would be more efficient. Questions answered in this paper is what characterizes the market, which strategies secondary schools uses, effects of asymmetric information and the factors that affect the degree of variation, and what the optimal degree of variation might be.The market for secondary education is mapped based on the SCP-model to get an overview of the market and its characteristics. Salop circle will be applied and detailed discussion about asymmetric information, variety and strategies on the secondary market will be made.In summary, it is noted that the market is characterized by monopolistic competition where it is difficult to predict the secondary schools' incentives. Furthermore, the market is characterized by being fully subsidized in the form of skolpeng with the reason that the positive impact of education on society. The strategies used in the market are marketing, acquisitions, grade inflation, complimentary products and research and development. As there is a lack of information on the market means that students do not make informative choices, which means that it becomes more difficult for individuals to achieve their full potential. Furthermore, the lack of information barriers to entry in the market and the opportunities to compete with quality weakens. The factors that affect the variation in the market were found to be individual preferences, the substitution tendencies, competition and economies of scale.

  • 192.
    Eliasson, Elin
    et al.
    Linköping University, Department of Management and Economics.
    Karlsson, Charlotta
    Linköping University, Department of Management and Economics.
    Nöjda kunder med risken i fokus: En studie i hur finansiell risk bör förmedlas2004Independent thesis Advanced level (degree of Magister)Student thesis
    Abstract [en]

    During the last decades major changes has occurred at the financial markets, meaning an increasing supply and a greater variation of financial instruments. The saving habits of the Swedish people have gone from traditional bank deposits to investments in equities, funds and bonds. All this together with the great rise in the stock market at the late 90’s has brought words like risk and return up-to-date, and is the background to the development of a new law concerning financial advising which come into force the 1th of July 2004.

    The contents of the thesis can be described as three bricks, representing the survey questions. The thesis starts with descriptions of which risk- and return concepts that exists and which are used by the contemporary financial institutions. Further on, the thesis deals with the individuals’ perception of risk, in particular financial risk. To end with, details regarding how a message should be conveyed are given. The three bricks together fulfil the purpose of the thesis; To investigate how the meaning of financial risk in a simple and pedagogical way can be explained to a person not familiar with financial literature, and to develop questions that facilitate when an individuals risk profile is ascertained.

    We have found that standard deviation is the risk concept that dominates in financial theory, and together with Value at Risk is the most common used in practise. Good knowledge about risk is required when explaining risk. It is important to describe the information in an attractive way and use examples and illustrations. For financial advisers it also is important to have knowledge about the human behaviour, because ascertain the clients risk profile is an important part of the risk explanation. A clients risk profile is best ascertain with so called open questions where both what the clients answer and how he or she answer can form the basis for the judgement.

  • 193.
    Eliasson, Nina
    et al.
    Linköping University, Department of Management and Engineering, Economics.
    Karlsson, Evelina
    Linköping University, Department of Management and Engineering, Economics.
    Traditionella taxiföretag och innovativa substitut: En analys av den teknologiska utvecklingens betydelse för taximarknaden2019Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Background: The taxi market has been, and is, undergoing a transformation. As a result of the technological development, new companies and substitutes have been established on the market. Uber, Bzzt and Lime are only three of all the new companies that have emerged in the recent years, and not only contribute with new, innovative substitutes for traditional taxi, but also increased competition in terms of accessibility through digital platforms.

    Purpose: The purpose of the essay is to analyze the influence of the technological development on the taxi market’s structure and function, with focus on Stockholm.

    Completion: The main framework of the essay is the Structure-Conduct-Performance model. For a more profound analysis three interviews were conducted with: Bzzt, Svenska Taxiförbundet and Taxi Stockholm. The essay also includes a study of the price level and a study of the accessibility to a taxi. The included companies are: Sverigetaxi, TaxiKurir, Taxi Stockholm, TOPCAB and Uber.

    Conclusions: The technological development have a large impact on the structure and function of the taxi market, since it contributes to a more customer-centered and efficient market. The market structure in Stockholm is similar to a hybrid market of an oligopoly and perfect competition, depending on the difference in size of the existing companies. The market has a uniform price level and a good accessibility, of which the latest has improved as a result of the development of the taxi companies own applications.

  • 194.
    Ellermann, Daniel
    et al.
    Linköping University, Department of Management and Economics.
    Lönnefelt, Hans
    Linköping University, Department of Management and Economics.
    Företaget Manchester United: En kontraktsekonomisk studie2004Independent thesis Advanced level (degree of Magister)Student thesis
    Abstract [sv]

    Denna kontraktsekonomiska studie behandlar fotbollsklubben och företaget Manchester United, en av världens största och framgångsrika klubbar alla kategorier. Syftet med uppsatsen är att dels kartlägga Manchester Uniteds kontraktsnät, dels att begripliggöra de kontraktsrelationer som särskiljer Manchester United från vanliga nuvärdesmaximerande företag utifrån kontraktsekonomisk teori.

    Den ekonomiska teori som ihuvudsak används i uppsatsen är kontraktsekonomisk teori som innefattar teorier om kontraktsnät, principal-agentrelationer och transaktionskostnader.

    Uppsatsen tar främst upp det som skiljer Manchester United från ett traditionellt företag. De kontraktsparter som vi fokuserar på är spelare, supportrar och sponsorer då dessa kontraktsparter är unika för företag som Manchester United. Kontrakten Manchester United har med sina spelare är till skillnad från traditionella anställningskontrakt tidsbegränsade. En förklaring till detta är att spelaren är användbar för Manchester United under ett fåtal år. Spelarkontrakten är även icke uppsägningsbara. En förklaring till detta är att det är en riskfylld verksamhet att vara spelare och spelarna har haft tillräcklig styrka i kontraktsrelationen för att få fotbollsklubben att stå för risken.

    Ekonomiska framgångar är åtminstone på lång sikt beroende på att de sportsliga framgångarna fortsätter. Sportsliga framgångar ger tillströmning av nya kunder och ger Manchester United möjlighet att skriva förmånliga sponsoravtal vilket påverkar företagets ekonomi på lång sikt.

    Det finns även många likheter mellan traditionella företag och Manchester United. Till skillnad från en del andra fotbollsklubbar verkar de ekonomiska och sportsliga målen gå hand i hand för företaget och fotbollsklubben Manchester United då framgångarna kontinuerligt har kommit både på och utanför fotbollsplanen.

  • 195.
    Emanuelsson, Pär
    Linköping University, Department of Management and Economics.
    Cashing in on Customers? Cooperative Pricing Theory with an Application on the Swedish Banking Sector2000Independent thesis Advanced level (degree of Magister)Student thesis
    Abstract [en]

    The reason for this study of the Swedish banking sector is that we suspect that collusion is at hand in the sector. We ground our suspiciousness on the extensive revenues and high retail banking fees. Swedish banking fees are the highest in EU. Based on this and that the banking sector is oligopolistic with only a few significant competitors we found it interesting to apply theories concerning tacit collusion on the banking sector. Our main conclusions are that cooperative pricing could be successful for banks since prices are a poor means of competition whereas customers focus on service quality instead of price. There is little asymmetry among the established banks and they cooperate through a number of systems. Since they cooperate through these systems the banks experience similar cost pressures and information is available. The Swedish bankers’ association plays an important role in the exchange of information. Thus, the facilitating features are strong and cooperative pricing can be profitable. An effective banking sector is essential for an economy and has a central role in the society as a whole. The presence of collusion can therefore have important implications, not only for the customers but also for the society. Efficiency costs also appear when collusion is at hand and can exceed the society’s welfare losses.

  • 196.
    Emanuelsson, Robert
    et al.
    Linköping University, Department of Management and Engineering. Linköping University, Faculty of Arts and Sciences.
    Katinic, Goran
    Linköping University, Department of Management and Engineering. Linköping University, Faculty of Arts and Sciences.
    Petersson, Dennis
    Linköping University, Department of Management and Engineering. Linköping University, Faculty of Arts and Sciences.
    Financial Integration in Europe: a Cointegration Analysis of European Stock Markets2012Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    This thesis has studied short and long-term dependence structures between European stock markets. Johansen's test for cointegration and Granger's test for non-causality have been applied in order to measure the degree of financial integration in Europe. The cointegration analysis has employed a comparative perspective in which different countries with different institutional adaptation to the economic cooperation within Europe have been considered.

    The study finds strong support for the existence of cointegration between the Belgian, Norwegian, Swiss and British stock markets in the period after the launch of the euro. This result indicates that financial integration has increased in Europe since no cointegration was identified prior to the introduction of the euro. However, it is more difficult to determine to what extent the European financial cooperation has affected the degree of integration because of the difficulties with isolating formal treaties contribution to the stationary equilibrium. Both the EU and the euro's importance may have affected the integration process, but this thesis finds that this is not the only explanation. Thus, it is more likely that the liberalization of financial markets and the overall integration process best explain the increase in financial integration.

    The most significant finding is that the cointegrated stock markets in the long-term can be regarded as a regional financial market characterized by similar systematic risk factors. This has implications for both policy-makers who adjust existing policies in Europe and investors looking to allocate portfolios in an efficient manner.

  • 197.
    Engström, Daniel
    et al.
    Linköping University, Department of Management and Engineering, Economics.
    Gustafsson, Niklas
    Swedish Equity Sectors Risk Management with Commodities: Revisiting dynamic conditional correlations and hedge ratios2017Independent thesis Advanced level (degree of Master (One Year)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The purpose of this study is to investigate changes in dynamic conditional correlations between Swedish equity sector indices and commodities using oil, gold, copper and a general commodity index. Additionally the purpose is to evaluate which of the two methods, DCC- GARCH or GO-GARCH that is more efficient in estimating correlation for hedge ratio calculation. Daily data on the FTSE30 index of Sweden and its sector indices have been studied between the years 1994 and 2017. A DCC-GARCH (1,1) and GO-GARCH (1,1) model with one autoregressive term AR(1) using multivariate Student t- and Multivariate Affine Negative Inverse Gaussian distribution were used to estimate conditional correlations. Correlations between Swedish FTSE30, its sector indices and commodities are considerably lower than previous research has found American or emerging markets correlation with commodities to be. This suggests better diversification opportunities with commodities for the Swedish market. Optimal hedge ratios (OHR) was calculated and back tested using a rolling window analysis with 1000 days forecast length and 20 days re-estimation window and evaluated using a calculated hedge effectiveness index (HE). Determined by HE, copper is the best hedge for the Swedish composite FTSE30 and sector indices using conditional correlation from the GO-GARCH during the data period. Gold is considered as a semi-strong safe haven due to its negative correlation with all sectors. Additionally, this study identifies a temporarily large increase in the correlation between the Swedish equities sectors and composite index with commodities around the years 2015/2016. This study also emphasizes the difference between stressful and calm periods in the market. 

  • 198.
    Enström, Pontus
    et al.
    Linköping University, Department of Management and Engineering, Economics.
    Bergström, Andreas
    Linköping University, Department of Management and Engineering, Economics.
    Kompetens i beslutsfattande och dess inverkan på det privata sparandet: En analys av svenskarnas beslutsfattande gällande långsiktigt privat sparbeteende2019Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [sv]

    Bakgrund: Beslutskompetensen som beskriver hur bra individer är på att fatta beslut, blir allt viktigare inom nationalekonomin och resultat från samtida forskning inom beteendeekonomi ifrågasätter neoklassiska nationalekonomiska teorier. Detta ihop med att allt fler personer i Sverige får en sämre ekonomisk levnadsstandard under pensionsåldern lade grunden till varför vi valde att isolera analysen till sambandet mellan det privata sparandet och beslutskompetensen hos en individ.

    Syfte: Syftet med denna uppsats är att undersöka och analysera sambandet mellan kompetensen i individers beslutsfattande och en individs långsiktiga sparande utifrån ett beteendeekonomiskt perspektiv.

    Metod: En tidigare studie inom beslutskompetensens område där studenter (n=200) var fokusgruppen, utförd av JEDI-Lab vid Linköpings Universitet låg till grund för den kvantitativa analys som gjordes med hjälp av regressioner i det ekonometriska programmet EViews. De resultat som vi erhöll användes sedan för att analysera sambandet mellan individers beslutskompetens och deras aktiva val att spara.

    Resultat: Beslutskompetensen visade sig inte ha någon statistisk inferens på sparbeteende hos individer. Dess underkategorier hade blandade negativa och positiva samband till sparbeteende. Alla kategorier utom hur man följer beslutsregler saknade statistiskt signifikanta resultat. Det tycks föreligga andra faktorer i ett sparbeteende än enbart en individs beslutskompetens, variabler som kön, självkontroll och den kortsiktiga diskonteringsräntan hos en individ har större betydelse för sparbeteende. Vi tror att resultaten kan vara påverkade av att den undersökta populationen var studenter och därmed reflekterar den yngre delen av den svenska befolkningen och inte befolkningen som helhet. Det finns mycket forskning kvar att göra, då beslutskompetens är ett relativt nytt område inom ekonomi och behöver vidareutvecklas för att kunna ge mer precisa svar om varför individer tar de ekonomiska beslut som de gör.

  • 199.
    Ericsson, Andreas
    Linköping University, Department of Management and Economics.
    CD eller mp3?: En välfärdsekonomisk förpackningsstudie2002Independent thesis Advanced level (degree of Magister)Student thesis
    Abstract [sv]

    Bakgrund: När Internet på 1990-talet gjorde sitt intåg i gemene mans vardag, öppnades en ny distributionskanal för musik. Istället för att lagra inspelningar på fysiska CD-skivor kunde nu datafiler sändas över Internet i filformat så som mp3. Produkten ”musik” bytte skepnad från att vara en materiell produkt till att bli en immateriell datafil.

    Syfte: Uppsatsen syftar till att studera vad ett byte av förpackning från CD- skiva till mp3-fil får för välfärdsekonomiska effekter på marknaden för musik. Studien jämför en renodlad CD-marknad med en renodlad mp3-marknad.

    Resultat: Ett förpackningsbyte medför sänkta produktionskostnader. En datafil reproduceras inte i vanlig bemärkelse, alla enheter är kloner av ett unikt original vilket gör marginalkostnaden försumbar. Tröskeln för att etablera sig på musikmarknaden sänks i takt med att kostnaderna minskar. Artister som tidigare inte erbjudits skivkontrakt ges nu möjlighet att på egen hand bjuda ut sina alster till försäljning, vilket medför ett ökat utbud. Resultatet blir högre konkurrens vilket rimligtvis visar sig som en lägre prisnivå. Sänkta kostnader är positivt relaterat till ökat producentöverskott, men en sänkt prisnivå motverkar ökningen. Högre konkurrens med lägre priser som följd ökar konsumentöverskottet. Sammanfattningsvis pekar studiens resultat på att ett förpackningsbyte från CD till mp3 är positivt ur välfärdsekonomisk synvinkel.

  • 200.
    Eriksson, Alexandra
    et al.
    Linköping University, Department of Management and Engineering.
    Ullström, David
    Linköping University, Department of Management and Engineering.
    Risk och rationalitet: Om emotioner och kognitiva begränsningar2009Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [sv]

    Den klassiska teorin antar att ekonomiska aktörer fattar beslut under risk utifrån korrekta skattingar av statistiska sannolikheter. I ljuset av experimentell forskning har dessa axiom emellertid visat sig vara kontrafaktiska. Människor har kognitiva begränsningar som resulterar i logiska felslut och emotioner som medför temporära begränsningar att göra sakliga och konsekventa bedömningar. För att möta de kognitiva begränsningarna måste människor förenkla problem med olika former av heuristiker så att kostnaden för att fatta ett specifikt beslut begränsas. Ekonomiska problem under risk präglas allmänt av stor komplexitet, därför är det ett område där det är förhållandevis lätt att urskilja olika heuristiker. Genom att studera hur människor faktiskt beter sig blir det möjligt att göra mer realistiska modeller och därmed också att uppnå mer korrekta förväntningar om beteenden. Uppsatsen behandlar vilka faktorer som påverkar individers beslut under risk, hur vinster och förluster hanteras och huruvida personer som studerat ekonomiämnen i högre grad än andra har en heuristik som innebär att väntevärden maximeras. Kognitiva begränsningar och emotioner har stor påverkan av beslutsfattande. Den empiriska undersöknings resultat ligger i linje med Prospektteorin av Kahneman och Tversky. Förluster och vinster hanteras olika av en stor del av respondenterna vilket beror på att många av dem hyser en förlustaversion som resulterar i att de är mer benägna att ta risker när det gäller möjligheter att undvika förluster än när det gäller möjligheter att göra vinster. Enkäten som ligger till grund för den empiriska studien kan översättas till monetära utfall beroende av hur respondenterna besvarat den. Detta sammanlagda utfall analyserades mot bakgrundsvariabler. Regressionen visade i detta fall att personer som läst finans fått högre utfall än övriga och analogt män högre utfall än kvinnor. Detta kan tolkas som att dessa två grupper i högre grad än andra har en heuristik för att maximera väntevärden.

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