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  • 451.
    Tinghög, Gustav
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences. Linköping University, Department of Medical and Health Sciences, Division of Health Care Analysis. Linköping University, Faculty of Health Sciences.
    Andersson, David
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Bonn, Caroline
    University of Innsbruck, Austria.
    Böttiger, Harald
    Klarna AB, Stockholm, Sweden.
    Josephson, Camilla
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Lundgren, Gustaf
    Stockholm School of Economics, Sweden.
    Västfjäll, Daniel
    Linköping University, Department of Behavioural Sciences and Learning. Linköping University, Faculty of Arts and Sciences.
    Kirchler, Michael
    University of Innsbruck, Austria.
    Johannesson, Magnus
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Intuition and cooperation reconsidered2013In: Nature, ISSN 0028-0836, E-ISSN 1476-4687, Vol. 498, no 7452, p. E1-E2Article in journal (Refereed)
    Abstract [en]

    Rand et al.1 reported increased cooperation in social dilemmas after forcing individuals to decide quickly1. Time pressure was used to induce intuitive decisions, and they concluded that intuition promotes cooperation. We test the robustness of this finding in a series of five experiments involving about 2,500 subjects in three countries. None of the experiments confirms the Rand et al.1 finding, indicating that their result was an artefact of excluding the about 50% of subjects who failed to respond on time.

  • 452.
    Tinghög, Gustav
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences. Department of health care analysis, Linköping university .
    Andersson, David
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Bonn, Caroline
    Johannesson, Magnus
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences. Stockholm School of economics .
    Kiirchler, Michael
    University of Innsbruck.
    Koppel, Lina
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Västfjäll, Daniel
    Linköping University, Department of Behavioural Sciences and Learning, Psychology. Linköping University, Faculty of Arts and Sciences.
    Intuition and Moral Decision-Making: The Effect of Time Pressure and Cognitive Load on Moral Judgment and Altruistic Behavior2016In: PLoS ONE, ISSN 1932-6203, E-ISSN 1932-6203, Vol. 11, no 10, article id e0164012Article in journal (Refereed)
    Abstract [en]

    Do individuals intuitively favor certain moral actions over others? This study explores the role of intuitive thinking—induced by time pressure and cognitive load—in moral judgment and behavior. We conduct experiments in three different countries (Sweden, Austria, and the United States) involving over 1,400 subjects. All subjects responded to four trolley type dilemmas and four dictator games involving different charitable causes. Decisions were made under time pressure/time delay or while experiencing cognitive load or control. Overall we find converging evidence that intuitive states do not influence moral decisions. Neither time-pressure nor cognitive load had any effect on moral judgments or altruistic behavior. Thus we find no supporting evidence for the claim that intuitive moral judgments and dictator game giving differ from more reflectively taken decisions. Across all samples and decision tasks men were more likely to make utilitarian moral judgments and act selfishly compared to women, providing further evidence that there are robust gender differences in moral decision-making. However, there were no significant interactions between gender and the treatment manipulations of intuitive versus reflective decision-making.

  • 453.
    Tinghög, Gustav
    et al.
    Linköping University, Department of Medical and Health Sciences, Division of Health Care Analysis. Linköping University, Faculty of Health Sciences. Linköping University, Department of Management and Engineering, Economics.
    Andersson, David
    Linköping University, Department of Science and Technology. Linköping University, The Institute of Technology.
    Tinghög, Petter
    Linköping University, Department of Medical and Health Sciences, Health and Society. Linköping University, Faculty of Arts and Sciences.
    Lyttkens, Carl H.
    Department of Economics, Lund University.
    Horizontal Inequality in Rationing by Waiting Lists2014In: International Journal of Health Services, ISSN 0020-7314, E-ISSN 1541-4469, International Journal of Health Services, ISSN 0020-7314, Vol. 44, no 1, p. 169-184Article in journal (Refereed)
    Abstract [en]

    The objective of this article was to investigate the existence of horizontal inequality in access to care for six categories of elective surgery in a publicly funded system, when care is rationed through waiting lists. Administrative waiting time data on all elective surgeries (n = 4,634) performed in Östergötland, Sweden, in 2007 were linked to national registers containing variables on socioeconomic indicators. Using multiple regression, we tested five hypotheses reflecting that more resourceful groups receive priority when rationing by waiting lists. Low disposable household income predicted longer waiting times for orthopedic surgery (27%, p < 0.01) and general surgery (34%,p < 0.05). However, no significant differences on the basis of ethnicity and gender were detected. A particularly noteworthy finding was that disposable household income appeared to be an increasingly influential factor when the waiting times were longer. Our findings reveal horizontal inequalities in access to elective surgeries, but only to a limited extent. Whether this is good or bad depends on one's moral inclination. From a policymaker's perspective, it is nevertheless important to recognize that horizontal inequalities arise even though care is not rationed through ability to pay.

  • 454.
    Tinghög, Gustav
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Department of Medical and Health Sciences, Division of Health Care Analysis. Linköping University, Faculty of Arts and Sciences. Linköping University, Faculty of Medicine and Health Sciences.
    Andersson, David
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Västfjäll, Daniel
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences. Decision Research, Eugene, OR, USA.
    Are Individuals Luck Egalitarians? – An experiment on the influence of brute and option luck on social preferences2017In: Frontiers in Psychology, ISSN 1664-1078, E-ISSN 1664-1078, Vol. 8, article id 460Article in journal (Refereed)
    Abstract [en]

    According to luck egalitarianism, inequalities should be deemed fair as long as they follow from individuals’ deliberate and fully informed choices (i.e., option luck) while inequalities should be deemed unfair if they follow from choices over which the individual has no control (i.e., brute luck). This study investigates if individuals’ fairness preferences correspond with the luck egalitarian fairness position. More specifically, in a laboratory experiment we test how individuals choose to redistribute gains and losses that stem from option luck compared to brute luck. A two-stage experimental design with real incentives was employed. We show that individuals (n = 226) change their action associated with re-allocation depending on the underlying conception of luck. Subjects in the brute luck treatment equalized outcomes to larger extent (p = 0.0069). Thus, subjects redistributed a larger amount to unlucky losers and a smaller amount to lucky winners compared to equivalent choices made in the option luck treatment. The effect is less pronounced when conducting the experiment with third-party dictators, indicating that there is some self-serving bias at play. We conclude that people have fairness preference not just for outcomes, but also for how those outcomes are reached. Our findings are potentially important for understanding the role citizens assign individual responsibility for life outcomes, i.e., health and wealth. 

  • 455.
    Tinghög, Gustav
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, The Institute of Technology. Linköping University, Department of Medical and Health Sciences, Health Technology Assessment and Health Economics. Linköping University, Faculty of Health Sciences.
    Carlsson, Per
    Linköping University, Department of Medical and Health Sciences, Health Technology Assessment and Health Economics. Linköping University, Faculty of Health Sciences.
    Individual responsibility for healthcare financing: application of an analytical framework exploring the suitability of private financing of assistive devices2012In: Scandinavian Journal of Public Health, ISSN 1403-4948, E-ISSN 1651-1905, Vol. 40, no 8, p. 784-794Article in journal (Refereed)
    Abstract [en]

    Objective: To operationalise and apply a conceptual framework for exploring when health services contain characteristics that facilitate individuals’ ability to take individual responsibility for health care through out-of-pocket payment. In addition, we investigate if the levels of out-of-pocket payment for assistive devices (ADs) in Sweden are in line with the proposed framework. Method: Focus groups were used to operationalise the core concepts of sufficient knowledge, individual autonomy, positive externalities, sufficient demand, affordability, and lifestyle enhancement into a measurable and replicable rationing tool. A selection of 28 ADs were graded separately as having high, medium, or low suitability for private financing according to the measurement scale provided through the operationalised framework. To investigate the actual level of private financing, a questionnaire about the level of out-of-pocket payment for the specific ADs was administered to county councils in Sweden. Results: Concepts were operationalised into three levels indicating possible suitability for private financing. Responses to the questionnaire indicate that financing of ADs in Sweden varies across county councils as regards co-payment, full payment, discretionary payment for certain healthcare consumer groups, and full reimbursement. According to the framework, ADs commonly funded privately were generally considered to be more suitable for private financing. Conclusions: Sufficient knowledge, individual autonomy, and sufficient demand did not appear to influence why certain ADs were financed out-of-pocket. The level of positive externalities, affordability, and lifestyle enhancement appeared to be somewhat higher for ADs that were financed out-of-pocket, but the differences were small. Affordability seemed to be the most influential concept.

  • 456.
    Tinghög, Gustav
    et al.
    Linköping University, Department of Management and Engineering, Economics.
    Josephson, Camilla Maria Kyllikki
    Linköping University, Department of Management and Engineering, Economics.
    Andersson, David
    Linköping University, Department of Management and Engineering, Economics.
    Västfjäll, Daniel
    Linköping University, Department of Behavioural Sciences and Learning.
    Are Individuals Luck Egalitarians?: Quantifying brute and option luckManuscript (preprint) (Other academic)
  • 457.
    Tinghög, Gustav
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Kalkan, Almina
    Linköping University, Department of Medical and Health Sciences, Health Technology Assessment and Health Economics. Linköping University, Faculty of Health Sciences.
    Public health and where its focus should be2011In: Australian and New Zealand journal of public health, ISSN 1326-0200, E-ISSN 1753-6405, Vol. 35, no 4, p. 317-317Article in journal (Other academic)
  • 458.
    Tinghög, Gustav
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences. Linköping University, Department of Medical and Health Sciences, Division of Health Care Analysis. Linköping University, Faculty of Health Sciences.
    Sandman, Lars
    Linköping University, Department of Medical and Health Sciences, Division of Health Care Analysis. Linköping University, Faculty of Health Sciences. Högskolan i Borås, Institutionen för vårdvetenskap.
    Centrala begrepp vid prioriteringar2013In: Att välja rättvist: om prioriteringar i hälso- och sjukvården / [ed] Per Carlsson och Susanne Waldau, Lund: Studentlitteratur, 2013, 1, p. 35-48Chapter in book (Other academic)
    Abstract [sv]

    Hälso- och sjukvårdens resurser räcker inte till alla behov och önskemål från patienter och medborgare, vilket gör att personal och beslutsfattare hamnar i svåra situationer. Hur ska vi veta att det är rätt patienter som tvingas stå tillbaka? Att välja rättvist tar upp centrala begrepp och etiska principer kring prioriteringar. Boken beskriver även metoder för att göra prioriteringar på ett systematiskt sätt och erfarenheter av såväl nationella som internationella prioriteringar.

    Prioriteringsbeslut fattas på alla nivåer och kan gälla fördelning av resurser till olika verksamheter, behandlingsbeslut av enskilda patienter eller investeringar i nya medicinska metoder. Boken ger förslag på hur beslutsunderlagen kan förbättras. Här ges anvisningar om hur man mäter behov och nytta hos patientgrupper och i befolkningen, hur kostnadseffektivitet beräknas och hur man skapar ett kunskapsunderlag. På så sätt får läsaren inte bara ta del av prioriteringarnas teori utan även av deras praktik, inte minst genom konkreta exempel på hur öppna prioriteringar i dag tillämpas i svensk hälso- och sjukvård.

    Boken är avsedd för dig som arbetar kliniskt eller planerar att arbeta med prioriteringar – nationellt, i landsting eller i kommuner. Boken ger även en värdefull inblick för dig som vill lära mer om hur vårdens svåra val ska kunna hanteras i framtiden.

  • 459.
    Tinghög, Gustav
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Västfjäll, Daniel
    Linköping University, Department of Behavioural Sciences and Learning, Psychology. Linköping University, Faculty of Arts and Sciences.
    Why People Hate Health Economics – Two Psychological Explanations2018Report (Other academic)
    Abstract [en]

    Most people dislike the idea of “health economists” having influence on medical decision making and who gets what when it comes to health care. Health economics is often thought of as inhumane, promoting efficiency at the expense of more profound moral values, such as equality and need. The fact that allocations solely based on cost-effectiveness are unlikely to be compatible with public views has been illustrated in experimental studies (1, 2). Moreover, lessons from the Oregon experience on priority setting illuminated that rationing decisions based on health maximization are likely to conflict with the view of the general public. For an economist this can be hard to understand, why is not the quest to maximize the value for money something that strikes a chord with the general public? Here we will outline two fundamental psychological mechanisms that will help to explain why people hate health economics.

    The two psychological mechanisms – taboo-tradeoffs and compassion fade – are emotional phenomena that bias decision-making. These biases are of amplified by the fact that health is of special moral importance to most people. Not only our own health, but other people’s health as well. Moreover, decisions on how to allocate scarce resources in health care also ultimately lead to policies that carry life and death consequences. Thus, health care rationing elicits strong emotions making it an area of decision-making where emotion and reason often diverge. We will argue that health economics at large has been oblivious to the core aspects of human nature outlined in this paper, and this has limited the use of health economics as a productive input in health policy.

  • 460.
    Toelstede, Bjorn
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    How path-creating mechanisms and structural lock-ins make societies drift from democracy to authoritarianism2019In: Rationality and Society, ISSN 1043-4631, E-ISSN 1461-7358, Vol. 31, no 2, p. 233-262Article in journal (Refereed)
    Abstract [en]

    The question of how societies move between democracy and authoritarianism is of vital interest in science, as well as in the day-to-day political debate. This article contributes to this debate by exploring which mechanisms potentially encourage societies to move from democracy to authoritarianism. This article is based on the idea of traditional path dependence, tracing back to Arthur and the organizational path dependence theory by Sydow et al. Building on these theories, I examine how the so-called path-creating mechanisms can emerge and influence societies to move from democracy to authoritarianism. I develop two new concepts in this article. First, structural lock-in that describes a society deprived of its capabilities to adapt to the continuously changing environment. Second, efficient statism, describing societies which strive for higher socio-economic efficiency by embracing strong governmental forms and high conformity levels. The empirical cases presented in this article show that the path-creating mechanisms and efficient statism are regularly observable in societies. Such mechanisms put democracy at risk.

  • 461.
    Trollsten, Viktor
    et al.
    Linköping University, Department of Management and Engineering, Economics.
    Olsson, Sebastian
    Linköping University, Department of Management and Engineering, Economics.
    The Black Litterman Asset Allocation Model: An empirical comparison of approaches for estimating the subjective view vector and implications for risk-return characteristics2018Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Background

    In the early 90’s, Black and Litterman extended the pioneering work of Markowitz by developing a model combining qualitative and quantitative research in a delicate optimization process. It allows for a subjective view parameter in a quantitative model and with absent views, the investor will have no reason to deviate from the market equilibrium portfolio. As one can imagine, the investors’ views incorporated in the Black-Litterman model is crucial and is the unique advantage or problem of the model, depending on the user’s ability to properly forecast expected return. However, it has yet to be covered thoroughly in the academic literature how different approaches for estimating subjective views actually yield a more attractive risk-return profile.

    Purpose

    In this study we intend to use the Black-Litterman model with subjective views generated from analysts’ forecasts and a statistical valuation multiple in order to compare and analyze how portfolios differentiate regarding asset allocation and risk-return characteristics.

    Methodology

    Two different valuation approaches are compared and analyzed in the BlackLitterman Asset Allocation Model by running historical simulations on risk adjusted performance. To generate elements for the subjective view vector we use analysts’ forecasts and a statistical valuation multiple approach from a fixed effect panel regression. The empirical study has a Swedish perspective with simulations based on data from the OMXS30, with a analyzed period stretching from March of 2008 to March 2018.

    Conclusions

    Even though analysts’ forecasts proved to be the most accurate approach estimating the direction of the stock price and outright return for all given time horizons, the statistical counterpart was the superior when applied in a risk adjusted context in the Black-Litterman model. This holds true for the larger portion of occasions when modifying key input variables such as transaction costs, risk aversion, certainty level and time horizon. Our empirical findings show that the BlackLitterman model is suitable for investment managers committing to the CAPM approach to estimate expected return in the long turn, but who still is managing an alpha driven portfolio in the short term, capitalizing on mispricing.

  • 462.
    Troster, Victor
    et al.
    Univ Illes Balears, Spain.
    Shahbaz, Muhammad
    Montpellier Business Sch, France.
    Uddin, Gazi Salah
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Renewable energy, oil prices, and economic activity: A Granger-causality in quantiles analysis2018In: Energy Economics, ISSN 0140-9883, E-ISSN 1873-6181, Vol. 70, p. 440-452Article in journal (Refereed)
    Abstract [en]

    This paper analyzes the causal relationship between renewable energy consumption, oil prices, and economic activity in the United States from July 1989 to July 2016, considering all quantiles of the distribution. Although the concept of Granger-causality is defined for the conditional distribution, the majority of papers have tested Granger-causality using conditional mean regression models in which the causal relations are linear. We apply a Granger-causality in quantiles analysis that evaluates causal relations in each quantile of the distribution. Under this approach, we can discriminate between causality affecting the median and the tails of the conditional distribution. We find evidence of bi-directional causality between changes in renewable energy consumption and economic growth at the lowest tail of the distribution; besides, changes in renewable energy consumption lead economic growth at the highest tail of the distribution. Our results also support unidirectional causality from fluctuations in oil prices to economic growth at the extreme quantiles of the distribution. Finally, we find evidence of lower-tail dependence from changes in oil prices to changes in renewable energy consumption. Our findings call for government policies aimed at developing renewable energy markets, to increase energy efficiency in the U.S. (C) 2018 Elsevier B.V. All rights reserved.

  • 463.
    Tuvhag, Tom
    et al.
    Linköping University, Department of Management and Engineering, Economics.
    Wadström, Christoffer
    Linköping University, Department of Management and Engineering, Economics.
    Privata pengar till sociala investeringar - En deskriptiv fallstudie av det sociala utfallskontraktet i Norrköpings kommun2016Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [sv]

    I april år 2016 upprättades den första svenska versionen av en Social Impact Bond, då ett avtal ingicks mellan Norrköpings kommun och den privata investeraren Leksell Social Ventures AB. Avtalet är ett utfallskontrakt och är en ny form av investeringsinstrument med ursprung i impact investments. Målet med utfallskontraktet är att förbättra situationen för barn och ungdomar som placerats i vårdboenden i Norrköpings kommun.

    Uppsatsens syfte är att öka förståelsen för utfallskontraktet som instrument genom att undersöka förutsättningarna, samt vilka eventuella målkonflikter som kan föreligga mellan parterna. Analysen skall behandla parternas inbördes ställning och hur parternas intressen tillvaratas och regleras i kontraktet. Slutligen ämnar uppsatsen att utvärdera huruvida utfallskontraktet är ett effektivt instrument för att genomföra sociala investeringar.

    Uppsatsens tillvägagångssätt är en deskriptiv fallstudie av det sociala utfallskontraktet. Vi har genomfört semistrukturella djupintervjuer som kompletterar vårt empiriska material som huvudsak består av utfallskontraktet. Analysen är uppdelad i kontraktets förutsättningar, den sociala insatsen, kontraktet och ingående aktörer. Varje del av kontraktet analyseras utifrån en analysmodell som innehåller principal agent-teorin och transaktionskostnads-teori.

    Förutsättningarna som föreligger i realiteten gör att utfallskontraktet kan anses vara ett bra finansieringsverktyg, som kontrollerar parternas beteende och samtidigt tillåter flexibilitet. De målkonflikter som eventuellt kan uppstå kan minskas genom att utfallskontraktet har en anpassad styrningsstruktur och tydligt preciserade mål för utfallet. Ersättningsmodellen för utfallskontraktet är baserat på ekonomiska incitament, som står i proportion till insatsens måluppfyllelse. Kontraktets villkor beskriver och reglerar hur insatsens utförare skall rekryteras och indirekt hur dessa aktörer skall styras av reglering, information och ekonomiska incitament. För att utfallskontraktet skall vara effektivt krävs tydliga mål med mätbara kriterier för insatsen.

    Med kontraktet i Norrköping som utgångspunkt kan man generellt säga att fördelarna med ett utfallskontrakt ökar i takt med insatsens specialiseringsgrad. Men för enklare åtgärder eller insatser så är utfallskontraktet en kostsam lösning.

  • 464.
    Törner, Kristofer
    Linköping University, Faculty of Arts and Sciences. Linköping University, Department of Management and Engineering, Economics.
    Driver valutakursen, energipriser och subventioner livsmedelspriserna?2014Independent thesis Advanced level (degree of Master (One Year)), 20 credits / 30 HE creditsStudent thesis
    Abstract [sv]

    Den här uppsatsen visar att valutakursen och sekundärt energipriser har en hög förmåga att prediktera framtida rörelser i livsmedelspriser, både ”inom sample” och ”utanför sample”. Uppsatsen använder VAR-modeller och hittar empiriska belägg för att energipriser påverkar valutakursen (EUR/USD), som även indirekt påverkar livsmedelspriser. Teoretiskt och empiriskt visas att export- och produktionssubventioner reducerar eller ökar de ursprungliga priseffekterna vid chocker i valutakursen, och introducering av dessa samband visades öka precisionen av prognoserna. Resultatet är intressant för policybeslut eftersom identifieringen av vad som driver livsmedelspriserna visar att chocker i valutakursen har en omfattande effekt på framtida livsmedelspriser. 

  • 465.
    Uddin, Gazi Salah
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Nonlinear and Nonparametric Dynamical Methods in Economics and Finance2016Doctoral thesis, comprehensive summary (Other academic)
    Abstract [en]

    The objectives of the thesis - which comprises six parts – can be summarized in i) implementing linear and nonlinear/nonparametric approaches toward detecting, measuring and analyzing the nature and directionality of causal relationships in financial markets, ii) elaborating on modern topics in financial investment analysis, iii) probing into the role of commodity futures in constructing optimal portfolios as well as iv) investigating growth dynamics via aggregated and disaggregated indices.

    The first paper named “Analyzing causal interactions between sectoral equity returns and commodity futures returns in the aftermath of the global financial crisis: The case of the US and EU equity returns”, aims to explore and compare the dependence and co-movement structure between commodity and various asset classes’ returns including the USA and EU stock markets via the use of linear and non-linear causality testing in a comparative context with the additional adjustment for cointegration and conditional heteroscedasticity. The findings provide important implications for optimal asset allocation and portfolio diversification with respect to various market conditions, namely both in “good” and “bad” (crisis) times.

    The second paper is entitled “On the time scale behaviour of Equity-Commodity links: Implications for Portfolio Management”, and has been published in the Journal of International Financial Markets, Institutions and Money (2016). The study is co-authored with Professors S. Bekiros, D.K. Nguyen, and B. Sjö. It develops a holistic framework for the investigation of the multi-horizon and intra-frequency causal directionalities of various asset classes, by means of multi-resolution analysis. The results verify the assumption that financial markets exhibit time-varying co-movement patterns, which are fundamentally important in a) generating profitable trading strategies according to different investor horizon expectations and b) decoding the financialization mechanism across various asset classes.

    The third paper entitled “Business Cycle (de) Synchronization in the aftermath of the Global Financial Crisis: Implications for the Euro Area”, was published at Studies in Nonlinear Dynamics and Econometrics (2015) and is co-authored with S. Bekiros, D.K Nguyen and B. Sjö. In this work, the scale-dependent time-varying (de)synchronization effects between the Eurozone and the broad Euro area business cycles are revealed, before and after the global financial crisis. The results, which point towards an increased observed comovement during the crisis period for the Euro area, could be catalytic for the introduction of a more efficient monetary policy by EU institutions and in particular by the European Central Bank.

    In the fourth paper, “Do financial stress and policy uncertainty have an impact on the energy and metals markets? A quantile regression approach”, which was published in the International Review of Economics and Finance (2016) and co-authored with J.C. Reboredo, the financial and policy uncertainty is investigated in relation to the price dynamics of energy and metal commodity futures’ markets. This work lead to the analysis of the asymmetric interrelationships with respect to changes in the perceptions of various risk measures, covering various periods, i.e., “normal” vs. “turbulent” such as upward or downward market episodes.

    The fifth paper, co-authored with P. Andreasson, S. Bekiros and D.K. Nguyen, is entitled “The impact of speculation and economic uncertainty on commodity markets”, and is published in the International Review of Financial Analysis (2016). This paper attempts a novel methodological approach to measuring speculation in commodity markets, in particular whether market speculation drives agricultural commodity prices or viceversa. The assessment of the empirical analysis demonstrates that agricultural prices are not affected by speculation.

    Finally, the sixth paper “Energy and Output Dynamics in Bangladesh”, co-authored with B.P. Paul, was published in Energy Economics (2011) and explores the relationship between energy utilization and economic growth in Bangladesh. Specifically, it deals with the important issue of whether energy consumption can be reduced without affecting economic growth while at the same time implicitly may lead to poverty reduction. The findings substantiate the fact that a) energy usage has become more efficient in recent times, as well as indicate that b) fluctuations in energy consumption did not have a significant impact on economic output.

    List of papers
    1. On the time scale behavior of equity-commodity links: Implications for portfolio management
    Open this publication in new window or tab >>On the time scale behavior of equity-commodity links: Implications for portfolio management
    2016 (English)In: Journal of international financial markets, institutions, and money, ISSN 1042-4431, E-ISSN 1873-0612, Vol. 41, p. 30-46Article in journal (Refereed) Published
    Abstract [en]

    We investigate the time-scale relationships between US equity and commodity markets. The empirical evidence from the risk-return profitability analysis based on the wavelet coherence measure shows that equity and commodity markets exhibit time-varying comovement patterns and behave differently across investment horizons. Moreover, we find evidence of time-frequency causality between the two investigated markets. Our results can have important implications for optimal asset allocation and portfolio diversification.

    Place, publisher, year, edition, pages
    Elsevier, 2016
    National Category
    Business Administration Economics
    Identifiers
    urn:nbn:se:liu:diva-124590 (URN)10.1016/j.intfin.2015.12.003 (DOI)000373611400003 ()
    Note

    Funding agencies:  Marie Curie Fellowship under 7th European Community Framework Programme [FP7-PEOPLE-2011-CIG, No 303854]

    Available from: 2016-02-05 Created: 2016-02-05 Last updated: 2017-11-30
    2. BUSINESS CYCLE (DE)SYNCHRONIZATION IN THE AFTERMATH OF THE GLOBAL FINANCIAL CRISIS: IMPLICATIONS FOR THE EURO AREA
    Open this publication in new window or tab >>BUSINESS CYCLE (DE)SYNCHRONIZATION IN THE AFTERMATH OF THE GLOBAL FINANCIAL CRISIS: IMPLICATIONS FOR THE EURO AREA
    2015 (English)In: Studies in Nonlinear Dynamics and Econometrics, ISSN 1081-1826, E-ISSN 1558-3708, Vol. 19, no 5, p. 609-624Article in journal (Refereed) Published
    Abstract [en]

    The introduction of Euro currency was a game-changing event intended to induce convergence of Eurozone business cycles on the basis of greater monetary and fiscal integration. The benefit of participating into a common currency area exceeds the cost of losing autonomy in national monetary policy only in case of cycle co-movement. However, synchronization was put back mainly due to country-specific differences and asymmetries in terms of trade and fiscal policies that became profound at the outset of the global financial crisis. As opposed to previous studies that are mostly based on linear correlation or causality modeling, we utilize the cross-wavelet coherence measure to detect and identify the scale-dependent time-varying (de)synchronization effects amongst Eurozone and the broad Euro area business cycles before and after the financial crisis. Our results suggest that the  inforcement of an active monetary policy by the ECB during crisis periods could provide an effective stabilization instrument for the entire Euro area. However, as dynamic patterns in the lead-lag relationships of the European economies are revealed, (de)synchronization varies across different frequency bands and time horizons.

    Place, publisher, year, edition, pages
    De Gruyter, 2015
    Keywords
    Convergence; wavelet coherence; integration; Eurozone
    National Category
    Economics
    Identifiers
    urn:nbn:se:liu:diva-114869 (URN)10.1515/snde-2014-0055 (DOI)000366523800004 ()
    Available from: 2015-03-05 Created: 2015-03-05 Last updated: 2017-12-04
    3. Do financial stress and policy uncertainty have an impact on the energy and metals markets?: A quantile regression approach
    Open this publication in new window or tab >>Do financial stress and policy uncertainty have an impact on the energy and metals markets?: A quantile regression approach
    2016 (English)In: International Review of Economics and Finance, ISSN 1059-0560, E-ISSN 1873-8036, Vol. 43, p. 284-298Article in journal (Refereed) Published
    Abstract [en]

    Abstract This paper examines the impact of financial stress and policy uncertainty on the price dynamics of energy (crude oil, heating oil and gas) and metal (gold, silver, copper, platinum and palladium) commodity futures in the USA. Using a quantile regression approach for the period 1994–2015, our empirical results show that, after controlling for the effect of general stock market returns and interest rates, there is neither co-movement nor Granger causality between commodity futures prices and financial uncertainty as measured by the VIX or between commodity prices and policy uncertainty. However, we find evidence that financial stress had Granger causality effects in intermediate and upper commodity return quantiles, but no evidence of co-movement. We also show that the impact of the global financial crisis on commodity returns differed across quantiles, only having a negative impact in upper quantiles. Our results indicate that general stock market uncertainty conditions are not so crucial in determining commodity futures prices.

    Place, publisher, year, edition, pages
    Elsevier, 2016
    Keywords
    Commodity prices, Financial uncertainty, Policy uncertainty, Quantile regression
    National Category
    Economics Economics and Business
    Identifiers
    urn:nbn:se:liu:diva-127337 (URN)10.1016/j.iref.2015.10.043 (DOI)000375632300021 ()
    Note

    Funding agencies:  Xunta de Galicia; FEDER [GPC2013-045]

    Available from: 2016-04-21 Created: 2016-04-21 Last updated: 2017-11-30Bibliographically approved
    4. Impact of speculation and economic uncertainty on commodity markets
    Open this publication in new window or tab >>Impact of speculation and economic uncertainty on commodity markets
    2016 (English)In: International Review of Financial Analysis, ISSN 1057-5219, E-ISSN 1873-8079, Vol. 43, p. 115-127Article in journal (Refereed) Published
    Abstract [en]

    Abstract We examine the interactions between commodity futures returns and five driving factors (financial speculation, exchange rate, stock market dynamics, implied volatility for the US equity market, and economic policy uncertainty). Nonlinear causality tests are implemented after controlling for cointegration and conditional heteroscedasticity in the data over the period May 1990 – April 2014. Our results show strong evidence of unidirectional linear causality from commodity returns to excess speculation for the majority of the considered commodities, in particular for agriculture commodities. This evidence casts doubt on the claim that speculation is driving food prices. We also find unidirectional linear causality from energy futures markets to exchange rates and strong evidence of nonlinear causal dependence between commodity futures returns, on the one hand, and stock market returns and implied volatility, on the other hand. Overall, the new evidence found in this paper can be utilized for policy and investment decision-making.

    Place, publisher, year, edition, pages
    Elsevier, 2016
    Keywords
    Commodity markets, Economic uncertainty, Nonlinear causality, Step-wise filtering
    National Category
    Economics Economics and Business
    Identifiers
    urn:nbn:se:liu:diva-127338 (URN)10.1016/j.irfa.2015.11.005 (DOI)000367399400009 ()
    Available from: 2016-04-21 Created: 2016-04-21 Last updated: 2018-03-09Bibliographically approved
    5. Energy and output dynamics in Bangladesh
    Open this publication in new window or tab >>Energy and output dynamics in Bangladesh
    2011 (English)In: Energy Economics, ISSN 0140-9883, E-ISSN 1873-6181, Vol. 33, no 3, p. 480-487Article in journal (Refereed) Published
    Abstract [en]

    The relationship between energy consumption and output is still ambiguous in the existing literature. The economy of Bangladesh, having spectacular output growth and rising energy demand as well as energy efficiency in recent decades, can be an ideal case for examining energy-output dynamics. We find that while fluctuations in energy consumption do not affect output fluctuations, movements in output inversely affect movements in energy use. The results of Granger causality tests in this respect are consistent with those of innovative accounting that includes variance decompositions and impulse responses. Autoregressive distributed lag models also suggest a role of output in Bangladesh's energy use. Hence, the findings of this study have policy implications for other developing nations where measures for energy conservation and efficiency can be relevant in policymaking.

    Place, publisher, year, edition, pages
    Elsevier, 2011
    National Category
    Social Sciences
    Identifiers
    urn:nbn:se:liu:diva-91684 (URN)10.1016/j.eneco.2010.11.011 (DOI)
    Available from: 2013-04-29 Created: 2013-04-29 Last updated: 2017-12-06Bibliographically approved
  • 466.
    Uddin, Gazi Salah
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Bekiros, Stelios
    European University Institute, Florence, Italy; IPAG Business School, Paris, France.
    Ahmed, Ali
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    The nexus between geopolitical uncertainty and crude oil markets: An entropy-based wavelet analysis2018In: Physica A: Statistical Mechanics and its Applications, ISSN 0378-4371, Vol. 495, no April, p. 30-39Article in journal (Refereed)
    Abstract [en]

    The global financial crisis and the subsequent geopolitical turbulence in energy markets have brought increased attention to the proper statistical modeling especially of the crude oil markets. In particular, we utilize a time–frequency decomposition approach based on wavelet analysis to explore the inherent dynamics and the casual interrelationships between various types of geopolitical, economic and financial uncertainty indices and oil markets. Via the introduction of a mixed discrete-continuous multiresolution analysis, we employ the entropic criterion for the selection of the optimal decomposition level of a MODWT as well as the continuous-time coherency and phase measures for the detection of business cycle (a)synchronization. Overall, a strong heterogeneity in the revealed interrelationships is detected over time and across scales.

  • 467.
    Uddin, Gazi Salah
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Chakraborty, Sanjib
    Hossain, Rubayet
    Sjö, Bo
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Energy Price Differential and Industrial Production Growth in Mexico: A Wavelet Approach2013In: Green design, materials and manufacturing processes: proceedings of the 2nd International Conference on Sustainable Intelligent Manufacturing, Lisbon, Portugal, June 26-29, 2013 / [ed] Bártolo, Helena, Taylor Francis Group , 2013, p. 125-129Conference paper (Other academic)
    Abstract [sv]

    The rise of manufacturing intelligence is fuelling innovation in processes and products concerning a low environmental impact over the product's lifecycle. Sustainable intelligent manufacturing is regarded as a manufacturing paradigm for the 21st century, in the move towards the next generation of manufacturing and processing technologies. The manufacturing industry has reached a turning point in its evolution and new business opportunities are emerging. With sustainable development arises the immense challenge of combining innovative ideas regarding design, materials and products with non-polluting processes and technologies, conserving energy and other natural resources. On the other hand, sustainability has become a key concern for government policies, businesses and the general public. Model cities are embracing novel ecosystems, combining environmental, social and economic issues in more inclusive and integrated frameworks. Green Design, Materials and Manufacturing Processes includes essential research in the field of sustainable intelligent manufacturing and related topics, making a significant contribution to further development of these fields. The volume contains reviewed papers presented at the 2nd International Conference on Sustainable Intelligent Manufacturing, conjointly organized by the Centre for Rapid and Sustainable Product Development, Polytechnic Institute of Leiria, and the Faculty of Architecture, Technical University of Lisbon, both in Portugal. This event was held at the facilities of the Faculty of Architecture, Lisbon, from June 26 to June 29, 2013. A wide range of topics is covered, such as Eco Design and Innovation, Energy Efficiency, Green and Smart Manufacturing, Green Transportation, Life-Cycle Engineering, Renewable Energy Technologies, Reuse and Recycling Techniques, Smart Design, Smart Materials, Sustainable Business Models and Sustainable Construction. Green Design, Materials and Manufacturing Processes is intended for engineers, architects, designers, economists and manufacturers who are actively engaged in the advancement of science and technology regarding key sustainability issues, leading to more suitable, efficient and sustainable products, materials and processes.

  • 468.
    Uddin, Gazi Salah
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Gencay, Ramazan
    Simon Fraser Univ, Canada.
    Bekiros, Stelios
    EUI, Italy; AUEB, Greece.
    Sahamkhadam, Maziar
    Linnaeus Univ, Sweden.
    Enhancing the predictability of crude oil markets with hybrid wavelet approaches2019In: Economics Letters, ISSN 0165-1765, E-ISSN 1873-7374, Vol. 182, p. 50-54Article in journal (Refereed)
    Abstract [en]

    We explore the robustness, efficiency and accuracy of the multi-scale forecasting in crude oil markets. We adopt a novel hybrid wavelet auto-ARMA model to detect the inherent nonlinear dynamics of crude oil returns with an explicitly defined hierarchical structure. Entropic estimation is employed to calculate the optimal level of the decomposition. The wavelet-based forecasting method accounts for the chaotic behavior of oil series, whilst captures drifts, spikes and other non-stationary effects which common frequency-domain methods miss out completely. These results shed new light upon the predictability of crude oil markets in nonstationary settings. (C) 2019 Elsevier B.V. All rights reserved.

  • 469.
    Uddin, Gazi Salah
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Haque Bidisha, Sayema
    Department of Economics, University of Dhaka, Dhaka, Bangladesh.
    Ozturk, Ilhan
    Faculty of Economics and Administrative Sciences, Cag University, Mersin, Turkey.
    Carbon emissions, energy consumption, and economic growth relationship in Sri Lanka2016In: ENERGY SOURCES PART B-ECONOMICS PLANNING AND POLICY, ISSN 1556-7249, Vol. 11, no 3, p. 282-287Article in journal (Refereed)
    Abstract [en]

    This study attempts to investigate the long-run Granger causality relationship between energy consumption, carbon emissions, economic growth, and trade openness in Sri Lanka. Our analysis reveals that, there exists long-run causal relationship between carbon emission and economic growth for Sri Lanka over the period of 1971-2006. In addition, there is unidirectional causality running from economic growth to the carbon emission and energy consumption. The result implies that carbon emission reduction policies will hurt economic growth if no supplementary policies are taken to modify this causal relationship.

  • 470.
    Uddin, Gazi Salah
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Hernandez, Jose Areola
    Rennes Sch Business, France.
    Shahzad, Syed Jawad Hussain
    Montpellier Business Sch, France.
    Hedström, Axel
    Linköping University, Department of Management and Engineering. Linköping University, Faculty of Arts and Sciences.
    Multivariate dependence and spillover effects across energy commodities and diversification potentials of carbon assets2018In: Energy Economics, ISSN 0140-9883, E-ISSN 1873-6181, Vol. 71, p. 35-46Article in journal (Refereed)
    Abstract [en]

    In a first step, we model the multivariate tail dependence structure and spillover effects across energy commodities such as crude oil, natural gas, ethanol, heating oil, coal and gasoline using canonical vine (C-vine) copula and c-vine conditional Value-at-Risk (CoVaR). In the second step, we formulate portfolio strategies based on different performance measures to analyze the risk reduction and diversification potential of carbon assets for energy commodities. We identify greater exposure to losses arising from investments in heating oil and ethanol markets. We also find evidence of carbon asset providing diversification benefits to energy commodity investments. These findings motivate for regulatory adjustments in the trading and emission permits for the energy markets most strongly diversified by carbon assets. (C) 2018 Published by Elsevier B.V.

  • 471.
    Uddin, Gazi Salah
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Hernandez, Jose Areola
    ESC Rennes Sch Business, France.
    Shahzad, Syed Jawad Hussain
    Montpellier Business Sch, France.
    Yoon, Seong-Min
    Pusan Natl Univ, South Korea.
    Time-varying evidence of efficiency, decoupling, and diversification of conventional and Islamic stocks2018In: International Review of Financial Analysis, ISSN 1057-5219, E-ISSN 1873-8079, Vol. 56, p. 167-180Article in journal (Refereed)
    Abstract [en]

    This study investigates the efficiency of conventional and Islamic stock markets and their diversification potential by using multifractal de-trended fluctuation analysis (MF-DFA), wavelet squared coherence (WTC) and wavelet Value-at-Risk (VaR). Evidence from regional and country-level markets indicates Islamic stocks are less efficient than conventional ones in the short term, however more efficient in the medium term. Conventional stocks in the UK, Japan, and emerging markets are more efficient than the Islamic ones in the long term, whereas those from the US and Europe are less efficient. The wavelet VaR shows that conventional stock markets are at least as risky as the Islamic ones.

  • 472.
    Uddin, Gazi Salah
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Muzaffar, Ahmed Taneem
    University of Western Sydney.
    Arouri, Mohamed
    Centre Clermontois de Recherche en Gestion et Management (CRCGM), Clermont-Ferrand, France.
    Sjö, Bo
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Understanding the Relationship Between Inflation and Growth: A Wavelet Transformation Approach in the Case of Bangladesh.2017In: The World Economy, ISSN 0378-5920, E-ISSN 1467-9701, ISSN 1467-970, Vol. 40, no 9, p. 1918-1933Article in journal (Refereed)
    Abstract [en]

    This paper reexamines the relationship between inflation and economic growth in developing countries. Both the theoretical and the empirical literature are extremely divided on this issue.  We apply a relatively new empirical technique – the continuous wavelet transform – to Bangladesh. Bangladesh is of interest because of its remarkable economic growth and poverty reduction during the last 30 years in combination with, for a developing country, a controlled inflation. The wavelet analysis is a contribution because it displays how the correlation and the lead-lag structure between variables change over time scales, taking into account that growth and inflation can follow several different cycles.    

    Co-movements between variables are generally studied in the time domain. Results from studies in the time domain study can be sensitive to the frequency of observations. On the other hand studies in the frequency domain are not easily translated into time domains that can be associated with economic policies. The wavelet methodology finds a balance between time and frequency domains.

    Our study finds that growth Granger causes inflation at all frequency scales, starting from the short run to the very long run. Inflation, on the other hand, Granger causes growth in the long run but not in the short run. This result has implications for Bangladesh, and as such for similar developing countries, where some policymakers believe that inflation must be kept at very low levels for sustained economic growth. 

  • 473.
    Uddin, Gazi Salah
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Rahman, Md Lutfur
    Univ Newcastle, Australia.
    Hedström, Axel
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Ahmed, Ali
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Cross-quantilogram-based correlation and dependence between renewable energy stock and other asset classes2019In: Energy Economics, ISSN 0140-9883, E-ISSN 1873-6181, Vol. 80, p. 743-759Article in journal (Refereed)
    Abstract [en]

    We study the cross-quantile dependence of renewable energy (RE) stock returns on aggregate stock returns, changes in oil and gold prices, and exchange rates. Applying a recently developed cross-quantilogram approach, we provide two novel findings. First, although prior studies show that RE stock returns have a positive dependence on changes in oil prices and in the aggregate stock index, we find that the relationship is not symmetric across quantiles and that this asymmetry is higher in longer lags. Second, while the extant literature provides evidence that exchange rates and gold returns exert a positive influence on aggregate stock returns, we report that this positive influence on RE stock returns is observed only during extreme market conditions. These results are robust, (i) even after controlling for economic policy and equity market uncertainties, as well as (ii) in both a time-static full sample and recursive subsamples. (C) 2019 Elsevier B.V. All rights reserved.

  • 474.
    Uddin, Gazi Salah
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Rahman, Md Lutfur
    Univ Newcastle, Australia.
    Shahzad, Syed Jawad Hussain
    Montpellier Business Sch, France.
    Rehman, Mobeen Ur
    Shaheed Zulfigar Ali Bhutto Inst Sci and Technol, Pakistan.
    Supply and demand driven oil price changes and their non-linear impact on precious metal returns: A Markov regime switching approach2018In: Energy Economics, ISSN 0140-9883, E-ISSN 1873-6181, Vol. 73, p. 108-121Article in journal (Refereed)
    Abstract [en]

    This paper examines the nonlinear effect of oil price shocks on precious metal returns using Markov regime switching regression. We use Readys (2018) approach to decompose oil price changes into supply, demand, and risk driven shocks. Results indicate a significant positive impact of demand and supply shocks and a negative impact of risk shocks on precious metal returns. Although we find evidence of switching between low and high volatility regimes, we do not find strong regime effect on supply or demand shocks contemporaneous relationship with precious metal returns. However, risk shocks influence on precious metal returns is strongly regime dependent. These results generally hold for different distributional specification of error terms. (C) 2018 Elsevier B.V. All rights reserved.

  • 475.
    Uddin, Gazi Salah
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, The Institute of Technology.
    Sjö, Bo
    Linköping University, Department of Management and Engineering, Economics. Linköping University, The Institute of Technology.
    Business Cycle Synchronization between Germany and Countries Inside and Outside Euro area2013Conference paper (Other academic)
    Abstract [en]

    This paper analyzes the business cycle synchronization across European economies inside and outside the euro. Our objective is to test whether there are any differences between the synchronization between Germany and other European countries that are either in the euro area or outside the euro area. We study the synchronization with France, Finland, Italy, Denmark, Norway, Sweden and UK, 

    Business cycle synchronization can be studied in either the time domain or in the frequency domain. The results can be sensitive to the frequency of observations, i.e. quarterly or yearly data. On the other hand studies in the frequency domain is not always easy to translate into a time domain that corresponds with lead and lags associated with economic policy and investment decisions.    

    We use a wavelet-based measure of comovement which makes it possible to find a balance between the time and the frequency domain features of the data and, which constitutes a refinement to previous approaches. The wavelet measure of cohesion allows us to assess how synchronization evolves over time and across frequencies simultaneously. We find that the strength of comovement of business cycles differ among countries and changes over the time horizon. 

  • 476.
    Uddin, Gazi Salah
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, The Institute of Technology.
    Sjö, Bo
    Linköping University, Department of Management and Engineering, Economics. Linköping University, The Institute of Technology.
    Remittances, Financial Development and Economic Growth in Bangladesh2013Conference paper (Other academic)
    Abstract [en]

    In Bangladesh, remittances from migrant workers are an important component of national income and a source for financing consumption and investment. This paper investigates the relationship between remittances, financial sector development and economic growth in Bangladesh over the period of 1976-2011. We apply a cointegration approach to explore this relationship and find a long-run steady among these variables. In the long-run, the inflow of remittances and the expansion of the financial sector drive the growth in GDP, whereas in the short run remittances act a shock absorber to income changes. The policy implications are discussed in the text.

  • 477.
    Uddin, Gazi Salah
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Sjö, Bo
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Remittances, Financial Developments and Economic Growth in Bangladesh2013In: South Asia Economic Journal, ISSN 1391-5614, E-ISSN 0973-077X, Vol. 14, no 2, p. 261-273Article in journal (Refereed)
    Abstract [en]

    In Bangladesh, remittances from migrant workers are an important component of national income and a source for financing consumption and investment. This article investigates the relationship between remittances, financial sector development and economic growth in Bangladesh over the period of 1976–2011. In the long run, the inflow of remittances and the expansion of the financial sector drive the growth in GDP, whereas in the short run, remittances act as a shock absorber to income changes.

  • 478.
    Uddin, Gazi Salah
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Sjö, Bo
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Shahbaz, Muhammad
    COMSATS Institute of Information Technology, Lahore, Pakistan.
    The causal nexus between financial development and economic growth in Kenya2013In: Economic Modelling, ISSN 0264-9993, E-ISSN 1873-6122, Vol. 35, p. 701-707Article in journal (Refereed)
    Abstract [en]

    This paper aims to reexamine the relationship between financial development and economic growth in Kenya over the period of 1971–2011. Since the financial sector plays a vital role in mobilizing and allocating savings into productive ventures, the core issue of this investigation remains important for developing economics. The examination is based on a Cobb–Douglas production augmented by incorporating financial development. A simulation based ARDL bounds testing and Gregory and Hansen's structural break cointegration approaches are being utilized in this study. Cointegration is being found between the series in the presence of a structural break in 1992. It is also being established that, in the long run, the development of the financial sector has a positive impact on economic growth. Here remains an important policy implication for the concerned individuals of Kenya, that is, they may emphasize on financial development to ignite economic growth.

  • 479.
    Urby, Fredrik
    et al.
    Linköping University, Department of Management and Engineering, Economics.
    Albinsson, Christopher
    Linköping University, Department of Management and Engineering, Economics.
    Private Equity and Industry Performance in the Nordics: Can Private Equity investments affect the performance of its industry?2017Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Private equity has many definitions and there are many perceptions of it. This study is inspired by a study from Bernstein, Lerner, Sorensen and Strömberg (2016), but with another geographic area, different set of measurements of performance and a different source of data. The main hypothesis is whether private equity investments can improve industry performance. This is tested using data from 162 industries in the Nordics and five financial ratios. Statistical significance tests are performed for all industries and together with an evaluation of the link between aggregated industry performance and private equity investments.

    A large ratio of the significance tests conducted were able to reject its null hypothesis, which is that the mean of the financial ratio for the industry with the private equity investment is higher compared to the mean of the same industry in the other Nordic countries without any private equity investment. The test, used to determine if there is a relationship between the number of private equity investments and industry performance using a chi squared-test, could as well reject its null hypothesis. This implies that there is a reason to believe that private equity investments in fact has an effect on industry performance.

  • 480.
    Verma, Ramprasad
    et al.
    Indian Inst Technol Kanpur, India.
    Ahmad, Wasim
    Indian Inst Technol Kanpur, India.
    Uddin, Gazi Salah
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Bekiros, Stelios
    European Univ Inst, Italy.
    Analysing the systemic risk of Indian banks2019In: Economics Letters, ISSN 0165-1765, E-ISSN 1873-7374, Vol. 176, p. 103-108Article in journal (Refereed)
    Abstract [en]

    This paper adopts the Tail-Event driven NETwork (TENET) risk model to assess the systemic risk of Indian banks. Building upon the Value at Risk (VaR), Conditional Value at Risk (CoVaR) and a Single Index Model (SIM) in a generalized quantile regression framework, the results suggest that the Indian banks exhibit high interconnectedness during the crisis period. The results also identify the systemically important banks and explain the banking networks. (C) 2019 Elsevier B.V. All rights reserved.

  • 481. Verschuere, Bruno
    et al.
    Meijer, Ewout H.
    Jim, Ariane
    Hoogesteyn, Katherine
    Orthey, Robin
    McCarthy, Randy J.
    Skowronski, John J.
    Acar, Oguz A.
    Aczel, Balazs
    Bakos, Bence E.
    Barbosa, Fernando
    Baskin, Ernest
    Bègue, Laurent
    Ben-Shakhar, Gershon
    Birt, Angie R.
    Blatz, Lisa
    Charman, Steve D.
    Claesen, Aline
    Clay, Samuel L.
    Coary, Sean P.
    Crusius, Jan
    Evans, Jacqueline R.
    Feldman, Noa
    Ferreira-Santos, Fernando
    Gamer, Matthias
    Gomes, Sara
    González-Iraizoz, Marta
    Holzmeister, Felix
    Huber, Juergen
    Isoni, Andrea
    Jessup, Ryan K.
    Kirchler, Michael
    Selle, Nathalie klein
    Koppel, Lina
    Linköping University, Department of Clinical and Experimental Medicine, Center for Social and Affective Neuroscience. Linköping University, Faculty of Medicine and Health Sciences.
    Kovacs, Marton
    Laine, Tei
    Lentz, Frank
    Loschelder, David D.
    Ludvig, Elliot A.
    Lynn, Monty L.
    Martin, Scott D.
    McLatchie, Neil M.
    Mechtel, Mario
    Nahari, Galit
    Özdog˘ru, Asil Ali
    Pasion, Rita
    Pennington, Charlotte R.
    Roets, Arne
    Rozmann, Nir
    Scopelliti, Irene
    Spiegelman, Eli
    Suchotzki, Kristina
    Sutan, Angela
    Szecsi, Peter
    Tinghög, Gustav
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Tisserand, Jean-Christian
    Tran, Ulrich S.
    Hiel, Alain Van
    Vanpaemel, Wolf
    Västfjäll, Daniel
    Linköping University, Department of Behavioural Sciences and Learning, Psychology. Linköping University, Faculty of Arts and Sciences. Decision Research, Eugene, Oregon.
    Verliefde, Thomas
    Vezirian, Kévin
    Voracek, Martin
    Warmelink, Lara
    Wick, Katherine
    Wiggins, Bradford J.
    Wylie, Keith
    Yıldız, Ezgi
    Registered Replication Report on Mazar, Amir, and Ariely (2008)2018In: Advances in Methods and Practices in Psychological Science, Vol. 1, no 3, p. 299-317Article in journal (Refereed)
    Abstract [en]

    The self-concept maintenance theory holds that many people will cheat in order to maximize self-profit, but only to the extent that they can do so while maintaining a positive self-concept. Mazar, Amir, and Ariely (2008, Experiment 1) gave participants an opportunity and incentive to cheat on a problem-solving task. Prior to that task, participants either recalled the Ten Commandments (a moral reminder) or recalled 10 books they had read in high school (a neutral task). Results were consistent with the self-concept maintenance theory. When given the opportunity to cheat, participants given the moral-reminder priming task reported solving 1.45 fewer matrices than did those given a neutral prime (Cohen’s d = 0.48); moral reminders reduced cheating. Mazar et al.’s article is among the most cited in deception research, but their Experiment 1 has not been replicated directly. This Registered Replication Report describes the aggregated result of 25 direct replications (total N = 5,786), all of which followed the same preregistered protocol. In the primary meta-analysis (19 replications, total n = 4,674), participants who were given an opportunity to cheat reported solving 0.11 more matrices if they were given a moral reminder than if they were given a neutral reminder (95% confidence interval = [−0.09, 0.31]). This small effect was numerically in the opposite direction of the effect observed in the original study (Cohen’s d = −0.04).

  • 482.
    Vidal, Marta
    et al.
    University of Complutense Madrid, Spain.
    Vidal-Garcia, Javier
    Harvard University, MA 02138 USA.
    Hooi Lean, Hooi
    University of Sains Malaysia, Malaysia.
    Uddin, zi Salah
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    The relation between fees and return predictability in the mutual fund industry2015In: Economic Modelling, ISSN 0264-9993, E-ISSN 1873-6122, Vol. 47, p. 260-270Article in journal (Refereed)
    Abstract [en]

    We propose and test a methodological framework to examine the relation between mutual fund fees and return predictability. Gil-Bazo and Ruiz-Verdu (2009) drew attention to the puzzling fact that funds with worse before-fee performance charge higher fees. We make another contribution to the literature about the market for equity mutual funds: we find strong evidence of predictability for mutual fund fees. Funds with both positive and negative relations with fees show strong evidence of negative return predictability for their fees. Our findings are robust to alternative estimation methods and under the assumption of conditionally heteroskedastic stock returns. Our results also show that conditioning information (e.g. dividend yield, t-bill yield, default spread and term spread) are useful in selecting funds with superior performance and are valuable for asset allocation decisions.

  • 483.
    Vidal-Garcia, Javier
    et al.
    University of Valladolid, Spain.
    Vidal, Marta
    University of Complutense Madrid, Spain.
    Boubaker, Sabri
    University of Paris Est, France.
    Uddin, Gazi Salah
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    The short-term persistence of international mutual fund performance2016In: Economic Modelling, ISSN 0264-9993, E-ISSN 1873-6122, Vol. 52, no part B, p. 926-938Article in journal (Refereed)
    Abstract [en]

    This paper examines the short-term persistence in performance of equity mutual funds around the world between 1990 and 2013. Using a large survivorship bias-free sample of 35 countries, we document strong evidence of persistence in daily mutual fund returns over quarterly measurement periods. We rank countries by abnormal return and estimate the performance of each country for the following quarter. We find statistically and economically significant performance persistence that is more pronounced for the top and bottom countries. The post-ranking abnormal return disappears when performance is examined over longer time periods. Thus, our results confirm that superior performance is a short-lived phenomenon. (C) 2015 Elsevier B.V. All rights reserved.

  • 484.
    von Knorring, John
    et al.
    Linköping University, Department of Management and Engineering, Economics.
    Alnesjö, Rebecca
    Linköping University, Department of Management and Engineering, Economics.
    Hållbara investeringar: En studie om sambandet mellan ESG och riskjusterad avkastning under finansiella kriser2017Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [sv]

    Bakgrund: Vikten av Corporate Social Responsibility (CSR) och socialt ansvarsfulla investeringar har ökat under den senaste tiden. Många studier har undersökt hur socialt ansvarsfulla investeringar påverkar avkastningen, däremot är det få studier som studerat denna relation med fokus på finansiella kriser.

    Syfte: Syftet med studien är att undersöka och analysera sambandet mellan ESG-rating och avkastning under en finansiell kris för aktier i Sverige, Norge, Danmark eller Finland samt belysa eventuella metodproblem som studien kan medföra.

    Metod: Två hypotetiska portföljer konstrueras; ESG High består av de tio högst rankade bolagen och ESG Low består av de tio lägst rankade bolagen. Den riskjusterade avkastningen för respektive portfölj beräknas och jämförs med hjälp av sharpekvot och Fama & Frenchs trefaktormodell. Den ESG-rating som används är den årliga rating som tillhandhålls av Thomson Reuters ASSET4. SMB-och HML-faktorerna som används i trefaktormodellen är förkalkylerade värden hämtade från Kenneth Frenchs hemsida.

    Slutsats: Sharpekvoten indikerar att tillgångar med hög ESG-rating genererar en lägre riskjusterad avkastning i jämförelse med de tillgångar som har en låg ESG-rating under finansiella kriser. Resultatet av regressionerna från Fama & French trefaktormodell är inte signifikanta, dock indikerar de liknande relationer som sharpekvoten. De fiktiva portföljerna skiljer sig dock i geografisk och industriell sammansättning, vilket föranleder att studien inte mäter det som avses. Med det som bakgrund kan vi inte dra några slutsatser huruvida relationen mellan ESG och riskjusterad avkastning ser ut under finansiella kriser. Vi föreslår att studien replikeras med avgränsning mot en industri för att fastställa ett eventuellt samband. Vidare utgör val av riskfri ränta och index samt definiering av en finansiell kris de främsta metodproblemen i studien.

  • 485.
    Västfjäll, Daniel
    et al.
    Linköping University, Department of Behavioural Sciences and Learning, Psychology. Linköping University, Faculty of Arts and Sciences. Decision Research, Eugene, OR, USA.
    Erlandsson, Arvid
    Linköping University, Department of Behavioural Sciences and Learning, Psychology. Linköping University, Faculty of Arts and Sciences. Lund University, Sweden.
    Slovic, Paul
    Decision Research, Eugene, OR, USA; University of Oregon, Eugene, OR, USA.
    Tinghög, Gustav
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Commentary: Empathy and its discontents2017In: Frontiers in Psychology, ISSN 1664-1078, E-ISSN 1664-1078, article id 542Article in journal (Other academic)
    Abstract [en]

    In “Empathy and its discontents” Bloom (2017: see also Bloom, 2016) argues that we should abandon empathy as a moral compass in favor of compassion. Bloom’s central premise is that empathy is narrow in its focus on single identified individuals, biased in that it favors the in-group, and can be used as a tool to motivate us to do things that are not optimally effective, or even destructive (e.g., motivate war). For all these reasons, Bloom argues that policy decision should not be motivated by empathy. There is indeed ample evidence that empathy is fraught with biases and we have, as Bloom, argued that deliberate mechanisms are needed to counteract the innumeracy and parochialism of empathy (Slovic and Västfjäll, 2010). While there is much to agree with Bloom on, there are a few points where we disagree; (1) the definition of compassion, (2) data supporting why empathy, but not compassion, is bad, (3) the role of deliberation in moral judgment. 

  • 486.
    Västfjäll, Daniel
    et al.
    Linköping University, Department of Behavioural Sciences and Learning, Psychology. Linköping University, Faculty of Arts and Sciences.
    Paul, Slovic
    Decision Research Eugene, OR, USA.
    Burns, William
    Decision Research Eugene, OR, USA.
    Erlandsson, Arvid
    Linköping University, Department of Behavioural Sciences and Learning, Psychology. Linköping University, Faculty of Arts and Sciences.
    Koppel, Lina
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Asutay, Erkin
    Linköping University, Department of Behavioural Sciences and Learning, Psychology. Linköping University, Faculty of Arts and Sciences.
    Tinghög, Gustav
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    The Arithmetic of Emotion: Integration of Incidental and Integral Affect in Judgments and Decisions2016In: Frontiers in Psychology, ISSN 1664-1078, E-ISSN 1664-1078, Vol. 7, p. 325-Article, review/survey (Refereed)
    Abstract [en]

    Research has demonstrated that two types of affect have an influence on judgment and decision making: incidental affect (affect unrelated to a judgment or decision such as a mood) and integral affect (affect that is part of the perceiver’s internal representation of the option or target under consideration). So far, these two lines of research have seldom crossed so that knowledge concerning their combined effects is largely missing. To fill this gap, the present review highlights differences and similarities between integral and incidental affect. Further, common and unique mechanisms that enable these two types of affect to influence judgment and choices are identified. Finally, some basic principles for affect integration when the two sources co-occur are outlined. These mechanisms are discussed in relation to existing work that has focused on incidental or integral affect but not both.

  • 487.
    Wadström, Christoffer
    et al.
    Linköping University, Department of Management and Engineering, Economics.
    Wittberg, Emanuel
    Linköping University, Department of Management and Engineering, Economics.
    Renewable energy and economic growth in Canada and the U.S.: – A nonlinear tale of two countries2018Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Several scholars have highlighted that energy consumption in general and consumption of renewable energy in particular may be a potential driver of economic growth. In this paper we examine the relationship between renewable energy production and economic activity in Canada, between May 1966 to December 2015, and in the U.S., between January 1973 to December 2015. By applying quantile causality, we take a nonlinear approach considering all quantiles of the distribution, analysing monthly data containing renewable energy production and Industrial Production Index. We find evidence of a nonlinear relationship in both Canada and the U.S., indicating that widely used linear models fail to describe important aspects of the renewable energy-economic growth nexus. The main Canadian results imply a unidirectional relationship from Industrial Production Index to renewable production in most quantiles of the distribution which supports the Conservation hypothesis. However, we also find weak evidence of a bi-directional relationship, which supports the Feedback hypothesis, for the lower and higher quantiles. This may indicate the renewable energy drives economic growth for some market conditions in Canada. For the U.S. we find evidence of a weak and negative feedback relationship between renewable energy and industrial production, indicating an inefficient production of renewable energy which not is well integrated in the overall energy system. Based on theory concerning the potential benefits of renewable energy, the minor role of renewable energy production in Canada and the U.S. could be a result of institutional barriers and absence of supporting infrastructure. Both countries need policies directed to overcome these barriers in order to benefit from the potential of renewable energy.

  • 488.
    Wadström, Christoffer
    et al.
    Linköping University, Department of Management and Engineering, Energy Systems. Linköping University, Faculty of Science & Engineering.
    Wittberg, Emanuel
    Linköping University, Department of Management and Engineering, The Institute for Analytical Sociology, IAS. Linköping University, Faculty of Arts and Sciences.
    Uddin, Gazi Salah
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Jayasekera, Ranadeva
    Trinity Business School, Trinity College, Dublin, Ireland.
    Role of renewable energy on industrial output in Canada2019In: Energy Economics, ISSN 0140-9883, E-ISSN 1873-6181, Vol. 81, p. 626-638Article in journal (Refereed)
    Abstract [en]

    Several scholars have highlighted the idea that energy consumption in general and consumption of renewable energy (RE) in particular may be a potential driver of economic growth. In this paper, we examine the relationship between RE production and economic activity in Canada between May 1966 and December 2015. By applying quantile causality (Troster, 2018), we adopt a nonlinear approach considering all quantiles of the distribution and analysing monthly data consisting of RE production and the Canadian Industrial Production Index (IPI). We find evidence of a nonlinear relationship in Canada, an important result that widely-used linear models fail to capture. Our main findings imply a unidirectional relationship going from the IPI to RE production, which supports the Conservation hypothesis. The directionality between RE and economic growth is sensitive to the market conditions in Canada.

  • 489.
    Walters, J.
    et al.
    Department of Transport and Supply Chain Management, University of Johannesburg, Auckland Park, 2006, South Africa.
    Jansson, Jan Owen
    Linköping University, Faculty of Arts and Sciences. Linköping University, Department of Management and Engineering, Economics .
    Risk and reward in public transportation contracting2008In: Research in Transportation Economics, ISSN 0739-8859, E-ISSN 1875-7979, Vol. 22, no 1, p. 26-30Article in journal (Refereed)
    Abstract [en]

    The workshop discusses and documents a number of countries' experiences regarding risk and reward in the delivery of public transport and determines the way in which competitive pressures actually work (or not) to deliver efficient and effective services. Papers are grouped into three main themes, i.e., public versus private management, negotiated versus competitively tendered contracts, and measures to improve performance. This chapter begins with a brief overview of each of the eight papers. This is followed by a section that out the discussions that emanated from the papers. Finally, the main policy and research recommendations are presented. © 2008 Elsevier Ltd. All rights reserved.

  • 490.
    Wendschlag, Mikael
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    A suspended referee in a new game – the Swedish Bank Inspection Board in the 1980s and early 1990sManuscript (preprint) (Other academic)
    Abstract [en]

    After the financial crisis in Sweden in the early 1990s the Bank Inspection Board, the agency responsible for the supervision of all credit institutes and the securities trade, received much criticism for its ‘evident’ failure. Despite the critique, few accounts of what the Inspection did and did not do in the decade preceding the crisis have been presented. Internationally too, empirical studies of the work of financial supervisors preceding a financial crisis are rare. This article provides the most detailed empirical account to date of the work of the Bank Inspection Board between 1980 and mid-1991.

    It is found that the Inspection may have allocated too much of its scarce resources on matters not directly related to its objectives, such as consumer complaints. Support for the criticism that the supervisors lacked competence can also be found in data on the work experience of the Inspection’s staff. However, several features of the institutional structure regulating the Inspection also constrained it from adapting to the markets changes, especially the budget application process and the need for a parliament decision for the Inspection to reorganize internally. In addition, the ‘sidelined’ role of the Inspection in the ‘state control’ regulatory regime between the 1940s and late 1970s made it unprepared to adapt its regulatory enforcement during the 1980s when the Riksbank dismantled its regulatory enforcement.

  • 491.
    Wendschlag, Mikael
    Linköping University, Department of Management and Engineering, Economics.
    Bankkrishantering, anm2009In: Historisk Tidskrift (S), ISSN 0345-469X, ISSN 0345-469X, no 2, p. 341-343Article, book review (Refereed)
  • 492.
    Wendschlag, Mikael
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Bureaucratic agencies as third-party enforcersManuscript (preprint) (Other academic)
    Abstract [en]

    In institutional economic theory, the court is most commonly recognized, or even identified, as THE third-party enforcer. The court is however only one of several types of third-party enforcers of the state apparatus. Bureaucratic agencies are for example normally assigned a ‘bundle’ of regulations and policies to enforce and implement. Financial supervisory agencies, health inspections and environmental protection agencies are examples of such. Accounting for bureaucratic agencies as third party enforcers in conventional institutional economics theory poses some problems. However, by incorporating bureaucratic agencies as third-party enforcers into the theoretical framework, institutional economics as a field may become better able to account for the very important processes by which institutions are implemented and enforced. As actors of the institutional structure, bureaucratic agencies can be defined as types of ‘institutional organizations’.

  • 493.
    Wendschlag, Mikael
    Linköping University, Department of Management and Engineering, Economics.
    Handbook of New Institutional Economics2009In: Scandinavian Economic History Review, ISSN 0358-5522, E-ISSN 1750-2837, ISSN 0358-5522, Vol. 57, no 3, p. 296-298Article, book review (Refereed)
  • 494.
    Wendschlag, Mikael
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Rigid regulation, dynamic markets and adaptive enforcementManuscript (preprint) (Other academic)
    Abstract [en]

    When market adopts a new product, service or organization of business, the existing regulation becomes increasingly incomplete due to the slow pace of the regulatory process. For several reasons, this mismatch is inevitable, and even has its benefits. The ‘rules of the game’ must be stable for economic actors to plan for and initiate the uncertain trial-and-error process of innovation. At the same time however, the institutional structure of the state must also be flexible to facilitate for these market dynamics. In this article, the adaptive enforcement of financial regulations made by supervisors is argued to be an example of this institutional flexibility. The adaptive enforcement can help to bridge the gap between the ‘rigid’ and incomplete regulation and a changed market, say after a broad adoption of an innovation. The financial markets are commonly recognized as prone to innovate and adopt innovations, so this may be a market for which the mismatch between the ‘rigid regulation’ and the dynamic market at time is especially troublesome. Through its room for credible discretion, the enforcer of the financial regulation ideally adapts its enforcement of ‘rigid’ regulation to a changing market, such as following a broad market adoption of an innovation. In an empirical case, it is shown how the Swedish banking supervisor during the 1910s adapted its enforcement of the banking act to the very dynamic bank market.

  • 495.
    Wendschlag, Mikael
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    The competence of financial supervisors and changing regulatory regimesManuscript (preprint) (Other academic)
    Abstract [en]

    In the last few years financial supervisors have received major criticism. In the light of the global financial crisis, evidence for failures of supervisors seems to abound in many countries. One common explanation to the perceived failures has been that the supervisory personnel has lacked in competence. A handful of researchers have taken an interest in the matter of financial supervisors’ competence, suggesting that the staff’s previous work experience is a relevant indicator of its competence. However, due to a lack of data, only a few empirical studies have been conducted so far, and none have related the data specifically to the historical context in which the supervisor as been active. This article uses empirical data for the staff of the Swedish Bank Inspection Board between 1910 and 1990 to investigate how the staffs’ work experience, as an indicator of supervisor competence, relates to the financial history of Sweden during this time period. The important events of the financial history are believed to be financial and banking crises in addition to the regulatory regimes in Sweden in the twentieth century.

    According to the empirical case, the staff of the surveyed supervisory agency on average had very little work experience from outside the agency before and at the start of the major financial crisis in Sweden in the early 1990s. Supervisors’ lack of work experience from the private financial sector is often assumed to lead to a lower quality of the supervision. However, in the decade before the financial crisis in the early 1920s, the Inspection Board’s staff had plenty of work experience from the private sector. However, they lacked experience from working as supervisors. During the Great Depression years, an international crisis which Sweden went through comparatively unharmed, the Inspection Board had its most experienced staff of the surveyed time period. In the ‘state control’ regime that followed the Second World War, the agency lacked staff competent from other parts of the public sector, indicating its lack of skill to engage in the regulatory process during this period.

  • 496.
    Wendschlag, Mikael
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Theoretical and empirical accounts of Swedish financial supervision in the twentieth century2012Doctoral thesis, comprehensive summary (Other academic)
    Abstract [en]

    The thesis is concerned with the history of financial supervision in Sweden during the twentieth century up to the financial crisis in the early 1990s. To this end a theoretical framework is developed which is based on institutional economics, law and economics, theories on bureaucracies, regulatory enforcement and policy analysis. Except for the attempt to propose how financial supervision and supervisors could be understood theoretically, the thesis address problems ranging from the organization of supervision in relation to regulation and the changes of the regulated market, the constraints and abilities put on supervisors in different institutional arrangements and regulatory regimes, and the competence of supervisors. The extensive use of empirical data aims to make the thesis a contribution also to financial history research in general, and the growing research on the histories of financial supervision in particular.

    List of papers
    1. Bureaucratic agencies as third-party enforcers
    Open this publication in new window or tab >>Bureaucratic agencies as third-party enforcers
    (English)Manuscript (preprint) (Other academic)
    Abstract [en]

    In institutional economic theory, the court is most commonly recognized, or even identified, as THE third-party enforcer. The court is however only one of several types of third-party enforcers of the state apparatus. Bureaucratic agencies are for example normally assigned a ‘bundle’ of regulations and policies to enforce and implement. Financial supervisory agencies, health inspections and environmental protection agencies are examples of such. Accounting for bureaucratic agencies as third party enforcers in conventional institutional economics theory poses some problems. However, by incorporating bureaucratic agencies as third-party enforcers into the theoretical framework, institutional economics as a field may become better able to account for the very important processes by which institutions are implemented and enforced. As actors of the institutional structure, bureaucratic agencies can be defined as types of ‘institutional organizations’.

    Keywords
    Institutional economics; third-party enforcers; bureaucratic agencies
    National Category
    Economics and Business
    Identifiers
    urn:nbn:se:liu:diva-77435 (URN)
    Available from: 2012-05-15 Created: 2012-05-15 Last updated: 2012-05-15Bibliographically approved
    2. Rigid regulation, dynamic markets and adaptive enforcement
    Open this publication in new window or tab >>Rigid regulation, dynamic markets and adaptive enforcement
    (English)Manuscript (preprint) (Other academic)
    Abstract [en]

    When market adopts a new product, service or organization of business, the existing regulation becomes increasingly incomplete due to the slow pace of the regulatory process. For several reasons, this mismatch is inevitable, and even has its benefits. The ‘rules of the game’ must be stable for economic actors to plan for and initiate the uncertain trial-and-error process of innovation. At the same time however, the institutional structure of the state must also be flexible to facilitate for these market dynamics. In this article, the adaptive enforcement of financial regulations made by supervisors is argued to be an example of this institutional flexibility. The adaptive enforcement can help to bridge the gap between the ‘rigid’ and incomplete regulation and a changed market, say after a broad adoption of an innovation. The financial markets are commonly recognized as prone to innovate and adopt innovations, so this may be a market for which the mismatch between the ‘rigid regulation’ and the dynamic market at time is especially troublesome. Through its room for credible discretion, the enforcer of the financial regulation ideally adapts its enforcement of ‘rigid’ regulation to a changing market, such as following a broad market adoption of an innovation. In an empirical case, it is shown how the Swedish banking supervisor during the 1910s adapted its enforcement of the banking act to the very dynamic bank market.

    Keywords
    Regulation; enforcement; discretion; Sweden
    National Category
    Economics and Business
    Identifiers
    urn:nbn:se:liu:diva-77436 (URN)
    Available from: 2012-05-15 Created: 2012-05-15 Last updated: 2012-05-15
    3. The competence of financial supervisors and changing regulatory regimes
    Open this publication in new window or tab >>The competence of financial supervisors and changing regulatory regimes
    (English)Manuscript (preprint) (Other academic)
    Abstract [en]

    In the last few years financial supervisors have received major criticism. In the light of the global financial crisis, evidence for failures of supervisors seems to abound in many countries. One common explanation to the perceived failures has been that the supervisory personnel has lacked in competence. A handful of researchers have taken an interest in the matter of financial supervisors’ competence, suggesting that the staff’s previous work experience is a relevant indicator of its competence. However, due to a lack of data, only a few empirical studies have been conducted so far, and none have related the data specifically to the historical context in which the supervisor as been active. This article uses empirical data for the staff of the Swedish Bank Inspection Board between 1910 and 1990 to investigate how the staffs’ work experience, as an indicator of supervisor competence, relates to the financial history of Sweden during this time period. The important events of the financial history are believed to be financial and banking crises in addition to the regulatory regimes in Sweden in the twentieth century.

    According to the empirical case, the staff of the surveyed supervisory agency on average had very little work experience from outside the agency before and at the start of the major financial crisis in Sweden in the early 1990s. Supervisors’ lack of work experience from the private financial sector is often assumed to lead to a lower quality of the supervision. However, in the decade before the financial crisis in the early 1920s, the Inspection Board’s staff had plenty of work experience from the private sector. However, they lacked experience from working as supervisors. During the Great Depression years, an international crisis which Sweden went through comparatively unharmed, the Inspection Board had its most experienced staff of the surveyed time period. In the ‘state control’ regime that followed the Second World War, the agency lacked staff competent from other parts of the public sector, indicating its lack of skill to engage in the regulatory process during this period.

    Keywords
    Financial supervision, Sweden, competence
    National Category
    Economics and Business
    Identifiers
    urn:nbn:se:liu:diva-77437 (URN)
    Available from: 2012-05-15 Created: 2012-05-15 Last updated: 2012-05-15Bibliographically approved
    4. A suspended referee in a new game – the Swedish Bank Inspection Board in the 1980s and early 1990s
    Open this publication in new window or tab >>A suspended referee in a new game – the Swedish Bank Inspection Board in the 1980s and early 1990s
    (English)Manuscript (preprint) (Other academic)
    Abstract [en]

    After the financial crisis in Sweden in the early 1990s the Bank Inspection Board, the agency responsible for the supervision of all credit institutes and the securities trade, received much criticism for its ‘evident’ failure. Despite the critique, few accounts of what the Inspection did and did not do in the decade preceding the crisis have been presented. Internationally too, empirical studies of the work of financial supervisors preceding a financial crisis are rare. This article provides the most detailed empirical account to date of the work of the Bank Inspection Board between 1980 and mid-1991.

    It is found that the Inspection may have allocated too much of its scarce resources on matters not directly related to its objectives, such as consumer complaints. Support for the criticism that the supervisors lacked competence can also be found in data on the work experience of the Inspection’s staff. However, several features of the institutional structure regulating the Inspection also constrained it from adapting to the markets changes, especially the budget application process and the need for a parliament decision for the Inspection to reorganize internally. In addition, the ‘sidelined’ role of the Inspection in the ‘state control’ regulatory regime between the 1940s and late 1970s made it unprepared to adapt its regulatory enforcement during the 1980s when the Riksbank dismantled its regulatory enforcement.

    Keywords
    Banking supervision; regulatory regimes; Sweden
    National Category
    Economics and Business
    Identifiers
    urn:nbn:se:liu:diva-77438 (URN)
    Available from: 2012-05-15 Created: 2012-05-15 Last updated: 2012-05-15Bibliographically approved
  • 497.
    Widerberg, Annie
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Hjalte, Matilda
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    En plats för livet: En jämförande fallstudie om hur två kommuner hanterar de demografiska förändringarna2015Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Currently there are big differences between municipalities in Sweden. These differences leadto two dissimilar tendencies: the population is aging and the degree of urbanisation increases.The urbanisation has set several smaller municipalities in a severe economic situation and alot of municipalities are facing to either raise the local tax or reduce the public service. In thispaper the authors’ research through economic concepts how two medium sized municipalitieshave handled the demographic changes and what the municipalities should do in order toincrease their attractiveness.The findings of this study indicate that the demographic changes, to a large extent, dependson previous recessions in the municipalities which still is causing an unbalanced economy.The municipalities are facing a downward spiral that is hard to emerge from. On the otherhand some municipalities managed the recessions in a more successful way and are nowfacing a more positive economic position. Further, there is a clear correlation between a wellfunctioningintegration on the labour market and public finances. The result of the paper alsoshows that a well-functioning labour market, housing market and commercial supplydetermines municipalities’ attractiveness.

  • 498.
    Wirén, Joakim
    et al.
    Linköping University, Department of Management and Engineering, Economics.
    Eriksson, Olof
    Linköping University, Department of Management and Engineering, Economics.
    Skandinavisk valutaunion: Handelseffekterna av en gemensam valuta i Skandinavien2017Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [sv]

    Syftet med uppsatsen var att analysera effekterna av en skandinavisk valutaunion ur ett handelsperspektiv med fokus på intern- och externhandel för regionen. För att göra detta användes teorier och tidigare forskning av gemensamma valutaområden samt empiri för det aktuella området. För bedömning av handelsförutsättningarna har Jonungs kriterier som berör handel granskats och resultatet tyder på att Danmark och Sverige uppfyller kriterierna för ett optimalt valutaområde medan Norge på vissa punkter avviker. Detta gör att Norge kan anses som en mindre lämpad kandidat sett till ett optimalt valutaområde men med detta sagt inte en olämplig kandidat i ett skandinaviskt valutasamarbete.

    För att beräkna effekterna på handeln vid ett skandinaviskt valutasamarbete skapades ett intervall baserat på resultat från tidigare forskning anpassat efter de skandinaviska förhållandena. Resultatet är att den interna handeln kommer att öka med 50 % - 90 % med bakgrund av tidigare beräknade effekter på EMU-området och andra monetära unioner.

    Gällande den externa handeln påvisades inget entydigt resultat. Slutsatsen om ett monetärt samarbete leder till ökat ekonomiskt inflytande i världen eller till en mer stängd region är svår att dra. 

  • 499.
    Wiss, Johanna
    et al.
    Linköping University, Department of Medical and Health Sciences, Division of Health Care Analysis. Linköping University, Faculty of Medicine and Health Sciences.
    Andersson, David
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Slovic, Paul
    Decis Res, Honolulu, HI USA; Univ Oregon, Eugene, OR 97403 USA.
    Västfjäll, Daniel
    Linköping University, Department of Behavioural Sciences and Learning, Psychology. Linköping University, Faculty of Arts and Sciences. Decis Res, Honolulu, HI USA.
    Tinghög, Gustav
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    The influence of identifiability and singularity in moral decision making2015In: Judgment and decision making, ISSN 1930-2975, E-ISSN 1930-2975, Vol. 10, no 5, p. 492-502Article in journal (Refereed)
    Abstract [en]

    There is an increased willingness to help identified individuals rather than non-identified, and the effect of identifiability is mainly present when a single individual rather than a group is presented. However, identifiability and singularity effects have thus far not been manipulated orthogonally. The present research uses a joint evaluation approach to examine the relative contribution of identifiability and singularity in moral decision-making reflecting conflicting values between deontology and consequentialism. As in trolley dilemmas subjects could either choose to stay with the default option, i.e., giving a potentially life-saving vaccine to a single child, or to actively choose to deny the single child the vaccine in favor of five other children. Identifiability of the single child and the group of children was varied between-subjects in a 2x2 factorial design. In total 1,232 subjects from Sweden and the United States participated in three separate experiments. Across all treatments, in all three experiments, 32.6% of the subjects chose to stay with the deontological default option instead of actively choosing to maximize benefits. Results show that identifiability does not always have a positive effect on decisions in allocation dilemmas. For single targets, identifiability had a negative or no effect in two out of three experiments, while for the group of targets identifiability had a more stable positive effect on subjects’ willingness to allocate vaccines. When the effect of identifiability was negative, process data showed that this effect was mediated by emotional reactance. Hence, the results show that the influence of identifiability is more complex than it has been previously portrayed in the literature on charitable giving. 

  • 500.
    Wiss, Johanna
    et al.
    Linköping University, Department of Medical and Health Sciences, Division of Health Care Analysis. Linköping University, Faculty of Medicine and Health Sciences.
    Levin, Lars-Åke
    Linköping University, Department of Medical and Health Sciences, Division of Health Care Analysis. Linköping University, Faculty of Medicine and Health Sciences.
    David, Andersson
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Tinghög, Gustav
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences. Linköping University, Department of Medical and Health Sciences, Division of Health Care Analysis. Linköping University, Faculty of Medicine and Health Sciences.
    Prioritizing Rare Diseases: Psychological Effects Influencing Medical Decision Making2017In: Medical decision making, ISSN 0272-989X, E-ISSN 1552-681XArticle in journal (Refereed)
    Abstract [en]

    Background. Measuring societal preferences for rarity has been proposed to determine whether paying pre- mium prices for orphan drugs is acceptable. Objective. To investigate societal preferences for rarity and how psychological factors affect such preferences. Method. A postal survey containing resource allocation dilemmas involving patients with a rare disease and patients with a common disease, equal in severity, was sent out to a randomly selected sample of the population in Sweden (return rate 42.3%, n = 1270). Results. Overall, we found no evidence of a general preference for prioritizing treat- ment of patients with rare disease patients over those with common diseases. When treatment costs were equal, most respondents (42.7%) were indifferent between the choice options. Preferences for prioritizing patients with common diseases over those with rare diseases were more frequently displayed (33.3% v. 23.9%). This tendency was, as expected, amplified when the rare disease was costlier to treat. The share of respondents choosing to treat patients with rare diseases increased when present- ing the patients in need of treatment in relative rather than absolute terms (proportion dominance). Surprisingly, identifiability did not increase preferences for rarity. Instead, identifying the patient with a rare disease made respondents more willing to prioritize the patients with common diseases. Respondents’ levels of education were significantly associated with choice—the lower the level of education, the more likely they were to choose the rare option. Conclusions. We find no support for the existence of a general preference for rarity when setting health care priorities. Psychological effects, especially proportion dominance, are likely to play an important role when pre- ferences for rarity are expressed.  

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