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  • 51.
    Akay, Alpaslan
    et al.
    Univ Gothenburg, Sweden; IZA, Sweden.
    Martinsson, Peter
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences. Univ Gothenburg, Sweden.
    Ralsmark, Hilda
    Univ Gothenburg, Sweden.
    Relative concerns and sleep behavior2019In: Economics and Human Biology, ISSN 1570-677X, E-ISSN 1873-6130, Vol. 33Article in journal (Refereed)
    Abstract [en]

    We investigate the relationship between relative concerns with respect to income and the quantity and quality of sleep using a 6-year panel dataset on the sleep behavior of people in Germany. We find a substantial negative association between relative income and number of hours of sleep and satisfaction with sleep, i.e., sleep quality, whereas there is no particular association between absolute level of income and sleep quantity and quality. A 10-percent increase in the income of relevant others is associated with 6-8 min decrease in a persons weekly amount of sleep on average, yet this effect is particularly strong among the relatively deprived, i.e., upward comparers, as this group shows a corresponding decrease in sleeping time of 10-12 min/week. These findings are highly robust to several specification checks, including measures of relative concerns, reference group, income inequality, and local price differences. The heterogeneity analysis reveals that the relationship is mainly driven by people with relatively fewer working hours, a higher demand for household production and leisure activities, and lower physical health and well-being. (C) 2018 Elsevier B.V. All rights reserved.

  • 52.
    Aldén, Emma
    et al.
    Linköping University, Department of Management and Engineering, Economics.
    Linnéa, Andersson
    Linköping University, Department of Management and Engineering, Economics.
    Konsumenters betalningsvilja för Kravmärkningen: En analys av faktorer som påverkar konsumenters betalningsvilja av utvalda livsmedelsvaror2019Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    The ecolabel Krav exists to promote organic food production. The label has existed for a long time and has grown to be a well-recognized brand. How well the label works to influence consumption is something worth investigate more closely. Since the ecolabeled food are generally more expensive to produce, and thus get a higher market price, consumers must have a desire to pay the higher price. The purpose of this thesis is to examine whether the willingness to pay actually exists among students. The included theories are income elasticity, price elasticity, external effects and nudging. These together with previous research have discussed the factors concerning consumers behavior. A survey has also been conducted to examine students knowledge concerning the ecolabel Krav, and to test their willingness to pay for selected conventional and Krav labelled groceries. In addition to the survey, information has been collected through an email correspondence with the store manager at Maxi ICA Stormarknad Linköping to get information about possible strategies the grocery store use.

    The study shows that consumers are well informed about the existence of Krav as an ecolabel, but the knowledge is poor regarding the work Krav is performing and the purpose of it. We have generally observed that there are fewer individuals choosing the ecolabel Krav over conventional, the result differs between groceries. We have observed several connections regarding the factor income, the higher income ranges seem to be a synonym with the highest willingness to pay for Bregott. For the eggs, we cannot see any clear connection between the higher income ranges and the higher willingness to pay. Another factor that has high impact on the willingness to pay is the price, when a bigger price difference between conventional and Krav groceries exist, this results in a connection that more individuals chose the conventional option. Individual preferences of ecolabels show that a certain awareness exist, but that there is a difference in awareness and action. Which previous research strengthens. Preferences does not determine consumption in all cases, instead price seems to be the deciding factor. This can be based on the selected population which are students.

  • 53.
    Algren, Niklas
    et al.
    Department of Finance and Statistics, Hanken School of Economics,, Helsingfors, Finland.
    Sjö, Bo
    Swedish Agency for Development Evaluation, Karlstad, Sweden.
    Zang, Yianhua
    Center for Finance, University of Gothenburg, Sweden.
    Panel cointegration of Chinese A and B shares2009In: Applied Financial Economics, ISSN 0960-3107, E-ISSN 1466-4305, Vol. 19, no 23, p. 1859-1871Article in journal (Refereed)
    Abstract [en]

    We study information flows in China's stock markets. By using panel data methods we test for a unit root in the price premium of domestic investors’ A shares over foreign investors’ B shares, as well as cointegration between the A- and B-share prices on the Shanghai and Shenzhen stock exchanges. We find that the A-share premia are nonstationary, and that the A- and B-share prices are not cointegrated up till January 2001. After February 2001, when domestic investors were allowed to trade B shares, the A-share premia become stationary and the A- and B-share prices cointegrated. One interesting result from the panel data analysis is that most firms’ A and B shares are cointegrated, but not all firms. Cointegration is more likely for firms with a small A-share premium, low ratio of nontradeable shares, high growth rate and large B-share market capitalization relative to the A-share market capitalization. Our findings suggest that the relaxation of the investment restrictions decreased the segmentation between the A- and B-share markets in China.

  • 54.
    Allard, Alexandra
    et al.
    Linköping University, Department of Management and Engineering, Economics.
    Bauer, Charlotta
    Linköping University, Department of Management and Engineering, Economics.
    The possible effects of the blue economy on gender equality in the Republic of Seychelles2018Independent thesis Advanced level (degree of Master (One Year)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    In order to ensure the Earth’s future prosperity and welfare gender inequalities need to be tackled and our marine environment needs to be safeguarded. In this thesis we therefore evaluate the possible effects of a blue economy on gender equality in the Republic of Seychelles. Using a qualitative methodology, we have conducted 21 semi-structured interviews with a total of 35 respondents. These including people working at grassroots level, in non-governmental organisations and within the governmental bodies in Seychelles. In order to assist the collection and analysis of the data, we developed a theoretical model portraying in what ways the blue economy can affect gender equality in the country via three main components; maritime sustainability, technological innovation and new market and job opportunities. The empirical results demonstrate that the blue economy framework through these three components can affect gender equality, both in the short and long-term. If proven to be inclusive and implemented in the correct way, our findings portray that the blue economy will offer many opportunities. This affecting gender equality in diverse ways, with our main results showing that the concept will (i) help single mothers through factors such as increasing food security, water quality and new job opportunities; (ii) encouraging women to enter into more technological and/or male dominated fields; (iii) motivating boys to remain in school or help dropouts to venture into more practical fields.

  • 55.
    Allard, Alexandra
    et al.
    Linköping University, Department of Management and Engineering, Economics.
    Takman, Johanna
    Linköping University, Department of Management and Engineering, Economics.
    An Empirical Assessment of the N-Shaped Environmental Kuznets Curve Hypothesis2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    In order to combat global warming and climate change issues and facilitate economic prosperity in the same time, it is important to understand the possible tradeoffs between economic growth and environmental degradation. In this thesis, we evaluate the hypothesis of an N-shaped environmental Kuznets curve (EKC). Using panel data analysis, we investigate the relationship between CO2 emissions, GDP per capita, renewable energy consumption, technological development, trade, and institutional quality for 74 countries over the period of 1994 to 2012. We find (i) evidence for the Nshaped EKC when using pooled OLS regressions for all income groups but upper-middleincome countries; (ii) heterogeneous results regarding the N-shaped EKC across income groups and quantiles when using quantile regressions; and (iii) a clear and consistent negative relationship between renewable energy and CO2 emissions, indicating the importance of promoting greener energy to combat climate change.

  • 56.
    Alvin Rydén, Henrik
    et al.
    Linköping University, Department of Management and Engineering, Economics.
    Sommarin, Sara
    Linköping University, Department of Management and Engineering, Economics.
    Divide and Conquer: An in-depth study of the impact of the Swedish Leniency Program on the creation of cartels in the construction industry2016Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [sv]

    Den här uppsatsen behandlar ämnena kartellbildning och eftergiftsprogrammet, samt byggbranschen. Syftet är att undersöka om det svenska eftergiftsprogrammet har förutsättningar för att avskräcka från kartellbildning i byggbranschen. För att undersöka detta kommer uppsatsen även att lyfta fram vilka förutsättningar som finns för karteller att verka i branschen. Med hjälp kartellteori identifieras faktorer som kan tänkas underlätta för karteller att verka, och med hjälp av eftergiftsteori kommer faktorer identifieras i programmet som kan tänkas hjälpa till att motverka kartellbildning. Med utgångspunkt i teorin och de faktorer som hittats kommer förhållandena i byggbranschen att undersökas.Vårt resultat visar att branschen i nuläget är relativt stabil med goda vinstmöjligheter och innehar inträdeshinder vilket tyder på att kartellbildning kan gynnas och att karteller troligen existerar i branschen. Resultatet visar även att eftergiftsprogrammet verkar ha möjligheter att avskräcka från kartellbildning genom att bidra med misstro mellan potentiella kartellmedlemmar. Dock verkar effekten bero på, åtminstone till viss del, antalet företag som överväger att ingå i ett samarbete. Att eftergiftsprogrammet är lika avskräckande i alla delar av branschen är alltså inte alls säkert. Vi kan framförallt förvänta oss att eftergiftsprogrammet “söndrar och härskar” bland de karteller med många medlemmar, och vilka verkar i de delar av byggbranschen som moderniserats.

  • 57.
    Andersson, David
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Deciding Fast and Slow: How Intuitive and Reflective Thinking Influence Decision Making2016Doctoral thesis, comprehensive summary (Other academic)
    Abstract [en]

    Paper I “Intuition and cooperation reconsidered”: Does intuition make people more cooperative? Rand et al. (Rand, Greene, & Nowak, 2012) reported increased cooperation in social dilemmas after forcing individuals to decide quickly. 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. (2012) finding, indicating that their result was an artefact of excluding about 50% of the subjects who failed to respond on time.

    Paper II “Intuition and moral decision-making – the effect of time pressure and cognitive load on moral judgment and altruistic behavior”: 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. Overall we find converging evidence that intuitive states do not influence moral 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.

    Paper III “Public views on policies involving nudges”: When should nudging be deemed as permissible and when should it be deemed as intrusive to individuals’ freedom of choice? The main objective of this study is to elicit public views on the use of nudges in policy. In particular we investigate attitudes toward two broad categories of nudges that we label pro-self (i.e. focusing on private welfare) and pro-social (i.e. focusing on social welfare) nudges. Results show that the level of acceptance toward nudge-policies was generally high. Nudge polices classified as pro-social had a significantly lower acceptance rate compared to pro-self nudges.

    Paper IV “The effect of fast and slow decisions on financial risk-taking”: Are individuals financial risk taking influenced by time available? We experimentally compare fast and slow decisions in a series of experiments on financial risk taking in three countries involving over 1,700 subjects. We find that time pressure increases risk aversion for gains and risk taking for losses compared to time delay; implying that time pressure increase the reflection effect of Prospect Theory.

    Paper V “Incidental effect and financial risk-taking – a neural investigation: This study builds on the results from Paper IV. Here I explore the influence of incidental negative emotions on financial risk-taking in an fMRI environment in order to assess underlying neural mechanisms. I experimentally compare neutral and unpleasant valence framing on gambles involving pure monetary gain and pure monetary loss. I find a significantly increased BOLD response in left amygdala and bilateral visual cortex when contrasting when showing unpleasant pictures, a neural effect which is in line with previous neuroimaging studies on negative emotions. However the neural effect of showing unpleasant pictures did not affect choices in the risk tasks. Consequently, I did not find any support for the hypothesis that the reflection effect of Prospect theory should be more pronounced when making risky choices influenced by incidental negative emotions.

    List of papers
    1. Intuition and cooperation reconsidered
    Open this publication in new window or tab >>Intuition and cooperation reconsidered
    Show others...
    2013 (English)In: Nature, ISSN 0028-0836, E-ISSN 1476-4687, Vol. 498, no 7452, p. E1-E2Article in journal (Refereed) Published
    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.

    Place, publisher, year, edition, pages
    Nature Publishing Group, 2013
    Keywords
    Human Cooperation, Intuition; Time Pressure; Public Goods; Behavioral Economics
    National Category
    Economics
    Identifiers
    urn:nbn:se:liu:diva-94022 (URN)10.1038/nature12194 (DOI)000319947800001 ()23739429 (PubMedID)
    Projects
    Neuroekonomi
    Available from: 2013-06-16 Created: 2013-06-14 Last updated: 2017-12-06Bibliographically approved
    2. Public Views on Policies Involving Nudges
    Open this publication in new window or tab >>Public Views on Policies Involving Nudges
    2015 (English)In: Review of Philosophy and Psychology, ISSN 1878-5158, E-ISSN 1878-5166, Vol. 6, no 3, p. 439-453Article in journal (Refereed) Published
    Abstract [en]

    When should nudging be deemed as permissible and when should it be deemed as intrusive to individuals’ freedom of choice? Should all types of nudges be judged the same? To date the debate concerning these issues has largely proceeded without much input from the general public. The main objective of this study is to elicit public views on the use of nudges in policy. In particular we investigate attitudes toward two broad categories of nudges that we label pro-self (i.e. focusing on private welfare) and pro-social (i.e. focusing on social welfare) nudges. In addition we explore how individual differences in thinking and feeling influence attitudes toward nudges. General population samples in Sweden and the United States (n=952) were presented with vignettes describing nudge-policies and rated acceptability and intrusiveness on freedom of choice. To test for individual differences, measures on cultural cognition and analytical thinking were included. Results show that the level of acceptance toward nudge-policies was generally high in both countries, but were slightly higher among Swedes than Americans. Somewhat paradoxically a majority of the respondents also perceived the presented nudge-policies as intrusive to freedom of choice. Nudge- polices classified as pro-social had a significantly lower acceptance rate compared to pro-self nudges (p<.0001). Individuals with a more individualistic worldview were less likely to perceive nudges as acceptable, while individuals more prone to analytical thinking were less likely to perceive nudges as intrusive to freedom of choice. To conclude, our findings suggest that the notion of “one-nudge- fits-all” is not tenable. Recognizing this is an important aspect both for successfully implementing nudges as well as nuancing nudge theory. 

    Keywords
    Nudge; Libertarian Paternalism; Acceptability; Autonomi
    National Category
    Economics
    Identifiers
    urn:nbn:se:liu:diva-119071 (URN)10.1007/s13164-015-0263-2 (DOI)
    Projects
    Neuroekonomi
    Available from: 2015-06-08 Created: 2015-06-08 Last updated: 2019-03-26
  • 58.
    Andersson, David E.
    et al.
    Linköping University, Department of Management and Engineering, Business Administration. Linköping University, Faculty of Arts and Sciences.
    Ekeström, Malin
    Linköping University, Department of Management and Engineering, Business Administration. Linköping University, Faculty of Arts and Sciences.
    Economic effects and social implications of a dual currency and exchange rate system: A study of the Cuban case2011Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    In 1994 the Cuban regime started a gradual introduction of a new currency, the convertible peso (CUC), which could be exchanged for USD at par. In the beginning the circulation of CUC was limited, but in 2003 the CUC replaced the USD in state owned enterprises and in 2004 the USD was replaced by the CUC in all transactions made by the population and foreigners in Cuba. Two exchange rates also exist between these currencies, one for the population (unofficial exchange rate of 24:1) and one for companies and institutions (official exchange rate of 1:1). Both currencies suffer from a lack of convertibility and have created an unusual and segmented monetary environment in Cuba.

    The aim of the study is to analyze the effects of the dual currency and exchange rate in the economy in terms of economic costs and in terms of how the capabilities of the population are affected. In order to do this, a Minor Field Study was conducted in Havana where different agents of the Cuban economy were interviewed and available data collected.

    The results show that the dual monetary system creates several distortions in the Cuban economy. The dual exchange rate implicitly subsidizes imports and at the same time creates an indirect tax on exports. A system of converting both domestic currencies to one “unique currency” further complicates calculation of the productivity and profitability of state owned companies. Additionally, capital controls and segmentations of markets weaken the connections between foreign and Cuban companies and also decrease much needed inflow of foreign currency. Capital controls also leads to Cuban companies being restricted diachronically in the use of their capital in that way hampering necessary investment.

    Furthermore, the dual monetary system affects the Cuban people’s capabilities, which to a large extent depend on the direct access to CUC. Direct access to CUC in turn does not depend on productivity but on factors outside of a person’s control, such as having family abroad or being self-employed. Cuban’s with only a salary in CUP and without access to CUC has difficulties reaching a reasonable standard of living. This creates the perception that someone with direct access to CUC is richer than someone without, which leads to rent-seeking activities with people trying to work in the CUC sector even if they are highly educated and qualified for important occupations in the CUP sector.

  • 59.
    Andersson, David
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences. Department of Business Studies, Uppsala University, Uppsala, Sweden.
    Galaso, Pablo
    Instituto de Economía, Facultad de Ciencias Económicas y de Administración, Universidad de la República, Montevideo, Uruguay.
    Sáiz, Patricio
    Departamento de Análisis Económico: Teoría Económica e Historia Económica, Universidad Autónoma de Madrid, Madrid, Spain.
    Patent Collaboration Networks in Sweden and Spain during the Second Industrial Revolution2019In: Industry and Innovation, ISSN 1366-2716, E-ISSN 1469-8390, Vol. 26, no 9, p. 1075-1102Article in journal (Refereed)
    Abstract [en]

    This article aims to analyse and compare the patent collaboration networks of Spain and Sweden during the Second Industrial Revolution, a key period for technological and industrial development in several economies and the distinct development paths taken by these two countries. The data used are from two new historical patent datasets for Spain and Sweden for the period 1878–1914. To study the structure of collaboration networks in both countries, we applied social network analysis methods and focused on two specific key network properties: connectivity and openness to external nodes. The results demonstrate that collaboration networks were better connected and more open to foreign influence in Sweden than in Spain. This research opens new paths for further multidisciplinary studies both on the evolution of industrial economies and on innovation networks dynamics.

  • 60.
    Andersson, Emil
    et al.
    Linköping University, Department of Management and Engineering, Economics.
    Hoque, Mahim
    Linköping University, Department of Management and Engineering, Economics.
    The Causal Relationships Between ESG and Financial Asset Classes: A multiple investment horizon wavelet approach of the non-linear directionality2019Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    This thesis investigates if Environmental, Social and Governance (ESG) investments can be considered as an independent asset class. As ESG and responsible investing has increased substantially in recent years, responsible investments have entered the portfolios with other asset classes too. Therefore, there is a need in studying ESG investment properties with other financial asset classes. By collecting daily price data from October 2007 to December 2018, we research the directionalities between ESG, ethical, conventional, commodities and currency. Initially, we employed a MODWT, multiscale investment horizon wavelet analysis transformation of the data. The decomposed wavelet data is then applied in pairwise linear and non-linear Granger causality estimations to study the directionality relationships dependent on investment horizon. Additionally, econometric filtering processes have been employed to study the effects of volatility on directionality relationships. The results mainly suggest significant directionality relationships between ESG and the other asset classes. On the medium-term investment horizon, almost all estimations indicate strict bidirectionality. Thus, on the medium-term, ESG can be said to be integrated with the other asset classes. For the long-term horizon, most relationships are still predominantly bidirectional between ESG and all other asset classes. The biggest differences are found on the short-term horizon, with no directionality found between ESG and commodities that cannot be explained by volatility. Furthermore, most directionality relationships also disappear when controlling for the volatility transmission between ESG and currency on the short-term horizon. Thus, our findings suggest significantly more integration between ESG and ethical and conventional as bidirectionality overwhelmingly prevails regardless of investment horizon. As previous research has found similarities between ethical and conventional as well as ESG having similar characteristics to commodities as conventional and ethical, we suggest that ESG should be considered as being integrated and having strong similarities with other equities. Thus, it should be treated as being part of the conventional equity asset class. Deviations from bidirectionality could be caused by ESG variable specific heterogeneity. However, despite our rejection of ESG as an independent asset class, it still carries significant potential as it excludes firms with climate-harming practices, thereby helping in combating climate-related as well as social and governance issues the world is facing.

  • 61.
    Andersson, Fredrik
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Hamilton, Philip
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Vad bestämmer fonders prestation och avgift?: En studie på svenska aktivt förvaltade aktiefonder under perioden 2005-20142015Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    This study analyzes 66 Swedish actively managed mutual funds investing in the Swedish stock market during the period 2005-2014. The purpose is through pooled data regressions analyze the relationship between both the mutual fund’s annual fee and risk-adjusted return to the fund’s characteristics. The characteristics of the study are the size of the fund's assets, age, if the fund is bank managed or not, Tracking Error, and standard deviation of return.By using the performance measures of CAPM, Fama and French 3-factor model, and Carhart’s 4-factor model monthly risk-adjusted returns are created for all funds over the period. Two pooled data regressions are performed with the Fixed Effect Model in which the annual fee and risk-adjusted return is set up as explanatory variables against the various characteristics.The results of the study show a clear correlation between annual fee and tracking error against the risk-adjusted return. A higher fee adds value to the investor through a higher risk-adjusted return, but will not fully compensate for the increased fee. The relationship between Tracking Error and risk-adjusted return is negative, which means that mutual funds that are distant from its benchmark perform worse than the mutual funds close to its benchmark. To explain annual fee this study finds low economic significance for the characteristics included. Although several variables show statistical significance, it is difficult to say anything about the characteristics that affect a mutual fund's annual fee due to the weak economic significance.

  • 62.
    Andersson, Frida
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Franklin, Charlotta
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Friskolereformens effekt på arbetslöshet, inkomst och företagande på kommunal nivå: En ekonometrisk analys av ökade elevandelarna i fristående gymnasieskola2014Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Previous research has shown significant improvements in grades for the students in municipalities that have a larger percentage of their students in independent schools. Based on these results, we run the hypothesis that higher grades are a result of an increased level of knowledge and that this increased level of knowledge should lead to effects in the entire municipality. This paper analyses how unemployment, median income and enterprise in Sweden's municipalities have been affected by the increased competition in the school market. Our hypothesis is that a higher share of students in independent high school lowers unemployment and raises incomes. We also examine the effect on the rate of enterprise in the municipality due to the share of students. The effects have been searched in an econometric panel data analysis in which 284 of Swedish municipalities are followed over a period of 20 years. The models are estimated with percentages of unemployment, income and enterprise compared with the percentage of students in independent high schools in previous periods using a Fixed Effect Model.

    We find a negative relation between the students and the percentage of unemployment and a positive relation between income and the proportion of students. The impact on earnings is weaker than it is on unemployment and the effects vary depending on the delay we assume in the model. The effect on enterprise varies in estimates with different directions depending on the explanatory variables we include in addition to student shares from different periods. Through our regressions we find connecting relationships but we have difficulties in proving an existing causality.

  • 63.
    Andersson, Markus
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Öberg, Stina
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Socioekonomiska faktorers inverkan på äldres hälsa: En jämförelse mellan kommunerna Linköping och Norrköping2014Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [sv]

    Den svenska befolkningen blir allt äldre, och denna förskjutning av befolkningssammansättningen leder till ett ökat behov av vård och omsorg. Den utmaning som detta medför för samhället motiverar att närmare studera vad som påverkar hälsan specifikt hos målgruppen äldre. Studien utgår från ett nytt datamaterial från en omfattande enkätundersökning besvarad av äldre invånare i Linköpings och Norrköpings kommun. Med Grossmans hälsoekonomiska modell som ramverk ämnar studien med kvantitativ metodik analysera vilken påverkan modellens faktorer har på äldres hälsa.

    För att möta syftet valde författarna att i regressionsanalys tillämpa modellen ordered probit och skatta effekterna av socioekonomiska faktorer och levnadsvanor på individers självrapporterade hälsa. Studien omfattade tio förklaringsvariabler i ett datamaterial omfattande 6 300 objekt.

    Resultatet visar att i en reducerad modell finns indikationer på att högre inkomst och utbildning kan leda till bättre hälsa i äldre, vilket överensstämmer med Grossmans teori. Utbildning uppvisar dock ej statistisk signifikans efter att förklaringsvariabler för levnadsvanor – rökning, fetma, alkoholmissbruk och motionering – introducerats i modellen. Författarna presenterar hypotesen att resultatet kan förklaras av att både utbildning och levnadsvanor fångas upp av en bakomliggande variabel – individens tidspreferens. Vidare finner författarna att Linköpingsbor i överensstämmelse med tidigare jämförelser anger en högre hälsonivå än Norrköpingsbor. Variabeln kommuntillhörighet visar sig vara signifikant efter kontroll av samtliga av studiens förklaringsvariabler, vilket kan tyda på en underliggande skillnad mellan kommunerna med avseende på kultur och socialt arv bortsett från effekter av levnadsvanor, utbildning och inkomstnivå.

  • 64.
    Andersson, Monica
    Linköping University, Department of Management and Economics.
    Osäker vård? En fallstudie inom svensk hälso- och sjukvård2001Independent thesis Advanced level (degree of Magister)Student thesis
    Abstract [en]

    The swedish healthcare is in many situations one of the best in the world. But still, the healthcare system includes elemnts that reduce the efficiency. Partly becouse the swedish healthcare is largely monopolized, the servicecs are not properly prized and the economic responsibility and the liability legislation is limited. The main problem this study evolves around, is how a different liability rule would change the shape of the healthcare organisation. Abouve all, how would the approach to riskmanagement and preventive and riskreducing performance change with a diffrent liability rule. A quantitative investigation, with main focus on riskmanagement,have been made at two hospitals in Sweden. The reults show that the handling of an accident is inefficient and that the swedish healthcare involves more insecure elements than exepected.

  • 65.
    Andersson, Oskar
    et al.
    Linköping University, Department of Management and Engineering.
    Berg, Ronya
    Linköping University, Department of Management and Engineering.
    Den svenska friskolan: Framtidens skolform eller ett politiskt misstag?2018Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    In this paper we aim to investigate the advantages and disadvantages with the Swedish free-school system and how reality aligns with the political prequel that paved way for the Swedish free-school reform. Based on six sources we have found that there are both practical and theoretical advantages together with practical and theoretical disadvantages. Some clear advantages are that the pay rate of Swedish teachers has increased since the free-school reform, that the possibility of profit could be a positive driving force for an organization and that the free-school system has led to a increased selection of educational possibilities and has thereby simplified the match between student and school. Clear disadvantages is that the teachers workload has increased, the grade inflation has increased in connection with the competition on the Swedish school market and that it is difficult to assume responsibility if education is of low quality as there are social and monetary barriers if a student wants to switch school. It also turns out that the purpose of the bill has in part been infused in the form of a broader school offering with different orientations and a more productive school with the efficiency enhancement that competition has meant. It is also established that there is a problem regarding the flow of information between the producer (independent school) and the consumer (competent student) which makes it difficult for students and their families to take responsibility for the student's educational situation as proposed by the bill.


    The questions that are answered are: What are the theoretical and practical advantages of the Swedish free-school system?, What are the theoretical and practical disadvantages of the Swedish free- school system? as well as How are the advantages and disadvantages aligning with the political ideas that paved way for the Swedish free-school reform? 


    Some further research is required in the field. Above all, new studies are required that statistically highlight differences between municipal schools and independent schools.

  • 66.
    Andersson, Per-Åke
    et al.
    Department of Economics and Statistics, University of Gothenburg.
    Sjö, Bo
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Inflation, Monetary Policy and Structural Adjustment in Zambia2002In: International Economics, Vol. 55, no 5, p. 425-449Article in journal (Refereed)
    Abstract [en]

    This paper analyses the monetary policy and its impact on the rate of inflation during the economic structural adjustment programs in Zambia during 1987 to 1993. To avoid the Lucas critique, the focus is on a sample period, 1987 to 1993, which is relevant for analysing inflation and monetary policy during adjustment programs. The sample does not include other types of monetary regimes than the ones relevant for analysing the adjustment process. The supply of money and the price level are decomposed into permanent and transitory components. The results suggest that the price level in Zambia was driven by the supply of money, and that the authorities were able to reduce inflation by restricting the money supply process during the adjustment programs.

  • 67.
    Andersson, Per-Åke
    et al.
    Depertment of Economics and Statistics, University of Gothenburg, Sweden.
    Sjö, Bo
    Linköping University, Department of Management and Engineering, Economics. Linköping University, The Institute of Technology.
    Successful inflation targeting in Mozambique despite vulnerability to internal and external shocks2013In: Zambia Social Science Journal, ISSN 2079-5521Article in journal (Refereed)
    Abstract [en]

    Inflation has proven to be an important obstacle to successful economic adjustment in many countries. Despite both internal and external shocks to the economy, Mozambique has succeeded in controlling the inflation to gain high economic growth. This paper provides an econometric analysis of the dynamics behind the experience of Mozambique. Inflation is driven by both a purchasing power parity relation with South Africa and monetary factors. The result indicates that the country is using a crawling peg exchange rate regime.

  • 68.
    Andersson, Peter
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Ivehammar, Pernilla
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Dynamic route planning in the Baltic Sea Region – A cost-benefit analysis based on AIS data2017In: Maritime Economics & Logistics, ISSN 1479-2931, E-ISSN 1479-294X, Vol. 19, no 4, p. 631-649Article in journal (Refereed)
    Abstract [en]

    Increased international trade, together with a growing concern about global emissions, raises demands to make transportation at sea more efficient. Most ways to reduce emissions will increase sea transportation costs. Dynamic route planning at sea is a concept that allows simultaneous emissions reduction and savings for ship owners. With route plans and coordination centres, ships may take shorter routes and adjust to more efficient speeds, instead of anchoring and then awaiting for berth. Using data from ships’ Automatic Identification System (AIS) transmitters, we measure the sailed distance, as well as the number and the anchored time for cargo (general cargo, bulk, container and RoRo) and tanker ships on a representative day in the Baltic Sea Region. Benefits and costs are estimated using unit prices for emissions and other costs. We find that the benefits of dynamic route planning outweigh its costs; the most decisive factors are (i) by how much distances are reduced and (ii) the unit values of emissions. For each percentage point distances that can be reduced, benefits are estimated at €102 million per year. Adding benefits of adjusted arrival times and subtracting estimated costs, net gains are found in the range of €84–98 million per year. The availability of AIS data provides new opportunities to quantify the traffic at sea and evaluate proposals to make sea transportation more efficient. The methodology can, apparently, be applied to other areas with dense sea traffic.

  • 69.
    Andreasson, Pierre
    et al.
    Linköping University, Department of Management and Engineering. Linköping University, Faculty of Arts and Sciences.
    Bekiros, Stelios
    Paris, France.
    Nguyen, Duc Khuong
    Paris, France.
    Uddin, Gazi Salah
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Impact of speculation and economic uncertainty on commodity markets2016In: International Review of Financial Analysis, ISSN 1057-5219, E-ISSN 1873-8079, Vol. 43, p. 115-127Article in journal (Refereed)
    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.

  • 70.
    Andreasson, Pierre
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Siverskog, Jonathan
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Cross-market linkages and the role of speculation in agricultural futures markets2015Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    In this study we analyse the role of speculation in forging cross-market linkages between agriculture, equity and crude oil over the period 1992-2014. The market interdependence of ten U.S. traded agricultural commodities futures is measured through the spillover index of Diebold and Yilmaz (2009, 2012) and the dynamic conditional correlation framework of Engle (2002). Utilising data from the U.S. Commodity Futures Trading Commission, ve dierent measures of speculation are constructed, which are used to examine the long-run and short-run dynamics between market integration and speculation. To explore time-varying characteristics in this relationship, and as a test for robustness, we perform a sub-sampling analysis for the periods 1992-2006 and 2006-2014.

    We show that cross-market linkages grew stronger post-2005, particularly in the aftermath of the 2008 global financial crisis. The results of our econometric analysis indicate that any conclusions regarding the role of speculation in this process are highly sensitive both to the choice of market integration measure, as well as to how the extent of speculation is captured. Overall, though, there is little to indicate that speculation has played an important role in creating cross-market linkages. We do provide some evidence of market integration increasing with market size, but other factors, such as inflation and exchange rates, seem to provide better explanations of agriculture-equity-energy price dynamics. In line with previous research, we also find market interdependence to increase with stock market uncertainty, which suggests that the diversification benefits of commodity futures investments are actually reduced when needed the most. Considered together with our findings on the sizes of markets, which are increasingly made up of speculators, it appears at least possible that financialisation has made food markets more vulnerable to disturbances in financial markets.

  • 71.
    Andregård, Victor
    et al.
    Linköping University, Department of Management and Engineering.
    Pezoa, Christopher
    Linköping University, Department of Management and Engineering.
    Black-Littermans allokeringsmodell: En empirisk studie av prognosvariansen och dess betydelse för portföljprestationen2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The Black-Litterman allocation model unifies historical returns with investor personal views of future returns. The study compares two quantitative methods for the estimation of uncertainty in future views with the goal to mitigate the subjectivity of the Black-Litterman model. Previous literature have investigated and tested these methods independently but a comparison has never been made between them. The two methods consist of using variances in proportion to the variances of market equilibrium and operating the residual variance of a factor model. Results show that the usage of variances estimated by a GARCH (1,1) will generate the highest average returns with an allocation distribution that contributes to least market sensitivity. Furthermore, the study recommends the implementation of variances from residuals with the addition of a factor model to diminish the subjectivity of the Black-Litterman model.

  • 72.
    Anyadike-Danes, Michael
    et al.
    Aston Business School and Enterprise Research Centre, UK.
    Bjuggren, Carl Magnus
    Linköping University, Department of Management and Engineering, Economics. Linköping University, The Institute of Technology.
    Gottschalk, Sandra
    ZEW, Germany.
    Hölzl, Werner
    WIFO, Austria.
    Johansson, Dan
    HUI Research and Dalarna University, Sweden.
    Maliranta, Mika
    ETLA and University of Jyväskylä, Finland.
    Myrann, Anja
    Ragnar Frisch Centre for Economic Research, Norway.
    Accounting for Job Growth: Disentangling Size and Age Effects in an International Cohort Comparison2013Report (Other academic)
    Abstract [en]

    The contribution of different-sized businesses to job creation continues to attract policymakers’ attention, however, it has recently been recognized that conclusions about size were confounded with the effect of age. We probe the role of size, controlling for age, by comparing the cohorts of firms born in 1998 over their first decade of life, using variation across half a dozen northern European countries Austria, Finland, Germany, Norway, Sweden, and the UK to pin down the effects. We find that a very small proportion of the smallest firms play a crucial role in accounting for cross-country differences in job growth.

  • 73.
    Apelgren, Charles
    Linköping University, Department of Management and Economics.
    Den svenska swapspreadens förklaringsfaktorer: en empirisk analys2004Independent thesis Advanced level (degree of Magister)Student thesis
    Abstract [en]

    This paper presents empirical evidence on the determinants of interest rate swap spreads in Sweden during the period 1999-2003. The results suggest that the spread between STIBOR and the general collateral repo rate is positively related to shorter maturity swap spreads. The risk premium associated with commercial bonds is positively related to swap spreads of all maturities. A negative relationship is observed between the term structure of interest rates and swap spreads. The short-term interest rate is positively related to spreads with shorter maturities. Interest rate volatility, stock-market movements and exchange rate movements appear to have no impact on Swedish swap spreads.

  • 74.
    Appelgren, Leif
    Linköping University, Department of Management and Engineering. Linköping University, Faculty of Arts and Sciences.
    Optimal auditing of social benefit fraud: a case study2019In: Empirical Economics, ISSN 0377-7332, E-ISSN 1435-8921, Vol. 56, no 1, p. 203-231Article in journal (Refereed)
    Abstract [en]

    The aim of this paper is to study the effect of different audit strategies on fraud in one particular social benefit system in Sweden. The efficiency of different audit strategies is compared using a computer-based optimization algorithm. Two types of audit strategies are used. One is to adapt the audit intensity to the propensity for errors and fraud in different segments of the group studied. This type of strategy is denoted segmentation strategy. The second type of audit strategy is based on adaptation of behaviour through information. The model developed by Erard and Feinstein for tax auditing is adapted for benefit fraud. In this model, the audit intensity is controlled by a variable, and the auditees are informed of the relationship between control variable and audit intensity. The control variable used in this paper is the benefit amount claimed during a certain period. As the audit intensity increases with the claim amount, the rational fraudster understands that reducing the amount of fraud decreases the risk of being audited. This type of strategy is denoted information strategy. One main result is that the Erard and Feinstein model can be successfully adapted to benefit fraud. Using coarse estimates of audit unit costs, the result of the study is that all persons should be audited. For higher audit costs, it is shown that the information strategy is much more effective when compared to the segmentation strategy.

  • 75.
    Arfvidsson, Erik
    et al.
    Linköping University, Department of Management and Engineering, Economics.
    Rosén, Mikael
    Linköping University, Department of Management and Engineering, Economics.
    Valutahantering i små och medelstora svenska företag.– En studie av små och medelstora företags process vid valutahanteringsbeslut2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [sv]

    Valutamarknaden anses idag vara världens största marknad. Företag som är exponerade mot utländsk valuta vare sig det rör sig om import eller export bör ha en process för valutahantering. Tidigare studier visar däremot att knappt 50 % av berörda företag hanterar valutaexponeringen med någon form av valutasäkring. Frågetecken väcks då kring den process företag har vid beslutsfattning om valutahantering. Syftet med studien är att utreda små och medelstora svenska icke-finansiella bolags valutahantering. För att på bästa möjliga sätt erhålla exponerade företags syn på valutasäkring är studien av kvalitativ karaktär. Informationen är insamlad från åtta intervjuer. För att stämma in på syftet med att fokusera på små och medelstora bolag har en gräns på 500MKR SEK i årlig omsättning använts. Det insamlade materialet visar att majoriteten av företagen saknar en systematisk process och analys vid hantering av valutaexponering. Det är förekommer ofta att en persons subjektiva åsikt avgör företagets valutahanteringsstrategi. Strategin är även sällan förankrad i ekonomisk teori. Studien belyser även att det finns en kunskapslucka hos företagsledningar kring valutahantering vilket skapar möjligheter för banker och andra finansiella aktörer att utveckla samarbetet med företagen.

  • 76.
    Aronsson, Karl
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Aktulga, Can
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Prisbildning på bostadsrättsmarknaden i Stockholm: En ekonomisk tvärsnittsstudie av underliggande faktorer2012Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [sv]

    Bostadsrättspriser är under ständig diskussion inte minst i Stockholm där priserna kan vara dubbelt så höga jämfört med övriga Sverige. Olika faktorer ses kunna påverka prisbilden på bostadsrätter, vissa mer intuitivt än andra, samtidigt som till synes liknande bostadsrätter i ett område prismässigt sett kan variera. Detta väcker frågor kring vad det är som påverkar bostadsrättspriser och vilka faktorer som har störst inflytande på prisbilden. Frågeställningarna har lett till studiens syfte: att genom en tvärsnittsstudie, analysera vilka bakomliggande faktorer som ligger till grund för prisbildningen på bostadsrättsmarknaden i centrala Stockholm.

    Tvärsnittsstudien baseras på insamlade empiriska observationer av sålda bostadsrätter i centrala Stockholm (Kungsholmen, Södermalm, Östermalm samt Vasastan/Norrmalm) under perioden mars till och med maj år 2012. Utifrån hedonisk pristeori, där priset implicit avslöjar konsumentens preferenser, har anpassade regressioner genomförts. Dessa har lett till att konsumenternas prioriteringar gällande olika bostadsrättsaspekter kunnat kartläggas och analyserats.

    Studiens slutsatser är att bostadsytan är den överlägset mest inflytelserika variabeln vad gäller prispåverkan. Vidare ses även variabler gällande antalet rum, månatlig kostnad, geografiskt läge, balkong, byggnadsperiod, våningsplan, kakelugn och hiss vara signifikanta för att påverka prisbilden. Gällande bostadsrätternas geografiska läge, kopplat till prispåverkan, dras slutsatsen att det är dyrast att bo på Östermalm och i Vasastan/Norrmalm. Detta kan förklaras av ett stort antal bostadsrätter från äldre byggnadsperioder, vilka har visat sig betinga ett högre pris.

    Ytterligare slutsatser kring faktorer som påverkar prisbilden är att konsumenter värderar att bo relativt högt i bostadshusen samt att de är beredda att betala ett markant högre pris för att få tillgång till balkong eller kakelugn.

  • 77.
    Axelson, Marcus
    et al.
    Linköping University, Department of Management and Economics.
    Gustafsson, Helena
    Linköping University, Department of Management and Economics.
    Dollarisation Effects on Investments in Ecuador2002Independent thesis Advanced level (degree of Magister)Student thesis
    Abstract [en]

    This thesis explores the field of dollarisation as a macroeconomic instrument to increase domestic and foreign investments. The dollarisation is a pressing issue, especially for countries suffering from high inflation rate and decreasing purchasing power of their national currency. The aim of the study is to investigate whether the dollarisation in Ecuador has had any effects on domestic and foreign investment. The frame of references consists of two parts. In the first part, we present a introduction to the dollarisation concept, the origins and the effects of the implementation. The second part concerns domesticand foreign investment. The determinant factors of expected profitability are presented herein which constitutes our main tool for analysis.

  • 78.
    Aydogan, Helin
    et al.
    Linköping University, Department of Management and Engineering, Economics.
    Gatjetjiladze, Sofia
    Linköping University, Department of Management and Engineering, Economics.
    The Relationship Between House Prices and Stock Prices: An Empirical Analysis of the Swedish Market2019Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    It is of continual topicality to understand the interaction between the stock market and the house market as they are central parts of the economy and important resources and investment alternatives for both households and firms. Hence, these two markets can be crucial for consumers and investors and consequently economic growth. With a focus on Sweden and Sweden's three largest cities, we examine the relationship between house prices and stock prices by including GDP, inflation and the repo rate over the period 1994-2018. We examine this by using time series analysis and investigating both the short and long run relationship by mainly focusing how the causal link looks like based on the theories of wealth effect and credit-price effect. Our results show a negative long run relationship in Sweden indicating that an increase in house prices decreases stock prices, and for the short run there is evidence of the credit-price effect. For Stockholm, we found a positive bidirectional long run relationship and a bidirectional causality was also confirmed for the short run. For Gothenburg, we find a negative long run relationship where an increase in stock prices decreases house prices, however there is no evidence of a causal relationship in the short run. For Malmö we find a positive long run relationship that goes from stock prices to house prices and the reverse causation is found for the short run demonstrating the credit-price effect. Although we find that these markets have a relationship, we still argue that they are relatively separated and that investors can diversify over these assets because of the low values our results show.

    Keywords: house prices, stock prices, Sweden, wealth effect, credit-price effect

  • 79.
    Baars, Cajsa
    et al.
    Linköping University, Department of Management and Engineering.
    Tapper, Josefine
    Linköping University, Department of Management and Engineering.
    Menstrual cups - a sustainable way to achieve economic benefits in Kenya: How to empower women in a society with only small measures2017Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    This bachelor thesis is based on a field study conducted in Nairobi, Kenya, and intends to elucidate the systematic crimes against humanity that the inability to handle menstruation properly causes every day. Women who live under poor circumstances and lack access to basic needs, such as sanitary facilities and running water are the ones who suffer the most. Menstruating women are victims of not only physical and mental abuse, but also the stigma and neglect pervading the subject. This leads to the exclusion of women, both in school and at work, which in turn causes negative economic effects for the whole society. Besides elucidating the substantial economic and health consequences that menstruation can result in, the purpose of the thesis is to examine the market conditions in Nairobi and suggest sustainable solutions for menstrual cups. The menstrual cup is a durable product that might improve the situation for both women and the society, because of its suitable features. The study focuses on the informal settlements of Nairobi, and the purpose is not to examine other informal settlements or rural areas in Kenya. 

    This is a qualitative study, primarily based on a field study, profound interviews, as well as a limited survey. To achieve the purpose, we have tried to answer questions concerning the fundamental conditions for the current market of menstrual cups; the conditions for an increase in demand; and what a well-functioning structure for the menstrual cup would be. Besides answering these research questions, the methods were necessary in order to get an understanding of the conditions in Nairobi. The interview respondents represent both the consumers and the producers, with the purpose of getting a wider perspective regarding the market conditions. The questionnaire targeted the parents and caretakers, whom are the economic decision makers in the households. The aim was to get a comprehension about the life situations and economic conditions characterising the informal settlements, but also to get a general idea about the attitude towards the menstrual cup, since the product is rather unfamiliar. 

    The current market structure is characterised by charity organisations who distribute the menstrual cups for free. Their main concept is to educate young girls and secure a better future for them by securing the supply of menstrual management products. The study has shown the biggest challenge to overcome is the inability to pay, however, the result shows there are different possible solutions for producers and distributors to approach the market of menstrual cups. Instalments, price discrimination, Multi-Level Marketing, governmental subsidies and sponsoring from global organisations are some of the proposed strategies discussed in this thesis. 

    A sustainable market solution is necessary to utilise the positive externalities that emerges from menstrual cup usage, and satisfy the need for good quality menstrual management products in Nairobi in the long run. Today, because the cup usage is low, the positive externalities are lost, resulting in deadweight losses. 

    In conclusion, there are several possible market strategies for both incumbents and potential new entrants. The study has also found that menstrual health does not get enough recognition by neither national authorities, nor global actors, like the United Nations. This matter needs to be acknowledged in order to improve the conditions for millions of women suffering from menstrual related problems today.

  • 80.
    Back, Lovisa
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Johannisson, Emma
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Ransoneringar på policy- och individnivå i hälso- och sjukvården - Ett beteendeekonomiskt experiment: Health Care Rationing at Policy and Bedside Level - A behavioral economic experiment2015Independent thesis Advanced level (degree of Master (One Year)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Background: Scarce health care resources fail to supply the increasing demand. In order to allocate the economic resources as efficiently as possibly the capacity to ration, to deny patients health care, is essential. Rationing decisions can be considered as moral dilemmas where the decision maker is required to choose between two conflicting ethical principles. However, the conditions under which policymakers and physicians make decisions are different. Many policies are not applicable at the bedside level since they are based on a group perspective and tend to ignore a patient's individual needs.Aim: The aim of this study is to conduct a behavioural economic experiment and examine how the context of the decision-maker influences the outcome of their decision in health care rationing situations.Method: Medical students and students from other graduate programmes receive a questionnaire where they each make decisions in rationing scenarios where utilitarian and deontological principles are in conflict. Each survey is framed as a decision presented in one of two decision-making contexts, policy or bedside level. At policy level, the subjects assume the perspective of a head of department and make decisions regarding a patient based upon a group statistic. At bedside level, the subjects take the perspective of a physician and make decisions regarding an identified patient.Results: Subjects are more utilitarian and ration to a higher degree at policy level than at bedside level. The difference in the rate of utilitarian answers at policy level in comparison to bedside level is largest for medical students and in life saving scenarios. Students from other graduate programmes, however, are more likely to ration at policy level. In life enhancing scenarios, the effect of the decision-making context differs and the rate of utilitarian responses is in some cases lower at policy level than at the individual level.Conclusion: This study shows that decisions at the policy and the bedside level are not necessarily the same, even though the available information of the treatments and costs remains unchanged. This result encourages further studies on the impact of the decision-making context on rationing decisions in health care.

  • 81.
    Backgård, Björn
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Invandringsmotstånd i Sverige - en ekonometrisk studie2015Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [sv]

    Stödet för det invandringskritiska partiet Sverigdemokraterna (SD) har blivit alltstarkare under de senaste tre valen. Denna trend sammanfaller med en ökad invandring,och allt större svårigheter för invandrare att integrera sig på arbetsmarknaden,vilket sammantaget innebär en utmaning för välfärdssystemen. Öppna gränser inomEuropa medför samtidigt arbetskraftsinvandring, vilken ökar konkurrensen om vissajobb. Studiens syfte är att undersöka hur mycket av SD:s stöd vilket tolkassom motstånd mot invandring som kan förklaras ur ett ekonomiskt perspektiv:huruvida motståndet mot invandring är högre i kommuner där invandringen antasha mer negativa ekonomiska konsekvenser för befolkningen. Undersökningen görsutifrån data på kommunivå från valåren 2006, 2010 och 2014. Med tre valår och290 kommuner skapas en datapanel omfattande 870 observationer, och ett tjugotalvariablers inverkan undersöks med skattningsmetoderna xed- och random eects.Resultaten visar att den mesta variationen är oförklarad, men pekar också mot attgrupper som ekonomiskt sett bör förlora mest på invandring faktiskt stöder SD i 

    högre grad. Stödet är högre där invandrare i lägre grad förvärvsarbetar jämfört medsvenskfödda, där er människor saknar gymnasieutbildning och där medianlönernaär låga. Skattningar med interaktionsvariabler tyder dessutom på att hög grad avbidragsberoende bland svenskfödda har eekt främst i närvaro av hög andel invandrare.Dessa resultat talar tillsammans på att stödet för Sverigemokraterna är delviskopplat till oro för de sociala skyddsnätens fortlevnad. Vissa resultat pekar på attockså arbetskraftsinvandring från andra EU-länder haft stor inverkan på stödet förSD, men andra resultat motsäger detta. Visst stöd hittas också för att högre brottslighetbland invandrare stärker SD:s stöd. Den realtivt låga förklaringsgraden tolkassom att invandringsmotståndet till stor del är kulturellt betingat, men den kan ävenbero på att variation i partistöd är större än variationen i invandringsmotstånd.

  • 82.
    Backlund, Eric
    et al.
    Linköping University, Department of Management and Engineering, Business Administration. Linköping University, Faculty of Arts and Sciences.
    Sörensson, Jonathan
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Valuta och internationellt bistånd: Svenska biståndsorganisationers hantering av valutaköp och valutarisk2015Independent thesis Advanced level (degree of Master (One Year)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Background: Non-governmental organizations (NGOs) are active in most parts of the world and are consequently exposed to foreign exchange risk. The organizations manage aid funds in both common and uncommon types of currency when they in different ways finance local cooperation partners. The amount of previous research how aid organizations handle the management of currency trade and foreign exchange risk is limited and this study aims to examine the area further.

    Aim: The study aims to analyse the complex of problems regarding exposure to foreign exchange risk for both Swedish NGOs and their cooperation partners, to do so on the basis of foreign exchange risk theory and best practice. The aim is in such a way to discuss general strategies for currency trade and foreign exchange risk management for Swedish NGOs.

    Completion: The qualitative approach consists of nine interviews that have been designed in accordance with theory and previous research. A picture of the organizational processes and needs of Swedish NGOs regarding foreign exchange risk- and currency trade management was given by five interviews with NGOs. Information concerning how foreign exchange risk- and currency trade management is utilized in practice and how experts in the field perceive current management of NGOs was gathered from four interviews with actors within foreign exchange risk- and currency trade management. The empirical data is analysed on the basis of the theoretical framework and previous research.

    Conclusion: The study shows that the complex of problems regarding foreign exchange risk- and currency trade management are not as straightforward as at first glance. It also indicates that foreign exchange risk management differs between for-profit businesses and non-profit organizations. It appears that NGOs currently transfer all foreign exchange risk exposure to its counterpart through contracts. The investigation and implementation of foreign exchange risk management is not possible for NGOs with a large ratio of restricted funds. Finally a number of strategies have been developed for a more cost-effective currency trade. 

  • 83.
    Backlund, Sandra
    et al.
    Linköping University, Department of Management and Engineering, Energy Systems. Linköping University, The Institute of Technology.
    Eidenskog, Maria
    Linköping University, The Tema Institute, Technology and Social Change. Linköping University, Faculty of Arts and Sciences.
    Energy service collaborations—it is a question of trust2013In: Energy Efficiency, ISSN 1570-646X, E-ISSN 1570-6478, Vol. 6, no 3, p. 511-521Article in journal (Refereed)
    Abstract [en]

    Energy services have been highlighted both in European Union directives and in academic literature as an important tool to increase energy efficiency. Performance-based energy services, i.e., outsourcing energy management in performance-based remuneration contracts, is said to overcome many of the barriers that have been used to explain the energy efficiency gap. Energy service companies (ESCOs) help organizations to implement energy-efficient solutions in order to reduce energy costs. By combining science and technology studies (STS) analysis and economics in an interview study of firms, the paper contributes insights on the relational nature of energy service collaborations. The objective of the study is to describe how knowledge and incentives affect trust between partners in performance-remunerated energy service collaborations. Performance-based remuneration is one aspect that makes energy service contracts complex. On the one hand, risk is recognized as an important barrier to energy efficiency. Since remuneration to ESCOs is based on energy savings, they also share the financial and technical project risk with their clients. On the other hand, performance-based remuneration can create a lack of trust. Performance is measured in calculations made by the ESCO, calculations that demand expertise that client firms do not possess. ESCOs are consulted for their knowledge on energy efficiency and therefore an imbalance of knowledge is in the nature of energy service collaborations. The paper concludes that if the initial doubt is overcome, long-term collaborations can be advantageous for both parties, since this builds trust and generates long-term profits.

  • 84.
    Backlund, Sandra
    et al.
    Linköping University, Department of Management and Engineering.
    Nilsson, Sara
    Linköping University, Department of Management and Engineering.
    ÄR VÄGEN MÅLET?: En ekonometrisk studie av transportinfrastrukturinvesteringars påverkan på BNP-tillväxt i Europa mellan åren 1987 och 20052009Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [sv]

    Transportinfrastruktur är en grundförutsättning för en funktionsduglig ekonomi. Förbättringar av transportnätet kan resultera i minskade produktions- och transaktionskostnader, förenkla handel samt underlätta teknisk utveckling genom kunskapsöverföring företag emellan. Investeringar i transportinfrastruktur beskrivs ofta som en av de viktigaste förklaringsvariablerna till produktivitet och det senaste seklets höga tillväxttakt. Ett lands geografiska och demografiska förutsättningar kan komma påverka storleken på investeringseffekten. I dagens Europa med högt moderna transportnät väcker detta frågan om vilken betydelse dessa nyinvesteringar har för BNP-tillväxt och om industrialiserade länders transportinfrastruktur har passerat en optimal nivå.

    Genom att ekonometriskt undersöka ett datamaterial för fjorton europeiska  länder under åren 1987 och 2005 har vi studerat investeringar i väg och järnväg och dess påverkan på BNP-tillväxten. Utgångspunkten har varit en produktionsfunktion, baserad på Robert Solows tillväxtmodell. Studien fastställer att investeringar i transportinfrastruktur har en positiv påverkan på BNP- tillväxt, med en elasticitet på 0,000019 på kort sikt och 0,000062 på lång sikt. Effekten är avsevärt mycket mindre än i tidigare, jämförbara studier. Vägdensitet och befolkningstäthet är faktorer som inte påverkar effekten av investeringarna. Geografisk yta har däremot betydelse, större länders investeringar tendrar att få mindre genomslag på BNP-tillväxten. Vi kan dra slutsatsen att Europas länder har nått en mättnadsnivå vad gäller transportinfrastruktur och att nyinvesteringar inte längre har stor betydelse för den ekonomiska tillväxten.

  • 85.
    Backman, Anna
    et al.
    Linköping University, Department of Management and Engineering, Economics.
    Nordström, Amanda
    Linköping University, Department of Management and Engineering, Economics.
    Too Sustainable to Fail? En ekonomisk analys av Corporate Social Responsibility i svenska storbanker2016Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [sv]

    Denna uppsats utreder syftet med Corporate Social Responsibility (CSR) i de fyra svenska

    storbankerna - Svenska Handelsbanken, Nordea, Skandinaviska Enskilda Banken (SEB) och

    Swedbank. Uppsatsen är en teoretisk ansats till att analysera den kortsiktiga samt långsiktiga

    finansiella lönsamheten av CSR i bankerna, och använder en referensram av nationalekonomisk

    teori och tidigare forskning på området. Den teoretiska plattformen kompletteras med

    studier av storbankernas CSR-arbete där empirin utgörs av existerande dokumentation i form

    av bland annat rapporter och årsredovisningar samt intervjuer med representanter från respektive

    bank. Den sammanställning av tidigare studier som används i denna uppsats inleds med

    en redogörelse för diskussionen om CSR som koncept inom tidigare forskning, och behandlar

    därefter CSR inom marknadsstruktur och institutionell teori, finansiell lönsamhet, konsumentteori

    samt intern organisation.

    Vår utredning visar att syftet med CSR för storbankerna i huvudsak är finansiell lönsamhet

    som härrör från signalering om att bankerna är långsiktiga, stabila och innovativa. CSR fungerar

    även stötdämpande vid kriser. Arbetet med CSR tycks inte i huvudsak pådrivas av efterfrågan

    från individuella konsumenter utan snarare av det svenska samhället som helhet. Detta

    reflekteras i att konsumenter straffar uteblivet eller negativt CSR-arbete marginellt sett mer än

    de belönar positivt CSR-arbete, eftersom mycket tyder på att CSR antas vara en given del i en

    banks verksamhet idag. Ett spelteoretiskt perspektiv kan även förklara bankernas intensifierade

    CSR-arbete, oberoende av graden av lönsamhet. Övriga uppvisade positiva effekter av CSR är

    ökad effektivitet inom bankernas interna organisationer, samt kortsiktiga vinster i form av exempelvis

    avkastning. CSR fungerar även som ett verktyg för differentiering på marknaden.

    Slutligen menar vi att finansiellt, socialt och miljömässigt ansvarstagande leder till långsiktiga

    fördelar för samhället.

  • 86.
    Badshah, Ihsan
    et al.
    Auckland Univ Technol, New Zealand.
    Bekiros, Stelios
    European Univ Inst, Italy.
    Lucey, Brian M.
    Trinity Coll Dublin, Ireland.
    Uddin, Gazi Salah
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Asymmetric linkages among the fear index and emerging market volatility indices2018In: Emerging Markets Review, ISSN 1566-0141, E-ISSN 1873-6173, Vol. 37, p. 17-31Article in journal (Refereed)
    Abstract [en]

    This study explores the relationships between changes in the fear index (VIX) and changes in emerging market volatilities i.e., Chinese, Brazilian and the overall emerging volatility index, across their conditional distributions by employing a mixed Quantile regression - Copula methodological approach. Moreover, we analyze whether emerging market volatility indices would respond asymmetrically to positive and negative volatility shocks in the fear index i.e., whether the relationships are asymmetric between the VIX and the emerging market volatilities. Our results confirm that there are strong positive relationships between changes in the VIX and emerging market volatilities, and the linkages tend to be stronger for the upper-parts of the conditional distributions, namely above the median-quantiles up to the extreme-quantiles. In all cases, the nature of the relationship appears to be contemporaneous and on average is three times stronger than their lagged relationship. Further test results reveal that the relationship is highly asymmetric i.e., the effect of a positive shock in the VIX is on average about twice more pronounced than the effect of a negative shock at the extreme-tails of their conditional distributions, a stylized fact that cannot be revealed via conventional estimation methods as OLS. If we compare the effects of positive and negative VIX shocks on emerging market volatilities utilizing QRM, Copulas and OLS, our findings reveal that the effect of a positive shock by the QRM at the 95% quantile is about eight times higher than the one revealed by OLS. An exhaustive robustness analysis is also performed with respect to other volatility measures.

  • 87.
    Balli, Faruk
    et al.
    Massey Univ, New Zealand.
    Uddin, Gazi Salah
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Shahzad, Syed Jawad Hussain
    Montpellier Business Sch, France.
    Geopolitical risk and tourism demand in emerging economies2019In: Tourism Economics, ISSN 1354-8166, E-ISSN 2044-0375, Vol. 25, no 6, p. 997-1005Article in journal (Refereed)
    Abstract [en]

    In this article, we investigate the impact of geopolitical risk (GPR) on international tourism demand in emerging economies. We have found that impact of GPR is not homogeneous for every country in our sample; for example, some countries are affected heavily by GPR and others are mostly immune to GPR shocks. In general, for countries that have attractive tourism destinations, the impact of GPR is minimal, indicating that if international tourists desperately want to go a destination, they do not take GPR seriously. In addition, the tsunami impact of GPR is not the same for all affected countries. For some countries, the GPR shocks have an impact within 2 to 3 months of its first hit, while for other countries, the impact is felt over longer periods.

  • 88.
    Bandick, Roger
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Acquisition, Plant Survival and Employment Growth2018Conference paper (Other academic)
  • 89.
    Bandick, Roger
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Acquisition, Plant Survival and Employment Growth2018Conference paper (Other academic)
  • 90.
    Bandick, Roger
    Institute of Business and Technology and Aarhus School of Business, University of Aarhus, Denmark.
    Foreign Acquisition, Wages and Productivity2011In: The World Economy, ISSN 0378-5920, E-ISSN 1467-9701, Vol. 34, no 6, p. 931-951Article in journal (Refereed)
    Abstract [en]

    This paper studies the effect of foreign acquisition on wages and total factor productivity (TFP) in the years following a takeover by using unique detailed firm-level data for Sweden for the period 1993–2002. The paper takes particular account of potential endogeneity of the acquisition decision (for example, due to ‘cherry picking’) by implementing an instrumental variable approach and propensity score matching with difference-in-difference estimation. Moreover, in line with the recent literature on firm heterogeneity and trade, this paper allows for the acquisition effect to differ depending on whether the targeted firms were domestic multinational or non-multinationals before the foreign takeover. This paper also allows for the acquisition effect to differ depending on whether the acquisition is horizontal or vertical. Our results show that foreign acquisition has no effects on overall, skilled or less-skilled wage growth, either in targeted Swedish MNEs or in targeted Swedish non-MNEs or if the acquisition was motivated by vertical or horizontal motives. However, the results indicate that both targeted Swedish MNEs and non-MNEs have better growth in TFP after vertical foreign acquisition only but no such impact from horizontal foreign acquisition.

  • 91.
    Bandick, Roger
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Global Activities and Plant Survival: The Case of Sweden2014In: Innovation, globalization and firm dynamics : lessons for enterprise policy / [ed] Anna Maria Ferragina, Erol Taymaz, Kamil Yilmaz, Routledge, 2014, p. -35Chapter in book (Refereed)
    Abstract [en]

    This chapter provides an extensive review of the empirical evidence found for Sweden concerning plant survival. The result reveals that foreign MNE plants and exporting non-MNE plants have the lowest exit rates, followed by purely domestic-oriented plants, and that domestic MNE plants have the highest exit rates. Moreover, the exit rates of globally engaged plants seem to be unaffected by increased foreign presence, whereas there appears to be a negative impact on the survival rates of non-exporting non-MNE plants. Finally, the result reveals that the survival ratio of plants of acquired exporters, but not other types of plants, improves post acquisition.

  • 92.
    Bandick, Roger
    Institute of Business and Technology & Department of Economics at Aarhus School of Business, University of Aarhus, Denmark.
    Multinationals and plant survival2010In: Review of World Economics, ISSN 1610-2878, E-ISSN 1610-2886, Vol. 146, no 4, p. 609-634Article in journal (Refereed)
    Abstract [en]

    The aim of this paper is twofold: first, to investigate how different ownership structures affect plant survival, and second, to analyze how the presence of foreign multinational enterprises (MNEs) affects domestic plants’ survival. Using a unique and detailed data set on the Swedish manufacturing sector, I am able to separate plants into those owned by foreign MNEs, domestic MNEs, exporting non-MNEs, and purely domestic firms. In line with previous findings, the result, when conditioned on other factors affecting survival, shows that foreign MNE plants have lower survival rates than non-MNE plants. However, separating the non-MNEs into exporters and non-exporters, the result shows that foreign MNE plants have higher survival rates than non-exporting non-MNEs, while the survival rates of foreign MNE plants and exporting non-MNE plants do not seem to differ. Moreover, the simple non-parametric estimates show that domestic MNE plants are more likely to exit the market than other plants, also when controlling for plant-specific differences. Finally, foreign presence in the market seems to have had a negative impact on the survival rate of plants in non-exporting non-MNEs, but not to have affected plants in exporting non-MNEs or plants in domestic MNEs.

  • 93.
    Bandick, Roger
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Offshoring and product development2017Conference paper (Other academic)
    Abstract [en]

    This paper investigates the link between offshoring and product development by utilizing novel and detailed firm- and product level dataset for the Danish manufacturing sector during the period 1996-2006. By using information on all import transactions disaggregated by origin and on all manufactured products and sales measured at the eight-digit Combined Nomenclature (CN8) level, I am able to define, i) whether the firms are engaged in offshoring activities or not, ii) the amount of CN2, CN4 and CN6 product mix they sell in the domestic and export market, and iii) whether they have (on a yearly basis) developed a new product. The results seem to indicate that offshoring firms have better ex-ante characteristics than non-offshoring firms. However, controlling for this endogeneity by using Coarsened Exact Matching (CEM), the results seem also to indicate that offshoring to high-wage countries increases the probability to develop a new CN4 and CN6 products by about 11 and 12 percent, whereas offshoring to low-wage countries have no effect on product development. Moreover, locating the offshoring to high-wage countries have no significant effect on the amount of CN2 product mix, only on CN4 and CN6 product mix. However, if the offshoring is located in low-wage countries the CN4 and CN6 product mix are not affected but the CN2 product mix is on average reduced by 5 percent as compared to the matched non-offshoring firms.

  • 94.
    Bandick, Roger
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Offshoring and product development2017Conference paper (Other academic)
  • 95.
    Bandick, Roger
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Offshoring, Firm Size and Export Survival2016Conference paper (Other academic)
  • 96.
    Bandick, Roger
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Offshoring, Firm Size and Export Survival2019Conference paper (Other academic)
  • 97.
    Bandick, Roger
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Offshoring, Firm Size and Export Survival2016Conference paper (Other academic)
  • 98.
    Bandick, Roger
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    The Effect of Offshoring on Productivity and Export Growth2018Conference paper (Other academic)
    Abstract [en]

    This paper investigates the effect of offshoring on firm performances by using data on Danish manufacturing firms during the period 1995-2006. The results show that firms with better ex-ante characteristics are more inclined in offshoring activities. The results also show that firms that source from different locations possesses different ex-ante characteristics; the most productive source inputs from high-wage countries while, capital stock and being an exporter are more important factors when sourcing from low-wage countries. Moreover, controlling for the endogeneity of both the offshoring decision and location by using instrument variable and DiD matching approach, the results seem also to suggest that firms that allocated some of their production process to high-wage countries benefited from doing so in terms of higher growth of productivity and export intensity. Firms that allocated their offshoring activities to low-wage countries, on the other hand, seems to not have experienced any significant impact on neither productivity nor export, not even three years after they started to offshore.

  • 99.
    Bandick, Roger
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    The Effect of Offshoring on Productivity and Export Growth2015Conference paper (Other academic)
  • 100.
    Bandick, Roger
    et al.
    epartment of Economics, Aarhus School of Business, Denmark.
    Görg, Holger
    Kiel Institute for the World Economy, University of Kiel, Germany.
    Foreign acquisition, plant survival, and employment growth2010In: Canadian Journal of Economics, ISSN 0008-4085, Vol. 43, no 2, p. 547-573Article in journal (Refereed)
    Abstract [en]

    This paper analyzes the effect of foreign acquisition on survival and employment growth of targets using data on Swedish manufacturing plants. We separate targeted plants into those within Swedish MNEs, Swedish exporting non-MNEs, and purely domestic firms. The results, controlling for possible endogeneity of acquisition using IV and propensity score matching approaches suggest that acquisition by foreign owners increases the lifetime of the acquired plants only if the plant was an exporter. The effect is robust to controlling for domestic acquisitions and differs between horizontal and vertical acquisitions. We find robust positive employment growth effects only for exporters and only if the takeover is vertical.

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