Articles and Book Chapters in English

The VC sector is interesting both in its own right and as a proxy for entrepreneurial finance more broadly. We highlight the tax treatment of stock options as an important factor for variations in the…

We analyze dynamic trading by an activist investor who can expend costly effort to affect firm value. We obtain the equilibrium in closed form for a general activism technology, including both binary a…

This paper uses population register data on inheritances and wealth in Sweden to estimate the causal impact of inheritances on wealth inequality. We find that inheritances reduce wealth inequality, as…

In recent years, there has been growing concern that multinational enterprises (MNEs) engage in strategic tax planning in order to shift profits to low-tax jurisdictions. This common perception is gen…

Cross-country comparisons of entrepreneurship are difficult due to the lack of standard empirical definitions of entrepreneurship. Measures focusing on small business activity and selfemployment sugge…

Private equity firms (“PE firms”) have become common as owners of established firms in concentrated markets. We discuss the antitrust implications of an active PE market and whether there are any spec…

The European Union suffers from an innovation deficit, which must be remedied if the EU is to improve the quality of life of its citizens and remain competitive in the global marketplace. In order to…

Written in celebration of its 350th anniversary in 2018, this book details the history of the central bank of Sweden, Sveriges Riksbank, as presented by Klas Fregert. It relates the bank's history to…

This paper investigates two hitherto unexplored dimensions inherent in online sequential auctions, namely, how the time elapsed between the end of an auction and the end of the next one and the order…

We study the effect of wealth on labor supply using the randomized assignment of monetary prizes in a large sample of Swedish lottery players. Winning a lottery prize modestly reduces earnings, with t…

The 2017 Global Award for Entrepreneurship Research is given to Hernando de Soto, president of the Institute for Liberty and Democracy (ILD) in Lima, Peru. Over the last 30 years, Hernando de Soto has…

Using a dataset with over 24 million year-employment observations and the universe of more than 230,000 entries into entrepreneurship in one economy we analyze the gross (including the founders), net…

This paper provides an empirical assessment of an annual wealth tax. Using Swedish administrative data, I estimate net-of-tax-rate elasticities of taxable wealth in the range [0.09, 0.27]. Cross-check…

This paper examines how entrepreneurs and incumbents di¤er in their R&D strategies. We show that entrepreneurs have incentives to choose projects with a higher risk and a higher potential in order…

We investigate to what extent ICT and R&D capital is associated with value added growth in the Swedish business sector. By estimating output elasticities based on data for 47 different industries…

We experimentally subliminally prime subjects prior to charity donation decisions by showing words that have connotations of pro-social values for a very brief time (17ms). Our main nding is that, com…

Redistributive policies can provide an insurance against future negative economic shocks. This, in turn, implies that an individual's demand for redistribution is expected to increase with her risk av…

Sweden has a school voucher system with universal coverage and full acceptance of corporate providers. Using a value added approach, we find that students at uppersecondary voucher schools on average…

Mergers give acquirers control over the assets of the merged entity and give sellers control over financial assets. We propose a cross-border merger model with home biased financially constrained owners…

We propose an axiomatic approach to characterize centrality measures for which the centrality of an agent is recursively related to the centralities of the agents she is connected to. This includes th…

Private equity firms are often criticized for laying off workers, but the evidence on who loses their jobs and why is scarce. This paper argues that explanations for job polarization also explain layo…

By the late 1960s, real effective taxation of income from individual firm ownership in Sweden approached 100 percent. A series of tax reforms has reversed this situation. This paper (1) elucidates the…

Widespread agreement that a political reform is necessary is no guarantee that it is actually undertaken in a timely manner. There is often a delay before action is taken and reform packages that woul…

We examine how consumers react to the financial distress of durable goods manufacturers by studying the Swedish new car market. We employ a difference-in-differences matching methodology whereby we co…

Individual willingness to enter competitive environments predicts career choices and labor market outcomes. Meanwhile, many people experience competitive contexts as stressful. We use two laboratory e…

A specific monetary tax − called periodic re-coinage − was applied for almost 200 years in large parts of medieval Europe. Old coins were frequently declared invalid and exchanged for new ones based o…

An increasingly large share of cross-border acquisitions are undertaken by private equity-firms (PEfirms) and not by traditional multinational enterprises (MNEs). We propose a model of cross-border acqu…

We use a tailor-made survey on a Swedish sample to investigate how individuals’ relative income affects their demand for redistribution. We first document that a majority misperceive their position in…