Publikationer

Cash‐Flow‐at‐Risk (CFaR) is the cash flow equivalent of Value‐at‐Risk (VaR), a measure widely used as the basis for risk management in financial institutions. Whereas VaR‐based systems specify the max…

This paper evaluates the welfare consequences of the failing firm defense (FFD) in the EU and U.S. merger laws. To this end, I combine an oligopoly model with an ‘endogenous valuations’ auction model.…

The issue considered in this study is whether objective, official reports on disability status are reliable. While there is a rather large literature on the reliability of self-reported disability, ev…

We analyze the evolution of cultural traits when parents purposefully invest resources in order to socialize their children to the cultural traits that maximize child lifetime utility. We assume that…

We examine the effect of corruption on foreign direct investments (FDI). Starting out from the theory of FDI, we show that corruption can have different effects on horizontal investments, which are pr…

In this paper, we empirically address the hypothesis that there is a relationship between the supply of human capital and the rate and direction of skill-biased technical change (SBTC). Using country-…

Workers can find a job either directly or through personal contacts. From this micro scenario, we derive an aggregate matching function that has the standard properties but fails to be homogeneous of d…

We develop a model of vertical pricing in which an original manufacturer sets wholesale prices in two markets that are integrated at the distributor level by parallel imports (PI). The manufacturing f…

The major strand of finance literature understands market efficiency through the market's ability to process information into prices. Another strand of literature refers to the economists’ usual sense…

This paper examines if international trade can reduce total welfare in an international oligopoly with differentiated goods. We show that welfare is a U-shaped function in the transport cost as long a…

We investigate monetary-policy autonomy under different exchange-rate regimes in small, open European economies during the 1980s and 1990s. We find no systematic link between ex post monetary-policy a…

In this paper we derive an exposure-based measure of Cash-Flow-at-Risk (CFaR). Existing approaches to calculating CFaR either only focus on cash flow conditional on market changes or neglect market-ri…

This paper contributes to the study of tacit collusion by analyzing infinitely repeated multiunit uniform price auctions in a symmetric oligopoly with capacity constrained firms. Under both the Market…

Theoretically, cross ownership may mitigate mergers, i.e. market concentrations. Holding a share in a competing firm before the acquisition of another firm, outsider-toehold, is more profitable in som…

Due to underlying technological and organizational di erences, industries di er in their need for external ÿnance. Since services provided by the ÿnancial sector are largely immobile across countries,…

A large matched employer–employee data set for Sweden is used to test several predictions from tournament theory. For white-collar workers a positive and significant effect of intra-firm wage dispersi…

This book develops and presents in an easily comprehensible way the essential elements of a corporate strategy for managing uncertainty in the macroeconomic environment. This Macroeconomic Uncertainty…

Vid Europeiska rådets möte i Lissabon våren 2000 enades EU:s stats- och regeringschefer om målsättningen att på ett decennium omvandla unionen till världens mest konkurrenskraftiga kunskapsekonomi. En…

This book is the second annual report of the American Law Institute (ALI) project on World Trade Organisation Law. The project undertakes yearly analysis of the case law from the adjudicating bodies o…

We analyze motivations for, and possible alternatives to, the Stability and Growth Pact (SGP). With regard to the former, we identify domestic policy failures and various cross-country spillover effec…

Some high tax countries concerned about outward flight of capital have reacted by imposing so called dual income tax systems. The idea is to keep high taxes on labour while holding low tax rates on ca…

Using cultural transmission, we develop a model that gives some microfoundation to the impact of residential neighborhood on children's educational attainment and then test it using the UK National Ch…

This paper evaluates partial acquisition strategies. The model allows for buying a share of a firm before the actual acquisition takes place. Holding a share in a competing firm before the acquisition…

The aim of this paper is to study the impact of the size and the quality of social networks on the probability to find a job. We first develop a theoretical model in which individuals are embedded wit…

This paper examines the job finding methods of different ethnic groups in the UK. The theoretical framework shows that less assimilated ethnic unemployed workers are more likely to use their friends a…

Exit of venture-backed firms often takes place through sales to incumbents. We show that in such an environment, venture-backed firms have stronger incentive to develop basic innovations into commerci…

We consider policy issues regarding parallel imports (PIs) of brand-name pharmaceuticals in the European Union, where such trade is permitted. We develop a simple model in which an original manufactur…

Recent theoretical work has examined the spatial distribution of unemployment using the efficiency wage model as the mechanism by which unemployment arises in the urban economy. This paper extends the…

Delinquents compete with each other in criminal activities but benefit from being friends with other criminals by learning and acquiring proper know‐how on the crime business. We study the subgame‐per…

This article provides a unified explanation for why blacks commit more crime, are located in poorer neighborhoods, and receive lower wages than whites. If everybody believes that blacks are more crimi…

Previous research has been inconclusive as regards the effect of outward foreign direct investment (FDI) on domestic investments. In this article we show that this inconclusiveness can be explained at…

The regional voting pattern of the Swedish European Union (EU)-membership referendum is analyzed to determine voters’ preferences over two fiscal regimes: an autonomous Sweden, or Sweden as part of th…

Using a unique database on individual Swedish patents, a survival model estimates how different factors influence the time it takes until commercialization starts. To the best of my knowledge, such an…

We consider policy issues regarding parallel imports (PIs) of brand-name pharmaceuticals in the European Union, where such trade is permitted. We develop a simple model in which an original manufactur…

We examine coordinated effects of mergers in the Swedish retail market for gasoline during the period 1986-2002. Despite significant changes in market concentration and many factors conductive to coor…

We consider a search-matching model in which black workers are discriminated against and the job arrival rates of all workers depend on social networks as well as distance to jobs. Location choices ar…

The major strand of finance literature understands market efficiency through the market’s ability to process information into prices. Another strand of literature refers to the economists’ usual sense…

We analyze the effect of deadlines on timing of effort when agents are occasionaly distracted. We show that agents get started early when completion of the task is uncertain, but rather likely. Agents…

This paper presents evidence that, in Europe, production of high-tech goods is attracted to large markets, while R&D activities tend to be located away from them. In order to explain this phenomen…

Criminals are embedded in a network of relationships. Social ties among criminals are modeled by means of a graph where criminals compete for a booty and benefit from local interactions with their nei…

Assuming that job search efficiency decreases with distance to jobs, workers' location in a city depends on spatial elements such as commuting costs and land prices and on labour elements such as wage…

We propose a simple investment model which shows that, in the presence of fluctuations in and uncertainty about the opportunity cost of time, marginal individuals may choose to delay their education i…

The dynamics of self-confidence are modelled in an environment where rational individuals optimally choose educations and occupations with the aim to acquire productive skills while learning about abi…

By combining new data on bilateral asset holdings with data on securities regulation in an empirical gravity model, it is found that bilateral differences in securities regulation lead to decreased po…

This paper determines the equilibrium market structure in an international oligopoly, where a state enterprise is sold at an auction. The paper suggests that high greenfield costs and high trade costs…

This paper analyzes corporate restructuring and its role in generating labor productivity growth in a sample of large Swedish manufacturing corporations. It is found that external restructuring, inclu…

This study examines the relation between the internationalization of firms and CEO compensation. Starting from a sample of Norwegian and Swedish listed firms we analyze the effects of internationaliza…

This article discusses the National Treatment (NT) obligation as applied in the GATT tax discrimination cases. The central thesis of the paper is that case-law has not clarified the interpretation of t…

We report results indicating that job turnover is not countercyclical in general but rather reflects the inability of smooth labor adjustment through the use of temporary employment contracts. Service…

In recent years, globalization and its consequences have become hotly debated issues. In Europe, non-governmental organizations like Attac have argued that free trade and free capital movements favor…

The purpose of the volume is to analyze the impact of European Union on inward foreign direct investment in Europe and to discuss what type of effects are being created by this race for FDI. The volum…

Genom utvidgningen till tjugofem medlemmar och ett nytt grundfördrag går Europeiska unionen in i ett nytt skede. Samtidigt kvarstår förhållandet att makten över den inre marknaden och den gemensamma v…

This study examines the effect of foreign (Anglo-American) board membership on corporate performance measured in terms of firm value (Tobin’s Q). Using a sample of firms with headquarters in Norway or…

A finite number of heterogeneous firms facing demand-induced price fluctuations imperfectly compete for heterogeneous workers. Because firms must commit to wages and employment before the realization…

We consider a population of heterogenous laborers and landlords who belong to different ethnic groups so that working together implies a cost (because of language and cultural differences). Part of th…

This paper studies privatization policy in an international oligopoly. The argument that equal treatment of foreign investors will be detrimental to domestic welfare by shifting profits from domestic…

A model is considered in which optimal search intensity is a result of a trade off between short run losses due to higher search costs (more interviews, commuting...) and long-run gains due to a highe…

This paper examines the restructuring of state assets in markets deregulated by privatizations and investment liberalizations. We show that the government has a stronger incentive to restructure than…

The aim of this paper is to introduce endogenous housing consumption in an efficiency wage model in which two cases are considered: very high and zero relocation costs. First, in both cases, we are ab…

We develop a model in which non-white individuals are defined with respect to their social environment (family, friends, neighbors) and their attachments to their culture of origin (religion, language…

This paper determines the equilibrium ownership structure in an emerging market deregulated by privatization and investment liberalization. It is shown that bidding competition in the privatization st…