| 11. |
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| 12. |
- Lindblom, Ted, 1956, et al.
(författare)
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A Theoretical Analysis of Collusion Involving Technology Licensing Under Diseconomies of Scale
- 2024
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Ingår i: The B.E. Journal of Theoretical Economics. - 1935-1704. ; 24:1, s. 263-297
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Tidskriftsartikel (refereegranskat)abstract
- This study focuses on firms with cost-efficient technology that use licensing to influence product market behaviour, market prices and outputs and the resulting welfare effects. We show how licensing fees can be constructed that lead to identical collective industry outputs as under collusion while industry output is equal to or higher than that achieved under competition and sustained in equilibrium. Hence, consumers are either indifferent to firms’ collusion or better off when they do collude, whereas firms (producers) are always better off due to the improved cost efficiency of integrating the new production technology. This provides a theoretical foundation that explains why technology licensing is observed in highly concentrated industries characterised by significant diseconomies of scale relative to demand. We contribute to the literature by demonstrating how technology licensing involving collusion can reduce the dissipation effect and improve social welfare in oligopolistic industries. An important policy implication is that collusion involving technology licensing should not always be challenged by antitrust authorities, particularly when it does not transfer welfare from consumers to producers.
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| 13. |
- Lindblom, Ted, 1956, et al.
(författare)
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Capital structure choices
- 2011
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Ingår i: International Journal of Banking, Accounting and Finance. - 1755-3830. ; 3:1, s. 4-30
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Tidskriftsartikel (refereegranskat)abstract
- Corporate finance theory provides a number of competing hypotheses for explaining the capital structure choice of firms. The major ones are the ‘trade-off’ theory, which hypothesises an optimal combination of debt and equity capital, and the ‘pecking-order’ theory, which suggests a ranking order between different types of capital making a firm’s capital structure an aggregated result of successive financial decisions. Previous studies find evidence both supporting and contradicting the two theories. We examine the role and importance of different firm characteristics as well as to what extent managers in Swedish firms make capital structure choices in accordance with the theories and are affected by concepts like optimal capital structure, financial hierarchy, windows of opportunity, signalling, asymmetric information and flexibility. Our conclusion is that capital structure choices are built on a balancing notion suggesting a revised trade-off theory or alternatively an extended pecking order theory also incorporating agency costs and signalling.
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| 14. |
- Lindblom, Ted, 1956, et al.
(författare)
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Capital Structure Choices in Swedish firms
- 2009
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Ingår i: the 44th Euro Working Group on Financial Modeling conference in San Jose, Costa Rica, May 4-6, 2009 and December 5-8, 2009.
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Konferensbidrag (refereegranskat)abstract
- Corporate finance theory provides a number of competing hypotheses for explaining the capital structure choice of firms. The two major ones are the ‗tradeoff‘ theory, which hypothesizes that the management of a firm seeks to achieve an optimal combination of debt and equity capital, and the ‗pecking-order‘ theory, which suggests that there is a ranking order between different types of capital making a firm‘s capital structure an aggregated result of intermittent capital structure decisions. Most empirical studies find evidence both supporting and contradicting the two theories. In this paper we present results from a comprehensive survey of capital structure choices in practice. We examine the role and importance of different firm characteristics as well as to what extent managers in Swedish firms make financial decisions in accordance with capital structure theories and are affected by concepts like optimal capital structure, financial hierarchy, windows of opportunity, signalling, asymmetric information and flexibility.
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| 15. |
- Lindblom, Ted, 1956, et al.
(författare)
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East or West, Home Is Best: The Birthplace Bias of Individual Investors
- 2018
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Ingår i: Journal of Banking & Finance. - : Elsevier BV. - 0378-4266. ; 92:July 2018, s. 323-339
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Tidskriftsartikel (refereegranskat)abstract
- We introduce the concept of “birthplace bias” to examine the extent to which individual investors’ local bias is explained by their place of birth. In addition, we conduct a counterfactual analysis in order to compare their biases before and after they move to a new place. We find that the place of birth is an important determinant in the portfolio choice of the average individual investor in particularly urban areas. We also find that individual investors who move back to their birthplace (home-comers) tend to increase their local bias over time more than other movers. While diversification is profitable regardless of portfolio distortion, the less diversified individual investors do on average neither gain nor lose relative to the market from being birthplace and/or locally biased. This implies rationality; individual investors seem to choose proximate stocks whenever they face equal or nearly equal costs just out of pure “indisputable preferences.”
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| 16. |
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| 17. |
- Lindblom, Ted, 1956, et al.
(författare)
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Financial structure decisions in large business firms
- 2010
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Ingår i: Wolpertinger 2010 Conference, European Association of University Teachers of Banking and Finance, Sept 8-12, Bangor, Wales.
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Konferensbidrag (övrigt vetenskapligt/konstnärligt)
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| 18. |
- Lindblom, Ted, 1956, et al.
(författare)
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Increasing Goal Congruence in Project Evaluation by Introducing a Strict Market Depreciation Schedule
- 2009
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Ingår i: International Journal of Production Economics. ; 21, s. 519-532
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Tidskriftsartikel (refereegranskat)abstract
- The economic accuracy of accrual-based managerial performance measures is most essential for value added investment decisions in decentralised firms. Contemporary EVA-literature often lends support to annuity-based depreciation schedules for accomplishing congruence between capital budgeting criteria, like NPV, and accounting measures, like ROI and RI. This is incongruent with the principal agent literature aiming at designing managerial incentive contracts. We introduce a strict market-based depreciation schedule which is shown to be superior to ordinary straight-line, annuitybased or IRR-based depreciation schedules. It gives the right managerial investment incentives also in the case of growth, inflation or technological development.
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| 19. |
- Lindblom, Ted, 1956, et al.
(författare)
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Individual Investors’ Portfolio Choice and Birthplace Bias
- 2012
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Ingår i: SSRN. - : Elsevier BV.
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Forskningsöversikt (refereegranskat)abstract
- This paper examines whether the geographical proximity bias of individual investors stems from information asymmetry or behavioral factors. We introduce the concept of ‘Birthplace Bias’ and find that the proximity bias is strongest for investors that have never moved away from the area they were born. It is stronger the longer the investor has lived in the same geographical area. However, neither local bias nor birthplace bias appears to pay off in terms of abnormal portfolio return. This has policy implications for the confidence in financial markets as it suggests that Efficient Market Hypothesis holds.
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| 20. |
- Lindblom, Ted, 1956, et al.
(författare)
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Individual Investors’ Portfolio Choice and Birthplace Bias Evidence from portfolios of European investors – the case of Sweden
- 2013
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Ingår i: Mölle 2013, The 15h Annual SNEE European Integration Conference.
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Konferensbidrag (övrigt vetenskapligt/konstnärligt)abstract
- Geographical proximity bias of investors is a widely studied phenomenon. In previous research, the main focus has been on the distortion of US portfolios. The empirical evidence from Europe is rather limited. Using Swedish data, this paper examines whether the geographical proximity bias of individual investors stems from information asymmetry or behavioral factors. We introduce the concept of ‘birthplace bias’ and find that the proximity bias is strongest for investors who have never moved away from the area in which they were born. The bias is stronger the longer the investor has lived in the same geographical area. However, neither local bias nor birthplace bias demonstrates an advantage in terms of abnormal portfolio return. This result implies that proximity bias is not driven by information asymmetry, which may have policy implications with regard to the confidence in financial markets.
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