| 1. |
- Abraham, Vincent, et al.
(author)
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Leniency of the Competition Commission of India
- 2022
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In: SSRN Electronic Journal. - : SSRN. - 1556-5068 .- 1556-5068.
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Other publication (other academic/artistic)abstract
- The optimization of fines to deter and detect cartel behavior is one of the main goals of competition policy. Although it is generally argued that fines should be high to be deterrent, the debate on what constitutes an optimal fine is unsettled and some authors suggest using profits (rather than turnover) to calculate "optimal" fines. We exploit data on cartel convictions by the Competition Commission of India (CCI) between 2009 and 2021, which is particularly useful to study this issue as it allows for fines to be calculated using profits or turnover. We examine how much cartel members can “save” in monetary sanctions relative to its legal maximum. In doing so, we also examine the determinants of fines and leniency program reductions for firms, associations and individuals. We find that: (i) using a profit metric leads to larger relative fines; (ii) multiple offenders can save a larger proportion of the fine; and (iii) firms in larger cartels receive lower relative fines. We also show how the cartel type affects the relative savings from fines (RSF); and that fines are far from the legal maximum (thus decreasing the incentive to apply for leniency)
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| 2. |
- Afsar, Atahan, et al.
(author)
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Political Power in the Swedish Riksdag
- 2021
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In: SSRN Electronic Journal. - : SSRN. - 1556-5068 .- 1556-5068.
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Other publication (other academic/artistic)abstract
- In recent years many parliaments have become fragmented and polarized, with difficulties to form government. Traditional party alliances have changed, new parties have been established, and some of these are shunned by the traditional parties. Fragile minority governments are formed and break up. We propose a game-theoretic framework for analysis of political power in parliaments for situations when party affilations change and new coalitions are formed. More speciffically, we use and modify tools from cooperative game theory, in particular Myerson (1977) and Alonso-Meijide and Carreras (2011). The analytical framework is applied to the current Swedish parliament
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| 3. |
- Aggeborn, Linuz, et al.
(author)
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Toxic Metal Injustice? Socioeconomic Status at Birth and Proximity to Airborne Contamination
- 2022
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In: SSRN Electronic Journal. - : Elsevier BV. - 1556-5068.
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Reports (other academic/artistic)abstract
- We study airborne levels of three toxic metals -- arsenic, lead, and mercury -- and ask whether geographical closeness to contamination of these metals is unequally distributed within the population of newborn children. We answer this question by applying registry data from Sweden and data on airborne pollution for the years 1992--2014. Exposure to arsenic, lead, and mercury has previously been linked to negative health effects including worse cognitive development. However, we find no evidence that closeness to contamination is associated with socioeconomic status at the place of residence at birth. This leads us to conclude that environmental injustice with regard to mercury, lead or arsenic contamination is negligible. The likely explanation is that contamination is not visible enough, and therefore not sufficiently salient, to result in residential sorting.
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| 4. |
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| 5. |
- Ahola, Tuomas, et al.
(author)
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Public participation in urban development projects : a systematic cross-disciplinary literature review
- 2021
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In: SSRN Electronic Journal. - : Elsevier BV. - 1556-5068.
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Other publication (other academic/artistic)abstract
- Urbanisation induces both challenges and opportunities for sustainable development. Cities are developed through urban development projects (UDPs), which enable sustainable development and provide valuable services to citizens. Although previous research has shown that citizens have knowledge that can facilitate the planning and implementation of UDPs, it not known how—and to what extent—citizens are engaged by municipal and private actors initiating such projects. Consequently, we carried out a systematic cross-disciplinary literature review focusing on the involvement of the public in UDPs. Based on the final sample of 75 articles, our analysis reveals 16 distinct mechanisms of public participation, which differ with respect to the initiating actor(s), project-life-cycle phase, role of citizens and depth of participation. We find that most mechanisms involve members of the public in peripheral roles, limiting the potential for further value creation. In addition, most of the mechanisms are applied during the planning phase of the project life cycle. Although several mechanisms are used during the front-end phase, we find that very few mechanisms are used in the later phases of the life cycle. The paper contributes to a more nuanced understanding urban development projects by problematising citizen participation and mapping the related mechanisms.
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| 6. |
- Allegrucci, Alberto
(author)
-
Cost of information acquisition and board independence: Evidence from a change in an accounting standard
- 2020
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In: SSRN Electronic Journal. - : Elsevier BV. - 1556-5068.
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Other publication (other academic/artistic)abstract
- Independent directors are valuable because they do not suffer from the agency coststhat afflict executive directors. Independent directors also operate at an informationaldisadvantage compared with executive directors, which makes it hard for them to carryout their duties of advising and monitoring, and thus affects their value. I test theimpact of the cost of information acquisition on board structure by exploiting a change inan accounting standard that forced US public firms to be more transparent about theiroperations. Analysts’ forecasts subsequently became more precise and less dispersedfor the firms more affected, suggesting that the cost of information acquisition hasdecreased. Consistent with independent directors’ greater value, I document an increasein appointed independent directors. Cross-sectional tests suggest that independentdirectors are more valuable because of their improved monitoring capacity, as opposed totheir advising capacity. Robustness tests using alternative data sources do not confirmthe findings. Implications are discussed.
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| 7. |
- Allegrucci, Alberto
(author)
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Keep It in the Family: How Passive Funds Are Used to Bolster Active Funds’ Performance
- 2020
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In: SSRN Electronic Journal. - : Elsevier BV. - 1556-5068.
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Other publication (other academic/artistic)abstract
- The same fund family may sponsor both passive and active funds. Due to the funds' different fee structures and flow sensitivity to performance, this may create conflicts of interest at the fund family level. Using portfolio firms’ mergers and acquisitions as a laboratory, I show that fund families actively take measures to improve the performance of their active funds by using their passive funds. When the family’s active funds have a large stake in the acquirer, passive fund owners of the target are less likely to support takeover deals that benefit target shareholders. At the deal level, I do not find evidence that takeover premia are affected by passive funds' voting. Consistent with the argument that family profit motives drive fund performance, I observe differences in the flow-to-performance sensitivity between active and passive funds. The evidence suggests that fund families may take measures to boost their active funds’ performance at the expense of their passive funds.
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| 8. |
- Alpenberg, Jan, 1964-, et al.
(author)
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Lean Healthcare and Ontario Case Costing : an Examination of Strategic Change and Control System
- 2015
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In: Paper presented at the Canadian Academic Accounting Association Annual Conference, Toronto, Canada, May 28-31, 2015. - : Social Science Electronic Publishing Inc. (SSEP).
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Conference paper (peer-reviewed)abstract
- In this paper we examine how two different strategic changes influence the Management Control Systems in six Ontario based hospitals. These changes are: 1. new funding regimes based on Ontario Case Costing and, 2. Lean Healthcare initiatives in Ontario Hospitals.The Ontario Case Costing (OCC) approach is based on the traditional MAS assumption that more accurate costs will lead to lower costs through better management decisions of some sort. In contrast, Lean Healthcare is premised on the assumption that the primary path to better performance is realized by individual employees, who serve as the leading actors in a daily process of waste removal and efficiency improvement.Based on the MA literature and on information about both the OCC and Lean Healthcare initiatives, we expect there to be significant frictions inside the financial management staff as well as between the Lean initiative and the financial management staff related to the OCC mandate. This study examines this set of interactions to learn how these issues impact the employees involved. In particular, the Ontario context allows us to examine the variety of responses to the interaction of Lean healthcare strategy and a traditional MAS such as OCC.We find that the MASs of hospitals in our sample are too loosely coupled to develop the frictions indicated by traditional MAS theory and propose modifications in application of the theory to accommodate this observation.
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| 9. |
- Altavilla, Carlo, et al.
(author)
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Money Markets and Bank Lending : Evidence from the Adoption of Tiering
- 2022
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In: SSRN Electronic Journal. - : SSRN. - 1556-5068 .- 1556-5068.
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Other publication (other academic/artistic)abstract
- Exploiting the introduction of the ECB’s tiering system for remunerating excess reserve holdings, we document the importance of access to the money market for bank lending. We show that the two-tier system produced positive wealth effects for banks with excess reserves and encouraged a reallocation of liquidity toward banks with unused exemptions. This ultimately decreased the fragmentation in the money market and enhanced the monetary policy transmission mechanism. The increased access to money market by banks with unused allowances incentivizes them to extend more credit than other banks, including banks with excess liquidity whose valuations increase the most
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| 10. |
- Altman, David
(author)
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Voting Rights of Denizens and Expats: Adjusting Democracy Indices to the Age of Mass Migration
- 2020
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In: SSRN Electronic Journal. - Göteborg : Göteborgs universitet. - 1556-5068.
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Other publication (other academic/artistic)abstract
- Contemporary migration flows affect virtually all aspects of the social fabric, democracy included. Focusing their attention on the competitiveness aspects of the regime, comparative measurements of democracy have underestimated the complexity of the Dahlian dimension of inclusiveness, a sine-qua-non condition for defining a polyarchy. Firmly anchored in the literature and democratic theory, this measurement paper proposes a new index of inclusiveness: Electoral Residential Inclusiveness. This measure assesses how large the overlap between those who make the law and those who are subject to it is. It is shown how some regimes—including some of those that have been systematically considered strong democracies—exhibit such a considerable gap between these two groups that their democratic credentials should be questioned. This index has a clear impact on the way we measure and, most important, understand democracies. Unpacking this forgotten dimension, this work helps to fine tune the efforts to measure democracies.
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| 11. |
- Anderson, Anders, et al.
(author)
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Welfare Implications of Electric-Bike Subsidies : Evidence from Sweden
- 2022
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In: SSRN Electronic Journal. - Stockholm : Swedish House of Finance (SHOF). - 1556-5068 .- 1556-5068.
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Other publication (other academic/artistic)abstract
- We evaluate a large-scale Swedish electric bike (E-bike) subsidy program in 2018, similar to those implemented in many other countries. We combine administrative, insurance and survey data to address challenges of welfare analyses such as non-additionality. We find (1) complete pass through of the average $494 subsidy to consumers, (2) a near doubling of E-bikes sold but one-third of the adopters are non-additional, and (3) a savings of 1.3 tons of carbon emissions during the life of the E-bike. At a cost of $589 per ton, the program is an expensive way to reduce carbon emissions from driving.
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| 12. |
- Andersson, Angelica, et al.
(author)
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Mode Choice Latent Class Estimation on Mobile Network Data
- 2024
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In: SSRN Electronic Journal. - : Elsevier BV. - 1556-5068.
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Other publication (other academic/artistic)abstract
- In this paper we use a nested latent class logit specification to define and estimate a large-scale mode choice demand forecasting model. We estimate this model based on mobile phone network data translated to roughly 100 000 long-distance trips within Sweden, achieving convergence of the model and credible parameter estimates. We develop methods to address two problems stemming from the nature of this data: the difficulties of distinguishing bus trips from car trips (since they share the same infrastructure) and distinguishing business from private trips (since trip purpose is unknown). To address the first issue, we estimate a nested logit model with an artificial nest that accounts for the differences in utility between bus and car. To address the latter issue, we estimate a latent class model, identifying classes of trips interpreted as private and business trips. Addressing these two issues substantially improves model fit.
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| 13. |
- Andersson Djurfeltd, Agnes, et al.
(author)
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The Gendered Possibilities for Participating in Agricultural Intensification in Sub-Saharan Africa – a Longitudinal Perspective from Seven Regions in Malawi, Tanzania and Zambia
- 2020
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In: SSRN Electronic Journal. - : Elsevier BV. - 1556-5068.
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Other publication (other academic/artistic)abstract
- This paper looks at the gendered possibilities for participating in agricultural intensification in seven regions in Malawi, Zambia and Tanzania, using a longitudinal, regional, mixed methods approach combining household level data on land, labour and use of agricultural techniques for male and female farm managers as well as qualitative data collected from within male-headed households and community level data. The analysis is based on a quantitative dataset covering 1070 small scale farmers covering the period 2002 to 2017/18, as well as around roughly 350 qualitative interviews collected over the course of a decade. The results point to great variation between the regions as well as the countries in terms of access to land, but also suggest that gender relations around land are changing as a result both of deliberate policies as well as the emergence of rental markets for land. Indeed, gender-based gaps in cultivated area have fallen in some regions, but are persistent in others. Surprisingly, neither tenure security nor formalisation of tenure is differentiated between male and female respondents, in any of the regions. Access to family labour is however smaller on female managed farms and labour shortages are generally higher on these farms in most regions. Capital and labour intensive technologies add to gender based differentiation in cultivated area in regions where commercial opportunities are driving intensification, whereas gender based gaps in the use of these technologies have narrowed in poor regions as a result of deteriorating conditions for male farmers.
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| 14. |
- Andersson, Henrik
(author)
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A Mean-Reverting Stochastic Volatility Option-Pricing Model with an Analytic Solution
- 2002
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In: SSRN Electronic Journal. - : Elsevier BV. - 1556-5068.
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Other publication (other academic/artistic)abstract
- In this paper we derive a closed form approximation to a stochastic volatility option-pricing model and propose a variant of EGARCH for parameter estimation. The model thereby provides a consistent approach to the problem of option pricing and parameter estimation. Using Swedish stocks, the model provides a good fit to the heteroscedasticity prevalent in the time series. The stochastic volatility model also prices options on the underlying stock more accurately than the traditional Black-Scholes formula. This result holds for both historic and implied volatility. A large part of the volatility smile that is observed for options of different maturities and exercise prices is thereby explained.
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| 15. |
- Angeler, David
(author)
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Panarchy Suggests Why Management Mitigates Rather than Restores Ecosystems from Anthropogenic Impact
- 2022
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In: SSRN Electronic Journal. - : Elsevier BV. - 1556-5068.
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Other publication (other academic/artistic)abstract
- Abstract Panarchy, a model of dynamic systems change at multiple, interconnected spatiotemporal scales, allows assessing how management influences ecological processes and resilience. We assess how liming, a management form to counteract anthropogenic acidification, influences scale-specific temporal fluctuation frequencies of benthic invertebrates and phytoplankton assemblages in lakes. We also assess whether these fluctuations correlate with proxies of liming (Ca:Mg ratios) to quantify scale-specific management effects. Using an ecosystem experiment and monitoring data, time series analyses (1998-2019) revealed significant multiscale temporal (and thus Panarchy) structure for littoral invertebrates across limed and reference lakes. Such patterns were inconsistent for sublittoral invertebrates and phytoplankton. When significant panarchy structure was found, Ca:Mg ratios correlated with only a few of the identified temporal fluctuation frequencies across limed and reference lakes. This suggests that liming effects become diluted in the managed lakes. The lack of manifestations of liming across the independent temporal fluctuation patterns suggest that this lake management form fails to create and enforce cross-scale interactions, a crucial component of ecological resilience. This interpretation supports liming as a mitigation effort rather than a tool to restore acidified lakes to a self-organizing system equivalent of circumneutral references.
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| 16. |
- Argren, Rigmor, 1966-
(author)
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Teaching Law of Armed Conflict with Virtual Reality
- 2024. - 1st
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In: Teaching International Law. - : Routledge. - 9781032551517
-
Book chapter (peer-reviewed)abstract
- The use of virtual reality has increasingly come within reach of regular teaching in academia. The cost of the required hardware has dropped significantly, and the technique is simple enough for a layperson to use. The accelerating development of new teaching technologies prompts the question of to what extent new means and methods of teaching may make a complex topic such as the international law of armed conflict more digestible to students.This chapter analyses both the opportunities and constraints of using virtual reality as a teaching method in international law of armed conflict courses. It provides some points of reference for teachers in international law who wish to introduce the use of new technology in their teaching methods. There are several specific questions that need to be addressed. What can applying the means and methods of virtual reality bring to a course on the international law of armed conflict? What are the necessary considerations for teachers to consider beforehand? How does one ensure that pedagogical considerations determine the use of technical tools rather than allowing technology to drive pedagogic decisions? As will be revealed in this chapter, the latter question is of particular concern in relation to the international law of armed conflict. In order to answer these questions, it is first necessary to establish a theoretical framework for teaching law at university. Next, this chapter discusses learning objectives for the international law of armed conflict and how they can be reconciled with virtual reality paradigms. Then the paper highlights some precautions to consider regarding introducing virtual reality in classes. Lastly, concluding remarks are provided.
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| 17. |
- Arnold, Hannah, et al.
(author)
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Mafba and Mafbb Differentially Regulate Lymphatic Endothelial Cell Migration in Topographically Distinct Manners
- 2021
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In: SSRN Electronic Journal. - : Elsevier. - 1556-5068.
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Journal article (peer-reviewed)abstract
- Lymphangiogenesis is the formation of lymphatic vessels from pre-existing vessels, a dynamic process that requires cell migration. Regardless of location, lymphatic endothelial cell (LEC) progenitors probe their surroundings while migrating to form the lymphatic network. Lymphatic development regulation depends on the transcription factor MAFB in different species. Zebrafish Mafba, expressed in LEC progenitors, is essential for their migration in the trunk. However, the transcriptional mechanism that orchestrate LEC migration in different lymphatic endothelial beds remains elusive. Here, we uncover topographically different requirements of the two paralogues, Mafba and Mafbb, for lymphatic cell migration. Both mafba and mafbb are necessary for facial lymphatic development, but mafbb is dispensable for trunk lymphatic development. On the molecular level, we demonstrate a regulatory network where Vegfc-Vegfd-SoxF-Mafba-Mafbb are essential in the facial lymphangiogenesis. We identify that mafba and mafbb fine-tune the directionality of LEC migration and vessel morphogenesis that is ultimately necessary for lymphatic function.
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| 18. |
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| 19. |
- B Caires, Filipe, et al.
(author)
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Contract Splitting in Public Procurement
-
In: SSRN Electronic Journal. - 1556-5068 .- 1556-5068.
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Other publication (other academic/artistic)abstract
- We study the role of contract splitting in public procurement. Procurement contracts with price below a threshold can be awarded at discretion, while awards for contracts above it are required to be competitive. Exploiting a reform that reduced the threshold, we find that buyers manipulate projects’ price in order to award contracts at discretion. We show that contract splitting, the division of large contracts into multiple smaller parts, is the most important mechanism of manipulation in public procurement in this context. Our evidence suggests that splitting is driven by favouritism rather than efficiency-promoting motives of manipulation: we find i) no evidence that splitting is intended to foster non-contractible quality through discretion, ii) that split contracts are more likely to be awarded to sellers associated with favouritism, iii) less transparent buyers manipulate more, and iv) split contracts are associated with slightly worse post-award performance.
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| 20. |
- Bach, Laurent, et al.
(author)
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Soft Negotiators or Modest Builders? : Why Women Earn Lower Real Estate Returns
- 2022
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In: SSRN Electronic Journal. - Stockholm : Swedish House of Finance (SHOF). - 1556-5068.
-
Other publication (other academic/artistic)abstract
- Using repeat-sales data on apartments in Sweden, we estimate the gender gap in housing returns. We confirm that single women’s returns gross of renovations are lower than single men’s by more than 2pp, that half of this gap is due to market timing, and that it is concentrated in short holding period. Adding administrative data on renovation expenses and traders’ background, we find that women are much less likely to undertake renovations and to specialize in real estate professional activities. Once these differences are accounted for, we do not find any gender gap in real estate returns
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| 21. |
- Bachmann, Sascha-Dominik, et al.
(author)
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Terrorism and cyber attacks as hybrid threats : defining a comprehensive approach for countering 21st century threats to global peace and security
- 2014
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In: Journal on terrorism and security analysis. - Syracuse : Syracuse University. ; 9:1, s. 26-36
-
Journal article (peer-reviewed)abstract
- Multimodal, low intensity, kinetic as well as non-kinetic threats to international peace and security including cyber war, low intensity asymmetric conflict scenarios, global terrorism, piracy, transnational organized crime, demographic challenges, resources security, retrenchment from globalization and the proliferation of weapons of mass destruction were identified by NATO as so called "Hybrid Threats" (cf BI-SC Input for a New NATO Capstone Concept for The Military Contribution to Countering Hybrid Enclosure 1 to 1500/CPPCAM/FCR/10-270038 and 5000 FXX/0100/TT-0651/SER: NU0040, dated 25 August 2010). This submission aims to introduce the audience to this form of security threat with a particular focus on "cyber" terrorism and war. This new form of conflict in the fifth dimension has a truly hybrid risk potential and warrants a new holistic counter approach: from law enforcement, counter cyber strategies to kinetic responses. The authors will present the findings of an ongoing Hybrid Threat experiment, which is being undertaken at the Swedish Defence College, with a focus on the role of cyber attacks within the wider context of asymmetric conflict and how the existing legal framework governing the use of force and the law applicable to hostilities does not necessarily reflect on this new form of threat.
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| 22. |
- Baghai, Ramin, et al.
(author)
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Teams and Bankruptcy
- 2019
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In: SSRN Electronic Journal. - Stockholm : Swedish House of Finance. - 1556-5068.
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Other publication (other academic/artistic)abstract
- We study the impact of corporate bankruptcies on teams and inventor productivity in the United States. We show that bankruptcy reduces team stability. After a bankruptcy, team inventors produce fewer and less impactful patents, and they are more likely to cease patenting. This points to the loss of team-specific human capital as a cost of resource reallocation through bankruptcy. Our findings also suggest that the labor market values teams and their stability. Past collaboration increases the probability of inventors jointly moving to a new firm after bankruptcy, and the productivity of inventors that relocate together with their team increases.
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| 23. |
- Baghai, Ramin, et al.
(author)
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The Private Use of Credit Ratings: Evidence from Mutual Fund Investment Mandates
- 2019
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In: SSRN Electronic Journal. - : Elsevier BV. - 1556-5068.
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Other publication (other academic/artistic)abstract
- Credit ratings have been shown to be imperfect and sometimes biased measures of risk. Has this affected their use in unregulated settings? Using textual analysis, we measure the use of credit ratings in investment mandates of fixed income mutual funds, where ratings serve to limit investment in risky assets. We find that this use has steadily increased from high initial levels over the past two decades. Fixed income markets' extensive and continued reliance on credit ratings either points to a lack of practically useful alternatives, a positive view of ratings by market participants, or inefficient contracting
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| 24. |
- Baley, Isaac, et al.
(author)
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Quit Turbulence and Unemployment
- 2024
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In: SSRN Electronic Journal. - : Elsevier BV. - 1556-5068.
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Other publication (other academic/artistic)abstract
- Steven Weinberg (2018) says: (1) new theories that target new observations should be constrained to agree with observations successfully represented by existing theories; and (2) preserving successes of earlier theories helps to discover unanticipated understandings of yet other phenomena. Weinberg's advice helps us to answer the question: how do higher risks of skill losses coinciding both with involuntary layoffs (“layoff turbulence”) and with voluntary quits (“quit turbulence”) affect equilibrium unemployment rates? An earlier analysis that had included only layoff turbulence had established a positive relationship between turbulence and the unemployment rate within generous welfare states, but the absence of that relationship in countries with stingier welfare states. A subsequent influential analysis found that even very small amounts of quit turbulence would lead to a negative relationship between turbulence and unemployment rates. But that finding was based on a peculiar calibration of a productivity distribution that generates returns to labor mobility that make the model miss the positive turbulence-unemployment rate relationship that has been a theoretical basis for explaining the persistent trans-Atlantic unemployment divide that emerged in post-1970s data and also miss observations about labor market churning. Repairing the faulty calibration of that productivity distribution not only brings models with quit turbulence into line with those observations but also puts the spotlight on macro-labor calibration strategies and implied returns to labor mobility
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| 25. |
- Balkan, Binnur, et al.
(author)
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Short-Term Community-Wide Effects of School Shootings on Alcohol and Tobacco Consumption
- 2022
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In: SSRN Electronic Journal. - : SSRN. - 1556-5068 .- 1556-5068.
-
Other publication (other academic/artistic)abstract
- School shootings and other tragedies involving gun-violence have become commonplace in the United States. While much research has been conducted into the direct effects on affected individuals, less is known about community-level effects. We use data on grocery-store sales at the county-level to test the hypothesis that the exposure to a traumatic event induces short-run changes in purchases of alcohol and tobacco, well-known and highly accessible substances often linked to coping with traumatic events. Leveraging a specification curve design, we find that although some specifications yield statistically significant effects, there is no robust support for the main hypothesis. We close with a discussion of potential explanations and draw some methodological conclusions for future research
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| 26. |
- Baum, Christopher F., et al.
(author)
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Firms in (Green) Public Procurement : Financial Strength Indicators’ Impact on Contract Awards and Its Repercussion on Financial Strength
- 2021
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In: SSRN Electronic Journal. - Berlin : DIW Berlin. - 1556-5068.
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Reports (peer-reviewed)abstract
- We examine whether the financial strength of companies, in particular, small and medium-sizedenterprises (SMEs) is causally linked to the award of a public procurement contract (PP), especially inthe environmentally friendly “green” area (GPP). For this purpose, we build a combined procurementcompany data set from the Tenders Electronic Daily (TED) and the SME database AMADEUS, whichincludes ten European countries. First, we apply probit models to investigate whether the probabilityof winning the public tender depends on the company's financial strength. We then use theFlexpanel DiD approach to investigate the question of whether the award has an impact on thefuture financial strength of the successful company. On the one hand, we find that a lower equityratio and a higher short-term debt ratio increase the probability of being successful in a publictender. On the other hand, the success means that the companies can continue to work after theaward with a lower equity ratio than comparable companies without an award, regardless ofwhether the company was successful in a traditional or a “green” public tender. We conclude fromthis that the success in a PP is a substitute for one's own financial strength and thus facilitates accessto external financing. The estimation results differ depending on whether public procurement ingeneral or the sub-group of “green” public procurement is examined.
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| 27. |
- Becker, Bo, et al.
(author)
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Bad Times, Good Credit
- 2015
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In: SSRN Electronic Journal. - Stockholm, Sweden : Swedish House of Finance (SHOF). - 1556-5068.
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Other publication (other academic/artistic)abstract
- Banks’ limited knowledge about borrowers’ creditworthiness constitutes an important friction in credit markets. Is this friction deeper in recessions, thereby contributing to cyclical swings in credit, or is the depth of the friction reduced, as bad times reveal information about firm quality? We test these alternative hypotheses using internal ratings data from a large Swedish cross-border bank and credit scores from a credit bureau. The ability to classify corporate borrowers by credit quality is greater during bad times and worse during good times Soft and hard information measures both display countercyclical patterns. Our results suggest that information frictions in corporate credit markets are intrinsically counter-cyclical and not due to cyclical variation in monitoring effort.
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| 28. |
- Becker, Bo, et al.
(author)
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Disruption and Credit Markets
- 2024
-
In: SSRN Electronic Journal. - : Elsevier BV. - 1556-5068 .- 1556-5068. ; , s. 1-60
-
Other publication (other academic/artistic)abstract
- We show that over the past half century innovative disruptions were central to understanding corporate defaults. In a given year, industries experiencing abnormally high VC or IPO activity subsequently see higher default rates, higher segment exits by conglomerates, and higher yields on bonds issued by the firms in these industries. Overall, we find that disruption is a broad phenomenon, negatively affecting incumbent firms across the spectrum of age, valuation, and levers, with the exception of very large and low-leverage firms, which confirms our central hypothesis.
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| 29. |
- Beiron, Johanna, 1992, et al.
(author)
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Integration of CCS in Combined Heat and Power Plants in a City Energy System
- 2022
-
In: Proceedings of the 16th Greenhouse Gas Control Technologies Conference (GHGT-16) 23-24 Oct 2022. - : Elsevier BV.
-
Conference paper (peer-reviewed)abstract
- Carbon dioxide removal (CDR) is expected to play an important role in climate change mitigation. Bio-energy carbon capture and storage (BECCS) is a form of CDR discussed in the Swedish district heating sector where large-scale point sources of biogenic CO2 emissions are found. This work investigates the retrofit of CO2 capture processes to combined heat and power (CHP) plants in a city energy system context, to examine the impact on CHP plant energy output and city energy balances, and the cost-optimal way to integrate and operate the capture processes. An energy system optimization model is applied to a case study of the city Västerås, Sweden, with scenarios involving the retrofit to two existing CHP plants in the city of either a heat-driven (MEA) or electricity-driven (HPC) carbon capture process. The results show that it is possible to retrofit the CHP plants with either of these options without significantly impacting the district heating system operation or the marginal costs of electricity and district heating. The MEA process mainly causes a reduction in district heating output (up to 30% decrease on an annual basis), which can be partly offset with heat recovery from the capture unit, or increased utilization of the CHP plants (if possible). The electrified HPC process does not impact the CHP plant steam cycle, but implies increased import of electricity to the city (up to 44% increase) compared to a reference scenario.
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| 30. |
- Bennich-Björkman, Li, 1960-, et al.
(author)
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In the absence of antagonism? Rethinking Eastern European Populism in the early 2000s
- 2017
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In: Eastern European Quarterly. - : Elsevier. ; 45:1-2, s. 1-25
-
Journal article (peer-reviewed)abstract
- This article argues that a close analysis of the early 2000s populism in post-communist Europe allows us to better understand their novelty at the time, what they brought to party politics, and to better explain the dynamic of politics in the region. The central argument is that there were pivotal parties that held a universalist and community-seeking orientation. The article analyzes three electorally successful parties in Eastern Europe, the National Movement Simeon II (NDSV) in Bulgaria, Jaunais Laiks (JL) in Latvia, and Res Publica (ResP), and uses interviews with party representatives, secondary literature, additional documents and published interviews. The findings indicate that these parties share the common vision of a restored community after a decade of social, economic, and political turmoil. Their message of social harmony was rooted in a decade of partisan politics and multi-party system that enhanced competitive views.
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| 31. |
- Bevelander, Pieter, et al.
(author)
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Trespassing the threshold of relevance : Media exposure and opinion polls of the Sweden Democrats 2006-2010
- 2011
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In: Discussion Paper. - : IZA, University of Bonn. - 0308-5864. ; :6011
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Journal article (other academic/artistic)abstract
- In September 2010 the anti-immigration party, the Sweden Democrats (SD), crossed the electoral threshold to the Swedish parliament (Riksdagen) for the first time with 5.7 percent of the total votes. The aim of this article is to analyze the effect of the media exposure on fluctuations in opinion polls for political parties; i.e. the media effect. In particular to what extent this can explain the electoral fortunes of the SD. We correlate the number of articles published in the print media with the results of the SD opinion polls as well as the opinion poll results of all the other parliamentary parties during a 48 month period, from the month after the 2006 elections (October 2006) up to September 2010. Our results show that the media effect is more important for the SD compared to the other parliamentary parties, similar in size. The media effect also differs between the six newspapers put into scrutiny in this study, the leading daily Dagens Nyheter (DN) had a considerably stronger effect on the opinion fluctuations, compared to the other five newspapers. To conclude, media exposure sometimes matters, especially for 'new parties', but neither to the same degree everywhere nor at the same time. Ultimately, our findings show that the threshold of relevance does not perfectly match with the crossing of the electoral threshold to the national parliament, as suggested in the literature to explain the electoral fortunes of new anti-immigration parties prior to their entry into parliament.
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| 32. |
- Bias, Daniel, et al.
(author)
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Equity Funds and Derivatives: Evidence from Linked Fund-Trade Data
- 2021
-
In: SSRN Electronic Journal. - : Elsevier BV. - 1556-5068.
-
Other publication (other academic/artistic)abstract
- Building on data collected under the EMIR framework, we provide new insight into the type of derivatives that are traded by UCITS equity funds, why some of them trade derivatives whilst others do not, what makes some more active traders and to what extend the trading in derivatives is a reaction to daily changes in the market. 46% of UCITS equity funds are trading derivatives. Three types of contracts account for 78% of funds’ derivatives trades: currency forwards, equity futures, and equity options. We find that the derivatives trading behavior is related to the fund-family affiliation and the investment strategy. Over time, cash inflows as well as currency risk seem to have a significant influence, which suggests that derivatives are used for transaction costs or risk reduction purposes.
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| 33. |
- Bias, Daniel
(author)
-
Illiquid Equity, Labor Mobility, and Talent Allocation
- 2021
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In: SSRN Electronic Journal. - : Elsevier BV. - 1556-5068.
-
Other publication (other academic/artistic)abstract
- Using stock market shocks to randomize the completion of a firm's liquidity event, I provide evidence that illiquid equity constrains labor mobility and talent allocation. I find that illiquidity reduces the mobility of employees with vested equity, while employees with unvested equity remain unaffected. The lock-in effect of illiquidity for vested employees is distinct from the well-known retention effect of unvested equity. I show that, by reducing labor mobility, illiquidity interferes with the assortative re-matching of talent in the economy. Recent trends of innovative startups staying private for longer can impose an externality on the broader economy by trapping employees in sub-optimal employer matches.
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| 34. |
- Biermann, Max, 1989, et al.
(author)
-
Partial capture from refineries through utilization of existing site energy systems
- 2021
-
In: 15th Greenhouse Gas Control Technologies Conference 2021, GHGT 2021. - : Elsevier BV.
-
Conference paper (peer-reviewed)abstract
- Many studies indicate that carbon capture and storage operations need to be ramped up in the coming decades to limit global warming to well-below 2°C. Partial CO2 capture from carbon-intensive industrial processes is a promising starting point for initial CO2 transport and storage infrastructure projects, such as the Norwegian full-chain CCS project “Northern Lights”, since specific capture cost (€/t CO2) for single-stack capture can be kept low compared to full capture from all, often less suitable stacks. This work highlights the importance of utilizing existing site energy systems to avoid significant increase in marginal abatement cost when moving from partial to full capture. A systematic and comprehensive techno-economic approach is applied that identifies a mix of heat supply sources with minimum cost based on a detailed analysis of available heat and capacity within the existing site energy system. Time-dependent variations are considered via multi-period, linear optimization. For single-stack capture from the hydrogen production unit (~0.5 Mt CO2 p.a.) of a Swedish refinery in the context of the current energy system, we find avoidance cost for the capture plant (liquefaction, ship transport, and storage excluded)of 42 €/t CO2-avoided that is predominantly driven by steam raised from available process heat in existing coolers (~6 €/t steam). For full capture from all major stacks (~1.4 Mt CO2 p.a.), the avoidance cost becomes twice as high (86 €/t CO2-avoided) due to heat supply from available heat and existing boiler capacity (combustion of natural gas) at costs of ~20€/t steam. The analysis shows that very few investments in new steam capacity are required, and thus, that the utilization of existing site energy systems is important for lowering capture cost significantly, and thus the whole-chain cost for early CCS projects.
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| 35. |
- Bodnaruk, Andriy, et al.
(author)
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Does Investor Recognition Predict Excess Returns?
- 2024
-
In: SSRN Electronic Journal. - : Elsevier BV. - 1556-5068.
-
Other publication (other academic/artistic)abstract
- We test Merton's (1987) hypothesis using individual level stockholdings of Swedish investors. Controlling for size and other factors, we find that lower levels of investor recognition lead to greater future excess returns. Positive (negative) changes in investor recognition are followed by lower (higher) excess returns. The effect of investor recognition is more pronounced for young firms. We demonstrate that investor recognition is conditionally priced.
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| 36. |
- Boese, Vanessa Alexandra, et al.
(author)
-
Deterring Dictatorship: Explaining Democratic Resilience since 1900
- 2020
-
In: SSRN Electronic Journal. - Göteborg : Göteborgs universitet. - 1556-5068.
-
Other publication (other academic/artistic)abstract
- Democracy is under threat globally from democratically elected leaders engaging in erosion of media freedom, civil society, and the rule of law. What distinguishes democracies that prevail against the forces of autocratization? This article breaks new ground by conceptualizing democratic resilience as a two-stage process, whereby democracies first exhibit resilience by avoiding autocratization altogether and second, by avoiding democratic breakdown given that autocratization has occurred. To model this two-stage process, we introduce the Episodes of Regime Transformation (ERT) dataset tracking autocratization since 1900. These data demonstrate the extraordinary nature of the current wave of autocratization: Fifty-nine (61%) episodes of democratic regression in the ERT began after 1992. Since then, autocratization episodes have killed an unprecedented 36 democratic regimes. Using a selection-model, we simultaneously test for factors that make democracies more prone to experience democratic regression and, given this, factors that explain democratic breakdown. Results from the explanatory analysis suggest that constraints on the executive are positively associated with a reduced risk of autocratization. Once autocratization is ongoing, we find that a long history of democratic institutions, durable judicial constraints on the executive, and more democratic neighbours are factors that make democracy more likely to prevail.
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| 37. |
- Boese, Vanessa Alexandra, et al.
(author)
-
Visualizing Authority Patterns over Space and Time
- 2020
-
In: SSRN Electronic Journal. - Göteborg : Göteborgs universitet. - 1556-5068.
-
Other publication (other academic/artistic)abstract
- Unidimensional measures of democracy fail to account for the complex and varied nature of political systems. This article disaggregates the concept of democracy and proposes a multidimensional conceptualization to account for this variation in institutional congurations. Three theoretically informed dimensions are featured: participation, electoral contestation, and constraints on the executive. The three dimensions constitute a cube covering all regime types, in which we place countries using V-Dem data from 1789 to 2018. The cube of democracy patterns reveals several interesting observations. We trace historical patterns of democratization and autocratization, and discuss how global and regional developments take dierent paths at dierent times. Our conceptualization makes it clear that political systems with a similar score along a unidimensional scale can in fact be quite distinct. In addition, across the globe over 200 years, certain congurations of political institutions never occur. In other words, incompatible institutional pairs do not exist or are extremely short lived. This multidimensional conceptualization ultimately opens up a new eld of research in which institutional change can be studied in greater detail across countries and over time.
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| 38. |
- Bozkaya, Burcin, et al.
(author)
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Premium e-grocery : exploring value in logistics integrated service solutions
- 2009
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In: Paper presented at the International Conference for Prospects for Research in Transport and Logistics on a Regional – Global Perspective, Istanbul, Turkey, February 12-14, 2009. - : Elsevier.
-
Conference paper (peer-reviewed)abstract
- E-grocery is gradually becoming viable or a necessity for many families. Yet, most e-supermarkets are seen as providers of low value “staple” and bulky goods mainly. While each store has a large number of SKU available, these products are mainly necessity goods with low marginal value for hedonistic consumption. A need to acquire diverse products (e.g., organic), premium priced products (e.g., wine) for special occasions (e.g., anniversary, birthday), or products just for health related reasons (e.g., allergies, diabetes) are yet to be served via one-stop e-tailers. In this paper, we design a mathematical model that takes into account consumers’ geo-demographics and multi-product sourcing capacity for creating critical mass and profit. Our mathematical model is a variant of Capacitated Vehicle Routing Problem with Time Windows (CVRPTW), which we extend by adding intermediate locations for trucks to meet and exchange goods. We illustrate our model for the city of Istanbul using GIS maps, and discuss its various extensions as well as managerial implications.
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| 39. |
- Breckenfelder, Holger-Johannes
(author)
-
Competition between High-Frequency Traders, and Market Quality
- 2013
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In: SSRN Electronic Journal. - : Elsevier BV. - 1556-5068.
-
Other publication (other academic/artistic)abstract
- This is the first empirical evidence on the competition between high-frequency traders (HFTs) and its influence on market quality. We exploit the first entries of international HFTs into the Swedish equity market in 2009 and conduct a difference-in-differences analysis using trade-by-trade data. To further identify the effect, we use the Federation of European Securities Exchanges (FESE) tick size harmonization as an exogenous event that caused HFTs to start trading in stocks. When HFTs compete for trades their liquidity consumption increases. As a result, liquidity deteriorates significantly and short-term volatility rises.
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| 40. |
- Broberg, Thomas, et al.
(author)
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Household preferences for load restrictions : is there an effect of pro-environmental framing?
- 2019
-
In: SSRN Electronic Journal. - Umeå : The Centre for Environmental and Resource Economics (CERE), Umeå University and the Swedish University of Agricultural Sciences. - 1556-5068.
-
Reports (other academic/artistic)abstract
- In this paper we investigate if a pro-environmental framing influences households' stated willingness to accept restrictions on their electricity use. We use a split-sample choice experiment (CE) and ask respondents to choose between their current electricity contract and hypothetical contracts featuring various load controls and a monetary compensation. Our results indicate that the pro-environmental framing have little impact on the respondents' choices. We observe a significant framing eeffect on choices and marginal willingness-to-accept (MWTA) for only a few contract attributes. The results further suggest that there is no significant framing effect among households that engage in different pro-environmental activities.
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| 41. |
- Broer, Tobias, et al.
(author)
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Consumption Risk Sharing with Private Information and Limited Enforcement
- 2015
-
In: SSRN Electronic Journal. - Prague : Center for Economic Research and Graduate Education – Economics Institute. - 1556-5068.
-
Reports (other academic/artistic)abstract
- In this paper, we study consumption risk sharing when individual income shocks are persistent and not publicly observable, and individuals can default on contracts at the price of financial autarky. We find that, in contrast to a model where the only friction is limited enforcement, our model has observable implications that are similar to those of an Aiyagari (1994) self-insurance model and therefore broadly consistent with empirical observations. However, some of the implied effects of changes in policy or the economic environment are noticeably different in our model compared to self-insurance.
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| 42. |
- Bruns, Benjamin, et al.
(author)
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Finding Your Right (or Left) Partner to Merge
- 2015
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In: SSRN Electronic Journal. - Berlin, Germany : German Institute for Economic Research - DIW Berlin. - 1556-5068.
-
Other publication (other academic/artistic)abstract
- We study political determinants of municipality amalgamations during a boundary reform in the German state of Brandenburg, which reduced the number of municipalities from 1,489 to 421. The analysis is conducted using data on the political decision makers as well as fiscal and socio-economic variables for the municipalities. We ask whether party representation in the town council influences the merger decision. To identify the effect, we follow a dual approach and make use of different stages in the reform process. First, municipalities were initially free to choose partners. In a later phase of the reform the state legislature forced municipalities to amalgamate. We can, thus, compare voluntary to forced units. Second, we simulate potential mergers from the map of municipalities and compare voluntary mergers to those simulated units. Both approaches show that political representation matters significantly during the voluntary stage of the merger reform
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| 43. |
- Brunzell, Tor, et al.
(author)
-
Capital Structure Policy Decisions in Nordic Listed Firms
- 2013
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In: Proceeedings. - : Eurofidai. ; , s. 1-27
-
Conference paper (other academic/artistic)abstract
- In this paper we report the results from a survey among all publicly listed Nordic firms on their policy decisions concerning their capital structure. We find that more than 60 percent of the companies have rather or relatively flexible debt target, whereas a strict target or no target at all is approximately equally common. We also study the determinants for the strictness of the debt target, and find support for both firm characteristics as well as behavioral variables. We also study the link between capital structure policy and dividend policy, and find that dividend paying firms - firms with a definite dividend policy are more likely to have a stricter debt target. These results indicate that more research should be done on the joint setting of capital structure and dividend policies.
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| 44. |
- Bulut, Mustafa
(author)
-
Local Innovation Spillovers of IPOs
- 2023
-
In: SSRN Electronic Journal. - : SSRN. - 1556-5068 .- 1556-5068.
-
Other publication (other academic/artistic)abstract
- I study the spillover effects of initial public offerings (IPOs) on local innovation. As the decision to go public is endogenous to local economic conditions, I compare counties in which there is a completed IPO with ones in which an IPO attempt is withdrawn from registration. To address the additional bias introduced by this strategy, I use NASDAQ returns during the book-building period as an instrument for IPO completion. I find that local innovation increases after a firm goes public in a county, compared to counties with a failed IPO. The innovation spillovers are stronger for firms operating in similar technologies as the IPO firms, in counties where IPO establishments constitute a larger portion of the local economy, and in smaller geographies around the IPO establishments. Local innovation in IPO counties goes up mainly through existing firms becoming more innovative and attracting new inventors to the area
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| 45. |
- Bustos, Emil, et al.
(author)
-
Financing Constraints and Risk Management: Evidence From Micro-Level Insurance Data
- 2023
-
In: SSRN Electronic Journal. - Stockholm, Sweden : Swedish House of Finance (SHOF). - 1556-5068.
-
Other publication (other academic/artistic)abstract
- We study the impact of financing constraints on corporate risk management. Using data on credit scores matched with unique information on firm level commercial insurance purchases, we find that financing constraints lead to higher insurance spending. We adopt a regression discontinuity design and show that financially constrained firms spend 5–14% more on insurance than otherwise similar unconstrained firms. Our findings add new insights to the longstanding empirical puzzle whether financially constrained firms engage more in risk management. Furthermore, our results, shed light on risk management in smaller, mostly private firms.
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| 46. |
- Böhm, Michael, et al.
(author)
-
Since You're So Rich, You Must Be Really Smart': Talent and the Finance Wage Premium
- 2016
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In: SSRN Electronic Journal. - : Elsevier BV. - 1556-5068.
-
Other publication (other academic/artistic)abstract
- Relative pay in the financial sector has experienced an extraordinary increase over the last few decades. A proposed explanation for this pattern has been that the demand for skilled workers in finance has risen more than in other sectors. We use Swedish administrative data, which include detailed cognitive and non-cognitive test scores as well as performance in high-school and university, to examine the implications of this hypothesis for talent allocation and relative wages in the financial sector. We find no evidence that the selection of talent into finance increased or improved, neither on average nor at the top of the talent distribution. A changing composition of talent or their returns cannot account for the surge in the finance wage premium. These findings alleviate concerns about a “brain drain” into finance at the expense of other sectors, but they also suggest that rents in finance are high, increasing, and largely unexplained.
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| 47. |
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| 48. |
- Campello, Murillo, et al.
(author)
-
Debt Overhang and the Life Cycle of Callable Bonds
- 2018
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In: SSRN Electronic Journal. - : Elsevier BV. - 1556-5068.
-
Other publication (other academic/artistic)abstract
- Many US corporate bonds are callable at a predetermined, fixed price. Callability gives firms the ability to re-price their bonds ex-post. It is less clear how it resolves ex-ante contracting frictions. We show empirically that longer maturity and lower credit quality bonds are frequently issued with callable features. These bonds are often called when issuers experience improvements in credit quality. Firms with callable debt are more likely to increase investment following positive industry shocks. Such firms are also more likely to become takeover targets, confirming the prediction of a simple model we construct of debt overhang. The empirical patterns we report fit the theory that call features limit debt overhang by restricting value gains to corporate creditors.
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| 49. |
- Canellopoulou-Bottis, Maria
(author)
-
The Greek Law on Genetics and Genomics - An Overview and Outlook for Future Perspectives
- 2018
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In: SSRN Electronic Journal. - : Elsevier BV. - 1556-5068.
-
Other publication (other academic/artistic)abstract
- This article presents the Greek law on genetics and genomics as an overview of a diverse set of legal matters and also, as an outlook for future perspectives. Part 1 comprises the legal landscape (fundamental rules, criminal procedure, civil procedure, Civil Code, DTC genetic tests, data protection, legislation on human germline gene editing, legislation on preimplantation testing/screening and prenatal testing/screening, advertising of genetic testing or screening, legislation on newborn screening and on advertising of genetic testing or screening. Part 2 discusses the legal academic debates in Greece on the above issues. Part 3 covers the legal developments in this area whereas Part 4 deals with specific legal considerations on human genetics and genomics in Greece, followed by the conclusions.
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| 50. |
- Canellopoulou-Bottis, Maria
(author)
-
The Greek Law on Human Enhancement
- 2024
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In: SSRN Electronic Journal. - : Elsevier BV. - 1556-5068.
-
Other publication (other academic/artistic)abstract
- The article presents the Greek law on human enhancement1. Enhancement interventions can take place upon an embryo or even earlier, upon genetic cells, but also on a born human body, to ameliorate appearance, health, strength, memory, perception and other desirable traits. Enhancement interventions may affect the body, as well as the mind. The Greek Commission on Bioethics has issued, therefore, two separate Opinions on Human Enhancement. The Greek academic literature on human enhancement is scarce and mostly deals with cosmetic surgery and genomics interventions. There is, however, a set of more general laws on medical law and medical ethics which are applicable on human enhancement issues.
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