| 1. |
- D’Orazio, Paola, et al.
(författare)
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Macro-financial policy at the crossroad : addressing climate change, biodiversity loss, and environmental degradation - introduction to the special issue
- 2024
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Ingår i: Eurasian Economic Review. - : Springer. - 1309-422X. ; 14:1, s. 1-11
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Tidskriftsartikel (övrigt vetenskapligt/konstnärligt)abstract
- This special issue of the Eurasian Economic Review delves into the critical relationships between macro-financial policy frameworks and environmental sustainability, emphasizing the urgent challenges posed by climate change, biodiversity loss, and environmental degradation. These environmental crises pose significant threats to global economic and financial stability, underscoring the necessity of integrating environmental considerations into macro-financial policies to foster sustainability and resilience in economic policymaking. Through a collection of research papers, this issue explores innovative strategies for developing comprehensive policy frameworks that harmonize monetary, financial, and fiscal policies with environmental objectives. It emphasizes the need for advanced methods to assess and manage the financial risks of climate change and environmental degradation. Underscoring the need for a multidisciplinary approach, the research advocates for the collaboration of economists, environmental scientists, policymakers, and stakeholders to develop effective macro-financial policies. These policies aim to mitigate environmental risks, enhance environmental sustainability, and preserve biodiversity. The issue calls for further research to refine models that accurately predict the macro-financial impacts of environmental risks and assess the effectiveness of policy measures, paving the way for a sustainable future in the face of escalating environmental challenges.
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| 2. |
- Lööf, Hans, 1961-, et al.
(författare)
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Incorporating ESG into Optimal Stock Portfolios for the Global Timber & Forestry Industry
- 2023
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Ingår i: Journal of Forest Economics. - : Now Publishers Inc.. - 1104-6899 .- 1618-1530. ; 38:2, s. 133-157
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Tidskriftsartikel (refereegranskat)abstract
- This paper investigates how optimal portfolios of timber & forestry stocks perform relative to the global S&P timber & forestry index when corporate social responsibility (CSR) is considered. We incorporate CSR in the construction of optimal portfolios by utilizing combined environmental, social, and governance (ESG) scores. Historical as well as copula-augmented predictive models and ESG-constrained optimization are used to analyze out-of-sample performance of various portfolio strategies over the period 2018–2021. The results of copula-based portfolio strategies are better than of the historical models. Another insight gained by this study is that socially responsible investments in forestry stocks are feasible without sacrificing risk-adjusted returns.
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| 3. |
- Kärnä, Anders, 1985-, et al.
(författare)
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Do firms in rural regions lack access to credit? Local variation in small business loans and firm growth
- 2022
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Ingår i: Regional studies. - : Routledge. - 0034-3404 .- 1360-0591. ; 56:11, s. 1919-1933
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Tidskriftsartikel (refereegranskat)abstract
- We investigate whether bank loans specifically designed to reduce credit constraints for small and medium-sized enterprises (SMEs) have different impacts depending on where the firm is located. Using detailed firm-level data from the state-owned Swedish bank Almi, which specifically lends to credit-constrained SMEs, and coarsened exact matching and difference-in-difference regressions, we study the causal effects of small business loans on firm growth. The results show that receiving a loan has a greater impact on firm growth for those SMEs located in major cities than for firms located in remote rural regions. This result has implications for policies that aim to increase growth in rural regions and suggests that increasing access to credit alone is not sufficient to increase employment growth.
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| 4. |
- Dujeancourt, Erwan
(författare)
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Labor, firm and wealth effects of gender and sexuality
- 2024
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Doktorsavhandling (övrigt vetenskapligt/konstnärligt)abstract
- The prevalence of LGBTQ+ individuals, which stands for lesbian, gay, bisexual, transgender, queer, and additional identities, is steadily increasing in society. Global surveys conducted in 2023 indicate that 9% of adults in the world identify as LGBTQ+ individuals, with the proportion increasing to 18% among the youngest generation (Jackson, 2023). This demographic shift emphasizes the necessity for further economic research regarding LGBTQ+ populations. The aim of this thesis is therefore to explore the role of gender and sexuality in labor, firm, and wealth disparities.The first paper, "Sexual Orientation, Entrepreneurship, and Firm Survival," draws on Swedish population and business registry data from 1995–2020. The findings reveal that sexual minority men are 7.8% less likely to engage in entrepreneurship than comparable heterosexual men, while sexual minority women are 4.8% more likely to do so than their comparable heterosexual counterparts. Additionally, it examines the survival rates of firms founded by sexual minorities, where disparities are found particularly for ventures led by sexual minority women. The results show that both external factors (such as attitudes toward sexual minorities and the density of same-sex couples) and internal factors (e.g., the presence of a romantic partner) may contribute to the differential survival of ventures founded by sexual minority women.The second paper, "Wealth, Gender and Sexual Orientation – Evidence from Siblings," analyzes administrative data to explore wealth differentials across genders and sexual orientations. This study shows nuanced patterns, such as a wealth penalty for men in same-sex couples below the P80 percentile and a persistent wealth penalty for women below the P95 percentile.The third paper, "Sexual Orientation and Multiple Job Holding: Evidence from Swedish Administrative Data," investigates the incidence of multiple job holdings among sexual minority individuals. This paper finds that sexual minority individuals are significantly more likely to hold multiple jobs, with the drivers of providing self-insurance for men and career mobility for women. Notably, holding multiple jobs among sexual minority women is associated with reduced unemployment and increased earnings growth.In the fourth paper, “The Role of Legal Gender Change in Labor Market Outcomes,” a cohort of over 900 transgender individuals in Sweden who underwent legal gender changes is studied. A comparative approach reveals disparities in labor market outcomes, showing a reduced likelihood of employment and lower salary for transgender individuals compared to their cisgender siblings. Furthermore, transgender men have lower salaries, while transgender women have higher salaries but encounter challenges in finding employment after changing their legal gender. These findings highlight the vulnerable economic standing of transgender individuals in Sweden.Through empirical analysis, this thesis underscores socioeconomic (in)equalities and their drivers across both sexuality and gender, offering insights into the economic opportunities and challenges of a growing population group.
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| 5. |
- Badunenko, Oleg, et al.
(författare)
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What Drives the Productive Efficiency of a Firm? : the importance of industry, location, R&D, and size
- 2008
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- This paper investigates the factors that explain the level and dynamics of manufacturing firm productive efficiency. In our empirical analysis, we use a unique sample of about 39,000 firms in 256 industries from the German Cost Structure Census over the years 1992-2005. We estimate the efficiencies of the firms and relate them to firm-specific and environmental factors. We find that (1) about half the model’s explanatory power is due to industry effects, (2) firm size accounts for another 20 percent, and (3) location of headquarters explains approximately 15 percent. Interestingly, most other firm characteristics, such as R&D intensity, outsourcing activities, or the number of owners, have extremely little explanatory power. Surprisingly, our findings suggest that higher R&D intensity is associated with being less efficient, though higher R&D spending increases a firm’s efficiency over time.
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| 6. |
- Barasinska, Nataliya, et al.
(författare)
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Financial Risk Aversion and Household Asset Diversification
- 2008
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- This paper explores the relationship between risk attitude and asset diversification in household portfolios. We first examine the impact of manifested risk aversion on the total number of distinct assets held in a portfolio (naive diversification). The second part of the paper focuses on a more sophisticated strategy of diversification and asks whether financial theory is compatible with observed diversification patterns. Based on the German Socioeconomic Panel which provides unique measures of individual propensity for taking risk, the results of the regression analysis show that, along with some socioeconomic characteristics, the propensity for taking investment risk is an important predictor of a household's diversification strategy. However, some of our findings are strongly at odds with what the concept of mean-variance utility suggests.
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| 7. |
- Baum, Christopher, et al.
(författare)
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A New Approach to Estimation of the R&D-Innovation-Productivity Relationship
- 2015
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- We evaluate a Generalized Structural Equation Model (GSEM) approach to the estimation of the relationship between R&D, innovation and productivity that focuses on the potentially crucial heterogeneity across technology and knowledge levels. The model accounts for selectivity and handles the endogeneity of this relationship in a recursive framework. Employing a panel of Swedish firms observed in three consecutive Community Innovation Surveys, our maximum likelihood estimates show that many key channels of influence among the model's components differ meaningfully in their statistical significance and magnitude across sectors defined by different technology levels.
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| 8. |
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| 9. |
- Baum, Christopher F., et al.
(författare)
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Credit rating agency announcements and the Eurozone sovereign debt crisis
- 2013
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- This paper studies the impact of credit rating agency (CRA) announcements on the value of the Euro and the yields of French, Italian, German and Spanish long-term sovereign bonds during the culmination of the Eurozone debt crisis in 2011-2012. The employed GARCH models show that CRA downgrade announcements negatively affected the value of the Euro currency and also increased its volatility. Downgrading increased the yields of French, Italian and Spanish bonds but lowered the German bond's yields, although Germany's rating status was never touched by CRA. There is no evidence for Granger causality from bond yields to rating announcements. We infer from these findings that CRA announcements significantly influenced crisis-time capital allocation in the Eurozone. Their downgradings caused investors to rebalance their portfolios across member countries, out of ailing states' debt into more stable borrowers' securities.
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| 10. |
- Baum, Christopher F., et al.
(författare)
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Estimating the wage premia of refugee immigrants : Lessons from Sweden
- 2024
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- This paper examines the wage earnings of fully-employed refugee immigrants in Sweden. Using administrative employer-employee data from 1990 and onwards, about 100,000 refugee immigrants who arrived between 1980 and 1996 and were granted asylum are compared to a matched sample of native-born workers. Employing recentered influence function (RIF) quantile regressions for the period 2011–2015 to wage earnings, the occupational task-based Oaxaca–Blinder decomposition approach shows that refugees perform better than natives at the median wage, controlling for individual and firm characteristics. This overperformance is due to female refugee immigrants, who have higher wages than comparable native-born female peers up to the 8th decile of the wage distribution. Refugee immigrant females perform better than native females across all occupational tasks studied, including non-routine cognitive tasks. A remarkable similarity exists in the relative wage distributions among various refugee groups, suggesting that cultural differences and the length of time spent in the host country do not significantly affect their labor market performance.
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