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  • 301.
    Granlund, David
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Köksal-Ayhan, Miyase Yesim
    EU Enlargement, Parallel Trade and Price Competition in Pharmaceuticals: has the Price Competition increased?2016In: The B.E. Journals in Economic Analysis & Policy, ISSN 1935-1682, E-ISSN 1935-1682, Vol. 16, no 2, p. 1069-1092Article in journal (Other academic)
    Abstract [en]

    Given the cost of trade and availability of pharmaceuticals, the driving force for parallel trade is the price difference between the source (exporting) and the destination (importing) country. An increase in the price difference or in the availability of pharmaceuticals for parallel trade should increase price competition in the destination country. Using 2003-2007 data from Sweden we investigated whether EU enlargement in 2004, when new countries with low pharmaceutical prices joined the EU, increased competition from parallel imports. Drugs facing competition from parallel imports are found to have on average 17% to 21% lower prices than they would have had if they had never faced such competition. But, contrary to expectation, EU enlargement is not found to have increased this effect, which might be explained by derogations and changes in consumer perceptions of parallel imports.

  • 302.
    Granlund, David
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Rudholm, Niklas
    Risker och kostnader för prissamordningar på den svenska generikamarknaden2018Report (Other academic)
    Abstract [sv]

    Företag som ofta möter varandra på en eller flera marknader kan ibland genom att observera varandras tidigare priser lyckas samordna sina priser. Konkurrensen sätts då ur spel och priserna blir högre än de annars skulle ha varit. I denna rapport visar vi att den svenska generikamarknaden har många egenskaper som underlättar prissamordning, exempelvis att priserna kan ändras varje månad, att företagen lätt kan observera varandras priser, och att konkurrensen främst sker i en variabel, priser. Vi redogör även för empiriska resultat som indikerar att prissamordningar ibland förekommer på marknaden, samt att dessa då orsakar läkemedelsförmånen och konsumenterna betydande merkostnader. Dessa uppskatter vi till i storleksordningen 50 till 200 miljoner kronor per år.

    Ett sätt att minska risken för prissamordning är att förlänga tiden mellan att företag kan observera konkurrenters priser och att de kan ändra sina egna priser. Det är sedan länge välkänt inom nationalekonomin att denna tid har en avgörande betydelse för risken för prissamordning. Tiden kan förlängas genom att priserna endast tillåts ändras exempelvis kvartalsvis eller halvårsvis och/eller genom att kräva att företagen meddelar sina priser längre tid i förväg innan prisperioderna börjar. En förlängning av prisperioderna till 3-6 månader skulle troligen ha mycket små oönskade effekter samtidigt som det skulle minska möjligheterna för företag att samordna sina priser. Sammantaget skulle därför en sådan förändring troligen minska läkemedelsförmånens och konsumenternas kostnader.

    Ett annat sätt att minska risken för att företag samordnar sina priser är att sänka marknadsandelen för periodens vara genom att minska kraven att de förskrivna varorna byts ut på apoteken. Detta skulle öka betydelsen av andra faktorer än priset och göra det svårare för företag att över tid dela försäljningen lika, vilket minskar risken för prissamordning. En tidigare studie visar också att detta skulle leda till fler konkurrerande företag på marknaden, vilket även det minskar risken för att företag samordnar sina priser. En lägre marknadsandel för periodens vara skulle dock kunna leda till svagare konkurrens och ökade kostnader för läkemedel på marknader som inte påverkas av prissamordningar. För hela generikamarknaden skulle en liten sänkning av marknadsandelen för periodens vara kunna bli kostnadsneutral, men det är inte säkert att detta resultat håller om prisperioderna förlängs.

  • 303.
    Granlund, David
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Sundström, David
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Physicians prescribing originals causes welfare losses2018In: Economics Letters, ISSN 0165-1765, E-ISSN 1873-7374, Vol. 170, p. 143-146Article in journal (Refereed)
    Abstract [en]

    We analyze 319,000 choices of medically equivalent drugs at Swedish pharmacies. The results show that patients dislike substitutions for the prescribed product and that this effect is larger when the prescribed product is an original. At the same time, patients have strong preferences to buy the cheapest generic product. This implies that patients in most cases buy the cheapest generic product and experience welfare losses when the physician has prescribed another product.

  • 304.
    Granlund, David
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Wikström, Magnus
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Public Provision and Cross-Border Health Care2016In: Forum for Health Economics & Policy, ISSN 1558-9544, E-ISSN 1558-9544, Vol. 19, no 2, p. 157-177Article in journal (Refereed)
    Abstract [en]

    We study how the optimal public provision of health care depends on whether or not individuals have an option to seek publicly financed treatment in other regions. We find that, relative to the first-best solution, the government has an incentive to over-provide health care to low-income individuals. When cross-border health care takes place, this incentive is solely explained by that over-provision facilitates redistribution. The reason why more health care facilitates redistribution is that high-ability individuals mimicking low-ability individuals benefit the least from health care when health and labor supply are complements. Without cross-border health care, higher demand for health care among high-income individuals also contributes to the over-provision given that high-income individuals do not work considerably less than low-income individuals and that the government cannot discriminate between the income groups by giving them different access to health care.

  • 305.
    Gruen, Sara
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Settling for Quality?: Estimating relative quality of life for Swedish counties using cross-migration data2019Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    The main purpose on this thesis is to analyze utility differences between Swedish counties and to determine the relative quality of life (QoL) for these regions. This is achieved by using migration data to estimate the counties attractiveness in line with Tiebout’s (1957) idea that individuals reveales their preferences for a region by choosing where to settle. The methods used are mainly based on the work by Wall’s (2001) and Nakajima and Tabuchi (2011). I estimate a pooled OLS based on cross-county migration data for the period 2000 to 2016, which reveals that most of the Swedish counties have a relative QoL that does not differ from the average QoL for Sweden. However, some counties, mainly northern ones, seem to perform worse than the average. Additionally, I estimate the relative utility differentials for the Swedish counties and find that they have stayed relatively constant in relation to each other during the time period.

  • 306.
    Gruen, Sara
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Moberg, Ellen
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Europeiska unionen – tillväxt och konvergens?: En kvantitativ undersökning angående den ekonomiska situationen för länderna i EU-252017Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [sv]

    Den ekonomiska situationen skiljer sig åt mellan länder i världen och tillväxt är ett instrument som ofta utnyttjas för att studera länders ekonomiska situation. Ett område inom studier av tillväxt är konvergens. Konvergens innebär att länder, som har ett lägre initialt BNP, har en högre tillväxt och växer därmed, över tid, ikapp länder med ett högre initialt BNP.

    Denna uppsats fokuserar på den ekonomiska situationen i Europeiska unionen, EU. EU består av länder som samarbetar för en ekonomisk och social sammanhållning, men trots detta finns det skillnader i den ekonomiska situationen mellan medlemsländerna. För att studera tillväxt och förekomsten av konvergens inom EU utförs en kvantitativ undersökning. Undersökningen baseras på paneldata för EU-25 över tidsperioden 1994 till 2013. Tre regressionsmodeller skapas, en modell för de 25 EU-länderna och två olika modeller för regioner i utvalda länder inom EU. I alla modeller är BNP-tillväxt beroende variabel och den huvudsakliga förklarande variabeln är BNP per capita. Övriga förklarande variabler varierar mellan modellerna.

    De resultat som framkommer i uppsatsen går i linje med en stor del av de resultat som visas i tidigare studier. En konvergens kan observeras mellan länder men är dock inte lika uppenbar på regionnivå. Resultatet för regionerna i uppsatsen visar att storstäderna växer fortare än övriga områden, vilket talar emot förekomsten av konvergens. Något som också framkommer i uppsatsens resultat är att ett inträde i EU har en positiv effekt på tillväxten hos länder.

    Uppsatsen avslutas med en diskussionsdel där resultaten diskuteras och analyseras. I slutet av diskussionen presenteras förslag till framtida studier.

  • 307.
    Grönlund, Annaliza
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    A study of inflation differentials among Euro-countries2017Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Adapting the euro-currency implies transmitting the national monetary policy to European Central Bank. This implies that a nation can no longer use the monetary policy to dampen or to stimulate the economy. A high rate of inflation is destructive to an economy while a low rate of inflation can be beneficial to a limited extent. EMU has a task to ensure the stable rate of inflation at two percent; hence the inflation levels of its member states have to converge. If the inflation of the EMU member state is at target level then the credibility of ECB will be achieved. And the inflation expectations will be low. But since the adaption of euro as the single currency, inflation levels have diverged from each other. And this is worsened by the financial crisis in 2008.  Aside from that, what other factors affect the differences in inflation level and what might be the economic consequences waiting for the future of Euro-countries? The data used in this study ranges from year 1993 to 2015. There are about 19 countries that adapted euro as their single currency but due to the lack of data, only 13 Euro-countries are involved in this study. These countries are Austria, Belgium, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain. By using the method Ordinary least squares, I identify that debt problems of Portugal, Ireland, Italy, Greece and Spain were one of the responsible to this inflation differential problem. The effect of this on countries with high level of inflation might be a strict fiscal policy, meaning budget cuts and increased tax rate.

     

  • 308. Guo, Jinggang
    et al.
    Gong, Peichen
    Brännlund, Runar
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Impacts of Increasing Bioenergy Production on Timber Harvest and Carbon Emissions2019In: Journal of Forest Economics, ISSN 1104-6899, E-ISSN 1618-1530, Vol. 34, no 3-4, p. 311-335Article in journal (Refereed)
    Abstract [en]

    Using a partial equilibrium model of the Swedish forest sector, this study analyzes the impacts of an increasing bioenergy production on the timber harvest and forest growing stock. The impacts on the carbon balance of forests are also examined. The results suggest that, when compared with the base scenario, in which the current use pattern of forests continues, increased bioenergy production will lead to a 10–14 million m3 (Mm3) increase in the total harvest, depending on the extraction rate of forest residues. Increasing the use of forest residues will reduce the harvest and leave more room for accumulation of the forest stock in the early years, while the stock accumulation will be partially offset by the increased timber harvest in the long run. Increasing bioenergy production will have a negative impact on the carbon balance primarily due to a net loss of carbon stored in forests. Overall, the joint contribution of forest-based mitigation is significant, equivalent to or higher than 65% of the country’s annual GHG emissions. To achieve an ambitious bioenergy target in the long run, a fraction of pulpwood will be consumed as fuelwood that will inevitably intensify the competition between the two timber products, though increasing the use of forest residues could slightly reduce the competition in the short run.

  • 309.
    Gustafsson, Johan
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Modelling recreational angling demand in Sweden based on region-specific inclusive values2017Independent thesis Advanced level (degree of Master (Two Years)), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    This thesis endeavours to model a trip demand function for recreationalangling in Sweden, including the individual expected per-trip utility of regionalattributes. The analysis is conducted with the use of a Random Utility Model (RUM)for the estimation of ‘site-specific’ utility, and a negative binomial logit model fortrip demand. The site quality variable is stated as expected catch-rates (CR) definedin terms of three different specifications: sample mean CR, individually perfectlyforesighted CR, and an econometrically predicted individual CR. Results indicatethat the econometrically estimated individual catch-rate specification performs wellas an explanatory variable both when modelling discrete site choice and trip demand,while the sample mean and perfectly foresighted CR specifications provide withunintuitive and insignificant parameter values. The inclusive value of the regionchosen by the angler, estimated with the RUM, was subsequently found to be asignificant predicting variable for the number of recreational angling trips conductedby Swedish anglers.

  • 310.
    Gustavsson, Johan
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Even Flow - Water coordination efficiency & Hydropower production under outflow regulation2016Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    This thesis sets out to investigate the impact of the European Union’s water framework directive on water coordination efficiency in the hydropower market, and whether water coordination inefficiency might offset the benefits of market competition. I implement a dynamic market model examining Stackelberg competition and a monopoly/collusion market type with regards to reservoir and production capacities and the impact of upstream production plans on downstream production possibilities. The main finding is that under limited storage possibilities, the lack of centralized coordination planning causes competition to be less desirable than a private monopoly from a consumer welfare maximizing perspective. However, granted that the reservoir and storage possibilities are big enough in relation to the outflow requirement – the benefits of competition outweigh this coordination cost and the need for collusive behavior.

  • 311.
    Gyllenram, André
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Hanes, Niklas
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Hellström, Jörgen
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    The influence of non-cognitive and cognitive ability on individuals' stock market participation2013Report (Other academic)
    Abstract [en]

    Stock market participation is found to be positively related to cognitive, as well as non-cognitive ability, controlling for wealth, income, age, and other demographic and socioeconomic factors. Interestingly, the effects are of economic significant magnitudes, e.g. participation is on average 11.49% larger among those with high compared with low cognitive and non-cognitive abilities, and holds also when controlling for individuals risk preferences. The later indicates that cognitive and non-cognitive abilities have a role in affecting financial decisions also through non-preference driven effects. Limitations in non-cognitive ability do further explain non-participation among affluent individuals.

  • 312.
    Gyllenram, André
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Hellström, Jörgen
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    Hanes, Niklas
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Förmåga att hantera stress och individers beslut att äga aktier2015In: Ekonomisk Debatt, ISSN 0345-2646, Vol. 43, no 1, p. 7-15Article in journal (Other academic)
    Abstract [sv]

    Nyare finansiell forskning har påvisat att individers kognitiva förmåga (IQ) påverkar finansiella beslut. Att äga aktier korrelerar t ex starkt med IQ. Men även bland ”smarta” individer är det många som inte äger aktier. Detta är förbryllande, då avkastningen på aktiemarknaden historiskt har slagit andra investeringsalternativ, och det indikerar att det kanske inte räcker med att vara ”smart” för att göra smarta val. En möjlig förklaring till detta, som vi finner empiriskt stöd för, är att även andra personliga egenskaper, som exempelvis stresstålighet, kan påverka finansiella beslut.

  • 313.
    Göttfert, Joline
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Cointegration among cryptocurrencies: A cointegration analysis of Bitcoin, Bitcoin Cash, EOS, Ethereum, Litecoin and Ripple2019Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    The purpose of this paper is to examine if there is cointegration between the daily closing price of the cryptocurrency Bitcoin and five other cryptocurrencies; Ethereum, Ripple, Bitcoin Cash, EOS and Litecoin in five different time periods, all ending April 9, 2019. To test if there is a long-run relationship between Bitcoin and these mentioned cryptocurrencies, two different tests for cointegration are applied; the Engle-Granger two step approach and Johansen’s cointegration test as well as a Vector Error Correction Model (VECM). The results from both cointegration tests suggest that Bitcoin is cointegrated with Bitcoin Cash, Ethereum, Litecoin and Ripple. The Johansen test and the Engle-Granger method for cointegration demonstrate that Bitcoin and EOS do not have any cointegrating relationship. Another finding is that, based on the results from the VECM estimation, the price of Bitcoin has a statistically significant long-run impact on the prices of Bitcoin Cash, Ethereum, Litecoin and Ripple.

  • 314.
    Göttfert, Joline
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Värdering av bitcoin: En selektiv litteraturöversikt av värderingsmodeller för bitcoin2018Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [sv]

    Denna uppsats har två delsyften. Det första delsyftet är att ge en beskrivning av vad bitcoin är och hur tekniken bakom bitcoin fungerar. Det andra delsyftet är att redogöra för hur bitcoin ska värderas. Genom en selektiv litteraturöversikt med avseende på värderingsmodeller för bitcoin har det andra delsyftet besvarats. I litteraturen har tre olika ansatser till att värdera bitcoin återfunnits och denna uppsats presenterar respektive värderingsansats för bitcoin och de resultat som har framkommit av tidigare studiers empiriska test. I den första modellen har bitcoin klassificerats och värderats som ett betalningsmedel. Ansatsen för den andra modellen är att värdera bitcoin som en finansiell tillgång. Utgångspunkten för den tredje modellen är att bitcoin är ett nätverk och ska värderas utifrån den aspekten med hjälp av Metcalfe’s lag. Sammanfattningsvis kan alla tre modeller förklara bitcoins prisbildning till en viss del. Slutsatsen är att bitcoin i högre grad kan klassificeras och värderas som en finansiell tillgång, eller som ett nätverk, än som ett fungerande betalningsmedel.

  • 315.
    Günther, Siloni
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    What Drives Firm Investment?: A Closer Look at the Role of Interest, Exchange and Bank Lending Rates2019Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Using both an OLS as well as VAR model approach, this study investigates the role of interest, exchange and bank lending rates in aggregate firm investment in Sweden, based on quarterly data from 2008 to 2018. While an initially strong and positive relationship between policy-controlled interest rates and bank lending rates reports evidence for efficient monetary policy transmission, aggregate firm investment rates seem to respond to changes in interest and previous periods’ investment rates only, suggesting exchange rates to be insignificant for aggregate firm investment spending decisions.

  • 316.
    Günther, Siloni
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Edlund, Anna
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Culture and the Municipality - A Love Story?: Exploring what determines cultural spending decisions2018Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    This paper examines possible determinants of per capita local government spending on culture and the arts in Sweden within the median voter framework. Here, our analysis is based on a cross-sectional data set consisting of all 290 Swedish municipalities in the year of 2016. The results obtained through OLS regression show that the variables Left-wing Parties, Education, as well as Senior citizens affect cultural spending decisions made by the municipalities positively, while the variable Median Income has a negative impact. Here, the share of mandates held by left-wing parties is found to stand out, as political orientation towards the left relates to a higher level of cultural spending, whereas the remaining three display rather small effects. Thereby, we conclude that the main reasoning behind cultural spending depends on the ideology of the political leaders, the median voter’s preference, whereby the aspect of a municipality’s location may be explored further.

  • 317.
    Hagman, Mårten
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Money Management Using the Kelly Criterion: An Application of the Kelly Criterion on an Intraday Trading Strategy Based on the Swedish Stock Market Index OMXS302015Independent thesis Advanced level (degree of Master (Two Years)), 10 credits / 15 HE creditsStudent thesis
  • 318.
    Hagman, Mårten
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    The Effects of Trust on Stock Market Participation: A Cross-Sectional Study Based on 15 Countries2015Independent thesis Advanced level (degree of Master (Two Years)), 10 credits / 15 HE creditsStudent thesis
  • 319.
    Hagman, Mårten
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Är den svenska aktiemarknaden effektiv?: En undersökning med två handelsverktyg inom teknisk analys2014Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
  • 320.
    Hakobyan, Lilit
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Economic stagnation and stable growth: the persistence and survival of growth regimes under political transitions2014Report (Other academic)
    Abstract [en]

    This paper analyses the survival of four different growth regimes conditional on political regime transitions that occurred during the first or prior year of the economic regime. The results suggest that in countries with no history of military dictatorship (MD), the episodes of fast-growing regimes initiated by political democratisation have an approximately 40% lower hazard of termination than the miracle growth episodes that were not started by political transitions. This finding does not hold in countries in which the consolidation of democracy is complicated by the historical role played by the army in the governing process. Additional analyses are carried out for the effect of political transitions on the duration of ongoing economic regimes. The data does not support the argument that “order” and the “rule of law” promote economic growth under more authoritarian regimes, which commonly feature authoritarian leaders during times of economic crisis. Political transitions of both directions under an economic crisis render the ongoing economic regime more durable. In contrast political transitions (of both directions) seem to be economically more efficient under the regime of stagnation.

  • 321.
    Hakobyan, Lilit
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Essays on growth and political transition2014Doctoral thesis, comprehensive summary (Other academic)
  • 322.
    Hakobyan, Lilit
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Income inequality, competitiveness of political systems and the distance to the efficient frontier of economic growth2014Report (Other academic)
    Abstract [en]

    This paper investigates whether and under which conditions democracy renders economic performance more efficient. Efficiency, measured by the ratio of (mean)/ (standard deviation) of output growth, becomes an important indicator of the relative goodness of economic performance when countries face a trade-off between development scenarios with high-mean and low-volatility of output growth. This seems to be a case when economies approach the efficient frontier. However, when countries are far away from the frontier economic efficiency may be improved by simultaneously increasing the mean and decreasing the volatility of growth. This study differs from others on the topic in three basic ways: (i) asymmetric (G)ARCH models are employed to simultaneously estimate the mean and volatility of output growth conditional on the factors of interest; (ii) variations in within-country effects of democratisation on the mean, variance and efficiency of economic growth conditional on cross-country variations of income inequality are analysed; (iii) the asymmetry of deviations from the mean is investigated. The results suggest (do not suggest) that in countries with no (with) military dictatorship history democratisation moves economies towards the efficient frontier. The positive effect of democratisation on the efficiency of economic performance seems to be systematically stronger in countries with lower (higher) income inequality in the countries with (without) consolidated civil governments.

  • 323.
    Hakobyan, Lilit
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Political transition, economic growth and reoccurring crisis in countries with and without experience of military dictatorship2014Report (Other academic)
    Abstract [en]

    This paper analyses the experience of 83 countries from the period of 1950 - 2004 and addresses the following question: when do democratic transitions produce (good) bad economic outcomes. Following the theoretical papers of Acemoglu et al . (2004, 2008(a)), an attempt is made to control for both de jure and de facto sides of political power. In addition, the countries with and without the experience of Military Dictatorship ( MD ) are analysed separately. The results imply that concentration of economic power per se produces bad economic outcomes. Besides, the data seem to contain an indication that democratisation induces additional socially wasteful investments into de facto political power. In addition, the analyses suggest that, when the army assumes political leadership, countries with low concentration of economic power demonstrate better economic performance. In terms of Acemoglu et al. (2007), this may support the idea that the institutional environment switches from a “weak” to a “strong” one. Finally, the potential trade - off between democratisation and political stability seems to be mainly relevant to the degree of severity of reoccurring economic crises in countries with MD experience.

  • 324.
    Hallberg, Martin
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Ryhage, Marcus
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Effects of Monetary Policy on Stock Market Liquidity: Empirical Analysis on the Swedish Market2019Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    After the 2008-2009 crisis, many studies have been done to assess the stock market liquidity and what influences this. The monetary policy of a central bank can have a broad impact of a country's economy and is believed to also affect the stock market. In addition, the goal of the central bank differs for every country which may affect the transmission effects seen in previous studies. This study takes a closer look at how monetary policy affect stock market liquidity fora small open economy, Sweden. The method of use includes vector autoregression, Granger tests and impulse response functions. The results show that we cannot distinguish a clear effect on stock market liquidity. However, findings show that there is a disturbance in stock market liquidity after a change in monetary policy. Granger tests also suggest an interesting dual causality. These results are consistent when testing both with monthly and daily data.

  • 325.
    Hallblad, Jessica
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Produktmarknadsregleringar och konkurrens: En tidsserieanalys för att studera effekter av produktmarknadsregleringar på priskostnadsmarginalen2013Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
  • 326.
    Hallblad, Jessica
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    The Multi-year Through-the-cycle and Point-in-time Probability of Default2015Independent thesis Advanced level (degree of Master (Two Years)), 10 credits / 15 HE creditsStudent thesis
  • 327.
    Hallström, Jonas
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Is the EU Structural Fund Creating Economic Growth?: A Policy Analysis of the European Regional Development Fund - ERDF2019Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    The European Union uses a considered amount of the member states´ resources in the structural and cohesion funds to equalise income differences in the union and to induce growth to get economic cohesion between regions. An interesting and disputed question is if the funds are used in an effective way and if they reach their goals of economic growth. This is studied in the paper by a literature review and a following policy analysis which compare EU cohesion policy and academic knowledge. This question is addressed by performing a literature review of 16 articles about economic growth and its determinants in the European Union, and by comparing results from these studies with priorities of the main structural and cohesion fund’s policy, the investment priorities of European Regional Development Fund (ERDF). The paper concludes that seven out of 11 investment priorities correspond or fairly well correspond, to results from academic research of European growth. The study highlights the importance of the 11th investment priority, which is regional governments´ quality and its impact on the structural and cohesion funds´ growth efficiency. The paper also concludes that a well-adopted policy change would be to increase the status and importance of the 11th investment priority of the ERDF and the overall EU cohesion policy.

  • 328.
    Hamrén, Linnéa
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Lundin, Mirjam
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Effekter av korruption på ekonomisk tillväxt: En empirisk studie av OECD-länder 1996-20142016Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [sv]

    Denna uppsats undersöker effekterna av korruption på BNP-tillväxt per capita. Förutomkorruptionens direkta effekt analyseras korruptionens indirekta effekter via överföringskanaler. Deöverföringskanaler som testas är utbildningsnivå, privata investeringar, offentlig konsumtion ochhandel. Direkt och indirekt effekt summeras sedermera och utgör korruptionens totala effekt påBNP-tillväxt per capita. Dessa effekter undersöks med ekonometriska metoder där en multipel linjärregression genomförs med minstakvadratmetoden. Analysen baseras på data för de 35 OECDländernaöver tidsperioden 1996-2014. Resultatet av regressionsanalysen visar en negativ direkteffekt av korruption på tillväxt, vilket stödjer tidigare forskning. Endast överföringskanalernaoffentlig konsumtion och handel uppvisar signifikanta resultat. Korruption genom offentligkonsumtion visar på ett positivt samband med BNP-tillväxt per capita medan korruption genomhandel visar på det motsatta. Den totala effekten är negativ.

  • 329.
    Hanes, Niklas
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Amalgamation impacts on local public expenditures in Sweden2015In: Local Government Studies, ISSN 0300-3930, E-ISSN 1743-9388, Vol. 41, no 1, p. 63-77Article in journal (Refereed)
    Abstract [en]

    This paper concerns amalgamation impacts on local public expenditures. The empirical analysis is based on the extensive 1952 municipal reform in Sweden. The 1952 reform amalgamated municipalities in a way that they had at least 2,000–3,500 inhabitants. This was done in the belief that larger municipalities would improve administration efficiency and public services by exploiting economies of scale. The results show that the reform had a negative impact on expenditures as long as the municipalities did not exceed a critical size.

  • 330.
    Hanes, Niklas
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Wikström, Magnus
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Wångmar, Erik
    Municipal Preferences for State-imposed Amalgamations: An Empirical Study Based on the Swedish Municipal Reform of 19522012In: Urban Studies, ISSN 0042-0980, E-ISSN 1360-063X, Vol. 49, no 12, p. 2733-2750Article in journal (Refereed)
    Abstract [en]

    This paper concerns municipal preferences for state-imposed municipal amalgamations, focusing on factors that may explain municipal acceptance of, or objection to, a state-imposed amalgamation decision. The empirical analysis is based on the extensive municipal reform that occurred in Sweden in 1952, which reduced the number of municipalities from 2498 to 1037. In 66 per cent of the amalgamated cases, at least one municipality complained. The results show that income differences affected the willingness to amalgamate; high-income municipalities opposed amalgamation with less wealthy municipalities. The results also indicate that the size (absolute and relative) of the municipalities affected their willingness to amalgamate. Small and large municipalities were most likely to accept the amalgamation decision and equally sized municipalities were less likely to amalgamate voluntarily.

  • 331.
    Harnesk, Malin
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Att spara eller inte att inte spara?: En paneldatastudie över bestämningsfaktorer för hushållens sparkvot2016Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
  • 332.
    Hauer, Erik
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Escaping Unemployment: A regional estimation of enrolment decisions in Sweden using a human capital model2013Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
  • 333. Heal, Geoffrey
    et al.
    Kriström, Bengt
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Distribution, sustainability and environmental policy2007In: Handbook Of Sustainable Development / [ed] Giles Atkinson , Simon Dietz , Eric Neumayer, Cheltenham: Edward Elgar Publishing, 2007, p. 155-170Chapter in book (Other academic)
  • 334.
    Hedgren, Max
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Bredal, Robin
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Avkastningskurvan - En ledande indikator för ekonomisk utveckling?: En studie om avkastningskurvans prediktionsmöjligheter av BNP-tillväxt i Sverige under perioden 1993-20132014Independent thesis Advanced level (professional degree), 10 credits / 15 HE creditsStudent thesis
  • 335.
    Heidrich, Stefanie
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    A study of the Missing Data Problem for Intergenerational Mobility using Simulations2016Report (Other academic)
    Abstract [en]

    Applied research on the association between parent and child lifetime income is relying on income data that covers only part of the life cycle which may lead to misleading estimates of the intergenerational elasticity (IGE). In this paper I study the bias of IGE estimates for different missing-data scenarios based on simulated income processes. Using an income process from the income dynamics and risks literature to generate two linked generations' complete income histories, I use Monte Carlo methods to study the relationship between available data patterns and the bias of the IGE. I find that the traditional approach using the average of the typically available log income observations leads to IGE estimates that are around 40 percent too small. Moreover, I show that the attenuation bias is not reduced by averaging over many father income observations. Using just one income observation for each generation at the optimal age (as discussed in the paper) or using weighted instead of unweighted averages can reduce the bias. In addition, the rank-rank slope is found to be clearly less sensitive to missing data. 

  • 336.
    Heidrich, Stefanie
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Essays on intergenerational income mobility, geographical mobility, and education2016Doctoral thesis, comprehensive summary (Other academic)
    Abstract [en]

    This thesis consists of an introductory part and the following four self-contained papers:

    In Paper [I] we analyze the implications of social identity and self-categorization for optimal redistributive income taxation. A two-type model is supplemented by an assumption that individuals select themselves into social categories, in which norms are formed and education effort choices partly depend on these norms. The results show, among other things, that externality correction by a welfarist government leads to an element of tax progression that serves to reduce the discrepancy between the effort norm and the actual effort chosen by low-productivity individuals in the high-effort group. Furthermore, if the preference for social identity is sufficiently strong, increased wage-inequality leads to higher social welfare through a relaxation of the selection constraint. It may thus be desirable to use publicly provided education to induce more wage-inequality, even if higher wage-inequality increases the intrinsic utility of a potential mimicker.

    In Paper [II] I employ high quality register data to present new facts about income mobility in Sweden. The focus of the paper is regional differences in mobility, using a novel approach based on a multilevel model. This method is well-suited when regions differ greatly in population size as is the case in Sweden. The maximum likelihood estimates are substantially more precise than those obtained by running separate OLS regressions. I find small regional differences in income mobility when measured in relative terms. Regional differences are large when adopting an absolute measure and focusing on children with below-median parent income. On the national level I find that the association between parent and child income ranks has decreased over time, implying increased mobility.

    In Paper [III] I study the long term effects of inter-municipal moving during childhood on income using Swedish register data. Due to the richness of the data I am able to control for important sources of selection into moving, such as parent separation, parents' unemployment, education, long run income, and immigration background. I find that children's long run incomes are significantly negatively affected by moving during childhood, and the effect is larger for those who move more often. For children who move once, I also estimate the effect of the timing and the quality of the move. I measure the quality of each neighborhood based on the adult outcomes for individuals who never move. The quality of a move is defined as the difference in quality between the origin and the destination. Given that a family moves, I find that the negative effect of childhood moving on adult income is increasing in age at move. Children benefit economically from the quality of the region they move to only if they move before age 12 (sons) and age 16 (daughters).

    In Paper [IV] I study the bias of IGE estimates for different missing-data scenarios based on simulated income processes. Using an income process from the income dynamics and risks literature to generate two linked generations’ complete income histories, I use Monte Carlo methods to study the relationship between available data patterns and the bias of the IGE. I find that the traditional approach using the average of the typically available log income observations leads to IGE estimates that are around 40 percent too small. Moreover, I show that the attenuation bias is not reduced by averaging over many father income observations. Using just one income observation for each generation at the optimal age (as discussed in the paper) or using weighted instead of unweighted averages can reduce the bias. In addition, the rank-rank slope is found to be clearly less sensitive to missing data.

  • 337.
    Heidrich, Stefanie
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Intergenerational Mobility in Sweden: a Regional Perspective2015Report (Other academic)
    Abstract [en]

    I employ high quality register data and present new facts about income mobility in Sweden. The focus of the paper is regional mobility using a novel estimation approach based on a multilevel model. The maximum likelihood estimates are substantially more precise than those obtained by running separate OLS regressions. I find small regional differences in income mobility when measured in relative terms. Regional differences are large when adopting an absolute measure and focusing on upward mobility. On the national level I find that the association between parent and child income ranks has decreased over time, implying increased mobility.

  • 338.
    Heidrich, Stefanie
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    The Effect of Moving during Childhood on Long Run Income: Evidence from Swedish Register Data2016Report (Other academic)
    Abstract [en]

    In this paper I study the long-term effects of inter-municipal moving during childhood on income using Swedish register data. Due to the richness of the data I am able to control for important sources of selection into moving, such as parent separation, parents’ unemployment, education, long run income, and immigration background. I find that children’s long run incomes are significantly negatively affected by moving during childhood, and the ffect is larger for those who move more often. For children who move once, I also estimate the effect of the timing and the quality of the move. I measure the quality of each neighborhood based on the adult outcomes for individuals who never move; the quality of a move follows as the difference in quality between the origin and the destination. Given that a family moves, I find that the negative effect of childhood moving on adult income is increasing in age at move. Children benefit economically from the quality of the region they move to only if they move before age 12 (sons) and age 16 (daughters).

  • 339.
    Hellström, Anna
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Socioekonomisk status och hälsa: Påverkar utbildning, inkomst och kön uppsökande av läkarvård?2017Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [sv]

    Inkomst och utbildningsnivå är två socioekonomiska faktorer som påverkar individers hälsa. Kostnaden för sjukvård i Sverige är till största delen skattefinansierad och är i princip, förutom en låg egenkostnad, gratis för individen. Att individens hälsonivå påverkas av de två ovannämnda socioekonomiska faktorerna är ett faktum men påverkar de även antalet läkarbesök individen gör?

     

    Uppsatsens syfte är att analysera om det finns samband mellan utbildning, inkomst samt kön för huruvida en individ söker läkarkontakt.

     

    Resultatet av studien visade att:

    - högutbildade har signifikant mer läkarkontakt än lågutbildade.

    - inkomst i de två högsta percentilerna, samt de två lägsta, är negativt korrelerat med läkarkontakt

    - kvinnor, procentuellt sett, sökte fler kontakter med läkare än män i de första modellerna i analysen. När modellerna kontrollerades för hälsa framkom ett signifikant estimat där män söker mer kontakt än kvinnor.

  • 340.
    Hellström, Jörgen
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
    Liu, Yuna
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Sjögren, Tomas
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Stock exchange mergers and return co-movement: A flexible dynamic component correlations model2013In: Economics Letters, ISSN 0165-1765, E-ISSN 1873-7374, Vol. 121, no 3, p. 511-515Article in journal (Refereed)
    Abstract [en]

    The creation of a common cross-border stock trading platform is found, by use of a Flexible Dynamic Component Correlations (FDCC) model, to have increased long-run trends in conditional correlations between foreign and domestic stock market returns.

  • 341.
    Hellström, Jörgen
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
    Liu, Yuna
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Sjögren, Tomas
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Stock exchange mergers and weak-form information efficiency: Evidence from the OMX Nordic and Baltic consolidation2016Report (Other academic)
    Abstract [en]

    In this paper we study whether the creation of a uniform Nordic and Baltic stock trading platform has affected weak-form information efficiency. In the study, a time-varying measure of return predictability for individual stocks is used in a panel-data setting to test for stock market merger effects. The results indicate that the stock market consolidations have had a positive effect on the information efficiency and turnover for an average firm. The merger effects are, however, asymmetrically distributed which indicates a flight to liquidity effect in the sense that relatively large (small) firms located on relatively large (small) markets experience an improved (reduced) information efficiency and turnover. Although the results indicate that changes in the level of investor attention (measured by turnover) may explain part of the changes in information efficiency, they also lend support to the hypothesis that merger effects may partially be driven by changes in the composition of informed versus uninformed investors following a stock.

  • 342.
    Hellström, Jörgen
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
    Liu, Yuna
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Sjögren, Tomas
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Stock Exchange Mergers and Weak-Form Information Efficiency: Evidence from the OMX Nordic and Baltic Consolidation2018In: The Nordic Journal of Business, ISSN 2342-9003, E-ISSN 2342-9011, Vol. 67, no 2, p. 114-136Article in journal (Refereed)
    Abstract [en]

    In this paper, we study whether the creation of a uniform Nordic and Baltic stock trading platform has affected weak-form information efficiency. A time-varying measure of return predictability for individual stocks is used in a panel-data seting to test for stock market merger effects. The results indicate that the stock market consolidations have had a positive effect on the information efficiency and turnover for an average firm. The merger effects are, however, asymmetrically distributed, indicating, among other, a flight to liquidity effect, i.e. relatively large (small) firms located on relatively large (small) markets experience an improved (reduced) information efficiency.

  • 343.
    Hellström, Jörgen
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
    Lundgren, Jens
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Yu, Haishan
    Department of Economics, Dalarna University, 78188 Borlänge, Sweden.
    Why do electricity prices jump?: Empirical evidence from the Nordic electricity market2012In: Energy Economics, ISSN 0140-9883, E-ISSN 1873-6181, Vol. 34, no 6, p. 1774-1781Article in journal (Refereed)
    Abstract [en]

    The paper empirically explores the possible causes behind electricity price jumps in the Nordic electricity market, Nord Pool. A time-series model (a mixed GARCH–EARJI jump model) capturing the common statistical features of electricity prices is used to identify price jumps. By the model, a categorical variable is defined distinguishing no, positive and negative jumps. The causes for the jumps are then explored through the use of ordered probit models in a second stage. The empirical results indicate that the structure of the market plays an important role in whether shocks in the demand and supply for electricity translate into price jumps.

  • 344.
    Hellström, Jörgen
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    Zetterdahl, Emma
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Hanes, Niklas
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Loved ones matter: family effects and stock market participation2013Report (Other academic)
    Abstract [en]

    In this paper new and detailed empirical evidence on the impact of family on individuals’ stock market participation decision is provided. Since influence is likely to vary systematically over different types of individuals the heterogeneous effect of social interaction, in a setting including both community as well as within-family effects, is further examined. The main results indicate that individuals’ likelihood for subsequent participation increases (decreases) following positive (negative) parental and partner stock market experiences. The effect of social interaction is further found to be of relatively greater importance for individuals with relatively lower levels of financial literacy and for individuals with an on average higher level of interpersonal trust. In terms of gender, both male and female participation is positively affected by family influence, while community effects mainly pertain to males.

  • 345.
    Henriksson, Kajsa-Maria
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Lika lön, oavsett kön?: En studie av kommunanställdas lönegap 2001-20132015Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
  • 346.
    Holmberg, Johan
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Crowdfunding and Economic Growth: Potential Effects on Investment Efficiency2016Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Crowdfunding is an alternative form of finance that have emerged with the widespread adoption of the internet. With the increasing utilization of crowdfunding, this thesis sets out to theoretically investigate whether crowdfunding could affect economic growth. If the choice of investment allocation mechanism could have any effect on the efficiency of investments made in the economy. The results show that crowdfunding could have a potential effect on the leakage of investments in the economy. The relative accuracy of the screening process and the transaction costs coupled with the method used for conducting the investments could affect the socially optimal proportion of investments conducted using crowdfunding.

  • 347.
    Holmberg, Johan
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    The Relative Efficiency of Swedish Secondary Schools: An estimation using Stochastic Frontier Analysis2017Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    The question of public education is of importance for a society and its citizens as education is contributing to the stability of a democratic society and affects the expected future income levels for the individuals receiving it. A significant share of the Swedish GDP is devoted to the provision of educational services which raises the necessity of monitoring the use of these resources. This thesis endeavoured to estimate a production possibility frontier and the relative efficiency of Swedish upper secondary schools. To accomplish this then Stochastic Frontier Analysis was implemented. Data on student results, teacher ratio and students’ socioeconomic characteristics for individual schools during the scholastic years of 2006/2007 through 2015/2016 gathered from the Swedish National Agency for Education was used in this study. The effects of competition on school performance and the relative efficiency of public and independent schools were two factors of interest in the thesis. The results of the analysis point toward a possible positive relationship between local school competition and student results, that Swedish secondary schools could have high average levels of technical efficiency and that the type of the principal organiser might be of minor importance for school efficiency.

  • 348.
    Holmberg, Ulf
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Essays on credit markets and banking2012Doctoral thesis, comprehensive summary (Other academic)
    Abstract [en]

    This thesis consists of four self-contained papers related to banking, credit markets and financial stability.   

    Paper [I] presents a credit market model and finds, using an agent based modeling approach, that credit crunches have a tendency to occur; even when credit markets are almost entirely transparent in the absence of external shocks. We find evidence supporting the asset deterioration hypothesis and results that emphasize the importance of accurate firm quality estimates. In addition, we find that an increase in the debt’s time to maturity, homogenous expected default rates and a conservative lending approach, reduces the probability of a credit crunch. Thus, our results suggest some up till now partially overlooked components contributing to the financial stability of an economy.    

    Paper [II] derives an econometric disequilibrium model for time series data. This is done by error correcting the supply of some good. The model separates between a continuously clearing market and a clearing market in the long-run such that we are able to obtain a novel test of clearing markets. We apply the model to the Swedish market for short-term business loans, and find that this market is characterized by a long-run nonmarket clearing equilibrium.   

    Paper [III] studies the risk-return profile of centralized and decentralized banks. We address the conditions that favor a particular lending regime while acknowledging the effects on lending and returns caused by the course of the business cycle. To analyze these issues, we develop a model which incorporates two stylized facts; (i) banks in which lendingdecisions are decentralized tend to have a lower cost associated with screening potential borrowers and (ii) decentralized decision-making may generate inefficient outcomes because of lack of coordination. Simulations are used to compare the two banking regimes. Among the results, it is found that even though a bank group where decisions are decentralizedmay end up with a portfolio of loans which is (relatively) poorly diversified between regions, the ability to effectively screen potential borrowers may nevertheless give a decentralized bank a lower overall risk in the lending portfolio than when decisions are centralized.   

    In Paper [IV], we argue that the practice used in the valuation of a portfolio of assets is important for the calculation of the Value at Risk. In particular, a seller seeking to liquidate a large portfolio may not face horizontal demand curves. We propose a partially new approach for incorporating this fact in the Value at Risk and Expected Shortfall measures and in an empirical illustration, we compare it to a competing approach. We find substantial differences.

  • 349.
    Holmberg, Ulf
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Lönnbark, Carl
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Lundström, Christian
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Assessing the profitability of intraday opening range breakout strategies2013In: Finance Research Letters, ISSN 1544-6123, E-ISSN 1544-6131, Vol. 10, no 1, p. 27-33Article in journal (Refereed)
    Abstract [en]

    Is it possible to beat the market by mechanical trading rules based on historical and publicly known information? Such rules have long been used by investors and in this paper, we test the success rate of trades and profitability of the Open Range Breakout (ORB) strategy. An investor that trades on the ORB strategy seeks to identify large intraday price movements and trades only when the price moves beyond some predetermined threshold. We present an ORB strategy based on normally distributed returns to identify such days and find that our ORB trading strategy result in significantly higher returns than zero as well as an increased success rate in relation to a fair game. The characteristics of such an approach over conventional statistical tests is that it involves the joint distribution of low, high, open and close over a given time horizon.

  • 350.
    Hornbrinck, Johannes
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Olausson, Jonas
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Foreign Direct Investments in Europe: Testing European Union membership as a Determinant for FDI2014Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
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