scispace - formally typeset
Search or ask a question

Showing papers by "Stockholm School of Economics published in 2018"


Journal ArticleDOI
James J. Lee1, Robbee Wedow2, Aysu Okbay3, Edward Kong4, Omeed Maghzian4, Meghan Zacher4, Tuan Anh Nguyen-Viet5, Peter Bowers4, Julia Sidorenko6, Julia Sidorenko7, Richard Karlsson Linnér8, Richard Karlsson Linnér3, Mark Alan Fontana9, Mark Alan Fontana5, Tushar Kundu5, Chanwook Lee4, Hui Li4, Ruoxi Li5, Rebecca Royer5, Pascal Timshel10, Pascal Timshel11, Raymond K. Walters12, Raymond K. Walters4, Emily A. Willoughby1, Loic Yengo7, Maris Alver6, Yanchun Bao13, David W. Clark14, Felix R. Day15, Nicholas A. Furlotte, Peter K. Joshi14, Peter K. Joshi16, Kathryn E. Kemper7, Aaron Kleinman, Claudia Langenberg15, Reedik Mägi6, Joey W. Trampush5, Shefali S. Verma17, Yang Wu7, Max Lam, Jing Hua Zhao15, Zhili Zheng7, Zhili Zheng18, Jason D. Boardman2, Harry Campbell14, Jeremy Freese19, Kathleen Mullan Harris20, Caroline Hayward14, Pamela Herd13, Pamela Herd21, Meena Kumari13, Todd Lencz22, Todd Lencz23, Jian'an Luan15, Anil K. Malhotra22, Anil K. Malhotra23, Andres Metspalu6, Lili Milani6, Ken K. Ong15, John R. B. Perry15, David J. Porteous14, Marylyn D. Ritchie17, Melissa C. Smart14, Blair H. Smith24, Joyce Y. Tung, Nicholas J. Wareham15, James F. Wilson14, Jonathan P. Beauchamp25, Dalton Conley26, Tõnu Esko6, Steven F. Lehrer27, Steven F. Lehrer28, Steven F. Lehrer29, Patrik K. E. Magnusson30, Sven Oskarsson31, Tune H. Pers11, Tune H. Pers10, Matthew R. Robinson32, Matthew R. Robinson7, Kevin Thom33, Chelsea Watson5, Christopher F. Chabris17, Michelle N. Meyer17, David Laibson4, Jian Yang7, Magnus Johannesson34, Philipp Koellinger3, Philipp Koellinger8, Patrick Turley4, Patrick Turley12, Peter M. Visscher7, Daniel J. Benjamin5, Daniel J. Benjamin29, David Cesarini33, David Cesarini29 
TL;DR: A joint (multi-phenotype) analysis of educational attainment and three related cognitive phenotypes generates polygenic scores that explain 11–13% of the variance ineducational attainment and 7–10% ofthe variance in cognitive performance, which substantially increases the utility ofpolygenic scores as tools in research.
Abstract: Here we conducted a large-scale genetic association analysis of educational attainment in a sample of approximately 1.1 million individuals and identify 1,271 independent genome-wide-significant SNPs. For the SNPs taken together, we found evidence of heterogeneous effects across environments. The SNPs implicate genes involved in brain-development processes and neuron-to-neuron communication. In a separate analysis of the X chromosome, we identify 10 independent genome-wide-significant SNPs and estimate a SNP heritability of around 0.3% in both men and women, consistent with partial dosage compensation. A joint (multi-phenotype) analysis of educational attainment and three related cognitive phenotypes generates polygenic scores that explain 11-13% of the variance in educational attainment and 7-10% of the variance in cognitive performance. This prediction accuracy substantially increases the utility of polygenic scores as tools in research.

1,658 citations


Journal ArticleDOI
Daniel J. Benjamin1, James O. Berger2, Magnus Johannesson3, Magnus Johannesson1, Brian A. Nosek4, Brian A. Nosek5, Eric-Jan Wagenmakers6, Richard A. Berk7, Kenneth A. Bollen8, Björn Brembs9, Lawrence D. Brown7, Colin F. Camerer10, David Cesarini11, David Cesarini12, Christopher D. Chambers13, Merlise A. Clyde2, Thomas D. Cook14, Thomas D. Cook15, Paul De Boeck16, Zoltan Dienes17, Anna Dreber3, Kenny Easwaran18, Charles Efferson19, Ernst Fehr20, Fiona Fidler21, Andy P. Field17, Malcolm R. Forster22, Edward I. George7, Richard Gonzalez23, Steven N. Goodman24, Edwin J. Green25, Donald P. Green26, Anthony G. Greenwald27, Jarrod D. Hadfield28, Larry V. Hedges15, Leonhard Held20, Teck-Hua Ho29, Herbert Hoijtink30, Daniel J. Hruschka31, Kosuke Imai32, Guido W. Imbens24, John P. A. Ioannidis24, Minjeong Jeon33, James Holland Jones34, Michael Kirchler35, David Laibson36, John A. List37, Roderick J. A. Little23, Arthur Lupia23, Edouard Machery38, Scott E. Maxwell39, Michael A. McCarthy21, Don A. Moore40, Stephen L. Morgan41, Marcus R. Munafò42, Shinichi Nakagawa43, Brendan Nyhan44, Timothy H. Parker45, Luis R. Pericchi46, Marco Perugini47, Jeffrey N. Rouder48, Judith Rousseau49, Victoria Savalei50, Felix D. Schönbrodt51, Thomas Sellke52, Betsy Sinclair53, Dustin Tingley36, Trisha Van Zandt16, Simine Vazire54, Duncan J. Watts55, Christopher Winship36, Robert L. Wolpert2, Yu Xie32, Cristobal Young24, Jonathan Zinman44, Valen E. Johnson18, Valen E. Johnson1 
University of Southern California1, Duke University2, Stockholm School of Economics3, University of Virginia4, Center for Open Science5, University of Amsterdam6, University of Pennsylvania7, University of North Carolina at Chapel Hill8, University of Regensburg9, California Institute of Technology10, Research Institute of Industrial Economics11, New York University12, Cardiff University13, Mathematica Policy Research14, Northwestern University15, Ohio State University16, University of Sussex17, Texas A&M University18, Royal Holloway, University of London19, University of Zurich20, University of Melbourne21, University of Wisconsin-Madison22, University of Michigan23, Stanford University24, Rutgers University25, Columbia University26, University of Washington27, University of Edinburgh28, National University of Singapore29, Utrecht University30, Arizona State University31, Princeton University32, University of California, Los Angeles33, Imperial College London34, University of Innsbruck35, Harvard University36, University of Chicago37, University of Pittsburgh38, University of Notre Dame39, University of California, Berkeley40, Johns Hopkins University41, University of Bristol42, University of New South Wales43, Dartmouth College44, Whitman College45, University of Puerto Rico46, University of Milan47, University of California, Irvine48, Paris Dauphine University49, University of British Columbia50, Ludwig Maximilian University of Munich51, Purdue University52, Washington University in St. Louis53, University of California, Davis54, Microsoft55
TL;DR: The default P-value threshold for statistical significance is proposed to be changed from 0.05 to 0.005 for claims of new discoveries in order to reduce uncertainty in the number of discoveries.
Abstract: We propose to change the default P-value threshold for statistical significance from 0.05 to 0.005 for claims of new discoveries.

1,586 citations


Journal ArticleDOI
TL;DR: It is found that peer beliefs of replicability are strongly related to replicable, suggesting that the research community could predict which results would replicate and that failures to replicate were not the result of chance alone.
Abstract: Being able to replicate scientific findings is crucial for scientific progress. We replicate 21 systematically selected experimental studies in the social sciences published in Nature and Science between 2010 and 2015. The replications follow analysis plans reviewed by the original authors and pre-registered prior to the replications. The replications are high powered, with sample sizes on average about five times higher than in the original studies. We find a significant effect in the same direction as the original study for 13 (62%) studies, and the effect size of the replications is on average about 50% of the original effect size. Replicability varies between 12 (57%) and 14 (67%) studies for complementary replicability indicators. Consistent with these results, the estimated true-positive rate is 67% in a Bayesian analysis. The relative effect size of true positives is estimated to be 71%, suggesting that both false positives and inflated effect sizes of true positives contribute to imperfect reproducibility. Furthermore, we find that peer beliefs of replicability are strongly related to replicability, suggesting that the research community could predict which results would replicate and that failures to replicate were not the result of chance alone.

759 citations


Journal ArticleDOI
TL;DR: Applying MTAG to summary statistics for depressive symptoms, neuroticism and subjective well-being increased discovery of associated loci as compared to single-trait analyses, yielding more informative bioinformatics analyses and increasing the variance explained by polygenic scores by approximately 25%, matching theoretical expectations.
Abstract: We introduce multi-trait analysis of GWAS (MTAG), a method for joint analysis of summary statistics from genome-wide association studies (GWAS) of different traits, possibly from overlapping samples. We apply MTAG to summary statistics for depressive symptoms (N eff = 354,862), neuroticism (N = 168,105), and subjective well-being (N = 388,538). As compared to the 32, 9, and 13 genome-wide significant loci identified in the single-trait GWAS (most of which are themselves novel), MTAG increases the number of associated loci to 64, 37, and 49, respectively. Moreover, association statistics from MTAG yield more informative bioinformatics analyses and increase the variance explained by polygenic scores by approximately 25%, matching theoretical expectations.

644 citations


Journal ArticleDOI
23 Aug 2018
TL;DR: In this paper, 29 teams involving 61 analysts used the same data set to address the same research question: whether soccer referees are more likely to give red cards to dark-skin-toned players than to light-skinned-players.
Abstract: Twenty-nine teams involving 61 analysts used the same data set to address the same research question: whether soccer referees are more likely to give red cards to dark-skin-toned players than to light-skin-toned players. Analytic approaches varied widely across the teams, and the estimated effect sizes ranged from 0.89 to 2.93 (Mdn = 1.31) in odds-ratio units. Twenty teams (69%) found a statistically significant positive effect, and 9 teams (31%) did not observe a significant relationship. Overall, the 29 different analyses used 21 unique combinations of covariates. Neither analysts’ prior beliefs about the effect of interest nor their level of expertise readily explained the variation in the outcomes of the analyses. Peer ratings of the quality of the analyses also did not account for the variability. These findings suggest that significant variation in the results of analyses of complex data may be difficult to avoid, even by experts with honest intentions. Crowdsourcing data analysis, a strategy in which numerous research teams are recruited to simultaneously investigate the same research question, makes transparent how defensible, yet subjective, analytic choices influence research results.

396 citations


Journal ArticleDOI
TL;DR: In this paper, the authors found that approximately one-quarter of all bitcoin users are involved in illegal activity, which is close to the scale of the US and European markets for illegal drugs.
Abstract: Cryptocurrencies are among the largest unregulated markets in the world. We find that approximately one-quarter of bitcoin users are involved in illegal activity. We estimate that around $76 billion of illegal activity per year involves bitcoin (46% of bitcoin transactions), which is close to the scale of the US and European markets for illegal drugs. The illegal share of bitcoin activity declines with mainstream interest in bitcoin and with the emergence of more opaque cryptocurrencies. The techniques developed in this paper have applications in cryptocurrency surveillance. Our findings suggest that cryptocurrencies are transforming the black markets by enabling “black e-commerce.”

276 citations


Journal ArticleDOI
TL;DR: In this paper, the authors examined consumers' general in-store mobile phone use and shopping behavior, and found that mobile phone usage and actual phone use patterns both lead to increased purchases because consumers divert from their conventional shopping loop, spend more time in the store, and spend more attention examining products and prices on shelves.
Abstract: This research examines consumers’ general in-store mobile phone use and shopping behavior. Anecdotal evidence has suggested that mobile phone use decreases point-of-purchase sales, but the results of the current study indicate instead that it can increase purchases overall. Using eye-tracking technology in both a field study and a field experiment, matched with sales receipts and survey responses, the authors show that mobile phone use (vs. nonuse) and actual mobile phone use patterns both lead to increased purchases, because consumers divert from their conventional shopping loop, spend more time in the store, and spend more time examining products and prices on shelves. Building on attention capacity theories, this study proposes and demonstrates that the underlying mechanism for these effects is distraction. This article also provides some insights into boundary conditions of the mobile phone use effect.

118 citations


Journal ArticleDOI
TL;DR: Researchers have compared the recent availability of large-scale behavioral datasets, such as the ones generated by mobile phones, to the invention of the microscope, giving rise to the new field of computational social science.
Abstract: The breadcrumbs we leave behind when using our mobile phones—who somebody calls, for how long, and from where—contain unprecedented insights about us and our societies. Researchers have compared the recent availability of large-scale behavioral datasets, such as the ones generated by mobile phones, to the invention of the microscope, giving rise to the new field of computational social science.

118 citations


Journal ArticleDOI
TL;DR: The effects of travel restrictions on mobility can be large, targeted and measurable in near real-time, and should play a central role in guiding and monitoring interventions for epidemic containment with appropriate anonymization protocols.
Abstract: Background Travel restrictions were implemented on an unprecedented scale in 2015 in Sierra Leone to contain and eliminate Ebola virus disease. However, the impact of epidemic travel restrictions on mobility itself remains difficult to measure with traditional methods. New 'big data' approaches using mobile phone data can provide, in near real-time, the type of information needed to guide and evaluate control measures. Methods We analysed anonymous mobile phone call detail records (CDRs) from a leading operator in Sierra Leone between 20 March and 1 July in 2015. We used an anomaly detection algorithm to assess changes in travel during a national 'stay at home' lockdown from 27 to 29 March. To measure the magnitude of these changes and to assess effect modification by region and historical Ebola burden, we performed a time series analysis and a crossover analysis. Results Routinely collected mobile phone data revealed a dramatic reduction in human mobility during a 3-day lockdown in Sierra Leone. The number of individuals relocating between chiefdoms decreased by 31% within 15 km, by 46% for 15-30 km and by 76% for distances greater than 30 km. This effect was highly heterogeneous in space, with higher impact in regions with higher Ebola incidence. Travel quickly returned to normal patterns after the restrictions were lifted. Conclusions The effects of travel restrictions on mobility can be large, targeted and measurable in near real-time. With appropriate anonymization protocols, mobile phone data should play a central role in guiding and monitoring interventions for epidemic containment.

116 citations


Journal ArticleDOI
TL;DR: In this article, the authors investigated the effect of different types of transparency (i.e., knowledge of the potential influence of the default, its purpose, or both) on the effect on the default effect.

93 citations


Journal ArticleDOI
TL;DR: The authors found that having lived through the famine during one's younger years is associated with more conservative financial, investment, and cash holding policies, a lower likelihood of unethical behavior, and better firm performance during economic downturns.

Journal ArticleDOI
TL;DR: Hip, vertebral, and distal forearm fractures incur substantial loss inQoL and for patients with hip or vertebral fracture, QoL is markedly impaired for at least 18 months.
Abstract: This study used data from the International Costs and Utilities Related to Osteoporotic fractures Study (ICUROS) to estimate the quality of life (QoL) impact of fracture. Hip, vertebral, and distal forearm fractures incur substantial QoL losses. Hip and vertebral fracture results in markedly impaired QoL for at least 18 months. The International Costs and Utilities Related to Osteoporotic fractures Study (ICUROS) is a multinational observational study that aims to describe costs and quality of life (QoL) consequences of osteoporotic fractures. To date, 11 countries have participated in the study: Australia, Austria, Estonia, France, Italy, Lithuania, Mexico, Russia, Spain, the UK, and the USA. The objective of this paper is to describe the QoL impact of hip, vertebral, and distal forearm fracture. Data were collected at four time-points for five QoL point estimates: within 2 weeks after fracture (including pre-fracture recall) and at 4, 12, and 18 months after fracture. Quality of life was measured as health state utility values (HSUVs) derived from the EQ-5D-3L. Complete case analysis was conducted as the base case with available case and multiple imputation performed as sensitivity analyses. Multivariate analysis was performed to explore predictors of QoL impact of fracture. Among 5456 patients enrolled using convenience sampling, 3021 patients were eligible for the base case analysis (1415 hip, 1047 distal forearm, and 559 vertebral fractures). The mean (SD) difference between HSUV before and after fracture for hip, vertebral, and distal forearm fracture was estimated at 0.89 (0.40), 0.67 (0.45), and 0.48 (0.34), respectively (p < 0.001 for all fracture types). Eighteen months after fracture, mean HSUVs were lower than before the fracture in patients with hip fracture (0.66 vs. 0.77 p < 0.001) and vertebral fracture (0.70 vs. 0.83 p < 0.001). Hospitalization and higher recalled pre-fracture QoL were associated with increased QoL impact for all fracture types. Hip, vertebral, and distal forearm fractures incur substantial loss in QoL and for patients with hip or vertebral fracture, QoL is markedly impaired for at least 18 months.

Journal ArticleDOI
TL;DR: This paper showed that increased domestic government bond holdings generated a crowding out of corporate lending, which negatively impacts private capital formation. But they found that loan supply was depressed by these domestic sovereign bonds only during the crisis period (2010-11).
Abstract: At the end of 2013, the share of government debt held by the domestic banking sectors of Eurozone countries was more than twice the amount held in 2007. We show that increased domestic government bond holdings generated a crowding out of corporate lending. We find that loan supply was depressed by these domestic sovereign bonds only during the crisis period (2010-11). The pattern also holds across firms with different relationship banks within a given countries. These findings suggest that sovereign bond holdings negatively impact private capital formation. We show that direct government ownership, as well as government influence through banks' boards of directors, are among the channels used to influence banks.

Journal ArticleDOI
TL;DR: It is highlighted that the value-creating practices arising from the interactions of consumer and professional stakeholders in social media give rise to the hybridisation of value, where multiple values drawn from existing value categories become merged in the studied case.
Abstract: This paper explores the creation of value through the interactions of consumer and professional stakeholders in digital innovation ecosystems. We examine this by applying the methodological approach of Social Media Analytics (SMA) which is an interdisciplinary approach that seeks to combine, extend and adapt methods for analysing social media data. By utilising the SMA framework to track user-generated contents published on social media platforms, we assess how consumer and professional stakeholders associate value to Storytel, a new entrant in the Swedish publishing industry that is offering digital subscription service for streaming audiobooks. Drawing from a dataset of 2633 user-generated contents, our findings illustrate the value-creating practices in which stakeholders in Storytel’s ecosystems associate value to Storytel’s digital innovation. Our findings further highlight that the value-creating practices arising from the interactions of consumer and professional stakeholders in social media give rise to the hybridisation of value, where multiple values drawn from existing value categories become merged in the studied case. This study contributes to extant literature on management of innovation and information systems by (i) shedding light on how value is created by examining value-creating practices as a result of the interactions between stakeholders and (ii) examining the resulting merging of value categories within digital innovation ecosystems and thus exploring the hybridisation of value.

Journal ArticleDOI
TL;DR: It is demonstrated that in social media, photos with a snapshot aesthetic produce higher brand attitudes and intentions to recommend others to follow the Instagram account.

Journal ArticleDOI
TL;DR: It is found that firm age weakens the growth advantages of spousal teams over sibling teams and that industry experience heterogeneity within the entrepreneurial team reinforces these growth advantages.
Abstract: Integrating relational embeddedness arguments with Penrosean growth theory, we compare the growth of firms run by spousal entrepreneurs with firms run by sibling entrepreneurs. We theorize that trust, identification, and mutual obligations—the three facets of relational embeddedness—are more pronounced in spousal teams than in sibling teams, which provides spousal teams with advantages over sibling teams in generating firm growth. Probing a sample of all private firms in Sweden over a three-year period, we find support for this conjecture. Exploring boundary conditions to this baseline relationship, we also find that firm age weakens the growth advantages of spousal teams over sibling teams and that industry experience heterogeneity within the entrepreneurial team reinforces these growth advantages. These results provide important contributions for research on firm growth, the social embeddedness of firms, entrepreneurship, and family business.

Journal ArticleDOI
TL;DR: The greatest improvement in depressive symptoms, perceived cognitive symptoms, and functional impairment was seen immediately following initiation or switch of antidepressant therapy, followed by more gradual improvement and long-term stabilization.
Abstract: Background The Prospective Epidemiological Research on Functioning Outcomes Related to Major depressive disorder (PERFORM) study describes the course of depressive symptoms, perceived cognitive symptoms, and functional impairment over 2 years in outpatients with major depressive disorder (MDD) and investigates the patient-related factors associated with functional impairment. Methods This was a 2-year observational study in 1,159 outpatients with MDD aged 18-65 years who were either initiating antidepressant monotherapy or undergoing their first switch of antidepressant. Functional impairment was assessed by the Sheehan Disability Scale and the Work Productivity and Activity Impairment questionnaire. Patients assessed depression severity using the nine-item Patient Health Questionnaire and severity of perceived cognitive symptoms using the five-item Perceived Deficit Questionnaire. To investigate which patient-related factors were associated with functional impairment, univariate analyses of variance were performed to identify relevant factors that were then included in multivariate analyses of covariance at baseline, month 2, months 6 and 12 combined, and months 18 and 24 combined. Results The greatest improvement in depressive symptoms, perceived cognitive symptoms, and functional impairment was seen immediately (within 2 months) following initiation or switch of antidepressant therapy, followed by more gradual improvement and long-term stabilization. Improvement in perceived cognitive symptoms was less marked than improvement in depressive symptoms during the acute treatment phase. Functional impairment in patients with MDD was not only associated with severity of depressive symptoms but also independently associated with severity of perceived cognitive symptoms when adjusted for depression severity throughout the 2 years of follow-up. Conclusion These findings highlight the burden of functional impairment in MDD and the importance of recognizing and managing cognitive symptoms in daily practice.

Journal ArticleDOI
TL;DR: In this article, the authors investigate the concept of the entrepreneurial university by examining roles of academic entrepreneurship departments in driving regional economic development outcomes and find that while a wealth of resources is available in the academic community, entrepreneurship departments are not.
Abstract: This paper investigates the concept of the entrepreneurial university by examining roles of academic entrepreneurship departments in driving regional economic development outcomes. While a wealth o ...

Journal ArticleDOI
TL;DR: Cross-cultural management research is often confined to the positivist tradition, which is archetypically illustrated by the seminal work of Hofstede as mentioned in this paper, but this gives an incomplete overview of cross-culture management research.
Abstract: Cross-cultural management research is often confined to the positivist tradition, which is archetypically illustrated by the seminal work of Hofstede. However, this gives an incomplete overview of ...

Posted Content
TL;DR: In this paper, the authors examined the portfolio rebalancing channel around the ECB's asset purchase program (APP) and found that in more vulnerable countries, where macroeconomic unbalances and relatively high risk premia remain, APP was mostly reflected into a rebalance towards riskier securities.
Abstract: Large-scale asset programmes aim to impact the real economy through the financial system. The ECB has focused much of its policies on safe assets. An intended channel of transmission of this type of programme is the “portfolio rebalancing channel”, whereby investors are influenced to shift their investments away from such safe assets towards assets with higher expected returns, including lending to households and firms. We examine the portfolio rebalancing channel around the ECB’s asset purchase program (APP). We exploit cross-sectional heterogeneity in the impact of APP on the valuation of the financial portfolio held by different sectors of the European economy. Overall, our results provide evidence of an active portfolio rebalancing channel. In more vulnerable countries, where macroeconomic unbalances and relatively high risk premia remain, APP was mostly reflected into a rebalancing towards riskier securities. In less vulnerable countries, where constraints on loan demand and supply are less significant, the rebalancing was observed mostly in terms of bank loans. Examining large European banks, we confirm similar geographical differences.

Journal ArticleDOI
TL;DR: In this paper, the authors examined the effect of reframing the difference between the discount depth and the original price by comparing it against the sale price and found that the comparison increased consumers' discount depth perceptions and thus increased purchase intentions.
Abstract: Sales induced through price promotions depend heavily on discount depth, so firms create mechanisms to influence perceptions of discount depth Typically, consumers compute discount depth as the difference between the sale price and the original price, with this difference compared against the original price But thus far, no research has examined the effect of reframing this difference by comparing the discount depth against the sale price Multiple studies, including a field study across four grocery stores, show that framing the discount depth by comparing it against the sale price increases consumers’ discount depth perceptions and thus increases purchase intentions As evidence of the underlying process, the authors identify boundary conditions related to both individual differences (numeracy) and managerially relevant factors (discount depth size) In addition to contributing to research on price promotions, behavioral pricing, and numeric processing, the article offers implications for both

Journal ArticleDOI
TL;DR: In this paper, a time-series analysis of the performance implications of the exclusion decisions of two leading Nordic investors, Norway's Government Pension Fund-Global (GPFG) and Sweden's AP-funds, was conducted.
Abstract: This study empirically analyses the exclusion of companies from investors’ investment universe due to a company’s business model (sector-based exclusion) or due to a company’s violations of international norms (norm-based exclusion). We conduct a time-series analysis of the performance implications of the exclusion decisions of two leading Nordic investors, Norway’s Government Pension Fund-Global (GPFG) and Sweden’s AP-funds. We find that their portfolios of excluded companies do not generate an abnormal return relative to the funds’ benchmark index. While the exclusion portfolios show higher risk than the respective benchmark, this difference is only statistically significant for the case of GPFG. These findings suggest that the exclusion of the companies generally does not harm funds’ performance. We interpret these findings as indicative that with exclusionary screening, as practiced by the sample funds, asset owners can meet the ethical objectives of their beneficiaries without compromising financial returns.

Journal ArticleDOI
TL;DR: Workplace commitment has been studied extensively in the field of workplace commitment as discussed by the authors, and the state-of-the-art in this field can be traced back to the early 1990s.
Abstract: This position paper presents the state-of-the art of the field of workplace commitment. Yet, for workplace commitment to stay relevant, it is necessary to look beyond current practice and to extrapolate trends to envision what will be needed in future research. Therefore, the aim of this paper is twofold, first, to consolidate our current understanding of workplace commitment in contemporary work settings and, second, to look into the future by identifying and discussing avenues for future research. Representative of the changing nature of work, we explicitly conceptualize workplace commitment in reference to (A) “Temporary work”, and (B) “Cross-boundary work”. Progressing from these two themes, conceptual, theoretical and methodological advances of the field are discussed. The result is the identification of 10 key paths of research to pursues, a shared agenda for the most promising and needed directions for future research and recommendations for how these will translate into practice.

Journal ArticleDOI
TL;DR: The authors discusses how monetary and macro-prudential policies can be distinguished, how appropriate goals for the two policies are determined, whether the policies are best conducted separately or coordinately and by the same or different authorities and how they can be coordinated when desired.
Abstract: The paper discusses how monetary and macroprudential policies can be distinguished, how appropriate goals for the two policies can be determined, whether the policies are best conducted separately or coordinately and by the same or different authorities and how they can be coordinated when desired. The institutional frameworks in Canada, Sweden and the UK are briefly compared. The Swedish example of monetary policy strongly “leaning against the wind” and the subsequent policy turnaround is summarized, as well as what estimates have been found of the costs and benefits of leaning against the wind. Politique monetaire et politique macro prudentielle : differente et separee? Ce memoire se demande comment on peut distinguer les politiques monetaire et macro‐prudentielle, comment on peut determiner les objectifs de ces deux politiques, si ces deux politiques ont un meilleur impact separement ou coordonnees, et mises en œ uvre par la meme ou differentes autorites, et comment on peut les coordonner quand on le desire. On compare succinctement les cadres institutionnels du Canada, de la Suede, et du Royaume‐Uni. La politique monetaire suedoise va fortement a contre‐courant, et le virage subsequent de la politique est resume, ainsi que les couts et avantages de cette strategie.

Journal ArticleDOI
TL;DR: This article developed and estimated an empirical model of exchange rate dynamics using daily data for four currencies relative to the US dollar: the Australian dollar, the British pound, the Swiss franc, and the Japanese yen.
Abstract: We quantify crash risk in currency returns. To accomplish this task, we develop and estimate an empirical model of exchange rate dynamics using daily data for four currencies relative to the US dollar: the Australian dollar, the British pound, the Swiss franc, and the Japanese yen. The model includes (i) normal shocks with stochastic variance, (ii) jumps up and down in the exchange rate, and (iii) jumps in the variance. We identify these components using data on exchange rates and at-the-money implied variances. We nd that crash risk is time-varying. The probability of an upward (downward) jump in the exchange rate, associated with depreciation (appreciation) of the US dollar, is increasing in the domestic (foreign) interest rate. The probability of a jump in variance is increasing in the variance but is not related to interest rates. Many of the jumps in exchange rates are associated with macroeconomic and political news, but jumps in variance are not. On average, jumps account for 25% of total currency risk (and can be as high as 40%), as measured by the entropy of exchange rate changes, over horizons of one to three months. The dollar carry index, which is based on 21 exchange rates, retains these features. A simple calibration analysis using option-implied smiles suggests that jump risk is priced.

Journal ArticleDOI
TL;DR: In this article, the authors propose that crowdfunding is organized and enabled as a fluid and co-dependent interaction between the various actors in the crowdfunding process, where the relationship of the involved actors is so interdependent that crowdfunding process can neither be maintained nor implemented without it.

Journal ArticleDOI
TL;DR: The authors show that lenders with a large share of outstanding loans are also more likely to provide liquidity to customers and suppliers of industries in distress, especially when the disruption of supply chains is expected to be more costly.
Abstract: We conjecture that lenders' decisions to provide liquidity are crucially affected by the extent to which they internalize potential feedback effects of negative shocks. We show that lenders with a larger share of the loans outstanding in an industry are more likely to provide credit to industries in distress with less redeployable assets, in which fire sales are more likely to ensue. Lenders with a large share of outstanding loans are also more likely to provide liquidity to customers and suppliers of industries in distress, especially when the disruption of supply chains is expected to be more costly. Our results provide a novel channel, unrelated to market power, explaining why concentration in the credit market may favor financial stability.

Journal ArticleDOI
TL;DR: In this paper, the authors explore how two entrants transforming the personal transportation and accommodation sectors are covered in social and traditional media using content analysis, and conclude that these two forms of media differ substantially.

Journal ArticleDOI
TL;DR: This paper showed that the deregulation of universal banks allowed them to finance firms with 14% higher volatility and this increase in risk is compensated by lasting improvements in firms' total factor productivity, using bank scopeexpanding mergers to identify shocks to universal banks' private information about borrower firms.

Journal ArticleDOI
TL;DR: In this paper, the authors examined the impact of monetary policy shocks on German excess stock returns and the possible reasons for such a response, and found that the overall variation in German stock returns mainly reflects revisions in expectations about dividends and that the stock market response to monetary policy shock is dependent on the prevailing interest rate regime.