Institution
Stockholm School of Economics
Education•Stockholm, Sweden•
About: Stockholm School of Economics is a education organization based out in Stockholm, Sweden. It is known for research contribution in the topics: Population & Cost effectiveness. The organization has 1186 authors who have published 4891 publications receiving 285543 citations. The organization is also known as: Stockholm Business School & Handelshögskolan i Stockholm.
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TL;DR: It is shown that less resources are spent in equilibrium if one party is privately informed about the value of the prize than if either both agents are informed or neither agent is informed.
131 citations
TL;DR: In this paper, the authors examined how individuals' social capital and its dimensions affect biotech SMEs' acquisition of foreign market knowledge and financial resources during their internationalization processes, and found that those SMEs that experienced an incremental internationalization process were the most successful.
131 citations
TL;DR: This paper explored the relationship between beauty contest behavior and cognitive ability and found that subjects with high cognitive ability exhibit behavior closer to the Nash equilibrium, while subjects with low cognitive ability exhibited behavior that did not conform to the unique Nash equilibrium.
Abstract: “Beauty contests” are well-studied, dominance-solvable games that generate two interesting results. First, most behavior does not conform to the unique Nash equilibrium. Second, there is considerable unexplained heterogeneity in behavior. In this work, we explore the relationship between beauty contest behavior and cognitive ability. We find that subjects with high cognitive ability exhibit behavior that is closer to the Nash equilibrium.
131 citations
TL;DR: In this article, the effects of decision frame and opportunity on tax evasion behavior in the context of a business management task that required subjects to file simulated tax returns were examined in six different countries.
131 citations
Posted Content•
TL;DR: This paper examined the effect of management fiduciary duties on equity-debt conflicts and found that the change increased the likelihood of equity issues, increased investment, and reduced firm risk consistent with a decrease in debt-equity conflicts of interest.
Abstract: We use an important legal event as a natural experiment to examine the effect of management fiduciary duties on equity-debt conflicts. A 1991 Delaware bankruptcy ruling changed the nature of corporate directors' fiduciary duties in firms incorporated in that state. This change limited managers' incentives to take actions favoring equity over debt for firms in the vicinity of financial distress. We show that this ruling increased the likelihood of equity issues, increased investment, and reduced firm risk, consistent with a decrease in debt-equity conflicts of interest. The changes are isolated to firms relatively closer to default. The ruling was also followed by an increase in average leverage and a reduction in covenant use. Finally, we estimate the welfare implications of this change and find that firm values increased when the rules were introduced. We conclude that managerial fiduciary duties affect equity-bond holder conflicts in a way that is economically important, has impact on ex ante capital structure choices, and affects welfare.
131 citations
Authors
Showing all 1218 results
| Name | H-index | Papers | Citations |
|---|---|---|---|
| Magnus Johannesson | 102 | 342 | 40776 |
| Thomas J. Sargent | 96 | 370 | 39224 |
| Bengt Jönsson | 81 | 365 | 33623 |
| J. Scott Armstrong | 76 | 445 | 33552 |
| Johan Wiklund | 74 | 288 | 30038 |
| Per Davidsson | 71 | 309 | 32262 |
| Julian Birkinshaw | 64 | 233 | 29262 |
| Timo Teräsvirta | 62 | 224 | 20403 |
| Lars E.O. Svensson | 61 | 188 | 20666 |
| Jonathan D. Ostry | 59 | 232 | 11776 |
| Alexander Ljungqvist | 59 | 139 | 14466 |
| Richard Green | 58 | 468 | 14244 |
| Bo Jönsson | 57 | 294 | 11984 |
| Magnus Henrekson | 56 | 261 | 13346 |
| Assar Lindbeck | 54 | 234 | 13761 |