Stockholm School of Economics

About: Stockholm School of Economics is a education organization based out in Stockholm, Sweden. It is known for research contribution in the topics: Population & Entrepreneurship. 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.

Agency Conflicts in Public and Negotiated Transfers of Corporate Control

Abstract: We analyze control transfers in firms with a dominant minority blockholder and otherwise dispersed owners, and show that the transaction mode is important. Negotiated block trades preserve a low level of ownership concentration, inducing more inefficient extraction of private benefits. In contrast, public acquisitions increase ownership concentration, resulting in fewer private benefits and higher firm value. Within our model, the incumbent and new controlling party prefer to trade the block because of the dispersed shareholders' free-riding behavior. We also explore the regulatory implications of this agency problem and its impact on the terms of block trades.

Modelling customer satisfaction and loyalty on aggregate levels: Experience from the ECSI pilot study

Abstract: Aggregate Customer Satisfaction Index (CSI) measures are becoming more and more common as indicators of business performance in different industries, and are used for a multitude of purposes. However, any comparison of such figures from one domain to another calls for tightly harmonized and co-ordinated methodological frameworks. In this paper we study the prerequisites for developing a common model structure useful for devising aggregate CSI results throughout Europe, and comparing also with similar efforts in other parts of the world. Our study is based on an evaluation of the stability and robustness of empirical results from the European Customers, Satisfaction Index (ECSI) pilot survey round. In spite of the fact that European customers, product supplies and cultural environments are different, it is found possible to specify a common structural model to be used in such diverse industries as telecoms, banking and supermarkets, throughout 11 European countries. This model is not optimal in the majorit...

The value of private safety versus the value of public safety

Abstract: In this study, one group of respondents is offered to purchase a safety device to be installed in their cars, while another group is offered a public safety program (improved road quality) which results in the same size risk reduction. In terms of the value of a statistical life, our results are very reasonable. However, the WTP for the private safety device ishigher than the WTP for the public safety measure. Drawing on a model developed by Jones-Lee (1991), we show that some types of altruists may, but need not, be willing to pay more for a private risk reduction than for a uniform risk reduction of the same magnitude. Still, our empirical results are surprising, and further empirical research seems warranted.