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.
Papers published on a yearly basis
Papers
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TL;DR: This paper proposed an asset pricing model where preferences display generalized disappointment and risk aversion for small gambles, and derived closed-form solutions for all returns moments and predictability of regressions.
Abstract: We propose an asset pricing model where preferences display generalized disappointment
aversion (Routledge and Zin, 2009) and the endowment process involves long-run volatility
risk. These preferences, which are embedded in the Epstein and Zin (1989) recursive utility framework, overweight disappointing results as compared to expected utility, and display
relatively larger risk aversion for small gambles. With a Markov switching model for the endowment process, we derive closed-form solutions for all returns moments and predictability
regressions. The model produces first and second moments of price-dividend ratios and asset
returns and return predictability patterns in line with the data. Compared to Bansal and
Yaron (2004), we generate: i) more predictability of excess returns by price-dividend ratios; ii)
less predictability of consumption growth rates by price-dividend ratios. Differently from the
Bansal and Yaron model, our results do not depend on a value of the elasticity of intertemporal
substitution greater than one.
84 citations
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TL;DR: Using references in Swedish patent data, the authors examined technology sourcing in Swedish multi-national enterprises (MNEs) and non-multinational small and medium-sized enterprises (SMEs).
Abstract: Using references in Swedish patent data, we examine technology sourcing in Swedish multi-national enterprises (MNEs) and non-multinational small and medium-sized enterprises (SMEs). The results show that both types of firms are more likely to make references to countries with large patent stocks and to countries that are located close to Sweden. Trade and FDI also seem to facilitate the transfer of foreign technology to Sweden. However, trade contacts seem to be more important for technology sourcing in SMEs than in MNEs. Outward Foreign Direct Investment (FDI) is a channel for the diffusion of foreign technology to both home-country MNEs and SMEs.
84 citations
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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.
83 citations
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01 Jan 1993TL;DR: Hanke et al. as discussed by the authors proposed a currency board which would issue a Russian currency fully convertible with international currency, backed 100 per cent by international bonds, which would be distributed free to Russian citizens.
Abstract: As the new Russian state struggles with the transition to a market economy, the need for radical monetary reform becomes increasingly urgent. The choice of reform is crucial, for it will largely determine Russia's future economic performance. In order to break free of the lingering effects of Soviet central planning, the new Russian state needs a stable, convertible currency. Steve H. Hanke, Lars Jonung and Kurt Schuler propose that Russia establishes a currency board which would issue a Russian currency fully convertible with international currency, backed 100 per cent by international bonds. The international community would aid in establishing the currency board by providing the initial reserves. Early supplies of this new Russian currency would be distributed free to Russian citizens. The authors give detailed explanations of how the currency board could be established and how it would work.
83 citations
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TL;DR: The authors recalibrate den Haan, Haefke, and Ramey matching model to incorporate their preferred specie cation of "turmoil" as causing distinct dynamics of human capital after voluntary and involuntary job losses.
Abstract: We recalibrate den Haan, Haefke, and Ramey’ s matching model to incorporate our preferred specie cation of “ turbulence” as causing distinct dynamics of human capital after voluntary and involuntary job losses. Under our calibration, with high unemployment benee ts, an increase in turbulence increases the unemployment rate and the duration of unemployment while leaving the ine ow rate into unemployment roughly unchanged, mirroring features of European data in the 1980s and 1990s. The essential issue is that den Haan, Haefke, and Ramey specify that in turbulent times workers experiencing layoffs and quits are both subject to instantaneous skill losses, while we restrict instantaneous skill losses to laid-off workers. (JEL: E24, J64)
83 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 |