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Institution

Stockholm School of Economics

EducationStockholm, 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
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Journal ArticleDOI
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

Journal ArticleDOI
01 Feb 2000-Kyklos
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

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.

83 citations

Book
01 Jan 1993
TL;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

Journal ArticleDOI
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

NameH-indexPapersCitations
Magnus Johannesson10234240776
Thomas J. Sargent9637039224
Bengt Jönsson8136533623
J. Scott Armstrong7644533552
Johan Wiklund7428830038
Per Davidsson7130932262
Julian Birkinshaw6423329262
Timo Teräsvirta6222420403
Lars E.O. Svensson6118820666
Jonathan D. Ostry5923211776
Alexander Ljungqvist5913914466
Richard Green5846814244
Bo Jönsson5729411984
Magnus Henrekson5626113346
Assar Lindbeck5423413761
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Performance
Metrics
No. of papers from the Institution in previous years
YearPapers
20237
202251
2021247
2020219
2019186
2018168