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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: In this article, the authors present experimental evidence that promises and threats mitigate the hold-up problem, while investors rely as much on their own threats as on their trading partner's promises, the latter are more credible.
Abstract: We present experimental evidence that promises and threats mitigate the hold-up problem. While investors rely as much on their own threats as on their trading partner's promises, the latter are more credible. Building on recent work in psychology and behavioural economics, we then present a simple model within which agents are concerned about both fairness and consistency. The model can account for several of our experimental findings. Its most striking implication is that fairmindedness strengthens the credibility of promises to behave fairly, but weakens the credibility of threats to punish unfair behaviour. Better is it that thou shouldest not vow, than that thou shouldest vow and not pay.

323 citations

ReportDOI
TL;DR: In this article, the authors investigate the dynamics of individual portfolios in a unique data set containing the disaggregated wealth of all households in Sweden and find evidence that households rebalance toward a greater risky share as they become richer.
Abstract: This paper investigates the dynamics of individual portfolios in a unique data set containing the disaggregated wealth of all households in Sweden. Between 1999 and 2002, we observe little aggregate rebalancing in the financial portfolio of participants. These patterns conceal strong household-level evidence of active rebalancing, which on average offsets about one-half of idiosyncratic passive variations in the risky asset share. Wealthy, educated investors with better diversified portfolios tend to rebalance more actively. We find some evidence that households rebalance toward a greater risky share as they become richer. We also study the decisions to trade individual assets. Households are more likely to fully sell directly held stocks if those stocks have performed well, and more likely to exit direct stockholding if their stock portfolios have performed well; but these relationships are much weaker for mutual funds, a pattern that is consistent with previous research on the disposition effect among direct stockholders and performance sensitivity among mutual fund investors. When households continue to hold individual assets, however, they rebalance both stocks and mutual funds to offset about one-sixth of the passive variations in individual asset shares. Households rebalance primarily by adjusting purchases of risky assets if their risky portfolios have performed poorly, and by adjusting both fund purchases and full sales of stocks if their risky portfolios have performed well. Finally, the tendency for households to fully sell winning stocks is weaker for wealthy investors with diversified portfolios of individual stocks.

323 citations

Journal ArticleDOI
TL;DR: In this paper, the relationship between the size, age and growth rate of firms in Sweden was examined for a large sample of micro and small firms in a geograph of Sweden.
Abstract: The relationship between the size, age and growth rate of firms is examined for a large sample of micro and small firms in Sweden. These firms have between 1-100 employees and operate in a geograph ...

320 citations

Journal ArticleDOI
TL;DR: In this article, the authors argue that writing business plans before undertaking marketing activities should enhance the continuation of venture-organizing efforts, and examine 223 new venture organizing efforts initiated in the first 9 months of 1998 by a random sample of Swedish entrepreneurs and show that those organizing efforts in which entrepreneurs completed business plans and began marketing or promotion had a lower hazard of termination than other organizing efforts.

319 citations

Journal ArticleDOI
TL;DR: In this article, the authors develop a theory for stochastic control problems which are time inconsistent in the sense that they do not admit a Bellman optimality principle and attach these problems by viewing them within a game theoretic framework, and look for Nash subgame perfect equilibrium points.
Abstract: We develop a theory for stochastic control problems which, in various ways, are time inconsistent in the sense that they do not admit a Bellman optimality principle. We attach these problems by viewing them within a game theoretic framework, and we look for Nash subgame perfect equilibrium points. For a general controlled Markov process and a fairly general objective functional we derive an extension of the standard Hamilton-Jacobi-Bellman equation, in the form of a system of non-linear equations, for the determination for the equilibrium strategy as well as the equilibrium value function. All known examples of time inconsistency in the literature are easily seen to be special cases of the present theory. We also prove that for every time inconsistent problem, there exists an associated time consistent problem such that the optimal control and the optimal value function for the consistent problem coincides with the equilibrium control and value function respectively for the time inconsistent problem. We also study some concrete examples.

315 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