219. Finance, Innovation and Corporate Change

Giovanni Dosi

218. The Incentive to Acquire Information and Financial Market Efficiency

Clas Wihlborg

217. The Role of Capital and Other Factors in the Formation and Growth of Firms Started by University Researchers

Christer Olofsson and Claes Wahlbin

216. Innovative Activity and Venture Financing: Japan, the U.S. and Europe

Tad Rybczynski

215. Evolution, Economic Competence, and the Market for Corporate Control

Pavel Pelikan

To assess the merits of the market for corporate control, this paper examines two processes which standard analysis does not study: the allocation of economic competence and the evolution of organizational structures. Economic competence is seen to be an…

214. Agency Costs and Innovation

Bengt Holmström

Stylized facts indicate that small firms are responsible for a disproportionate share of innovative research. There are many possible explanations for this facto The paper seeks to understand this phenomena as the outcome of an optimal assignment of tasks…

213. The Acquisition of Technology and Small Firms by Large Firms

Ove Granstrand and Sören Sjölander

This paper describes how large, typically multi-technology corporations build up and exploit their technological capability by purchasing small, technology-based firms in order to acquire their technology. The frequency, possible causes and economic…

212. Long-Term Firm Growth and Ownership Organization - A Study of Business Histories

Jan Glete

This paper is concerned with ownership organization in the process of industrial growth and transformation. It stresses the difficulties of changing an established and successful pattern of behavior. The meso-level of organization is used to interpret…

211. Firms' Choice of R&D Intensity in the Presence of Aggregate Increasing Returns to Scale

Stefan Fölster

When firms possess unique R & D assets such as ideas or particular researchers, and there are aggregate increasing returns to scale in R & D, then there can be several Nash equilibria involving different levels of investment in R & D. However…

210. The Economics of Bounded Rationality, Entrepreneurship and Institutional Evolution

Richard H. Day

Bounded rationality provides a fundamental economic explanation for non-rational modes of behavior. These non-rational modes underlie both the erratic perturbations of entrepreneurship and the systematic waves of diffusion they initiate which in turn…

209. Entrepreneurial Activity, Banking and Finance, Historical Aspects and Theoretical Suggestions

Erik Dahmén

208. Incentive Contracts for Managers Who Discover and Manage Investment Projects

Tim Campbell and Tony Marino

207. The Firm as a Competent Team

Gunnar Eliasson

Results from empirical studies of firm behavior are synthesized into, a theory of the firm as a competent team. I demonstrate the existence of a tacit organizational competence exercising a leverage on the productivities of all other factors through…

206. Financial Market Imperfections and Productivity Growth

Bruce C. Greenwald and Joseph E. Stiglitz

This paper examines the impact of financial market imperfections on long-term productivity growth. It focuses on failures in markets for the sale of equity securities and hence on the failure of markets which help firms diversify the risks of real…

205. The Economics of Learning: Price Formation when Acquisition of Information is Possible but Costly

Bo Axell

This paper presents some analyses of what would be the outcome of a price formation process in the presence of information costs. First, we examine the equilibria which obtain in search markets where consumers are uninformed about prices but informed…

204. The EC and the Locational Choice of Swedish Multinational Companies

Birgitta Swedenborg

In a world with multinational companies (MNC's) changes such as those implied by the realization of EC's internal market will affect the locational choice made by geographically mobile MNC's. The reason is that the reduction of trade barriers within the…

203. The Evolution of Manufacturing Technology and its Impact on Industrial Structure: An International Study

Bo Carlsson

This paper shows that plant and firm size in manufacturing, and especially in engineering industry, in several Western industrial countries has declined since the early 1970s. Two hypotheses explaining the decline are advanced. One is "de-glomeration" or…

202. Ex Post Efficiency and Individual Rationality in Incentive Compatible Trading Mechanisms

Stefan Lundgren

This paper concerns the design of a trading mechanism for a group of traders when their valuations of the good are private information and they bargain over who shall consume more than his initial endowment and who shall consume less. It is shown that…

201. The International Firm: A Vehicle for Overcoming Barriers to Trade and a Global Intelligence Organization Diffusing the Notion of a Nation

Gunnar Eliasson

The multinational firm (MNF) is introduced as the intersection between trade theory and the theory of the firm. I show that economies of scale associated with various knowledge inputs have made it possible for firms to grow large through…

200. Search Theory, Downward Money Wage Rigidity and the Micro Foundations of the Phillips Curve

Nils Henrik Schager

The present paper has two aims. The first one concerns primarily an issue of method. I set up and analyse an explicitly stochastic model of the optimal behaviour of a firm, which recruits from a search labour market. The second aim of my paper concerns…

199. Potentials and Pitfalls of Panel Data: The Case of Job Mobility

Anders Björklund

198. Job Search and Youth Unemployment: Analysis of Swedish Data

James W. Albrecht, Bertil Holmlund, and Harald Lang

197. ’MOSES’ (Model of the Swedish Economic System): A Presentation of the Swedish Micro-to-Macro Econometric Model

Gunnar Eliasson

196. MOSES macro Accounting System: Updating Procedures

Tomas Nordström

195. Causes of Wage Increases in Swedish Manufacturing. A Remarkable Case of Regular Behaviour

Nils Henrik Schager

The present study is a theoretical and empirical investigation into the aggregate wage dynamics of Swedish manufacturing. It contains three essential results: a rigorous search theoretical model of the wage behaviour of firms is presented and…

194. Schumpeterian Efficiency of Different Economic Systems

Pavel Pelikan

193. Economic Growth in the very Long Run. On the Multiple-Phase Interaction of Population, Technology, and Social Infrastructure

Richard H. Day and Jean-Luc Walter

Economic growth in the very long run is described by a multiple-phase, dynamic process with potentially complex dynamics during transitions between regimes. Technology is assumed to rest on a managerial-administrative infrastructure which influences…

192. Job Mobility and Subsequent Wages in Sweden

Anders Björklund and Bertil Holmlund

191. Economic Competence as a Scarce Resource: An Essay on the Limits of Neoclassical Economics and the Need for an Evolutionary Theory

Pavel Pelikan

190. Maskiners ekonomiska deprecieringstakt: En studie med hjälp av Box-Cox-transformation

Christina Hartler

190b. Rate of Economic Depreciation of Machines: A Study with the Box-Cox Transformation

Christina Hartler

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