586. International Financial Liberalization and Industry Growth

Jonas Vlachos and Daniel Waldenström

The growth effects of international financial liberalization and integration are investigated using the methodology and data developed by Rajan and Zingales (1998). The main result is that industries highly dependent on external financing do not…

585. Social Norms and Welfare State Dynamics

Assar Lindbeck, Sten Nyberg and Jörgen W. Weibull

The paper analyses the interaction between economic incentives and work norms in the context of social insurance. If the work norm is endogenous in the sense that it is weaker when the population share of beneficiaries is higher, then voters will choose…

584. Minimum Wages and Employment in Swedish Hotels and Restaurants

Per Skedinger

This paper considers the effects of union-bargained minimum wages on transitions into and out of employment in the hotels and catering industry over the period 1979–99. This industry is characterised by a high fraction of unskilled labour input, high…

583. Commercialization of Swedish Patents – A Pilot Study in the Medical and Hygiene Sector

Roger Svensson

In this paper, I analyze the commercialization of patents in the Swedish medicine & hygiene sector. A unique database makes it possible to use a new method, where I follow the commercialization process of individual patents. A surprisingly low share…

582. Punctuality – A Cultural Trait as Equilibrium

Kaushik Basu and Jorgen W. Weibull

A people's culture, norms and habits are important determinants not just of the quality of social life but of economic progress and growth. In this paper we take the view that while the importance of culture is undeniable, the innateness of culture is…

581. The European Social Model: Lessons for Developing Countries

Assar Lindbeck

Developing countries, in particular the least developed ones, probably have more to learn from social policies in Europe during the early 20th century than from the elaborate welfare-state arrangements after World War II. In addition to macro­economic…

580. The Gains from Pension Reform

Assar Lindbeck and Mats Persson

We characterize pension systems along three dimensions: 1) actuarial vs. non-actuarial, 2) funded vs. pay-as-you-go, 3) defined-contribution vs. defined-benefit. Increasing the degree of actuarial fairness, by strengthening the linkage between…

579. Vertical FDI Revisited

Henrik Braconier, Pehr-Johan Norbäck and Dieter Urban

This study explores how relative skilled-wage premia affect FDI. Contrary to previous studies based on factor endowment differences, we find strong support for vertical FDI, in the sense that more FDI is conducted in countries where unskilled labor is…

578. School Vouchers in Practice: Competition Won't Hurt You!

F. Mikael Sandström and Fredrik Bergström

An important issue in the debate on voucher systems and school choice is what effects competition from independent schools will have on public schools. Sweden has made a radical reform of its system for financing schools. Independent and public schools…

577. Uniqueness in Infinitely Repeated Decision Problems

Nicolas Vieille and Jörgen W. Weibull

Dynamic decision-making without commitment is usually modelled as a game between the current and future selves of the decision maker. It has been observed that if the time-horizon is infinite, then such games may have multiple subgame-perfect equilibrium…

576. Exchange Rate and Interest-Rate Driven Competitive Advantages in the EMU

Niclas Andrén and Lars Oxelheim

Real exchange and interest rates may still fluctuate inside the EMU and give rise to changes in competitiveness. We find, in contrast to what is generally expected, no convergence in these variables after the introduction of the euro. On the contrary, a…

575. Discounting and Future Selves

María Sáez-Martí and Jörgen W. Weibull

Is discounting of future instantaneous utilities consistent with altruism towards future selves? More precisely, can temporal preferences, expressed as a sum of discounted instantaneous utilities, be derived from a representation in the form of a sum of…

574. Recognizing Macroeconomic Fluctuations in Value Based Management

Lars Oxelheim and Clas Wihlborg

Value Based Management (VBM) has become a common tool for ex ante and ex post evaluation of corporate strategies and projects from the perspective of shareholder value maximization (SVM). VBM-frameworks are designed to support investment and divestment…

573. Regulation of Cost and Quality under Yardstick Competition

Thomas P. Tangerås

This paper analyses simultaneous regulation of cost and quality when firms have private, correlated information about productivity and the regulator receives a signal about quality. It is shown that managerial effort and expenditures on quality are…

572. Welfare Foundations of Discounting

María Sáez-Martí and Jörgen W. Weibull

We investigate whether temporal preferences expressed as a sum of discounted consumption utilities can be derived from a welfare representation in the form of a sum of discounted total utilities. We find that a consumption-based representation in the…

571. The Impact of Macroeconomic Variables on Corporate Performance – What Shareholders Ought to Know?

Lars Oxelheim

Increased integration and growing macroeconomic fluctuations require more attention to be paid to the link between the ”noise” that these fluctuations represent and the company’s own development. For many reasons management must weed out the effects of…

570. Cross-Border Acquisitions and Greenfield Entry

Pehr-Johan Norbäck and Lars Persson

We investigate the interaction between cross-border acquisitions and greenfield entry in a multi-firm setting. It is shown that the net profits of the acquirer may decrease when the acquisition gives the acquirer a strong position in the product market,…

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