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  • 1.
    Agarwal, N.
    et al.
    64-C, Mittal Towers, Nariman Point, Mumbai, India.
    Chan, J.M.L.
    Department of Economics and Business Economics, Aarhus University, Aarhus, Denmark.
    Lodefalk, Magnus
    Örebro University, Örebro University School of Business. Global Labor Organization, Essen, Germany; Ratio, Stockholm, Sweden.
    Tang, Aili
    Örebro University, Örebro University School of Business. Department of Economics.
    Tano, S.
    Swedish Agency for Growth Policy Analysis, Stockholm, Sweden.
    Wang, Z.
    Faculty of Business and Law, De Montfort University, The Gateway, Leicester, United Kingdom; GEP, University of Nottingham, Nottingham, United Kingdom.
    Mitigating information frictions in trade: Evidence from export credit guarantees2023In: Journal of International Economics, ISSN 0022-1996, E-ISSN 1873-0353, Vol. 145, article id 103831Article in journal (Refereed)
    Abstract [en]

    Information frictions make foreign trade risky. In particular, the risk of buyer default deters firms from selling abroad. To address this issue, many countries offer export credit guarantees to provide insurance to exporters. In this paper, we investigate the causal effects of guarantees by exploiting a quasi-natural experiment in Sweden and rich register data on guarantees, firms and trade. Estimates from a fuzzy regression discontinuity design show large positive effects on the probability of exporting and the value of exports to the destination for which the guarantees are issued. These results are robust to an alternative approach using a difference-in-differences matching estimator. Further findings suggest that guarantees impact firms heterogeneously and play an important role in resolving buyer default risk and easing liquidity constraints. Larger impacts are observed in non-OECD countries, on smaller, liquidity constrained exporters and for firms selling products that face a relatively high cost of buyer default.

  • 2. Agarwal, Natasha
    et al.
    Lodefalk, Magnus
    Örebro University, Örebro University School of Business. Ratio Institute, Sweden.
    Stenberg, Majken
    Ratio Institute, Sweden.
    Tang, Aili
    Örebro University, Örebro University School of Business. Ratio Institute, Sweden.
    Tano, Sofia
    Swedish Agency for Growth Policy Analysis, Sweden.
    Wang, Zheng
    De Montfort University, Leicester, UK.
    The effects of export credit guarantees on firm performance2019Other (Other academic)
  • 3. Agarwal, Natasha
    et al.
    Lodefalk, Magnus
    Örebro University, Örebro University School of Business. Ratio, Stockholm, Sweden; Global Labor Organization.
    Tang, Aili
    Örebro University, Örebro University School of Business.
    Tano, Sofia
    Örebro University, Örebro University School of Business. Growth Analysis, Östersund, Sweden.
    Wang, Zheng
    De Montfort University, Leicester, UK.
    Guaranteed Success?: The Effects of Export Credit Guarantees on Firm Performance2019Conference paper (Refereed)
    Abstract [en]

    Many countries offer government-backed export credit guarantees to domestic firms. We investigate the effects of such guarantees on firm exports, jobs and value added. Using uniquely detailed and exhaustive transaction-level panel data on guarantees and granular information on trade, exporters and foreign buyers, we perform difference-indifferences matching estimations. We find that guarantees improve firm performance. However, the effects are strikingly heterogeneous across firm size and response variables. Using guarantees increases the firm-destination probability of exporting and the value of exports by 18 and 172 percent, respectively, but does not generally increase jobs or value added. Smaller firms benefit the most in terms of exports. Overall, the evidence suggests a causal link from guarantees to firm export performance.

  • 4.
    Agarwal, Natasha
    et al.
    Research and Outcome, Mumbai, India.
    Lodefalk, Magnus
    Örebro University, Örebro University School of Business. Ratio Institute, Stockholm, Sweden.
    Tang, Aili
    Örebro University, Örebro University School of Business. Ratio Institute, Stockholm, Sweden.
    Tano, Sofia
    Wang, Zheng
    De Montfort University, Leicester, UK.
    Institutions for Non-Simultaneous Exchange: Microeconomic Evidence from Export Insurance2018Report (Other academic)
    Abstract [en]

    Information frictions make non-simultaneous exchange risky, particularly across borders. Therefore, many countries insure cross-border exchange. We investigate the effects on firm trade, jobs, value added and productivity, using uniquely detailed, comprehensive and longitudinal transaction-level Swedish data on insurance and granular data on exporters and foreign buyers. For identification, we employ matching and differencein-difference and fuzzy regression discontinuity estimators and exploit a quasi-natural experiment. We find strikingly heterogeneous effects across firm size and response variables. The strongest positive effects are for small traders and new users. Overall, the evidence suggests a causal link from export insurance to firm performance.

    Download full text (pdf)
    Institutions for Non-Simultaneous Exchange: Microeconomic Evidence from Export Insurance
  • 5.
    Kyvik Nordås, Hildegunn
    et al.
    Örebro University, Örebro University School of Business. OECD, Paris, France.
    Lodefalk, Magnus
    Örebro University, Örebro University School of Business.
    Tang, Aili
    Örebro University, Örebro University School of Business.
    Trade and jobs: a description of Swedish labor market dynamics2019Report (Other academic)
  • 6.
    Kyvik Nordås, Hildegunn
    et al.
    Örebro University, Örebro University School of Business. NUPI.
    Lodefalk, Magnus
    Örebro University, Örebro University School of Business. Ratio Institute, Sweden.
    Tang, Aili
    Örebro University, Örebro University School of Business. Ratio Institute, Sweden.
    Utrikeshandel, löner och rörlighet2019In: En dynamisk arbetsmarknad / [ed] Lotta Stern, Stockholm: Dialogos Förlag, 2019, p. -55Chapter in book (Other academic)
  • 7.
    Lodefalk, Magnus
    et al.
    Örebro University, Örebro University School of Business. Ratio Institute, Stockholm, Sweden; Global Labor Organization, Essen, Germany.
    Sjöholm, Fredrik
    Lund University, Lund, Sweden; Research Institute for Industrial Economics, Stockholm, Sweden.
    Tang, Aili
    Örebro University, Örebro University School of Business.
    International Trade and Labour Market Integration of Immigrants2022In: The World Economy, ISSN 0378-5920, E-ISSN 1467-9701, Vol. 45, no 6, p. 1650-1689Article in journal (Refereed)
    Abstract [en]

    We examine if international trade improves labor market integration of immigrants in Sweden. Immigrants participate substantially less than natives in the labor market. However, trading with a foreign country is expected to increase the demand for immigrants from that country. By hiring immigrants, a firm may access foreign knowledge and networks needed to overcome information frictions in trade. Using granular longitudinal matched employer–employee data and an instrumental variable approach, we estimate the causal effects of a firm’s bilateral trade on employment and wages of immigrants from that country. We find a positive, yet heterogeneous, effect of trade on immigrant employment but no effect on immigrant wages.

  • 8.
    Lodefalk, Magnus
    et al.
    Örebro University, Örebro University School of Business. Ratio Institute, Stockholm, Sweden.
    Tang, Aili
    Örebro University, Örebro University School of Business.
    The impact of hiring top workers on productivity: What is the role of absorptive capacity?2018In: Applied Economics Letters, ISSN 1350-4851, E-ISSN 1466-4291, Vol. 25, no 20, p. 1402-1406Article in journal (Refereed)
    Abstract [en]

    We examine the heterogeneous productivity impacts of hiring top workers on small and medium-sized enterprises, exploiting matched employer–employee panel data and employing within-firm as well as matching and difference-in-difference estimators. The results provide robust evidence that the productivity impact is stronger for firms with higher absorptive capacity. Technological laggards within an industry benefit more strongly from hiring top workers if their workforce is more well-educated.

  • 9.
    Lodefalk, Magnus
    et al.
    Örebro University, Örebro University School of Business. Ratio, Stockholm, Sweden.
    Tang, Aili
    Örebro University, Örebro University School of Business. Ratio, Stockholm, Sweden.
    Tano, Sofia
    Örebro University, Örebro University School of Business. Tillväxtanalys, Östersund, Sweden.
    Statliga garantier i utrikeshandeln: Mönster, effekter och reflektioner2019In: Ekonomisk Debatt, ISSN 0345-2646, Vol. 47, no 8, p. 38-51Article in journal (Other academic)
    Abstract [sv]

    Många länder erbjuder exportkreditgarantier där staten mot en premie utfäster sig att betala exportören om den utländska kunden inte gör det. Vi beskriver det svenska systemet under Exportkreditnämnden, med fokus på små- och medel- stora företag, och undersöker effekterna av sådana garantier på företags export, sysselsättning och förädlingsvärde. Vi finner att garantierna påverkar såväl inträde i export som värdet på exporten positivt. Vi noterar att effekterna är mycket heterogena över olika typer av företag och utfallsvariabler, där de min- dre företagens export underlättas avsevärt mer än de stora företagens. För vissa företag och transaktioner ser vi även effekter på jobb och förädlingsvärde. Vi avslutar med att diskutera policyimplikationer.

    Download full text (pdf)
    Statliga garantier i utrikeshandeln – mönster, effekter och reflektioner
  • 10.
    Lodefalk, Magnus
    et al.
    Örebro University, Örebro University School of Business. Global Labor Organization, Essen, Germany; Ratio Institute, Stockholm, Sweden.
    Tang, Aili
    Örebro University, Örebro University School of Business.
    Yu, Miaojie
    Peking University, Peking, China.
    Stayin' Alive: Export Credit Guarantees and Export Survival2022Report (Other academic)
    Abstract [en]

    We use survival analysis to analyse the impact of export credit guarantees on firms’ export duration using granular Swedish panel data at the firm-country and firm-country-product levels. The estimation results show that firms’ export survival substantially increases with guarantees, at both levels. The associations are particu- larly strong for smaller firms and contracts as well as in trade with riskier markets. The findings have implications for policies to promote long-run export growth.

    Download full text (pdf)
    Stayin’ Alive: Export Credit Guarantees and Export Survival
  • 11.
    Macuchova, Zuzana
    et al.
    Dalarna University, Falun, Sweden.
    Rudholm, Niklas
    HUI Research, Stockholm, Sweden; Dalarna University, Falun, Sweden.
    Tang, Aili
    Dalarna University, Falun, Sweden.
    Firm growth in the Swedish energy sector: Will large firms become even more dominant?2014In: International Journal of Energy and Statistics, ISSN 2335-6804, Vol. 2, no 4, p. 247-267Article in journal (Refereed)
    Abstract [en]

    This paper examines the determinants of firm growth in the Swedish energy sector using a sample of 200 energy firms active from 2000 to 2010. The article has two aims. First, we seek to investigate whether there is reason to believe that the Swedish energy market will become more concentrated in the future, dominated by a few firms. That would be the result if, for example, large firms systematically and over time grew faster than the smaller firms in the Swedish market. Second, we investigate whether firm growth can mainly be explained by firm-specific variables, supporting Penrose's [1] suggestion that internal resources are the key determinants of firm growth rates. To this end, quantile regression is used in addition to ordinary least squares regression, to provide a more complete estimation of the growth distribution of firms conditional on different attributes. The results indicate that large firms do not grow faster than other firms in the sector, and that energy firms' internal resources are indeed the key determinants of firm growth in the Swedish energy industry.

  • 12.
    Tang, Aili
    Örebro University, Örebro University School of Business. Institutionen för Nationalekonomi, Högskolan Dalarna, Falun, Sweden.
    Does Gibrat’s Law hold for Swedish energy firms?2015In: Empirical Economics, ISSN 0377-7332, E-ISSN 1435-8921, Vol. 49, no 2, p. 659-674Article in journal (Refereed)
    Abstract [en]

    Gibrat's law predicts that firm growth is purely random and should be independent of firm size. We use a random effects-random coefficient model to test whether Gibrat's law holds on average in the studied sample as well as at the individual firm level in the Swedish energy market. No study has yet investigated whether Gibrat's law holds for individual firms, previous studies having instead estimated whether the law holds on average in the samples studied. The present results support the claim that Gibrat's law is more likely to be rejected ex ante when an entire firm population is considered, but more likely to be confirmed ex post after market selection has "cleaned" the original population of firms or when the analysis treats more disaggregated data. From a theoretical perspective, the results are consistent with models based on passive and active learning, indicating a steady state in the firm expansion process and that Gibrat's law is violated in the short term but holds in the long term once firms have reached a steady state. These results indicate that approximately 70 % of firms in the Swedish energy sector are in steady state, with only random fluctuations in size around that level over the 15 studied years.

    Download full text (pdf)
    FULLTEXT01
  • 13.
    Tang, Aili
    Örebro University, Örebro University School of Business.
    Firm dynamics and competition in the electricity market2018Doctoral thesis, comprehensive summary (Other academic)
    Abstract [en]

    This thesis consists of four independent essays that deal with the firm dynamics and competition in the electricity market. Specifically, it addresses two important facets of firm dynamics, namely, firm performance (growth and profitability) and the change in competition intensity that Swedish electricity firms face, brought by the process of deregulation in Swedish electricity market.

    Essay 1 investigates whether Gibrat’s law holds for individual firms. The results support the claim that Gibrat’s law is more likely to be rejected ex ante when an entire firm population is considered, but more likely to be confirmed ex post after market selection has “cleaned” the original population of firms or when the analysis treats more disaggregated data.

    Essay 2 examines the determinants of firm growth in the Swedish electricity sector. The results indicate that large firms do not grow faster than do other firms in the sector, and that electricity firms’ internal resources are indeed the key determinants of firm growth in the Swedish electricity industry.

    Essay 3 shows that although multi-plant firms are more prevalent than single-plants firms in industries characterized by scale economies and imperfect competition, multi-plant electricity firms on average have a one percentage-point lower return on total asset than their single-plant counterparts as they reach a ‘steady state’ firm size when an optimal size is identified. The potential reasons could be loss of control across hierarchical levels within multi-plant firms or the adaption to technological changes lag behind in comparison to single–plant firms.

    Essay 4 compare competition intensity before and after the launch of Internet electricity price comparison sites (IEPCS). The heterogeneous effects on competition intensity are found, with the largest effect on competition found in parts of the market that were already characterized by high levels of competition before the launch of IEPCS.

    List of papers
    1. Does Gibrat’s Law hold for Swedish energy firms?
    Open this publication in new window or tab >>Does Gibrat’s Law hold for Swedish energy firms?
    2015 (English)In: Empirical Economics, ISSN 0377-7332, E-ISSN 1435-8921, Vol. 49, no 2, p. 659-674Article in journal (Refereed) Published
    Abstract [en]

    Gibrat's law predicts that firm growth is purely random and should be independent of firm size. We use a random effects-random coefficient model to test whether Gibrat's law holds on average in the studied sample as well as at the individual firm level in the Swedish energy market. No study has yet investigated whether Gibrat's law holds for individual firms, previous studies having instead estimated whether the law holds on average in the samples studied. The present results support the claim that Gibrat's law is more likely to be rejected ex ante when an entire firm population is considered, but more likely to be confirmed ex post after market selection has "cleaned" the original population of firms or when the analysis treats more disaggregated data. From a theoretical perspective, the results are consistent with models based on passive and active learning, indicating a steady state in the firm expansion process and that Gibrat's law is violated in the short term but holds in the long term once firms have reached a steady state. These results indicate that approximately 70 % of firms in the Swedish energy sector are in steady state, with only random fluctuations in size around that level over the 15 studied years.

    Place, publisher, year, edition, pages
    Springer Berlin/Heidelberg, 2015
    Keywords
    Firm size; Firm growth; Random coefficient; Energy sector
    National Category
    Economics
    Research subject
    Complex Systems – Microdata Analysis
    Identifiers
    urn:nbn:se:oru:diva-62323 (URN)10.1007/s00181-014-0883-x (DOI)000358935300012 ()2-s2.0-84938553585 (Scopus ID)
    Available from: 2017-11-13 Created: 2017-11-13 Last updated: 2018-04-25Bibliographically approved
    2. Firm growth in the Swedish energy sector: Will large firms become even more dominant?
    Open this publication in new window or tab >>Firm growth in the Swedish energy sector: Will large firms become even more dominant?
    2014 (English)In: International Journal of Energy and Statistics, ISSN 2335-6804, Vol. 2, no 4, p. 247-267Article in journal (Refereed) Published
    Abstract [en]

    This paper examines the determinants of firm growth in the Swedish energy sector using a sample of 200 energy firms active from 2000 to 2010. The article has two aims. First, we seek to investigate whether there is reason to believe that the Swedish energy market will become more concentrated in the future, dominated by a few firms. That would be the result if, for example, large firms systematically and over time grew faster than the smaller firms in the Swedish market. Second, we investigate whether firm growth can mainly be explained by firm-specific variables, supporting Penrose's [1] suggestion that internal resources are the key determinants of firm growth rates. To this end, quantile regression is used in addition to ordinary least squares regression, to provide a more complete estimation of the growth distribution of firms conditional on different attributes. The results indicate that large firms do not grow faster than other firms in the sector, and that energy firms' internal resources are indeed the key determinants of firm growth in the Swedish energy industry.

    Place, publisher, year, edition, pages
    World Scientific, 2014
    Keywords
    Market power, energy market regulation, energy market competetion, quantile regresssion, competetion policy
    National Category
    Economics
    Identifiers
    urn:nbn:se:oru:diva-62322 (URN)10.1142/S2335680414500173 (DOI)
    Available from: 2015-12-18 Created: 2017-11-13 Last updated: 2018-04-25Bibliographically approved
    3. Are multi-plant firms more or less profitable?: Evidence from Swedish electricity firms
    Open this publication in new window or tab >>Are multi-plant firms more or less profitable?: Evidence from Swedish electricity firms
    (English)Manuscript (preprint) (Other academic)
    National Category
    Economics
    Identifiers
    urn:nbn:se:oru:diva-66773 (URN)
    Available from: 2018-04-25 Created: 2018-04-25 Last updated: 2018-04-25Bibliographically approved
    4. Do Internet price comparison sites make markets more competitive?: An analysis using Swedish electricity firms
    Open this publication in new window or tab >>Do Internet price comparison sites make markets more competitive?: An analysis using Swedish electricity firms
    (English)Manuscript (preprint) (Other academic)
    National Category
    Economics
    Identifiers
    urn:nbn:se:oru:diva-66774 (URN)
    Available from: 2018-04-25 Created: 2018-04-25 Last updated: 2018-04-25Bibliographically approved
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    Firm dynamics and competition in the electricity market
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  • 14.
    Tang, Aili
    et al.
    Örebro University, Örebro University School of Business.
    Macuchova, Zuzana
    Dalarna University, Falun, Sweden.
    Are multi-plant firms more or less profitable?: Evidence from Swedish electricity firmsManuscript (preprint) (Other academic)
  • 15.
    Tang, Aili
    et al.
    Örebro University, Örebro University School of Business.
    Macuchova, Zuzana
    Dalarna University, Falun, Sweden.
    Do Internet price comparison sites make markets more competitive?: An analysis using Swedish electricity firmsManuscript (preprint) (Other academic)
1 - 15 of 15
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