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  • 1.
    Andersson, Fredrik
    et al.
    Statistics Sweden, Örebro, Sweden.
    Johansson, Dan
    Örebro University, Örebro University School of Business. HUI Research, Stockholm, Sweden.
    Karlsson, Johan
    Örebro University, Örebro University School of Business.
    Lodefalk, Magnus
    Örebro University, Örebro University School of Business.
    Poldahl, Andreas
    Statistics Sweden, Örebro, Sweden.
    The Characteristics and Performance of Family Firms: Exploiting information on ownership, governance and kinship using total population data2017Report (Refereed)
    Abstract [en]

    Family firms are often considered characteristically different from non-family firms, and the economic implications of these differences have generated significant academic debate. However, our understanding of family firms suffers from an inability to identify them in total population data, as this requires information on owners, their kinship and involvement in firm governance, which is rarely available. We present a method for identifying domiciled family firms using register data that offers greater accuracy than previous methods. We then apply it to data from Statistics Sweden concerning firm ownership, governance and kinship over the years 2004-2010. Next, we use Swedish data to estimate these firms’ economic contribution to total employment and gross domestic product (GDP) and compare them to private domiciled non-family firms in terms of their characteristics and economic performance. We find that the family firm is the prevalent organizational form, contributing to over one-third of all employment and GDP. Family firms are common across industries and sizes, ranging from the smallest producers to the largest multinational firms. However, their characteristics differ across sizes and legal forms, thereby indicating that the seemingly contradictory findings among previous studies on family firms may be due to unobserved heterogeneity. We furthermore find that they are smaller than private non-family firms in employment and sales and carry higher solidity, although they are more profitable. These differences diminish with firm size, however. We conclude that the term ‘family firm’ contains great diversity and call for increased attention to their heterogeneity.

  • 2.
    Andersson, Fredrik
    et al.
    Department of Economics, Lund University, Lund, Sweden; Research Institute of Industrial Economics (IFN), Stockholm, Sweden.
    Jordahl, Henrik
    Örebro University, Örebro University School of Business. Research Institute of Industrial Economics (IFN), Stockholm, Sweden, CESifo, Stockholm, Sweden, IZA, Bonn, Germany.
    Josephson, Jens
    Research Institute of Industrial Economics (IFN), Stockholm, Sweden; Stockholm Business School, Stockholm University, Stockholm, Sweden.
    Outsourcing Public Services: Contractibility, Cost, and Quality2019Report (Other academic)
    Abstract [en]

    We review the literature on public sector outsourcing to explore if the theoretical predictions from the incomplete contracts literature hold up to recent empirical evidence. Guided by theory, we arrange services according to the type and magnitude of their contractibility problems. The empirical studies point at rather favourable outsourcing outcomes, in terms of costs and quality, for services without severe contracting problems. The picture is more mixed for services with tougher contracting problems, with the weight of the evidence in favour of public provision. This difference between services is largely in line with the property-rights framework and theories of incomplete contracts.

  • 3.
    Andrén, Daniela
    et al.
    Örebro University, Örebro University School of Business.
    Clark, Andrew
    Paris School of Economics, Paris, France.
    D'Ambrosio, Conchita
    Université du Luxembourg, Esch-sur-Alzette, Luxembourg.
    Karlsson, Sune
    Örebro University, Örebro University School of Business.
    Pettersson, Nicklas
    Örebro University, Örebro University School of Business.
    Subjective and physiological measures of well-being: an exploratory analysis using birth-cohort data2017Report (Other academic)
    Abstract [en]

    We use a rich longitudinal data set following a cohort of Swedish women from age 10 to 49 to analyse the effects of birth and early-life conditions on adulthood outcomes. These latter include both well-being and the stress hormone cortisol. Employment and marital status are important adult determinants of well-being. Log family income and absence from school also predict adult well-being, although their importance falls when controlling for adult and birth characteristics. Among the birth characteristics, we find that high birth weight (>4.3kg) affects adult well-being. We predict the level of adult cortisol only poorly, and suggest that the relationship between life satisfaction and cortisol is non-monotonic: both high and low cortisol are negatively correlated with life satisfaction. The results from an OLS life satisfaction regression and a multinomial logit of high or low cortisol (as compared to medium) are more similar to each other.

  • 4.
    Andrén, Daniela
    et al.
    Örebro University, Örebro University School of Business.
    Clark, Andrew E.
    Paris School of Economics - CNRS, Paris, France.
    D’Ambrosio, Conchita
    Université du Luxembourg, Esch-sur-Alzette, Luxembourg.
    Karlsson, Sune
    Örebro University, Örebro University School of Business.
    Pettersson, Nicklas
    Örebro University, Örebro University School of Business.
    New ways to measure well-being?: A first joint analysis of subjective and objective measures2018Report (Other academic)
    Abstract [en]

    Our study is, to our knowledge, the first joint analysis of subjective and objective measures of well-being. Using a rich longitudinal data from the mothers pregnancy until adulthood for a birth cohort of children who attended school in Örebro during the 1960s, we analyse in a first step how subjective (self-assessed) and objective (cortisol-based) measures of well-being are related to each other. In a second step, life-course models for these two measures are estimated and compared with each other. Despite the fact that our analysis is largely exploratory, our results suggest interesting possibilities to use objective measures to measure well-being, even though this may imply a greater degree of complexity.

  • 5.
    Andrén, Daniela
    et al.
    Örebro University, Örebro University School of Business.
    Mudenda, Lackson Daniel
    Örebro University, Örebro University School of Business.
    Pettersson, Nicklas
    Örebro University, Örebro University School of Business.
    Which firms employ older workers?2018Report (Other academic)
    Abstract [en]

    There is an increasing emphasizes on the importance of allowing people as they grow older to continue to work according to their work capacity and preferences. This paper builds on earlier literature that shows that firms employ older workers, but they tend not to hire them, and provides an explorative analysis of the establishments that employ older workers. A special focus is on how sensitive are the findings when the definition of older workers become more restrictive. Using employer-employee data from Swedish administrative registers, we found that the difference in establishments’ employment is large enough to explain some of theobserved difference across definitions. The retirement age in the guaranteed pension scheme, i.e., 65 years, seems to be one the institutional settings that affect both the employees and employers’ decision for work after 65, but also the establishment’s size, age and ownership.

  • 6.
    Du Rietz, Gunnar
    et al.
    Research Institute of Industrial Economics (IFN), Stockholm, Sweden.
    Johansson, Dan
    Örebro University, Örebro University School of Business.
    Stenkula, Mikael
    Research Institute of Industrial Economics (IFN), Stockholm, Sweden.
    A 150-year Perspective on Swedish Capital Income Taxation2014Report (Refereed)
    Abstract [en]

    This paper describes the evolution of capital income taxation, including corporate, dividend, interest, capital gains and wealth taxation, in Sweden between 1862 and 2010. To illustrate the evolution, we present annual time-series data on the marginal effective tax rates on capital income (METR) for a marginal investment financed with new share issues, retained earnings or debt. Tax tables covering the period are presented. These data are unique in their consistency, thoroughness and time span covered. The METR is low, is stable and does not exceed five percent until World War I, when it starts to drift somewhat upward and vary depending on the source of finance. The outbreak of World War II starts a period when the magnitude and variation of the METR sharply increases. The METR peaks during the 1970s and 1980s and often exceeds 100 percent. The 1990–1991 tax reform and lower inflation reduce the magnitude and variation of the METR. The METR varies between 15 and 40 percent at the end of the examined period.

  • 7.
    Gulliksson, Mårten
    et al.
    Örebro University, School of Science and Technology.
    Mazur, Stepan
    Örebro University, Örebro University School of Business.
    An Iterative Approach to Ill-Conditioned Optimal Portfolio Selection2019Report (Other academic)
    Abstract [en]

    Covariance matrix of the asset returns plays an important role in the portfolioselection. A number of papers is focused on the case when the covariance matrixis positive definite. In this paper, we consider portfolio selection with a singu-lar covariance matrix. We describe an iterative method based on a second orderdamped dynamical systems that solves the linear rank-deficient problem approxi-mately. Since the solution is not unique, we suggest one numerical solution that canbe chosen from the iterates that balances the size of portfolio and the risk. The nu-merical study confirms that the method has good convergence properties and givesa solution as good as or better than the constrained least norm Moore-Penrose solu-tion. Finally, we complement our result with an empirical study where we analyzea portfolio with actual returns listed in S&P 500 index.

  • 8.
    Javed, Farrukh
    et al.
    Örebro University, Örebro University School of Business.
    Mazur, Stepan
    Örebro University, Örebro University School of Business.
    Ngailo, Edward
    Department of Mathematics, Stockholm University, Stockholm, Sweden; Department of Mathematics, University College of Education, Dar es Salaam, Tanzania.
    Higher order moments of the estimated tangency portfolio weights2017Report (Other academic)
    Abstract [en]

    In this paper we consider the estimated tangency portfolio weights. We derive analytical expressions for the higher central and non-central moments of these weights. The main focus has been given to skewness and kurtosis due to the importance of asymmetry and heavy tails of the data. We complement our results with an empirical study where we analyze an international diversified portfolio.

  • 9.
    Johansson, Dan
    et al.
    Örebro University, Örebro University School of Business.
    Stenkula, Mikael
    Research Institute of Industrial Economics (IFN), Stockholm, Sweden.
    Wykman, Niklas
    Örebro University, Örebro University School of Business.
    The Rise of Private Foundations as Owners of Swedish Industry: The Role of Tax Incentives 1862–20182018Report (Other academic)
    Abstract [en]

    The tax system has at times favoured firm control through private foundations, which has been argued to inhibit high-impact entrepreneurship and economic growth. However, research has been hampered due to a lack of systematic historical tax data. The purpose of this study is threefold. First, we describe the evolution of tax rules for private foundations in Sweden between 1862 and 2018. Second, we calculate the marginal effective tax rate on capital income. Third, we examine the incentives to use private foundations as a means for corporate control by comparing the taxation of private foundations and of high-impact entrepreneurs. Tax incentives help explain why economically significant private foundations were founded between World War I and the 1960s.

  • 10.
    Karlsson, Sune
    et al.
    Örebro University, Örebro University School of Business.
    Österholm, Pär
    Örebro University, Örebro University School of Business.
    Is the US Phillips Curve Stable? Evidence from Bayesian VARs2018Report (Other academic)
    Abstract [en]

    Inflation did not fall as much as many economists expected as the Great Recession hit the US economy. One explanation suggested for this phenomenon is that the Phillips curve has become flatter. In this paper we investigate the stability of the US Phillips curve, employing Bayesian VARs to quarterly data from 1990Q1 to 2017Q3. We estimate bivariate models for PCE inflation and the unemployment rate under a number of different assumptions concerning the dynamics and covariance matrix. Specifically, we assess the importance of time-varying parameters and stochastic volatility. Using new tools for model selection, we find support for both time-varying parameters and stochastic volatility. Interpreting the Phillips curve as the inflation equation of our Bayesian VAR, we conclude that the US Phillips curve has been unstable. Our results also indicate that the Phillips curve may have been somewhat flatter between 2005 and 2013 than in the decade preceding that period. However, while the dynamic relations of the model appear to be subject to time variation, we note that the effect of a shock to the unemployment rate on inflation is not fundamentally different over time. Finally, a conditional forecasting exercise suggests that as far as the models are concerned, inflation may not have been unexpectedly high around the Great Recession.

  • 11.
    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)
  • 12.
    Lodefalk, Magnus
    et al.
    Örebro University, Örebro University School of Business. Ratio Institute, Stockholm, Sweden.
    Nordås, Hildegunn Kyvik
    Örebro University, Örebro University School of Business. Trade and Agriculture Directorate, OECD , Paris, France.
    Trading firms and trading costs in services: The case of Sweden2017Report (Refereed)
    Abstract [en]

    This paper first portraits Swedish services exporters and services MNEs; second it analyses the determinants of services exports and affiliate sales; and third it studies the choice of mode of entering a foreign market. Emanating from a heterogeneous firm internationalization model, the main contribution of the paper is to explore the interaction between firm characteristics and foreign market characteristics, particularly policy-induced services trade barriers, in shaping services trade and investment patterns. Exploiting a large and very detailed firm-level dataset for the 2008-2013 period, the descriptive analysis finds that most exporting firms export one or two products to a few, most often other Nordic countries. Still, firms that export to 25 or more markets account for more than 80% of total export value. Furthermore, firms that export to 20 countries export more than 60% to their main destination country. Similar patterns are found for affiliate sales. Using a gravity approach we then study the determinants of the extensive and intensive margin of exports and affiliate sales in pooled as well as sector level regressions. We find that trade costs, both natural and policy-induced have the largest impact on the extensive margin of trade, suggesting that trade costs facing services exporters are mainly in the form of fixed entry costs. This is further supported by the finding that incumbency is the most important determinant of future exports and affiliate sales, and incumbents tend to be protected and thrive behind trade barriers.

  • 13.
    Nordås, Hildegunn Kyvik
    Örebro University, Örebro University School of Business. OECD, Paris, France.
    Frankel and Romer revisited2018Report (Other academic)
    Abstract [en]

    Frankel and Romer (1999) proposed an instrument variable for trade intensity to robustly assess the causal impact of international trade on standards of living. The instrument is based on OLS estimates of the gravity equation and has been widely used in the literature. In this note I show that the instrument is unrelated to income in the mid-2000s. Re-estimating the gravity equation using PPML, I show that the resulting instrument is strongly related to GDP per capita, but weakly correlated with trade, suggesting that what is captured may be a direct link between geography and income.

  • 14.
    Nordås, Hildegunn Kyvik
    Örebro University, Örebro University School of Business. OECD Trade and Agriculture Directorate, Paris, France.
    What drives trade in services?: Lessons from the Nordics2017Report (Refereed)
    Abstract [en]

    The contribution of this paper to the literature is to make an empirical assessment of the relative importance of non-actionable institutional and cultural factors and actionable policy measures for services market integration, using the Nordic countries as a case study. It finds that intra-Nordic trade in services is about 2.5 times larger than predicted from the gravity model. This may not be surprising since the Nordics are perceived as a cluster of similar countries, but a detailed analysis of the Nordics’ policy framework, trade agreements, institutional and cultural factors concludes that these cannot explain the intra-Nordic bias. An unexplained “Nordicness” factor of this magnitude indicates that integration of services markets may rely on deeper institutional and cultural factors that do not readily lend themselves to trade negotiations. Conversely, trade agreements may yield the largest benefits among countries that share common cultural and institutional features.

  • 15.
    Thureson, Disa
    Örebro University, Örebro University School of Business. The Swedish National Road and Transport Research Institute (VTI), Linköping, Sweden.
    Avoiding path dependence of distributional weights: Lessons from climate change economic assessments2016Report (Other academic)
    Abstract [en]

    In some cost benefit analysis (CBA) applications, such as those used for the valuation of climate change damage, distributional weights are used to account for diminishing utility of marginal income. This is usually done by means of intra-temporal distributional weights, which are combined with discounting to account for inter-temporal equity and efficiency. Here, I show that this approach might introduce some inconsistencies in terms of path dependence. In short, this inconsistency means that regional economic growth is double counted. This is because income weighting is performed both through the discount rate and through the distributional weights such that growth shows up twice in the weighting process. Using the PAGE2002 model, it is found that the inconsistency problem in the original model erases the influence of distributional weights on the social cost of carbon dioxide (SCCO2) compared to a standard CBA approach. The alternative approaches proposed here yield about 20%–40% higher values of SCCO2 than the old approach. While this has been briefly commented on in previous work, it has not yet been more thoroughly analyzed nor communicated to the broader community of climate policy and economic analysts who are not deeply interested in the specifications of the climate impact assessment models.

  • 16.
    Thureson, Disa
    Örebro University, Örebro University School of Business. The Swedish National Road and Transport Research Institute (VTI), Stockholm, Sweden.
    The Temporal Aspects of the Social Cost of Greenhouse Gases2016Report (Other academic)
    Abstract [en]

    The purpose of this study is to investigate the temporal aspects of the social cost of greenhouse gases (GHGs). I am particularly interested in the interaction between time of emissions, discounting, and type of GHG (where different GHGs have different atmospheric lifetimes). I show graphically how the social costs of GHGs depend on different parameter values and how the global damage potential for methane and sulfur hexafluoride evolves over time. I find that that the calculation period ultimately should be modeled to be consistent with the discount rate and that the "global-warming potential" concept is unsuitable for calculating of the social cost of GHGs other than carbon dioxide.

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