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Labor Market Effects of COVID-19 in Sweden and its Neighbors: Evidence from Novel Administrative Data
(Discussion paper;8/20, Working paper, 2020-07-24)This paper studies the labor market effects of non-pharmaceutical interventions (NPIs) to combat the COVID-19 pandemic. We focus on the Nordic countries which showed one of the highest variations in NPIs despite having ... -
Leadership in Climate Policy: Is there a case for Early Unilateral Unconditional Emission Reductions?
(Discussion paper;06/13, Working paper, 2013-06)One may misread economic theory on climate policy to provide a warning against unilateral mitigation. While important lessons are drawn from ‘global problems require global solutions’, these say little about what to do ... -
Learning to face stochastic demand
(Discussion paper, Working paper, 2000-09)We consider repeated interaction among several producers of a homogenous, divisible good, traded at a common market. Demand is uncertain, and its law is unknown. We explore an adaptive scheme leading such producers over ... -
Level dependent annuities : defaults of multiple degrees
(Discussion paper, Working paper, 2008-03)Motivated by the risk of stopped debt coupon payments from a leveraged company in financial distress, we value a level dependent annuity contract where the annuity rate depends on the value of an underlying asset-process. ... -
Leverage, liquidity and long-run IPO returns
(Discussion paper, Working paper, 2000-02)It is well known that IPO stocks on average substantially underperform (over 3-5 years) non-IPO stocks matched on firm size. With a large sample of Nasdaq IPOs, this paper presents systematic evidence that IPO stocks are ... -
The life and career of Karl H. Borch
(Discussion paper, Working paper, 2003) -
Life insurance and pension contracts I : the time additive life cycle model
(Discussion paper;13/14, Working paper, 2014-03)We analyze optimal consumption in the life cycle model by intro- ducing life and pension insurance contracts. The model contains a credit market with biometric risk, and market risk via risky securi- ties. This idealized ... -
Limits to arbitrage when market participation is restricted
(Discussion paper, Working paper, 2003-11)There is an extensive literature claiming that it is often difficult to make use of arbitrage opportunities in financial markets. This paper provides a new reason why existing arbitrage opportunities might not be seized. ... -
Liquidity constraints and entrepreneurial performance
(Discussion paper, Working paper, 2007-09)If entrepreneurs are liquidity constrained and cannot borrow to operate on an efficient scale, those with more personal wealth should do better than those with less wealth. We investigate this hypothesis using a unique ... -
Liquidity risk, leverage and long-run IPO returns
(Discussion paper, Working paper, 2002-07)We examine the risk-return characteristics of a rolling portfolio investment strategy where more than 6,300 Nasdaq IPO stocks are bought and held for up to five years over the 1973-2000 period. The puzzling low average ... -
Log-normal creaming and the likelihood of discovering additional giant petroleum fields
(Discussion paper;3/16, Working paper, 2016-01-27)This paper considers sampling proportional to expected size from a partly unknown distribution. The applied context is the exploration for undiscovered resources, like oil accumulations in different deposits, where the ... -
Long dated life insurance and pension contracts
(Discussion paper, Working paper, 2011-05) -
The long term equilibrium interest rate and risk premiums under uncertainty
(Discussion paper, Working paper, 2011-02) -
Lost in Information: National Implementation of Global Tax Agreements
(Discussion paper;22/23, Working paper, 2023-11-13)In unparalleled international coordination, more than 100 countries adopted the Common Reporting Standard (CRS), committing to automatically exchange information on citizens’ foreign financial assets. We study how heterogeneity ... -
Lower and upper bounds for linear production
(Discussion paper, Working paper, 2002-11)We study a model of a production economy in which every set of agents owns a set of resources, and where they all have access to the same technology. The agents can cooperate by pooling their resources, and the total profit ... -
Making Bank: Why High Bank Leverage is Optimal - for the Bank's Shareholders
(Discussion paper;33/15, Working paper, 2015-11-27)We create a structural credit model to calculate the optimal capital structure for a bank that provides asset backed loans, such as corporate loans and mortgages. The bank's assets are loans, which means that the bank's ... -
Making prospect theory fit for finance
(Discussion paper, Working paper, 2005-09)This paper gives a survey over a common aspect of prospect theory that occurred to be of importance in a series of recent papers developed by Enrico De Giorgi, Thorsten Hens, Janos Mayer, Haim Levy, Thierry Post, Marc ... -
Malmquist Productivity Analysis based on StoNED
(Discussion paper;25/15, Working paper, 2015-09-24)We construct a Malmquist productivity index based on stochastic non-parametric envelopment of data (StoNED) method, and we study how the distributional assumptions in the second StoNED stage affect productivity change ... -
Management of Knowledge Workers
(Discussion paper, Working paper, 2006-06)We study how complementarities and intellectual property rights affect the management of knowledge workers. The main results relay when a firm will wish to sue workers that leave with innovative ideas, and the effects of ... -
Managing Flexible Load Contracts: Two simple strategies
(Discussion paper, Working paper, 2006-11)A flexible load contract is a type of swing option where the holder has the right to receive a given quantity of electricity within a specified period, at a fixed maximum effect (delivery rate). The contract is flexible, ...