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Name and shame? Evidence from the European Union tax haven blacklist
(Discussion paper;18/18, Working paper, 20181214)I study publication of the European Union (EU) tax haven blacklist on December 5, 2017 to examine whether and how the use of recognized tax havens affects firm value. I find that the tax haven naming and shaming by the EU ... 
The Nash bargaining solution vs. equilibrium in a reinsurance syndicate
(Discussion paper, Working paper, 200805)We compare the Nash bargaining solution in a reinsurance syndicate to the competitive equilibrium allocation, focusing on uncertainty and risk aversion. Restricting attention to proportional reinsurance treaties, we find ... 
Negative volatility and the survival of the western financial markets
(Discussion paper, Working paper, 200401)The paper discusses situations where certain parameters are given values that are outside their natural ranges. One case is obtained when plugging in a negative value for the volatility parameter in the Black and Scholes ... 
A new approach of fitting biomass dynamics models to real data based on a linear total allowable catch (TAC) rule : an optimal control approach
(Discussion paper, Working paper, 200005)A nontraditional approach of fitting dynamic resource biomass models to data is developed in this paper. The adjoint technique is an optimal control or a variational method for parameter identification. It provides a novel ... 
New econ for life actuaries
(Discussion paper, Working paper, 200303)In an editorial in ASTIN BULLETIN, Hans Bühlmann (2002) suggests it is time to change the teaching of life insurance theory towards the real life challenges of that industry. The following note is a response to this ... 
Newspaper Differentiation and Investments in Journalism: The Role of Tax Policy
(Discussion paper;12/09, Working paper, 200911)Newspapers are considered to be important providers of information, culture and language, and are taxed at a reduced VAT rate in most countries. This paper shows that such a policy may a¤ect newspaper differentiation and ... 
Newspapers and Advertising: The Effects of AdValorem Taxation under Duopoly
(Discussion paper, Working paper, 200701)Newspapers are twosided platforms that sell their product both to readers and advertisers. Media firms in general, and newspapers in particular, are considered important providers of information, culture and language in ... 
Nodal pricing in a coupled electricity market
(Arbeidsnotat;27/14, Working paper, 201406)This paper investigates a pricing model for an electricity market with a hybrid congestion management method, i.e. part of the system applies a nodal pricing scheme and the rest applies a zonal pricing scheme. The model ... 
Nonlinear anonymous pricing in combinatorial auctions
(Discussion paper, Working paper, 200508) 
Nonparametric estimation of conditional densities: A new method
(Discussion paper;22/16, Working paper, 20161207)Let X = (X1,...,Xp) be a stochastic vector having joint density function fX(x) with partitions X1 = (X1,...,Xk) and X2 = (Xk+1,...,Xp). A new method for estimating the conditional density function of X1 given X2 is presented. ... 
The nonequivalence of the earnings and dividends approaches to equity valuation
(Discussion paper, Working paper, 200509)Accounting theory treats a wide class of equity valuation approaches as equivalent. For example, under clean surplus accounting, the earnings approach is viewed as identical to the discounted dividends approach. Empirical ... 
A note on a barrier exchange option : the world’s simplest option formula?
(Discussion paper, Working paper, 200508)The paper analyzes a barrier exchange option that is knocked out the first time the two underlying assets have identical market values. Under rather general conditions regarding the price processes for the underlying assets, ... 
Now or Later? Trading wind power closer to realtime and how poorly designed subsidies lead to higher balancing costs
(Discussion papers;2013/01, Working paper, 201304)An important challenge facing many deregulated electricity markets is dealing with the increasing penetration of intermittent generation. Simulation studies have pointed to the advantages of trading closer to realtime ... 
Oil Price Shocks and Stock Return Predictability
(Discussion paper;13/09, Working paper, 200911)Recent research has documented that oil price changes lead the aggregate market in most industrialized countries, and has argued that it represents an anomaly  an underreaction to information that investors can profit ... 
Oil Prices and the Renewable Energy Sector
(Discussion paper;15/17, Working paper, 20171114)Energy security, climate change, and growing energy demand issues are moving up on the global political agenda, and contribute to the rapid growth of the renewable energy sector. In this paper we investigate the effects ... 
On revenue and welfare dominance of ad valorem taxes in twosided markets
(Discussion paper, Working paper, 200909)A benchmark result in public economics is that it is possible to increase both tax revenue and welfare by making a monopoly subject to ad valorem taxes rather than unit taxes. We show that such revenue and welfare ... 
On the consistency of the Lucas pricing formula
(Discussion paper, Working paper, 200504)In order to find the real market value of an asset in an exchange economy, one would typically apply the formula appearing in Lucas (1978), developed in a discrete time framework. This theory has also been extended to ... 
On the Distributional Assumptions in the StoNED model
(Discussion paper;24/15, Working paper, 20150917)In a recent paper Johnson and Kuosmanen (2011) propose a new, semiparametric, general costfrontier model, the stochastic nonparametric envelopment of data (StoNED). The model is semiparametric in the sense that the ... 
On the dynamics of commercial fishing and parameter identification
(Discussion paper, Working paper, 200005)This paper has two main objectives. The first is to develop dynamic models of commercial fisheries different from the existing models. The industry is assumed to have a well defined index of performance based on which it ... 
On the economic geography of dual distribution  The case of McDonald’s in Germany
(Discussion paper;14/19, Working paper, 20191029)We analyze the allocation of ownership in a franchise system by focusing on locationspecific characteristics of the outlets. This study uses a comprehensive data set on McDonald’s restaurants in Germany to investigate the ...