• Does a Wealth Tax Discriminate against Domestic Investors? 

      Bjerksund, Petter; Schjelderup, Guttorm (Discussion paper;16/19, Working paper, 2019-11-21)
      This paper studies the impact of a capital-income tax and a wealth tax on investor behavior in an efficient capital market under various assumptions regarding uncertainty and time horizons. We show that investors who face ...
    • Does prospect theory explain the disposition effect? 

      Hens, Thorsten; Vlcek, Martin (Discussion paper, Working paper, 2005-09)
      The disposition effect is the observation that investors hold winning stocks too long and sell losing stocks too early. A standard explanation of the disposition effect refers to prospect theory and in particular to the ...
    • Does stochasticity matter? : dynamic pigouvian taxation in an uncertain environment 

      Sandal, Leif Kristoffer; Steinshamn, Stein Ivar (Discussion paper, Working paper, 2004-04)
      The effects of discounting, stochasticity, non-linearities and maximum decay upon an optimal corrective tax are analyzed using stochastic dynamic optimization. Optimal corrective taxes are derived as explicit feedback ...
    • A dozen consistent CAPM-related valuation models : so why use the incorrect one? 

      Ekern, Steinar (Discussion paper, Working paper, 2006-05)
      This paper focuses on applications of the CAPM in capital budgeting and in valuation of "mispriced" financial assets. Most textbooks in finance do not warn against a common pitfall in discounting expected cash flows by ...
    • Dynamic capital structure with callable debt and debt renegotiations 

      Christensen, Peter Ove; Flor, Christian Riis; Lando, David; Miltersen, Kristian R. (Discussion paper, Working paper, 2002)
      We consider a dynamic model of the capital structure of a firm with callable debt that takes into account that equity holders and debt holders have a common interest in restructuring the firm’s capital structure in order ...
    • Dynamic Causal Forests, with an Application to Payroll Tax Incidence in Norway 

      Gavrilova, Evelina; Langørgen, Audun; Zoutman, Floris T. (Discussion paper;9/23, Working paper, 2023-06-29)
      This paper develops a machine-learning method that allows researchers to estimate heterogeneous treatment effects with panel data in a setting with many covariates. Our method, which we name the dynamic causal forest (DCF) ...
    • Dynamic general equilibrium and t-period fund separation 

      Gerber, Anke; Hens, Thorsten; Wöhrmann, Peter (Discussion paper, Working paper, 2005-07)
      We consider a dynamic general equilibrium model with incomplete markets in which we derive conditions for separating the savings decision from the asset allocation decision. It is shown that with logarithmic utility functions ...
    • Dynamiske CO2-avgifter : en modell med endogent bestemt avgiftsperiode 

      Aanestad, Sigurd; Sandal, Leif Kristoffer; Berge, Gerhard (Discussion paper, Working paper, 2003-12)
    • Earnings announcements and the variability of stock returns 

      Eilifsen, Aasmund; Knivsflå, Kjell Henry; Sættem, Frode (Discussion paper, Working paper, 1999)
      This paper is concerned with the dissemination process of firm-specific annual earnings information in the Norwegian capital market. We find a significant reduction in stock price volatility in the post-announcement period ...
    • Earnings manipulation : cost of capital versus tax 

      Eilifsen, Aasmund; Knivsflå, Kjell Henry; Sættem, Frode (Discussion paper, Working paper, 1999)
      We show that if taxable income were linked to accounting income, there will exist an automatic safeguard against manipulation of earnings within the analyzed framework. Separating taxable income from accounting income will ...
    • The Economics of the Global Minimum Tax 

      Schjelderup, Guttorm; Stähler, Frank (Discussion paper;3/23, Working paper, 2023-03-14)
      This paper shows that the OECD inclusive framework of Pillar Two fails to implement the claimed 15% minimum corporate tax for subsidiaries of multinational corporations. The reason is that the Substance-based Income Exclusion ...
    • Education and the allocation of talent 

      Hvide, Hans K. (Discussion paper, Working paper, 2000-12)
      This paper considers a two-sector education model with two novel features. First, contracts have an independent role in sorting workers into different sectors of the economy. Second, education improves workers’ awareness ...
    • The Effect of Social Distancing Measures on Intensive Care Occupancy: Evidence on COVID-19 in Scandinavia 

      Juranek, Steffen; Zoutman, Floris T. (Discussion paper;2/20, Working paper, 2020-04-29)
      Understanding the effectiveness of social distancing on the spread of COVID-19 is crucial to justify economically costly social distancing measures. We present a case study focusing on the three Scandinavian countries. ...
    • Effects of taxes and subsidies on media services 

      Kind, Hans Jarle; Møen, Jarle (Discussion paper;44/14, Working paper, 2014-12)
      We start out reviewing the justification for press subsidies. The social value of journalism can be larger than what the newspapers are able to extract because of knowledge externalities, public good characteristics of ...
    • Effects of Voluntary Audit on Accounting Quality in Small Private Firms 

      Aase, Øivind André Strand (Discussion paper;1/22, Working paper, 2022-01-10)
      Many countries have introduced thresholds for mandatory audits, but empirical evaluations on how deregulation of audit markets affect reporting quality are scarce. I analyze a Norwegian audit reform in 2011, that introduced ...
    • Efficiency enhancing taxation in two-sided markets 

      Kind, Hans Jarle; Koethenbuerger, Marko; Schjelderup, Guttorm (Discussion paper, Working paper, 2008-01)
      This paper examines the efficient provision of goods in two-sided markets and characterizes optimal specific and ad-valorem taxes. We show that (i) a monopoly may have too high output compared to the social optimum; (ii) ...
    • Efficient statistical equilibria in markets 

      Jörnsten, Kurt; Ubøe, Jan (Discussion paper, Working paper, 2005)
      In this paper we will study statistical equilibria in commodity markets where agents have a specified utility attached to every transaction in their offer sets. A probability measure on the product of all offer sets is ...
    • Electricity Prices, Large-Scale Renewable Integration, and Policy Implications 

      Kyritsis, Evangelos; Andersson, Jonas; Serletis, Apostolos (Discussion paper;18/16, Working paper, 2016-11-22)
      This paper investigates the effects of intermittent solar and wind power generation on electricity price formation in Germany. We use daily data from 2010 to 2015, a period with profound modifications in the German electricity ...
    • Elements of economics of uncertainty and time with recursive utility 

      Aase, Knut K. (Discussion paper;13/20, Working paper, 2020-10-30)
      We address how recursive utility affects important results in the theory of economics of uncertainty and time, as compared to the standard model, where the focus is on dynamic models in discrete time. Several puzzles ...
    • Empirical evidence on the relationship between mobile termination rates and firms' profit 

      Andersson, Kjetil; Foros, Øystein; Hansen, Bjørn (Discussion paper;2012:10, Working paper, 2012-08)
      The comprehensive theoretical literature on mobile termination rates (MTRs) is inconclusive on how the level of MTRs affects overall consumer charges and firms’ profit. In a theoretical model, well suited for econometric ...