Blar i Discussion papers (FOR) på tittel
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Bidding in mandatory bankruptcy auctions : theory and evidence
(Discussion paper, Working paper, 2004-07)We analyze bidding incentives and present evidence on takeover premiums in mandatory Swedish bankruptcy auctions, where three-quarters of the firms are sold as going concerns. The bankrupt firms’ main creditors (banks) ... -
A branch and price algorithm for the combined vehicle routing and scheduling problem with synchronization constraints
(Discussion paper, Working paper, 2007)In this paper we present a branch and price algorithm for the combined vehicle routing and scheduling problem with synchronization constraints. The synchronization constraints are used to model situations when two or more ... -
Business model digitalization, competition, and tax savings
(Discussion paper;6/24, Working paper, 2024-03-13)We examine the effect of business model digitalization on competition and how corporate tax savings through digitalization may augment this relationship. Global policymakers express concern that digitalization-related tax ... -
Callable risky perpetual debt : options, pricing and bankruptcy implications
(Discussion paper, Working paper, 2006-01-05)Issuances of perpetual risky debt are often motivated by capital requirements for financial institutions. However, observed market practice indicates that actual maturity equals first possible call date. We analyze callable ... -
Can an Emission Trading Scheme really reduce CO2 emissions in the short term? Evidence from a maritime fleet composition and deployment model
(Discussion paper;10/18, Working paper, 2018-06-27)Global warming has become one of the most popular topics on this planet in the past decades, since it is the challenge that needs the efforts from the whole mankind. Maritime transportation, which carries more than 90% of ... -
Capital Regulations and the Management of Credit Commitments during Crisis Times
(Discussion paper;12/20, Working paper, 2020-10-15)Drawdowns on credit commitments by firms reduce a bank’s capital buffer. Exploiting Austrian credit register data and the 2008-09 financial crisis as exogenous shock to bank health, we provide novel evidence that ... -
Capital structure and international debt shifting: a comment
(Discussion paper, Working paper, 2008-08)In a recent article, Huizinga, Laeven and Nicodème (2008) present a novel model that motivates an extensive empirical analysis of international debt shifting. We point out that the model fails to account for internal ... -
Capital Taxation and Imperfect Competition: ACE vs. CBIT
(Discussion paper;37/14, Working paper, 2014-11)This paper studies the market and welfare effects of two main tax reforms – the Corporate Business Income Tax (CBIT) and the Allowance for Corporate Equity tax (ACE). Using an imperfect-competition model for a small open ... -
Career concerns, monetary incentives and job design
(Discussion paper, Working paper, 2003-12)We study optimal incentive contracts when commitments are limited, and agents have multiple tasks and career concerns. The agent career concerns are determined by the outside market. We show that the principal might want ... -
Career concerns, multiple tasks, and short-term contracts
(Discussion paper, Working paper, 2000-12)We study optimal incentive contracts when commitments are limited, and agents have multiple tasks and career concerns. The agent career concerns are determined by the outside market. We show that the optimal compensation ... -
Cashier fraud : data analysis in a context
(Discussion paper, Working paper, 1999)A true story is told about the role of a statistical expert witness in a cashier fraud case. It illustrates Shewhart’s first principle of understanding data: "Data have no meaning apart from their context". It may be used ... -
Centrality Computation in Weighted Networks Based on Edge-Splitting Procedure
(Discussion paper;40/14, Working paper, 2014-12)The analysis of network’s centralities has a high-level significance for many real-world applications. The variety of game and graph theoretical approaches has a paramount purpose to formalize a relative importance of ... -
Channel Coordination in a Multi-period Newsvendor Model with Dynamic, Price-dependent Stochastic Demand
(Discussion paper;6/16, Working paper, 2016-03-17)In this study, we extend the single-period newsvendor problem with stochastic demand into a multi-period and time-dependent one and find a solution for it. We analyze the multi-period newsvendor problem with stochastic ... -
The choice of seasoned-equity selling mechanism : theory and evidence
(Discussion paper, Working paper, 2004-11)Extending the Myers and Majluf (1984) framework, we present a model for the choice of seasoned-equity selling mechanism. A sequential pooling equilibrium exists which implies a positive market reaction to certain flotation ... -
Citizenship/Residence by Investment and Digital Nomad Visas: The Golden Era of Individual Tax Evasion and Avoidance?
(Discussion paper;12/23, Working paper, 2023-08-31)In recent decades, increased mobility of capital and labor improved individuals’ opportunities to avoid or evade tax. This chapter explores two programs commonly provided by tax havens that facilitate individuals in dodging ... -
Classroom experiments on technology licensing: Royalty stacking, cross-licensing and patent pools
(Discussion paper;3/21, Working paper, 2021-02-11)We present two classroom experiments on technology licensing. The first classroom experiment introduces the concept of royalty stacking. The students learn that non-cooperative pricing of royalties for complementary ... -
Climate Policy and Trade in Polluting Technologies
(Discussion paper;3/24, Working paper, 2024-01-30)This paper studies international trade in equipment used in the combustion of fossil fuels. Informed by a theoretical analysis, we identify a type of technology leakage hitherto unexplored in the literature: a country’s ... -
Closed form spread option valuation
(Discussion paper, Working paper, 2006-10)This paper considers the valuation of a spread call when asset prices are lognormal. The implicit strategy of the Kirk formula is to exercise if the price of the long asset exceeds a given power function of the price of ... -
Closed form valuation of American options
(Discussion paper, Working paper, 2002)This paper presents a simple and intuitive approximation of the American call and put value. The approximation generalizes the Bjerksund-Stensland model by dividing time to maturity into two periods, each with a flat early ... -
CO2 intensity and GDP per capita
(Discussion paper;16/18, Working paper, 2018-12-12)The relationship between CO2 intensity and GDP per capita is studied. Most rich countries show falling CO2 intensity over time and a negative correlation with GDP per capita. Many poor and medium rich countries show the ...