Now showing items 100-119 of 506

    • Creating a National Champion: International Competition and Unbundling in Rail Transportation 

      Juranek, Steffen (Discussion paper;18/15, Working paper, 2015-04-10)
      This article investigates the incentives to unbundle operations and infrastructure in the railway industry in a two-country model with international network effects from the viewpoint of national governments. The analysis ...
    • Credit spreads and incomplete information 

      Lindset, Snorre; Lund, Arne-Christian; Persson, Svein-Arne (Discussion paper, Working paper, 2008-03)
      A new model is presented which produces credit spreads that do not converge to zero for short maturities. Our set-up includes incomplete, i.e., delayed and asymmetric information. When the financial market observes the ...
    • Credit supply shocks, financial constraints and investments for small and medium-sized firms 

      Hetland, Ove Rein; Mjøs, Aksel (Discussion paper;2012:11, Working paper, 2012-09)
      In this paper, we find that reduced credit supply reduces firm investments in our sample of small private firms. The effect is strongest for the least financially constrained firms. We use a representative survey of ...
    • Crime and punishment: When tougher antitrust enforcement leads to higher overcharge 

      Jensen, Sissel; Kvaløy, Ola; Olsen, Trond E.; Sørgard, Lars (Discussion paper;05/13, Working paper, 2013-05)
      The economics of crime and punishment postulates that higher punishment leads to lower crime levels, or less severe crime. It is how- ever hard to get empirical support for this rather intuitive relationship. This paper ...
    • Data assimilation into biomass dynamics models : a Monte Carlo simulation experiment 

      Ussif, Al-Amin M.; Sandal, Leif Kristoffer; Steinshamn, Stein Ivar; Morey, Steven L. (Discussion paper, Working paper, 2001)
      In this paper, we use a variational data assimilation method to fit biomass dynamics models to simulated data. The method is the variational adjoint technique in which a cost function measuring the distance between the ...
    • Dead battery? Wind power, the spot market, and hydro power interaction in the Nordic electricity market 

      Mauritzen, Johannes (Discussion paper;2011:16, Working paper, 2011-09)
      It is well established within both the economics and power system engineering literature that hydro power can act as a complement to large amounts of intermittent energy. In particular, hydro power can act as a "battery" ...
    • The defeasance of control rights 

      Bienz, Carsten; Fluck, Zsuzsanna; Faure-Grimaud, Antoine (Discussion pape, Working paper, 2011-01)
    • The demand attributes of assurance services and the role of independent accountants 

      Eilifsen, Aasmund; Knechel, W. Robert; Wallage, Philip; Praag, Bart van (Discussion paper, Working paper, 2004)
      Several initiatives and auditors’ professional organizations have argued that assurance about the quality of information, processes, or compliance encompasses the future market base for the accounting profession. However, ...
    • Design and pricing of equity-linked life insurance under stochastic interest rates 

      Bacinello, Anna Rita; Persson, Svein-Arne (Discussion paper, Working paper, 1998-11)
      A valuation model for equity-linked life insurance contracts incorporating stochastic interest rates is presented. Our model generalizes some previous pricing results based on deterministic interest rates. Moreover, a ...
    • A disaggregated gravity model 

      Gitlesen, Jens Petter; Jörnsten, Kurt (Discussion paper, Working paper, 2000)
      The gravity model is used to estimate trip distributions. The estimates are in form of trip frequencies. This study is devoted to an entropy problem where the solution decomposes trip frequencies to the underlying probability ...
    • Disposal of petroleum installations : major policy issues 

      Osmundsen, Petter; Tveterås, Ragnar (Discussion paper, Working paper, 2000-01)
      Following the Brent Spar controversy, the OSPAR countries reached a unanimous agreement in 1998 for the future rules for disposal of petroleum installations. The vast majority of existing offshore installations will be ...
    • Distorted performance measures and dynamic incentives 

      Kaarbøe, Oddvar M.; Olsen, Trond E. (Discussion paper, Working paper, 2004-12)
      Incentive contracts must typically be based on performance measures that do not exactly match agents' true contribution to principals' objectives. Such misalignment may impose difficulties for effective incentive design. ...
    • Do all-equity firms destroy value by holding cash? 

      Kisser, Michael (Discussion paper, Working paper, 2010-12)
      Empirical evidence shows that as of 2006, nearly every fifth large U.S. public corporation was all-equity financed and that the corresponding average cash holding were nearly twice as high as of the average U.S. firm. ...
    • Do species interactions and stochasticity matter to optimal management of multispecies fisheries? 

      Poudel, Diwakar; Sandal, Leif Kristoffer; Steinshamn, Stein Ivar; Kvamsdal, Sturla Furunes (Discussion paper;2012:1, Working paper, 2012-01)
      The multispecies fisheries management looks at a bigger picture in addressing the long-term consequences of present decisions. This implies an ecosystem management that includes a number of species and their physical, ...
    • 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 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 ...