Now showing items 208-227 of 506

    • Job Loss and Regional Mobility 

      Huttunen, Kristiina; Møen, Jarle; Salvanes, Kjell Gunnar (Discussion paper;03/15, Working paper, 2015-01-19)
      It is well documented that displaced workers suffer severe earnings losses, but not why this is so. One reason may be that workers are unable or unwilling to move to regions with better employment opportunities. We study ...
    • Jump dynamics : the equity premium and the risk-free rate puzzles 

      Aase, Knut K. (Discussion paper, Working paper, 2004-06)
      The paper develops a consumption based equilibrium model, focusing on the risk premium and the risk-free interest rate. We derive testable expressions for these quantities, and confront these with sample estimates for the ...
    • Labor Market Effects of COVID-19 in Sweden and its Neighbors: Evidence from Novel Administrative Data 

      Juranek, Steffen; Paetzold, Jörg; Winner, Hannes; Zoutman, Floris T. (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? 

      Eskeland, Gunnar S. (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 

      Flåm, Sjur Didrik; Sandsmark, Maria (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 

      Mjøs, Aksel; Persson, Svein-Arne (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 

      Eckbo, B. Espen; Norli, Øyvind (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 

      Aase, Knut K. (Discussion paper, Working paper, 2003)
    • Life insurance and pension contracts I : the time additive life cycle model 

      Aase, Knut K. (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 

      Hens, Thorsten; Herings, P. Jean -Jacques; Predtetchinskii, Arkadi (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 

      Hvide, Hans K.; Møen, Jarle (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 

      Eckbo, B. Espen; Norli, Øyvind (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 

      Lillestøl, Jostein; Sinding-Larsen, Richard (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 

      Aase, Knut K. (Discussion paper, Working paper, 2011-05)
    • The long term equilibrium interest rate and risk premiums under uncertainty 

      Aase, Knut K. (Discussion paper, Working paper, 2011-02)
    • Lower and upper bounds for linear production 

      Bjørndal, Endre; Jörnsten, Kurt (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 

      Atreya, Nikhil; Mjøs, Aksel; Persson, Svein-Arne (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 

      De Giorgi, Enrico; Hens, Thorsten (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 

      Cheng, Xiaomei; Bjørndal, Endre; Bjørndal, Mette (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 

      Hvide, Hans K.; Kristiansen, Eirik Gaard (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 ...