Showing 1 - 10 of 52
Using data from real estate corporations, we report that related diversification over different property types is associated with a discount while geographical diversification has no significant effect on shareholder value. Related diversification in order to exploit potential synergistic gains...
Persistent link: https://www.econbiz.de/10005649135
We study diversification within the real estate industry because of its relative transparency: portfolio management of assets with well-defined market prices. Diversification is over property types and geographical regions. The major cause of the diversification discount is not diversification...
Persistent link: https://www.econbiz.de/10005771177
How to obtain confidence intervals for cost-effectiveness ratios is complicated by the statistical problems to obtain a confidence interval for a ratio of random variables. Different approaches have been suggested in the literature, but no consensus has been reached. In this note we propose an...
Persistent link: https://www.econbiz.de/10005649313
This paper provides an explanation of currency crises based on an argument that bailing out financially distressed exporting firms through a currency depreciation is ex-post optimal. Exporting firms have profitable investment opportunities, but they will not invest because high leverage causes...
Persistent link: https://www.econbiz.de/10005649322
We develop a non-dynamic panel smooth transition regression model with fixed individual effects. The model is useful for describing heterogenous panels, with regression coefficients that vary across individuals and over time. Heterogeneity is allowed for by assuming that these coefficients are...
Persistent link: https://www.econbiz.de/10005190833
In this study the effects of various types of rehabilitation programmes on different labour market and health related outcomes are estimated. The main feature of this study, compared to previous research, is that it jointly evaluates multiple treatments by nonparametric matching estimators. The...
Persistent link: https://www.econbiz.de/10005423851
This paper estimates the effects of vocational rehabilitation on the probability of improved health status and the reintegration of program participants in the labor market. Bivariate probit models are used to estimate the probability of selection to a rehabilitation program, its effect on the...
Persistent link: https://www.econbiz.de/10005649378
Previous studies indicate that the general public would prefer to reallocate medical resources from old people to young ones, and also has a low WTP for measures that increase the survival probability at an advanced age. In this paper, we present an analysis of the value of a ‘blip’, i.e. an...
Persistent link: https://www.econbiz.de/10005649420
This report presents a computer model for evaluating the cost-effectiveness (CE) of Hormone Replacement Therapy (HRT). The model is an extension of a previous model and includes also the risk of spine and wrist fracture. New Swedish data on risk of coronary heart disease and related mortality...
Persistent link: https://www.econbiz.de/10005423792
In analysis of atemporal models, comparative statics experiments are typically carried out, often employing envelope properties, such as Roy's identity, Hotelling's lemma and Shephard's lemma, in order to simplify the analysis. In analysis of dynamic models, such experiments are seldom...
Persistent link: https://www.econbiz.de/10005423796