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The Euro is good after all : corporate evidence
Bris, Arturo (contributor); Koskinen, Yrjö (contributor) - 2002 - [Elektronische Ressource]
Monetary Union (EMU) ; the euro ; valuation ; investment ; debt ; equity ; cost of capital ; currency risk …
Persistent link: https://www.econbiz.de/10001693121
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The Euro is good after all : evidence from corporate valuations
Bris, Arturo (contributor); Koskinen, Yrjö (contributor);  … - 2003 - [Elektronische Ressource], Rev. February 23, 2004
In this paper we study the changes in corporate valuations induced by the adoption of the euro as the common currency in Europe. We use corporate-evel data from ten countries that adopted the euro, the three EU countries that did not start using the euro, as well as Norway and Switzerland. We...
Persistent link: https://www.econbiz.de/10001753268
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Does active portfolio management create value? : an evaluation of fund managers' decisions
Engström, Stefan (contributor) - 2004 - [Elektronische Ressource]
In this paper, I obtain new measures of the value of active portfolio management by forming replicating portfolios. These measures allow for a separate evaluation of fund managers' strategic and tactical decisions. I also obtain new evidence on the value of trading by decomposing it into...
Persistent link: https://www.econbiz.de/10001946175
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Real effects of budget deficits : theory and evidence
Becker, Torbjörn; Paalzow, Anders - 1997
Persistent link: https://www.econbiz.de/10000959522
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Aggregate savings when individual income varies
Flodén, Martin (contributor) - 2005 - [Elektronische Ressource]
This paper examines aggregate savings in a general equilibrium model where infinitely lived households face volatile (and possibly uncertain) income paths, hold a risk-free asset, and face a liquidity constraint. I first show that the equilibrium capital stock in an economy without uncertainty,...
Persistent link: https://www.econbiz.de/10002679474
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Endogenous timing of investments yields modified Stackelberg outcomes
Bergman, Mats A. - 1998
Persistent link: https://www.econbiz.de/10000995011
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Is neoclassical economics still entrepreneurless?
Bianchi, Milo (contributor); Henrekson, Magnus (contributor) - 2005 - [Elektronische Ressource], Rev. March 29, 2005
We review and evaluate some recent contributions on the modeling of entrepreneurship within a neoclassical framework … describe it. However, each modeling attempt focuses only on one specific feature of entrepreneurship. The entrepreneurial … highlight how a simplistic interpretation of the existing mainstream approaches incorporating entrepreneurship runs the risk of …
Persistent link: https://www.econbiz.de/10002570545
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Information costs and mutual fund flows
Engström, Stefan (contributor);  … - 2004 - [Elektronische Ressource]
This paper examines how investor and capital flows into mutual funds in the Swedish pension system are related to fund characteristics. Similarly to U.S. studies, we show that individuals chase past returns and have a strong preference for lower-fee funds. However, our results suggest that past...
Persistent link: https://www.econbiz.de/10001979838
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Investment strategies, fund performance and portfolio characteristics
Engström, Stefan (contributor) - 2004 - [Elektronische Ressource]
This paper studies the relation between fund performance and the fund manager's investment strategy, which is based on … performance. -- Diversification ; Portfolio Evaluation ; Investment Strategies ; Momentum …
Persistent link: https://www.econbiz.de/10001946185
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Reversed default behaviour in a new defined contribution pension system
Engström, Stefan (contributor);  … - 2003 - [Elektronische Ressource], Rev. August 12, 2003
with a reversed investment behavior compared with studies of 401(k) plans; that is, individuals tend to make their own … investment decisions. Contrary to U.S studies, we also find that women and younger individuals are more likely than men and older … individuals to make an active investment decision. -- Mutual funds ; portfolio choice ; pension system ; status quo bias …
Persistent link: https://www.econbiz.de/10001753272