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Now showing items 1-11 of 11
  • Johansson, Edvard (Svenska handelshögskolan, 2000)
    This paper estimates the extent of income underreporting by the self-employed in Finland using the expenditure based approach developed by Pissarides & Weber (1989). Household spending data are for the years 1994 to 1996. The results suggest that self-employment income in Finland is underreported by some 27% on average. Since income for the self-employed is about 8 % of all incomes in Finland, the size of this part of the black economy in Finland is estimated to be about 2,3% of GDP.
  • Ringbom, Staffan; Shy, Oz (Svenska handelshögskolan, 2000)
    We characterize the optimal reserves, and the generated probability of a bank run, as a function of the penalty imposed by the central bank, the probability of depositors’ liquidity needs, and the return on outside investment opportunities.
  • Arranz-Aperte, Laura; Heshmati, Almas (Svenska handelshögskolan, 2003)
    This study investigates the role of factors that determine individual employee’s and firms participation in profit sharing schemes. Using a large panel data of Finnish employees for the period 1996-2000 we analyse individual and workplace characteristics that make firms employ profit sharing schemes and workers susceptible of receiving profit sharing bonuses. In particular two links between profit sharing schemes and workers performance have been analysed. First, in looking at profit sharing as an incentive device the results show a positive link between firm size and monitoring costs. Second, we find that younger individuals with higher mean salary and capacity to bear risk are more susceptible to profit sharing schemes. The industrial sector in which the individual is employed is also an important determinant factor. We find weak evidence of a relationship between performance of firms and employment of profit sharing schemes at the industrial sector level.
  • Gehrig, Thomas; Stenbacka, Rune (Svenska handelshögskolan, 2000)
    We show that information sharing among banks may serve as a collusive device. An informational sharing agreement is an a-priori commitment to reduce informational asymmetries between banks in future lending. Hence, information sharing tends to increase the intensity of competition in future periods and, thus, reduces the value of informational rents in current competition. We contribute to the existing literature by emphasizing that a reduction in informational rents will also reduce the intensity of competition in the current period, thereby reducing competitive pressure in current credit markets. We provide a large class of economic environments, where a ban on information sharing would be strictly welfare-enhancing.
  • Alvarez, Luis H. R.; Stenbacka, Rune (Svenska handelshögskolan, 2001)
    This study develops a real options approach for analyzing the optimal risk adoption policy in an environment where the adoption means a switch from one stochastic flow representation into another. We establish that increased volatility needs not decelerate investment, as predicted by the standard literature on real options, once the underlying volatility of the state is made endogenous. We prove that for a decision maker with a convex (concave) objective function, increased post-adoption volatility increases (decreases) the expected cumulative present value of the post-adoption profit flow, which consequently decreases (increases) the option value of waiting and, therefore, accelerates (decelerates) current investment.
  • Juselius, Mikael (Svenska handelshögskolan, 2002)
    In this paper I provide some empirical answers to important questions such as the determinants of price inflation and the role of inflation polices. The results indicate that monetary policy is surprisingly impotent as a device for controlling inflation and there is little support that it influences the real variables. The low inflation after the Finnish devaluations in the beginning of 90s is foremost due to a previous imbalance in the labor markets and depressed aggregate demand.
  • Gehrig, Thomas; Stenbacka, Rune (Svenska handelshögskolan, 2001)
    We demonstrate how endogenous information acquisition in credit markets creates lending cycles when competing banks undertake their screening decisions in an uncoordinated way, thereby highlighting the role of intertemporal screening externalities induced by lending market competition as a structural source of instability. We show that uncoordinated screening behavior of competing banks may be not only the source of an important financial multiplier, but also an independent source of fluctuations inducing business cycles. The screening cycle mechanism is robust to generalizations along many dimensions such as the lending market structure, the lending rate determination and the imperfections in the screening technology.
  • Johansson, Edvard; Böckerman, Petri; Kiiskinen, Urpo; Heliövaara, Markku (Svenska handelshögskolan, 2007-06-13)
    In this paper, we re-examine the relationship between overweight and labour market success, using indicators of individual body composition along with BMI (Body Mass Index). We use the dataset from Finland in which weight, height, fat mass and waist circumference are not self-reported, but obtained as part of the overall health examination. We find that waist circumference, but not weight or fat mass, has a negative effect on wages for women, whereas all measures of obesity have negative effects on women’s employment probabilities. For men, the only obesity measure that is significant for men’s employment probabilities is fat mass. One interpretation of our findings is that the negative wage effects of overweight on wages run through the discrimination channel, but that the negative effects of overweight on employment have more to do with ill health. All in all, measures of body composition provide a more refined picture about the effects of obesity on wages and employment.
  • Al-Khail, Mohammed Aba; Berglund, Tom (Svenska handelshögskolan, 2002)
    This paper analyses the impact of the launch of the European Monetary Union (EMU) on the allocation of international portfolio investments. The initiation of the EMU provides an opportunity for comparison of competing theoretical explanations for investment behavior. Models stressing the diversification motive would predict that the increased dependence between countries participating in the EMU should reduce the attractiveness of portfolio holdings in other EMU countries. Models based on asymmetric information would instead emphasize the increased intensity in the flow of information resulting from an increase in cross border transactions between the EMU countries. The consequent decline in information asymmetry should increase, rather than reduce portfolio holdings in other EMU countries. Our results based on the allocation of Finnish foreign portfolio investment support the information-based explanation against predictions based on the diversification motive.
  • Böckerman, Petri; Johansson, Edvard; Jousilahti, Pekka; Uutela, Antti (Svenska handelshögskolan, 2007-02-08)
    This paper explores the relationship between the physical strenuousness of work and the body mass index in Finland, using individual microdata over the period 1972-2002. The data contain self-reported information about the physical strenuousness of a respondent’s current occupation. Our estimates show that the changes in the physical strenuousness of work can explain around 8% at most of the definite increase in BMI observed over the period. The main reason for this appears to be that the quantitative magnitude of the effect of the physical strenuousness of work on BMI is rather moderate. Hence, according to the point estimates, BMI is only around 1.5% lower when one’s current occupation is physically very demanding and involves lifting and carrying heavy objects compared with sedentary job (reference group of the estimations), other things being equal. Accordingly, the changes in eating habits and the amount of physical activity during leisure time must be the most important contributors to the upward trend in BMI in industrialised countries, but not the changes in the labour market structure.
  • Virén, Matti (Hanken School of Economics, 2014-11-05)
    Den här studien undersöker allmännyttiga samfund och i synnerhet privata stiftelser i Finland. Frågan är hur relationen mellan dessa organisationer och den offentliga sektorn skall organiseras. Ytterst handlar det om utformningen av beskattningsreglerna och transfereringssystemet (mera konkret offentliga understöd till stiftelserna). Som en viktig bakgrundsfaktor har vi arbetsfördelningen mellan den offentliga sektorn och den så kallade tredje sektorn; borde vi främja eller dämpa den tredje sektorns tillväxt? En oundviklig fråga är hur långt den offentliga sektorn skall gå i att stöda den icke-vinstsyftande sektorn i form av direkta stöd eller skattestöd. Den här forskningsrapporten presenterar grundläggande fakta gällande allmännyttiga samfund, speciellt med hänseende till deras ekonomi och med hänseende till den lagstiftning som är relaterad till deras ekonomi. Rapporten innehåller också en litteraturgenomgång vars syfte är att belysa hur beskattningsfrågan borde lösas i ett sådant här fall. Av uppenbara orsaker betonas internationella jämförelser och erfarenheter i genomgången. Som en röd tråd genom analysen går tanken att den offentliga sektorns roll och ansvar borde begränsas i framtiden. Detta innebär igen att den icke-vinstsyftande sektorns tillväxt måste begränsas speciellt i de fall då tillväxten är helt beroende av den offentliga sektorns stöd utan aktivt deltagande av privata medborgare och företag. En mera kritisk linje borde tillämpas i de fall då de allmännyttiga samfunden snedvrider konkurrensen inom de branscher där de opererar. Ett idealiskt arrangemang vore att de allmännyttiga samfunden kunde finansiera sin verksamhet utan direkt stöd från den offentliga sektorn. Den offentliga sektorn kunde understöda de allmännyttiga samfunden i form av skattelättnader för gåvor och donationer från den privata sektorn. I sådana fall där organisationen inte får stöd från privata medborgare (eller företag) skulle organisationen inte heller få offentliga understöd. Donationer och stöd till allmännyttiga samfund kunde vara avdragbara upp till en viss gräns i beskattningen för privata medborgare. En dylik skattelättnad vore möjlig endast om det offentliga stödet skulle minska med åtminstone samma belopp. En grundprincip i det här nya systemet är att samma regler tillämpas för alla allmännyttiga samfund. Den kontroversiella frågan gällande allmännyttiga samfund gäller beskattningen av kapitalinkomster. Även om beskattningen kan motiveras med hänvisning till fiskala skäl drar den här studien slutsatsen att de negativa effekterna av en kapitalinkomstbeskattning av allmännyttiga samfund är större än den fiskala nyttan. Därmed kan man konstatera att en beskattning av kapitalinkomsterna för dessa organisationer inte är att rekommendera under nuvarande omständigheter. I framtiden kommer Finlands ekonomi att behöva högre kapitalackumulering och den privata sektorn måste ta en större roll för att finansiera vetenskap och kultur. De privata stiftelserna spelar en nyckelroll i detta avseende.