Search results

The purpose of this paper is to examine the underpricing effect in Treasury auctions.

The paper compares two winner's curse models using a dataset on multi‐unit auctions. The dataset is from Swedish Treasury auctions, which is under a discriminatory auction mechanism. One model is a single‐unit equilibrium model assuming that each bidder bids for 100 percent of the auctioned securities, which is described by Wilson and solved by Levin and Smith. The other model is a multi‐unit model calibrated by Goldreich using the US Treasury auctions data and assumes that each bidder bids for one unit of the auctioned securities.

The empirical results show that, although both models work well in predicting the bid‐shading, the multi‐unit model fits the Swedish Treasury auctions data better than the single‐unit model.

The evidence implies that bidders rationally adjust their bids due to the winner's curse/champion's plague.

This study provides close quantitative predictions of the amount of bid‐shading using both single‐unit model of Wilson and multi‐unit model of Goldreich, and indicates that winner's curse or champion's plague worries bidders in countries other than the USA.

This paper aims to provide an overview of changes in the context of the Swedish public sector.

It reviews the main literature on the topic and relevant policy texts.

In short, even though the last decade and a half has been a most turbulent period in the history of the Swedish public sector, with its peak in two great strikes, the framework has remained substantially intact. Swedish path dependency has been so strong that the system has largely survived; it has moved towards “organized decentralization”, but it has not dissolved. It is probable that the end of that move has not yet been seen; the Swedish system is still transforming.

It is a general overview of key developments.

It is relevant for a discussion of the general trends and dynamic of public sector industrial relations in Sweden.

This article manages to take an overview and point to the uncertain development of a new market approach.

This special “Anbar Abstracts” issue of the European Business Review is split into six sections covering abstracts under the following headings: Top management issues; Marketing and distribution; Personnel and training; Information management and technology; Operations and production management; Accounting and finance.

Swedish house prices have risen rapidly since the mid‐1990s. How can this be explained? Are houses overpriced? In this paper the author tries to answer these questions.

The author estimates an error correction model (ECM), and sees if the model can explain the house price developments.

The model suggests that increasing household disposable income and falling mortgage rates are the most important factors behind the upswing in prices. There is no evidence of overpricing.

Compared to earlier Swedish studies, this study is based on new data and new variables. Furthermore, the estimation period is restricted to the more recent period when Swedish credit markets have been unregulated.

This study aims to propose the idea of which macro-factors and how the macro-factors impact on the gold price.

An EGARCH model is applied to test the volatility of gold price. A VAR method is applied to validate the idea by decomposing gold's value into three parts according to its features.

Three macro-factors have significant impact on the gold's price. The USDX index is negatively correlated with the gold price, while the CRB index and the US Treasury CDS spreads are positively correlated with the gold price. In particular, it is found that the one-lagged CRB index, one-lagged USDX index, and two-lagged US Treasury CDS spreads have significant impact on the gold price.

The findings in this study suggest a normal case of the gold price. However, in particular cases, new models or new parameters may need to be introduced.

This paper bridges the gap between theory and practice on the gold pricing model. The three-factor model can be used for trading in the field of gold investment.

This paper provides a composite idea for investors and researchers to study the gold price.

Investors in commercial paper (CP) markets include money market mutual funds, corporate treasurers, state and local governments, and commercial banks and their trust departments. The obligors in the market are predominantly large and highly creditworthy corporations. The credit risks faced by CP investors have been minimal historically. However, the general decline in corporate credit quality that began in the first half of the 1980s set the stage for the spate of credit problems and defaults that took place in many CP markets beginning in 1987. While the incidence of default has decreased since 1991, the credit risks faced by commercial paper investors have not subsided to pre‐1987 levels. This analysis addresses concerns generated by this surge in credit risk.

This paper aims to examine interbank market practices in a crisis to understand the importance of trust in dealing with control problems and managing risk in inter-organizational relationships (IORs).

A qualitative field study was conducted to collect data from two case-study banks and two key banking industry institutions.

The findings illustrate the use of trust-based partner-selection criteria such as guaranteed banks (i.e., banks granted special status by key banking industry institutions) and “clan-related” banks. In addition, the findings present several trust-based performance-control processes regarding the selected counterparties, such as negative expectations, goodwill and information sharing.

This paper highlights IORs and considers how associated control problems and risks are affected by trust in the context of a large-scale crisis.

The findings provide insights into interbank market practices during the global financial crisis with respect to partner selection and performance control.

The empirical case of the banking industry helps broaden our understanding of inter-IORs.

This book is a policy proposal aimed at the democratic left. It is concerned with gradual but radical reform of the socio‐economic system. An integrated policy of industrial and economic democracy, which centres around the establishment of a new sector of employee‐controlled enterprises, is presented. The proposal would retain the mix‐ed economy, but transform it into a much better “mixture”, with increased employee‐power in all sectors. While there is much of enduring value in our liberal western way of life, gross inequalities of wealth and power persist in our society.

The purpose of this paper is to examine differences in market performance of Swedish firms that initiate repurchase programs infrequently (1-2 programs), occasionally (3-4 programs) and frequently (5 or more programs) over the sample period and examine the relationship between abnormal return and repurchase size in repurchase months.

Standard event study methodology is used to detect abnormal return surrounding initiation announcements of repurchase programs. Ibbotson's RATS-methodology and the calendar-time portfolio methodology are used to estimate long-term abnormal performance.

The authors find differences in market performance of firms that initiate repurchase programs infrequently, occasionally and frequently. As with Jagannathan and Stephens, the authors find that infrequent repurchase programs are greeted with a stronger positive reaction than occasional and frequent programs. However, over long term, infrequent repurchase programs show no abnormal return, while occasional and frequent repurchase programs show a significant positive abnormal return. A positive relationship between abnormal return and repurchase size in repurchase months is documented on average for all types of repurchase programs.

By using the detailed data on repurchase activities, the authors are able to examine share repurchases with high precision and relate the performance to repurchase size. Since the duration of a repurchase program is pre-determined in Sweden, the authors are able to classify the programs by frequency and study market performance within the programs.

Ericsson Information Systems. L. M. Ericsson, the Swedish telecommunications giant, has just formed a new company — Ericsson Information Systems (EIS) — which will compete in the information technology market. The new company has been created out of two Ericsson divisions and Datasaab, a Swedish computer firm, which Ericsson bought a year ago. EIS is expected to continue marketing Datasaab's successful terminal and minicomputer, but in addition will develop and sell products for the private and business markets, particularly integrated information systems, office automation systems and PABXs.