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  • 1.
    Aghasi, Keivan
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics. Politecnico di Milano.
    Lougui, Monia
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    Broström, Anders
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    Colombo, Massiomo
    Why Diverse Top Management Teams Break up in Post-acquisition Periods2015Conference paper (Other academic)
    Abstract [en]

    This paper proposes a complementary explanation behind the turnover of target’s top managers in post-acquisition periods. Although human capital and acquisition implementation literature describe managerial retention as desirable, empirical studies have reported significant managerial turnover in acquisition of high-tech and knowledge intensive firms. Borrowing some insights from the team diversity literature, the paper examines the ex-ante diversity among top managers of knowledge-intensive and high-tech firms as an antecedent of their turnover in post-acquisition. We argue that diversity reduces the coordination efficiency necessary to transfer knowledge and facilitate post-acquisition organizational integration, and managers belonging to such teams are more likely to be replaced. Empirical analysis drawing on 2164 top managers in 297 Swedish firms shows that managerial position diversity as a separation, pay disparity and industrial tenure diversity as a variety indeed are associated with managerial exit in three years after the acquisition.

  • 2. Bazzazian, N.
    et al.
    Broström, Anders
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    The effect of employer prominence on employee entrepreneurship2012In: Academy of Management 2012 Annual Meeting, AOM 2012, Academy of Management , 2012, p. 1720-1725Conference paper (Refereed)
  • 3.
    Berggren, Dennis
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    IPO Underpricing and tech valuation: An empirical study of the Swedish IPO market2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The closing price first day of trading has historically been found to exceed the offer price set in IPOs, implying that many issuing firms tend to leave money on the table in their IPO. This thesis examines the level of IPO underpricing in Sweden using unique data of IPO transactions on the largest Swedish stock exchanges during 2010-2016. It further discusses the valuation difficulties using the most common valuation methods for firms exhibiting characteristics commonly shared by technological firms.

    Univariate and multivariate tests confirm the existence of underpricing on Swedish stock exchanges during the period of study. Firms in the technological sector are found to experience both high average levels of underpricing and great variance in initial returns, suggesting potential difficulties valuing technological firms. Robust univariate tests do however not yield a significant result of greater variance in initial returns compared to rest of the sample. By using regression analysis, I find capital raised relative to market capitalization to have significant negative effect on initial returns.

  • 4.
    Blomqvist, Louise
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Industrial Management. KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    Ahlfvengren, Ellinor
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    The effect of M&A activityon R&D intensity: A quantitative study on the Swedish biotechnological industry2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    This is a quantitative thesis of the Swedish biotech industry, that intends to study what effect

    M&A activity has on firms R&D intensity. It is an important question as the market demand

    is changing rapidly and puts high pressure on companies to constantly deliver new

    innovations. The study is based on panel data and ordinary least squares regressions. The

    findings are similar to previous studies, which points towards both positive and negative

    directions when referring to M&A activity and its impact on R&D intensity. This thesis show

    lack of statistical significant results when it comes to how R&D intensity (R&D intensity is

    defined as the ratio of R&D expenditure to total sales) is affected by M&A activity.

  • 5.
    Braunerhjelm, Pontus
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.).
    Holmqvist, Carin
    Skoogsberg, Ylva
    Thulin, Per
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics. Entreprenörskapsforum .
    Entreprenörer är viktiga för tillväxt och arbetstillfällen2017Other (Other (popular science, discussion, etc.))
  • 6.
    Braunerhjelm, Pontus
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.).
    Holmqvist, Carin
    Skoogsberg, Ylva
    Thulin, Per
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics. Entreprenörskapsforum .
    Entreprenörsviljan i Södermanland är näst lägst i landet2017Other (Other (popular science, discussion, etc.))
  • 7.
    Braunerhjelm, Pontus
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.).
    Holmqvist, Carin
    Skoogsberg, Ylva
    Thulin, Per
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics. Entreprenörskapsforum .
    Hur står det till med entreprenörskapet i länet?2017Other (Other (popular science, discussion, etc.))
  • 8.
    Braunerhjelm, Pontus
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.).
    Holmqvist, Carin
    Skoogsberg, Ylva
    Thulin, Per
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics. Entreprenörskapsforum .
    Lägst entreprenörsvilja i Värmland2017Other (Other (popular science, discussion, etc.))
  • 9.
    Braunerhjelm, Pontus
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    Holmqvist, Carin
    Skoogsberg, Ylva
    Thulin, Per
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    The entrepreneurial challenge – A comparative study of entrepreneurial dynamics in China, Europe and the US2016Book (Other academic)
  • 10.
    Braunerhjelm, Pontus
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    Palmberg, Johanna
    Södertörn University.
    Malm, Arvid
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    Philanthropy as a source of innovationManuscript (preprint) (Other academic)
    Abstract [en]

    Philanthropic donations directed towards education and research have the potential to be growth enhancing by augmenting knowledge production in society. However, knowledge about the role of philanthropy is relatively limited. To fill this gap this paper first provides an overview of the extent and evolution of Swedish philanthropy and then examines the connection between philanthropic donations and knowledge output measured as patent application and scientific publications. We find that total funding for research and development and university research is a strong predictor for patent and publication output. However, funding composition is overall not significantly associated with knowledge or innovation outcomes.

  • 11.
    Broström, Anders
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    Karlsson, Staffan
    KTH. Vetenskapsrådet.
    Mapping research on R&D, innovation and productivity: a study of an academic endeavour2016In: Economics of Innovation and New Technology, ISSN 1043-8599, E-ISSN 1476-8364, p. 1-15Article in journal (Refereed)
    Abstract [en]

    This paper accounts for the development of the academic endeavour to determine the firm-level relationship between investments in R&D and productivity. The impact of 28 highly cited publications within this line of study is investigated using a combination of bibliometric techniques and citation function analysis. We show how the attention paid to this line of research broadens and deepens in parallel to the diffusion of innovation as a research theme during 2000s. Our findings also suggest that the attraction of scholarly attention is driven by combination of broadening interest in the central research question under study and boundary-pushing methodological contributions made in the key contributions.

  • 12. Brown, James R.
    et al.
    Martinsson, Gustav
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    Petersen, Bruce C.
    Stock markets, credit markets, and technology-led growth2016In: Journal of Financial Intermediation, ISSN 1042-9573, E-ISSN 1096-0473Article in journal (Refereed)
    Abstract [en]

    The high-tech sector accounts for the majority of corporate innovation in modern economies. In a sample of 38 countries, we document a strong positive relation between the initial size of the country's high-tech sector and subsequent rates of GDP and total factor productivity growth. We also find a strong positive connection between a country's equity (but not credit) market development and the size of its high-tech sector. Our main difference-in-differences estimates show that better developed stock markets support faster growth of innovative-intensive, high-tech industries. The main channels for this effect are higher rates of productivity and faster growth in the number of new high-tech firms. Credit market development fosters growth in industries that rely on external finance for physical capital accumulation but is unimportant for growth in innovation-intensive industries. These findings show that stock markets and credit markets play important but distinct roles in supporting economic growth. Stock markets are uniquely suited for financing technology-led growth, a particularly important concern for advanced economies.

  • 13. Brown, James R.
    et al.
    Martinsson, Gustav
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    Petersen, Bruce C.
    What promotes R&D? Comparative evidence from around the world2017In: Research Policy, ISSN 0048-7333, E-ISSN 1873-7625, Vol. 46, no 2, p. 447-462Article in journal (Refereed)
    Abstract [en]

    R&D drives innovation and productivity growth, but appropriability problems and financing difficulties likely keep R&D investment well below the socially optimal level, particularly in high- technology industries. Though countries around the world are increasingly interested in using tax incentives and other policy initiatives to address this underinvestment problem, there is little empirical evidence comparing the effectiveness of alternative domestic policies and institutions at spurring R&D. Using data from a broad sample of OECD economies, we find that financial market rules that improve accounting standards and strengthen contract enforcement share a significant positive relation with R&D in more innovative industries, as do stronger legal protections for intellectual property. In contrast, stronger creditor rights and more generous R&D tax credits have a negative differential relation with R&D in more innovative industries. These results suggest that domestic policies directly dealing with appropriability and financing problems may be more effective than traditional tax subsides at promoting the innovative investments that drive economic growth.

  • 14.
    Dastory, Linda
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    Schäfer, Dorothea
    DIW Berlin and Jönköping International Business School.
    Stephan, Andreas
    KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS. (Jönköping International Business School.
    Financing of Innovation: Has the Funding Mix Changed After Stricter Banking Regulation?Manuscript (preprint) (Other academic)
  • 15.
    DELIGIANNIDIS, MARIOS
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    Environmental Policies and Innovation in Renewable Energy Technologies2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    This thesis examines the effects of different environmental policies on renewable energy technology innovation. Previous empirical and theoretical studies done on the field of environmental and innovation economics agree that the presence of environmental regulations positively affect innovation. This paper uses patent applications to the EPO in order to measure the effectiveness of the different policy measures to induce innovation in renewable energy technologies. Patent data from 20 European countries was used for the period 1977-2013. The empirical model was estimated using the Poisson fixed-effects model. The results indicate that tax measures are necessary for renewable energy innovation but is unlikely that taxes alone are sufficient to induce innovation without other policy support to tackle the market inefficiencies. The price of electricity and the growth of the electricity consumption were also found to be significant determinants of innovation to renewable energy technologies, suggesting that the conditions of the energy market play an important role in energy innovation.

  • 16.
    DICKHUT, LENA
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    BUSINESS CASE DEVELOPMENT: CATEGORIZATION  AND  CHALLENGES2016Independent thesis Advanced level (degree of Master (Two Years)), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Every new product launching industrial company faces the difficulties of forecasting future success or failure of a new product before launch. Before launch it is common to develop a business case in order to estimate future quantities and set prices. In the present paper the challenges of developing a standardized business case tool for a large industrial construction and mining company are presented. Few academic studies have been conducted on the challenges and complexities of developing business cases. The research question under which this study is done is: What are the challenges associated with developing an effective standardized business case tool for a large industrial construction and mining company? Due to the different subject areas of the business case for new product launch, the challenges are categorized by topics developed by the researcher in the course of this project: process and team, data gathering and validation, quantity forecast and price forecast. The main challenges found in these categories by the researcher are: finding and motivating experts for the project of developing a standardized business case, gathering and selecting all data necessary without including redundant data, ensuring that different potential new products can be forecasted and designing the price forecast to be profit-maximizing. Solutions to these challenges are provided in the context of a case company by using methods suggested by the academic literature and the evaluation of expert interviews inside the case company

  • 17.
    HELLQVIST, OSKAR
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    SANDVALL, ANTON
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    Preference Shares – A lead lag analysis of the Swedish real estate sector2016Independent thesis Advanced level (degree of Master (Two Years)), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Several researchers have over the past decades criticised the efficient market hypothesis as several studies have presented evidence of causality and co-integrating relationships in  inancial markets. As preference shares have become increasingly popular, in recent years, as a mean of raising capital in the Swedish real estate sector, this study investigates the causal relationships between common shares and their corresponding preference share of nine listed Swedish real estate companies. By using daily closing prices over the period Dec 2014 – April 2016, we find weak support for short-run causalities in five of the nine examined pairs but no long-run cointegrating relationships. Further, we find causality running from the largest five firms to the four smallest in the sample firms. These findings violate the weak form of the efficient market hypothesis, which state that asset price fluctuations are random and not possible to forecast by the use of historical asset prices.

     

  • 18.
    HÄHLE, GUSTAV
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    SUSTAINABLE COMPETITIVE ADVANTAGES IN THE INDUSTRY OF MOBILE GAMBLING2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    This study investigates how firms in the mobile gambling industry can develop long-term competitive advantages through utilizing firm specific resources and capabilities. The aim of this research is to connect classical theoretical knowledge with the challenges the modern industry of mobile gambling is facing. Earlier research within the subject are limited, however previously findings indicates that fast response time, logic site mapping and security are important factors when consumer are choosing supplier for mobile gambling. Data is collected through a consumer survey and interviews with three industry experts, moreover; a theoretical framework from previously conducted research are underpinning the study. The results show that firms should focus internal resources and capabilities to develop a superior technology. A superior technology can generate numerous of competitive advantages, as well as working as a leverage effect in other areas. Moreover, superior technology will also likely be sustainable over time by being governed by isolating mechanisms. Lower price is discussed as a competitive advantage in the mobile industry, however findings indicates several of long run negative effects enabled through a lower price. Future research needs to investigate how customization and dynamic offerings can optimize a firm’s profit. Future research should also investigate what kind of negative effects mobile gambling could have on the social welfare in terms of total effects.

  • 19.
    Ihnatovich, Hanna
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    Predicting the development of the construction equipment market demand using economic indicators: Artificial Neural Networks approach.2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Demand forecasting plays an important role for every business and gives companies an opportunity to prepare for coming shifts in the market. The empirical findings of this study aim to support construction equipment manufacturers, distributors, and suppliers in apprehending the equipment market in more depth and foreseeing market demand to be able to adjust their business strategies and production capacities, allocate resources more efficiently, optimize the level of output and stock and, as a result, reduce associated costs, increase profitability and competitiveness. It is demonstrated that demand for construction equipment is heavily influenced by changes in economic conditions and country-specific economic indicators can serve as reliable input parameters to anticipate fluctuations in the construction equipment market. The Artificial Neural Networks (ANN) forecasting technique has been successfully employed to predict sales of construction equipment four quarters ahead in selected countries (Germany, The United Kingdom, France, Italy, Norway, Russia, Turkey and Saudi Arabia) with country related economic indicators used as an input.

  • 20.
    KOSKI, PAULINA
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    Determinants of the private savingsrate in Sweden2016Independent thesis Advanced level (degree of Master (Two Years)), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    This thesis investigates the determinants of private savings in Sweden, covering the time period 1914-2014. The steadily increasing fraction of the elderly, as a percentage of the working age population is a demographic development confronted by almost all industrialized countries nowadays. These conditions will bring further economic pressure on the finance of the social security systems in the years to come, hence affecting private savings. The association between private savings, globalization of capital markets and the release of liquidity constraints in many countries might also be an important determinant. These new conditions have in some cases improved consumer welfare by enabling more intertemporal substitution, the process of maximizing consumer’s utility by allocating resources across time. In this study the savings function is estimated based on several aspects concerning demographic and economic factors, based on the theories; life-cycle hypothesis of saving, precautionary saving theory, permanent income hypothesis and the Ricardian Equivalence theory. This study suggests that the private saving function is sensitive to the inflation rate and the policy implication of the relationship is presented.

  • 21.
    Kwon, Emma
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    The impact of human activities on CO2 emissions: evidence from the OECD countries and the EU members2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    In this thesis I intend to investigate various kinds and degrees of human impact on CO2 emissions in the OECD and EU countries. As a reference framework, I use the STIRPAT model; STochastic Impacts by Regression on Population, Affluence, and Technology (Dietz and Rosa 1997) which is reformulated from the IPAT model (Ehrlich and Holdren 1971) and the EKC (Environmental Kuznets Curve) hypothesis (Grossman and Krueger, 1991). A set of data which is used for this thesis is 195 countries in the world as a whole data set, 34 OECD countries, and 28 members of the European Union during 21 years from 1990 to 2010. For the empirical research, the whole data set, the OECD, and EU are researched by two-way fixed effects. The empirical results suggest that one percent increase of the GDP per capita, population, and the energy use per PPP GDP leads to the increases of CO2 emissions in all country groups within statistically significant level. One percent increase of the urban population in OECD affects growth of CO2 emissions in statistically significant level. The negative unit relationship is shown between energy intensity and emissions in OECD while EU shows both positive and negative relationships but not within the significant level. OECD and EU country groups are approved to meet the hypothesis of Environmental Kuznets Curve in the STIRPAT model by all estimators tested by the join F-statistics and Wald-test.

  • 22.
    Lougui, Monia
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    Choosing your side-kick: Team diversity in pulled and pushed entrepreneurship2016Conference paper (Other academic)
    Abstract [en]

    Studies of entrepreneurship have demonstrated that the composition of the founding teamplays a central role in determining the fate of new ventures. This paper discusses the foundingteam formation process. Specifically, tendencies to homophily in the formation of entrepreneurialteams, in terms of demographic and professional attributes, are studied througha comparisson of which types of co-workers that engage in firm formation together underpulled and pushed entrepreneurship. Facing a general displacement because of firm closure,the number of possible team formation outcomes increases compared to the situation of pulledentrepreneurship. The difference in diversity between pulled and pushed teams may thereforebe interpreted as reflecting the difference between team formation choices under greater orsmaller constraints. Relying on Swedish employer-employee matched data covering the creationof new ventures during the period 2001-2011, the analyses reveal weaker homophily infounding teams launching a new venture under pushed circumstances (displacement after employer’sshut down), in particular as regards demographic attributes. These results suggest thatteam diversity is inhibited by the homophily-induced limitation of founders’ personal networks,rather than by active preferences for homophily in the team formation process.

  • 23.
    Lougui, Monia
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    In Search for Greener Grass: Employee Mobility, Self-employment and Career Choices in the Wake of Consolidation2018Doctoral thesis, comprehensive summary (Other academic)
    Abstract [en]

    In this environment of increasingly knowledge intensive economy, individuals with their embedded skills and knowledge are the main source of value for an organization. Both employers andemployees have strong reasons to consider the causes and consequences of job mobility. Suchconsiderations are accentuated in the context of an organizational change such as that broughtabout during mergers and acquisitions (M&As). This argumentation determines the startingpoint for the thesis. This dissertation explores employee mobility, the formed alliances and theirlabor market evaluation post M&As and firm closure.

    The first paper investigates the increased employee mobility and the generated spin-outs postM&As. By distinguishing the pushed from the pulled forces, the results suggest that employeesare indeed pushed into self-employment after an M&A. Yet this force only partially explains themobility of employees and the generation of opportunities in association with M&As insinuatesthe presence of a pulled force. One of the contributions of this paper is the conceptualization ofthe push force through quantitative measures.

    The second paper originates from the same argument as the previous paper. Employees arenot only the carrier of knowledge but they also determine the culture and the more informalvalues of the firms.It is argued that the detention of top-managers post-M&As facilitates theintegration and is critical for the transition of knowledge. Despite the provided evidences, thereis still a surprisingly high top manager turnover post-M&A. in this paper we argue that oneof the underlying motives for this turn-over is the structure of the top-management team pre-M&As. Our empirical analyses provides support for our hypotheses suggesting that a higherlevel of diversity in top-management teams pre-M&As increases the propensity of top-managerturn-over post-M&As.

    In paper three, the teams are put in focus. As the composition of the founding team innew ventures determines the venture’s future performance and potential growth, it is relevant toexamine the factors shaping the structure of these teams. This paper empirically examines thedifference in the intensity of diversity in founders teams when formed under pushed and pulledcircumstances. The outcomes suggest that these teams are in general dominated by homogeneity.However, under pushed circumstances (lay-off post firm shutdowns), the heterogeneity increases.These results indicate that the general tendency to homogeneity of founding teams is related tothe restriction imposed by the individuals network rather than the result of their preferences forhomogeneous teams.

    Finally the last paper studies the labor market evaluation of the studied employee mobil-ity and self-employment. Matching methods and treatment effects are applied to compare thefuture wages of employees with a temporary detour in self-employment after dismissal. As self-employment is in general a temporary employment and the experience is of short spell, it is im-portant to examine the outcome of such practice. In this paper we reveal a small wage premiumfor individuals with a detour into self-employment compared to those who stay in conventionalemployment.

    The empirical work of the thesis is built on quantitative analyses and econometric regressionsapplied on extensive databases from Statistics Sweden.

  • 24.
    Lougui, Monia
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    Broström, Anders
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    New firm formation in the wake of mergers and acquisitions: An exploration of push and pull factors2015Conference paper (Other academic)
    Abstract [en]

    This study investigates the relationship between mergers and acquisitions (M&A) and entrepreneurial spawning in human capital-intensive service sectors. We investigate two sets of theoretical mechanisms. First, M&As may push employees into entrepreneurship by lowering the average barriers of leaving the current employment (i.e. being associated with general deterioration of working conditions). Second, M&A activities may generate new entrepreneurial opportunities, which are first and foremost accessible by employees directly affected by M&As. Results on entrepreneurial spawning in 3 198 Swedish firms during the time period 2000-2009 confirm that the number of firms spawned from a specific incumbent increases following an M&A. Push-oriented factors are found to contribute to this effect, but a dominating part of the total effect remains in the presence of proxies for push-effects. This suggests that pull-oriented explanations of opportunity creation in the wake of M&As constitute an important avenue for further research on the antecedents of new firm formation

  • 25.
    Lougui, Monia
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    Broström, Anders
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    The Labor Market Value of Experience from Temporary Self-employment2018Conference paper (Other (popular science, discussion, etc.))
    Abstract [en]

    This paper explores the evaluation of experience from self-employment on the Swedish labormarket. Specically, we analyze the wage remuneration of individuals moving from a spell inself-employment to regular employment as compared to a control group of individuals withoutsuch experience. To tackle the challenge of estimating the average eect of treatment, we seekto reduce unobserved heterogeneity across groups by only considering individuals moving intoself-employment after being displaced in the context of employer exit, and setting up the controlgroup to consist of individuals moving from the same exiting rms into new employment. Tofurther ensure similarity on key observables with the treated group, we select the control groupthrough coarsened exact matching. Our results demonstrate that the average treatment eect ispositive. In further exploration, we nd evidence suggesting that this eect is at least partiallydriven by self-employment experiences being positively evaluated for jobs requiring general andmanagerial skills rather than industry-specic expertise.

  • 26.
    Lööf, Hans
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics. KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS.
    Mairesse, J.
    Mohnen, P.
    CDM 20 years after2017In: Economics of Innovation and New Technology, ISSN 1043-8599, E-ISSN 1476-8364, Vol. 26, no 1-2, p. 1-5Article in journal (Refereed)
    Abstract [en]

    In year 1998, the seminal paper Research Innovation and Productivity: An Econometric Analysis at the Firm Level was published in this journal. The empirical framework, following on ideas in the research of Zvi Griliches at the NBER and commonly labeled CDM (the acronym of the three authors’ names, Crépon, Duguet and Mairesse) is one of the most influential contributions in recent literature on economics of innovation. The original CDM paper and papers inspired by its framework have received hundreds of citations in the empirical innovation literature. Whether directly linked or not to the CDM framework, the flow of studies improving on and enlarging the scope and methods of the empirical literature on R&D, innovation and productivity is continuing. Some of them, for example, focus on financing innovation, innovation and employment, innovation and trade, competition, or intellectual property; some adopt a managerial perspective, while others prefer an innovation system approach in a Schumpeterian tradition, etc. This introduction to the special issue of EINT surveys a collection of 12 papers on the CDM model by 25 authors from eight countries. The papers take stock of the evolution of research based on the original CDM model launched 20 years ago, linking it to the previous literature, and proposing developments and generalizations of it in various dimensions.

  • 27.
    Malm, Arvid
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    The Absent Entrepreneur: Exploring the Role of the Entrepreneur in Economics2018Doctoral thesis, comprehensive summary (Other academic)
    Abstract [en]

    Economics as an academic discipline has often found it difficult to formally model the Entrepreneur. As Baumol (1968) noted, “The theoretical firm is entrepreneurless—the prince of Denmark has been expunged from the discussion of Hamlet.”This dissertation first examines if the entrepreneur is still absent from economics and then seeks to apply the concept of the entrepreneur to some contemporary economic discussions. Finally, I examine a concept closely associated with entrepreneurship: Philanthropy.The first and second article examine the presence of the entrepreneur and the family firm in the current economic “canon” in economics PhD programs. We find that the entrepreneur remains scarce in economics, but that some recent included works attempt to model entrepreneurship. The family firm is entirely absent from the surveyed literature.The third article examines the impact of a major Swedish educational reform that lengthened mandatory education on self-employment outcomes. I find that reform participants are less likely to operate marginal businesses.The fourth article examines income inequality in the United States in relation to entrepreneurship. Using the “Supermanager” hypothesis of Thomas Piketty as a starting point, we argue that entrepreneurs and managers in closely held firms play an important role in rising income inequality.Finally, the fifth article examines the state of Swedish philanthropy, a field usually fueled by successful entrepreneurship. We examine the productivity of philanthropic funding of research relative to other R&D funding and conclude that the main predictor of publication and patent output appears to be overall funding, not funding structure.

  • 28.
    Malm, Arvid
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    Johansson, Dan
    Örebro University.
    Johan, Karlsson
    Örebro University.
    Family Business – A Missing Link in EconomicsManuscript (preprint) (Other academic)
    Abstract [en]

    Family businesses account for a substantial share of economic activity and deviate from standard economic assumptions on firm behavior. However, little is known about how these businesses are represented in economic theory. This article examines the inclusion of family business in economics doctoral programs in the United States and Sweden, as well as professors and textbook authors’ views and research on family business. Textbooks, articles and course offerings used in doctoral programs are considered to indicate the state of knowledge in the field. This article finds that family business is not a subject within the examined programs, and professors and authors do not publish research on this topic. Moreover, professors and authors generally state that family business needs not be a part of economic theory. This paper concludes that family business is excluded from ‘core’ economic theory.

  • 29. Mohammadi, Ali
    et al.
    Broström, Anders
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    Franzoni, Chiara
    Workforce Composition and Innovation: How Diversity in Employees' Ethnic and Educational Backgrounds Facilitates Firm-Level Innovativeness2017In: The Journal of product innovation management, ISSN 0737-6782, E-ISSN 1540-5885, Vol. 34, no 4, p. 406-426Article in journal (Refereed)
    Abstract [en]

    This article studies how workforce composition is related to a firm's success in introducing radical innovations. Previous studies have argued that teams composed of individuals with diverse backgrounds are able to perform more information processing and make deeper use of the information, which is important to accomplish complex tasks. We suggest that this argument can be extended to the level of the aggregate workforce of high-technology firms. In particular, we argue that ethnic and higher education diversity within the workforce is associated with superior performance in radical innovation. Using a sample of 3,888 Swedish firms, this article demonstrates that having greater workforce diversity in terms of both ethnic background and educational disciplinary background is positively correlated to the share of a firm's turnover generated by radical innovation. Having more external collaborations does, however, seem to reduce the importance of educational background diversity. The impact of ethnic diversity is not affected by external collaboration. These findings hold after using alternative measures of dependent and independent variables, alternative sample sizes, and alternative estimation techniques. The research findings presented in this article would seem to have immediate and important practical implications. They would suggest that companies may pursue recruitment policies inspired by greater ethnic and disciplinary diversity as a way to boost the innovativeness of the organization. From a managerial perspective, it may be concluded that workforce disciplinary diversity could be potentially replaced by more external links, while ethnic diversity could not.

  • 30.
    Nilsson, Amanda
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    Alvfors, Oskar
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    Säljares riskpreferenservid bostadsförsäljning2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [sv]

    På grund av den kraftiga ökningen av bostadspriser i Stockholm har individer påmarknaden börjat uppvisa tveksamhet, både på ett psykologiskt och ekonomiskt plan, isamband med bostadsaffärer. För dessa individer kan beslut och ställningstaganden fåstora konsekvenser för privatekonomin och vara avgörande för en framtidabostadskarriär.Det för Sverige unika och komplexa budgivningssystemet, ”den öppna budgivningen”,involverar ett riskmoment för individer i stånd att sälja sin bostad. Det är därförintressant att utreda säljares riskpreferenser samt hur de väljer att agera i dessabeslutssituationer under risk. Beslutsfattande under risk, och inte minst riskaversion, ärett av litteraturen ofta berört område. Det finns dock begränsad forskning kring hurmotsvarande beteenden tar sig uttryck på bostadsmarknaden. Denna studie syftardärför till att utreda säljares riskpreferenser på Stockholms bostadsmarknad.Med grund i prospektteorin utformas en webbaserad enkätundersökning och intervjuermed fastighetsmäklare och säljare på bostadsmarknaden genomförs. Detta utgör ettempiriskt bidrag till forskningsområdet. Det empiriska materialet analyseras genom enmultipel regression samt sammanfattande statistik och kompletteras med en kvalitativanalys av intervjumaterialet.Studien fastslår att det finns indikativa beteenden för säljares riskaversion samt att detfinns samband mellan olika demografiska faktorer och individens nivå av riskaversion.Vidare belyses riskaversionens omfattande situationsberoende. Därtill applicerasprospektteorin samt teorin kring begränsad rationalitet, vilka fastslås utgöra ett robustförklarande teoretiskt ramverk i relation till beslutsfattande i ett bostadskontext.

  • 31.
    Nyström, Kristina
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    Regional resilience to displacements2018In: Regional studies, ISSN 0034-3404, E-ISSN 1360-0591, Vol. 52, no 1, p. 4-22Article in journal (Refereed)
    Abstract [en]

    Regional resilience to displacements. Regional Studies. This paper contributes to knowledge about regional resilience to displacement and examines the extent to which the characteristics of the (1) regional closures, (2) individuals in a region, (3) regional industry, (4) regional economy and (5) regional attractiveness influence the re-employment of displaced employees. Regions where the average size of establishment closures is large or the regional displacement rate is high exhibit increased resilience in terms of re-employing displaced employees in the same region. Unrelated and related industrial variety are positively related to resilience to displacement in regions with low re-employment capacities, whereas there is some evidence that regional attractiveness is positively related to resilience in regions with a good ability to re-employ displaced employees in the same region.

  • 32.
    Nyström, Kristina
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    Viklund Ros, Ingrid
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    Exploring regional differences in the regional capacity to absorb displacements2017In: Geographies of Growth: Innovations, Networks and Collaborations / [ed] Karlsson, C. Andersson M. and L Bjerke, Edward Elgar Publishing, 2017, p. 19-47Chapter in book (Refereed)
  • 33.
    Oskarsdottir, Eyglo Myrra
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    Towards a Data-Driven Pricing Decision With the Help of A/B  Testing2016Independent thesis Advanced level (degree of Master (Two Years)), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    An A/B test is implemented on a SaaS rm's product page to examine the di erence in conversion rates from website visitors who are randomly assigned to two di erent product-landing pages that show di erent prices. To count as a successful conversion the visitors that view a product-landing page have to click on a \Free Trial" button. Half of the group will be assigned the treatment page, which will state higher prices and the other half will be assigned the controlled page, which will state today's current price. The only variant that will di er from the two pages will be the stated price of the product and all other factors will be kept constant. The controlled experiment is executed to get a sense of customers' price sensitivity, hence this thesis contributes to microeconomic research of the private sector, more specically to the ICT industry by using a novel approach with the help of A/B testing on prices. The results showed no statistical signicance difference between the two variations, which can be translated to accepting the null hypothesis; the demand for a particular Software-As-A-Service product will hold unchanged after the proposed price increase. At rst, this could be a surprising result but when looking into the industry, which the rm participates in and their early mover advantages this result could have been assumed.

  • 34.
    Osoria, Angel
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    Automation and Technological Change: Job Destruction and the Rise of Inequality: An analysis of the relationship of automation and technological change within unemployment and inequality in developed economies.2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    This paper aims to explain how new technology impacts the labor market and to what extent it substitutes for labor. In addition, the relationship between new technology and income distribution will be examined. The analysis is based on an extensive literature survey and an empirical analysis covering 10 OECD countries over an eight year period. Advanced economies were chosen because according to recent research, they are likely to be most affected by rapid technological development. By implementing panel data and a fixed effect estimation technique, it is shown that ICT-investments are positively correlated with unemployment while no effect was found with regard to inequality. 

  • 35.
    Perez, Luis
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    Patenting Activity in the Solar Industry: How to Speed Up the Transition to a Decarbonized Economy2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Presently fewer than one in ten patented inventions are green, while it is broadly assumed that a substantially larger fraction will be needed to address the climate challenge. Recent literature has addressed this topic by developing theoretical growth models with endogenous and directed technical change. An empirical application of this theoretical framework on the automotive industry has shown that firms tend to innovate more in electric cars when fuel prices rise, and also when they can benefit from spillovers in clean technology. Although transitioning to electric cars is important for a green future, today's electricity is mainly derived from non-renewable sources. This paper focuses on solar power, which has large potential to provide the economy with clean energy. We construct micro-level panel data with observations from nearly 200 countries over a 20-year period and investigate how energy prices, R&D-subsidies, path-dependence and financial markets influence innovative activities. The results provide robust evidence for the role of directed technical change in the transition to clean energy.

  • 36.
    PRIPP, ALEXANDRE
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    Simulations of how developmentsin construction cost could affect Swedish housing supply2016Independent thesis Advanced level (degree of Master (Two Years)), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    The Swedish housing market have long been debated for its flaws, inefficiencies and regulations which makes construction expensive and complicated. This have created long queue times for rentals and an ever increasing price level for condominiums, especially in the cities Stockholm, Gothenburg and Malmö. Boverket suggest 558,000 new housing units  eeds to be constructed by 2025 to meet the increasing demand.

    In this thesis I have applied the standard theory of demand and supply on the Swedish housing market using a standard simultaneous equation model with panel data covering the years 1994 to 2012 over Swedish municipalities. The result shows construction costs have a negative effect on supply while population growth and housing prices have a positive effect. Demand is driven by disposable income and population growth whereas a price of housing has a negative effect. With lower future construction costs housing supply would increase more than if it were to be hold constant. Rising construction cost the coming years would have a negative effect on housing supply.

  • 37.
    RHENMAN, ELIN
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    How are Swedish social entrepreneurs financing theirbusinesses?: A survey of Swedish social entrepreneurs’ access to funding2016Independent thesis Advanced level (degree of Master (Two Years)), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Social entrepreneurship and related concepts have received an increasing amount of attention during the last years. Social entrepreneurship is characterized by ventures with a social mission, seeking to address societal challenges and needs. The social goal is the primary goal of the business activities whereas generating economic profit is not the main objective, yet still possible. Social entrepreneurship is often seen as a powerful tool for creating sustainable development, a fundamental goal of many businesses, countries and organizations today. Just like any other firm, social entrepreneurs need finance in order to exist. This thesis seeks to examine how Swedish social entrepreneurs finance their businesses. A questionnaire was sent out to Swedish social entrepreneurs and the results suggest that Swedish social entrepreneurs to a large extent rely on governmental funds and support, personal resources and internally generated capital. Access to the traditional banking system seems to be limited compared to traditional entrepreneurs. There seems to be a gap between the demand and supply of external capital since the majority of the respondents believe that they have a limited access to external capital. 60 per cent of the respondents reported a positive economic result in the last fiscal year. Furthermore, the majority of the respondents want to expand their businesses in the future but the largest obstacles seem to be lack of financing and political aspects. The respondents hope for, among other things, an improved attitude towards social entrepreneurship in general, more financing and increased collaboration with Swedish municipalities. Altogether the results highlight the role of the government in supporting and promoting this type of firms in Sweden.

  • 38.
    STADENBERG, IDA
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    Innovative Cluster Organizations in Tanzania: A Minor Field Study evaluating cluster performance and actor collaborations within the clusters included in ISCP-Tz2016Independent thesis Advanced level (degree of Master (Two Years)), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Cluster Organizations, as a means of promoting competition and innovation in industrial clusters, have become increasingly popular over the world. Cluster organizations aim to increase growth and competitiveness of clusters within a region, and have become a central part of economic policy-making across the world. Recently, the concept has been used to a larger extent as a tool for economic development and poverty alleviation. This thesis seeks to examine the cluster organizations that are part of the Sida funded program Innovation Systems and Cluster development in Tanzania (ISCP-Tz), by evaluating performance, goals and development of the program based on cluster facilitators perceptions, and assess linkages and actor collaborations between clustered actors. The data in this thesis is collected through a telephone-administered questionnaire, as well as interviews and visits to cluster sites. The results show a positive impact on cluster firms performance as assessed by cluster facilitators, but show that actor collaborations in many cases are inadequate and need to be improved.

  • 39.
    STEINER, FRANCISKA
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    THE INTERNATIONALIZATION PROCESS OF FIVE SWEDISH SME;S AND THEIR VIEW ON AUSTRIA AS A POTENTIAL GATEWAY INTO CEE2016Independent thesis Advanced level (degree of Master (Two Years)), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    In the globalized world of today, many firms find it hard to only operate on the home market. When the home market becomes too small, firms start to enter new markets. Their process of internationalization may look very differently. Although there are some models which have become more accepted than others, mainly the Uppsala model which describes the internationalization process with a stage model, where the firm initially enters markets similar to the home market. However lately other theories have come with alternative explanations such as the Networking theory and the theory about Born Globals. The thesis aims to categorize five Swedish firms, in order to study their internationalization process before entering Austria. Austria is seen as a gateway to CEE (Central Eastern Europe) by a number of countries. This thesis investigates how the Swedish firms view the country.

    This thesis contains a case study, investigating the internationalization process of five Swedish firms. A series of interviews were held to collect the relevant data and complement the literature review. The outcome of this case study shows that the firm’s internationalization process can rather be explained with the Networking and not the Uppsala model. Most of the firms have however not used Austria as gateway to CEE and are not familiar with the synergies offered by the networks in Austria.

  • 40.
    WERNER, JONATAN
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    SJÖBERG, JONAS
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    Prospect Theory in the Automated Advisory Process2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    With robo-advisors and regulation eventually changing the market conditions of thefinancial advisory industry, traditional advisors will have to adapt to a new world of asset management. Thus, it will be of interest to traditional advisors to further explore the topic of how to automatically evaluate soft aspects such as client preferences and behavior, and transform it into portfolio allocations while retaining stringency and high quality in the process. In this thesis, we show how client preferences and behavioral aspects can be translated into quantitative parameters, suitable for an asset allocation model based on prospect theory. A risk profiler, a type of questionnaire, is found to be an appropriate tool to use in this process. Further, we show that the impact of the parameters on the resulting portfolio allocations is consistent with prospect theory and the preferences of the investor. Finally, we conclude that the optimized portfolio allocation generated by the model suit the investor's preferences.

  • 41.
    Westerlind, Simon
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    Anomaly Detection for Portfolio Risk Management: An evaluation of econometric and machine learning based approaches to detecting anomalous behaviour in portfolio risk measures2018Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Financial institutions manage numerous portfolios whose risk must be managed continuously, and the large amounts of data that has to be processed renders this a considerable effort. As such, a system that autonomously detects anomalies in the risk measures of financial portfolios, would be of great value. To this end, the two econometric models ARMA-GARCH and EWMA, and the two machine learning based algorithms LSTM and HTM, were evaluated for the task of performing unsupervised anomaly detection on the streaming time series of portfolio risk measures. Three datasets of returns and Value-at-Risk series were synthesized and one dataset of real-world Value-at-Risk series had labels handcrafted for the experiments in this thesis. The results revealed that the LSTM has great potential in this domain, due to an ability to adapt to different types of time series and for being effective at finding a wide range of anomalies. However, the EWMA had the benefit of being faster and more interpretable, but lacked the ability to capture anomalous trends. The ARMA-GARCH was found to have difficulties in finding a good fit to the time series of risk measures, resulting in poor performance, and the HTM was outperformed by the other algorithms in every regard, due to an inability to learn the autoregressive behaviour of the time series.

  • 42.
    Åkerstrand, Hampus
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    Do Housing Prices Affect Loan Supply?: Evidence from Sweden During the Post-Crisis Period2018Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Financial intermediaries are paramount for modern society. During the last decade, however, our reliance on these institutions have been meticulously debated, especially in the aftermath of the financial crisis. This thesis contributes to this debate with a novel perspective on loan supply changes in light of the recent events in the Swedish real estate market. More specifically, it investigates what influence housing prices have on the supply of commercial and industrial loans. This is done by estimating dynamic panel data models using a quarterly panel containing balance sheet data for 68 Swedish monetary financial institutions, during the post-financial crisis period of 2009-2017. The results indicate that housing prices do not have a significant effect on commercial and industrial loan supply. However, these loans are to a considerable degree dependent on the institutes’ earlier levels of commercial and industrial loans.

1 - 42 of 42
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