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We apply the Atkinson (1970) inequality index to time series of asset returns to offer a novel measure of financial risk consistent with expected-utility theory. This measure is converted to a certainty-equivalent return serving as a performance measure. We extend the Atkinson index to HARA utility and derive closed-form solutions to our measures for a number of preference-return combinations. Fur
This paper explores whether refinancing risk is an important determinant of maturity decisions by investigating how firms with refinancing risk choose the maturity of new loans they obtain during the 2007-2009 financial crisis. The firms' refinancing risk is measured by the maturing portion of outstanding long-term debt. The result shows that firms with a high refinancing risk choose longer maturi
The UK tariff for quality of life associated with the health states in the EQ-5D is probably not consistent with the preferences of Swedish health economists. This is worrying in view of the widespread use of the tariff values and the fact that health economists likely are better able than ordinary citizens to report their preferences for health states in a valid and reliable manner. We suggest th
Recently the 19th century as a formative period of both states and the state system has received more attention by IR scholars, historical sociologists, and historians. A highly generalized argument that this diverse literature has in common is that the state became more state-like, and the international system denser, and therefore more system-like, in the 19th century. The modern world has its r
The 19th century was a period of great transformations for Italy. Political unification was achieved in 1861 while economic unification was still far off. Ever since, Italian industrialization has been unbalanced, as the pre-existing gap between Northern and Southern economic development has widened. In this context, the creation of the Italian national market has been a highly debated topic. Orig
The need to compare authors on the basis of their publications is well known. In this paper, we undertake an axiomatic analysis of the ways to measure academic authorship, for a given dataset of papers. We find that the intuitive Egalitarian index is the only index that satisfies efficiency, anonymity and monotonicity in terms of paper citation. This index divides authorship of joint projects equa
Using a standard model where the individual consumption path is computed solving an optimal control problem, we investigate central claims of Piketty (2014) Rather than r>g (confirmed in the data) r-s>g - with s being the rate of time preference - matters. If this condition holds and the elasticity of substitution in the production function is larger than one, the capital share converges to one in
The purpose of this paper is to empirically explore two dimensions of the firm hierarchy of international market-specific linkages using data for Swedish manufacturing firms over the 1997 to 2007 period. First, we investigate the productivity ordering with respect to importing, exporting and investing abroad. Second, we investigate the productivity ordering with respect to linkage complexity (i.e.
We describe preliminary results of an acoustic-phonetic study of voice imitations, which is ultimately aimed towards developing an explanatory approach to similar-sounding voices. Such voices are readily obtained by way of imitations, which were elicited by asking an adult-male, professional imitator to utter two tokens of the Swedish word “hallå” in a telephone-answering situation and three Swedi
We explore the relation between institutional quality, trust and stock-market participation. In our theoretical model, agents update their beliefs in a Bayesian manner based on observations on frauds and choose whether to invest in the stock market. The corresponding empirical model shows that institutional quality affects trust and that the part of trust that is explained by institutional quality
Following a royal act, a new academic discipline, Phonetics, was officially given birth in 1947. However, it was not until November 1950 that, at Lund University, Bertil Malmberg was appointed to the first Chair of Phonetics in Sweden. Four Scandinavian experts were chosen to evaluate Malmberg’s scientific competence. The peers produced four evaluations, which constitute the central corpus for th
