Now showing items 491-500 of 511
Advertising and newspaper differentiation : on the role of readers’ advertising taste
(Working paper2006:52, Working paper, 2006-12)
Newspapers have an incentive to moderate their profile in order to gain a larger readership and thus higher advertising revenue. We show that this incentive is weakened both if readers are ad-haters and if they are ad-lovers.
Intergenerational Effects of Guaranteed Pension Contracts
(Discussion paper2006:13, Working paper, 2006-09)
In this paper we show that there exist an intergenerational cross-subsidization effect in guaranteed interest rate life and pension contracts as the different generations partially share the same reserves. Early generations ...
Closed form spread option valuation
(Discussion paper2006:20, Working paper, 2006-10)
This paper considers the valuation of a spread call when asset prices are lognormal. The implicit strategy of the Kirk formula is to exercise if the price of the long asset exceeds a given power function of the price of ...
Newspapers and Advertising: The Effects of Ad-Valorem Taxation under Duopoly
(Discussion paper2007:5, Working paper, 2007-01)
Newspapers are two-sided platforms that sell their product both to readers and advertisers. Media firms in general, and newspapers in particular, are considered important providers of information, culture and language in ...
The value-relevance of adopting IFRS : evidence from 145 NGAAP restatements
(Discussion paper2008:21, Working paper, 2008-10)
Firms listed on stock exchanges within the European Economic Area are required to report consolidated financial statements according to IFRS from 2005. The firms that adopted IFRS in 2005 were also required to restate their ...
Multinationals, minority ownership and tax-efficient financing structures
(Discussion paper2008:19, Working paper, 2008-10)
We model how multinationals structure their borrowing and lending transactions and find that affiliates in high-tax countries have higher internal and overall debt ratios and lower rental rates of physical capital than ...
Optimal Risk-Sharing and Deductables in Insurance
(Discussion paper2006:24, Working paper, 2006)
Risk-sharing in insurance is analyzed, with a view towards explaining the prevalence of deductibles. First we introduce, in a modern setting, the main concepts of the theory of risk-sharing in a group of agents. This theory ...
Understanding opportunity discovery and sustainable advantage : the role of transaction costs and property rights
(Discussion paper2008:2, Working paper, 2008-07)
To add insight in new value creation, opportunity discovery should be integrated with strategic management theory. Based on the resource-based view and the economics of property rights we build a framework that ...
Gender wage gap studies : consistency and decomposition
(Working paper2006:48, Working paper, 2006-12)
This paper reviews the empirical literature on the gender wage gap, with particular attention given to the identification of the key parameters in human capital wage regression models. This is of great importance in the ...
The Nash bargaining solution vs. equilibrium in a reinsurance syndicate
(Discussion paper2008:5, Working paper, 2008-05)
We compare the Nash bargaining solution in a reinsurance syndicate to the competitive equilibrium allocation, focusing on uncertainty and risk aversion. Restricting attention to proportional reinsurance treaties, we find ...