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  • 1.
    Agus, Claudio
    et al.
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Svensson, Lukas
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Vilka egenskaper påverkar slutpriserna på bostadsrätter i centrala Göteborg?2015Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    The purpose of this study is to analyze different condominium characteristics and to find out how much they affect the prices of condominiums located in the central areas of Gothenburg. A hedonic pricing model and several regression analyzes have been used to find the results. Information from 332 sold condominiums from 18-02-2015 to 18-05-2015 has been used in the calculations, grouped into different variables. The various independent variables as living space, fees and location explains the dependent variable that is the final price of condominiums. A shorter time interval has been used to minimize price impact from macroeconomic factors such as inflation, interest rates and economic forecasts. Four different parish areas have been explored: Johanneberg, Vasa, Annedal and Domkyrkan. The information about the condominiums sold was retrieved from värderingsdata.se. The results showed that the size, fees, balcony, floor and age influence the prices. The size indicated the absolute greatest impact on prices.

  • 2.
    Akyol, Philip
    et al.
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Popovski, Filip
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Hushållens skuldsättning: En studie om faktorerna bakom hushållens skuldsättning2016Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    The purpose of this work is to investigate which factors are the most crucial in the Swedish household indebtedness. We use Meng et al. (2011) model to access the impact of unemployment, the number of new construction of housing, population, gross domestic product, real estate price index, consumer price index and the interest rate on the Swedish household indebtedness for the period 1995-2015. In addition, we use cointegration and ECM "Error Correction Model" to determine the long run and the short run impact of these factors on the Swedish household indebtedness. The results in the study reveal the GDP and housing prices as the most crucial factors that household debt has increased in the long term, while the most decisive short-term factors are unemployment and housing prices.

  • 3.
    Albinsson, Julia
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Faktorer som påverkar skuldkvoten hos de svenska hushållen2017Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    This essay investigates the determinants of the Swedish debt ratio for the period 1996-2016. The model that this project is built around is made by Meng et al (2011) where the dependent variable is debt ratio for swedish households and the explanatory variables are GDP, real interest rate, HPI (House Price Index), number of new constructed houses, unemployment ratio and change in inflation. This essay uses cointegration test and Error Correction Model to investigate the short run and long run determinants of the Swedish household debt ratio. The final result after an Error correction model shows that HPI, GDP and unemployment are the variables that affects the debt ratio for Swedish households the most.

  • 4.
    Almqvist, Angelica
    et al.
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Nadj, Sanna
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Leder invandring till ekonomiska förluster?: Hur arbetskraftinvandringen påverkar Sveriges ekonomi2015Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Sweden has a history of labor migration since the World War II. The migration structure has however changed over the last decades and contains a greater number of refugees. The purpose of this paper is to examine the issue of labor migration on the economic growth in Sweden. Also throughout the study we will investigate whether Sweden needs labor migration to meet the needs of the labor market. With this study we want to create a discussion that could provide a greater understanding to the impact of labor migration. The time period in this study extends from 1970 to 2014. A Panel Vector autoregressive model (VAR) will be used to analyze the relationship between labor migration and economic growth. By support of previous research, a theoretical discussion and a comparison of results regarding labor migrations effect on the economic growth will be carried out. In the study we can deduce a positive impact on the Swedish economic growth of the immigration. The variable immigration does however not only take the labor migration into account, which can lead to a deceptive result, because the impact of all immigration is captured in this variable. In the analysis of the result we can interpret that immigration does not displace domestic labor, because of the positive impact of immigration on the employment rate.

  • 5.
    Andersson, Jakop
    et al.
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Johansson, Jonathan
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Hedge funds: A bang for the buck?2017Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Hedge funds are an investment alternative that has become more available to retail investors, it is a segment in the financial sector that now manage over 2000 billion USD. A key factor to it is increased popularity is due to the substantial decrease in minimum investment, making it a more considerable alternative for the average investor. With the latest year’s volatile markets, one could understand that the fundamental structure of a hedge fund seems lucrative, being able to hedge their portfolios in declining markets. These advantages do not come without a price and hedge fund are known to take the highest management fees in the business, allowing for successful hedge fund managers to obtain some of the highest salaries on this plant. Are these salaries justified due to abnormal returns?

    To answer this questions as comprehensive as possible, we first conducted a test for the random walk hypothesis, exploring if it is possible to predict market movements. Finding this possible, we proceeded to test for how well European and North American hedge fund managers have performed overall.

    Testing for excessive return over relevant benchmark indices by performing tests for the capital asset pricing model, Jensen’s alfa and the Fama and French three factor model to validate the results even further. With all tests concluding that hedge fund managers succeed to outperforming their benchmark indices. We later conducted tests for both the Sharpe and Treynor ratio to interpret how much of a risk-adjusted abnormal return the hedge fund managers achieved.

  • 6.
    Andersson, Jenny
    et al.
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Stolt, Sofia
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Immigration & fastighetspriser2014Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    The purpose of this study is to investigate whether the immigration to Sweden affects the Swedish real estate prices, and if so, how and to what extent. The study relates to property prices of houses in Sweden during the years 1993 – 2012. A subsidiary purpose is to investigate which group of immigrants that has the most effect on real estate prices, the returning Swedish-born or the foreign-born. The study is based on several multiple regressions including variables retrieved from the DiPasquale and Wheaton-model. The variable to be explained in the analyses is the property price and the explaining variables are interest rate, disposable income, debt, unemployment, new construction, rent, gross domestic product and immigration.

    Similarly to previous research from Switzerland, Spain, Canada, USA and New Zealand, the study concludes that there is a positive relationship between immigration and property prices. The Swedish results, however, demonstrates a stronger connection than the other countries in the short run. Regarding the subsidiary purpose regarding the influence of different groups of immigrants, the study shows that it, in the short run, is the returning Swedes that to a greater extent affect property prices

  • 7.
    Andersson, Martin
    et al.
    Royal Institute of Technology, Centre of Excellence for Science and Innovation Studies (CESIS).
    Gråsjö, Urban
    University West, Department of Economics and IT, Division of Law, Politics and Economics.
    Spatial dependence and the representation of space in empirical models2009In: The annals of regional science, ISSN 0570-1864, Vol. 43, no 1, 159-180 p.Article in journal (Refereed)
  • 8.
    Arvedal, Fredrik
    et al.
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Aronsson, Hampuz
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Actively managed mutual funds versus index funds: Risk-adjusted performance from an investor's perspective2015Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    This paper examines the performance of 15 Swedish index stock funds and 30 Swedish actively managed mutual stock funds during the period 27th of March 1995 to 27th of March 2015, from and investor's perspective. Specifically we use Jensen's alpha and capital asset pricing model (CAPM) to examine fund performance. The result indicates that actively managed funds in Sweden do not outperform index funds, according to Jensen's alpha and beta. Actively managed funds are thus not worth their extra management fees and costs.

  • 9.
    Arvemo, Tobias
    et al.
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Gråsjö, Urban
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Different Measures of Economic Growth Lead to Different Conclusions?2011In: Uddevalla Symposium 2010. Innovation and Multidimensional Entrepreneurship - Economic, Social and Academic Aspects : Revised papers presented at the 13th Uddevalla Symposium, 19-22 August, 2010, Jönköping, Sweden  / [ed] Irene Bernhard, Trollhättan: University West , 2011, 57-70 p.Chapter in book (Other academic)
    Abstract [en]

    When regional growth studies are conducted, a common measure of economic growth is the wage sum. One reason for this may be the limited access to GDP (Gross Domestic Product) data on regional level. However, in Sweden there exists GDP data on municipal level, which enables studies where the effects of using GDP data or wage data can be compared. The aim of the present study is to investigate the difference the use of the measures GMP (Gross Municipal Product) and the sum of wages has on growth models. Since the two measures are similar but not identical the choice of measure of growth can influence the conclusions of an investigation. This might lead to contradictory results on for instance how knowledge activities influence economic growth. Therefore an empirical investigation on Swedish data is conducted in order test whether or not the use of GMP and wage sum respectively in a regional economic growth model give rise to different results. GMP and wage sum data on municipality level are used to calculate two output measures; percentage change and percentage change per employee in two different time periods. Local, intra-regional and inter-regional accessibility to R&D are the main explanatory variables used in the model. The results indicate that the models using any version of change in wage sum as dependent variable has more statistically significant parameters than the corresponding model using change in GMP.

  • 10.
    Arvemo, Tobias
    et al.
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Gråsjö, Urban
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Do different measures of economic growth lead to different conclusions?2012In: Entrepreneurship, social capital and governance: Directions for the sustainable development and competitiveness of regions / [ed] Charlie Karlsson, Börje Johansson, Roger R Stough, Edward Elgar Publishing, 2012, 263-280 p.Chapter in book (Refereed)
    Abstract [en]

    Growth and regional growth are regularly concepts of current interest. Studies of regional growth have been conducted by numerous scholars but the way that the growth concept is defined and the way it is measured varies a great deal. Lack of proper regional data may be a reason why this discrepancy occurs. Economic growth is closely related to the industrial structure, health, and demography and income distribution of the economy. The measure used for national economic growth is the change in gross domestic product (GDP). GDP measures the value added of all goods and services produced in the economy. The production of goods and services generates primary incomes for households; another method of measuring GDP is therefore to add up all incomes. One part of this income consists of the sum of all wages paid to households. Hence wage sum data are sometimes used as an alternative measure of economic growth. There are different ways to use GDP and wage sum data to measure economic growth at the regional level. In Sweden, the gross regional product (GRP) change is used by Statistics Sweden and Swedish Agency for Economic and Regional Growth. The Swedish Agency for Growth Policy Analysis (Growth Analysis) on the other hand uses changes in labor productivity as a measure of economic growth in regions. Growth analysis then uses wage sum per employee or wage sum per capita as an estimator of labor productivity.

  • 11.
    Arvemo, Tobias
    et al.
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Gråsjö, Urban
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Employment and Economic Activity in Different Swedish Border Regions2015In: Uddevalla Symposium 2015. Regional Development in an International Context. Regional, National, Cross Border and International Factors for Growth and Development: Revised papers presented at the 18th Uddevalla Symposium, 11-13 June, Sönderborg, Denmark / [ed] Iréne Bernhard, Trollhättan: University West , 2015, 45-57 p.Conference paper (Refereed)
    Abstract [en]

    This study investigate how the effect of cross border activities between Sweden and its three Nordic neighbours influence the Swedish local economies along the border using municipal data from 2009. Two measures for the local economies are examined, economic activity (measured by gross pay per inhabitant) and employment rates. The Swedish border regions where divided into four regions: The Swedish border to Finland, The Swedish border to the part of Norway not included in the Oslo labour market, The Swedish border to the Oslo labour market, and the Swedish-Danish border region. The regression models show how the the regions compare to the Swedish average when controlled for market structure and accessibility to population. For Sweden's border regions to Denmark and the Oslo labour market there are significant improvements in both economic activity and employment rates when the border activity is included. The improvement is highest for the Oslo border regions. For the Swedish border to Finland and to the part of Norway not included inte the Olso labour market the border activity has no significant influence on either economic activity or employment rates.

  • 12.
    Arvemo, Tobias
    et al.
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Gråsjö, Urban
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Indicators of Economic Development: An Exploratory Study Using Swedish Municipal Data Contrasting Economic Development and Growth2016In: Uddevalla Symposium 2016: Geography, Open Innovation,Diversity and Entrepreneurship. Revised papers presented at the 19th Uddevalla Symposium, 30 June- 2 July, 2016, London, UK / [ed] Iréne Bernhard, Trollhättan: University West , 2016, 111-123 p.Conference paper (Refereed)
    Abstract [en]

    This paper explores different definitions of Economic Development and possible measures for Economic Development and how they relate to measures commonly used for studying Economic Growth. The data is from 2013 and 2014 and are found in official Swedish data repositories and include variables such as gross pay per inhabitant, citizen satisfaction with the municipal, Gini-coefficient for Swedish municipals. Our main conclusions are that indicators for Economic Growth and Economic Development in some cases move in opposite directions and hence that driving growth might diminish parts of the development.

  • 13.
    Arvemo, Tobias
    et al.
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Gråsjö, Urban
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Productivity and Cross border Accessibility to Human Capital: A Study Comparing Norwegian and Swedish Border Regions2014In: Uddevalla Symposium 2014. Geography of Growth. The Frequency, Nature and Consequences of Entrepreneurship and Innovation in Regions of Varying Density: Revised papers presented at the 17th Uddevalla Symposium 12-14 June, 2014, Uddevalla, Sweden / [ed] Irene Bernhard, Trollhättan: University West , 2014, 69-84 p.Conference paper (Refereed)
    Abstract [en]

    While border regions are peripheral areas on a national scale, they gain a more central position in the actual border region, due to their location at the interface of domestic and foreign markets. It is a specific location advantage for firms located in border regions that they are close to foreign labour markets making it easier to employ workers from abroad. An increased labour mobility results in a pooling of workers from both sides of the border. With few border impediments, the labour markets located on the two sides of the border might melt into a common labour market, allowing a more efficient allocation of labour. The aim of this study is to examine to what extent economic productivity (gross pay) in the border regions between Sweden and Norway is affected by accessibility to highly educated labour. The southern border between Norway and Sweden is interesting to study since, on the Norwegian side of the border, the local labor market region Sør-Østfold is a neighboring region to the Oslo region, while on the Swedish side of the border, the regions are more considered to be rural areas. As main result we show that the parts of productivity generated by the cross-border workforce is shown to be driven by the accessibility of cross-border human capital both for municipals with an influx of foreign workforce and for the municipals with an outflow of workforce to a foreign country.

  • 14.
    Arvemo, Tobias
    et al.
    University West, Department of Economics and IT, Division of Law, Politics and Economics.
    Gråsjö, Urban
    University West, Department of Economics and IT, Division of Law, Politics and Economics.
    University Colleges Effect on Municipal Growth in Swedish Middle-sized Municipalities2008In: Uddevalla Symposium 2008: Spatial Dispersed Production and Network Governance: Revised papers presented at the 11th Uddevalla Symposium, 15-17 May, 2008, Kyoto, Japan / [ed] Iréne Bernhard, Trollhättan: University West , 2008, 85-98 p.Conference paper (Refereed)
    Abstract [en]

    The main purpose in this paper is to study to what extent accessibility to R&D is an important factor of explaining municipal economic growth. Of special interests is the question whether, the effect of company (private) R&D efforts on economic growth differ if a university college is present in the municipality or not. Therefore the empirical analysis is conducted on a reduced dataset (92 out of 290 municipalities), containing only middle-sized municipalities without traditional ´old´ universities. The idea of the selection process was to find two sets of comparable municipalities with one containing municipalities with university colleges and one with municipalities without university colleges. In the empirical analysis a knowledge production function is estimated with the difference in Gross Municipal Product, GMP, between 1993 and 2001 as the output. In order to account for the importance of proximity, the explanatory variables are expressed as accessibilities to university and company R&D. The total accessibility is then decomposed into local, intra-regional and inter-regional accessibility to R&D. The main results show that local and intra-regional accessibility to company R&D has positive effects on economic growth. On the other hand, local accessibility to university R&D is of no importance, while there are influential effects of intra-regional university R&D. Moreover, the presence of university college R&D activities decreases the importance of the local accessibilitiy to company R&D or put it differently, local accessibility to company R&D is more important in municipalitites without university college activities.

  • 15.
    Arvidson, Katarina
    et al.
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Johansson, Linn
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    What causes household debt to increase in Sweden?: a quantitative study of factors influencing indebtedness of Swedish households2016Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    The level of indebtedness of Swedish households seems to be an upwards going spiral which has no end to it. Warnings are frequently announced from governmental institutions as other sources and the risk households undertake can cause damage not only to the individual household but to the whole economy. If housing prices begin to decrease during a recession, i.e. a housing bubble would start to deflate, it could take a long time for the economy to stabilize. The growing household debt ratio might provide even more fuel to the potential fire. What this thesis is aiming to do is to give better understanding of how Swedish households' indebtedness is composed, or more precisely what might cause it to increase in the way it does. Especially factors beside the disposable income is in focus since the debt to income ratio has risen substantially over the past few decades. An empirical, quantitative analysis is carried out using an OLS multiple regression model and an Error Correction model. Economic theory and insights from previous studies are used as a justification to the variables in the model. The analysis points at development of new properties, increasing housing prices, inflation and rising consumption as being possible explanatory factors in the estimated model. The time series analysis is made using quarterly data with observations of the years 1996 – 2015.

  • 16.
    Arvidsson, Ola
    et al.
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Karlsson, Frida
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Är Kinas växelkurs rätt prissatt?: Håller Kinas växelkurs enligt PPP mot USA, Storbritannien och Tyskland2015Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    The purpose of this study was to investigate if the relative Purchasing Power Parity holds for the Chines exchange rate since the reform on their currency in year 1994. Comparisons were made with Chinas three largest trade partners USA, UK and Germany between the years 1994 to 2013. Stationary and cointegration has been controlled on all variables in order to proceed to regression tests for the monthly data. We used data for the countries consumer price index, nominal exchange rate and real exchange-rate. The result of the study showed that the relative Purchasing Power Parity does not hold. We also used diagrams of the real exchange rate for a simplified test. These also showed that neither absolute nor relative Purchasing Power Parity holds.

  • 17.
    Asal, Mahar
    et al.
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Jalilvand, Abol
    Loyola University, Chicago.
    Do Size and Value Premia Vary across Industry and during the Bull and Bear Market Conditions?: Evidence from the Euro Area2014In: Proceedings of Eurasia Business Research Conference / [ed] Mr. Md. Mahbubul Hoque Bhuiyan, 2014, Vol. no 319Conference paper (Other academic)
    Abstract [en]

    The elimination of exchange rate risk and overall integration of the European equity markets have created new opportunities to utilize industry-specific diversification strategies for portfolio and risk management decisions. Using daily return data for five major industries in the Euro area over the period, 2001-2012, our findings show that an industry-specific three-factor Fama and French type model provides a robust explanation of security returns. While, our results further emphasize the widespread influence of the “value” and “size” premiums in the Euro area, we show that the pattern, sign, size, and significance of these factors vary widely across different industries and during the “bull” (2003-2007) and “bear” (2007-2009) market conditions. The size premium predominantly plays a positive, stable and significant role in explaining security returns under different market conditions. On the other hand, the results for the value premium is not convincing. Its estimated coefficients are both positive and significant (30% of all cases), and negative and significant (66% of all cases). Nor does our results provide convincing evidence for the conventional risk-based argument in support of the existence of size and value premiums in the Euro area. Value stocks are generally associated with higher betas than those of growth stocks only during the bear market condition. The betas for small caps are consistently lower than those for the large caps. Finally, the momentum effect does not appear to play a strong rule in explaining security returns in the Euro area.

  • 18.
    Asal, Maher
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Estimating the Cost of Equity Capital of the Banking Sector in the Eurozone2015In: Journal of Applied Finance and Banking, ISSN 1792-6580, E-ISSN 1792-6599, Vol. 5, no 6, 69-96 p.Article in journal (Refereed)
    Abstract [en]

    The objectives of this paper are, first, to estimate the long-run cost of equity capital for the banking sector using data from the Eurozone, US, UK, Sweden and Switzerland for the period 1999-2014. Our inference differs from that of previous studies because we employ a dynamic panel GMM model with a fixed effect and a multi-factor asset pricing framework to explain the variation of the cost of equity capital across banks in terms of risk-factors including, bank size, leverage, business cycle and regulations. Second, this model analyzes whether the cost of equity of banks in Eurozone differs from banks’ cost of equity in the U.S. Our findings show that the multi-factor asset pricing framework does provide a robust explanation of the cost of equity for banking sector. Our findings are consistent with those of IIF (2011) in that a higher leverage ratio, an increase in capital requirement and regulation resulting in an increase of the cost of equity in the banking sector. However, the pattern, sign, size, and significance of these factors vary widely between the Eurozone and the US

  • 19.
    Asal, Maher
    University West, Department of Economics and IT.
    Has the Euro Boosted Equity Markets in the Euro Area?2012In: Journal of Business Administration Research, ISSN 1927-9515, Vol. 1, no 2, 51-70 p.Article in journal (Refereed)
    Abstract [en]

    This paper analyses the impact of the Euro on the development of equity markets in the Euro area and compares the results with those of the United States, UK, and Japan. Specifically, using data on 11 EMU countries from 1990-2010, we examine the impact of the Euro on different measures of stock market size, market liquidity, and concentration. It then uses a variety of ARFIMA and GARCH models to test whether the volatility returns have decreased following the introduction of the Euro. We found that the Euro enhances the depth and the liquidity in Euro area equity markets and that concentration and the unconditional volatility of returns have significantly increased in most Euro area equity markets. Furthermore, although our results identify the United States, Italy, Greece, and Euronext as the fastest growing markets on aggregate, it identifies Ireland and Germany as the lowest growing markets when information on market size, liquidity measures, volatility, and concentration measures.

  • 20.
    Asal, Maher
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Long-Run Drivers and Short-Term Dynamics of the Swedish Real House Prices2016In: Abstract of Economic, Finance and Management Outlook: 7th International Conference on Economics,Finance and Management Outlooks, 15-16 October, 2016, Hotel Grand Flora Dubai, UAE, 2016, Vol. 7, 307/16/7 th ICEFMOConference paper (Other academic)
    Abstract [en]

    This paper uses cointegration and vector autoregressive (VAR) model to investigate the long-run drivers and short-term dynamics of the real house prices in Sweden forthe period 1986Q to 1995Q4. Specifically, we examine the extent to which real houseprices are determined by affordability, demographic, and asset price factors. The empirical results indicate house prices to increase in the long-run by 0.8% in response to a 1% increase in household's real disposable income, while after tax mortgage interest rate and real effective exchange rate show average long-term effects of approximately - 1% and - 5.3%, respectively. Suggesting that fiscal policy aimed todampen real house appreciation needs to adress the issue of tax deductibility onmortgage rate. In addition, our results indicate that the growth of real house prices is affected by the growth of mortgage credit, after tax mortgage interest rate and disposable income in the short run, and among which the real effective exchange rateis the most significant determinant behind Swedish real house appreciation.

  • 21.
    Asal, Maher
    University West, Department of Economics and IT, Division of Law, Politics and Economics.
    Non-linear Growth Impacts of Financial Development in Euro Area2012In: International Journal of Economics and Finance, ISSN 1916-971X, Vol. 4, no 12, 23-38 p.Article in journal (Refereed)
    Abstract [en]

    Using GMM model and data from 11 Euro Area countries and 5 non-Euro countries over the period 1989 to 2011, we explore the nonlinear effects of financial development on the performance of Euro Area economy that is: its growth, capital accumulation, investment and productivity. Four measures of financial developments are examined, namely, liquidity, size, volatility and bank’s loans to private enterprises. Special consideration is devoted to modeling threshold effects of public debt that has increased substantially in recent years in several Euro countries. We found that the effect of stock market size is always positive whether we consider the level of real per capita income or its growth. However, the effect of banking sector, volatility, liquidity and public debt are generally negative. In addition, we find support for the channels of investment, saving, total factor productivity, and capital intensity. For all the four channels, the results indicate a significant negative link between banking development and volatility of stock returns. The impact of debt on growth seems to be negative with the turning point of public debt likely to be between 45-65%.

  • 22.
    Asal, Maher
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Testing for the presence of skill in Swedish mutual fund performance: Evidence from a bootstrap analysis2016In: Journal of Economics and Business, ISSN 0148-6195, E-ISSN 1879-1735, Vol. 88, 22-35 p.Article in journal (Refereed)
    Abstract [en]

    We use a pooled panel bootstrap procedure and different benchmark models of performance to investigate presence of skill in mutual fund performance across different investment styles based on Swedish data from February 2007 to March 2015. To check robustness, we apply serial correlation, unit root, and variance ratio tests to examine the predictability and market efficiency of gross and net excess returns. The results suggest that Swedish funds underperform their benchmarks, net of costs. In addition, very few managers outperform the market, and too many managers underperform the market due to good and bad skills rather than good or bad luck. © 2016 Elsevier Inc.

  • 23.
    Asal, Maher
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    The Impact of Euro on Sectoral Equity Returns and Portfolio Risk2011In: International Advances in Economic Research, Vol. 17, no 2, 119-133 p.Article in journal (Refereed)
    Abstract [en]

    This paper examines the implications of the adoption of the euro and the resulting monetary policy integration for investors in the Euro area in terms of stock market diversification. In particular, we study the difference between investment strategies based on country indices and on sector indices. In addition, we use GARCH-M to model return and volatility for the daily sectoral euro equity indices from 1992 to 2009 to analyze how and to what extent volatility in the sector equity index is driven by shocks occurring in the US, aggregate European equity index, aggregate Euro Zone equity index, and the global equity index. We find strong evidence that diversification over sectors yields more efficient portfolios than diversification over countries and that the volatility spillover of the aggregated Euro zone equity return index on the sectoral equity return index has increased after the launch of the euro. © 2011 International Atlantic Economic Society 

  • 24.
    Asal, Maher
    et al.
    University West, Department of Economics and IT.
    Jalilvand, Abolhassan
    Rolseth, Lars
    Do Size and Value Premia Vary Across Industry and Market Conditions?: Evidence from the Euro Area2015In: Journal of Business and Policy Research, ISSN 1838-3742, Vol. 10, no 1, 1-1 p.Article in journal (Refereed)
    Abstract [en]

    This paper investigates whether value and size premia exist in the Euro area’s industry returns and, if so, what factors are driving them. We use a Garch-M (1,1) model on daily return data from the STOXX market indices for five major industries in the euro area. Our findings show that an industry-specific three-factor Fama and French type model does provide a robust explanation of returns over the period, 2001-2012. While, our results further emphasize the widespread influence of the value and size effects in the Euro market, the pattern, sign, size, and significance of these factors vary widely across different industries and market conditions.

  • 25.
    Asplund, Linn
    et al.
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Lindblad, Sabina
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Finanskrisens påverkan på Sveriges export.2015Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    The purpose of this thesis is to study how the financial crisis in 2007-2008 in the US influenced the Swedish export. The chosen model includes the following variables: total exports, foreign real GDP, export price and the export-weighted effective exchange rate against the Swedish krona. The model is taken from Aydin et al (2004) which in turn has developed the model from Warner and Kreinin (1983). Aydın et al (2004) have used this model in its report to explain the Turkish export supply and import demand. Except the variables in the model it has been added another variable, bank lending to non-financial companies. This variable has been added in order to investigate whether Sweden's exports were affected by a financial crisis in Sweden during this period.In the paper, there will be six different regressions, two showing how the Swedish export looked like before the crisis broke out, two during the crisis and two regressions from 2000 until 2014. This is to clarify how the export was affected by year to year. The last variable that was the Swedish banks' lending to non-financial companies showed no significance to the Swedish imports which then meant that it was concluded, the Swedish exports therefore had no impact of the financial crisis that was in Sweden.

  • 26.
    Assmo, Per
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    From Global to Local2014In: Uddevalla Symposium 2014. Geography of Growth. The Frequency, Nature and Consequences of Entrepreneurship and Innovation in Regions of Varying Density: Revised papers presented at the 17th Uddevalla Symposium 12-14 June, 2014, Uddevalla, Sweden / [ed] Iréne Bernhard, Trollhättan: University West , 2014, 85-96 p.Conference paper (Refereed)
  • 27.
    Assmo, Per
    et al.
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Wihlborg, Elin
    Local alternative development through a time-spatial lens: A case study of Ydre inspired by Hägerstrand2012In: Entrepreneurship, Social Capital And Governance: Directions for the Sustainable Development and Competitiveness of Regions / [ed] Charlie Karlsson, Börje Johansson, Roger R Stough, Cheltenham: Edward Elgar Publishing, 2012, 378-391 p.Chapter in book (Refereed)
    Abstract [en]

    In the contemporary market-oriented society, we seem to be more globally interdependent. The market economy system enhances large-scale production where search for increased productivity strives to 'compress' time. At the same time, the market economy tends to expand in space, for example sells products over longer distances. A result of this 'space expansion' and 'time compression' through the conventional economic market system is that local small-scale production and trade have increasing difficulty in competing and surviving (Assmo and Wihlborg, 2007). Even so, conventional economic growth (valued in monetary terms) is commonly seen as the only way to cure any development problem arising from poverty, unemployment, crime, pollution and depletion of natural resources. In a provocative manner similar to Daly (1992), one can argue that this conventional monetary valued growth perspective is trapped in a terminal state of 'growthmania'. People's organization of daily activities to improve or sustain their livelihood is much more than what is generally calculated and thereby shown in monetary values.

  • 28.
    Assmo, Per
    et al.
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Wilhborg, Elin
    Linköping University, Department of Management and Engineering.
    Local Policy Entrepreneurs and Sustainable Development in Rural Areas2015In: Uddevalla Symposium 2015. Regional Development in an International Context. Regional, National, Cross Border and International Factors for Growth and Development: Revised papers presented at the 18th Uddevalla Symposium, 11-13 June, Sönderborg, Denmark / [ed] Iréne Bernhard, Trollhättan: University West , 2015, 59-74 p.Conference paper (Refereed)
  • 29.
    Bergendahl, Robin
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Vad driver de svenska småhuspriserna?2014Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    The purpose of this study is to investigate which factors affect the Swedish real estate prices of small house dwellings, and if so, how and to what extent. With the use of earlier studies, that coherently claims mortgage rate and household disposable income to be the most valuable factors to explain the Swedish real estate prices, this study will consider additional determinant factors with the respect to a stock-flow model. 1993-2013 time series data will be tested for unit roots and cointegration before its run in a regression as an "Error Correction Model", which considers both long- and short run equilibrium. The result confirms the short run rate and disposable income as two determinant key factors when it comes to explaining the long run Swedish housing prices, together with other factors such as GDP, household debt and unemployment rate. In the short run, the historical development of housing prices act as a key determinant, but disposable income, short term rate, GDP and household debt are also important explanatory factors. The study shows that the increased income, and the ability to increase household spending, will be reflected in the housing prices. A low loan rate will concurrently make it possible for more households than ever to loan at a market with an already very restricted housing supply

  • 30.
    Berlin, Johan
    University West, Department of Social and Behavioural Studies, Division of Social Pedagogy and Sociology.
    Recension av: En illusion av frihet? Företag och organisationer i regelsamhället.2006In: Nordiske organisasjonsstudier, ISSN 1501-8237, Vol. 8, no 4, 113-117 p.Article, book review (Other academic)
  • 31.
    Bernhard, Irene
    University West, Department of Economics and IT, Division of Media and Design.
    Entrepreneurs and Policy Networks: A Study of the Implementation of two Swedish Municipal Contact Centers2012In: Uddevalla Symposium 2012 : Entrepreneurship and Innovation Networks. Revised papers presented at the 15th Uddevalla Symposium 14-16 June, 2012, Faro, Portugal. / [ed] Bernhard, Irene, Trollhättan: University West , 2012, 1, 79-93 p.Conference paper (Refereed)
    Abstract [en]

    This paper aims to discuss lessons learned of policy entrepreneurs to analyze how local policy entrepreneurs are acting in setting up local municipal contact centers - a Swedish local e-governmental initiative. The increased interest in political entrepreneurship has both analytical and practical grounds and implications. The networked governance settings demand new roles of entrepreneurial actors, which are approached here in relation to their localization, how they act to expand action spaces for themselves as well as others in the local community.

    …This case study is based on qualitative field studies. The main methods used were interviews with key actors, document studies and observations. The results indicate two main implications of Contact Centers; they localize public services and combine different services into a one-stop operation, striving to provide a ‘holistic’ approach to the individual citizen in her local context. However, contact center implementation also includes an organizational change within the municipalities, facilitating a reorganization of back-office procedures in order to optimize the efficiency and quality aspects. The policy entrepreneurs forming the contact centers promoted them from different perspectives and with varying ambitions. In one of the studied cases the core values of inclusion and participation grounded the design of the contact center, while in the other case the issue as such was the key – a new organizational approach. This is here explained as two illustrations of different approaches of policy networks and entrepreneurial behavior.

  • 32.
    Bernhard, Irene
    University West, Department of Economics and IT, Division of Media and Design.
    The Role of Innovation with Focus on its Relevance for Regional Development: A Selected Recent Literature Review2014In: Uddevalla Symposium 2014. Geography of Growth. The Frequency, Nature and Consequences of Entrepreneurship and Innovation in Regions of Varying Density: Revised papers presented at the 17th Uddevalla Symposium 12-14 June, 2014, Uddevalla, Sweden / [ed] Irene Bernhard, Trollhättan: University West , 2014, 145-164 p.Conference paper (Refereed)
    Abstract [en]

    The purpose of this paper is to present a review of recent research theories and to draw some conclusions for a new tentative research agenda on the role of innovation with focus on its relevance for regional development in a European context. The paper is more policy-oriented than theory-oriented. The analysis is based on a literature review of 15 articles published in 2012 or 2013 and is a further study of a literature review analysis based on selected literature from 2011 and 2012. The method has an explorative approach that is primarily concerned with generating knowledge for building theory. Some tentative implications for a new research agenda are suggested although results imply that for some of the most innovative European regions, innovation does not always pay off.

        It is suggested to apply a broader view of the concept of regional innovation including not only technological but also other types such as social innovation. Further it is suggested that a region no longer should be viewed as a bounded territory with a set of characteristics but as a space of professionals and social networks. A more proactive role by regional governance is advocated. It is argued that there is an increasing role of regional policymakers, not least to develop policies for different types of knowledge that have not traditionally been considered central to their activities. A constructed regional advantage approach based more on the uniqueness of the capabilities of regions and not only on the basis of R&D efforts is still argued for. The importance of cross-sector knowledge interactions and the importance of combining different types of knowledge for driving innovation are suggested. Further, the concept of “learning region” is criticized and needs to be developed. A theoretical framework towards a suggestion for operationalization of the concept of “learning region” is presented.

  • 33.
    Bernhard, Irene
    University West, Department of Economics and IT, Division of Media and Design.
    Uddevalla Symposium 2011. Entrepreneurial Knowledge, Technology and Transformation of Regions: Revised papers presented at the 14th Uddevalla Symposium, 16-18 June, 2011, Bergamo, Italy2011Conference proceedings (editor) (Refereed)
    Abstract [en]

    This proceedings consists of  thirty-nine revised papers, first presented at the fourteenth Uddevalla Symposium & the Third International Symposium of Entrepreneurship of E-Lab at University of Bergamo, June, 16-18, 2011 , held at University of Bergamo, Italy. The overall theme was “Entrepreneurial Knowledge, Technology and Transformation of Regions”. The symposium was hosted by the E-Lab, University of Bergamo, Italy. The purpose of the symposium was to contribute to an increased understanding of the role of entrepreneurial knowledge and technology for the transformation of regions by means of the entry, growth and exit of firms.      Except for the overall theme there were twelve special sub-themes, chaired by invited scholars from the Uddevalla Symposium Network: “Work-integrated learning in transforming regions” “Entrepreneurship, family business and innovation”, “Slow city movement and sustainable local development”, “Shrinking urban regions”, “Entrepreneurship, networking and regional development”, “Resilience capacity of firms and new forms of innovation”, “Cluster development and regional transformation in an economic perspective”, “Entrepreneurship policy in comparative perspective”, “Learning and knowledge transfer processes in small firms’ clusters”, “The spatial agglomeration of business services”, “Entrepreneurship, creativity and the brain”, and “Productivity and financing of regional infrastructure.      Ten keynote-speakers gave presentations during these three days; Prof. Shaker A. Zahra, Carlson School of Management, University of Minnesota, USA. Assoc. Prof.  Charlotta Mellander, Jönköping International Business School, Sweden, Prof. David Audretsch, Indiana University, USA, Assoc. Prof. Johan Klaesson Jönköping International Business School & CenSE, Sweden, Prof. Andrés Rodriguez-Pose, London School of Economics, UK, Prof. Hans Westlund, The Royal Institute of Technology, Stockholm & Jönköping International Business School, Sweden,  Prof. Maryann P. Feldman, University of North Carolina, Chapel Hill, USA,  Prof. Giovanna Dossena, University of Bergamo, Italy,  Prof. Hans Lööf, The Royal Institute of Technology, Stockholm, Sweden,  and Prof. Zoltan J. Acz, George Mason University, USA.      To stimulate high quality papers a Best Paper Award as well as a Best PhD Can¬didate Paper Award was announced and financially supported by the municipality of Uddevalla, Sweden. The winners of the Best Paper were Johan Klaesson & Sofia Wixe, Jönköping International Business School and CEnSE (Centre for Entrepreneurship and Spatial Economics), Jönköping, Sweden. The winner of the Best PhD Can¬didate Paper Award was Mattias Örnerheim, Linköping University, Sweden.         Organizers of this 14th Uddevalla Symposium were the University West, Sweden and the E-Lab at University of Bergamo, in co-operation with Jönköping International Business School (JIBS), and George Mason University, School of Public Policy, USA. The symposium was also financial supported by the Centre for Entrepreneurship and Spatial Economics (CEnSE), Jönköping International Business School, Sweden and Centre of Excellence for Science and Innovations Studies (CESIS), Royal Institute of Technology, Stockholm, Sweden.         This symposium would not have been possible without a lot of work and support also from certain individuals. The editor expresses sincere gratitude to all participants, participating organizations, not at least the local organizers at the University of Bergamo, and especially to Dr. Christina Bettinelli.          Also I thank all members of the Uddevalla Symposium Organising Committee and all colleagues at University West. A special thank goes to Rebecca Olsson, University West not at least for editorial help.

    Trollhättan, Sweden in December 2011 Department for Economics & IT, University West

    Iréne BernhardEditor   

  • 34.
    Bernhard, Irene
    University West, Department of Economics and IT, Division of Media and Design.
    Uddevalla Symposium 2012: Entrepreneurship and Innovation Networks: Revised papers presented at the 15th Uddevalla Symposium 14-16 June, 2012, Faro, Portugal2012Conference proceedings (editor) (Refereed)
    Abstract [en]

    This research report consists of forty-four revised papers, first presented and discussed at the fifteenth Uddevalla Symposium held at University of Algarve, Faro, Portugal, June, 14-16, 2012[1] and hosted by Research Centre for Spatial and Organisational Dynamics (CIEO), University of Algarve. The overall theme was Entrepreneurship and Innovation Networks”.  The purpose of the symposium was to contribute to an increased understanding of the role of entrepreneurship and innovation networks for the transformation of regions. Hundred researchers from various fields, such as economic geography, entrepreneurship, international business, management, political science, regional economics, small business economics and urban and regional planning, from more than 20 countries took part. Except for the overall theme there were the following six sub-themes, chaired by invited scholars from the Uddevalla Symposium Network: Learning in Organizational Networks, Chair: Assoc. Prof. Lars Svensson, Research Director, University West, Trollhättan, Sweden. Learning Networks for Entrepreneurial and Regional Development, Chair: Prof. Stefan Lagrosen, University West, Trollhättan, Sweden. Demythologising the Entrepreneurial University, Chair: Prof. David Charles, European Policies Research Centre, University of Strathclyde, UK. Regional Innovation Systems and Innovation Networks, Chair: Prof. Christina Ponsiglione, University of Naples Federico II, Italy. Mobility and Innovation Flows, Chair: Prof. Teresa de Noronha, Research Centre for spatial and Organizational Dynamics (CIEO), University of Algarve, Portugal and Academics Entrepreneurship and Innovation – bridging perspectives and pushing the frontier, Chairs: Prof. Martin Andersson and Prof. Åsa Lindholm-Dahlstrand, Centre for Innovation, Research and Competence in the Learning Economy (CIRCLE), Lund University, Sweden. Uddevalla Symposiumis a yearly international scientific symposium ran by University West (former University of Trollhättan-Uddevalla), Sweden and established in 1998 in Uddevalla, Sweden. The primary objective is to foster research collaboration and bring together leading-edge views between experts, researchers and insightful practitioners from various fields of regional science, international business, economics, entrepreneurship and small business economics as well as from regional economics, regional planning, economic geography/economic history/political science and sociology in order to increase our knowledge as regards research questions related to “Entrepreneurship  and Regional Development".

            Organizers of this 15th Uddevalla Symposium were the University West, Sweden and the CIEO, at University of Algarve, in co-operation with Jönköping International Business School (JIBS), and George Mason University, School of Public Policy, USA. The symposium was also financial supported by the Centre of Excellence for Science and Innovations Studies (CESIS), Royal Institute of Technology, Stockholm, Sweden and Jönköping International Business School; the Centre for Innovation, Research and Competence in the Learning Economy (CIRCLE), Lund University, Sweden and the Centre for Entrepreneurship and Spatial Economics (CEnSE), Jönköping International Business School, Sweden.

     

  • 35.
    Bernhard, Irene
    University West, Department of Economics and IT, Division of Media and Design.
    Uddevalla Symposium 2014. Geography of Growth. The Frequency, Nature and Consequences of Entrepreneurship and Innovation in Regions of Varying Density: Revised papers presented at the 17th Uddevalla Symposium 12-14 June, 2014, Uddevalla, Sweden2014Conference proceedings (editor) (Refereed)
  • 36.
    Bernhard, Irene
    et al.
    University West, Department of Economics and IT, Division of Media and Design.
    Grunden, Kerstin
    University West, Department of Economics and IT, Divison of Informatics.
    A Study of Small Enterprises with Focus on Entrepreneurship and E-government in a Regional Development Context2015In: A Nordic Perspective on Co‐Operation for Sustainable Destination and Regional Development / [ed] Iréne Bernhard & Anna Karin Olsson, Trollhättan: University West , 2015, 59-75 p.Chapter in book (Refereed)
    Abstract [en]

    This chapter aims to describe and analyze a sample of small enterprises located in a region undergoing structural change with focus on entrepreneurship and e-government and is a further development of a previous study that focused on how municipalities supported entrepreneurship and destination development. In this study the focus is extended to include small enterprises contributing to development of tourist destinations within the same region. In-depth qualitative interviews weremade with twelve managers from ten small enterprises. Based on a theoretical discussion of entrepreneurship, e-government and regional development, the results indicate that networks and strategic networking were important for these small enterprises both in terms of developing the enterprise butalso to develop entrepreneurship for regional development. The findings further indicate that municipal information, communication and competence development in order to support entrepreneurship and the development of small enterprises could be improved. The importance of face-to-face contacts was stressed. The use of local e-government was hitherto limited to e-services for public procurement. The entrepreneurs who used the e-services had mainly positive experiences, although despite the complexity of the e-services. The respondents did not ask for more municipal e-services, but that could be a consequence of their limited experience of the potential of local e-government. The use of social media among the enterprises was limited due to lack of time, competence and motivation for most of the enterprises, although the potential of social media for marketing was seen as extensive. A few of the respondents were on the other hand very skilled in their use ofdigital media, as a consequence of their professional knowledge and business orientation.

  • 37.
    Bernhard, Irene
    et al.
    University West, Department of Economics and IT, Division of Media and Design.
    Grunden, Kerstin
    University West, Department of Economics and IT, Divison of Informatics.
    Municipal Support of Entrepreneurship and Business Development from an e-government Perspective2015In: A Nordic Perspective on Co‐Operation for Sustainable Destination and Regional Development / [ed] Iréne Bernhard & Anna Karin Olsson, Uddevalla: University West , 2015, 44-58 p.Chapter in book (Refereed)
    Abstract [en]

    This article will contribute to the debate about regional development in peripheral areas by examining the social capital in 14 villages in a Danish municipality, and particularly the influence of social media on the social capital.Contrary to the current public discourse in Denmark on peripheral communities and how they are falling apart because of demographic changes, economic cut backs, and structural changes, this study did not find one single village, where the social capital seems to be in any imminent danger. The article also proposes a different perspective on the operationalization of social capital. Social capital is typically measured in big international values surveys based on the variables network, trust and reciprocity. However, this study is based on a qualitative research with interviews in 14 villages in a peripheral Danish municipality. This in depth research shows that when examining the social capital of communities, the most valuable parameter is to look at the most typical proxy for network: associations and in particular the character of these associations. They furthermore give an indication of the kind of social capital they are building and maintaining.The study also shows that we might have to extend the notion of network to include that of social media as this type of network gets increasingly more important. However, the study cannot conclude that the communities not using the social media have less social capital then the one who does, nor that they are disconnected from the citizens.

  • 38.
    Bernhard, Irene
    et al.
    University West, Department of Economics and IT, Division of Media and Design.
    Grundén, Kerstin
    University West, Department of Economics and IT, Divison of Informatics.
    Municipal Support of Entrepreneurship and Business Development from an e-Government Perspective2013In: Uddevalla Symposium 2013 Innovation, High-Growth Entrepreneurship and Regional Development: Revised papers presented at the 16th Uddevalla Symposium 13-15 June, 2013, Kansas City, MO, USA / [ed] Irene Bernhard, Trollhättan: University West , 2013, 1, 177-193 p.Chapter in book (Refereed)
    Abstract [en]

    This paper aims to describe and analyze municipal support of entrepreneurship and business development from an e-government perspective. We analyze two Swedish municipalities and a local tourism company partly owned by the municipalities located in a region undergoing structural change, focusing on efforts of municipalities to develop digital services to support entrepreneurship and business development to promote local and regional development. The research method is based on case study methodology. The case studies are part of the research project “Maritime Inlands – past, present and future strengths” (Marifus) financed by Interregional European Union Regional Development Fund (Interrreg). Based on theoretical discussions of entrepreneurship and e-government theories, the analyses of the two case studies show substantial variations in how they supported entrepreneurship. The findings indicated that e-government services so far have under-used potential for the studied municipalities and the tourism company in order to support efficient communication and information towards the entrepreneurs and businesses aiming at local and regional development.

  • 39.
    Bernhard, Irene
    et al.
    University West, Department of Economics and IT, Division of Media and Design.
    Wihlborg, Elin
    Linköping University.
    Municipal Contact Centres: A Slower Approach Towards Sustainable Local Development by E-government2015In: European Planning Studies, ISSN 0965-4313, E-ISSN 1469-5944, Vol. 23, no 11, 2292-2309 p.Article in journal (Refereed)
    Abstract [en]

    It is Swedish government policy to use information and communication technologies to increase sustainability. This has implications for planning and local organization of communities. In the municipalities where most public services are provided, there are growing numbers of local contact centres (CCs) aiming to meet citizens’ needs for information and coordination of public services. The CCs localize public services and combine different services into a one-stop practice focusing on needs and demands of individual citizens and their unique situations. The municipalities hereby have to plan for service provision in new ways to meet more individualized needs that are also in line with improved sustainability. CCs are both local offices and advanced services on-line, as e-governmental services. E-government could be considered fast government, but this article aims to turn that obvious first impression upside down and discuss how e-government can slow down and make services more local, personalized and sustainable. Theoretically we take off from a time-geographical modelling of slow processes that has implication for slower, more sustainable development. Based on in-depth case studies of municipal CCs we argue that they are tools towards improved sustainability and localism, and that they are “slowing up” administrative processes. In particular, we point out that e-government has a potential to plan for, and promote, sustainability and slow local development.

  • 40.
    Bernhard, Irène
    University West, Department of Economics and IT, Division of Media and Design.
    Uddevalla Symposium 2015. Regional Development in an International Context. Regional, National, Cross-border and International Factors for Growth and Development: Revised papers presented at the 18th Uddevalla Symposium, 11-13 June, Sönderborg, Denmark2015Conference proceedings (editor) (Refereed)
  • 41.
    Bernhard, Iréne
    University West, Department of Economics and IT, Division of Media and Design.
    Editorial2016In: International Journal of Entrepreneurship and Small Business, ISSN 1476-1297, E-ISSN 1741-8054, Vol. 29, no 2, 149-153 p.Article in journal (Other academic)
  • 42.
    Bernhard, Iréne
    University West, Department of Economics and IT, Division of Media and Design.
    Innovation focusing on regional development in a European context: towards a new research agenda2016In: International Journal of Innovation and Regional Development, ISSN 1753-0660, E-ISSN 1753-0679, Vol. 7, no 1, 1-19 p.Article in journal (Refereed)
    Abstract [en]

    Abstract: This article presents a review of recent research in order to discuss a new research agenda on the role of innovation, with focus on its relevance for regional development in a European context. The research question addressed is: what are the theories in recent literature on innovation in the perspective of regional development in order to develop policy-oriented conclusions? The analysis is based on a literature review of 15 articles published in 2012-2013 and is a further literature review analysis from 2011 and 2012. Results are indicating that there is an increasing role for regional policymakers e.g. that policymakers must both recognize and develop policies for forms of knowledge that have not traditionally been considered central to their activities, and an increasing role due to existing multi-level governance. Furthermore; the learning region concept needs to be developed; a broader view and development of a heterodox approach to innovation including not only technological but also other types such as social and public innovation and the importance of networks and social capital for regional innovation are stressed.

  • 43.
    Bernhard, Iréne
    University West, Department of Economics and IT, Division of Media and Design.
    Uddevalla Symposium 2016: Geography, Open Innovation,Diversity and Entrepreneurship. Revised papers presented at the 19th Uddevalla Symposium, 30 June- 2 July, 2016, London, UK2016Conference proceedings (editor) (Refereed)
  • 44.
    Bilén, Julia
    et al.
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Lagergren, Jessica
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    En analys av svenska fonders prestationer och deras samband med avgifter2015Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    In this paper we study the performance of twenty mutual funds on the Swedish market for the period 2010-2015. The data on which the study was based on is monthly and therefore include 60 observations for each mutual fund. We use Capital Asset Price Model, Jensen's alpha and the Sharpe ratio to estimate the performance of these funds. In addition to this we also study the relation between fees and performance using correlation coefficient. The result indicates that on average the funds have outperformed the market but it turned out to be non-significant and therefore we cannot rely on that conclusion. We also find a negative relationship between mutual fund fees and their performance, but this result is also non-significant.

  • 45.
    Björk, Jessica
    et al.
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Bergström, Rebecka
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Hushållens skuldkvot i Sveriges kommuner2015Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Household debt has steadily climbing over the past decade and the development of increasing concern. Consumption levels also show a continuing upward trend. Explanation lies part in the consumption financed by households increase their debt ratio to maintain the same level of consumption as before. The purpose of this study is to investigate which factors that affect the household debt ratio at the regional level. Previous studies indicate interest rates, housing prices and disposable income as the factors that have an impact on the debt ratio in Sweden. Although the effects of demographics, the difference in age distribution among regions, can lead to different degrees of household borrowing, accordance within the life cycle hypothesis. Data from 2007 over Sweden's 290 municipalities are estimated in a regression analysis in the form of a cross-sectional regression. The results show that market price coefficient and population age as important factors in explaining the regional debt ratio, together with other factors such as education, the municipalities' size in terms of population and the share acquisitions workers in agriculture, forestry, hunting and fishing.

  • 46.
    Bååth, Lovisa
    et al.
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Novenius, Jennifer
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Svensk immigration: På vinst eller förlust?2016Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Immigration has for a long time been a central issue in politics and in society but today it is more topical than ever. Media has always played a large part in the forming of individuals opinions, but these opinions tends to become shrewd, especially in social media and especially when talking about the cost of immigration for a country. In a world where media has a major impact, it may be difficult either to be critical to the content but also to be completely neutral, when the issue is very complex and involves many people.

    How does the immigration really affect the economic growth of Sweden? Does it come at a profit or a loss?

    In order to arrive at a conclusion on this much mentioned issue, the Solow-Swan model is used as a theoretical base to allow for the capturing of labor, capital and technological advances. A multiple regression is used as an empirical model to obtain any statistical correlation between real GDP per capita in working age (dependent variable) and the independent variables; immigration, employment rate and repo interest rate. Year 2001 to 2014 make out the time period being investigated, and the data is based on each quarter.

    From this study we can deduce a positive impact of immigration after already a quarter. The more time the study examines, the more positive impact on real GDP per capita in working age.

  • 47.
    Börjesson, Daniela
    et al.
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Trillkott, Emma
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Påverkande faktorer på bostadspriser i Sverige2017Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    This paper uses cointegration techniques and Error correction methodology to investigate the determinants of the Swedish real house prices, for the period 1986-2016. Previous studies have shown that real disposable income, dwelling completed (that is the supply of completed buildings on the market) and real interest rate are factors that affects housing prices. These factors will therefore be used as the basic parameters in this report. A survey will also be carried out with additional parameters such as population and unemployment, selected with the support of Claussens (2013) model.Time series data with the parameters mentioned above as explanatory variables, and house price as a dependent variable, are examined for unit roots and co-integration tests to be estimated in a regression analysis with an Error correction model. This is done to investigate a short and long run relation. The results show that the real interest rate after taxes and real disposable income has key-roles when it comes to explaining the long run relationship with the Swedish house prices. The results also show that ATMR (real interest rate after tax) and real disposable income have an impact on the house prices in the short run but that the housing market is not in a residential bubble. A conclusion can be drawn that when income increases, it will increase the household consumption, which will reflect on house prices. Low interest rate will cause more people to lend money on a market, that already has a very low supply of housing.

  • 48.
    Dahlberg, Henric
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    The role of investor sentiment in small-cap stock valuations: In the OMX30 Stockholm2017Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
    Abstract [sv]

    This study seeks to answer whether the ex post investor sentiment proxy of Baker and Wugler (2006, 2007) has a similar effect on the Swedish stock market, and if there is a varying sectoral dependency of this proxy. The paper considers firm-level data from 38 small-cap firms listed on the OMXS30, in a comparison to 137 small-cap firms listed on the NYSE to draw conclusions on whether the dependency structures are similar on the firm-level. To investigate the sectoral level, 27 market-wide sector indices are considered. The result points towards there being national differences in the firm-level adoption of the proxy between Sweden and the U.S. but also that there are sectoral differences as to whether the sentiment proxy is more or less useful. The conclusions drawn are based upon the proxy’s effect on segmented regressions.

  • 49.
    Dahlberg, Henric
    et al.
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Ravanbakhsh, Desirée
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    The Underlying factors of Consumer Sentiment: How much is Sweden affected by the US sentiment?2016Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Financial stress is often defined as the issues of trust towards financial institutions. According to the established doctrine, financial stress is able to cause a decline in economic activity and is proven to have a Granger causal relationship with consumption. This study is aiming to examine whether the sentiment indexes of a larger nation is a dependent factor to a change in the sentiment indexes of a smaller nation, and thus Granger-causing a change in consumption in the smaller nation. In finding a regressive pattern between the sentiment indexes, we are going to assume the consumer confidence index of Sweden as a dependent variable of the consumer sentiment index of the US along with other determinant factors. This can give us enough information to measure the proportion of Sweden's consumer stress caused by the US consumer stress. Our results have proven that the US sentiment has some explanatory power over the Swedish sentiment, even though other factors such as the variations of stock market prices are of greater importance. Other underlying factors such as the consumer price index may be useful for other countries if it has a high volatility. However, it was found not to be significant for Sweden.

  • 50.
    Danhard-Rundquist, Robert
    et al.
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Aminzadeh, Pouya
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Statsskuldens inverkan på den ekonomiska tillväxten i Sverige2015Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    This paper examine the relationship between government debt and economic growth using quarterly Swedish data for the period 2000 Q2 to 2014 Q2. We use OLS regression and the model developed by Splitio & Vamoukas (2014) to test if there is a negative relation between the growth of GDP and the government debt in Sweden. The result show that government debt in Sweden is not the major factor that affects the GDP, instead it’s the interest rate and savings.

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