Department of Economics

Lund University School of Economics and Management

Working Paper Series

The Knut Wicksell Working Paper Series investigates a broad range of issues in economics and finance. These topics are focused on, but not limited to, microfinance, financial market behavior and the development of firms. The working papers are published to stimulate the discussion and attain high quality in research in the finance area.


No 2021:2 The Geometry of Risk Adjustments                                         HANS-PETER BERMIN & MAGNUS HOLM

No 2021:1 Leverage and risk relativity: how to beat an index                        HANS-PETER BERMIN & MAGNUS HOLM

No 2020:1 Macro news and long-run volatility expectations                        ANDERS VILHELMSSON

No 2019:3 Kelly Trading and Option Pricing                                                        HANS-PETER BERMIN & MAGNUS HOLM

No 2019:2 Kelly Trading and Market Equilibrium                                              HANS-PETER BERMIN & MAGNUS HOLM

No 2019:1 Systemic Risk and Centrality Revisited: The Role of Interactions

No 2018:1 - Stock Market Returns and Consumption                                


No 2018:2 - The Geography of Alternative Work                                       


No 2018:3 - What Drives Bitcoin Volatility?                                                     


No 2018:4 - Unequal Returns: Using the Atkinson Index to Measure Financial Risk THOMAS FISCHER & FREDERIK LUNDTOFTE

No 2018:5 Iceland should replace its central bank with a currency board 


No 2018:6 Does Collateral Reduce Loan-Size Credit Rationing? Survey Evidence ALEMU TULU CHALA & JENS FORSSBÆCK

No 2017:1 Disappearing Investment-Cash Flow Sensitivities: Earnings Have Not Become a Worse Proxy for Cash Flow
Niclas Andrén, Håkan Jankensgård  

No 2017:2 Capital Taxation and Investment: Matching 100 Years of Wealth Inequality Dynamics Gregor Boehl, Thomas Fischer

No 2017:3 The effects of schooling on wealth accumulation approaching retirement Paul Bingley, Alessandro Martinello

No 2017:4 Financial Innovation, House Prices and Consumption Claes Bäckman, Natalia Khorunzhina

No 2016:1 Capital Structure of Borrowers and Lenders: An Empirical Analysis Valeriia Dzhamalova

No 2016:2 Enterprise Risk Management and Default Risk: Evidence from the Banking Industry  Sara Lundqvist, Anders Vilhelmsson

No 2016:3 Ownership Determinants of Stock Return Volatility Håkan Jankensgård, Anders Vilhelmsson

No 2016:4 Taxation of dividend income and economic growth  Margareta Dackehag, Åsa Hansson

No 2016:5 Corporate governance and firm performance: Evidence from the oil price collapse of 2014-15  Niclas Andrén

No 2016:6 The Effect of Unexpected Inheritances on Wealth
Accumulation: Precautionary Savings or Liquidity
 Alessandro Martinello

No 2016:7 Intellectual Property Contracts: Theory and
Evidence from Screenplay Sales
 Milton Harris, S. Abraham Ravid, Ronald Sverdlove and Suman Basuroy

No 2015:1 A Power Market Forward Curve with Hydrology Dependence:  An Approach based on Artificial Neural Networks Rikard Green

No 2015:2 Learning to Take Risks? The Effects of Education on Risk-Taking in Finacial Markets Sandra E. Black, Paul J. Devereux, Petter Lundborg, Kaveh Majlesi

No 2015:3 Closed Form Valuation of Three-Asset Spread Options With a view towards Clean Dark Spreads Rikard Green

No 2015:4 Does the financial crisis affect distressed or constrained firms more heavily? Emanuel Alfranseder

No 2015:5 The Effect of Pessimism and Doubt on the Equity Premium Emanuel Alfranseder, Xiang Zhang

No 2015:6 Poor Little Rich Kids? The Determinants of the Intergenerational Transmission of Wealth

Sandra E. Black, Paul J. Devereux, Petter Lundborg, Kaveh Majlesi

No 2015:7 On The Origins of Risk-Taking in Financial Markets

Sandra E. Black, Paul J. Devereux, Petter Lundborg, Kaveh Majlesi

No 2015:8 Banks’ credit-portfolio choices and riskbased capital regulation

Caren Yinxia Nielsen

No 2015:9 TARP and market discipline: Evidence on the moral hazardeffects of bank recapitalizations

Jens Forssbaeck, Caren Xinxia Nielsen


No 2014:1 A Tide of Cash: Corporate Governance and the Management of Large Cash Windfalls

Hakan JankensgårdNiclas Andrén

No 2014:2 Institutional Quality, Trust and Stock Market Participation: Learning to Forget

Hossein AsgharianLu Liu and Frederik Lundtofte 

No 2014:3 CEO Age, Risk Incentives and Hedging Instrument Choice

Ettore Croci and Håkan Jankensgård

No 2014:4 Deciding for others reduces loss aversion

Ola AnderssonHåkan J. Holm, Jean-Robert Tyran and Erik Wengström

Online appendix to WP No 2014:4

No 2014:5 The Impact of Social Beliefs on Microfinance Performance

Olle Berggren and Katarzyna Burzynska

No 2014:6 Lending for Growth? A Granger Causality Analysis of China's Finance-Growth Nexus

Fredrik N.G. Andersson, Katarzyna BurzynskaSonja Opper

No 2014:7 Political Connections and Stock Liquidity: Political Network, Hierarchy and Intervention

Mingfa Ding

No 2014:8 The Impact of the Financial Crisis on Innovation and Growth: Evidence from Technology Research and Development

Emanuel AlfransederValeriia Dzhamalova

Internet appendix to WP No 2014:8


No 2013:1 Entrepeneurs under Uncertainty: an Economic Experiment in China Håkan J. HolmSonja Opper and Victor Nee

The paper has been published in Management Science July 2013, 59 (7):1671-1687

No 2013:2 Hidden in the factors? The effect of credit risk on the cross-section of equity returns

Caren Yinxia G. Nielsen

No 2013:3 A spatial analysis of international stock market linkages

Hossein AsgharianWolfgang HessLu Liu

No 2013:4 Importance of the macroeconomic variables for variance prediction A GARCH-MIDAS approach

Hossein Asgharian, Ai Jun Hou, Farrukh Javed

No 2013:5 Does Centralization of FX Derivative Usage Impact Firm Value?

Håkan Jankensgård 

No 2013:6 An Empirical Test of the Optimal Disclosure Hypothesis

Håkan Jankensgård

No 2013:7 Financial Contracts in PIPE Offerings: The Role of Expert Placement Agents

Ola Bengtsson and Na Dai

No 2013:8 Ethnic Matching in the U.S. Venture Capital Market

Ola Bengtsson and David H. Hsu

No 2013:9 Ohlin on the Great Depression

Benny Carlson and Lars Jonung

No 2013:10  Investment in Relationship-Specific Assets: Does Finance Matter?

Martin Strieborny and Madina Kukenova

No 2013:11 Finance, Comparative Advantage, and Resource Allocation

Melise Jaud, Madina Kukenova and Martin Strieborny

No 2013:12 Financial Development and Sustainable Exports: Evidence from Firm-Product Data

No 2013:13 Suppliers, Investors, and Equity Market Liberalizations

 Martin Strieborn

No 2013:14 Foreign Institutional Investors and Stock Market Liquidity in China: State Ownership, Trading Activity and Information Asymmetry

Mingfa DingBirger Nilsson and Sandy Suardi 

No 2013:15 Growth Forecasts, Belief Manipulation and Capital Markets

Frederik Lundtofte, Patrick Leoni (Kedge Business School)

No 2013:16 Predicting Stock Price Volatility by Analyzing Semantic Content in Media

Hossein AsgharianSverker Sikström

No 2013:17 A Wall of Cash: The Investment-Cash Flow Sensitivity When Capital Becomes Abundant

Håkan JankensgårdNiclas Andrén