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1	Essays on Macroeconomics and Health Laun, Tobias January 2012 (has links) This thesis consists of four independent papers covering macroeconomic topics such as unemployment insurance, retirement, business cycles and disability insurance. The unifying theme connecting all papers is the importance of health when addressing these issues. The first paper derives the optimal insurance against unemployment and disability in a setting where individuals can determine the probability of becoming disabled by exerting prevention effort. The second paper develops a life cycle model of labor supply and retirement to study the interactions between health and the labor supply behavior of older workers, in particular disability insurance and retirement. The third paper looks at the role of health in a business cycle framework. Here, health is treated as an asset that generates time and utility. The last paper derives a theoretical model of the application decision for disability benefits and proposes an empirical strategy for measuring screening stringency in the disability insurance program. / <p>Diss. Stockholm : Stockholm School of Economics, 2012. Introduction together with 4 papers</p> Unemployment insurance Disability insurance Optimal contracts Life cycle Retirement Pension reform Health investment Labor supply Savings decision Screening stringency Economics Nationalekonomi
2	Development Finance Institutions’ Effect on The Fund Manager’s Investment Decisions : Balancing Financial Performance Goals and Development Impact Objectives Adolfssson, Alexander, Åström, Marie January 2016 (has links) Development Finance Institutions (DFIs) have played a crucial role in moving socially responsibility considerations up on the private equity industry’s agenda. DFIs add a development impact criterion to traditional financial performance goals in the investment industry and play a catalytic role by mobilizing other investors. The gap in research regarding DFIs implications and significance in the investment community from a SRI perspective is evident. The development impact objective introduced by the DFIs is examined to understand its effects on fund managers’ decision-making and if it exists a trade-off between this objective and financial performance. An understanding of how DFIs control fund managers to act in accordance to their objective as well as how they determine compensation schemes to incentivize them to pursue high return on investments, is discussed in relation to the agency theory. Furthermore, stakeholder/shareholder consideration is examined in relation to the subject. The aim of this study is to examine how the behavior of fund managers is affected by the involvement of a DFI investor and try to add to the understanding of their significance as institutional investors in developing markets. Previous studies have been more focused on determining the financial performance of socially responsible investments by using very similar quantitative data collection methods. This thesis undertakes an in-depth approach with the purpose to understand the fund manager’s drives as well as how a DFI involvement affects the behavior and decision-making process. This thesis undertook a qualitative research strategy and semi-structured interviews were used as the tool to understand the fund managers’ personals beliefs and perceptions of how the relationship with DFIs affect them. The selection criteria for the fund managers was that they needed to work in a fund in which a DFIs has invested. We also included DFI investors in order to understand their point of view. The interview was recorded, transcribed and later divided into themes in accordance with the thematic approach, following six steps. Our findings show that Development Finance Institutions plays an important role in emerging markets and affect fund manager behavior to a certain extent. They did not perceive a trade-off between financial performance goals and development impact objectives. We conclude that DFIs increase fund manager focus on ESG/SEE elements in the investment process. DFIs requirements and reporting obligations is used as a tool to ensure that the fund manager act in accordance to DFI objective. The fund managers were neither willing to sacrifice commercial return in favor of development impact. Lastly, the interest among the DFIs and commercial investors is fairly similar, hence reducing the conflict of interest between investors. DFI Development Finance Institutions MDFI SEE SRI Socially Responsible Invesments CSR NGO SIDA DEG FM SME Multiplier Effect Agent Theory Stakeholder Theory Qualitative Subjectivism Objectivism Postitivsm Intepretivism Investment Behavior Standard Asset Pricing Model ESG Sin Industries Principle-agent Theory Positivist Agent Thoery Agent Conflict Incentives Investment Behvaior Optimal contracts Descriptive Stakeholder Thoery Convergent Stakeholder Theory Stakeholder Shareholder Financial Performance Development Impact Hands-off model Direct-involvement model Affirmative Behavior Aviodance Behavior Tripple Bottom Line Agent Principle Control Fund Manager Business Administration Företagsekonomi

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Essays on Macroeconomics and Health

Development Finance Institutions’ Effect on The Fund Manager’s Investment Decisions : Balancing Financial Performance Goals and Development Impact Objectives