This paper examines the impact of the building or renovation of a sports arena on net migration and amenity premiums. Swedish municipal data is collected for 289 municipalities over the period 1999 to 2016. The econometric analysis makes use of fixed effects (FE) and feasible generalised linear squares (FGLS) estimation techniques. This study builds on the growing literature of the intangible benefits of sports arenas and is one of the few Swedish studies of its kind. The results show that a sports arena built in year t, realises a 3.458% increase in net migration in year t + 5, for those sports arenas being used by football and ice hockey teams in the highest and second highest leagues.

Este trabalho visa identificar possíveis vantagens que as empresas obtêm ao contribuir com campanhas políticas. Para isso, foi utilizada uma extensa base de dados com informações de doações a candidatos aos cargos de deputado, senador e presidente nas eleições de 2006 e 2010. As variáveis de interesse analisadas foram o retorno anormal cumulativo à época da divulgação do resultado das eleições e o retorno sobre o patrimônio líquido no ano posterior a cada eleição. Foram estimadas regressões de dados em painel através de mínimos quadrados ordinários, e incluídos efeitos fixos de ano e setor das empresas. Os resultados indicam que não apenas o mercado antecipa benefícios futuros para as empresas que contribuíram com campanhas – o que se reflete em retornos anormais cumulativos positivos à época da eleição – mas também estas empresas apresentam retornos sobre o patrimônio líquido superiores aos daquelas que não participaram do processo político. Além disso, doações a candidatos vencedores geram retorno superior aos de doações a candidatos perdedores; o que vai ao encontro da hipótese de retribuição de favores. De forma similar, contribuições a candidatos filiados à coligação do presidente eleito também apresentaram impacto superior quando comparadas com doações a candidatos da oposição. / This paper aims to identify potential benefits that companies obtain by contributing to political campaigns. We used an extensive database with information on donations to House, Senate and Presidency candidates in the 2006 and 2010 elections. The variables of interest analyzed were the cumulative abnormal return by the time the results of each election became know and the return on equity in the year following the election. Panel regressions were estimated as ordinary least squares (OLS), and fixed effects of year and industry were included. The results indicate that not only the market anticipates future benefits for companies that contributed to campaigns - which is reflected in positive cumulative abnormal returns at the announcement of the election results - but these companies also have higher returns on equity than those that were not involved in the political process. In addition, donations to winning candidates generate higher returns than donations to losing candidates; which supports the return of favors hypothesis. Similarly, contributions to candidates affiliated to the president’s coalition's also had higher impact when compared to donations to the oposition candidates.

Background: Well-being within this thesis is defined as the multidimensional quality of a person’s life, which can be broken down into ‘subjective’ and ‘objective’ forms. Despite persistent study, researchers fail to agree on the meaning of well-being or how it should be studied. Aim: The first half of the thesis aims to examine the meaning, measurement and theory of well-being. The second half of the thesis aims to investigate the factors associated with subjective well-being (SWB), and the influence of attributes of well-being on preferences for the future. Methods: A systematic review was conducted to identify measures of well-being for use in adults (general population). The dimensions within these measures were organised into a framework using thematic analysis. Further, the theories underpinning these measures were identified and described. Fixed-effect regression models were used to study the factors important for SWB using data from a longitudinal (1996 – 2013) cohort of middle aged-older adults in the United States (n = 2049). Finally, preferences for life in the future were estimated in a sample of young ‘emergent adults’ (n =140) in the United Kingdom, using discrete choice experiments (DCEs). Results: The systematic review identified 99 measures of well-being, which included 196 distinct dimensions. These measures were influenced by a diverse range of theories (n = 98). Mental health, social integration and satisfaction with work had a significant impact on each of the SWB outcome variables (life satisfaction, positive affect and negative affect) in the fixed-effects analysis. The DCE indicated that stated preferences for life in the future among emergent adults were particularly driven by the prospect of social support from family and an aversion to experiencing mental health difficulties. Conclusion: This thesis has investigated inconsistencies in how well-being is understood, measured and studied. In response to this, a framework has been developed which organises the many measures available around key themes. Following on from the fixed-effects analysis and the DCE, future empirical research should be undertaken to investigate the interdependence of well-being and mental health.

Este trabalho visa identificar possíveis vantagens que as empresas obtêm ao contribuir com campanhas políticas. Para isso, foi utilizada uma extensa base de dados com informações de doações a candidatos aos cargos de deputado, senador e presidente nas eleições de 2006 e 2010. As variáveis de interesse analisadas foram o retorno anormal cumulativo à época da divulgação do resultado das eleições e o retorno sobre o patrimônio líquido no ano posterior a cada eleição. Foram estimadas regressões de dados em painel através de mínimos quadrados ordinários, e incluídos efeitos fixos de ano e setor das empresas. Os resultados indicam que não apenas o mercado antecipa benefícios futuros para as empresas que contribuíram com campanhas – o que se reflete em retornos anormais cumulativos positivos à época da eleição – mas também estas empresas apresentam retornos sobre o patrimônio líquido superiores aos daquelas que não participaram do processo político. Além disso, doações a candidatos vencedores geram retorno superior aos de doações a candidatos perdedores; o que vai ao encontro da hipótese de retribuição de favores. De forma similar, contribuições a candidatos filiados à coligação do presidente eleito também apresentaram impacto superior quando comparadas com doações a candidatos da oposição. / This paper aims to identify potential benefits that companies obtain by contributing to political campaigns. We used an extensive database with information on donations to House, Senate and Presidency candidates in the 2006 and 2010 elections. The variables of interest analyzed were the cumulative abnormal return by the time the results of each election became know and the return on equity in the year following the election. Panel regressions were estimated as ordinary least squares (OLS), and fixed effects of year and industry were included. The results indicate that not only the market anticipates future benefits for companies that contributed to campaigns - which is reflected in positive cumulative abnormal returns at the announcement of the election results - but these companies also have higher returns on equity than those that were not involved in the political process. In addition, donations to winning candidates generate higher returns than donations to losing candidates; which supports the return of favors hypothesis. Similarly, contributions to candidates affiliated to the president’s coalition's also had higher impact when compared to donations to the oposition candidates.

This paper focuses on Austrian outbound foreign direct investment (FDI, measured by sales of Austrian affiliates abroad) in Europe over the period 2009-2013, using a spatial Durbin panel data model specification with fixed effects, and a spatial weight matrix based on the first-order contiguity relationship of the countries and normalised by its largest eigenvalue. Third-country effects essentially enter the empirical analysis in two major ways: first, by the endogenous spatial lag on FDI (measured by FDI into markets nearby the host country), and, second, by including an exogenous market potential variable that measures the size of markets nearby the FDI host country in terms of gross domestic product. The question whether the empirical result is compatible with horizontal, vertical, export-platform or complex vertical FDI then depends on the sign and significance levels of both the coefficient of the spatial lag on FDI and the direct impact estimate of the market potential variable. The paper yields robust results that provide significant empirical evidence for horizontal FDI as the main driver of Austrian outbound FDI in Europe. This result is strengthened by the indirect impact estimate of the market potential variable indicating that spatial spillovers do not matter. (authors' abstract) / Series: Working Papers in Regional Science

Submitted by Letícia Penhalver Jensen null (leticiapjensen@hotmail.com) on 2016-11-27T20:40:36Z No. of bitstreams: 1 LETÍCIA PENHALVER JENSEN (3).pdf: 1787297 bytes, checksum: 3109316b5b47c96f2d24de171e80e0ee (MD5) / Approved for entry into archive by Felipe Augusto Arakaki (arakaki@reitoria.unesp.br) on 2016-11-30T14:02:12Z (GMT) No. of bitstreams: 1 jensen_lp_me_arafcl.pdf: 1787297 bytes, checksum: 3109316b5b47c96f2d24de171e80e0ee (MD5) / Made available in DSpace on 2016-11-30T14:02:12Z (GMT). No. of bitstreams: 1 jensen_lp_me_arafcl.pdf: 1787297 bytes, checksum: 3109316b5b47c96f2d24de171e80e0ee (MD5) Previous issue date: 2016-09-28 / Embora o referencial teórico da relação entre estabilidade financeira e competição bancária seja vasto, não existe consenso na literatura. O objetivo principal deste trabalho é contribuir para a melhor identificação dos padrões dessa relação. Através de uma análise em nível de empresa, ao buscar evidenciar as características microeconômicas dos riscos dos bancos, identificamos quatro modelos que formam estimados por dados em painel. Os resultados obtidos não evidenciam que uma maior concentração de mercado melhora a estabilidade financeira. / Even though the theoretical framework of the trade-off between financial stability and banking competition is vast, there is no agreement in the literature. The main goal of this work is to contribute to the literature in order to a better explanation of this relationship. Through an analysis at a firm level, in highlighting the microeconomic aspects of bank risks , we have identified four models all estimated by panel data. The results did not show that a rise in the market concentration improves financial stability.

This paper focuses on Austrian outbound foreign direct investment (FDI, measured by sales of Austrian affiliates abroad) in Europe over the period 2009-2013, using a spatial Durbin panel data model specification with fixed effects, and a spatial weight matrix based on the first-order contiguity relationship of the countries and normalised by its largest eigenvalue. Third-country effects essentially enter the empirical analysis in two major ways: first, by the endogenous spatial lag on FDI (measured by FDI into markets nearby the host country), and, second, by including an exogenous market potential variable that measures the size of markets nearby the FDI host country in terms of gross domestic product. The question whether the empirical result is compatible with horizontal, vertical, export-platform or complex vertical FDI then depends on the sign and significance levels of both the coefficient of the spatial lag on FDI and the direct impact estimate of the market potential variable. The paper yields robust results that provide significant empirical evidence for horizontal FDI as the main driver of Austrian outbound FDI in Europe. This result is strengthened by the indirect impact estimate of the mark et potential variable indicating that spatial spillovers do not matter. (authors' abstract)

In recent years there were many debates and different opinions whether R&D spillover effects exist or not. In 1995 Coe and Helpman published a study about this phenomenon, based on a panel dataset, that supports the position that such R&D spillover effects are existent. However, this survey was criticized and many different suggestions for improvement came from the scientific community. Some of them were selected and analysed and finally led to a new model. And even though this new model is well compatible with the data, it leads to different conclusions, namely that there does not exist an R&D spillover effect. These different results were the motivation to run a spatial analysis, which can be done by considering the countries as regions and using an adequate spatial link matrix. The used methods from the field of spatial econometrics are described briefly and quite general, and finally the results from the spatial models (the ones which correspond to the non-spatial ones) are compared with the results from the non-spatial analysis. The preferred model supports the position that R&D spillover effects exist.

Sedan 2010 kan en friskola överklaga kommunens beslut om skolpeng ifall den anser att lika villkor inte har uppnåtts. Reformen har lett till att tusentals konflikter mellan friskolor och kommuner har tagits till domstol. I denna studie kartläggs och beskrivs de konflikter som rör kompensation till friskolor för kommunala underskott. Därtill prövas hypoteser om samband mellan politisk ideologi, kommunstorlek, nivå på skolpeng respektive andel friskolor och konflikt genom regressioner av paneldata.Resultaten visar substantiella samband mellan vänsterstyre, en hög andel friskolor respektive kommunstorlek och ökad sannolikhet för konflikt. Därtill visar kartläggningen att Sveriges största friskolekoncern är överrepresenterad i konflikterna. Det indikerar att reformen – vars syfte var att stärka friskolornas roll i bidragsprocessen – i första hand stärkt stora aktörer.

Air pollution (in terms of PM2.5) is severe in developing countries, and the rapid population growth accompanied by urbanization may limit their potential economic development. This paper aims to investigate if urbanization and economic freedom cause higher levels of PM2.5 in developing countries. By measuring the potential effect of economic freedom on PM2.5 with the Ease of Doing Business-score by the World Bank, a new measure is introduced to the research on socioeconomic factors’ influence on air pollution. It is done by running both fixed effects- and system GMM regressions on a panel consisting of 63 low- and lower-middle-income economies between 2010-2017. The results indicate that PM2.5 is insensitive to changes in both variables and that urbanization’s effect on PM2.5 depends on the level of economic freedom and vice versa. However, both estimators may suffer from bias, and thus, the real relationship of urbanization and economic freedom on PM2.5 remains uncertain.