The aim of this paper is to analyze the strategic behavior of the leading firms on the Swedish wholesale electricity market. This thesis wishes to address the competition situation on the market and how the firms can manipulate the price in order to maximize the profits. The Swedish electricity market was deregulated in 1996 and the predicted outcome was that the competition on the market would increase. However, today’s market is highly vertically integrated with three dominating firms; Vattenfall, E.ON, and Fortum. Moreover, the market has similar characteristics of an oligopoly with high entry barriers, limited room for product differentiation, and limited access of information. The Herfindahl-Hirschman Index and the Lerner Index show that the wholesale electricity market is highly concentrated and that market power exists. Besides external factors that affect the electricity price, such as emission trading and the amount of water in the reservoirs, the leading firms can with their market power manipulate the price. This can be done by preventing new entrants to enter the market which has led to underinvestment in new capacity with lower production costs.

I denna empiriska studie undersöker vi den reala växelkursens och reala BNP:s påverkan på Sveriges bilaterala handelsbalans med 11 länder mellan år 1995-2011. Med en felkorrigeringsmodell i ARDL-format testar vi för långsiktig kointegration. Därefter estimeras den reala växelkursens och reala BNP:s påverkan på den bilaterala handelsbalansen. Vi finner endast stöd för J-kurvsfenomenet och uppfyllt Marshall-Lerner villkor i 2 av 11 handelsförbindelser. Istället observerar vi ett starkare samband mellan real BNP och handelsbalansen. Vi finner inte något belägg för att en stark svensk krona försämrar Sveriges handelsbalans på sikt.

<p>The aim of this paper is to analyze the strategic behavior of the leading firms on the Swedish wholesale electricity market. This thesis wishes to address the competition situation on the market and how the firms can manipulate the price in order to maximize the profits.</p><p>The Swedish electricity market was deregulated in 1996 and the predicted outcome was that the competition on the market would increase. However, today’s market is highly vertically integrated with three dominating firms; Vattenfall, E.ON, and Fortum. Moreover, the market has similar characteristics of an oligopoly with high entry barriers, limited room for product differentiation, and limited access of information.</p><p>The Herfindahl-Hirschman Index and the Lerner Index show that the wholesale electricity market is highly concentrated and that market power exists.</p><p>Besides external factors that affect the electricity price, such as emission trading and the amount of water in the reservoirs, the leading firms can with their market power manipulate the price. This can be done by preventing new entrants to enter the market which has led to underinvestment in new capacity with lower production costs.</p>

<p>Viele Schüler haben Schwierigkeiten, eine korrekte Wortfolge zu produzieren. Die Wortfolge in deklarativen V2-Sätzen sollte eigentlich kein Problem für schwedische Deutschlerner ausmachen, weil die syntaktischen Strukturen des Deutschen und des Schwedischen in diesen Sätzen gleich sind. In Hauptsätzen haben beide Sprachen SVO-Wortfolge und wenn Sätze mit einer anderen Konstituente anfangen, verlangen beide Sprachen invertierte Wortfolge, das heißt AdvVSO.</p><p>Es hat sich jedoch herausgestellt, dass L2-Lerner Probleme bekommen, wenn sie eine andere Konstituente als ein Subjekt am Satzanfang platzieren. Die Schüler schreiben manchmal keine invertierte Wortfolge und die Wortfolge wird damit inkorrekt. Das Ziel dieses Aufsatzes war es, die Wortfolge in Textproduktionen schwedischer Deutschanfänger zu analysieren und mit der Analyse Bestätigung für Pienmanns Prozessabilitätstheorie oder für die Transferhypothese zu suchen.</p><p>Laut Pienemanns Prozessabilitätstheorie beruhe die inkorrekte Wortfolge darauf, dass die XSVO-Wortfolge einfacher als invertierte XVSO zu produzieren sei. Pienemann meint, dass alle L2-Erwerber von dieser kanonischen Wortfolge (SVO) ausgehen. Meine Untersuchung ergab jedoch, dass schon die Anfänger nicht subjektinitiale Sätze produzieren, was gegen Pienemanns Theorie spricht. Überdies produzieren auch die L2-Lerner in meiner Studie in großem Ausmaß eine korrekte XVS-Wortfolge und das deutet auf Transfer aus der Muttersprache hin. Im Vergleich zu Pienemanns Studie, in der nur etwa 20% der nicht subjektinitialen Sätze korrekt waren, produzieren die L2-Lerner in meiner Studie in 80% der Sätze eine korrekte Wortfolge, was ein erheblicher Unterschied aufweist. In Bezug auf die inkorrekte Wortfolge bin ich der Meinung, dass diese auf Transfer aus dem Englischen ins Deutsche beruhen könnte. Die Schüler lernen zuerst die englische Wortfolge und somit könnten diese Strukturen ins Deutsche transferiert werden.</p>

Submitted by Maykon Nascimento (maykon.albani@hotmail.com) on 2014-10-30T17:13:58Z No. of bitstreams: 2 license_rdf: 23148 bytes, checksum: 9da0b6dfac957114c6a7714714b86306 (MD5) Dissertacao. Luciana. Texto completo.pdf: 18294948 bytes, checksum: 729cbb7d466aadfa526d318e6a32b740 (MD5) / Approved for entry into archive by Elizabete Silva (elizabete.silva@ufes.br) on 2014-11-27T18:23:40Z (GMT) No. of bitstreams: 2 license_rdf: 23148 bytes, checksum: 9da0b6dfac957114c6a7714714b86306 (MD5) Dissertacao. Luciana. Texto completo.pdf: 18294948 bytes, checksum: 729cbb7d466aadfa526d318e6a32b740 (MD5) / Made available in DSpace on 2014-11-27T18:23:40Z (GMT). No. of bitstreams: 2 license_rdf: 23148 bytes, checksum: 9da0b6dfac957114c6a7714714b86306 (MD5) Dissertacao. Luciana. Texto completo.pdf: 18294948 bytes, checksum: 729cbb7d466aadfa526d318e6a32b740 (MD5) / O processo de produção da cidade é contínuo e mutante, características essas propiciadas, em grande parte, pelos diversos agentes que compõem o espaço urbano. As intervenções urbanas cadenciam um ritmo acelerado às transformações que são inerentes à cidade. Para entender esse processo de produção é necessária a compreensão das relações existentes entre esses agentes e o seu papel na articulação, elaboração e implantação de uma intervenção urbana. Nesse contexto, é objetivo dessa dissertação o estudo dessas relações, tendo como estudo de caso o projeto de remodelação urbana desenvolvido pelo escritório do arquiteto Jaime Lerner “Contribuições ao Desenvolvimento Urbano Sustentável do Município de Serra”, contratado pela Prefeitura Municipal de Serra – ES. Serra é um município da Região Metropolitana da Grande Vitória significativo, tanto em termos populacionais, ficando atrás de Vila Velha, quanto economicamente, seu PIB fica atrás apenas da capital Vitória. Serra passa ainda por um processo de transformação urbana recente, onde destaca-se principalmente o crescimento dos condomínios fechados. Para tal, primeiramente, realizou-se um estudo sobre o município de Serra – ES, para posteriormente se voltar para agentes que compõem a cidade (Estado, capital imobiliário, planejador urbano e os segmentos sociais, na forma da participação popular). Por fim, a análise compreendeu o projeto de Jaime Lerner, as implicações dos agentes urbanos e seus possíveis rebatimentos no espaço urbano. Como resultados, em termos gerais, pôde-se perceber que o caráter “desenvolvimentista” ainda é bastante recorrente. Nas cidades e em Serra, a construção de um espaço urbano justo e igualitário é confundida com alargamento econômico, particularmente em Serra, pelo desenvolvimento do capital imobiliário, apoiado e impulsionado pelo Estado, tendo nas intervenções urbanas uma legitimação dessas ações. Pretende-se, ao final, contribuir para o entendimento da produção da cidade a partir de uma intervenção urbana que aparentemente é de interesse de todos os segmentos sociais, mas que privilegia apenas a parcela dominante da sociedade.Assim, espera-se que num futuro, essa dissertação auxilie positivamente a participação na produção urbana de todos os segmentos sociais. / The production process of the city is constant and changing, these features enabled, in large part, by the various agents that make up the urban space. Urban interventions accelerate the changes that are inherent in the city to understand the production process is desired to understand the relationships between these agents and their part in the articulation, development and implementation of an urban intervention. In this context, the objective of this dissertation is to study these relationships, taking as a case study of urban renewal project developed by the office of the architect Jaime Lerner "Contributions to Urban Sustainable Development of the Municipality of Serra", hired by the City of Serra-ES. Serra is an important city municipality in the Metropolitan Region of Vitória, both in terms of population, behind Vila Velha, and economically, its PIB is second only behind to the capital Vitória. Seerra is still undergoing a process of recent urban transformation, which highlights mainly the growth of gated communities. As a result, over all, it could be seen that the character "developmental" is still widely applied. In cities and Serra the construction of a fair and equitable urban space is confused with economic expansion, particularly in the Serra, the development of real estate capital, supported and promoted by the State and the urban interventions legitimizing these actions. It is intended, in conclusion, contribute to the understanding of the production of the city from an urban intervention that apparently is of interest to all segments of society, but just privileges the portion dominant of society. Therefore, it is expected that in future, this dissertation positively assist participation in urban production of all segments of society.

Viele Schüler haben Schwierigkeiten, eine korrekte Wortfolge zu produzieren. Die Wortfolge in deklarativen V2-Sätzen sollte eigentlich kein Problem für schwedische Deutschlerner ausmachen, weil die syntaktischen Strukturen des Deutschen und des Schwedischen in diesen Sätzen gleich sind. In Hauptsätzen haben beide Sprachen SVO-Wortfolge und wenn Sätze mit einer anderen Konstituente anfangen, verlangen beide Sprachen invertierte Wortfolge, das heißt AdvVSO. Es hat sich jedoch herausgestellt, dass L2-Lerner Probleme bekommen, wenn sie eine andere Konstituente als ein Subjekt am Satzanfang platzieren. Die Schüler schreiben manchmal keine invertierte Wortfolge und die Wortfolge wird damit inkorrekt. Das Ziel dieses Aufsatzes war es, die Wortfolge in Textproduktionen schwedischer Deutschanfänger zu analysieren und mit der Analyse Bestätigung für Pienmanns Prozessabilitätstheorie oder für die Transferhypothese zu suchen. Laut Pienemanns Prozessabilitätstheorie beruhe die inkorrekte Wortfolge darauf, dass die XSVO-Wortfolge einfacher als invertierte XVSO zu produzieren sei. Pienemann meint, dass alle L2-Erwerber von dieser kanonischen Wortfolge (SVO) ausgehen. Meine Untersuchung ergab jedoch, dass schon die Anfänger nicht subjektinitiale Sätze produzieren, was gegen Pienemanns Theorie spricht. Überdies produzieren auch die L2-Lerner in meiner Studie in großem Ausmaß eine korrekte XVS-Wortfolge und das deutet auf Transfer aus der Muttersprache hin. Im Vergleich zu Pienemanns Studie, in der nur etwa 20% der nicht subjektinitialen Sätze korrekt waren, produzieren die L2-Lerner in meiner Studie in 80% der Sätze eine korrekte Wortfolge, was ein erheblicher Unterschied aufweist. In Bezug auf die inkorrekte Wortfolge bin ich der Meinung, dass diese auf Transfer aus dem Englischen ins Deutsche beruhen könnte. Die Schüler lernen zuerst die englische Wortfolge und somit könnten diese Strukturen ins Deutsche transferiert werden.

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Yes / This study estimates output market power in the Chinese banking industry using the multi-output Lerner index. We propose a minimum distance cost function approach, which allows us to determine not only the level of market power but also the non-profit maximizers and efficiency level of Chinese banks. Following the first-stage analysis, we employ the generalized method of moment system estimator to evaluate the impacts of bank innovation and trade openness on market power in a multi-output banking context. In particular, we innovatively propose a causal structure analysis based on Wang and Blei (2019) to validate and verify the robustness of our results. We also assess this relationship for different types of bank ownership in China. The findings suggest that Chinese banks exhibit high market power in loans. Furthermore, the results show that bank innovation and trade openness have a significant negative impact on market power in loans, but a significant positive impact on market power in securities. The results also indicate a significantly negative impact of trade openness on overall market power. We find that higher levels of innovation among state-owned and joint-stock commercial banks improve the overall level of market power. The results suggest that, for all bank ownership types, trade openness has a significant negative impact on market power in loans but a significant positive impact on market power in securities. The impact on the overall level of market power is consistently significant and negative. / The full-text of this article will be released for public view at the end of the publisher embargo on 11 Aug 2025.

過去文獻大多使用Lerner指數來衡量銀行業之市場競爭度，但在計算過程中有可能出現其值為負之問題。為解決上述問題，本文運用關聯結構函數建立聯立隨機邊界模型，它由銀行成本邊界與兩條產出價格邊界所組成，可以同時衡量放款市場及投資市場之市場競爭度與成本效率。另外，為比較西歐五個國家的銀行市場競爭度與成本效率，本文進一步採用Huang et al. (2014)所提出的新隨機共同邊界模型，此模型除使用共同成本邊界計算技術缺口比率外，還透過產出價格共同邊界衡量潛在Lerner指數，進一步拆解成Lerner指數與MC gap ratio (MCGR)兩部分，可以比較不同國家間的市場競爭程度。 / This paper proposes the copula-based simultaneous stochastic frontier model (CSSFM), composed of a cost frontier and two output price frontiers for the banking sector, in order to measure cost efficiency and market power in the markets of loans and investments. The new Lerner index can be estimated by relying on the simultaneous equations model, consisting of three frontier equations, which avoids obtaining negative measures of the Lerner index. We then apply the new meta-frontier model to simultaneously estimate and compare cost efficiency and market power across five countries over the period 1998-2010. The salient feature of our proposed approach is that it allows for calculating the technology gap ratio on the basis of the cost frontier, as well as evaluating the potential Lerner index from price frontiers, which can be decomposed into the country-specific Lerner index and marginal cost gap ratio.

Esta investigación brinda evidencia respecto a la relación estabilidad y competencia en la industria de seguros para el caso peruano, donde la estabilidad financiera es medida por el indicador Z-Score. Se analiza el sector asegurador peruano durante el periodo 2009-2020, donde se pudo observar que existe una constante reducción en los niveles de competencia en este mercado. Los principales resultados indican que una mayor competencia incrementa la estabilidad financiera de las empresas de seguros en Perú y que mayores niveles de poder de mercado tendrían impactos negativos. En adición a ello, se comprueba que un mayor tamaño de la empresa aportaría positivamente a la estabilidad financiera en este mercado, lo cual va en relación con la literatura revisada. Los resultados también indican que existe una relación positiva entre el crecimiento del PBI y la estabilidad financiera. / This research provides evidence regarding the relationship between stability and competition in the insurance industry for the Peruvian case, where financial stability is measured by the Z-Score indicator. The insurance sector is analyzed during the period 2009-2020, where it could be observed that there is a constant reduction in levels of competition in this market. The main results indicate that greater competition increases the financial stability of insurance in Peru and that higher levels of market power would have negative impacts. In addition, it’s found that a larger size of the company would contribute positively to financial stability in this market, which is related to the revised literature. The results also indicate that there is a positive relationship between GDP growth and financial stability. / Trabajo de investigación