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To avoid the worst effects of climate change, we need to end our reliance on fossil fuels and invest in alternative, renewable sources. Despite making up only 25% of total renewable energy investments, public investment is still vital due to its ability to encourage investments through policy measures and programs. In this paper we investigate how institutional quality, together with other financial, economic and policy variables, affects public renewable energy investments in middle-income countries. We account for the non-normal distribution of our data by conducting a panel quantile regression analysis for 64 middle-income countries. We present the results for the 0.25, 0.50 and 0.75 quantiles, representing countries with low, moderate, or high levels of public renewable energy investments. Our main finding is that absence of corruption is a vital factor for public renewable energy investments, regardless of which stage of the renewable energy transition a middle-income country is in. In the light of corruption, potential market failures are discussed as a consequence which can create a downward spiral for further renewable energy investments. Furthermore, better financial stability will increase these investments as well. We also find that public investors seem to be unaffected by economic policy uncertainty, indicating that these investors play an important role in uncertain times when private investors refrain from investing due to the high uncertainty connected to the irreversibility of these investment projects.

This paper analyzes the determinants of venture capital (VC) investments after the 2008 Global Financial Crisis. We conduct a quantitative study using panel data methods with a data set of 17 OECD countries over the years 2007-2017. We use the reduced form models to analyze three main groups of factors affecting the demand for and supply of VC. The three groups include macroeconomic conditions, entrepreneurial environment, and technological opportunities. The results reveal that the short-term interest rate, market capitalization and the population percentage with tertiary education have a positive impact on venture capital investments, meanwhile, the unemployment rate, corporate profit tax and the growth of market capitalization are negatively correlated to VC investments. Moreover, we also perform regression analysis using the Financial Crisis period data and try to capture the effects of the crisis on the driving forces of VC investments. According to the comparison of regression results using data of different periods, we find that the Financial Crisis generates huge economic fluctuations, which makes the effects of determinants difficult to capture. / 本论文分析了2008全球金融危机之后风险投资的决定因素。我们采集了17个OECD国家2007到2017年的面板数据，进行了一项量化研究。我们使用了简化模型对三类影响风险投资需求和供给的因素进行了分析。这三类包括了宏观经济条件、企业生存环境和科技机会。分析结果显示短期利率、市值和国民高等教育比例与风险投资量显著正相关，与此同时，失业率、企业利润税率以及市值增长率与风险投资量显著负相关。我们也使用了金融危机时的数据进行了回归分析，试图捕捉金融危机对风险投资决定因素的影响力改变。比较了不同时期数据的回归结果，我们发现金融危机会带来巨大的经济波动，使得风险投资的决定因素失灵或者很难捕捉。 关键词: 风险投资 风险投资决定因素 金融危机 面板数据

The real estate market in Sweden has been subject to substantial increases in prices over a significantly long period of time. This paper means to to delve deeper in light of this, and further examine the price development for single family houses during the period between 2006-2020 in Staffanstorp municipality. The purpose of this study is to determine whether the independent variables population density, real mortgage interest rate, real disposable income, unemployment rate, level of education and rate of construction have any significant price-determining effects on single family houses in the chosen area.  The goal of this study will be answered by applying a quantitative method with a deductive perspective. The paper consists of data from 21 different Swedish municipalities over a period spanning 14 years with a number of observations totalling to 315. The data material is balanced and complete with no statistical losses during the entirety of the examined period. The study also relies on support from a variety of different previous studies throughout the majority of the paper. The authors review the empirical results by applying a econometric multiple regression analysis with one-way-fixed effect panel data and thereafter come to the conclusion that real mortgage interest rates, real disposable income and unemployment rates are the most statistically significant variables thus making them the primary price-determining factors for single family houses in Staffanstorp municipality.  In addition, this paper seeks to contribute to an increased understanding between a select few econometric factors and their price-determining effects on the real estate market in Sweden and more particularly, the real estate market in Staffanstorp municipality during the period of 2006-2020.

Background: High-tech's rapid growth and prioritization of expansion over profitability can lead to vulnerability in economic downturns. The SaaS market, a part of the high-tech industry, offers affordable and flexible software solutions but is also susceptible to market volatility. To succeed, SaaS startups must strike a balance between growth and profitability. Stochastic frontier analysis can measure technical efficiency and productivity in the SaaS market, offering insights into resource and labor utilization. We present an empirical study that explores factors that influence a firm's profitability, aiming to inform decision-making for SaaS companies. Purpose: Our academic work is centered around gaining a comprehensive understanding of the Software-as-a-Service (SaaS) market and the role of labor and research and development expenses toexplore these factors and their influence on a firm's profitability. This study seeks to address this gap in knowledge by conducting an empirical analysis to examine the technical efficiency distribution among SaaS firms, with the aim of gaining insights into resource and labor utilization. By analyzing technical efficiency distribution among SaaS firms, the study will provide insights into resource and labor utilization and its effect on profitability. The research questions will focus on the relationship between technical efficiency, labor utilization, and production functions on profitability. Methodology: We utilized Model I - Cobb Douglas Panel Data Regression with Fixed Effects, Model II - Cobb Douglas Panel Data Stochastic Frontier Analysis using the Kumbhakar and Lovell (1990), and Model III - Transcendental Logarithmic Panel Data Cobb Douglas Stochastic Frontier Analysis using the Kumbhakar and Lovell (1990). These models allowed us to measure the technical efficiency of SaaS firms and examine the interplay between various variables, such as employee count and R&D expenseswith liabilities and assets as control variables. Results and analysis: The three models revealed that labor, assets, and R&D expenses positively and significantly affect profitability in SaaS firms. The SaaS industry also exhibits decreasing returns to scale in two models, suggesting that increasing all inputs proportionally leads to a less-than-proportional increase in output with the third model exhibiting an increasing return to scale. Also, top performers in technical efficiency tend to have higher marginal product of labor (MPL) values than bottom performers.Conclusions: Technical efficiency is positively correlated with profitability, indicating that more efficient SaaS firms achieve higher profitability levels. The relationship between technical efficiency and profitability is stronger when using the Translog model compared to the Cobb-Douglas model. The study also found that the factors contributing most to profitability in SaaS firms are the number of employees and assets, followed by research and development expenses.  Recommendations for future research: Further studies could explore the extent to which factors such as the quality of the workforce, technology, and business processes impact MPL and technical efficiency in SaaS firms. Additionally, future research could investigate the effects of market competition, firm size, and industry regulation on profitability in the SaaS industry. Finally, research could investigate the potential benefits of diversifying investment portfolios to include SaaS stocks, given the significant impact of labor, assets, and R&D expenses on profitability.

This study examines whether determinants of crime, hypothesized in the eco- nomic theory of crime and tested in other global regions, also explain crime rates in Eastern Europe, which is often excluded in existing research. Using fixed effects estimation and controlling for social cohesion and law enforcement, the results suggest that increases in income per capita have a negative effect on homicide and violent crime, but the effect on sexual and property crimes is mixed. Furthermore, the significance and sign of the impact of income in- equality and unemployment differ across individual crimes. This study also investigates crime determinants specifically in Czechia and Slovakia. Contrary to the cross-country analysis, there appears to be little connection between aggregate income and the regional distribution of crime, indicating the impor- tance of social rather than economic factors. JEL Classification K42, O15, O52, P20, C23 Keywords Crime, Income distribution, Eastern Europe, Panel Data, Czechia, Slovakia Title Determinants of Crime in Eastern Europe with a Focus on Czechia and Slovakia

Denna uppsats undersöker eventuella samband mellan kommunens utbildningsresurser, kommun- och elevspecifika bakgrundsfaktorer och elevernas studieresultat genom att skatta en utökad pedagogisk produktionsfunktion. Syftet är att undersöka om resultaten från tidigare studier på främst skol- och elevnivå också får genomslagskraft på kommunnivån, under inverkan från såväl gamla som nya variabler, som inte skattats i en pedagogisk produktionsfunktion förut. En långsiktig och en tid- och kommunspecifik modell skattas med hjälp paneldata över Sveriges kommuner under åren 2000 till 2006. Resultaten visar sig överensstämma med de från tidigare studier på lägre aggregerade nivåer. De flesta av de nytillkomna variablerna visar ingen statistisk signifikans och av de två modeller som skattas så talar mest för den som tar hänsyn till tid- och kommunspecifika faktorer. / This essay investigates possible connections between municipal educational resources, municipal- and student-specific factors of background, and the results of the students by estimating an extended educational production function. The aim is to investigate if the results from previous studies primarily on school- and student level also come through on municipal level, under influence of old as well as new variables, never before estimated in an educational production function. Two models are estimated, one covering for long run perspectives and one for time- and municipal specific factors, using panel data on Swedish municipalities between the years of 2000 and 2006. Results are comparable with the ones from previous studies on lower levels of aggregation. Most added variables turn out to be statistically insignificant, and of the two models estimated, results speak in favour of the one controlling for time- and municipal specific factors.

This thesis examines the relationship between private equity activity and perceived corruption in Asian countries controlling for many different economic factors. The study finds indications that perceived corruption negatively affects private equity in Asia, however this is not statistically proven for all countries. When analysing groups of countries separately, the study finds that higher perceived corruption is positively correlated with private equity activity in Developed markets but negatively correlated with private equity activity in Emerging markets. For Frontier markets, the relationship is not statistically significant, even though indications point to a negative relationship. The ability to enforce contracts, measuring the quality of judicial systems, is the most significant determinant of private equity activity. Furthermore, the paper finds that control variables overall have bigger effects for emerging and frontier countries than for developed economies, implying that richer economies already have higher levels of economic development and small changes do not have much impact, but for poorer countries, smaller changes in different factors seem to boost private equity activity

In recent months, there have been debates and discussions in Sweden regarding rents for rented apartments. Landlords want sharp rent increases due to high inflation and increased operating costs, while tenants and the tenant association are strongly against such a proposal. They mean that households with limited income can be hardly impacted by a sharp increase in their accommodation expenses. This thesis will analyze what external factors affect the rental compensation for rented apartments in Sweden for the time period 2018-2021. The result is based on a panel data analysis with collected data from 279 of Sweden’s 290 municipalities and is reported through a regression model. The outcome shows that disposable income, population and the number of completed rental apartments per 10 000 citizens, have a positive impact on the rent for rental housing. The result, however, does not show what effect the floating mortgage interest rate has, but is shown to have a positive impact as well based on previous studies on the subject. All the variables included in the model thus have an explanatory effect on the rent, but additional variables - for example, the location, condition and standard - can be included to get an even better result. / Under de senaste månaderna har det varit debatter och diskussioner i Sverige angående hyran för hyresrätter. Hyresvärdar vill ha kraftiga hyreshöjningar på grund av den höga inflationen och ökade driftskostnader, medan hyresgästerna och hyresgästföreningen är starkt emot ett sådant förslag. De menar att hushåll med begränsad inkomst kan bli hårt drabbade av en markant höjning i deras boendeutgifter. Denna uppsats kommer att analysera vilka externa faktorer som påverkar hyressättningen i Sverige under perioden 2018-2021. Resultatet utgår från en paneldataanalys med insamlad data från 279 av Sveriges 290 kommuner, och redovisas genom en regressionsmodell. Utfallet visar att disponibel inkomst, befolkningsmängd samt antalet färdigställda hyreslägenheter per 10 000 invånare har en positiv inverkan på hyran för hyresbostäder. Resultatet visar däremot inte vilken effekt den rörliga bolåneräntan har, men påvisas ha en positiv inverkan utifrån tidigare studier i ämnet. Samtliga variabler inkluderade i modellen har således en förklarande effekt på hyressättningen men ytterligare variabler - exempelvis läget, skick och standard - kan inkluderas för att få ett ännu bättre resultat.

<p><br></p> <p>In my dissertation research I document information price discovery through investments in the alternate asset class of Venture Capital. The two chapters of this dissertation studies the effect of these investments in two different contexts. The first chapter analyses improvements in valuations of venture capital funds through syndication by VC funds. The second chapter documents improvements in stock prices, and valuations, of publicly traded firms through investments by institutional investors in VC funds and in public equity.</p> <p><br></p> <p>In the first chapter I examine the effect of syndication among venture capital (VC) funds on the funds' incentives to manipulate their performance measures. I show that the presence of new syndicate partners reduces misreporting by VC funds. About half of the reduction in manipulation is during the follow-on fundraising period. To identify that syndicate partners reduce performance misreporting I use: (i) a triple-difference approach around fundraising and (ii) availability-of-syndicate-partners as an instrument for the number of new syndicate partners. The implications of my findings are that LPs should better monitor VC funds with fewer new syndicate partners and regulators should consider the presence of peer-monitoring among VC funds before imposing disclosure requirements.</p> <p>  </p> <p>  Chapter two includes John J. McConnell, Timothy E. Trombley, and M. Deniz Yavuz as coauthors. In this chapter we report evidence consistent with institutional investors using industry-level information that they obtain from their investments in venture capital (VC) funds to earn excess returns in publicly-traded equities.  We use court rulings regarding the Freedom of Information Act as an exogenous shock affecting the information flow between VC firms and institutional investors to show that the excess returns are explained by information received via this channel.  Thus, institutional investors serve as conduits of information, making publicly-traded stock prices more efficient.  In the process, institutional investors earn higher returns from their VC investments than implied by the cash flows thereby received. </p>