Die Analyse hatte zum Ziel zu überprüfen, wie sich die optimalen Preise in einem inhomogenen Mehrproduktoligopol durch einen Zusammenschluß verändern. Es konnte gezeigt werden, daß sich nach einem Zusammenschluß von zwei Unternehmen die optimalen Preise aller Güter auf diesem Markt unter linearen Bedingungen erhöhen. Bei einem Zusammenschluß mit zentraler Leitung und einer Beteiligung von unter 100 % mußte eine Untergrenze für die Beteiligungshöhe vorausgesetzt werden, da sich sonst keine optimalen Preise berechnen lassen. Für nicht lineare Kosten- oder Preis-Absatz-Funktionen wurden keine Aussagen abgeleitet. Ferner wurden weder Synergien noch Kostenreduktionen durch Skalenerträge angenommen. Weitere Untersuchungen müssen klären, ob bei Synergien oder Kostenreduktionen ähnliche oder andere Preiswirkungen auftreten.

In this paper, a structural vector auto regression (SVAR) approach is used to empirically investigate the effects of monetary policy shocks on output (measured by real GDP) and prices (measured by consumer price index) in Ethiopia. We isolated the SVAR structural shocks by imposing restrictions on the long- run behavior of the variables in the model, which places a recursive restriction on the disturbances of the SVAR. We considered three alternative policy instruments i.e. broad money supply (M2), lending rate and the real effective exchange rate (REER). We find evidence that price-based nominal anchors (Interest rate and REER) have an effect on real output, a modest effect of the lending rate while a significant effect of REER is documented, with a slightly faster speed of adjustment. Similarly, innovation in the quantity based nominal anchor (M2) affects economic activities significantly. Powered by TCPDF (www.tcpdf.org)

In late summer 2006 we experienced historically high oil prices, and due to this event we found it appropriate to investigate what influence oil price changes has on the Swedish stock market. The purpose with our research was to see the affect that oil price changes has on the Swedish economy, and if the influence of the oil price is still as strong as it used to be. To help us draw conclusions we have applied the Arbitrage Pricing Theory. With use of statistical analysis we have been able to examine the relation between oil prices and other macroeconomic variables, and how these affect the Affärsvärlden Generalindex. Our results show that oil has a significant influence, our regression analysis show that a 1 unit increase in the oil price results in a 0.08 unit decrease in Affärsvärldens Generalindex. Our study has also given us indications that the oil price effect on the Swedish economy has decreased since the mid 1980´s. We can also draw conclusions that since the 1970´s, society has moved from heavy oil dependency towards a more diversified usage of energy sources. The results for Sweden are in line with the influence of oil has on other world economies. / Under sensommaren 2006 erfarde vi historiskt höga oljepriser. Med denna händelse som grund fann vi det relevant att undersöka oljans påverkan på den svenska ekonomin. Syftet med denna uppsats var att se hur skillnader i oljepriset påverkar Sveriges ekonomi och om oljan fortfarande har en lika stark påverkan som tidigare. Som verktyg för att påvisa detta har vi använt oss av ”Arbitrage Pricing Theory”. Med hjälp av statistisk analys har vi kunnat se påverkan av oljeprisfluktuationer och andra makroekonomiska variablers påverkan på ekonomin. Affärsvärldens Generalindex har använts som definition av ekonomin. Våra resultat visar att oljan har en signifikant påverkan på svensk ekonomi, en 1 enheters uppgång av oljepriset resulterar i en minskning med 0,08 enheter på Affärsvärldens Generalindex. Vår studie ger även indikationer att oljeprisets påverkan har minskat sedan mitten av 1980-talet. Vi kan också utläsa att samhället har skiftat från ett tungt oljeberoende i energiförbrukning mot mer diversifierade typer av energikällor, detta sedan 1970-talet. Resultaten visar även att Sveriges relation till olja är i linje med andra världsekonomier.

<p>In late summer 2006 we experienced historically high oil prices, and due to this event we found it appropriate to investigate what influence oil price changes has on the Swedish stock market. The purpose with our research was to see the affect that oil price changes has on the Swedish economy, and if the influence of the oil price is still as strong as it used to be. To help us draw conclusions we have applied the Arbitrage Pricing Theory. With use of statistical analysis we have been able to examine the relation between oil prices and other macroeconomic variables, and how these affect the Affärsvärlden Generalindex. Our results show that oil has a significant influence, our regression analysis show that a 1 unit increase in the oil price results in a 0.08 unit decrease in Affärsvärldens Generalindex. Our study has also given us indications that the oil price effect on the Swedish economy has decreased since the mid 1980´s. We can also draw conclusions that since the 1970´s, society has moved from heavy oil dependency towards a more diversified usage of energy sources. The results for Sweden are in line with the influence of oil has on other world economies.</p> / <p>Under sensommaren 2006 erfarde vi historiskt höga oljepriser. Med denna händelse som grund fann vi det relevant att undersöka oljans påverkan på den svenska ekonomin. Syftet med denna uppsats var att se hur skillnader i oljepriset påverkar Sveriges ekonomi och om oljan fortfarande har en lika stark påverkan som tidigare. Som verktyg för att påvisa detta har vi använt oss av ”Arbitrage Pricing Theory”. Med hjälp av statistisk analys har vi kunnat se påverkan av oljeprisfluktuationer och andra makroekonomiska variablers påverkan på ekonomin. Affärsvärldens Generalindex har använts som definition av ekonomin. Våra resultat visar att oljan har en signifikant påverkan på svensk ekonomi, en 1 enheters uppgång av oljepriset resulterar i en minskning med 0,08 enheter på Affärsvärldens Generalindex. Vår studie ger även indikationer att oljeprisets påverkan har minskat sedan mitten av 1980-talet. Vi kan också utläsa att samhället har skiftat från ett tungt oljeberoende i energiförbrukning mot mer diversifierade typer av energikällor, detta sedan 1970-talet. Resultaten visar även att Sveriges relation till olja är i linje med andra världsekonomier.</p>

No / We examine short- and the long-term price effect associated with the FTSE 100 index revisions. We control for both heteroskedastic nature of the residual and the change, between the estimation and the test period, in the beta coefficient of the standard market model. Our findings reveal no relationship between the long-term price reversals and the change in the discount rate, as approximated by the beta coefficient of the market model. Overall, we provide strong evidence in favour of the price pressure hypothesis, where the price increase (decrease) gradually starting before the announcement an inclusion (exclusion) and reverses completely in less than two weeks after the index revision date.

Income and price affect chickpea trade expenditure and consumption expenditure share respectively. An empirical model was estimated to examine the trade effect through the expenditure channel using Almost Ideal Demand System and thus considering non-homotheticity in preferences. The results of the analysis indicated that global chickpea trade has increased from 100000 metric tons in 1988 to about 2.5 million metric tons in 2015. Between the same period consumption and production of chickpea had an increasing trend. USA and Canada had become part of the top 10 chickpea producers by 2015 signifying the increasing demand of chickpea in western countries. Factors that affected relative chickpea trade to importers income were relative market size of the exporter, bilateral distance and contiguous borders. Also, a percentage increase in the adjusted mean income of chickpea consuming country will lead to 94% decrease in the consumption of chickpea when country pair effects are considered.

Die Analyse hatte zum Ziel zu überprüfen, wie sich die optimalen Preise in einem inhomogenen Mehrproduktoligopol durch einen Zusammenschluß verändern. Es konnte gezeigt werden, daß sich nach einem Zusammenschluß von zwei Unternehmen die optimalen Preise aller Güter auf diesem Markt unter linearen Bedingungen erhöhen. Bei einem Zusammenschluß mit zentraler Leitung und einer Beteiligung von unter 100 % mußte eine Untergrenze für die Beteiligungshöhe vorausgesetzt werden, da sich sonst keine optimalen Preise berechnen lassen. Für nicht lineare Kosten- oder Preis-Absatz-Funktionen wurden keine Aussagen abgeleitet. Ferner wurden weder Synergien noch Kostenreduktionen durch Skalenerträge angenommen. Weitere Untersuchungen müssen klären, ob bei Synergien oder Kostenreduktionen ähnliche oder andere Preiswirkungen auftreten.

The decrease of car emission levels has stagnated in the latter years in Stockholm, Sweden. Since the city’s publictransit system is highly developed via its large access to areas located in the city’s outskirts, it could serve as a tool topartially replace the city's car traffic and reduce emissions. This study therefore aims to examine expected travelbehavior changes from a fare-free public transport system and investigate potential limitations when increasing thepublic transport travel degree in Stockholm. The theoretical background consists of the mode choice theory thatdissects the reasons behind travel habits, and the zero-price effect which explains the effects from abolishing priceswhen purchasing a service product. The methodological approach was conducted through a random probabilitysurvey conducted in a face-to-face mix mode survey interviews in outdoor environments and via computer-assistedtelephone interviewing. The data was then analyzed through MS Excel and SPSS to extract patterns and correlations.The results thereafter implicated preferences from the survey participants implying their desire to primarily reduce orabolish the public transport fares, which would lead to significant travel habits changes among the majority ofrespondents. This would result in a high number of both frequent car drivers and frequent public transit commutersthat would commute more by public transit and drive less.

Background. Due to prevailing technological development, telecommunication and computers have become very advanced. This has had a tremendous effect on the financial markets as well, various facilitating financial means have become much more common. One of such is passively managed index funds which does not only use index as a benchmark but also trade the stocks in the index. Thus, guaranteeing the fund a return equal to the market return and to a lower cost than an equally good actively managed fund. Index funds have in recent times increased in popularity, which has left its mark. The price of the stocks included to and excluded from an index has been observed to respectively increase and decrease in value.   Research on the price effects caused by index revision, or the effects that inclusion and exclusion have on the price of underlying shares, has been around since the 1980s. In the literature, it is generally accepted that inclusion to an index results in a positive price development, while exclusion results in a negative price development. However, the literature does not agree on whether the price effects are long-term or short-term. The disagreement began with the first studies in the field, where one author found that the price effects were long-lasting, even permanent. The others, on the other hand, found that the price effects were short-lived and returned to their original value when the trading ceased. Subsequent research is equally inconsistent. Some studies have found temporary changes, and some have found permanent ones. In this uncertainty, different theories of explanation have also been presented for the different outcomes, but these do not agree either. Objectives. To bring some clarity to the problems within the literature, the purpose of this study is to investigate the stock price effects from the reconstruction of a Swedish market index, with consideration of whether the effects are temporary or permanent. Methods. This study applied the event study methodology and the market model to examine the abnormal return found around the announcement day and the changing day. The study is based on 195 stocks that were included to and excluded from the OMX Stockholm Benchmark Index between the years 2009 and 2019.  Results. This study did not find any statistically significant price change in the period before the announcement date. However, there were indications that the announcement day did have a positive effect on the included stocks and a negative effect on the excluded stocks. But the time after the announcement day and prior to the changing day did not show any statistically significant price changes. The changing day and the period after were both found to be negatively significant for inclusions. Thus, indicating a negative price effect on the day of inclusion and the period that followed. These results are consistent with previous studies that have found a price drop on the changing day and the following period. A further test of the relationship between the abnormal return found on the announcement day and the changing day revealed that the price increase was concentrated to the announcement day. A possible explanation for this outcome may be that index funds that trade on the Swedish exchange have recognized the opportunity to trade closer to the announcement day without incurring any losses and acted accordingly. Regarding the exclusions, the changing days were not found to be statistically significant. Neither did the period following the changing day show any statistical significance. This result could be due to a delayed reaction to the changing day, given that this group showed a slow reaction to the announcement day as well. Both the announcement day and the day after the announcement day were statistically significant at the 1% level. Other possible causes for the deviating results are errors in execution or data. Conclusions. The result of this study is consistent with other studies that find a temporary price reaction to the index reconstruction.

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