Diss. Stockholm : Handelshögsk., 1998.

Diss. (sammanfattning) Stockholm : Handelshögsk., 2001. / Härtill 4 uppsatser.

Diss. (sammanfattning) Stockholm : Handelshögsk., 2001. / Härtill 4 uppsatser.

Diss. Stockholm : Handelshögskolan, 2005.

Diss. Uppsala : Univ., 2003.

Diss. (sammanfattning) Umeå : Univ., 2004. / Härtill 3 uppsatser.

Då byggnadssektorn står för cirka 40 procent av all energiförbrukning i EU har krav på energideklaration och energiklassificering av byggnader implementerats bland medlemsländerna. Idag är dock knappt en femtedel av Sveriges småhus lågenergibostäder. Denna uppsats undersöker hur priser för småhus i Sverige samvarierar med bostadens energiprestanda. Med utgångspunkt i teorin om hedonisk prissättning undersöks försäljningsdata och energideklarationer för perioden 2 januari 2009 till 1 juli 2016. Uppsatsen begränsar sig till att undersöka Stockholms kommun och fyra andra kommuner i klimatzon 3. Resultaten påvisar en statistiskt signifikant samvariation mellan energiprestanda och försäljningspris. En bostad med energiklass C i klimatzon 3 genererar cirka 4,0 procent högre kvadratmeterpris än en bostad med energiklass D, och en bostad med energiklass G säljs för cirka 7,4 procent lägre kvadratmeterpris än en bostad med energiklass D.

Diss. Stockholm : Handelshögskolan, 2005.

This thesis consists of four essays in economics related to the pharmaceutical market. The first essay, Pharmaceutical Pricing in a Regulated Market, compares the pricing of new pharmaceuticals in the Swedish market where prices are regulated, with the results of Lu and Comanor who studied the pricing of new pharmaceuticals in the US market. The results indicate that price regulation discourages the use of penetration strategies and decreases price competition between brand name drugs. The second essay, Innovativeness and Market Shares in the Pharmaceutical Industry, analyzes the pharmaceutical market in a model of horizontal and vertical product differentiation. The implications from the model are tested on data from the Swedish pharmaceutical market. Vertically differentiated drugs are found to gain larger market shares, command higher prices, and be less sensitive to substitutes than drugs that are only horizontally differentiated. The third essay, Generic entry before and after reference prices, examines the effect of the reference pricing system on generic entry in markets where brand name pharmaceuticals lose patent protection. The main result is that savings due to increased competition in markets affected by the reference pricing system may have been outbalanced by higher prices due to less competition in markets where the reference pricing system led to deterred entry. The fourth essay, Innovative Drugs and the Increase in Pharmaceutical Expenditures, seeks to establish the most important factors behind the growth in pharmaceutical expenditures. One important conjecture is that the change in the drug price index has little impact on the rate at which pharmaceutical expenditures grow. Instead, the introduction of new innovative drugs seems to be the most important driving force of the growth in pharmaceutical expenditures. / Diss. (sammanfattning) Stockholm : Handelshögsk., 2001

Capital Asset Pricing Model (CAPM) is the most widely used model in asset pricing. This model evaluates the asset return in relation to the market return and the sensitivity of the security to the market. However, the evidence supporting the CAPM is mixed. Alternatives to the CAPM in determining the expected rate of return on portfolios and stocks was introduced through the Arbitrage Pricing Theory and through the Intertemporal CAPM. The introduction of these more general models raised the following important question: how should the risk factors in a multifactor pricing model be specified? Since the multifactor model theory is not very explicit regarding the number or nature of the factors the selection of factors has, to a large extent, become an empirical issue. In the first and the second chapters, we conduct an exhaustive evaluation of multifactor asset pricing models based on observable factors. In the first chapter we find strong evidence that a multifactor pricing model should include the market excess return, the size- , and the value premium. In the second chapter we relax the assumption of normal distributed returns. Even if this new setup does not alter the selected factors, we found strong evidence of deviation from normality which makes our approach more appropriate. In contrast to the first two chapters, the third chapter takes the approach of using latent factors. Using data from the US market, 4 to 6 pervasive factor were generally found. Furthermore, the data speaks in favor of an approximate factor structure with time series dependence across assets. In the final chapter, we examine if a momentum strategy, is superior to a benchmark model once the effects of data-snooping have been accounted for. Data snooping occurs when a given set of data is used more than once for inference or model selection. The result shows that data-snooping bias can be very substantial. In this study, neglecting the problem would lead to very different conclusions. For the US data there is strong evidence of a momentum effect and we reject the hypothesis of weak market efficiency. For the Swedish data the results indicates that momentum strategies based on individual stocks generate positive and significant profits. Interestingly, a very weak or none at all, momentum effect can be found when stocks are sorted by size, book-to-market and industry. / Diss. Stockholm : Handelshögskolan, 2005. Johan Parmler hette tidigare Johan Ericsson.