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  • 1. Berggren, Niclas
    et al.
    Daunfeldt, Sven-Olov
    Hellström, Jörgen
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    Does social trust speed up reforms?: The case of central-bank independence2016In: Journal of Institutional Economics, ISSN 1744-1374, E-ISSN 1744-1382, Vol. 12, no 2, p. 395-415Article in journal (Refereed)
    Abstract [en]

    Many countries have undertaken central-bank independence reforms, but the years of implementation differ. What explains such differences in timing? This is of interest more broadly, as it sheds light on factors that matter for the speed at which economic reforms come about. We study a rich set of potential determinants, both economic and political, but put special focus on a cultural factor, i.e. social trust. We find empirical support for an inverse u-shape: Countries with low and high social trust implemented their reforms earlier than countries with intermediate levels. We make use of two factors to explain this pattern: the need to undertake reform (which is more urgent in countries with low social trust) and the ability to undertake reform (which is greater in countries with high social trust). Overall, our findings imply that culture matters for institutional change.

  • 2.
    Brännäs, Kurt
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Hellström, Jörgen
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Nordström, Jonas
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    A new approach to modelling and forecasting monthly guest nights in hotels2002In: International Journal of Forecasting, ISSN 0169-2070, E-ISSN 1872-8200, Vol. 18, no 1, p. 19-30Article in journal (Refereed)
    Abstract [en]

    Starting from a day-to-day model on hotel specific guest nights we obtain an integer-valued moving average model by cross-sectional and temporal aggregation. The two parameters of the aggregate model reflect mean check-in and the check-out probability. Letting the parameters be functions of dummy and economic variables we demonstrate the potential of the approach in terms of interesting interpretations. Empirical results are presented for a series of Norwegian guests in Swedish hotels. The results indicate strong seasonal patterns in both mean check-in and in the check-out probability. Models based on differenced series are preferred in terms of goodness-of-fit. In a forecast comparison the improvements due to economic variables are small. © 2002 International Institute of Forecasters. Published by Elsevier Science B.V.

  • 3.
    Daunfeldt, Sven-Olov
    et al.
    Högskolan Dalarna.
    Hellström, Jörgen
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
    Landström, Mats
    Högskolan Dalarna.
    Why do politicians implement central bank independence reforms?2013In: Atlantic Economic Journal, ISSN 0197-4254, E-ISSN 1573-9678, Vol. 41, no 4, p. 427-438Article in journal (Refereed)
    Abstract [en]

    The purpose of this paper is to investigate why politicians around the world have chosen to give up power to independent central banks, thereby reducing their ability to fine-tune the economy. A new data-set covering 132 countries, of which 86 countries had implemented such reforms, was collected. Politicians in non-OECD countries were more likely to delegate power to independent central banks if their country has been characterized by a high variability in historical inflation and if they faced a high probability of being replaced. No such effects were found for OECD countries.

  • 4.
    Gyllenram, André
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Hanes, Niklas
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Hellström, Jörgen
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    The influence of non-cognitive and cognitive ability on individuals' stock market participation2013Report (Other academic)
    Abstract [en]

    Stock market participation is found to be positively related to cognitive, as well as non-cognitive ability, controlling for wealth, income, age, and other demographic and socioeconomic factors. Interestingly, the effects are of economic significant magnitudes, e.g. participation is on average 11.49% larger among those with high compared with low cognitive and non-cognitive abilities, and holds also when controlling for individuals risk preferences. The later indicates that cognitive and non-cognitive abilities have a role in affecting financial decisions also through non-preference driven effects. Limitations in non-cognitive ability do further explain non-participation among affluent individuals.

  • 5.
    Gyllenram, André
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Hellström, Jörgen
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    Hanes, Niklas
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Förmåga att hantera stress och individers beslut att äga aktier2015In: Ekonomisk Debatt, ISSN 0345-2646, Vol. 43, no 1, p. 7-15Article in journal (Other academic)
    Abstract [sv]

    Nyare finansiell forskning har påvisat att individers kognitiva förmåga (IQ) påverkar finansiella beslut. Att äga aktier korrelerar t ex starkt med IQ. Men även bland ”smarta” individer är det många som inte äger aktier. Detta är förbryllande, då avkastningen på aktiemarknaden historiskt har slagit andra investeringsalternativ, och det indikerar att det kanske inte räcker med att vara ”smart” för att göra smarta val. En möjlig förklaring till detta, som vi finner empiriskt stöd för, är att även andra personliga egenskaper, som exempelvis stresstålighet, kan påverka finansiella beslut.

  • 6.
    Hellström, Jörgen
    Umeå University, Faculty of Social Sciences, Economics.
    A Bivariate Count Data Model for Household Tourism Demand2006In: Journal of Applied Econometrics, ISSN 08837252, Vol. 21, no 2, p. 213-26Article in journal (Refereed)
  • 7.
    Hellström, Jörgen
    Umeå University, Faculty of Social Sciences, Department of Economics.
    Count data modelling and tourism demand2002Doctoral thesis, comprehensive summary (Other academic)
    Abstract [en]

    This thesis consists of four papers concerning modelling of count data and tourism demand. For three of the papers the focus is on the integer-valued autoregressive moving average model class (INARMA), and especially on the ENAR(l) model. The fourth paper studies the interaction between households' choice of number of leisure trips and number of overnight stays within a bivariate count data modelling framework.

    Paper [I] extends the basic INAR(1) model to enable more flexible and realistic empirical economic applications. The model is generalized by relaxing some of the model's basic independence assumptions. Results are given in terms of first and second conditional and unconditional order moments. Extensions to general INAR(p), time-varying, multivariate and threshold models are also considered. Estimation by conditional least squares and generalized method of moments techniques is feasible. Monte Carlo simulations for two of the extended models indicate reasonable estimation and testing properties. An illustration based on the number of Swedish mechanical paper and pulp mills is considered.

    Paper[II] considers the robustness of a conventional Dickey-Fuller (DF) test for the testing of a unit root in the INAR(1) model. Finite sample distributions for a model with Poisson distributed disturbance terms are obtained by Monte Carlo simulation. These distributions are wider than those of AR(1) models with normal distributed error terms. As the drift and sample size, respectively, increase the distributions appear to tend to T-2) and standard normal distributions. The main results are summarized by an approximating equation that also enables calculation of critical values for any sample and drift size.

    Paper[III] utilizes the INAR(l) model to model the day-to-day movements in the number of guest nights in hotels. By cross-sectional and temporal aggregation an INARMA(1,1) model for monthly data is obtained. The approach enables easy interpretation and econometric modelling of the parameters, in terms of daily mean check-in and check-out probability. Empirically approaches accounting for seasonality by dummies and using differenced series, as well as forecasting, are studied for a series of Norwegian guest nights in Swedish hotels. In a forecast evaluation the improvements by introducing economic variables is minute.

    Paper[IV] empirically studies household's joint choice of the number of leisure trips and the total night to stay on these trips. The paper introduces a bivariate count hurdle model to account for the relative high frequencies of zeros. A truncated bivariate mixed Poisson lognormal distribution, allowing for both positive as well as negative correlation between the count variables, is utilized. Inflation techniques are used to account for clustering of leisure time to weekends. Simulated maximum likelihood is used as estimation method. A small policy study indicates that households substitute trips for nights as the travel costs increase.

  • 8.
    Hellström, Jörgen
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
    Berggren, Niclas
    Research Institute of Industrial Economics (IFN).
    Daunfeldt, Sven-Olov
    Dalarna University.
    Social trust and central-bank independence2014In: European Journal of Political Economy, ISSN 0176-2680, E-ISSN 1873-5703, Vol. 34, p. 425-439Article in journal (Refereed)
    Abstract [en]

    Central banks have become more independent in many countries. A common rationale has been the existence of a credibility (or lack-of-trust) problem for monetary policy. This indicates a possible and until now unexplored link between social trust and central-bank independence. Our empirical findings, based on data from 149 countries, confirm such a link, in the form of a u-shaped relationship. We suggest that two factors help explain this finding: the need for this kind of reform and the ability with which it can be implemented. At low trust, the need for central-bank independence is strong enough to dominate the low ability; at high trust the ability for reform is high and dominates the low need; at intermediate trust levels there is neither need nor ability strong enough to generate very independent central banks.

  • 9.
    Hellström, Jörgen
    et al.
    Umeå University, Faculty of Social Sciences, Department of Economics.
    Daunfeldt, Sven-Olov
    Umeå University, Faculty of Social Sciences, Department of Economics.
    Intra-household Allocation of Time to Household Production Activities: Evidence from Swedish Household Data2007In: Labour, ISSN 1121-7081, E-ISSN 1467-9914, Vol. 21, no 2, p. 189-207Article in journal (Refereed)
  • 10.
    Hellström, Jörgen
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
    Lapanan, Nicha
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
    Olsson, Rickard
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
    Intergenerational transmission of prosocial values: socially responsible investment among parents and adult childrenManuscript (preprint) (Other academic)
    Abstract [en]

    Novel evidence on the transmission of prosocial values from parents to children is provided by the finding of a positive correlation between the investments of parents and the subsequent investments of their children in socially responsible mutual funds. Although captured parent-child correlations reflect contemporary relationships, they reveal potentially important insight into the origin of heterogeneity in individuals' prosocial behavior. Consistent with research on socialization, the results suggest an influence from both parents, stronger for mothers, and reinforced for parents agreeing in prosocial values, i.e. for individuals with both parents investing in socially responsible mutual funds. Parental resources during an individual's adolescence (financial and parental life experience) are further found to significantly explain individuals' adult prosocial investment behavior. The results are robust to conditioning on a number of alternative explanations.

  • 11.
    Hellström, Jörgen
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
    Lapanan, Nicha
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
    Olsson, Rickard
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
    Socially responsible investment among individualsManuscript (preprint) (Other academic)
    Abstract [en]

    In this paper we study who among individuals invest in socially responsible (SR) equity mutual funds. The results, based on administrative individual level data, indicate a number of statistically significant results. For example, females, more educated individuals, and those living in municipalities with a higher proportion of SR investors are more likely to hold SR equity funds. Education, however, stands out as the only economically significant determinant. Indeed, holding a PhD degree compared with only having completed compulsory education increases the likelihood of holding SR equity funds by almost 5 percent.

  • 12.
    Hellström, Jörgen
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
    Liu, Yuna
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Sjögren, Tomas
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Stock exchange mergers and return co-movement: A flexible dynamic component correlations model2013In: Economics Letters, ISSN 0165-1765, E-ISSN 1873-7374, Vol. 121, no 3, p. 511-515Article in journal (Refereed)
    Abstract [en]

    The creation of a common cross-border stock trading platform is found, by use of a Flexible Dynamic Component Correlations (FDCC) model, to have increased long-run trends in conditional correlations between foreign and domestic stock market returns.

  • 13.
    Hellström, Jörgen
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
    Liu, Yuna
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Sjögren, Tomas
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Stock exchange mergers and weak-form information efficiency: Evidence from the OMX Nordic and Baltic consolidation2016Report (Other academic)
    Abstract [en]

    In this paper we study whether the creation of a uniform Nordic and Baltic stock trading platform has affected weak-form information efficiency. In the study, a time-varying measure of return predictability for individual stocks is used in a panel-data setting to test for stock market merger effects. The results indicate that the stock market consolidations have had a positive effect on the information efficiency and turnover for an average firm. The merger effects are, however, asymmetrically distributed which indicates a flight to liquidity effect in the sense that relatively large (small) firms located on relatively large (small) markets experience an improved (reduced) information efficiency and turnover. Although the results indicate that changes in the level of investor attention (measured by turnover) may explain part of the changes in information efficiency, they also lend support to the hypothesis that merger effects may partially be driven by changes in the composition of informed versus uninformed investors following a stock.

  • 14.
    Hellström, Jörgen
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
    Lundgren, Jens
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Yu, Haishan
    Department of Economics, Dalarna University, 78188 Borlänge, Sweden.
    Why do electricity prices jump?: Empirical evidence from the Nordic electricity market2012In: Energy Economics, ISSN 0140-9883, E-ISSN 1873-6181, Vol. 34, no 6, p. 1774-1781Article in journal (Refereed)
    Abstract [en]

    The paper empirically explores the possible causes behind electricity price jumps in the Nordic electricity market, Nord Pool. A time-series model (a mixed GARCH–EARJI jump model) capturing the common statistical features of electricity prices is used to identify price jumps. By the model, a categorical variable is defined distinguishing no, positive and negative jumps. The causes for the jumps are then explored through the use of ordered probit models in a second stage. The empirical results indicate that the structure of the market plays an important role in whether shocks in the demand and supply for electricity translate into price jumps.

  • 15.
    Hellström, Jörgen
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    Lönnbark, Carl
    Umeå University, Faculty of Social Sciences, Department of Economics.
    Identification of jumps in financial price seriesArticle, review/survey (Other academic)
    Abstract [en]

    The paper outlines and tests, by means of Monte-Carlo simulations, a simple strategy of using existing non-parametric tests for jumps at the daily frequency to identify jumps at higher sampling frequencies. The suggested strategy allow for identification of the number of jumps and jump times during a day, as well as, the size and direction (negative or positive) of the jumps. The method is of importance in order to facilitate detailed empirical studies concerning, for example, causes for jumps in financial price series at finer levels than the daily. The Monte Carlo study reveals that the strategy works reasonably well, particular for lower jump intensities. An application of the studied strategy on the Handelsbanken stock is provided.

  • 16.
    Hellström, Jörgen
    et al.
    Umeå University, Faculty of Social Sciences, Department of Economics.
    Nordström, Jonas
    Umeå University, Faculty of Social Sciences, Department of Economics.
    A count data model with endogenous household specificcensoring: the number of nights to stay2008In: Empirical Economics, ISSN 0377-7332, E-ISSN 1435-8921, Vol. 35, no 1, p. 179-192Article in journal (Refereed)
    Abstract [en]

    In this paper a count data regression model accounting for endogenous censoring with household specific censoring thresholds is presented. The presented modelling approach is utilized in an analysis of household choice of total number of nights to spend on monthly recreational trips. The empirical study reveals that the suggested approach is feasible and that accounting for endogenous censoring gives a better fit to the data.

  • 17.
    Hellström, Jörgen
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    Nordström, Jonas
    Nationalekonomi, Lunds Universitet.
    Demand and welfare effects in recreational travel models: Accounting for substitution between number of trips and days to stay2012In: Transportation Research Part A: Policy and Practice, ISSN 0965-8564, E-ISSN 1879-2375, Vol. 46, no 3, p. 446-456Article in journal (Refereed)
    Abstract [en]

    In this paper we present a non-linear demand system for households’ joint choice of number of trips and days to spend at a destination. The approach, which facilitates welfare analysis of exogenous policy and price changes, is used empirically to study the effects of an increased CO2 tax. In particular, we focus on the effect of including substitution between households choice of the number of trips and days to spend at a destination in the welfare analysis. The analysis reveals that the equivalent variation (EV) measure, for the count data demand system, can be seen as an upper bound for the households welfare loss. Approximating the welfare loss by the change in consumer surplus, accounting for the positive effect from longer stays, imposes a lower bound on the households welfare loss. The difference in the estimated loss measures, from the considered CO2 tax reform, is about 20%. This emphasizes the importance of accounting for substitutions toward longer stays in travel demand policy evaluations.

  • 18.
    Hellström, Jörgen
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
    Olsson, Rickard
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
    Stålnacke, Oscar
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
    Evaluating measures of individual investors' expectations of risk and return2017In: Review of Behavioral Finance, ISSN 1940-5979, Vol. 9, no 3, p. 206-226Article in journal (Refereed)
    Abstract [en]

    Purpose

    The purpose of this paper is to measure individual investors’ expectations of risk and return and to evaluate different expectation measures.

    Design/methodology/approach

    The authors measure individual investors’ expectations of risk and return regarding an index fund and two stocks using survey data on a random sample of individual investors in Sweden. The survey contains three different return and four different risk expectation measures. To evaluate the different expectation measures, three different evaluation perspectives are considered.

    Findings

    The risk expectations obtained from the different measures are positively correlated across respondents, but their average magnitudes differ considerably across measures. The return expectations are also positively correlated, and their magnitudes also differ, but to a lesser extent. Consequently, the same individual can express risk expectations that either underestimate or overestimate the forward risk, depending on the measure that is used. The variations in the expectations mainly relate to differences in the responses to the questions underlying the different measures, rather than to the methods used to obtain the expectations. The results from the evaluation of the measures indicate that the expectation measure proposed by Dominitz and Manski (2011) is the only measure for which it is possible to distinguish between individuals’ expectations, using all three of the evaluation perspectives.

    Originality/value

    This is, to the best of the authors’ knowledge, the first paper that evaluates different survey measures of individual investors’ expectations of risk and return.

  • 19.
    Hellström, Jörgen
    et al.
    Umeå University, Faculty of Social Sciences, Department of Economics.
    Rudholm, Niklas
    Umeå University, Faculty of Social Sciences, Department of Economics.
    Side Effects of Generic Competition?2004In: European Journal of Health Economics, ISSN 16187598, Vol. 5, no 3, p. 203-208Article in journal (Refereed)
  • 20.
    Hellström, Jörgen
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business.
    Rudholm, Niklas
    Department of Economics, Dalarna University, 781 88 Borlänge Sweden..
    Uncertainty in the generic versus brand name prescription decision2010In: Empirical Economics, ISSN 0377-7332, E-ISSN 1435-8921, Vol. 38, no 3, p. 503-521Article in journal (Refereed)
    Abstract [en]

    This paper analyzes the impact of uncertainty concerning product qualityof generic drugs on the substitution behavior of prescribing physicians. It is shown thatuncertainty about the generic drug quality gives the physician a value of waiting formore information before switching to the generic version. In addition, it is shown thatreducing the approval requirements for generic drugs, thereby increasing uncertaintyabout quality, may discourage physicians from prescribing such drugs. An empiricalstudy testing the theoretical predictions is presented at the end of the paper.

  • 21.
    Hellström, Jörgen
    et al.
    Umeå University, Faculty of Social Sciences, Department of Economics.
    Simonsen, Ola
    Umeå University, Faculty of Social Sciences, Department of Economics.
    Does the open limit order book reveal information about short-run stock price movements?2006In: Umeå economic studies, ISSN 1403-4824, no 687Article in journal (Refereed)
    Abstract [en]

    This paper empirically tests whether an open limit order book contains informationabout future short-run stock price movements. To account for the discrete natureof price changes, the integer-valued autoregressive model of order one is utilized. Amodel transformation has an advantage over conventional count data approachessince it handles negative integer-valued price changes. The empirical results revealthat measures capturing offered quantities of a share at the best bid- and ask-pricereveal more information about future short-run price movements than measurescapturing the quantities offered at prices below and above. Imbalance and changesin offered quantities at prices below and above the best bid- and ask-price do,however, have a small and significant effect on future price changes. The resultsalso indicate that the value of order book information is short-term.

  • 22.
    Hellström, Jörgen
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business.
    Soultanaeva, Albina
    Umeå University, Faculty of Social Sciences, Department of Economics.
    The impact of stock market jumps on time-varying return correlations: empirical evidence from the Baltic countries2010In: Umeå Economic Studies, ISSN 0348-1018, no 816Article, review/survey (Other academic)
    Abstract [en]

    In this paper we study the impact of market jumps on the time varying return correlations between stock market indices in the Baltic countries. An EARJI-EGARCH model facilitating direct modelling of the time varying return correlations is introduced. The empirical results indicate that there is a quite large number of identi…ed jumps in the emerging Baltic stock markets. The main …nding is that isolated market jumps in one of the markets generally have no or small e¤ects on the time-varying correlations. In contrast, simultaneous jumps of equal sign increase the average correlation, in some cases with as much as 100 percent

  • 23.
    Hellström, Jörgen
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
    Stålnacke, Oscar
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
    Olsson, Rickard
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
    Individuals’ Financial Risk-Taking and Peer InfluenceManuscript (preprint) (Other academic)
    Abstract [en]

    Individual investor’s financial risk-taking is linked to the behavior among peers within ones community. By use of data at the individual level, including detailed information about financial holdings, wealth and a host of socioeconomic and demographic characteristics, it is found that risk-taking among peers affect individuals choice of portfolio risk. The results hold for the full sample of individuals concerning their choice of overall proportion of risky assets, as well as for stock market participants’ choice of total- and systematic stock portfolio risk. Overall, the results stress that interaction with peers’ is an important channel through which individuals’ risk-taking is affected.

  • 24.
    Hellström, Jörgen
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    Zetterdahl, Emma
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Hanes, Niklas
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Loved ones matter: family effects and stock market participation2013Report (Other academic)
    Abstract [en]

    In this paper new and detailed empirical evidence on the impact of family on individuals’ stock market participation decision is provided. Since influence is likely to vary systematically over different types of individuals the heterogeneous effect of social interaction, in a setting including both community as well as within-family effects, is further examined. The main results indicate that individuals’ likelihood for subsequent participation increases (decreases) following positive (negative) parental and partner stock market experiences. The effect of social interaction is further found to be of relatively greater importance for individuals with relatively lower levels of financial literacy and for individuals with an on average higher level of interpersonal trust. In terms of gender, both male and female participation is positively affected by family influence, while community effects mainly pertain to males.

  • 25.
    Kallunki, Juha-Pekka
    et al.
    Department of Accounting and Finance, University of Oulu, Oulu, Finland.
    Nilsson, Henrik
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    Hellström, Jörgen
    Umeå University, Faculty of Social Sciences, Department of Economics.
    Why do insiders trade?: Evidence based on unique data on Swedish insiders2009In: Journal of Accounting & Economics, ISSN 0165-4101, E-ISSN 1879-1980, Vol. 48, no 1, p. 37-53Article in journal (Refereed)
    Abstract [en]

    In this paper, we examine if corporate insiders have other motives for trading besides exploitation of private information. Our results show that insiders’ portfolio re- balancing objectives, tax considerations and behavioral biases play the most important role in their trading decisions. We also find that insiders who have allocated a great (small) proportion of their wealth to insider stock sell more (less) before bad news earnings disclosures. Finally, insider selling is informative for future returns among those insiders who have the greatest proportion of wealth allocated to insider stocks.

  • 26.
    Lundgren, Jens
    et al.
    Umeå University, Faculty of Social Sciences, Department of Economics.
    Hellström, Jörgen
    Umeå University, Faculty of Social Sciences, Department of Economics.
    Rudholm, Niklas
    Umeå University, Faculty of Social Sciences, Department of Economics.
    Multinational electricity market integration and electricity price dynamics2008In: Proceedings of the EEM 2008, 2008, p. 1-6Conference paper (Refereed)
  • 27.
    Stålnacke, Oscar
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
    Olsson, Rickard
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
    Hellström, Jörgen
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
    Evaluating Measures of Individual Investors’ Expectations of Risk and ReturnManuscript (preprint) (Other academic)
    Abstract [en]

    Purpose – The purpose of this paper is to measure individual investors’ expectations of risk and return and to evaluate different expectation measures.

    Design/methodology/approach – We measure individual investors’ expectations of risk and return regarding an index fund and two stocks using survey data on a random sample of individual investors in Sweden. The survey contains three different return and four different risk expectation measures. To evaluate the different expectation measures, three different evaluation perspectives are considered.

    Findings – The expectations obtained from the different measures are significantly correlated, but the magnitude between the measures differs considerably, especially between the risk expectations. Consequently, the same individual can express risk expectations that either under- or overestimate the forward risk, depending on the measure that is used. The variations in the expectations mainly relate to differences in the responses to the questions underlying the different measures, rather than to the methods used to obtain the expectations. The results from the evaluation of the measures indicate that the expectation measure proposed by Dominitz and Manski (2011) is the only measure for which it is possible to distinguish between individuals’ expectations, using all three of the evaluation perspectives.

    Originality/value – This is, to the best of our knowledge, the first paper that evaluates different survey measures of individual investors’ expectations of risk and return.

  • 28.
    Zetterdahl, Emma
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Hellström, Jörgen
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
    Ladies and Gentlemen: Gender Identity and Financial Risk-Taking2015Report (Other academic)
    Abstract [en]

    Novel empirical evidence indicates the importance of gender identity and gender norms on individuals’ financial risk-taking. Specifically, by use of matching and by dividing male and females into those with “traditional” versus “nontraditional” gender identities, comparison of average risk-taking between groupings indicate that over a third (about 35-40%) of the identified total gender risk differential is explained by differences in gender identities. Results further indicate that risky financial market participation is 19 percentage points higher in groups of women with nontraditional, compared with traditional, gender identities. The results, obtained while conditioning upon a vast number of controls, are robust towards a large number of alternative explanations and indicate that some individuals (mainly women) partly are fostered by society, through identity formation and socially constructed norms, to a relatively lower financial risk-taking.  

  • 29.
    Zetterdahl, Emma
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Hellström, Jörgen
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
    Who's listening? Heterogeneous Impact of Social Interaction on Individuals' Stock Market Participation2015Report (Other academic)
    Abstract [en]

    Novel evidence is provided indicating that the influence from family (parents and partners) and peer social interaction on individuals’ stock market participation vary over different types of individuals. Focusing on distinct features of concern for the social interaction process, results imply that individuals’ exposure to, and valuation of, stock market related social signals are of importance and thus, contribute to the understanding of the heterogeneous influence of social interaction. Overall, the results are interesting and enhance the understanding of the underlying mechanisms of social interaction on individuals’ financial decision making. 

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