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Papers by Pehr-Johan Norbäck

Small business economics, Jul 2, 2024

Social Science Research Network, 2019

 Employment and wage shares have declined in occupations with high automation risk.  New eviden... more  Employment and wage shares have declined in occupations with high automation risk.  New evidence on within-firm automation dynamics is presented.  Wage shares of high-risk occupations have declined faster than employment shares.  Education reduces the risk of suffering from automation.  Employment shares in high-risk occupations have declined across all wage levels.

RePEc: Research Papers in Economics, Nov 20, 2017

This paper examines employment and productivity dynamics in the Swedish business sector during th... more This paper examines employment and productivity dynamics in the Swedish business sector during the period 1996-2013. In order to analyze employment and productivity in a consistent way we apply a novel implementation of a method, which previously has been used extensively to analyze job dynamics, on both job and productivity dynamics. Our results, based on detailed matched employer-employee data for Sweden, indicate substantial heterogeneity in terms of job and productivity dynamics for different types of firms. We find that most of the net jobs were created in young, small firms, but at the same time we also find that most of the productivity gains were created in large old incumbent firms, thus suggesting a division of labor between the two. Our analysis provides new insights into the importance of age and size of firms in the restructuring process, stressing the dichotomy between employment growth and productivity growth in different types of firms.

RePEc: Research Papers in Economics, 2010

The tax laws of most developed countries are debt biased since firms can deduct interest on debt ... more The tax laws of most developed countries are debt biased since firms can deduct interest on debt but not on equity. This bias is known to distort investment decisions. However, less is known about how the debt tax shield affects the ownership of assets when bidders differ financial expertise and thus in optimal use of leverage. We show that the debt tax shield need not always distort ownership efficiency. Assets end up with the socially preferred owner when differences in financial and productive expertise between bidders is small and better financial expertise reduces expected bankruptcy costs.

RePEc: Research Papers in Economics, Apr 10, 2008

We provide a model that explains the following empirical observations: i) private ownership is mo... more We provide a model that explains the following empirical observations: i) private ownership is more efficient than public ownership, ii) privatizations are associated with increases in efficiency and iii) the increase in efficiency predates the privatization. The two key mechanisms explaining the results are: (i) a government owner keeping control takes into account the negative effect on employment of investment and (ii) a privatizing government has a stronger incentive to invest than an acquiring firm: the government exploits the fact that investments increase the sales price not only due to the increase in the acquirer's profit, but also due to a reduced profit for the non-acquirer.

RePEc: Research Papers in Economics, Aug 20, 2007

RePEc: Research Papers in Economics, Dec 21, 2016

Recent studies document a 30-year decline in various measures of entrepreneurship in the United S... more Recent studies document a 30-year decline in various measures of entrepreneurship in the United States. In contrast, using detailed Swedish employer-employee data over the period 1990–2013, we find no decline in Swedish entrepreneurial activity. Aggregate net job creation is greatest among the youngest firms in the Swedish business sector. Moreover, most of the net job creation by young firms takes place in the expanding service sector. We argue that a key explanation for the high entrepreneurial activity in the Swedish business sector during the last two decades stems from economic reforms in the 1990s that mitigated several hurdles to entrepreneurship.

Social Science Research Network, Feb 1, 2018

In this paper, we argue that altered incentives for clubs to develop star players after the Bosma... more In this paper, we argue that altered incentives for clubs to develop star players after the Bosman ruling can explain why European football has seen lower competitive balance in the Champions League but more competitive balance at the national level. By having a profound impact on the transfers of players within EU, the Bosman ruling led to stiffer bidding competition over football stars. We show that this spurred talent development primarily in EU countries without established top clubs having a positive impact on their junior and senior national teams' performance. However, the stiffer bidding competition also led to a lower competitive balance in the Champions League, as non-established clubs prefer to sell their star players instead of challenging the top clubs. We provide empirical evidence consistent with these findings.

Social Science Research Network, Mar 5, 2017

An increasingly large share of cross-border acquisitions are undertaken by private equity-firms (... more An increasingly large share of cross-border acquisitions are undertaken by private equity-firms (PEfirms) and not by traditional multinational enterprises (MNEs). We propose a model of cross-border acquisitions in which MNEs and PE-firms compete over domestic assets and which incorporates endogenous financial frictions. MNEs' advantages lie in firm-specific synergies and access to internal capital markets, whereas PE-firms are good at reorganizing target firms. We show that stronger firmspecific synergies, lower restructuring advantages for PE-firms, higher exit costs for PE-firms, better access to internal capital markets, a higher risk premium on lending, higher moral hazard problems, and higher trade costs all favor MNEs over PE-firms. We also present cross-country correlations that are consistent with these predictions.

The World Economy, 2016

This paper attempts to understand foreign direct investment (FDI) heterogeneity and offers useful... more This paper attempts to understand foreign direct investment (FDI) heterogeneity and offers useful insights about aggregation issues in FDI estimations by carrying out a spatial econometric analysis using affiliate‐level data on sales activities of Swedish multinational corporations around the globe. The results indicate that the multilayered nature of aggregation in FDI matters for empirical analysis. Affiliate‐level host‐country and third‐country sales activity provides evidence of a negative spatial lag or substitution of FDI in space, broadly supporting the export‐platform theory. For exports back to Sweden, we find a positive spatial lag suggesting agglomeration of production activities and vertical specialisation. The sequential aggregation from affiliate level to firm and country level provides evidence of a severe scale problem particularly in export‐platform FDI. This aggregation bias is likely present in many of the country‐level analyses in previous literature.

This paper provides a theoretical explanation of the role of venture capitalists in the innovatio... more This paper provides a theoretical explanation of the role of venture capitalists in the innovation process. We show that an aggressive interim development into innovative ideas by better informed venture-backed firms is used as a signaling device to enhance their sale price on the ...

Small Business Economics, Nov 15, 2023

Social Science Research Network, 2009