Property Rights and the Cost of Capital

PublikationArtikel (med peer review)
Äganderätt, Företagandets villkor, Internationell finansmarknad, Investering, Johan Eklund, Per-Olof Bjuggren

Sammanfattning

In countries with more secure property rights, the cost of capital is lower, suggesting higher investment rates. Using data from 49 countries we extend the conventional capital-asset pricing model (CAPM) to include a property rights risk-factor. In the conventional CAPM model only a single risk factor—systemic risk—is considered. However, when using a world market portfolio to estimate systemic risk in national portfolios, little of the required rate of return is explained in less developed as compared to more developed countries. Adding a factor representing institutional risk increases predictive power substantially. Further, we find that property rights affect the transmission of information, which suggests that markets price information differently, and allocate resources less efficiently, in countries with less secure property rights. We find that the CAPM model performs better in countries with more secure property rights.

Related content: Working Paper No. 174

Bjuggren, P-O. & Eklund, J. E. (2015). Property Rights and the Cost of Capital. European Journal of Law and Economics, 39(3), 523-537. DOI: 10.1007/s10657-013-9396-x


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Ekonomers syn på äganderätt, från Adam Smith till nutid
Artikel (utan peer review)Publikation
Bjuggren, P.-O.
Publiceringsår

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Publicerat i

Ekonomisk Debatt.

Sammanfattning

Synen på äganderätt som den uppfattas av ekonomer har förändrats över tid. På Adam Smiths tid sågs äganderätt som en exklusiv rätt till en sak/egendom som gällde mot alla. Under början av 1900-talet skedde en förändring mot att se äganderätt som en rättslig relation mellan personer. Med en sådan syn försvinner den tidigare distinktionen mellan äganderätt och kontrakt. Ekonomer har kommit att anamma den nya synen. Under senare tid har det vuxit fram en kritik mot ekonomer som visar att den nya synen förbiser viktiga aspekter av äganderätt och har implikationer för transaktioner, stordriftsfördelar och opersonlig handel.

Working Paper No. 355: The artificial intelligence (AI) data access regime: what are the factors affecting the access and sharing of industrial AI data?
Working paperPublikation
Bjuggren, P.O. & Long, V.
Publiceringsår

2022

Publicerat i

Bjuggren, P.O. & Long, V.

Sammanfattning

This paper decomposes the factors that govern the access and sharing of machine-generated industrial data in the artificial intelligence era. Through a mapping of the key technological, institutional, and firm-level factors that affect the choice of governance structures, this study provides a synthesised view of AI data-sharing and coordination mechanisms. The question to be asked here is whether the hitherto de facto control—bilateral contracts and technical solution-dominating industrial practices in data sharing—can handle the long-run exchange needs or not.

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