Dynamic Valuation Decomposition Within Stochastic Economies

I explore the equilibrium value implications of economic models that incorporate responses to a stochastic environment with growth. I propose dynamic valuation decompositions (DVD's) designed to distinguish components of an underlying economic model that influence values over long investment horizons from components that impact only the short run. A DVD represents the values of stochastically growing claims to consumption payoffs or cash flows using a stochastic discount process that both discounts the future and adjusts for risk. It is enabled by constructing operators indexed by the elapsed time between the trading date and the date of the future realization of the payoff. Thus formulated, methods from applied mathematics permit me to characterize valuation behavior and the term structure of risk prices in a revealing manner. I apply this approach to investigate how investor beliefs and the associated uncertainty are reflected in current‐period values and risk‐price elasticities.     

From absence to absenteeism? A qualitative cross case study of teachers’ views on sickness absence

This is a qualitative pilot study that explores how teachers from three Norwegian upper secondary schools with different absence histories experience norms related to sickness absence. The starting point was theory and recent empirical studies which indicate that absence at the workplace level is reinforced through social interaction. Hitherto, we know little about how such spiralling processes form in different organisational contexts, and we therefore decided to conduct an explorative case study. The findings are based on interviews with teachers and management. The findings support some of the proposed processes of social interaction that supposedly underlie spiralling effects of sickness absence. In the study context, the processes seem to involve concerns about fairness and social support. Interestingly, the findings do not support an assumption that stigma linked to absence reduces as the absence level increases. On the contrary, it appears that social sanctions are activated as a counter force to increasing absence. The findings have potential implications for theoretical assumptions and for design and interpretation of future quantitative economic studies of social interaction.     

Frontline managers' perceptions and justifications of behavioural conditionality

The debate on behavioural conditionality is characterised by abundant controversies. Frontline managers have a particularly important role in implementing these policies because their interpretation of the welfare policies regulates the frameworks of street-level bureaucrat's discretionary powers. A nationwide survey among frontline managers in the Norwegian Labour and Welfare Administration revealed that 86% of the managers expressed strong normative support towards welfare conditionality. With this as a backdrop, this paper develops a better understanding of managers' perceptions and justifications of the Norwegian type of behavioural conditionality. Analysis of focus group interview data showed that the managers adopted a broad definition of conditionality, meaning promotion of an overall (re)integration of the client into the society as opposed to the narrow definition focusing solely on labour market integration. Furthermore, the implementation of welfare conditionality primarily was perceived as mild and client sensitive. The managers mainly justified welfare conditionality in terms of care and paternalistic defences, arguing that requirement of work and activities are in the client's best interest, understood in terms of social democratic values.     

Refining Population Health Comparisons: A Multidimensional First Order Dominance Approach

Protest parties are on the rise in several European countries. This development is commonly attributed to a growing dissatisfaction with life and associated with declining quality of life in modern society of the lowest social strata. This explanation is tested in a cross-sectional analysis of voting and life-satisfaction in 63 districts of the city of Rotterdam in the Netherlands, where the share of protest voters increased from 10 % in 1994 to 31 % in 2009. Contrary to this explanation protest voting appeared not to be the most frequent in the least happy districts of Rotterdam, but in the medium happy segment. Also divergent from this explanation was that average happiness in city districts is largely independent of local living conditions, but is rather a matter of personal vulnerability in terms of education, income and health. These results fit alternative explanations in terms of middle class status anxiety.     

The impact of professional and personal satisfaction on perceptions of rural and urban: Some analytic evidence

Studies of rural-urban location decisions traditionally used ana priori definition of rural/urban based on population size. A group of 29 physicians (study group) practising in communities of less than 10 000, that were part of a larger sample, perceived their communities as ‘urban’. A matched group of physicians (control group) in the same communities, who perceived the communities as ‘rural’, was selected. The research question raised was: Are there personal and professional factors that could reliably predict the perception of rural and urban? A logistic regression analysis was done using professional and personal satisfaction items as predictors of the two groups. The analysis gives some evidence that, once the effect of community size is removed, the perception of rural urban can be explained by satisfaction with the following: (i) access to specialist expertise, (ii) quality of education for children, (iii) quality of life for children and (iv) quality of housing; satisfaction with size of community was not a significant predictor of rural/urban perception.     

Assortative Mating and the Intergenerational Transmission of Parental Incarceration Risks

Research on the intergenerational transmission of incarceration tends to emphasize the strong association between fathers' involvement with the criminal justice system and sons' behavioral outcomes, such as experiencing incarceration. The father–son association in incarceration risks is, however, not the only mechanism through which these risks may travel across generations. Although female rates of incarceration are generally low (even for women who experienced parental incarceration when they were girls), women could transmit incarceration risks across generations through their choice of partner. This article uses administrative data on three generations in Denmark to show that assortative mating—the nonrandom selection of partners with similar characteristics—indeed make women just as likely as men to transmit incarceration risks across generations.     

Impact of the psychosocial work environment on registered absence from work: A two-year longitudinal study using the IPAW cohort

During the Intervention Project on Absence and Well-being (IPAW), a 5-year project conducted in Denmark, we investigated psychosocial work environment factors as independent predictors of the number of absence days per year. The present two-year longitudinal study used the IPAW cohort, but was not intended to study intervention effects, which will be reported later. Data were derived from baseline questionnaires and employers' registers of absence for 1919 participants (1305 women, 614 men, mainly in low-skilled jobs) in different occupations from 52 workplaces. These workplaces included municipal care, municipal technical services and a large pharmaceutical company. Analyses were performed by Poisson regression accounting for over-dispersion. After controlling for age, family type, health behaviours and physical work environment variables, we found that high levels of decision authority predicted low absence rates in both women and men. We tested two new psychosocial constructs developed for this study: Predictability (relating to being informed on future events at work) and Meaning of Work (relating to how meaningful and useful the work is perceived to be). Higher Predictability was a significant predictor of lower absence rates in men. This study adds to the body of evidence that the psychosocial working environment influences absence and should therefore be considered to be an important target for intervention.