Pension Research Centre (PeRCent)
Publications
Journal articles
2024
Joint Defence as a European Public Good,ÌýRoel Beetsma, Marco Buti and Francesco Nicoli,ÌýInternational Politics.
DOI:
One Scheme Fits All: A Central Fiscal Capacity for the EMU Targeting Eurozone, National and Regional Shocks,ÌýRoel Beetsma, Jacopo Cimadomo and Josha van Spronsen,ÌýEuropean Economic Review,Ìý65.
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An EU Fund to Incentivise Public Investments with Positive Externalities,ÌýRoel Beetsma,ÌýThe Economists’ Voice,Ìý21, 1, 163-174.
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Investing in European public goods while maintaining fiscal discipline at home,ÌýAge Bakker, Roel Beetsma and Marco Buti, Intereconomics, 59, 2, 98-103.
Read the article .
Closer during crises? European identity during the COVID-19 pandemic and the Russian invasion of Ukraine,ÌýRoel Beetsma, Francesco Nicoli, David van der Duin, Björn Bremer, Brian Burgoon, Theresa Kuhn, Maurits Meijers and Anniek de Ruijter, Journal of European Public Policy 31(10), 3066–3092.
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Divided by borders, united in healthcare? Regional heterogeneities and technocratic solidarity during the Covid-19 pandemic,ÌýRoel Beetsma, Francesco Nicoli and Ann-Kathrin Reinl, Journal of European Public Policy,Ìý31(6), 1647–1674.
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The Great Slowdown and Political Populism, Gylfi Zoega, EconPol Forum, 25(2). 36-39*
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Danskernes samlede opsparing: Hvor stor pension er virkelig mulig?ÌýMads Hebsgaard, Henrik Ramlau-Hansen, Jesper Rangvid,ÌýFinans/Invest, No. 4, 8.2024, p. 4-12
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The first is free: do employee stocks incentivize stock market participation? Ulf Nielsson, Oliver-Alexander Press,ÌýThe European Journal of Finance, 31(1), 1–13.
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Designing Pension Plans According to Consumption-Savings Theory,ÌýKathrin Schlafmann, Ofer Setty, Roine Vestman,ÌýReview of Financial Studies,Ìý¹ó´Ç°ù³Ù³ó³¦´Ç³¾¾±²Ô²µ
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Stigende renter og husholdningers omlægning af fastforrentede realkreditlån, Henrik Yde Andersen, Erik Grenestam, Marcus Bjerregaard Læssøe, Alexander Meldgaard Otte, Sigurd Anders Muus Steffensen, Finans/Invest, nr. 1, 2024.
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Spending Response to a Predictable Increase in Mortgage Repayments: Evidence from Expiring Interest-Only Loans,ÌýHenrik Yde Andersen, Stine Ludvig Bech, Alessia De Stefani,ÌýThe Review of Economics and Statistics.Ìý106 (1): 277–285.Ìý
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The tax shield increases the interest rate,ÌýMarcel Fischer, Bjarne Astrup Jensen,ÌýJournal of Banking and Finance, vol. 161, 2024
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Pension reform and wealth inequality: Theory and evidence, Torben M. Andersen, Joydeep Bhattacharya, Anna Grodecka-Messi, Katja Mann,ÌýEuropean Economic Review, 2024
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Pension System Design: Roles and Interdependencies of Tax-Financed and Funded Pensions, Søren F. Jarner, Snorre Jallbjørn, Torben M. Andersen,ÌýScandinavian Actuarial Journal, (2024), 1-35Ìý
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Fordelingsaspekter af det danske pensionssystem, Torben M. Andersen, Jan Rose Skaksen, Jacob Rødgaard Østdal,ÌýForskningrapport - Arbejdspapir no. 63, Rockwool Fondens Forskningsenhed, (2024), 1–35
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The Co-holding Puzzle: New Evidence from Transaction-Level Data, Arna Olafsson, John Gathergood,ÌýCEPR Discussion Paper No. DP14799. .Ìý
Retirement puzzles: New evidence from personal finances,ÌýArna Olafsson, Michaela Pagel,ÌýJournal of Public Economics, Volume 234, 2024,
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Fiscal Policy Decision-Making in the Nordic Countries during COVID-19,ÌýSvend Erik Hougaard Jensen, Anders Akerman, Tuulia Hakola-Uusitalo, Torfinn Harding, Göran Hjelm, Janne Tukiainen,ÌýIn Lars Calmfors and Nora Sánchez Gassen (Eds.), 2024, Economic Policy beyond the Pandemic in the Nordic Countries, pp. 32-81, Stockholm: Nordic Council of Ministers/Nordregio.
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Addressing Longevity Inequality: How Retirement Age Differentiation Can Be Implemented,ÌýSvend Erik Hougaard Jensen, Thorsteinn S. Sveinsson,ÌýGylfi Zoega, CESifo Economic Studies, 70 (1), 2024, pp. 1–16.
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Is Income Inequality Linked to Infectious Disease Prevalence? A Hypothesis-Generating Ecological Study Using Tuberculosis,ÌýMinkyong Kim, Jay Bhattacharya,ÌýJoydeep Bhattacharya,Ìýforthcoming, Social Science and Medicine 116639, vol. 345, 2024
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Child Survival and Contraception Choice: Theory and Evidence,ÌýJoydeep Bhattacharya, Shankha Chakraborty, Minkyong Kim,ÌýJournal of Macroeconomics 77, 103545, 2024
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Credit Markets with Time-Inconsistent Agents and Strategic Loan Default,ÌýJoydeep Bhattacharya,ÌýMonisankar Bishnu, Min Wang, forthcoming, Journal of Money, Credit and Banking, 2024
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2023Ìý
Is the Road to Hell Paved with Good Intentions? An Empirical Analysis of Budgetary Follow-up in the EU, Roel Beetsma, Matthias Busse, Lorenzo Germinetti, Massimo Giuliodori, Martin Larch, Journal of International Money and Finance,Ìý135
DOI:
Intergenerational Sharing of Unhedgeable Inflation Risk,ÌýDamiaan H.J. Chen, Roel Beetsma, Sweder J.G. van Wijnbergen,ÌýInsurance: Mathematics and Economics, 113, 140-160
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Is European attachment sufficiently strong to support an EU fiscal capacity: evidence from a conjoint experiment, Brian Burgoon, Francesco Nicoli,ÌýRoel Beetsma, European Journal of Political Economy, 78
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OECD Pension Reform: the role of demographic trends and the business cycle, Ward Romp, Roel Beetsma,ÌýEuropean Journal of Political Economy, 77
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Mandatory pension savings and long-run debt accumulation: evidence from Danish low-wage earners, Henrik Yde Andersen; Niels LynggÃ¥rd Hansen; Anders Kuchler, Journal of Pension Economics & Finance,Ìý22(3), 371–399.
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Is There a Replication Crisis in Finance? Theis Ingerslev Jensen, Bryan Kelly, Lasse Heje Pedersen, The Journal of Finance (2023), 78(5), 2465-2518
DOI: Ìý
Do workers discriminate against their out-group employers? Evidence from an online platform economy,ÌýSher Afghan Asad, Ritwik Banerjee, Joydeep Bhattacharya, forthcoming,ÌýJournal of Economic Behavior & Organization, Volume 216, 2023, pp.Ìý221-242
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Businesses in high-income zip codes saw sharper foot-traffic reductions during the COVID-19 pandemic, Aditya Kulkarni, Minkyong Kim, Jayanta Bhattacharya, Joydeep Bhattacharya, Humanities & Social Communications 10, 713 (2023)
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Can optimal unfunded public pensions co-exist with voluntary private retirement savings? Torben M. Andersen, Joydeep Bhattacharya, Qing Liu, Indian Economic Review, 58, 2023, p. 237-251
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Commitment and partial naïveté: Early withdrawal penalties on retirement accounts, Torben M. Andersen, Joydeep Bhattacharya, Pan Liu,ÌýJournal of Mathematical Economics. 106, 2023ÌýÌý
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Pension Funds and Financial Stability: The Case of the UK Gilt Crisis,ÌýSvend Erik Hougaard Jensen,ÌýJón Gudjónsson, Intereconomics - Review of European Economic Policy, 58 (3), 2023, pp. 155-159
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Systemic Risk Councils: Assessing Strengths and Weaknesses,ÌýSvend Erik Hougaard Jensen,ÌýThomas Sangill, Journal of Financial Regulation, 9 (2), 2023, pp 258–267
DOI: Ìý
Aktivklasser for langsigtede afkastforventninger,ÌýTorben M. Andersen; Peter Engberg Jensen; Jesper Rangvid,ÌýFinans/Invest, No. 4, 8.2023, p. 15-20Ìý
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Longevity Risk and Capital Markets : The 2021–22 Update,ÌýDavid Blake; Andrew J. G. Cairns; Malene Kallestrup-Lamb; Jesper Rangvid,ÌýJournal of Demographic Economics, Vol. 89, No. 3, 2023, 14 p., p. 299-312
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Niveau af langsigtede afkastforventninger, Torben M. Andersen; Peter Engberg Jensen; Jesper Rangvid,ÌýFinans/Invest, No. 4, 8.2023, p. 21-27
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Skal pensionsbidragene nedsættes, sÃ¥ alle ikke gÃ¥r for tidligt pÃ¥ pension? Henrik Ramlau-Hansen, Mads Brink, Finans/Invest 04 August 2023.Ìý
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Stock market evidence on the international transmission channels of US monetary policy surprises,ÌýTim D. Maurer, Thomas Nitschka,ÌýJournal of International Money and Finance
Volume 136, September 2023, 102866.
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Optimal retirement savings over the life cycle: A deterministic analysis in closed form, Marcel Fischer; Bjarne Astrup Jensen; Marlene Koch, Insurance: Mathematics and Economics, vol. 112, 2023, 48-58.
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How do interest-only mortgages affect consumption and saving over the life cycle? Linda Sandris Larsen, Claus Munk, Rikke Sejer Nielsen, Jesper Rangvid, Management Science, (FT50, AJG4*).
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What is the value of the annuity market?ÌýMogens Steffensen, Julie Bjørner Søe,ÌýDecisions in Economics and Finance (2023).
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Misfortune and Mistake: The Financial Conditions and Decision-making Ability of High-Cost Loan Borrowers, Leandro Carvalho, Arna Olafsson, Daniel Silverman, Journal of Political Economy, (FT50, AJG4*).
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Lagging behind: the hysteresis of austerity,ÌýAndrea Tafuro,ÌýEmpirical Economics.
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On the Possibility of Krusell-Smith Equilibria, Tobias Broer, Alexandre N. Kohlhas, Kurt Mitman, Kathrin Schlafmann, Journal of Economic Dynamics and Control, 141, 104391.
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Gender and Choice of Pension Product, Linda Sandris Larsen, Ulf Nielsson, Jesper Rangvid, Finance Research Letters, 47 (B), 102692.
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Labour market rigidity and expansionary austerity,ÌýAndrea Tafuro,ÌýJournal of Macroeconomics,ÌýVolume 75, March 2023, 103495.
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Principal Portfolios, Bryan Kelly, Semyon Malamud, Lasse Heje Pedersen, The Journal of Finance,ÌýVolume 78, Issue 1, February 2023, Pages 347-387.
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Investeringsafkast og ny model for opsparing, Henrik Ramlau-Hansen, Jesper Rangvid, Finans/Invest, Nr. 1, 02.2023, s. 5-13.Ìý
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Non-Standard Errors, Albert Menkveld et al. (343 authors in total, including Ulf Nielsson, Oliver-Alexander Press, and Anders B. Trolle), Journal of Finance, (Top-3, FT50, AJG4*).
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Overpersistence Bias in Individual Income Expectations and its Aggregate Implications, Filip Rozsypal, Kathrin Schlafmann, American Economic Journal: Macroeconomics (AJG4).
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2022
The political (in)stability of funded social security, Oliwia Komada, Krzysztof Makarski, Joanna Tyrowicz,ÌýRoel Beetsma, Journal of Economic Dynamics and Control, 133
DOI:
What kind of EU fiscal capacity? Evidence from a randomized survey experiment in five European countries in times of corona, Brian Burgoon, Francesco Nicoli, Anniek de Ruijter, Frank Vandenbroucke, Roel Beetsma,ÌýEconomic Policy, 37, 111, 411-459
DOI:
The Economics of Fiscal Rules and Debt Sustainability, Roel Beetsma,ÌýIntereconomics, 57, 1, 11-15
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Unconventional Monetary Policy and Auction Cycles of Eurozone Sovereign Debt, Roel Beetsma,ÌýJosha van Spronsen, Journal of Money, Credit, and Banking,Ìý54, 1, 169-202
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Game on: Social Networks and Markets, Lasse Heje Pedersen, Journal of Financial Economics,ÌýVolume 146, Issue 3, December 2022, Pages 1097-1119
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How Important is Affiliation Between Mutual Funds and Distributors for Fund Flows?,
Bjarne Florentsen, Ulf Nielsson, Peter Raahauge, Jesper Rangvid, Review of Finance, 26 (4), 971–1009
DOI: Ìý
American Dream Delayed: Shifting Determinants of Homeownership, Natalia Khorunzhina; Robert Miller, International Economic Review, vol. 63 (1).
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The cost of insuring against underperformance of ESG screened index funds,ÌýPeter Løchte Jørgensen, MathiasÌýDanielsen Plovst,ÌýJournal of Sustainable Finance & Investment.Ìý
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Den misforståede gevinst ved opkonvertering, Bjarne Astrup Jensen, Michael Møller, Finans/Invest, 5, 5-10
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Iceland's fight against COVID-19: A Comment, Svend E. Hougaard Jensen, Nordic Economic Policy Review, 2022, 102-109.
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Active and Passive Investing: Understanding Samuelson’s Dictum,ÌýNicolae Gârleanu, Lasse Heje Pedersen,ÌýThe Review of Asset Pricing Studies, Volume 12, Issue 2, June 2022, Pages 389–446.
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Forslag om en gradvis indfasning af pensionsopsparingen. Thomas Desting Christensen, Henrik Ramlau-Hansen (2022). Finans/Invest, (3), 5-10.
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The Design and Welfare Implications of Mandatory Pension Plans, Linda Sandris Larsen, Claus Munk, Journal of Financial and Quantitative Analysis (FT50, AJG4)
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Mobile Apps and Financial Decision Making, Bruce Carlin, Arna Olafsson and Michaela Pagel, Review of Finance, (FT50, AJG4*).Ìý
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Embedded Leverage,ÌýAndrea Frazzini, Lasse Heje Pedersen,ÌýThe Review of Asset Pricing Studies, Volume 12, Issue 1, March 2022, Pages 1–52.
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Bequest Motives in Consumption-portfolio Decisions with Recursive Utility, Holger Kraft, Claus Munk, Farina Weiss, Journal of Banking & Finance, published online, 03.02.2022.
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Responsible Investing: The ESG-Efficient Frontier, Lasse Heje Pedersen, Shaun Fitzgibbons, ÌýLukasz Pomorski, Journal of Financial Economics, 2021, 142(2), 572-597.Ìý
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Afkastforventningerne: Skal pensionsbidragene sættes op efter 10 års ukuelig, og måske fejlslagen optimisme? Henrik Ramlau-Hansen, Finans/Invest, 6, 19-26.
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2021
From Here to There: Achieving Fiscal Sustainability Under Alternative Demographic Contingencies,ÌýSvend E. Hougaard Jensen; Thorsteinn Sigurdur Sveinsson; Filipe Vieira,ÌýDe Economist, vol. 169 (4), 427-444.
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Longevity Adjustment of Retirement Age and Intra-generational Inequality,ÌýSvend E. Hougaard Jensen; Thorsteinn S. Sveinsson;ÌýGylfi Zoega,ÌýEconomica,Ìývol. 88 (350), 339-363.
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The Asset Holdings of Danish Pension Funds: Insights from a Novel ISIN-level Dataset,ÌýRoel Beetsma; Svend E. Hougaard Jensen; David Pinkus, Finans/Invest, (5), 28-35.
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Intratemporal Nonseparability Between Housing and Nondurable Consumption: Evidence from Reinvestment in Housing Stock,ÌýNatalia Khorunzhina,ÌýJournal of Monetary Economics, 117, 658-670.
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Solving Life-cycle Problems with Biometric Risk by Artificial Insurance Markets,ÌýChristoph Hambel; Holger Kraft; Claus Munk,ÌýScandinavian Actuarial Journal.
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Why mandate young borrowers to contribute to their retirement accounts?,ÌýTorben M. Andersen; Joydeep Bhattacharya,ÌýEconomic Theory, 71, 115–149.
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Pareto-improving transition to fully funded pensions under myopia,ÌýTorben M. Andersen; Joydeep Bhattacharya; Marias H. Gestsson,ÌýJournal of Demographic Economics, 87(2), 169-212
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Exponential-growth prediction bias and compliance with safety measures related to COVID-19, Ritwik Banerjee;ÌýJoydeep Bhattacharya; Priyama Majumdar,ÌýSocial Science and Medicine 268, 113473.
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Reference-dependent preferences, time inconsistency, and pay-as-you-go pensions, Torben M. Andersen;ÌýJoydeep Bhattacharya; Qing Liu,ÌýEconomic Inquiry, 59(3), 1008-1030.
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A rational-choice model of Covid-19 transmission with endogenous quarantining and two-sided prevention,ÌýJoydeep Bhattacharya; Shankha Chakraborty; Xiumei Yu,ÌýJournal of Mathematical Economics.
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#MeToo: Sexual Harassment and Company Value,ÌýMads Borelli-Kjaer; Laurids Moehl Schack; Ulf Nielsson,ÌýJournal of Corporate Finance, 67.
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Benign Effects of Automation: New Evidence from Patent Texts,ÌýKatja Mann, Lukas Püttmann,ÌýThe Review of Economics and Statistics 1–45.
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The political (in)stability of funded social security,ÌýRoel Beetsma; Oliwia Komada; Krzysztof Makarski; Joanna Tyrowicz, The Journal of Economic Dynamics and Control, 133
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Revenue- versus spending-based fiscal consolidation announcements: Multipliers and follow-up,ÌýRoel Beetsma; Oana Furtuna; Massimo Giuliodori; Haroon Mumtaz, The Journal of International Economics, 131
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Unconventional Monetary Policy and Auction Cycles of Eurozone Sovereign Debt,ÌýRoel Beetsma;ÌýJosha van Spronsen,Ìý), Journal of Money, Credit, and Banking
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The maturity of sovereign debt issuance in the euro area,ÌýRoel Beetsma; Massimo Giuliodori; Jesper Hanson Frank de Jong,Ìýthe Journal of International Money and Finance, 110
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Fiscal Transfers without Moral Hazard?,ÌýRoel Beetsma; Simone Cima; Jacopo Cimadomo,ÌýInternational Journal of Central Banking,Ìý17(3), 95-153.
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Public support for European cooperation in the procurement, stockpiling and distribution of medicines,ÌýRoel Beetsma; Brian Burgoon; Francesco Nicoli; Anniek de Ruijter; Frank Vandenbroucke,ÌýEuropean Journal of Public Health, 31 (2), 253–258.
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Determinants of the bid-to-cover ratio in Eurozone sovereign debt auctions,ÌýRoel Beetsma;ÌýFrank de Jong; Massimo Giuliodori; Jesper Hanson,ÌýJournal of Empirical Finance 58(C), 96-120.
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Macro longevity risk and the choice between annuity products: Evidence from Denmark,ÌýJesper Rangvid; Anne G. Balter; Malene Kallestrup-Lamb,ÌýInsurance: Mathematics and Economics, Vol. 99, 355-362.
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Is full annuitization socially optimal?,ÌýTorben M. Andersen; Marias H. Gestsson,ÌýJournal of Economics.
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Local House Price Comovements,ÌýÌýMarcel Fischer;ÌýRoland Füss; Simon Stehle,ÌýReal Estate Economics, 49(1), 169-198
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Deep Value, Clifford S. Asness; John Liew; Lasse Heje Pedersen; Ashwin Thapar,ÌýThe Journal of Portfolio Management, 47(4), 11-40.Ìý
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Enhanced Portfolio Optimization, Lasse Heje Pedersen; Abhilash Babu; Ari Levine, Financial Analyst Journal, 77(2), 124-151
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Responsible Investing: The ESG-Efficient Frontier, Lasse Heje Pedersen; Shaun Fitzgibbons; Lukasz Pomorski, Journal of Financial Economics 142 (2), 572-597.
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Housing Wealth or Collateral: How Home Value Shocks Drive Home Equity Extraction and Spending,ÌýHenrik Yde Andersen, Søren Leth-Petersen,ÌýJournal of the European Economic Association, Volume 19, Issue 1, February 2021, Pages 403–440.
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Active and Passive Investing: Understanding Samuelson’s Dictum, Nicolae Garleanu; Lasse Heje Pedersen, The Review of Asset Pricing Studies.
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Principal Portfolios, Bryan Kelly; Semyon Malamud; Lasse Heje Pedersen, Swiss Finance Institute Research Paper No. 20-67, conditionally accepted in The Journal of Finance.
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Measuring the ex-ante incentive effects of creditor control rights during bankruptcy reorganization,ÌýAshwini Agrawal; Juanita González-Uribe; Jimmy MartÃnez-Correa,ÌýJournal of Financial Economics
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Responses to Eliminating Saving Commitments: Evidence from Mortgage Run-offs, Steffen Andersen; Philippe d'Astous; Jimmy Martinez-Correa; Stephen H. Shore, Journal of Money, Credit, and Banking, forthcoming.
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Pension taxation, household debt and the real economy,ÌýHenrik Yde Andersen,ÌýNationaløkonomisk tidsskrift, 1, 1-14
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IN DANISH
Det Systemiske RisikorÃ¥d: En vurdering af styrker og svagheder,ÌýSvend E. Hougaard Jensen;ÌýThomas Sangill,ÌýFinans/Invest,Ìý6, 11-18.
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Gode ideer, men governance halter, og udfordringer bestÃ¥r,ÌýHenrik Ramlau-Hansen,ÌýFinans/Invest, (1), 22-24
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Ratepension som markedsrenteprodukt, HenrikÌýRamlau-Hansen, Finans/Invest 3/21, 12-19.
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Afkastforventningerne: Skal pensionsbidragene sættes op efter 10 Ã¥rs ukuelig, og mÃ¥ske fejlslagen optimisme, Henrik Ramlau-Hansen, Finans/Invest 06/21.Ìý
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2020
Pros and Cons of Taking Part in the Banking Union: A Comment,ÌýSvend E. Hougaard Jensen, Nordic Economic Policy Review, 2020, 260-266.
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Should Denmark and Sweden Join the Banking Union?,ÌýSvend E. Hougaard Jensen; Dirk Schoenmaker, Journal of Financial Regulation, vol. 6 (2), 317-326.
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The Top Three Pension Systems: Denmark, Finland and the Netherlands,ÌýSvend E. Hougaard Jensen;ÌýJukka Lassila; Niku Määttänen; Tarmo Valkonen; Ed Westerhout,ÌýJournal of Retirement, vol. 8 (2), 76-82.
DOI:
Variability in pension products: A comparison study between the Netherlands and Denmark,ÌýJesper Rangvid;ÌýAnne G. Balter;ÌýMalene Kallestrup-Lamb,ÌýAnnals of Actuarial Science, Vol. 14, 338-357.
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A Mean-variance Benchmark for Household Portfolios over the Life Cycle, Claus Munk,ÌýJournal of Banking & Finance, vol. 116, 105833.
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Turning local: Home-bias dynamics of relocating foreigners,ÌýBjarne Florentsen; Ulf Nielsson; Peter Raahauge; Jesper Rangvid,ÌýJournal of Empirical Finance, 58.
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Does foreign capital go where the returns are? Financial integration and capital allocation efficiency,ÌýKatja Mann,ÌýInternational Journal of Finance and Economics, vol. 26 (3), 3945-3971.
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How stable is the Nordic financial sector?,ÌýJesper Rangvid,ÌýNordic Economic Policy Review, 2020, 21-49.
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Annuitization and aggregate mortality risk,ÌýTorben M. Andersen; Marias H. Gestsson,ÌýJournal of Risk and Insurance, 88 (1), 79-99
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Taxation of capital income in overlapping generations economies,ÌýTorben M. Anderse,ÌýJournal of Public Economic Theory, 22(5), 1245-1261
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Variable Selection with Group Structure: Exiting Employment at Retirement Age—A Competing Risks Quantile Regression Analysis, Ralf Wilke; Shuolin Shi, Empirical Economics
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Trends Everywhere; Abhilash Babu; Ari Levine; Yao Hua Ooi;ÌýLasse Heje Pedersen;ÌýErik Stamelos (2020), Journal of Investment Management, 18 (1), 52-68.
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Fact and Fiction about Low-Risk Investing,ÌýRon Alquist; Andrea Frazzini; Antti Ilmanen; Lasse Heje Pedersen, The Journal of Portfolio Management, 46 (6) 72-92.
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Betting Against Correlation: Testing Theories of the Low-Risk Effect, Clifford S. Asness; Andrea Frazzini; Niels Joachim Gormsen; Lasse Heje Pedersen, Journal of Financial Economics, 135 (3), 629-652.
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Embedded Leverage, Andrea Frazzini;ÌýLasse Heje Pedersen, The Review of Asset Pricing Studies.
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Is There a Replication Crisis in Finance?, Theis Ingerslev Jensen; Bryan Kelly; Lasse Heje Pedersen, forthcoming in The Journal of Finance.
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Social distancing laws cause only small losses of economic activity during the COVID-19 pandemic in Scandinavia,ÌýAdam Sheridan; Asger Lau Andersen; Emil Toft Hansen; Niels Johannesen,ÌýProceedings of the National Academy of Sciences, 117(34).
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IN DANISH
Pensionsudbetalinger fra markedsrenteprodukter,ÌýHenrikÌýRamlau-Hansen,ÌýFinans/Invest, (4), 14-22.
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2019
Skattebegunstigelse af pensionsopsparing og opsparingsadfærd,ÌýHenrik Yde Andersen, Finans/Invest, nr. 4, 2019
Læs artiklen
Housing Decision with Divorce Risk, Marcel Fischer; Natalia Khorunzhina, International Economic Review,Ìý60(3), 1263-1290
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The Debt Tax Shield in General Equilibrium,ÌýMarcel Fischer;ÌýBjarne Astrup Jensen, Journal of Banking and Finance, 100(1), 151-166
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Betting Against Correlation: Testing Theories of the Low-Risk Effect, Clifford S. Asness; Andrea Frazzini; Niels Joachim Gormsen; Lasse Heje Pedersen, Journal of Financial Economics, fortcoming
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Generational Differences in Managing Personal Finances, Bruce Carlin; Arna Olafsson; Michaela Pagel, American Economic Review, 109, 54-59
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Predictors and Portfolios over the Life Cycle, Holger Kraft;ÌýClaus Munk;ÌýFarina Weiss, Journal of Banking and Finance, 100, 1-27
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Fiscal Frameworks in Europe: Editorial Introduction, Svend E. Hougaard Jensen, European Journal of Political Economy, 57, 1-2
DOI:Ìý
Hedging Recessions,ÌýNicole Branger; Linda Sandris Larsen; Claus Munk,ÌýÌýJournal of Economic Dynamics and Control, vol. 107, 103715
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Estimating the demand for reserve assets across diverse groups of countries,ÌýRina Bhattacharya; Katja Mann; Mwanza Nkusu,ÌýReview of International Economics, vol. 27, 822-853.
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The aggregate cost of equity underdiversification, Jesper Rangvid; Bjarne Florentsen; Ulf Nielsson; Peter Raahauge, Financial Review, Vol. 54 (4), 833-856.
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Experiences with Occupational Pensions in Denmark,ÌýSvend. E. Hougaard Jensen, Torben Möger Pedersen,ÌýTove Birgitte Foxman,ÌýVierteljahrshefte zur Wirtschaftsforschung,Ìý88, 11-30
DOI:
IN DANISH
ATP’s udfordringer,ÌýHenrik Ramlau-Hansen,ÌýFinans/Invest, (6), 28-31
Link:ÌýÌý
ATP’s investeringsrisiko og forretningsmodel,ÌýHenrik Ramlau-Hansen,ÌýFinans/Invest, (5), 13-19.
Link:Ìý
Optimal risikospredning for smÃ¥ aktieinvestorer i en kompliceret verden,ÌýBjarne Astrup Jensen;ÌýMichael Møller;ÌýFinans/Invest, 3
Link:Ìý
Sustainable Fiscal Strategies under Changing Demographics,ÌýAndrew Hughes Hallett; Thorsteinn Sigurdur Sveinsson; Filipe Vieira; Svend E. Hougaard Jensen,ÌýEuropean Journal of Political Economy, 57, 34-52
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2018
Global Economic Growth and Expected Returns Around the World: The End-of-the-Year Effect, Stig V. Møller; Jesper Rangvid, Management Science, 64(2), 573-591
DOI:
Buffett's Alpha, Andrea Franzzini; David Kabiller; Lasse Heje Pedersen, Financial Analyst Journal, 74(4), 35-55
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Sharpening the Arithmetic of Active Management, Lasse Heje Pedersen, Financial Analyst Journal, 74, 21-36
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The Liquid Hand-to-Mouth: Evidence From Personal Finance Management Software, Bruce Carlin; Arna Olafsson; Michaela Pagel, The Review of Financial Studies, 31(11), 4398-4446
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The Golden Rule of Longevity, Marias H. Gestsson; Gylfi Zoega, Maroeconomic Dynamics, 23, 384-419
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Micro-level Estimation of Optimal Comsumption Choice with Intertemporal Nonseparability in Preferences and Measurement Errors, Waine-Roy Gayle; Natalia Khorunchina, Journal of Business and Economic Statistics, 36, 227-238
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Total Factor Productivity Convergence in German States Since Reunification: Evidence and Explanations, Michael C. Burda; Battista Severgnini, Journal of Comparative Economics, 46, 192-211
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European Policy and Markets: Did Policy Initiatives Stem the Sovereign Debt Crisis in the Euro Area?, Michael Bergman, Svend E. Hougaars Jensen; Michael M. Hutchison,ÌýEuropean Journal of Political Economy, 57, 3-21
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On the Asset Allocation of a Default Pension Fund, Magnus Dahlquist, Ofer Setty, Roine Vestman, The Journal of Finance,ÌýVolume73, Issue 4,ÌýPages 1893-1936.
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Intergenerational Conflict and Public Sector Size and Structure: A Rationale for Debt Limits,ÌýTorben M. Andersen,ÌýEuropean Journal of Political Economy, 57, 70-88
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Do Tax Incentives for Saving in Pension Accounts Cause Debt Accumulation? Evidence from Danish Register Data,ÌýHenrik Yde Andersen,ÌýEuropean Economic Review, 106, 35-53
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The debt tax shield in general equilibrium,ÌýMarcelÌýFischer;ÌýBjarne Astrup Jensen,ÌýJournal of Banking & Finance,Ìý100, 151-166
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Housing Habits and Their Implications for Life-Cycle Consumption and Investment, Claus Munk; Holger Kraft; Sebastian Wagner, Review of Finance, 22(5), 1737-1762
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Efficiently Inefficient Markets for Assets and Asset Management, Nicolae Garleanu; Lasse Heje Pedersen, Journal of Finance, 73(4), 1663-1712
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An analysis of the Solvency II regulatory framework's Smith-Wilson model for the term structure of risk-free interest rates,ÌýPeter Løchte Jørgensen, Journal of Banking & Finance, 97, 219-237
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IN DANISH
Nye samfundsforudsætninger: Baggrund, niveau og konsekvenser for pensionsprognoser,ÌýClaus Munk; Jesper Rangvid;ÌýFinans/Invest,Ìý6, 6-14
Link:Ìý
2017
The Intergenerational Welfare State and the Rise and Fall of Pay-As-You-Go Pensions,ÌýTorben M. Andersen; Joydeep Bhattacharya,ÌýThe Economic Journal, 127, 896-923
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The First Difference Property of the Present Value Operator,ÌýStephen A. Buser;ÌýBjarne Astrup Jensen,ÌýQuarterly Journal of Finance,Ìý7(4)
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Taxable and tax-deferred investing with the limited use of losses,ÌýMarcel Fischer; Michael Gallmeyer,ÌýReview of Finance,Ìý21(5), 1847-1873
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The First Difference Property of the Present Value Operator,ÌýStephen A. Buser;ÌýBjarne Astrup Jensen,ÌýQuarterly Journal of Finance,Ìý7(4)
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Consumption Habits and Humps,ÌýClaus Munk; Holger Kraft; Frank Seifried; Sebastian Wagner,ÌýEconomic Theory, 64(2), 305-330
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Assessing the Forward Premium Puzzle: A factor augmented panel data approach,ÌýBreitung, Jörg; Mann, Katja,ÌýInternational Currency Exposure, MIT Press.
IN DANISH
Boligkøb, lÃ¥ne- og indskudsrenter samt forbrugsplanlægning,ÌýMichael Møller; Niels C. Nielsen,ÌýFinans/Invest, 5, 25-31.
Link:Ìý
2016
Promoting Sustainable Public Finances in the European Union: The Role of Fiscal Rules and Government Efficiency, Michael Bergman; Svend E. Hougaard Jensen; Michael M. Hutchison, European Journal of Political Economy, 44, 1-19
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Longevity, Growth, and Intergenerational Equity: The Deterministic Case, Torben M. Andersen; Marias H. Gestsson, Maroeconomic Dynamics, 20(4), 985-1021
DOI:
Robustness of the Danish Pension System, Torben M. Andersen, CESifo DICE Report, 13, 25-30
Link:Ìý
Heuristic Portfolio Trading Rules with Capital Gain Taxes,ÌýMarcelÌýFischer;ÌýMichaelÌýGallmeyer,ÌýJournal of Financial Economics, 119(3), 611-625
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How suboptimal are linear sharing rules?,ÌýBjarne Astrup Jensen; Jørgen Aase Nielsen,ÌýAnnals of Finance,Ìý12(2), 221-243
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Growth-Maximizing Public Debt under Changing Demographics, Nikola Bokan;ÌýAndrew Hughes Hallet;ÌýSvend E. Hougaard Jensen,ÌýMacroeconomic Dynamics,Ìý20(6), 1640-1651
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Dynamic Portfolio Choice with Frictions, Nicolae Garleanu; Lasse Heje Pedersen, Journal of Economic Theory, 165, 487-516
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Ìý
2015
Taxation, Transfer Income and Stock Market Participation,ÌýMarcel Fischer; Bjarne Astrup Jensen,ÌýReview of Finance, 19(2), 823-863
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The Fiscal Framework in a Currency Union:ÌýLessons from Comparison between the Euro Area and the Eastern Caribbean Currency Union,ÌýSvend E. Hougaard Jensen; Andrew Hughes Hallett,ÌýThe World Economy, 39(6), 803-823
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Real Business-cycle Model with Habits: Empirical Investigation,ÌýNatalia Khorunzhina,ÌýEconomic Modelling, 46(4) , 61-69
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Ambiguity Aversion, Asset Prices, and the Welfare Costs of Aggregate Fluctuations, Irasema Alonso;ÌýMauricio Prado,ÌýJournal of Economic Dynamics and Control, 51(2), 78-92
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End-of-the-Year Economic Growth and Time-varying Expected Returns,ÌýStig V. Møller;ÌýJesper Rangvid,ÌýJournal of Financial Economics, 115(1), 136-154
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Product-Marketing Innovation, Skills, and Firm Productivity Growth,ÌýMartin Junge;ÌýBattista Severgnini; Anders Sørensen,ÌýReview of Income and Wealth, 62(4), 724-754
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The Impact of Classroom Peers in a Streaming System,ÌýArna Vardardottir,ÌýEconomics of Education Review, 49, 110–128
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Competing Risks Copula Models for Unemployment Duration: An Application to a German Hartz Reform,ÌýSimon M. S. Lo; Gesine Stephan;ÌýRalf Wilke,ÌýJournal of Econometric Methods, 6(1)
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IN DANISH
Supplerende pensionsopsparing: Anbefalinger og gode rÃ¥d til, hvordan du sammensætter din supplerende pensionsopsparing, Tom Engsted;ÌýMichael Møller;ÌýMogens Steffensen, October 2015
PDF:Ìý
Den nordjyske bankkrig,ÌýBjarne Florentsen;ÌýMichael Møller; Claus Parum,ÌýFinans/Invest, 1, 5-12, 20
Link:Ìý
Presset pÃ¥ kronen: En højst usædvanlig situation som rejser højst usædvanlige spørgsmÃ¥l.ÌýJesper Rangvid,ÌýFinans/Invest, 2, 6-9, 23
Link:Ìý
2014
Understanding the Effects of Marriage and Divorce on Financial Investments: The Role of Background Risk Sharing.ÌýCharlotte Christiansen; Juanna Schröter Joensen; Jesper Rangvid,ÌýEconomic Inquiry, 53(1), 431-447
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Ìý
Books and book chapters
2022
Dansk økonomi i internationalt perspektiv: Reformer, stabilitet og udfordringer, Svend E. Hougaard Jensen.Ìý¹ó´Ç°ù³Ù³ó³¦´Ç³¾¾±²Ô²µ in Trap Danmark,Ìý2022
Link:
Pensioner, levetid, ulighed og gæld, Svend E. Hougaard Jensen.ÌýIn: Et aldrende Danmark, Gyldendal, 2022
Link:Ìý
The Danish Pension System: Design, Performance and Challenges,ÌýTorben M. Andersen; Svend E. Hougaard Jensen; Jesper Rangvid.ÌýIn:ÌýOxford University Press,Ìý2022
Link:Ìý
Asset Allocation, Investment Policies and Returns,ÌýPeter Løchte Jørgensen; Henrik Ramlau-Hansen; Jesper Rangvid, Oxford University Press, 2022
Link:Ìý
The Danish Pension System in an International Comparison,ÌýTorben M. Andersen.ÌýIn: The Danish Pension Systsem: Design, Performance and Challenges, Oxford University Press, 2022
Link:Ìý
Public Finances and the Interplay Between Public and Private Pensions,ÌýTorben M. Andersen; Svend E. Hougaard Jensen.ÌýIn: The Danish Pension Systsem: Design, Performance and Challenges, Oxford University Press, 2022
Link:Ìý
Regulation and Supervision of the Danish Pension System,ÌýJesper Berg. In: The Danish Pension Systsem: Design, Performance and Challenges, Oxford University Press, 2022
Link:Ìý
Income during Retirement: On the Role of Occupational Pensions and Home Equity as a Pension Device, Niels Lynggaard Hansen;ÌýSvend E. Hougaard Jensen.ÌýIn: The Danish Pension Systsem: Design, Performance and Challenges, Oxford University Press, 2022
Link:Ìý
The Impact of Longevity on Pension Systems,ÌýMalene Kallestrup-Lamb; Søren Kjærgaard; Søren Fiig Jarner. In: The Danish Pension Systsem: Design, Performance and Challenges, Oxford University Press, 2022
Link:Ìý
Pension Product Design and Relations to the Danish Market, Søren Fiig Jarner;ÌýClaus Munk; Mogens Steffensen. In: The Danish Pension Systsem: Design, Performance and Challenges, Oxford University Press, 2022
Link:Ìý
2021
From Main Street to Wall Street.ÌýHow the Economy Influences Stock Markets and What Investors Should Know, Jesper Rangvid,ÌýOxford University Press, 2021
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The Danish Economy in a Global Context,ÌýTorben M. Andersen;ÌýJan Bentzen;ÌýSvend E. Hougaard JensenÌýValdemar Smith; Niels Westergaard-Nielsen, DJØF Forlag, 2021
Link:Ìý
2020
Rentesregning, Bjarne Astrup Jensen. Jurist- og ØkonomforbundetsÌýForlag,Ìý7. udgave,Ìý2020
2018
How Should Pensions be Taxed? Theoretical Considerations and the Scandinavian Experience,ÌýTorben M. Andersen. In: The Taxation of Pensions. MIT Press, 2018
Link:Ìý
2017
Fiscal Policy in the Scandinavian Countries, Michael Bergman; Svend E. Hougaard Jensen; Øystein Thøgersen. In: The Routledge Handbook of Scandinavian Politics. Taylor & Francis/Routledge, 2017
Arbejdsmarkedpensioner og (U)lighed,ÌýTorben M. Andersen. In: Økonomisk ulighed i Danmark. Djøf Forlag, 2017
2016
Measurement and Effectiveness of National Fiscal Rules and Governance in the European Union, Michael Bergman; Svend E. Hougaard Jensen; Michael M. Hutchison. In: Makropolitik i Kris. Knut Wicksells Centrum för Finansvetenskap, Lunds Universitet, 2016
Link:Ìý
2015
What Scope for Monetary Policy? Experiences from the Nordic Countries After the Financial Crisis,ÌýJesper Rangvid.ÌýIn: Reform Capacity and Macroeconomic Performance in the Nordic Countries. Oxford: Oxford University Press 2015, p. 131-135
Link:Ìý
How to Avoid a Darkening Debt Storm in the Caribbean: Lessons From the Banking Union Framework in the Euro Area,ÌýAndrew Hughes Hallett; Svend E. Hougaard Jensen. In:ÌýFiscal Policy: International Aspects, Short and Long-Term Challenges and Macroeconomic Effects. ed. /Charles Amo-Yartey. New York: Nova Science Publishers, Incorporated 2015, pp. 173-195
Link:Ìý
Reform Capacity and Macroeconomic Performance in the Nordic Countries, Torben M. Andersen; Ulf Michael Bergman; Svend E. Hougaard Jensen. Oxford: Oxford University Press 2015, 365 p.
Link:Ìý
Macroeconomic Perspectives on the Nordic Economies: Past, Present, and Future,ÌýTorben M. Andersen; Ulf Michael Bergman;ÌýSvend E. Hougaard Jensen.ÌýIn:ÌýReform Capacity and Macroeconomic Performance in the Nordic Countries. Oxford: Oxford University Press 2015, p. 1-25
Link:Ìý
Shaping the Fiscal Policy Framework: Lessons from Fiscal Consolidations in Denmark and Sweden,ÌýUlf Michael Bergman; Michael M. Hutchison; Svend E. Hougaard Jensen.ÌýIn: Reform Capacity and Macroeconomic Performance in the Nordic Countries. Oxford : Oxford University Press 2015, p. 219-242
Link:Ìý
Iceland. How Could This Happen?,ÌýSøren Bo Nielsen.ÌýIn: Reform Capacity and Macroeconomic Performance in the Nordic Countries. Oxford : Oxford University Press 2015, p. 349-352
Link:Ìý
Efficiently Inefficient: How Smart Money Invests and Market Prices Are Determined,ÌýLasse Heje Pedersen,ÌýPrinceton, NJ: Princeton University Press 2015, 348 p.
Link:Ìý
Genoa and VeniceÌý: Traders of Prosperity, Growth, and Death.ÌýLars Boerner; Battista Severgnini.ÌýIn: Union in Separation Diasporic Groups and Identities in the Eastern Mediterranean (1100-1800). Rome: Viella 2015, p. 105-122 (Viella Historical Research, No. 1)
Link:Ìý
Quantile Regression Methods,ÌýBernd Fitzenberger; Ralf Andreas Wilke.ÌýIn: Emerging Trends in the Social and Behavioral Sciences: An Interdisciplinary, Searchable, and Linkable Resource. Wiley 2015
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Variability in pension products: A comparison study between the Netherlands and Denmark,ÌýJesper Rangvid;ÌýAnne G. Balter;ÌýMalene Kallestrup-Lamb,ÌýAnnals of Actuarial Science, Vol. 14, 338-357.
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