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Featured researches published by Niclas Andrén.


The Swedish Network for European Studies in Economics and Business Conference / Financial Management Association European Conference, 2002 | 2002

Exchange Rate and Interest-Rate Driven Competitive Advantages in the EMU

Niclas Andrén; Lars Oxelheim

Real exchange and interest rates may still fluctuate inside the EMU and give rise to changes in competitiveness. We find, in contrast to what is generally expected, no convergence in these variables after the introduction of the euro. On the contrary, a divergence is found that is extraordinary when compared to the preceding 40 years. The magnitude of the divergence should urge on a wave of restructuring in the EMU, conditioned upon adequate policy responses. The worst-case scenario involves a flight to structural support and protectionism, challenging the whole idea of the EMU.


International Journal of Managerial Finance | 2011

Exchange rate regime shift and price patterns

Niclas Andrén; Lars Oxelheim

Purpose - The financial crisis starting in 2008 made many European countries opt for a change of exchange rate regime. The choice of price measure as an entry requirement to the European Economic and Monetary Union (EMU) and as input in the monetary policy decision process re-appeared as an important political and research issue. This paper aims to argue that, considering the importance of producer prices in international competition, their role is underplayed by policy makers and researchers. Design/methodology/approach - Producer prices are analyzed in the transition from national exchange-rate regimes to the EMU for 13 two-digit manufacturing sectors in the first 11 countries to adopt the Euro. Findings - It was found that significant price convergence before 1993-1998, but no or modest evidence of convergence after 1998-2005 when the Euro was introduced. This pattern is partly different from what prior studies have found for consumer prices, and is consistent with the change of exchange rate regime to a monetary union anchoring inflation rates. A conditional Research limitations/implications - The paper concludes that considering the role of producer prices and their deviating pattern from consumer prices, producer prices are underplayed in the research and deserve more attention. It is argued that increased attention to producer prices is warranted. Practical implications - Focusing monetary policymaking on consumer prices alone appears inefficient. Rather, then, support for the trade-off approach in monetary policy-making is supported. Social implications - In considering different solutions to the financial crisis, increasing attention should be paid to the development of producer prices. Originality/value - This is the first study to focus on producer prices in the research on the transition from a national exchange rate regime to a membership of a monetary union.


International Conference on European Financial Integration and China | 2006

Producer Prices in the Transition to a Common Currency

Niclas Andrén; Lars Oxelheim

We analyze producer price developments in the transition from a national exchange rate regime to a monetary union. The focus is on the European Economic and Monetary Union (EMU). Stylized facts witness about an exploding gaps in producer-price inflation during the years immediately following the completion of the EMU. Price convergence is found to be an important driver throughout the entire euro period (1999-2005), but with no significant differences in speed compared to the pre euro period. Productivity growth had its primary effect in the first years and effective exchange-rate changes in the later years of the euro period.


Social Science Research Network | 2016

Corporate Governance and Firm Performance: Evidence from the Oil Price Collapse of 2014-15

Niclas Andrén

This paper analyses how board classification, board independence, and inside ownership affects US oil-company performance using the oil price collapse of the autumn and winter of 2014 as a natural experiment. Firms with classified boards suffered during the collapse. An important source of value destruction is that classified boards aggravated the impact of corporate risk taking on performance. On the contrary, the greater the ownership level of insiders, the better the firm sustained the crisis. The performance-ownership relationship seems to be non-monotonic. In particular, inside ownership mediates the impact of leverage on performance. As for board independence, it seems to be of no relevance to firm performance.


Archive | 2014

A Tide of Cash: Corporate Governance and the Management of Large Cash Windfalls

Håkan Jankensgård; Niclas Andrén

In this paper we revisit the contentious issue of whether corporate governance arrangements influence corporate cash holdings. We use the exogenous cash windfalls in the oil industry during the 2000s to test the power of three governance dimensions (managerial entrenchment, board independence and ownership) in explaining differences in cash management policies. Between 2000 and 2008 the oil price successively reached new record levels, and by 2008 its yearly average had increased by more than 200% compared to the 2000-2003 period, resulting in substantial cash windfalls in oil firms. We document that firms with a classified board have higher cash holdings. They also return less money to shareholders through share repurchases and have lower investment rates. Importantly, the tendencies to underinvest and withhold share repurchases got stronger over time as the cash windfalls materialized in the industry. In the years 2007-2008, when oil prices and share repurchases peaked, firms with a classified board engaged less in repurchases and increased cash holdings compared to other firms. Classifiedboard firms also exhibit a higher cash-sensitivity to lagged windfalls. Overall, the analysis in this paper provides strong support for the managerial risk aversion-theory of excess cash holdings, and suggests that a classified board is the key governance-characteristic associated with a conservative cash management policy.


Journal of Applied Corporate Finance | 2005

Exposure-Based Cash-Flow-at-Risk: An Alternative to VaR for Industrial Companies

Niclas Andrén; Håkan Jankensgård; Lars Oxelheim


Archive | 2001

Essays on Corporate Exposure to Macroeconomic Risk

Niclas Andrén


Journal of Banking and Finance | 2015

Wall of cash: The investment-cash flow sensitivity when capital becomes abundant

Niclas Andrén; Håkan Jankensgård


Arne Ryde Workshop in Empirical Finance | 2001

Is Macroeconomic Exposure Asymmetric

Niclas Andrén


European International Business Academy Conference / Financial Management Association European Conference | 2007

Exposure-based Cash-Flow-at-Risk under Macroeconomic Uncertainty

Niclas Andrén; Håkan Jankensgård; Lars Oxelheim

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Lars Oxelheim

Research Institute of Industrial Economics

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