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Impact of COVID-19 on IPO Performance, Underpricing, and Public vs. Private Firms: A Comparative Study in Norway Pre- and During-Pandemic
Full text linkMasteroppgave(MSc) in Master of Science in Finance - Handelshøyskolen BI, 2024This study investigates the impact of the COVID-19 pandemic on financial performance of IPOs in Norway, comparing the pre-pandemic period to the pandemic period combining fixed effects models and OLS regressions. Therefore, we mainly focus on the IPO activity between the years 2018 to 2021. We find that one year after going public, COVID 19 IPO firms overperformed by 12.35 percentage points compared to pre COVID IPO firms in terms of ROA. However, our results indicate the periods that follow are characterized by firm decline in profitability and efficiency. Additionally, we find evidence that being a public firm does not provide an advantage over their private counterparts during uncertain periods, with the two groups declining in ROE by 2.36 percentage points in 2020. We also find that underpricing levels increased by 14.20
The Norwegian Transparency Act: Motivation of Stakeholders in The Automobile Retail Industry
Full text linkMasteroppgave(MSc) in Master of Science in Business, Accounting and Business Control - Handelshøyskolen BI, 2024Research Question:
How do the motivations of key stakeholders influence the implementation and the
reporting of the Transparency Act in organizations?
Purpose: This paper aims to explore the motivation of key stakeholders – suppliers,
employees, and government – to implement the Transparency Act and conduct due
diligence reporting. Previous research on similar legislation has indicated that
enterprises tend to approach due diligence reporting more symbolically, often
resulting in reports lacking in substance. A sample test by the Norwegian Consumer
Authority revealed that one in five businesses failed to provide their required
statements under the Transparency Act. Therefore, the purpose of this study is
therefore to gain a deeper understanding of the motivation behind enterprises’ due
diligence reporting.
Design/methodology/approach: Qualitative research with a case study approach
using semi-structured interviews. To complement the qualitative data, we reviewed
257 previously published reports to leverage the strengths of both qualitative and
quantitative methodologies.
Findings: The study found that while most companies comply with the
Transparency Act in terms of reporting, the quality and depth of these reports vary
significantly. Out of 118 companies required to report, we found reports from 88.
Most reports indicated no negative findings, while a small percentage highlighted
areas for improvement, such as enhancing supplier responsiveness and
implementing more strict due diligence tasks. The motivations for compliance
ranged from legal obligations and moral responsibility to external pressures from
customers and government regulations.
Research limitations/implications: Methodologically: potential researcher bias, a
small sample size affecting generalizability, and translation inaccuracies from
Norwegian to English. Theoretically: the newness of the TA limits available
research, though we reference similar laws. Practically: 25% of the secondary data
lacked required reports, and many were low quality. One case was withdrawn, but
its absence doesn't significantly impact validity due to the remaining sufficient
cases
The impossible trinity: Competitive markets, free entry, and efficiency
Full text linkWe present a model in which workers make occupational choices and vote over a tax rate which determines the level of government spending. Workers in occupations whose services are in high (low) demand by the government favor high (low) taxes. We show that the socially efficient size of the public sector cannot be supported in a political economic equilibrium. The reason is that equilibrium tax rates always reward excessive entry into the politically most powerful sector, and thus the equilibrium size of government is always either too big or too small. We show that this is an example of a more general political economy result that extends well beyond the baseline model and holds quite generally: the combination of (i) competitive markets and (ii) free entry is inconsistent with (iii) allocative efficiency.publishedVersio
“Hvordan påvirker farger (grønn vs. rød) og materialer (papp vs. glass) forbrukernes oppfatning av funksjonelle produkters bærekraft og effektivitet, og hvordan påvirker dette deres kjøpsintensjon?”
No full textBacheloroppgave i Markedsføringsledelse fra Handelshøyskolen BI, 2024Bacheloroppgaven tar for seg hvordan faktorer som farger (grønn og rød) og materialer (papp og glass) i pakningsdesign, påvirker forbrukeres oppfatning av bærekraften og effektiviteten til funksjonelle produkter. I lys av økende bekymringer knyttet til klimaendringer og den økende viktigheten av bærekraft, anser vi dette temaet som spesielt relevant. Funnene våre kan gi bedrifter en indikasjon på om de bør prioritere pakningsdesign som fremmer produktets bærekraft eller effektivitet overfor forbrukere. Med dette som bakgrunn ble følgende problemstilling formulert: “Hvordan påvirker farger (grønn vs. rød) og materialer (papp vs. glass) forbrukernes oppfatning av funksjonelle produkters bærekraft og effektivitet, og hvordan påvirker dette deres kjøpsintensjon?”
Det teoretiske rammeverket for bacheloroppgaven omhandler pakningsdesign, bærekraft, effektivitet, farger og materialer, samt dets innvirkning på forbrukeroppfatninger og kjøpsintensjoner. Studien baserer seg primært på fenomenet sustainability liability knyttet til pakningsdesign i Norge.
I denne studien har vi benyttet en kvantitativ tilnærming, et kausalt forskningsdesign og gjennomført et eksperiment, for å utforske potensielle årsakssammenhenger. Vi utformet spørreskjemaet ved hjelp av Qualtrics, og distribuerte det deretter på digitale plattformer til venner, familie og bekjente.
Etter datarensing oppnådde vi et representativt utvalg på 260 respondenter. Ved bruk av analyseverktøyet JMP gjennomførte vi følgende analyser: deskriptiv statistisk analyse, faktoranalyse, reliabilitetsanalyse, ANOVA, ANCOVA, Pearsons korrelasjonsmatrise og multippel regresjonsanalyse. Studiens hovedfunn viser at forbrukerne oppfatter produktene med grønt pakningsdesign som mer bærekraftig enn produktene med rødt pakningsdesign. Videre oppfattes produktene i pappkartong som mer bærekraftig enn produktene i glassflaske. Et interessant funn er at vi ikke kunne påvise en negativ korrelasjon mellom forbrukernes oppfatning av produktets bærekraft og produktets effektivitet. Avslutningsvis fant vi at forbrukerne verdsetter effektivitet høyere enn bærekraft, og at effektivitet har størst effekt på kjøpsintensjonen
Locally robust inference for non-Gaussian linear simultaneous equations models
Full text linkAll parameters in linear simultaneous equations models can be identified (up to permutation and sign) if the underlying structural shocks are independent and at most one of them is Gaussian. Unfortunately, existing inference methods that exploit such identifying assumptions suffer from size distortions when the true distributions of the shocks are close to Gaussian. To address this weak non-Gaussian problem we develop a locally robust semi-parametric inference method which is simple to implement, improves coverage and retains good power properties. The finite sample properties of the methodology are illustrated in a large simulation study and an empirical study for the returns to schooling.publishedVersio
Katti Anker Møller . "Vær ikke ræd. Gå på"
Full text linkExecutive Master of Management i Ledelse, makt og mening fra Handelshøyskolen BI, 2024Katti Anker Møller regnes som en av de mest innflytelsesrike kvinnesaksforkjempere i Norge. Særlig er hun kjent for sitt arbeid med de Castbergske barnelover og for å ha opprettet mødrehygienekontorer, forløperne til dagens helsestasjoner. Vi kan også takke henne for at norske kvinner i dag uten frykt for straffeforfølgelse, kan planlegge graviditeter og avslutte uønskede svangerskap.
Det at vi ikke kjente så godt til Katti Anker Møllers arbeid gjorde oss nysgjerrige og ledet oss til vår hovedproblemstilling: “Hva kan forklare Katti Anker Møllers påvirkningskraft?” Ved hjelp av hermeneutisk analyse med sirkelvandringer der vi forstår deler opp mot helheten, har vi tilnærmet oss Kattis liv og virke via tre underproblemstillinger:
● I hvilken grad var Katti Anker Møller en machiavellisk leder?
● I hvilken grad drives Katti Anker Møller av rettferdighet og klokskap?
● Hvilke retoriske grep tar Katti Anker Møller for å bevege sitt publikum?
Vi har benyttet oss av litteratur fra Machiavelli og Aristoteles, samt teori om retorikk, og supplert med relevant litteratur og teori underveis.
Katti var ingen stor retoriker, men hadde til gjengjeld et sterkt retorisk problem og formål. Kvinner må få råde over egen kropp og det som er i den. Med en klar indre overbevisning og rettferdighetssans beskrev hun på machiavellisk vis virkeligheten slik hun så den, og skapte moralske sjokkbølger i sin samtid. Men med varierende grad av klokskap og lite bruk av revens egenskaper for å tilpasse budskapet til sitt publikum og datidens moralsyn, var hun godt utenfor Aristoteles sin gylne middelvei. Oppstandelsen skapte både positive og negative konsekvenser, samtidig. Positive i den forstand at hun skapte oppmerksomhet om seg og saken, negative ved at hun fikk massiv motstand.
En machiavellisk løve med virtù, men ikke alltid kløktig som en rev. Rettferdig på aristotelisk vis, men ikke alltid praktisk klok. Modig, men ingen stor retoriker. Det kan forklare Katti Anker Møllers gjennomslagskraft
An explorative Bayesian analysis of functional dependencies in emergency management systems
Full text linkThe study of emergency or crisis management practices acquires strategical relevancefor resilient decision-making under uncertainty. The assessment of system resilience isan asset to identify potential design or operational improvements of a complex socio-technical system, such as an Emergency Management (EM) system. This research aimsat analyzing the functional properties of an EM system recurring to a novel integrationof the Functional Resonance Analysis Method (FRAM) and Bayesian Belief Networks(BBN). The FRAM is used to model and display the actors and the interactions in thesystem, while the BBN, dynamically updated when new data becomes available, sup-ports a complementary quantitative assessment. The methodology is iterated in theanalysis of an EM procedure, issued by a second-line Emergency Response organiza-tion for Oil and Gas (O&G) operators in Norwegian continental shelf. The results of thestudy show that the proposed stochastic methodology compensates the drawbacks oftraditional FRAM modeling, via the outcomes of BBN quantitative analyses. The find-ings, contextualized in EM, can be transferred to different socio-technical contexts,both military and civil onespublishedVersio
Varieties of Marketization
Full text linkThe article develops a new framework for the study of market reforms in Nordic welfare states based on a division between “markets”, “quasi-markets” and “pseudo-markets”. The two latter types of marketization have been the most common, and the article exemplifies them by revisiting the early 1990s Swedish school reform, “Friskolereformen”—which instigated a quasi-market for publicly funded schools run by both for-profit companies and non-profit actors—and the Norwegian hospital reform, “Foretaksreformen” of 2001—which created what we call a pseudo-market, in which public hospitals were reorganized to mimic the structures of capitalist enterprise. By discussing the different reforms in relation to justification, the type of welfare state sector, and the political orientation of the government implementing the reform, our study sheds new light on similarities and differences in marketization processes in the Nordics. Particularly, we find that the justification for the reforms differed, with the Swedish reform being justified in ideological terms and the Norwegian in technocratic terms. Contrary to some literature, we hold that marketization has fundamentally altered Nordic welfare states and the relationship between capital and society in the Nordics, and we suggest that our framework could be used for future comparative studies of market reforms.publishedVersio
How ESG performance affects corporate financial performance: An empirical study of the shipping sector
Full text linkMasteroppgave(MSc) in Master of Science in Sustainable Finance, Handelshøyskolen BI, 2024This thesis explores the relationship between ESG performance and financial performance in the shipping sector. Utilizing a fixed effects model adjusted with Newey-West standard errors, we analyzed data from 244 shipping companies from 2010 to 2022. We discover that improvements in the overall ESG score significantly improve financial profitability proxied by Return on Assets (ROA) and Return on Equity (ROE). However, they do not have a statistically significant effect on market valuation, proxied by Tobin's Q.
Further dissection of ESG scores into their constituent pillars— environmental, social, and governance—shows that social initiatives distinctly improve ROA, ROE, and Tobin´s Q. This demonstrates that activities such as effective workforce management, robust community engagement, and strong customer relations ensure adherence to ethical standards and contribute positively to financial results in the shipping sector. Despite these benefits, their influence on market valuation, as reflected by Tobin's Q, remains limited.
The study also highlights the mixed impact and significance of environmental and governance efforts. These initiatives are essential but often yield benefits not immediately evident in financial metrics, challenging the traditional focus on short-term returns
The Impact of ESG Performance and Green Bonds on Credit Ratings and Credit Spreads in Scandinavia
Full text linkMasteroppgave(MSc) in Master of Science in Business, Sustainable Finance/Masteroppgave(MSc) in Master of Science in Finance - Handelshøyskolen BI, 2024We study the relationship between Environmental, Social, and Governance (ESG) scores and credit ratings for 80 publicly listed firms in Norway, Sweden, and Denmark from 2013 to 2024. Using ESG scores from the London Stock Exchange Group and converting credit ratings to numerical values, we conduct pooled and panel regression analyses to investigate the statistical relationship. Our analysis shows a small but significant positive correlation between ESG scores and credit ratings. The main finding is that a higher ESG score is associated with a 0.04- notch higher credit rating, controlling for firm-specific characteristics. Further, we show that issuing green bonds also enhances credit ratings. Higher ESG scores are also linked to lower credit spreads, indicating reduced credit risk. These results confirm that ESG factors significantly impact credit risk at both the company and bond levels, thereby providing valuable insights for investors and companies by integrating ESG considerations into credit risk assessments