BI Open (Norwegian Business School)
Not a member yet
6706 research outputs found
Sort by
Asset life, leverage, and debt maturity matching
Get PDFCapital ages and must eventually be replaced. We propose a theory of financing in which firms borrow to finance investment and deleverage as capital ages to have enough financial slack to finance replacement investments. To achieve these dynamics, firms issue debt with a maturity that matches the useful life of assets and a repayment schedule that reflects the need to free up debt capacity as capital ages. In the model, leverage and debt maturity are negatively related to capital age while debt maturity and the length of debt cycles are positively related to asset life. We provide empirical evidence that strongly supports these predictions.publishedVersio
“Never mind the fine print”: The interaction of semantics with attitude strength beliefs on corporate cover-ups
Get PDFThis study examined the interaction between attitude strength and the cognitive constraints imposed by the semantic properties of measurement items. It made use of digital algorithms and built on the semantic theory of survey response (STSR), examining how people who hold strong beliefs about contemporary issues violate cognitive constraints in expressing strong attitudes. We examined the beliefs people hold concerning attempts to hide, or cover up, information about organisational scandals. Beliefs in cover-ups are related to beliefs in conspiracy theories in that they tend to overrate cues of wrongdoing, disregarding information that may render a more nuanced picture of events. We obtained responses from 405 people who rated their self-images and personal strengths, and explored how these variables influenced the respondents' beliefs in corporate cover-ups. Using latent semantic analysis (LSA), we differentiated between attitude strength and cognitive processing of the survey items. Results indicated that people with inflated self-images tended to override cognitive cues in endorsing extreme types of cover-ups such as removing accusers. Conversely, people who parse the information more carefully had a more tempered view on cover-ups and were more inclined to believe in subtle forms such as twisting stories.publishedVersio
General Partner Persistence in European Private Equity
Get PDFMasteroppgave(MSc) in Master of Science in Finance - Handelshøyskolen BI, 2024This thesis investigates the persistence in General Partner performance in European private equity based on fund data between 1985 and 2023. We find strong evidence of persistence, particularly among the top and bottom performing managers. The findings remain when controlling for related fund characteristics and when using interim performance measures. Secondly, we conclude that higher performing General Partners are more likely to raise subsequent and larger funds. Lastly, our results suggest that skills and expertise of General Partners are plausible drivers of persistence, while consistent risk-taking or persistent luck are less likely explanations. These findings provide applicable insight to private equity investors' decision-making and pave the way for future research in private equity, especially on net asset valuations and persistent luck in General Partner performance
Boligpriser i Norge. En bacheloroppgave om drivere og geografiske forskjeller
Get PDFBacheloroppgave i Økonomi og administrasjon fra Handelshøyskolen BI, 2024En bolig kan være både et hjem og en investering, og etterspørselen har vært stabil de siste årene. Økningen i boligprisindeksen på 151% siden 2005 viser boligmarkedets økonomiske betydning i Norge. Prisveksten påvirker mange, og spørsmål om faktorene bak etterspørsels- og prisveksten er derfor svært sentrale. Derfor er målet med denne bacheloroppgaven å undersøke drivere og geografiske forskjeller i boligprisutviklingen. Oppgaven har en kvantitativ tilnærming hvor flere teoretiske og empiriske rammeverk er inkludert for å bedre forstå boligprisutviklingen i Norge. Det ble gjort en lineær regresjonsanalyse med formål om å identifisere makroøkonomiske faktorer og en multippel regresjonsmodell for å undersøke flere uavhengige variabler samtidig. For å sikre gyldigheten av resultatene fra analysene ble flere klassiske forutsetninger hensyntatt. Resultatene fra analysene viser avvik fra forventningene både på regionalt og nasjonalt nivå. På nasjonalt nivå viser analysene at inntektsvariabelen er ikke-signifikant, noe som ikke stemmer med teorien om at økt inntekt fører til økt konsum. Derimot er nybygg, kostnader og rente signifikante og samsvarer med teorien fra Jacobsen og Naug (2005). Videre viser resultatene av analysene på nasjonalt nivå at arbeidsledighet heller ikke er signifikant, selv om den påvirker boligprisene negativt på grunn av sammenhengen med betalingsevne og økonomisk usikkerhet. Befolkningsvariabelen viser også ikke-signifikante resultater med en negativ koeffisient, noe som er i strid med etterspørselsteorien. Resultatene fra de regionale analysene viser at inntektsvariabelen er positiv og signifikant i alle modellene, noe som muligens kan skyldes interpolasjonstilnærmingen som ble brukt og den generelle økonomiske veksten siden 2005. Nybygg er signifikant i 3 av 6 modeller, mens befolkningsvariabelen er signifikant i bare 1 av 6 modeller på regionalt nivå. Videre viser resultatene på regionalt nivå at rentevariabelen er negativ i alle modeller og signifikant i 3 av 6, mens ledighetsvariabelen er positiv i alle modeller, noe som også er avvikende fra våre forventninger. Bruken av den nasjonale utlånsrenten kan forklare manglende signifikans i resten av modellene, da den kan være geografisk bestemt
Deterrence Effects Despite Lack of Prosecution: Punishment Outcomes of White-Collar Crime Investigations in Norway
Get PDFThe national authority Økokrim was established several decades ago to become a policing centre of excellence in the investigation and prosecution of economic and environmental crime in Norway that is especially concerned with white-collar and corporate crime. This article focusses on deterrence effects from Økokrim investigations that never lead to prosecution or conviction. The research raises the issue of the use of law enforcement publicity regarding investigations of potential offenders, often long before possible convictions. The issue is explored by the press releases from the Norwegian body. The apparent shift in strategy and practice at Økokrim might be explained by the devastating evaluation of the national authority some years ago. The evaluation was initiated after the Transocean court scandal where all defendants were acquitted of all charges. Deterrence strategy by investigations implies that Økokrim passes negative consequences on suspects who never have a chance to defend themselves in court. In jurisdictions with criminal justice, a suspect should always have the benefit of the doubt. Conviction should only occur when guilt is proven beyond any reasonable and sensible doubt. Until eventually proven guilty, a suspect is supposed to be considered innocent. This is a basic principle of justice.publishedVersio
Prosjektoppgave i arbeidsrett og arbeidsliv
No full textExecutive Master of Management i Arbeidsrett og arbeidsliv fra Handelshøyskolen BI, 202
GREEN INVESTOR PREFERENCES DURING TIMES OF MARKET UNCERTAINTY
Get PDFMasteroppgave(MSc) in Master of Science in Business, Sustainable Finance - Handelshøyskolen BI, 2024This thesis investigates the presence of a green bond premium, or Greenium, and how green investors react to market volatility compared to traditional investors. Using a matched pair analysis of green and non-green, plain vanilla fixed coupon bonds, from the EU and US markets. Our findings reveal a significant Greenium in the EU, averaging 51.4bps, but no Greenium in the US. This disparity may be due to differences in regulatory frameworks, investor demand, and market maturity between the regions.
Further analysis indicates that during periods of increased market volatility, such as the Russian invasion of Ukraine, the Greenium decreased by 36bps in the EU. This suggests that green bonds become less attractive during high volatility. Additionally, we find that the volatility of green bonds is higher in the EU than in the US, though this could be attributed to differences in regional market volatility rather than the green bond market specifically.
Our liquidity analysis shows that green bonds have a tighter BID-ASK spread than conventional bonds, indicating higher liquidity. This is more pronounced in the US, where green bonds have a 1bp tighter spread, compared to a 0.45bps tighter spread in the EU. However, the Greenium and liquidity relationship is complex and influenced by regional factors such as interest rates and market conditions.
While we only find evidence for a Greenium in the EU market, green bonds in both regions show varying responses to market volatility and liquidity conditions, influenced by broader market dynamics and investor preferences
The Dynamic Relationship between Renewable Energy Stock Indexes and Oil Prices: The Effect of Structural Demand and Supply shocks to Oil
Get PDFMasteroppgave(MSc) in Master of Science in Business, Economics - Handelshøyskolen BI, 2024I examine the effect of oil supply and demand shocks to oil on stock indexes consisting of companies in the energy sector. The main purpose is to understand whether stock indexes in the renewable energy sector are affected by changes in the underlying cause of oil price fluctuations. The newest information about shocks to supply and demand in the energy sector is utilized. By employing the Local Projection framework, I derive impulse responses showing how two renewable and two non-renewable energy indexes respond to oil supply and demand shocks. My results indicate that a supply shock leads to a small increase in the clean energy index prices in the long-run and a consumption demand shock leads to a small increase of the clean energy indexes in the short-run. Moreover, an oil inventory shock leads to a minor increase in the clean energy indexes in the intermediate run. Subsequently, renewable energy indexes consisting of global companies decreases more due to an economic activity shock than clean indexes consisting of European companies. Furthermore, non-renewable energy indexes provide a more statistically significant relationship to the oil shocks than the renewable energy indexes. This can be supported by the literature showing contradictory effects from oil shocks on renewable energy indexes. I utilize Kilian´s oil shocks in place of Baumeister and Hamilton´s to better understand whether these results solely rely business analytics on the specific oil shock data. The findings indicate that consumption demand shocks propagate similarly in the clean energy indexes regardless of the specific oil shock data employed
Tor Bjørklund i samarbeid med Axel Fjeldavli Norske partier og velgere. Valgresultatenes historiske røtter
Get PDFpublishedVersio
Sitting Tight On A Big Tool: Are B2B Marketing Professionals Embracing AI To Mitigate Uncertainty?
Get PDFMasteroppgave(MSc) in Master of Science in Strategic Marketing Management - Handelshøyskolen BI, 2024In this Master's Thesis, I will dive into the realm of Business-To-Business (B2B) Marketing, and the use of Artificial Intelligence (AI) in strategic decision-making to navigate through the multifaceted nature of uncertainty. By reviewing the established literature and connecting the theories of the complex dynamics of uncertainty, with the exploration of AI's applications within B2B Marketing, a rich context for the investigation of the synergy of these three concepts is created. My research question emerges from the collective insights into the role of AI in navigating uncertainty within B2B Marketing settings, thus, in this Master’s Thesis I will dive into and try to answer a central research question, as well as three supporting research questions