BI Open (Norwegian Business School)
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The determinants of the bid-ask spread in the option mar
Get PDFMasteroppgave(MSc) in Master of Science in Finance - Handelshøyskolen BI, 2024We study the relationship between the proportional bid-ask spread (PBA) with different time to expiration and moneyness for Standard & Poor index options. We first test the non-linear relationship between the PBA and moneyness by using a polynomial regression model, where we find this to be asymmetrical. Thereafter, we examine the relationship between the PBA and time to expiration with a linear regression model, where we conclude that there is a negative relationship. We observe that these relationships still hold when controlling for the inventory holding- and order processing cost from the spread function of Stoll (1978b)
House Price Corrections In OECD Countries
Get PDFMasteroppgave(MSc) in Master of Science in Finance - Handelshøyskolen BI, 2024We study the impact of varying monetary policies across OECD
countries on international house price cycles, considering credit
growth, overvaluation, and monetary policy as factors. We construct
a cross-country measure of monetary policy expectations
and estimate house price overvaluation via an asset pricing model.
Our panel logit regression model estimates the likelihood of house
price corrections. We find that our housing overvaluation model
and credit growth display consistent results as predictors for house
price corrections, both in the short term and in longer terms. While
the expectation component only works as a predictor under certain
conditions
ESG Meets Fama French Portfolio Performance A Risk/Return study of the Norwegian markets
Get PDFMasteroppgave(MSc) in Master of Science in Business, Finance - Handelshøyskolen BI, 2024By examining the research question: How does ESG score integration affect the performance and risk characteristics of portfolios constructed using Fama-French factor models in the Norwegian market.
This thesis explores the integration of Environmental, Social, and Governance (ESG) scores into portfolio performance analysis using the Fama-French factor models in the Norwegian stock market. The study addresses how ESG score integration impacts the performance and risk characteristics of portfolios constructed based on the Oslo All Share Index (OSEAX). By constructing portfolios based on ESG scores and analyzing them through the Fama-French 3-factor and 5-factor models, plus an ESG factor (TMB), the findings reveal that portfolios with low ESG scores significantly outperform those with high ESG scores. These results suggest that low ESG scores can be associated with higher returns, highlighting a complex relationship and importance of ESG factors in investment strategies and offering insights for sustainable finance for the Norwegian stock market
State-owned enterprises after the market turn: Hybridisation and the historical development of nested paradoxes in the case of Norway
Get PDFThe article studies the recent history of state owned enterprises (SOEs) in Norway through the lens of paradox theory. A tension between busi- ness goals and political goals lie at the heart of SOEs, and I analyse processes of partial privatisations in the 1990s and early 2000s as attempts to overcome this original paradox. Through the public listing of major SOEs, the Norwegian state became the largest owner on the Oslo stock exchange and a new corporate governance setup for these entities arose. I propose to see this development as a case of historically developed nested paradoxes, and argue that a new paradox emerged in which the Norwegian state attempted to reach political goals through the ownership of SOEs by not having explicit political goals. I find two main equilibrating mechanisms for this paradox, and discuss some of the ways paradoxical tensions of SOEs still persist despite attempts to overcome thempublishedVersio
The gatekeeper's dilemma: Political selection or team effort
Get PDFPolitical parties play a crucial gatekeeping role in elections, including controlling electoral resources, candidate recruitment, and electoral list compositions. In making these strategic choices, parties aim to encourage candidates to invest in the campaign, while also trying to secure advantages for their preferred candidates. We study how parties navigate this trade-off using a specific feature of the Norwegian local electoral system in which parties can give advantaged positions to some candidates in an otherwise open list. Our theory reveals that parties’ ex-ante electoral strength impacts their strategic decisions. Notably, the trade-off is weaker for more popular parties, allowing them to facilitate the election of their preferred candidates without compromising the party’s overall performance. We show empirically that the moral hazard concern is real, and that larger parties are indeed more likely to use their power to make some candidates safe. The advantage of large parties extends further: safeguarding specific candidates enables parties to achieve disproportionately favorable outcomes in post-electoral bargaining. These findings reveal new insights for political representations, policy outcomes, and intra-party dynamics more broadly.publishedVersio
Evaluering av Taylor-regelen som styringsrente: En analyse av Norges pengepolitikk 2001-2022
Get PDFBacheloroppgave i Økonomi og administrasjon fra Handelshøyskolen BI, 2024I løpet av de siste tiårene har Norge opplevd betydelige økonomiske svingninger
med perioder av både vekst og nedgang. Pengepolitikken har spilt en avgjørende
rolle i å sikre økonomisk stabilitet, hvor styringsrenten er et sentralt virkemiddel. I
1993 introduserte John B. Taylor en systematisk tilnærming til rentesettingen,
kjent som Taylor-regelen. Denne oppgaven undersøker om Taylor-regelen kunne
vært et optimalt rentesettingsverktøy for Norges Bank i perioden 2001-2022.
Vi formulerte problemstillingen som: “Kunne en anvendelse av Taylor-regelen
vært i samsvar med Norges Banks pengepolitikk i perioden 2001-2022? Hva
forklarer eventuelle avvik?” For å besvare dette, benyttet vi kvartalsvise data fra
2001 til 2022 hentet fra Statistisk sentralbyrå, Norges Bank og FRED. Vi utførte
regresjonsanalyser for å teste sammenhengen mellom den estimerte Taylor-rente
og Norges Banks styringsrente.
I oppgaven har vi benyttet makroøkonomisk teori og metode, samt
forskningsartikler som undersøker om Taylor-regelen kan regnes som et optimalt
rentesettingsverktøy. På bakgrunn av analysen vil vi undersøke om en streng
anvendelse av pengepolitiske regler, som Taylor-regelen, vil føre til optimal
pengepolitikk. For å utføre analysen benytter vi oss av Microsoft Excel og
STATA, og drøfter resultatene ut fra makroøkonomisk teori
Why are people spending money on wine? Defining the luxury wine market and its drivers influencing consumers’ willingness to pay.
Get PDFMasteroppgave(MSc) in Master of Science in Business, Marketing/Masteroppgave(MSc) in Master of Science in Strategic Marketing Management - Handelshøyskolen BI, 2024In this study, we aim to bring a clear definition of what defines wine as a luxury
item, and the driving factors influencing consumers’ consumption and willingness
to pay. The study is conducted in the Norwegian market, analyzing the wine
connoisseurs' engagement in luxury consumption.
The paper is organized in two parts, where we firstly aim to fully understand
which attributes make wine become a luxury product, while the second part is
devoted to understand how wine knowledge and personality traits may increase
willingness to pay for a bottle of wine in different contexts of consumption.
Our findings reveal that a wine must be more than just a high quality product to be
considered luxurious. The uniqueness of its origin, its distinctive style, and
especially its scarcity are critical components that define its luxury status and
drive its premium price.
Gender plays a significant role in wine purchasing behaviors. On average, men are
willing to spend three times more on a bottle of wine compared to women.
However, the study also shows that women who do spend more on wine typically
also know more about wine, while men’s higher spending is often driven by
perceived knowledge, which may not necessarily reflect their actual expertise.
Personality traits add further depth to the understanding of luxury wine
consumption. One of our main assumptions was that image-oriented consumers
would also spend more on wine. However, this does not seem to be true. In fact,
narcissistic traits can even lead to a significantly lower willingness to pay for wine
in certain situations. Luxury wine consumption seems to be more identity driven,
where desire for uniqueness and the need to stand out significantly boost
consumers' willingness to pay for a bottle of wine.
Overall, this thesis provides valuable insights into the luxury wine market,
offering key information for wine producers and marketers on consumer segments
and wine consumption behavior
Pricing innovation: The anchoring effect in patent valuation
Get PDFPrior literature has long recognized the substantial economic value that patents hold in the market. Yet, we know much less about the valuation process, i.e., how market audiences estimate (or determine) the value of newly granted patents. Building on behavioral economics, we propose the anchoring effect as an important cognitive mechanism, such that a patent's valuation is anchored on the value that preceding patents have secured. Analyzing financial valuation of U.S. patents between 1991 and 2010, we find broad support to the anchoring effect. The effect is more pronounced when focal patents are of lower novelty, when prior anchors are more consistent, and when focal firms have a higher patenting frequency. Furthermore, our extensional analysis suggests that anchoring acts as an important driver for the divergence between patents' economic value and scientific quality, which deserves attention from firms and policy makers.publishedVersio
Fra politisk beslutning til lokal implementering
Get PDFExecutive Master of Management i Strategisk ledelse fra Handelshøyskolen BI, 2024I denne oppgaven tar vi for oss en strategisk utfordring Bærum kommune står overfor. Kommunedirektøren har fått i oppdrag fra politisk ledelse å innføre en ny samhandlingsmodell, Bedre Tverrfaglig Innsats (BTI). Oppdraget ble politisk vedtatt i 2020, men kommunen har ikke til nå lykkes å iverksette. Ny organisasjon og prosjektrigg er på plass, og planen er at samhandlingsmodellen skal implementeres fra høsten 2024. En lovpålagt plikt til tverrfaglig samarbeid, økende bekymring for vold, trusler og utenforskap blant barn og unge, kombinert med stramme økonomiske rammer, gjør det nødvendig å iverksette tiltak. Vi vet imidlertid ikke om bruken av BTI vil føre til forventet formål i Kommuneplanens samfunnsdel - om «å skape gode liv og like muligheter». Erfaringer fra andre BTI-kommuner viser at implementeringen krever omstilling, perspektivskifte og kulturbygging, som ofte blir bagatellisert. Lederes rolle, kompetanse og gjennomføringskraft undervurderes også. Vi undersøker grunnene til at Bærum kommune, Oppvekst, ikke har lykkes med implementeringen av BTI, og hva som skal til for å gjøre det. Vi intervjuer tjenesteledere i barnehager og skoler for deres sentrale rolle i implementeringsarbeidet. Gjennom intervjuer finner vi motivasjon for å hjelpe sårbare barn og unge, men også bekymringer som tretthet i egen organisasjon, konkurrerende prosjekter, manglende relasjonell kapasitet på tvers i organisasjonen, stramme økonomiske rammer, og stafettholderansvaret som krever tid og vil gi ansvar uten tilstrekkelig myndighet. Etter intervjuer finner vi relevant teori om strategi i offentlig sektor, implementeringsteori, lærende organisasjoner og tillitsbasert ledelse. Vi gjennomfører strategiske analyser og oppsummerer i en SWOT-analyse. Det tydeliggjøres utfordringer, hindringer og forbedringsområder som må jobbes med for å lykkes med implementering av BTI, inkludert tiltak innenfor 1) tillitsbasert ledelse og organisasjonsutvikling, 2) styrking av kommunen som lærende organisasjon, og 3) bruk av interne prosjektressurser. Vi diskuterer og oppsummerer anbefalinger for tiltak innenfor
disse tre områdene. I oppgaven følger vi et oppdrag fra politisk beslutning til lokal implementering. I en kommune finnes mange slike oppdrag med konkurrerende prosjekter og målbilder, noe som synliggjør kompleksiteten i strategi i offentlig sektor. Balanseringen av politisk legitimitet, offentlig verdiskaping og organisasjonskapasitet er avgjørende for å realisere samfunnsoppdraget
Tied islands: The role of organizational members in knowledge transfer across strategic projects
Get PDFTransferring knowledge across strategic projects is challenging. This study investigates how informal practices of members of the parent organization shape the transfer of knowledge across strategic projects. This was addressed through an in-depth case study of strategic projects in an innovation trajectory of a large public organization aiming to accelerate to transition towards circular construction. We identified five disabling practices: shaming and blaming, disconnecting, holding onto the department and project boundaries, fostering one-way relationships and avoiding internal conflict. Furthermore, we identified three enabling practices: supporting circular projects, sharing similarities across projects and integral visioning. The results contribute to the cross-project knowledge transfer literature by showing how members of partner organizations can enable or disable knowledge transfer across strategic projects. Furthermore, the results contribute to the strategic project literature by illuminating the importance of informal practices of members of the parent organization.publishedVersio