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Correlates of the Dark Tetrad
Full text linkThis study explored demographic, ideological, self-rating and personality traits correlates of the Dark Tetrad (DT4) which measures Narcissism (Special), Machiavellianism (Crafty), Psychopathy (Wild), and Sadism (Mean) traits. In total, 447 adults completed three tests: a bright-side, work-related, personality test (HPTI: High Performance Type Indicator), a dark-side test (Short Dark Tetrad) and a number of self-ratings. Correlations and regressions showed that all four dark traits were associated with low Adjustment (Neuroticism), but also with high Risk-Taking and Competitiveness (low Agreeableness). The various measures accounted for a third of the variance in explaining the Mean (Sadistic) score, and 40 % for Special (Narcissism). Trait Competitiveness was most closely associated with all four dark traits.publishedVersio
Too Much AI Hype, Too Little Emphasis on Learning? Entrepreneurs Designing Business Models Through Learning-by-Conversing With Generative AI
Full text linkEntrepreneurs traditionally use “learning-by-doing” and “learning-by-thinking” as alternative approaches to iteratively build business models for their new ventures. However, both approaches face criticism in how they address novelty and uncertainty, which are crucial to successful entrepreneurship. While generative AI (GenAI) is increasingly used in entrepreneurial tasks, the practices through which it becomes a learning resource for entrepreneurs remain unexplored. Based on a qualitative study, we present a process model that illustrates how entrepreneurs incorporate GenAI into business model design through five resourcing practices. These practices transform GenAI into a valuable resource for facilitating learning during the design process. This approach, which we term “learning-by-conversing,” introduces a generative startup methodology to complement the lean startup model. We distinguish two modes of learning by conversing—reflexive learning and confirmatory learning—based on how novice and experienced entrepreneurs engage with it. By proposing a learning approach that integrates GenAI with entrepreneurial efforts, we bridge the “thinking” versus “doing” debate in business model generation and deepen our understanding of GenAI's role in entrepreneurshipacceptedVersio
Intermediaries in Norwegian salmon exports
Full text linkProduction of a number of important aquaculture species is highly export oriented, and intermediaries play an important role in the supply chains facilitating the trade. This paper examines the role of intermediaries (e.g. trading companies) in Norwegian salmon exports. Using customs data for the period 2016–2019, we identify two groups of firms in Norwegian salmon exports according to their main economic activity: producers that also export their salmon and independent intermediaries. We show that although both groups of firms have established a global trade network, several interesting differences exists between the two groups. A relatively small number of producers take a significantly higher share of overall exports than a large number of intermediaries, as there is a large number of smaller companies in the second group. On average, producers supply more distant markets with larger volumes than intermediaries. Market concentration measures indicate that a high share of the exports is concentrated among the top exporters in both groups of firms. Interestingly, intermediaries are in many markets able to charge a price premium for several salmon products relatively to the producers.publishedVersio
Fashion Inspiration or Appropriation: A Quantitative Study on Cultural Appropriation, Brand Perception, and Consumer Responses
Full text linkMasteroppgave(MSc) in Master of Science in Digital Communication Management, Handelshøyskolen BI, 2024This paper investigates the influence of individuals’ nationalism and worldmindedness levels on the relationship between perceived cultural appropriation and purchase intention mediated by brand attitude. The research is carried out through Credamo among Chinese consumers living in China in the context of luxury fashion. This study shows that perceived cultural appropriation negatively influences purchase intention and a mediation relationship exists with brand attitude. Furthermore, individuals’ world mindedness levels show to positively impact the negative relationship of perceived cultural appropriation on consumers’ responses while individuals’ nationalism levels do not seem to have an impact. All in all, this study provides several theoretical and managerial implications and suggestions for future research on the topic of cultural appropriation
Verdsettelse av Salmon Evolution ASA
Full text linkBacheloroppgave i Økonomi og administrasjon fra Handelshøyskolen BI, 2024This bachelor´s thesis focuses on the valuation of Salmon Evolution ASA, a
company specializing in land-based farming of Atlantic salmon. The objective of
this thesis is to determine the fundamental equity value as of December 31, 2023.
We conduct a comprehensive analysis of both external and internal factors affecting
the company. Using the PESTEL framework, we evaluate political, economic,
social, technological, environmental, and legal factors. In addition, we apply the
models Porter's Five Forces and VRIO before summarizing with a SWOT analysis
to identify the company's strengths, weaknesses, opportunities, and threats.
To gain a deeper understanding of Salmon Evolution's financial health, we
conducted a financial analysis including profitability and liquidity assessments. The
weighted average cost of capital (WACC) was calculated to be 8.72%. Using the
Discounted Cash Flow (DCF) method, we estimated future cash flows and terminal
value, resulting in a calculated share price of NOK 10.46. This suggests that the
stock was undervalued compared to the market price of NOK 6.78 as of December
31, 2023
In addition to the fundamental valuation, we conducted a comparative valuation and
a Monte Carlo simulation to assess the uncertainty and risk associated with our
estimates. Finally, we conducted a sensitivity analysis to demonstrate how changes
in key factors such as growth, required rate of return, and salmon prices impact the
valuation.
The results of our analyses suggest that Salmon Evolution may have significant
growth potential, partly due to their high proportion of superior quality salmon at
96% (Salmon Evolution, 2024). However, it is important to note that there is
considerable risk associated with investments in this sector, particularly regarding
technological innovations and market dynamics. The company's innovative
approaches and strategic initiatives position it well to capitalize on market
opportunities, but considerable uncertainty remains
Partisanship, Blame Avoidance Behaviours and Voter Reactions to Allegations of Political Misconduct
Full text linkPoliticians often engage in blame avoidance behaviours in order to evade electoral punishment following allegations of misconduct. A key question concerns the (in)effectiveness of such behaviours in mitigating voter opinions about the alleged misconduct and the appropriate punishment. In this article, we examine how this (in)effectiveness may be shaped by: (1) the characteristics of blame avoidance behaviours, and (2) voters' partisan (mis)alignment with the alleged offender. We address this question using a between-subject survey experiment among a sample of Norwegian citizens (N = 1996). Our main findings suggest that blame avoidance behaviours can be effective in mitigating voters' assessment of the alleged misconduct and of the punishment the politician should face. This is particularly true when it concerns politicians from respondents' most-preferred party, and among left-wing voters. These findings help explain when and why scandals may (fail to) affect politicians’ electoral fortunes.publishedVersio
Grunnrentebeskatning i havbruksnæringen
Full text linkMasteroppgave(MSc) i Master of Science i Forretningsjus og økonomi - Handelshøyskolen BI, 2024Oppgaven tar for seg den økonomiske effekten av grunnrenteskatten på havbruk, og muligheten for rettslig prøving av vedtaket. Begrepet grunnrente viser til den ekstra inntekten næringsaktører tilegner seg, ved å utnytte en begrenset ressurs. Tidligere har grunnrenteskatt blitt innført i både petroleumssektoren og vannkraftnæringen.
I mai 2023 ble det vedtatt en grunnrenteskatt i havbruksnæringen. Dette vedtaket er et resultat av den ekstraordinære profitten norske oppdrettsselskaper oppnår ved å utnytte naturressurser som tilhører fellesskapet. Ressursene langs norskekysten gir grunnlag for noen av de beste produksjonsforholdene i verden, noe utenlandske selskaper er godt investert i.
Omtrent halvparten av de fem største oppdrettsselskapene i Norge, er delvis eid av utenlandske investorer. Dermed vil en stor del av verdiene ende opp som utbytter til utlandske investorer og ikke komme lokalsamfunn og fellesskapet til gode.
Gjennom kvalitative studier benytter vi data fra både primær- og sekundærkilder for å belyse virkningen av de nye reglene. Vi diskuterer de juridiske implikasjonene og økonomiske konsekvensene av skatten, med særlig fokus på skattens nøytralitet, Stortingets saksbehandlingskrav og grunnrenteskattens tilbakevirkende kraft. Oppgaven vurderer sentrale elementer i reglene om grunnrenteskatt for havbruk i lys av samfunnsøkonomisk effektivitet, og trekker inn påstander og vurderinger fra ulike økonomiske aktører for å belyse skattens komplekse dynamikk. Den undersøker hvordan aktørene i næringen håndterer betydelige endringer i skattesystemet, med tanke på at skatt er en sentral faktor i både aktørers og investorers beslutningsprosesser. Det er viktig å vurdere hvordan en økning i skattetrykket påvirker dagens investeringsbeslutninger, spesielt i en tid preget av utflyttinger, grunnet allerede høyt skattetrykk.
Oppgaven presenterer argumenter både for og imot påstanden om at innføringen av grunnrenteskatten i havbruksnæringen sannsynligvis har en vridende virkning.
Den vurderer også de økonomiske funnene i lys av teori, samt uttalelser fra finansinstitusjoner og analytikere. Basert på funnene kan det trekkes en konklusjon om at innføringen av grunnrenteskatt på havbruk, slik reglene er i dag, skaper insentiver for investorer og selskapene til å endre investeringsmønsteret. Følgelig kan skatten anses vridende, noe som strider med grunnrenteskattens formål om å være en nøytral skatt. Resultatet er en økt risiko for rettslige tvister mellom staten og næringen, noe som reiser spørsmål om hvorvidt implementeringen er samfunnsøkonomisk optimal. Oppgaven er avgrenset til sjøbaserte oppdrettsselskaper, samt avgrenses den mot juridiske problemer innen internasjonal rett
Piecing the puzzle: Real exchange rates and long-run fundamentals
Full text linkThis paper examines the structural determinants of real exchange rates, emphasizing the persistent low frequency movements that traditional models, such as Purchasing Power Parity (PPP) and Uncovered Interest Parity (UIP), often fail to capture. To address this, we propose a structural VAR model with common trends, enabling a clear distinction between transitory and long-term effects of structural shocks. Estimated using Bayesian techniques and applied to Canada and Norway — two resourcerich economie — the model reveals that productivity shifts and commodity market trends significantly influence domestic activity and the real exchange rate in both countries. Importantly, the model also avoids the delayed overshooting puzzle commonly associated with recursive VARs in response to monetary policy shocks. Instead, it generates exchange rate dynamics consistent with the UIP hypothesis, characterized by immediate overshooting followed by a gradual depreciation to equilibrium
Could it Happen in the EU? An Analysis of Loss Distribution between Shareholders and AT1 Bondholders under EU Law
Full text linkIn March 2023, the Swiss bank Credit Suisse’s so-called Additional Tier 1 (AT1) bonds were written down to facilitate the bank being taken over by UBS, its national rival. Ensuing discussion and market reactions went well beyond Swiss borders, as the write-down was completed without Credit Suisse’s shareholders first being wiped out, thereby deviating from the principle that shareholders bear losses ahead of all other investors. This article asks whether such an outcome is possible under EU law. A comprehensive analysis demonstrates how this question is governed by the combined operation of contractual clauses and the resolution authority’s statutory powers. Combining applicable EU law with empirical analysis of contractual terms employed by EU banks issuing AT1 bonds and their capital requirements, the article argues that an outcome akin to that of the Credit Suisse write-down is unlikely for EU banks. Building on this analysis, it is shown what reform is needed if EU policymakers consider it desirable to have AT1 bonds absorb losses outside of cases requiring intervention by the resolution authority.publishedVersio
EUs grønne skifte: «Karbonindikatorenes æra»
Full text linkExecutive Master of Management i Grønn vekst og konkurransekraft fra Handelshøyskolen BI, 2024Denne oppgaven har utforsket verdiskapningen til selskaper av høy allmenn interesse i Norge i forhold til klimagassutslipp og deres rolle i klimakrisen. Utgangspunktet er faktisk rapporterte utslippsdata fra 223 børsnoterte, privateide og statseide selskaper i perioden 2018-2022, samt finansielle rapporteringer. Dette datagrunnlaget er anvendt for en omfattende analyse av karbonindikatorene utslippsintensitet og karbonfotavtrykk iht. EUs nye rapporteringskrav for store selskaper (CSRD) og finansnæringen (SFDR). I tillegg beregnes den alternative karbonindikatoren karbonproduktivitet, samt de sosiale kostnadene av karbon som denne verdiskapningen forårsaker. Oppgaven gir ny innsikt om: (1) sammen-hengen mellom verdiskapning og karbonutslipp, (2) karbonindikatorenes rolle i den nye EU-lovgivningen, og (3) selskapenes og sektorenes årlige prestasjoner, samt endringstakten i forholdet mellom verdiskapning og utslippskutt i perioden.
Resultatene viser at de 10 største selskapene gjennomgående står for over halvparten av verdiskapningen og en enda større andel av utslippene, uavhengig av hvilke karbonindikatorer som benyttes. Sektorene Bergverksdrift og utvinning samt Industri har høyest verdiskapning i perioden og står for 89% av utslippene. Resultatene indikerer at disse sektorenes utslipp forårsaker sosiale kostnader i verdenssamfunnet som er høyere enn deres verdiskapning, til tross for rekordhøy vekst i inntekter i 2022. Karbonindikatorene forteller likevel at disse sektorene viser positive tegn til avkarbonisering og går i en grønnere retning. Analysen indikerer derimot at volatilitet i markedspriser importeres inn i karbon-indikatorene, slik at nevnte sektorer og en rekke selskaper ser «grønnere» ut enn reelt på grunn av unormalt høye markedspriser. Utslippskutt er ikke driveren.
Basert på resultatene i denne oppgaven, ser vi at Norge kan stå ovenfor store utfordringer i lys av EUs grønne skifte. Det er lite som tilsier at viktige sektorer og selskaper av høy allmenn interesse beveger seg i riktig retning – raskt nok. Planeten trenger et raskt skifte for å sikre at klimaendringene ikke blir for alvorlige, som en utslippstung økonomi har Norge et særskilt ansvar. Samtidig må Norge finne ut av hva som skal erstatte «oljen» for å opprettholde vår velstand. «Vi trenger nå alles utålmodighet før tiden renner ut for oss. Dette kan jeg ikke uttrykke sterkt nok» (Hans Majestet Kongen – Nyttårstalen 2023)