NHH Brage (Norges Handelshøyskole)
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Effects of Environmental Certificates on Prices of Residential Properties
No full textThis thesis examines the price premium and extra cost associated with environmental certification of residential properties in Norway.
To investigate this topic, we utilize data for official transactions of new-built apartments in Oslo from 2020 to 2024. We apply multiple linear regression and ordinary least squares (OLS) to analyze the data and answer the research question related to price premium of environment certificates. To account for potential price influences, we include control variables such as a borough index, the size of the apartments and features such as floors, number of bathrooms and distances to numerous facilities. Through semi-structured interviews with real estate developers, we have collected information about costs of certifying apartments with respectively BREEAM and Nordic Swan Ecolabel. Our regression results are discussed in relation to interview responses and existing literature on Norwegian residential property market determinants.
The results from our study reveals a positive price effect from the BREEAM-certification, correlated with 20\% higher price compared to non-certified apartments. The effect of the Nordic Swan Ecolabel is nonsignificant, making the results for this certification noninterpretable. While our findings do not provide clear evidence of a consistent positive price premium for environmental certifications, they suggest tendencies of a positive relationship with price. A subsidiary solution involving removing some of the variables increases the significance of the certificates. However, we treat these results with caution due to suspicion of omitted variables bias.
The findings from our semi-structured interviews reveal that it is challenging to estimate one principal cost estimate for the industry, but that it seems to be more cost-effective certifying in large quantum due to economies of scale. Additionally, the interviews reveal supplementary effects of certification that cannot necessarily be quantified through the regression or general cost estimates. These include better reputation, potential eligibility for green loans and lower energy consumption costs
Probabilistic Modeling of Budget Breaches in Road Maintenance
Get PDFAccurately determining budgets for road maintenance is challenging due to heterogeneous process characteristics, seasonal conditions, and regional variations. For example, one contract may involve winter snow removal—highly dependent on snowfall intensity—and summer vegetation clearing, each with distinct cost structures and uncertainties. Traditional point forecasts often fail to capture the underlying uncertainty and would thus only offer a narrow perspective on potential overruns. In the context of this thesis, where multiple hierarchical factors and seasonally dependent processes influence cost variability, relying solely on single-point estimates means overlooking the probabilistic nature of budget breaches and missing opportunities to make more informed data-driven decisions.
This thesis applies a zero-augmented Bayesian hierarchical model to estimate the probability of exceeding various budget thresholds in Norwegian road maintenance processes. Comparison across multiple continuous distributions (Exponential, Weibull, Gamma, and Gumbel) reveals the Gamma component as a strong candidate for capturing overruns. By treating parameters as random variables and incorporating hierarchical structures, the model identifies process-level heterogeneity as the primary driver of budget overruns, with regional and temporal factors playing minor roles. While the model underestimates extreme breaches—likely due to misspecification of the model or limited covariates—it captures overruns and quantifies uncertainties at multiple levels
Eksportnæringens volatilitetsdynamikk: En empirisk analyse av samvariasjonen mellom volatilitet i makroøkonomiske variabler og aksjekursvolatilitet for norske eksportintensive sektorer, 2010-2024
Get PDFOppgaven undersøker samvariasjonen mellom volatiliteten i valutakurs, oljepris, inflasjon med aksjevolatiliteten i norske eksportintensive sektorer. Analysen er basert på aksjeindeksene for energi, oljeservice, shipping, sjømat, teknologi og materialer. Ved bruk av daglige data fra 2010 til 2024 og en DCC-GARCH-modell avdekkes dynamiske korrelasjoner over tid. Dette gir ny innsikt i hvordan svingninger i makroøkonomiske faktorer samvarierer med ulike sektorer i en liten, åpen økonomi. Energirelaterte sektorer viser sterkest korrelasjoner med USD/NOK og oljepris, som reflekterer deres avhengighet av globale råvaremarkeder. I kontrast viser teknologi- og materialsektorene svakere korrelasjoner med variablene, noe som tyder på større isolasjon fra makroøkonomisk volatilitet. Analysen av inflasjon viste metodologiske utfordringer, med gyldige resultater kun for OSEBX og energiindeksen. Dette kan reflektere Norges stabile inflasjonsnivå, samt begrensninger i datafrekvensen. Studien utvider eksisterende litteratur ved å dokumentere sektorvise forskjeller i sensitivitet og betydningen av risikostyringsstrategier i møte med makroøkonomisk usikkerhet. Funnene har praktiske implikasjoner for investorer, næringsliv og politiske beslutningstakere, blant annet ved å informere om effektive risikostyringsstrategier og politikkutforming som fremmer bærekraftig verdiskaping og økonomisk robusthet
What Draws the Barbarians to the Gate? Understanding the Target Characteristics of Private Equity-Backed Public-to-Private Transactions: Evidence from U.S. and European LBOs
Get PDFThis thesis explores the factors influencing private equity-backed public-to-private (P2P) transactions in Europe and the United States from 2014 to 2024. Utilizing a comprehensive dataset of 512 private equity-led P2P deals, the analysis highlights several defining characteristics of P2P targets and explores their regional differences. The main analysis incorporates findings from logistic regressions, in line with previous research. The findings conclude that target firms are generally more undervalued, exhibit higher pre-existing leverage, have lower ownership concentration with higher institutional holdings, and are typically smaller in size. We also identify significant regional differences. We find that undervaluation and higher institutional ownership increase acquisition likelihood more in Europe than in the U.S., while higher insider ownership reduces acquisition likelihood only in the U.S. Furthermore, the study finds no evidence that P2P targets generally have higher tax burdens, nor do we identify notable differences in the impact of pre-existing leverage between U.S. and European firms. A secondary analysis employing machine learning is conducted, confirming our findings and providing deeper insights into their underlying relationships. By incorporating recent data and broadening the geographic scope of existing research, this study provides valuable insights into private equity deal determinants and regional differencesThis thesis explores the factors influencing private equity-backed public-to-private (P2P) transactions in Europe and the United States from 2014 to 2024. Utilizing a comprehensive dataset of 512 private equity-led P2P deals, the analysis highlights several defining characteristics of P2P targets and explores their regional differences. The main analysis incorporates findings from logistic regressions, in line with previous research. The findings conclude that target firms are generally more undervalued, exhibit higher pre-existing leverage, have lower ownership concentration with higher institutional holdings, and are typically smaller in size. We also identify significant regional differences. We find that undervaluation and higher institutional ownership increase acquisition likelihood more in Europe than in the U.S., while higher insider ownership reduces acquisition likelihood only in the U.S. Furthermore, the study finds no evidence that P2P targets generally have higher tax burdens, nor do we identify notable differences in the impact of pre-existing leverage between U.S. and European firms. A secondary analysis employing machine learning is conducted, confirming our findings and providing deeper insights into their underlying relationships. By incorporating recent data and broadening the geographic scope of existing research, this study provides valuable insights into private equity deal determinants and regional difference
Strategic shifts in the US electric vehicle lithium-ion battery industry: Exploring how US policies and the US-China rivalry shaped firm strategies
Get PDFThis thesis explores how United States US policies have influenced the evolution of firm strategies in the US electric vehicle (EV) lithium battery industry and how the US-China rivalry has shaped these developments. The study aims to understand how institutional environments shape firm strategies in strategic industries and how geopolitical dynamics influence these events.
To answer the research question, this thesis adopted a qualitative and longitudinal approach, utilising archival and documentary data from 2000 to 2024 to analyse strategic actions of key firms. The firms analysed included the top four battery manufacturers in the US and related legacy automobile manufacturers. To analyse the data, the study employed a thematic analysis within a contextual analytical framework rooted in resource-based theories.
The findings indicate that US policies significantly shaped firm strategies by incentivizing growth through vertical integration, horizontal diversification, and core business expansion. Strategic alliances played a central role in enabling these strategies by providing firms access to external resources and capabilities. Additionally, the findings suggest that during the emerging US-China rivalry, US policies became more protectionist and nationalistic, which substantially pushed firms to increase domestic production in the US and secure domestic supply chains.
The study concludes that the formal institutional environment in the US increasingly influenced firm strategies throughout the analysed period, with national policy becoming a primary driver of strategic decisions. This thesis contributes to existing literature by offering new insights into the role of formal institutions and geopolitics in shaping firm strategies within nationally strategic industries such as the EV lithium battery industry
Introduction to special issue on corporate and startup collaborations in an age of disruption: looking beyond the dyad
No full textEstablished organisations and new ventures search for knowledge in the face of disruption. The activation of corporate-startup collaborations facilitates access to new and complementary knowledge. This type of collaboration has become increasingly popular as a corporate response to technological and market disruptions. However, there is growing evidence of the multiplicity of outcomes, intrinsically related to the broad diversity of forms and collaboration models. In this special issue, we include five contributions that give an overview of the phenomenon. We explore theoretical lenses that help us understand the potential tensions emerging from asymmetrical inter-organisational collaborations and possible solutions to make those collaborations successful. We delineate the theoretical and practical contributions of the papers and summarise the research opportunities that emerge around a phenomenon that keeps evolving.acceptedVersio
Time Horizons and Emissions Trading
Get PDFWe study dynamic cap-and-trade schemes in which a policy of adjustable allowance supply determines the cap on emissions. Focusing on two common supply policies, price and quantity mechanisms, we investigate how the duration of a cap-and-trade scheme affects equilibrium emissions under its cap. More precisely, we consider the reduction in equilibrium emissions realized by shortening the duration of the scheme. We present four main results. First, the reduction in emissions is positive and bounded from below under a price mechanism. Second, the reduction in emissions is bounded from above under a quantity mechanism. Third, these upper and lower bounds coincide when the price and quantity mechanism are similar. Fourth, we identify sufficient conditions for which the reduction in emissions is strictly negative under a quantity mechanism. We quantify our theoretical results for the European Union, the world’s largest cap-and-trade scheme to use a quantity mechanism; effects on cumulative EU emissions range from trivial to substantial
Essays on Moral Decisions
Get PDFPeople are often faced with decisions about right and wrong. Undoubtedly, individual
dispositions and material incentives can influence those decisions to a large extent. However,
beyond personal characteristics and expected costs versus benefits, what else may affect
moral decisions? Using a combination of scenario-based and incentivized experiments, this
dissertation comprises five articles that present causal evidence on how moral intentions and
behavior can systematically vary across contexts.
Article 1, conducted in the registered report format, tried to replicate and extend
Conway and Peetz’s (2012) influential hypothesis that recalling behaviors from the recent
(distant) past should lead to compensatory (consistent) moral behavior. With one of the
largest single-lab studies (N = 5,091), investigating sequential moral behavior, we robustly
show that recalling moral behavior led to higher prosocial intentions than recalling either
immoral or neutral behavior, irrespective of recalling from the recent or distant past.
Article 2 examines how the mere size of an organization can affect dishonest behavior
against it. Across eight scenario-based and incentive-aligned experiments (combined N =
5,670), we find that people are more likely to both intend to and actually cheat big businesses
than small businesses for selfish gain, rendering a meta-analytic effect size corresponding
to .31 of a standard deviation. Further, based on mediation analyses, we also suggest that one
important explanation of this biased dishonesty is that people perceive big businesses as less
moral and less vulnerable than small businesses.
Article 3 investigates intergroup bias in selfish and coalitional dishonesty. In two
experiments, we tempted Democrat and Republican voters to double their earnings (or the
earnings of someone else) by self-reporting a correct guess of a die-roll. In Experiment 1 (N
= 1,176), we found that individuals were equally likely to cheat their political ingroup and
outgroup members to double their payoffs. In Experiment 2 (N = 1,710), participants lied at a
significantly higher rate to benefit an ingroup member than to benefit an outgroup member (9
percentage points).
Article 4 aims to answer a simple question: Do people believe that others are
similarly, more, or less dishonest than they truly are? In a research program spanning three
years (2022-24) and a total of 31 different effects (combined N = 8,127), we tempted
participants to cheat without any repercussions or detection risks, and asked them to estimate
what percentage of other participants would lie in the same situation. Our meta-analysis
revealed a significant overestimation of others' dishonesty by an average of 14 percentage
points, suggesting the world is less dishonest than people think.
Article 5 tests for gender bias in interpersonal dishonesty by recruiting a total of 3,166
participants from nine countries and providing them an opportunity to cheat and increase
their payoffs at the cost of another male, female, or sex-unmentioned participants. Overall,
females were cheated significantly less (22%) than sex-unmentioned participants.
Interestingly, the effect was significantly stronger among female decision-makers, who
cheated other females substantially less (53.6%) than other male participants.
Theoretically, the dissertation contributes to the moral decision-making literature
across topics such as sequential moral behavior, organizational perceptions, intergroup
relations, beliefs, and gender biases. The findings are relevant to fellow researchers studying
both basic judgment and decision-making, and those in applied settings such as organizations
and marketplaces. Methodologically, most studies in the dissertation used incentivized
economic experiments to study psychological phenomena, providing behavioral evidence to
respective research questions. Practically, articles in this dissertation can inform managers,
policymakers, and society at large on how everyday people make moral decisions
Servant Leadership in a Marketing Context
Get PDFResearch on Servant Leadership (SL) is gaining momentum in the management
literature, but the role and effects of this style of leadership have not received much
attention in the marketing literature. The purpose of this PhD thesis was, in three
interconnected studies, to first investigate the foundations of SL, second, to review
previous research on SL in the marketing literature, and third, to start exploring one of
the promising avenues for future research by testing effects of SL on marketing
creativity.
The first study was the first in-depth citation analysis of SL research, using
24,030 references from the Web of Science spanning a period of 50 years. The
analyses revealed eight distinct streams of research on SL, which emerged at different
points in time, but have continued to coexist. The results provided first-hand insights
into how the field evolved, where it is heading and how to advance future research.
The second study filled a gap in the marketing literature by conducting the first
systematic literature review of the effects of SL on marketing outcomes, reviewing
publications from 228 marketing-indexed journals over the past 52 years. One key
conclusion was that SL seems to be more conducive to creativity in marketing
organizations than other common styles of leadership, though empirical evidence was
lacking.
In the third study, the comparative effects on creativity of four leadership styles
(incl. SL) were tested in an experimental setting, using a sample of 526 marketing
professionals. In line with the propositions, it was found that SL led to higher levels of
marketing creativity in the followers, and this effect was mediated by psychological
safety
The ‘Big Three’ and ESG performance in Norway
Get PDFAn empirical analysis on how the ownership of the ‘Big Three’ asset managers influences the ESG performance of firms listed at the Oslo Stock Exchang