NHH Brage (Norges Handelshøyskole)
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Dissecting Green Returns on REITs
Get PDFThis study investigates investors' relative demand for green Real Estate Investment Trusts (REITs) compared to their brown counterparts. This was achieved through analysis of the historical and expected return of three green and three brown portfolios. The results from the Fama French Five Factor Model indicate that REITs without ESG scores outperform REITs with said score, as well as the REIT market as a whole. Simultaneously, a t-test and an F-test illustrate that green REITs stands as a “high risk, same reward” alternative to brown REITs. This makes green portfolios less optimal in comparison.
While no conclusive evidence of sustainability regulations impacting the REIT market is found through our event study, our difference-in-differences analyses indicates that extreme weather events negatively impact brown REITs to a larger extent than green ones. Additionally, REITs without ESG scores show overvaluation tendencies through a P/E-analysis, although this is inconclusive as well
Når markedet modnes: Effektene av momsinnføring på elbiler
Get PDFNorge har de siste årene vært verdensledende i å fremme elbiladopsjon gjennom en omfattende insentivsstruktur, der fritak fra merverdiavgiften har vært blant de mest sentrale tiltakene. I januar 2023 ble det imidlertid innført merverdiavgift på elbiler med en pris over 500 000 NOK, i tillegg til andre tiltak som vektavgift og økte bompenger. Dette markerer et viktig vendepunkt i norsk elbilpolitikk, der markedet i større grad skal stå på egne ben.
Denne masteroppgaven undersøker hvordan innføringen av merverdiavgift på den delen av kjøpesummen som overstiger 500 000 NOK, har påvirket salget av elbiler i Norge. Analysen er basert på data fra Norges fem største kommuner basert på innbyggertall, og ved hjelp av Difference-in-Differences-metoden (DiD) bruker vi elbiler under 500000 NOK som kontrollgruppe for å estimere effekten av moms på dyrere elbiler.
Våre analyser viser at salget av elbiler generelt gikk ned etter momsinnføringen, men at premiumsegmentet (elbiler over 500 000 NOK) opplevde en relativt mindre nedgang enn kontrollgruppen. Dette kan indikere at kjøpere av dyrere elbiler er mindre prisfølsomme. Samtidig påpeker oppgaven at makroøkonomiske faktorer, som høy inflasjon og rentehevinger, kan ha hatt større påvirkning på etterspørselen i de rimeligere segmentene, noe som kompliserer tolkningen av momsens effekt.
Videre avdekkes metodiske utfordringer, inkludert forhåndstilpasning før momsinnføringen og samtidige tiltak som vektavgift, som bryter forutsetningene for DiD-metoden, og dermed kan påvirke resultatene. I tillegg er det en svakhet at bruktbilmarkedet ikke er inkludert i analysen, da dette kan ha absorbert noe av etterspørselen. Dette understreker behovet for å tolke funnene med forsiktighet.
Tidligere forskning på utfasing av insentiver fremhever ofte at en gradvis tilnærming kan bidra til å balansere statens inntektsbehov med markedets evne til å tilpasse seg. Våre funn støtter denne tilnærmingen, da momsinnføringen ser ut til å ha hatt en begrenset negativ effekt på elbilsalget. Videre forskning bør fokusere på de langsiktige effektene av momsinnføringen og hvordan de påvirker ulike segmenter i elbilmarkedet. Det kan også være nyttig å undersøke regionale forskjeller i større grad og samspillet mellom MVA, vektavgift og andre økonomiske faktorer for å bedre forstå markedets dynamikk
«Start Smart» på første forsøk
Get PDFI denne masterutredningen har vi ønsket å belyse hvordan Start Smart oppleves i team, og avdekke hvilke faktorer som kan ha påvirkning på teamets utbytte av verktøyet. Gjennom en kvalitativ casestudie har vi intervjuet 21 informanter fra seks bedrifter, hvorav tre bedrifter er definert som casebedrifter. Informantene har gitt oss innsikt i hvordan verktøyet både oppleves og brukes i team, samt hva som kan påvirke verktøyets utbytte.
Studien vår kan oppsummeres i fire hovedfunn som knytter seg til psykologisk trygghet, forberedelser, oppfølging og fasilitatoren sin rolle. Først og fremst fant vi at psykologisk trygghet er avgjørende for hvordan teamet opplever verktøyet. Teamets psykologiske trygghet har betydning for hvor mye deltakerne engasjerer seg i workshopen, og er tett knyttet til hvor modent teamet er. Verktøyet krever derfor at teamet har et visst nivå av psykologisk trygghet før gjennomføringen. Videre fant vi at Start Smart er et verktøy som kan bidra til å fremme psykologisk trygghet ettersom deltakerne opplever å få avklart forventninger, og får en økt forståelse for sine teammedlemmer. Videre ser vi at forberedelser før workshopen har betydning verktøyets opplevde kvalitet, og at oppfølging i etterkant har betydning for opplevd utbytte av verktøyet. Vi finner at flere team neglisjerer betydningen av både forberedelse og oppfølging, noe som påvirker teamene negativt da dette er sentrale faktorer for å lykkes med Start Smart. Dermed ser vi at verktøyet må brukes med et helhetlig perspektiv gjennom de tre fasene forberedelse, gjennomføring og oppfølging, som er i kontrast til dagens bruk som hovedsakelig fokuserer på gjennomføring.
Avslutningsvis finner vi at fasilitatoren er en nøkkelperson for teamets opplevelse og utbytte av Start Smart, og at denne personen bør være ekstern fra teamet. Videre har fasilitatoren et ansvar for å styre prosessen på en god måte, uten at det blir hastverk eller at viktige diskusjonspunkter overses. Ettersom flere deltakere opplever deler av diskusjonspunktene som gitt er fasilitatoren sentral for å utfordre teamet på gitte sannheter som kan skjule underliggende utfordringer. Vi finner også at tilstedeværelsen av en fasilitator som en ekstern person kan ha en positiv betydning for teamets psykologiske trygghet under gjennomføringen av Start Smart, noe som styrker betydningen av fasilitatorrollen. Samlet viser studien at Start Smart er et nyttig verktøy for å etablere teamets samarbeid, men at det krever et visst nivå av psykologisk trygghet for å sikre kvalitet i gjennomføringen. Videre understreker studien betydningen av å bruke verktøyet som en helhetlig prosess, hvor det fokuseres på forberedelser, gjennomføring og oppfølging. Studien gir innsikt i hvordan Start Smart kan benyttes på en hensiktsmessig måte i teamet, og bidrar til videre forskning på teamutvikling, psykologisk trygghet og teamverktøy
Trade-Offs Between Economic and Environmental Performance: Multiple Objective Optimization in Norwegian Cattle Farming
Get PDFNorwegian cattle farming faces growing pressures to balance economic performance with environmental sustainability. This thesis examines the trade-offs between profitability and emission reductions through seven computational experiments conducted on a Norwegian reference farm. By applying single-objective and multi-objective optimization methods, the study evaluates various operational and policy-driven scenarios. These methods are applied within the OPTINORFARM framework, an ongoing research initiative between the Centre for Applied Research at NHH and other industry partners, to provide insights into potential structural adjustments and opportunities for the sector.
Using input parameters from the reference farm, the findings indicate that relaxing operational constraints results in a 1.03% increase in gross margin and a 0.15% increase in emissions. Extending the productive life of NRF cows shows an effective strategy for reallocating resources to increase beef production from bulls. Additionally, prioritizing milk production over beef production is identified as a strategy for mitigating emissions. This strategy contrasts with the current trends in Norwegian cattle farming, which show a growing emphasis on beef production. The analysis further examines carbon pricing mechanisms, including carbon taxes and emission quotas, finding that these policies impose financial losses without achieving substantial emission reductions. Finally, the study highlights the potential of hierarchical optimization frameworks to integrate emission minimization and profitability objectives.
This research contributes to a deeper understanding of how Norwegian farmers can adapt to future regulatory and market pressures by adopting sustainable farming practices. The results provide actionable insights for stakeholders, emphasizing the need for tailored strategies that align with Norway’s goals for self-sufficiency and its commitment to global climate targets
Norwegian IPOs: Pillaged by PE or Powered to Perform?
Get PDFThis thesis studies the post-IPO performance of companies listed on Oslo Stock Exchange from 2000 to 2022, with a focus on whether Private Equity-backed IPOs outperform other IPOs. IPOs are divided into two groups: PE-backed IPOs and non-backed IPOs. IPOs backed by venture capital (VC) are only included in the non-backed IPOs. To address the effects of underpricing and the greenshoe option, performance is analyzed from one month after the IPO on horizons of 6, 12, and 24 months. We define 6 and 12 months as short-term, while defining 24 months as long-term. Using the Calendar Time Portfolio approach and a long-short portfolio strategy, we derive alpha values adjusted for market factors via the Carhart Four-Factor Model.
Furthermore, we analyze the individual alpha values of the IPOs using cross-sectional regressions to explore the drivers of performance differences between PE-backed and non-backed IPOs. The explanatory variables are information available at the IPO and, therefore, the findings are relevant for predictive analysis. In cross-sectional regression, we also study the impact of an IPO being VC-backed.
The results indicate that PE-backed IPOs outperform other IPOs on a 12 month term after the IPO, aligning with findings from similar studies in other markets. Additionally, IPO performance is negatively correlated with continued PE-backing after IPO for the 6 month holding period. VC-backed IPOs correlate with a weaker short-term performance compared to other, non-PE-backed IPOs, which is in contrast with US-based research, but where research results have varied across markets. An interesting observation is the concentration of observations after 2010, driven by the growth of Norway’s PE industry and the lingering effects of the financial crisis. This period will also be studied using the same methodology as for the full sample period. The results for the subsample somewhat differ from the full sample analysis, which encourages further research on how macroeconomic trends and cyclicality impact PE-backed IPOs' performance
Innocuous Exam Features? The Impact of Answer Placement on High-Stakes Test Performance and College Admissions
Get PDFWe exploit randomness in college entrance exams in Colombia to study how the placement of answers impacts multiple-choice test results and access to college. Using administrative data, we find that: first, applicants are 5% less likely to answer correctly when the correct answer is the last in the choice set (option D). And, second, that one SD higher share of correct answers in D in the math section reduces applicants’ overall performance and their preferred major admission rate by 3%. Considering lifelong college access implications, we show how seemingly innocuous exam features disproportionately affect unlucky test takers
Does increasing inequality threaten social stability? Evidence from the lab
Get PDFWe study the relationship between inequality and social instability. While the argument that inequality can be damaging for the cohesion of a society is well established, the empirical evidence is mixed. We use a novel approach to isolate the causal relationship running from inequality to social instability. We run a laboratory experiment in which two groups interact repeatedly and have an incentive to coordinate even though coordination comes at the cost of inter-group inequality. Then, we vary the extent of the inequality implied by coordination. Our results show that increasing inequality has a destabilising effect; the disadvantaged initiate the destabilisation; and a worsening of the absolute situation of the disadvantaged exacerbates the destabilising effect of increasing inequality. These findings are in line with a simple model incorporating inequality aversion and myopic best response. Finally, we show that history matters. People respond differently to the same level of current inequality depending on their past experiences. More specifically, a history of stability facilitates the re-emergence of coordination in more unequal environments, and a sudden increase in inequality is more destabilising than a gradual increase
Collaborative Digital platform Ecosystems: A Governance Perspective - A Literature Review Combined with Insights From the Norwegian Aquaculture Industry
Get PDFDigital platform ecosystems are increasingly shaping how business is conducted in all
industries. However, building them is far from straightforward. Specifically, building a digital
platform ecosystem refers to the actors’ act of developing such a platform, its boundary
resources, and the other resources necessary to promote its intended use. It also requires actors
to agree on the goals of the ecosystem and the roles they will assume. Here, governance is a
key topic because it helps address coordination problems and collaborative and competitive
challenges. Poor governance choices have been acknowledged as causing platform failures.
Therefore, there is increasing interest in this topic, although many questions remain. For
instance, it is still unknown how the different governance choices can be best combined or
affect one another. Moreover, the current understanding of which choices are more effective at
various stages of a platform’s development or in specific contexts, as in decentralized platform
ecosystems, is scant.
Therefore, I have decided to investigate decentralized platform ecosystems under development,
and, specifically, collaborative platform ecosystems, where companies join forces to address a
problem that they cannot solve in isolation. The overarching research question that this thesis
examines is: How does governance contribute to building a collaborative digital platform
ecosystem?
This introductory chapter first provides an overview and general understanding of the nature of
digital platforms and digital platform ecosystems. There follows a description of what to
consider when building a digital platform ecosystem. I also cover existing knowledge on digital
platform ecosystem governance, focusing on its various concepts and connections to the
building phase.
Overall, the present thesis addresses governance in the context of (collaborative) digital
platform ecosystems and its role in building them. The first article of the thesis is a literature
review that provides a structured overview and synthesis of digital platform ecosystem
governance from a systematic and multidisciplinary perspective. Articles 2 and 3 are empirical
and based on a longitudinal, qualitative case study of a collaborative digital platform ecosystem
in the Norwegian aquaculture industry.
This research contributes to the academic conversation on digital platform ecosystem
governance by showing that, in building collaborative digital platform ecosystems, governance
can enable coordination among actors and ease their competitive and cooperative challenges.
Moreover, this research suggests that collaborative digital platform ecosystems can be at least
partially planned and that their governance is more collective and emergent compared to
centralized platform ecosystems. Furthermore, each individual article provides specific
theoretical and practical implication
Unveiling the Historical Presence of Colombian Cartels in Offshore Tax Havens
Get PDFThis thesis explores the connections between Colombian drug cartels and tax havens, focusing on how these organizations uses offshore financial centers to launder illicit profits and evade detection. Despite extensive political efforts to combat drug trafficking, cartels continue to thrive, with cocaine cultivation reaching unprecedented levels in recent years. An important aspect of cartel operations involves the exploitation of tax havens for money laundering and the concealment of illicit wealth. By employing data from the ICIJ Offshore Leaks Database, this research explores the ties between Colombian cartels and offshore tax havens, as well as the development of these connections over time. Through a combination of scraping cartel affiliated surnames, geospatial techniques, and longitudinal analysis, we obtain and analyze data revealing the historical and evolving ties between Colombian cartels and tax havens.
Our main findings reveal that Colombian cartels predominantly operate through key tax haven cities in the Caribbean, with a significant geospatial clustering in Aruba. We find evidence demonstrating that overall tax haven activity coincides with the developments in cocaine cultivation and proximity to Caribbean hotspots. In contrast, we find that tax haven activity tends to be unaffected by an increase in US narcotics and security aid. Despite increased distinctive family ties to tax havens outside the Caribbean, we find that the Caribbean remain the centerpiece for financial ties between Colombian cartels and offshore havens. These findings implicate that the cartels´ money laundering-operations in tax havens are little affected by political aid, and that the overall activity in key financial hotspots is reliant on the state of cocaine cultivation.
Despite shortcomings to our study, we find the main results to be robust. By assessing similarity and performance metrics, we verify the existence of cartel ties in the data, and find that the framework used for statistical inference performs consistently on key performance metrics.
Keywords – Colombian Cartels, Tax Havens, Money Laundering, Offshore LeaksThis thesis explores the connections between Colombian drug cartels and tax havens, focusing on how these organizations uses offshore financial centers to launder illicit profits and evade detection. Despite extensive political efforts to combat drug trafficking, cartels continue to thrive, with cocaine cultivation reaching unprecedented levels in recent years. An important aspect of cartel operations involves the exploitation of tax havens for money laundering and the concealment of illicit wealth. By employing data from the ICIJ Offshore Leaks Database, this research explores the ties between Colombian cartels and offshore tax havens, as well as the development of these connections over time. Through a combination of scraping cartel affiliated surnames, geospatial techniques, and longitudinal analysis, we obtain and analyze data revealing the historical and evolving ties between Colombian cartels and tax havens.
Our main findings reveal that Colombian cartels predominantly operate through key tax haven cities in the Caribbean, with a significant geospatial clustering in Aruba. We find evidence demonstrating that overall tax haven activity coincides with the developments in cocaine cultivation and proximity to Caribbean hotspots. In contrast, we find that tax haven activity tends to be unaffected by an increase in US narcotics and security aid. Despite increased distinctive family ties to tax havens outside the Caribbean, we find that the Caribbean remain the centerpiece for financial ties between Colombian cartels and offshore havens. These findings implicate that the cartels´ money laundering-operations in tax havens are little affected by political aid, and that the overall activity in key financial hotspots is reliant on the state of cocaine cultivation.
Despite shortcomings to our study, we find the main results to be robust. By assessing similarity and performance metrics, we verify the existence of cartel ties in the data, and find that the framework used for statistical inference performs consistently on key performance metrics.
Keywords – Colombian Cartels, Tax Havens, Money Laundering, Offshore Leak