NHH Brage (Norges Handelshøyskole)
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Free to Fail? Paternalistic Preferences in the United States
Get PDFWe study paternalistic preferences in two large-scale experiments with participants from the general population in the United States. Spectators decide whether to intervene to prevent a stakeholder, who is mistaken about the choice set, from making a choice that is not aligned with the stakeholders’ own preferences. We find causal evidence for the nature of the intervention being of great importance for the spectators’ willingness to intervene. Only a minority of the spectators implement a hard intervention that removes the stakeholder’s freedom to choose, while a large majority implement a soft intervention that provides information without restricting the choice set. This finding holds regardless of the stakeholder’s responsibility for being mistaken about the choice set – whether the source of mistake is internal or external – and in different subgroups of the population. We introduce a theoretical framework with two paternalistic types – libertarian paternalists and welfarists – and show that the two types can account for most of the spectator behavior. We estimate that about half of the spectators are welfarists and that about a third are libertarian paternalists. Our results shed light on attitudes toward paternalistic policies and the broad support for soft interventions
Exploringbubble tendenciesin the lithium-ion battery market
Get PDFWe applied structural time series econometrics and correlation analysis to key macroeconomic
and sector-specific indicators to detect potential bubbles in the lithium-ion battery market in
the United States and Europe. Anchored in economic theories such as the financial instability
hypothesis, hegemonic stability theory, real business cycles, the AD-AS framework, and
financial bubble theory, the analysis seeks to provide clarity in a s ector marked by an emerging
stage. In the absence of a publicly traded Lithium-Ion Battery (LIB) index, the thesis
introduces the Battery Company Index (BCI) created by the writers of this thesis.
The BCI is an aggregate of LIB firms publicly listed on stock exchanges in Europe, the US,
and globally. This index serves as a new instrument to indicate the pulse of the market and to
benchmark financial health against regional monetary fluxes, credit movement, production
outputs, and asset price variances. Research conducted between 2016 and 2023 reveals
potential bubble patterns, with the years 2020 and 2021 standing out as particularly
noteworthy, especially for the US. It posits that the unique market conditions, amplified by
subsidies and monetary stimulus, may have fostered a situation for speculative behaviour. The
analysis of the BCI and corresponding macroeconomic indicators captures these dynamics,
suggesting financial instability within the sectors in this period. In conclusion, we find
speculative behaviours within the stock market segments, confirming a broad complex
economic bubble.
The interplay of various factors like the emergent nature of the LIB market, creates a difficult
market environment, making definite statements on the presence of bubbles challenging,
especially for estimating fundamental value. However, we look at the findings of this thesis
as a preliminary contribution to academic discussions regarding potential financial bubbles
within the LIB sector.nhhma
Plattformkjernen : en modell for å utvikle digitale plattformselskaper
Get PDFI denne studien utforsker jeg hvordan modeller for forretningsutvikling, som Business Model Canvas,
bør utformes for å utvikle digitale plattformselskaper. Gjennom en litteraturstudie analyseres og
sammenlignes eksisterende modeller for utvikling av digitale plattformer. Dette gjøres med mål om å
identifisere suksessfaktorer og kritiske elementer, som verdiløfter, transaksjoner, verdienheter og
deltakere. Samtidig benyttes teori om digitale plattformer for å underbygge funnene. Studien min
tar sikte på å avdekke hvilke elementer som påvirker og bidrar til verdiskaping på digitale
plattformer.
For å få en dypere forståelse av hvordan modeller for utvikling av digitale plattformer kan
utformes benytter denne studien en induktiv eksplorerende tilnærming. Det legges vekt på hvordan
eksisterende modeller struktureres og kritiske elementer som er inkludert for å støtte en digital
plattforms suksess. Funnene indikerer at eksisterende modeller ofte mangler nødvendig dynamikk og
praktisk anvendelighet, noe som krever en ny modell med stegvis tilnærming og tydelige
definisjoner.
Den foreslåtte modellen i denne studien, kalt Plattformkjernen, fremmer brukervennlighet og en
systematisk forståelse av digitale plattformers unike dynamikk. Den inneholder klare instruksjoner
for utfylling og refleksjon over kritiske aspekter ved digitale plattformselskaper, som
nettverkseffekter og verdifordeling. Ved å vektlegge universelle suksessfaktorer og muligheten for
individuell tilpasning gir modellen et rammeverk som kan tilpasses et bredt spekter av digitale
plattformer.
Mine funn bidrar med verdifull innsikt for praktikere og akademikere som ønsker å utvikle digitale
plattformselskaper. Denne studien illustrerer ikke bare utfordringer, men også suksessfaktorer som
kan bidra til effektiv implementering og skalering av digitale plattformer. Resultatene underbygger
viktigheten av å skape en modell som både er teoretisk begrunnet og praktisk anvendelig for å
støtte utviklingen av digitale plattformer.nhhma
Slow Fashion Adoption : Exploring Frameworks to Uncover Antecedents of Slow Fashion Adoption.
Get PDFSustainability within the fashion industry is a topic of increasing importance. In the fashion
industry today, consumers mainly adopt fast fashion products. Fast fashion has promoted an
unsustainable consumer behaviour making the industry one of the worst polluters. Moreover,
the industry frequently faces scrutiny for its poor labour practices. In response to these
environmental and social problems, the concept of slow fashion has arisen, promoting
sustainable production and consumer behaviour. Slow fashion is currently just a small part of
the fashion industry, emphasising the need to study the topic, to enable the shift from fast to
slow fashion. Therefore, our purpose was to study antecedents of slow fashion adoption.
Consumer Orientation towards Slow Fashion (COSF), consisting of five dimensions; equity,
authenticity, functionality, localism, and exclusivity, has been used as an adoption framework
for slow fashion. We tested this framework on a Norwegian population, to validate the
framework on a new demographic. In addition, we believed that COSF was missing an aspect
of slow fashion, repairing clothes. Therefore, we chose to test an extended version of the
COSF framework, with a repair dimension. COSF had never been tested when controlling for
the widely used Theory of Planned Behaviour (TPB). Hence, we chose to test the COSF and
TPB together.
To study the antecedents of slow fashion adoption we did a quantitative survey on students at
the Norwegian School of Economics. The results showed that the dimensions of equity,
functionality, authenticity, and localism had a direct positive influence on slow fashion
purchase intention. The repair dimensions in the extended COSF framework did not influence
purchase intention towards slow fashion. When testing COSF and TPB together, authenticity
and functionality from COSF, along with all dimensions from TPB, influenced slow fashion
purchase intention. We also explored possibilities of indirect effects, where only the
functionality dimensions had a influence on purchase intention, mediated through attitude.
The most important theoretical implication was that the COSF and TPB should be used jointly
when researching slow fashion adoption in the future. For managerial implications, the results
could help marketing managers adjust their marketing mix. The recommendations focus on
adapting the product and promotion to revolve around the authenticity and functionality
dimensions, and recommend measures to increase attitudes, subjective norms, and perceived
behaviour control towards slow fashion.nhhma
Ethical Leadership and Responsible Innovation in the Finance Sector
Get PDFThis master’s thesis is a contribution to research within ethical leadership and responsible
innovation, studying the research question: “How does ethical leadership contribute to
responsible innovation within the finance sector?". This thesis provides useful
interpretations and insights for professionals, both leaders and followers, especially those
aiming to work with innovation.
The project uses an abductive approach, based on an explorative study. It utilizes empirical
data provided by twelve leaders from the financial sectors in Norway and the Netherlands,
more precisely within banking. The theoretical background is made up from existing
literature within ethical leadership and responsible innovation, contributing strongly to the
development of the thesis’ research question, propositions, and model.
The findings revealed by this thesis are that ethical leadership indirectly contributes to
responsible innovation through several factors. Communication and role modeling enhance
ethical leadership in the workplace through transmitting ethical values and practices,
creating a safe work environment. This in turn contributes to enhancing employee
creativity in voice behavior, facilitating responsible innovation. Synergies between
communication and role modeling are discovered, as well as between employee creativity
and voice behavior, both mainly caused by these factors thriving in similar environments.
The results also emphasize the need for practical frameworks instituted by the companies
themselves, surpassing the minimum requirements placed on them by legislative
authorities.
Ethical leadership is a concept which has been around for some time, although often
overshadowed by other, more prominent, leadership styles. However, there are fair amounts
of research available, but lacking in the context of responsible innovation. This is caused by
the novelty of the research on responsible innovation, which is often pushed aside by bigger
and more “trendy” research concerning ESG. Therefore, the combination of these two fields
of research is less explored and should therefore add value to the current pool of literature,
as well as encourage future research.nhhma
The Frequency Factor: Unraveling the Impact of Dividend Payout Frequency on Stock Valuation and Institutional Ownership : An Empirical Study of Dividend Policy Dynamics in the U.S. Market
Get PDFBy conducting event studies, we demonstrate a significant positive market reaction to
increases in dividend payout frequency in the short-term (−1 + 1) day and (−3 + 3) days
event windows. Conversely, decreases in payout frequency do not uniformly trigger a
negative market reaction, suggesting a nuanced interpretation by investors.
Through logistic regression, and by adopting both a conventional two-way fixed effect
setup and the difference-in-difference method proposed by Callaway and Sant’Anna (2021),
we establish a novel and causal link between payout frequency and institutional holdings.
Specifically, an increase in dividend frequency leads to an average 6.1 percentage points
increase in institutional holdings, peaking at 9.9 percentage points three years post-change,
equivalent to 2.3 times the median standard deviation in institutional holdings within a
firm.
These insights may prove crucial for decision makers, and highlight dividend payout
frequency as a strategic tool for shaping the share of institutional investors. Consequently,
this thesis contributes to understanding dividend policy design and its influence on investor
composition, opening new avenues for further exploration in corporate finance.nhhma
Implications of Tax Policy Changes on the Norwegian Electric Vehicle Market : An empirical analysis of changes in the value-added tax and the one-off registration tax
Get PDFNorway has been a global frontrunner in EV adoption over the past decade, largely
driven by extensive subsidies. In January 2023, the Norwegian government implemented a
value-added tax on EVs priced above NOK 500,000 and introduced a weight component to
the one-off registration tax, both contributing to an increase in the tax payable for EVs.
In this thesis, we aim to analyze the impact of these tax policy changes on the number
of first-time registered EVs in Norway. By employing the difference-in-differences
methodology with Sweden as the control group, we estimate these effects after the
tax policy changes are implemented. To interpret our findings, we draw on the theoretical
principles of the elasticity of demand for durable goods, as well as substitution theory
with a particular emphasis on intertemporal substitution and substitution across goods.
Our results suggest that the tax policy changes contributed to a significant decrease of 72.11
percent, on average, in the number of first-time registered EVs in Norway after the policy
changes were implemented. Notably, despite this decline, the EV sales share remains
consistent with the levels observed in 2022. Our findings indicate that a substantial
portion of the observed effects may stem from a short-term response to the price increase,
impacted by intertemporal substitution.nhhma
The effect of local labour demand on disability insurance uptake
Get PDFThis thesis explores the relationship between local labour demand and the uptake of disability insurance (DI) in Norway. We employ a Bartik shift-share instrumental variable approach to perform an empirical analysis into the causal relationship between local labour demand and DI uptake. The empirical strategy exploits variation in industry composition between different localities in Norway and calculates local industry shares. The industry shares are interacted with the national employment growth in the different industries to construct an instrument for local labour demand and identify a causal relationship. Our main contributions to existing research consist of an exploration into the heterogeneous impact for different demographic groups. We also conduct an extensive descriptive analysis of the welfare careers of those who later become DI recipients, based on microdata.
The descriptive analysis shows that individuals who later take up DI often have a history of previous benefit uptake, and to a much larger extent than the general population take up both health-related benefits and labour market related benefits. Even ten years prior to the start of a disability insurance spell, individuals were more likely to take up both unemployment insurance and sickness benefits.
The empirical analysis finds that for the general population, a 1% decrease in local labour demand leads to a 0.852% increase in DI uptake. The effect is stronger for women than for men, possibly explained by the fact that women in general are more elastic than men when it comes to labour supply. However, the estimated elasticities by gender are not statistically significantly different from one another. For the different age groups, we uncover a U-shaped pattern with a stronger effect for those in the 30-40 and 40-50 age groups than for the under 30- and over 50 age groups. The different age group results are inconclusive as several are not statistically significant, nor are the results statistically significantly different from one another. All our empirical analysis results are consistent and robust using several robustness checks.nhhma
Er eliten egalitær? Hvilke holdninger har leger til innføring av mer differensiert lønn på et norsk lokalsykehus?
Get PDFPå norske offentlige sykehus er det vanlig at lønnen til overleger er lik uavhengig av
prestasjoner og ferdigheter. Formålet med denne oppgaven har vært å undersøke fordelene og
ulempene med å innføre differensiert lønn på et norsk lokalsykehus. Vi har kartlagt legenes
holdninger og undersøkt om differensiert lønn, basert på prestasjon eller ansiennitet, kan være
et virkemiddel for å tiltrekke og beholde dyktig personell. Videre har vi analysert hvordan
lønnsformene kan påvirke legenes motivasjon og endre deres fokus. Vi har gjennomført 20
semistrukturerte dybdeintervjuer fordelt på to fagfelt: kirurgi og indremedisin.
Teori tilsier at effekten av en insentivordning avhenger av miljøet den implementeres i, og
hvordan den er utformet. Av den grunn kan legenes holdninger ha betydning for om en
belønningsordning blir vellykket eller ikke. Vi fant at et flertall av legene er positive til
ansiennitetslønn og negative til prestasjonslønn. Imidlertid er meningene skjevfordelt mellom
fagfelt. Flertallet av kirurgene er positive til prestasjonslønn. Indremedisinerne er negative til
prestasjonslønn og positive til ansiennitetslønn. Legene er stort sett motiverte, og motivasjonen
er indre forankret.
Mange av respondentene mente at prestasjonslønn ville tiltrekke leger som er mer opptatt av
økonomisk gevinst enn pasientbehandling. Det kan skape intern konkurranse, som igjen kan ha
negativ innvirkning på samarbeid og arbeidsmiljø. I tillegg avdekket vi flere utfordringer ved å
designe og implementere prestasjonslønn på sykehus. Det er vanskelig å finne gode
prestasjonsmål, og prestasjonslønn kan skape uheldige vridningseffekter. Teori om motivasjon
indikerer at eksterne belønninger i noen tilfeller kan redusere en persons indre motivasjon.
Siden legene er indre motiverte, og de fleste har negative holdninger til prestasjonslønn,
anbefaler vi ikke å innføre et slikt system.
Flere leger oppfattet ansiennitet som rettferdig og stabilt. Ved å oppmuntre til langvarig
tjeneste, kan ansiennitet også bidra til å beholde ansatte. Ansiennitet er en myk overgang fra
lønnssystemet overlegene har i dag, et system de fleste er fornøyde med. Som følge av miljøet
på sykehuset, og legenes positive holdninger, anbefaler vi at sykehuset innfører
ansiennitetslønn.nhhma
Long-Term Performance of Initial Public Offerings in Norway : An empirical analysis of listings in Norway from 2000 until 2023 and their initial and long-term performance
Get PDFWhen analyzing the short- and long-term performance of Norwegian IPOs between 2000 and 2023, we find that IPOs have been underpriced with an average first-day excess return of 9.31%. The analysis also showed that the largest IPOs in the form of offer size had a lower first-day return. Furthermore, the IPOs have had poor long-term returns, and they have underperformed compared to the OSEAX. This indicates that a buy and hold strategy in Norwegian IPOs has performed poorly since 2000. On the other hand, when weighing the portfolio of IPOs based on assets, we find little signs of long-term underperformance. This means that the largest IPOs in the form of total assets performed better than smaller listings in the long run.
Our results also indicate that there are hot market effects in the Norwegian market, where issues in hot markets experience better short-term returns, but worse long-term returns compared to other listings. The long-term findings are based on an analysis where the starting price is the first-day closing price. Our analysis also shows that issues in months with few hours of daylight during the autumn and winter tend to experience higher benchmark-adjusted long-term returns compared to listings in the other months. This effect has previously received little attention in both a Norwegian and international context, and hence our analysis is hopefully able to shed light on this phenomenon and make the markets more transparent. Lastly, we found that the amount of uncertainty related to an IPO has a weak, but negative effect on long-term excess returns.nhhma