NHH Brage (Norges Handelshøyskole)
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Improving online clothing returns: for planet and profits
No full textIn this thesis, returns of clothing bought online are researched. The background of this is an increasing amount of clothing being ordered online and returned for various reasons. As many online retailers sell products with free, no-hassle returns, it is easy for consumers to order anything they want to try on or see in person and return as much as they like, with little to no personal consequences. However, this has a large cost for retailers who must deal with complex reverse logistics, as well as the environmental impact of shipping and sending products back and forth, which sometimes leads to items getting destroyed instead as it of-ten is cheaper. Although there is a lot of research on the status of this and a lot of research on consumer behaviours, there is little connecting the two, examining what, in particular, can be done to mitigate the issue. This thesis attempts to answer what can be done to reduce the return rate of clothing bought online and the financial and environmental impact of re-turns for clothing bought online.
This thesis has a sequential exploratory design, starting with a qualitative stage using grounded theory development, followed by a quantitative stage testing the generated theory through an online questionnaire distributed to a large sample of U.S. consumers. In addition, it builds on existing research, such as The Theory of Planned Behaviour, in an attempt to produce a research model and find the independent variables that explain return volume.
Key findings are that returns handed back to a physical store can reduce the financial and environmental impact of returns compared to sending clothing back by mail. The research model, therefore, differs between these two types of returns. However, it does find that shopping volume is the strongest determinant for both sent and physical returns. Additional-ly, the knowledge among consumers on the topic seems to be low, and socially responsible consumers surprisingly have higher sent returns, but the same physical returns. Normative influences also explain return behaviour, however, for sent returns, it is personal norms, while for physical returns it is not, but rather one's subjective opinion of others' norms.nhhma
M a rkedsreaksjoner ved CEO bytter : En empirisk studie av kortsiktige og langsiktige effekter ved CEO-bytter på Oslo Børs i perioden 2010-2023
Get PDFDenne utredningen undersøker markedsreaksjoner ved CEO-bytter på Oslo Børs på kort og
lang sikt. Vi benytter et utvalg bestående av 265 bytter i perioden 2010-2023. Ved bruk av
event-studie finner vi en signifikant gjennomsnittlig kumulativ unormal avkastning (CAR) på
-0.85% ved annonsering av CEO-bytter. Effekten er hovedsakelig drevet av høylikvide
selskaper, med CAR på -1.03%. Midlertidige rekrutterte CEO-er har en negativ innvirkning på
CAR. Ansettelse av yngre CEO-er har på den andre siden en positiv innvirkning. Videre er
det en positiv sammenheng mellom CAR og bytter der selskapet har hatt en negativ utvikling
i EBITDA i forkant.
I flere tilfeller annonseres CEO-bytter sammen med andre selskapsnyheter. For å isolere
annonseringseffekten av byttene, ekskluderer vi observasjoner med parallelle nyheter. CAR i
det høylikvide utvalget er -1.08% etter ekskluderingen. Uten parallelle selskapsnyheter finner
vi at midlertidige og internt rekrutterte CEO-er har en negativ innvirkning på CAR. Vi
argumenterer for at midlertidige CEO-ansettelser tyder på manglende strategi og planer i
selskapene. Videre hevder vi at interne etterfølgere, relativt til eksterne, er dårligere
posisjonert til å foreta større endringer i selskapet.
I den langsiktige modellen benytter vi Buy and hold abnormal return (BHAR) for utregning
av unormal avkastning. Vi finner ingen signifikant effekt på gjennomsnittlig BHAR, men
ønsker å undersøke drivere av BHAR da vi observerer stor variasjon i utvalget. Vi finner en
positiv markedsreaksjon for tilfeller der ny CEO øker investeringer og arbeidskapital i
etterkant av byttet. Vi hevder at økningen i investeringer er et tegn på at ny CEO ser gode
vekstmuligheter for selskapet, og at dette kan forklare den positive effekten på unormal
avkastning.nhhma
Weathering the Market : Analyzing the Impact of Climate Change on the Norwegian Electricity Market : A Price Volatility Time Series Analysis
Get PDFThis thesis investigates the dynamics of the Norwegian electricity market, focusing on
how hydro and wind generation affect average price levels and volatility. In addition, the
analysis investigates how the increased occurrences of changed weather patterns due to
climate change might affect these relationships. The research aims to explore the complex
interplay between weather-dependent electricity sources and market prices, offering insights
into how these elements interact within the different price areas in Norway.
Methodologically, this study employs a statistical ARMA-EGARCH modeling framework
to analyze the electricity market. The empirical findings indicate a statistically significant
impact of increased hydrological balance and wind generation on reducing average price
levels. However, the effects on price volatility present a contrast: an increased hydrological
balance is associated with greater stability, while wind generation, explained by its
intermittent nature, contributes to increased volatility. These results highlight the distinct
influences of different renewable energy sources on market dynamics.
The analysis reveals "inverse leverage effects" across all Norwegian price areas, underscoring
the market’s greater ability in adapting to negative market shocks. A comparative
analysis with a historical control period has highlighted a potentially increased influence
of hydrological balance and wind generation on market prices. Looking ahead, given the
projections on climatic and structural developments, this trend is anticipated to continue,
potentially escalating risks and consequently, could diminish incentives for investments in
production.
The object of this study is to contribute to a better understanding of the complexities
inherent in an electricity market dominated by renewable sources, and evolving climatic
and structural changes.nhhma
Variability in the Lifetime of Maritime Thruster Components : An Exploratory Analysis of Component Breakdown
Get PDFIn this thesis we conduct and exploratory analysis of the variability in the lifetime of
maritime thruster components. The main objectives for the thesis have been to determine
what causes the variability in the lifetime and to determine if weather variables can be
one of the factors that affect the variability in lifetime.
We have used a Random Forest classifier which is a method within machine learning. The
Random Forest classifier was used to establish which characteristics that are important
when determining if a component has sustained or failed. We also conducted a descriptive
analysis to visualise and present the characteristics of the breakdown data. For the
descriptive analysis have included data on seasonal weather patterns and locations for the
breakdown of the components. This is to determine the relationship between them.
We have concluded that the Random Forest classifier has a high probability of capturing
whether a component sustain or fail based on the variables we have used to build it. The
model reveal that a vessel’s physical characteristics are the best indicators of whether
a component will fail or sustain its expected lifetime. From the descriptive analysis we
have concluded that we do not have enough data or information to definitely establish
the relationship between weather and the breakdowns of components. At the same time
we don’t reject the possibility of a correlation between adverse weather and component
failure.nhhma
A High-Frequency Analysis of Euro Area Monetary Policy : Unveiling the Dynamics During the Covid-19 Pandemic and Beyond (2020-2023)
Get PDFIn this master thesis, we investigate the effects of monetary policy surprises in the euro
area on key financial indicators from 2020 to 2023, a period marked by the Covid-19
pandemic and other global crises.
Our methodology follows that of Altavilla et al. (2019); we first identify factors related to
the European Central Bank’s communication strategy, including the Target factor, Timing,
Forward Guidance (FG), and Quantitative Easing (QE). Using the Euro Area Monetary
Policy Event-Study Database (EA-MPD), we analyze intraday changes in financial variables
against European Central Bank (ECB) policy announcements, employing a high-frequency
event study to assess the causal impact of these surprises. Finally, we examine information
effects by looking at reactions to monetary policy in the stock market.
Our findings are mainly consistent with those of Altavilla et al. (2019) for the 2002-2018
period. However, in extending our analysis to 2023 we find marked differences. Firstly,
we identify a smaller-than-expected effect of the Target factor on Overnight Index Swap
(OIS) yields during the 2020-2023 period, indicating market anticipations to interest rate
changes. Secondly, we find a larger impact of the Timing factor during the period of
interest, indicating a substantial revision of expectations regarding upcoming monetary
decisions. Thirdly, our estimates show that the Quantitative Easing factor significantly
influenced key indexes like the Euro Stoxx 50 (STOXX50E) and the Euro Area Bank Stock
Market Sub-Index (SX7E), diverging from previous findings and reflecting the period’s
extensive fiscal and monetary policies. Finally, our analysis reveals that the market’s
response to policy actions during the period in question was predominantly influenced by
Odyssean surprises, rather than providing new insights into the economic outlook. This is
a notable observation, as it deviates from the usual expectations of increased informational
impacts during crises. Typically, one would anticipate a greater prevalence of Delphic
surprises in such scenarios, but our findings suggest otherwise.
Future research could enhance this analysis through a VAR approach, focusing on policy
surprises as external instruments to further explore uncertainty and information effects in
monetary policy.nhhma
Bryr økonomistudenter seg om selskapers skatteprofil ved valg av arbeidsgiver? En eksperimentell studie av hvordan økonomistudenter vurderer selskapers samfunnsansvar ved jobbaksept
Get PDFFokuset på selskapers samfunnsansvar øker stadig som følge av krav fra deres interessenter,
hvorav fremtidige arbeidstakere er en viktig gruppe. Det har blitt vist at arbeidsgivere kan
tiltrekke seg dyktige ansatte ved å ha et sterkt fokus på «Corporate Social Responsibility»
(CSR). Et forhold som derimot ikke har mottatt særlig oppmerksomhet tilknyttet selskapers
samfunnsansvar, er deres frivillige skattetilpasning. Selskaper som velger en mer aggressiv
tilpasning vil bidra til redusert finansiering av samfunnsmessige goder. I dag kommuniseres
informasjon om selskapers skatteprofil i liten grad, noe som medfører at muligheten
jobbsøkere har til å ta hensyn til dette, er begrenset. I denne masterutredningen ønsker vi
derfor å undersøke om økonomistudenter vil hensynta selskapers skatteprofil ved jobbaksept,
dersom de blir gjort oppmerksom på den. Vi har i den sammenheng utført et diskret
valgeksperiment med økonomistudenter på Norges Handelshøyskole (NHH).
Det er en utbredt antakelse om at jobbsøkere ikke bryr seg om selskapers skattepraksis. Vår
empiriske analyse viser derimot at selskapers skatteprofil har en effekt på økonomistudenters
jobbaksept, og bidrar dermed med verdifull innsikt på forskningsområdet. Funnene
indikerer at økonomistudenter vil oppfatte selskaper med en aggressiv skattestrategi
som mindre attraktive, samt at de er indifferente mellom en skatteprofil på snittet og over.
Sistnevnte tyder på at selskaper ikke vil tjene noe på å betale mer skatt enn snittet.
Tidligere forskning har ikke undersøkt hvordan selskapers skatte- og CSR-profil vektlegges
i forhold til hverandre ved valg av arbeidsgiver. Våre funn indikerer at økonomistudenter
tillegger selskapers skatte- og CSR-profil like stor vekt, når det oppgis at profilene kan
antas å ha like stor samfunnsmessig effekt. Dette tyder på en helhetlig vurdering av
selskapers samfunnsansvar. Altruisme og warm glow-effekten kan forklare bakgrunnen
for vektleggingen av forholdene, hvorav rene altruistiske motiver virker å være mest
fremtredende. Et funn som skiller seg ut, er at studenter med A-snitt ikke ser ut til å
verdsette skatteprofil ved jobbaksept. Talentene vektlegger dog CSR-profil, og de virker
dermed hovedsakelig å være motivert av warm glow.
En sentral implikasjon av at økonomistudenter i sin helhet virker å bry seg om skatteprofil
ved jobbaksept, er at arbeidsgivere kan tjene på å være mer åpne om sin ansvarlige
skattepraksis, spesielt i rekrutteringssammenheng.nhhma
The Effect of Changes in Local Labour Market Conditions on Disability Benefit Take-Up : Evidence From Norway
Get PDFThis master’s thesis examines the impact of changes in local labour market conditions
on disability benefit take-up, particularly focusing on the 2014 oil price decline. Using
municipality-level data for Norway from 2009-2021, the study employs a Two-Stage Least
Squares methodology with instrumental variables to explore the relationship between
changes in employment and disability benefits. A Difference-in-Difference and Event Study
approach is applied to analyse the effects of the oil price decline in 2014 on disability
benefits. This event significantly affected employment in Norwegian municipalities with
a high dependence on the oil industry. By differentiating municipalities based on their
level of oil workers, I investigate if the municipalities most dependent on the oil industry
experienced a higher increase in benefit take-up compared to other municipalities postevent.
The Two-Stage Least Squares results reveal a significant inverse relationship between
employment levels and disability benefit take-up with an elasticity of -1.454. The findings
from the Difference-in-Difference and Event Study indicate that the decline in oil prices
in 2014 led to a more pronounced increase in benefit recipients in municipalities with
higher levels of oil workers, with a delayed effect that remained for several years after the
event. The results indicate that economic shocks to local economies can increase disability
benefits take-up. This suggests that for some individuals, disability benefits may function
as a substitute for employment during economic downturns.nhhma
Essays on Inequality Acceptance and Meritocracy
Get PDFReligious beliefs shape how people view the world and may be of great
importance for understanding people’s attitudes to inequality. In this study,
we investigate whether religious people differ from non-religious people in
their inequality acceptance. We utilize the Fairness Across the World data
set, which provides individual-level data from 60 countries on both inequality
acceptance and religiosity. It allows us to compare how religious and nonreligious
people across the world make consequential redistributive decisions
in identical economic environments, where the source of inequality and cost
of redistribution is manipulated. We find that the inequality acceptance of
religious individuals is less sensitive to the source of inequality than that of
non-religious individuals. These findings hold across definitions of religious
affiliation and empirical specifications. Taken together, our findings suggest
that religiosity is an important predictor of people’s fairness views
Grieg Seafood ASA : Verdivurdering
Get PDFFormålet med denne masterutredningen har vært å estimere verdien til Grieg Seafood ASA
sin aksje per 31.12.2022. Det endelige verdiestimatet bygger på en fundamental
verdivurdering som hovedmetode og en komparativ verdivurdering som supplerende metode.
Etter en presentasjon av Grieg Seafood og grunnrenteskatten ble en strategisk analyse
gjennomført. I den kvalitative analysen ble bransjen og Grieg Seafood sine økonomiske
forhold avbildet og analysen konkluderte med at det forelå en ekstern bransjefordel, som
støttes opp av regjeringens vedtak om en grunnrenteskatt i bransjen. Resultatene viste også at
fremtidig lønnsomhetspotensial dempes av miljømessige utfordringer og politiske
reguleringer.
I regnskapsanalysen ble regnskapstallene for Grieg Seafood og bransjen omgruppert og justert
for å tallfeste strategisk eierfordel og risiko. Risikoanalysen ble beregnet basert på forholdstall
og resulterte i en syntetisk rating lik karakter A, som videre dannet grunnlaget for historiske
avkastningskrav. Deretter ble Grieg Seafood sin lønnsomhet analysert og den strategiske
fordelen kvantifisert. Funnene viste at den strategiske fordelen i hovedsak har opphav i en
bransje- og gearingfordel, som samsvarte med resultatene fra den kvalitative analysen.
Den strategiske regnskapsanalysen dannet grunnlaget for det budsjetterte fremtidsregnskapet
og fremtidskravene. I beregningen av fri kontantstrøm til totalkapitalen viste
grunnrenteskatten på 35% seg å gi en verdiforringelse på tilnærmet 41%, som antyder at
skatten er vridende. Basert på fremtidsregnskapet ble det gjennomført en fundamental
verdivurdering ved bruk av egenkapital- og selskapsmetoden, som etter en skjønnsmessig
korrigering resulterte i et verdiestimat på 107,22 kr per aksje. Sensitivitetsanalysen viste at det
forelå stor usikkerhet tilknyttet våre estimater, så det ble supplert med en komparativ
verdivurdering der verdiestimatet ble på 145,81 kr per aksje. Videre antydet ytterligere
drøftelser at markedet undervurderer aksjen til Grieg Seafood.
Vårt endelige verdiestimat for Grieg Seafood sin aksje endte på 111,81 kr per aksje. Basert på
børskurs den 31.12.2022 på 78,60 kr ble det dermed gitt en kjøpsanbefaling som vår
handlingsstrategi.nhhma
Analysis of the Cyclical Behaviour of Lending Banks in the Offshore and Shipping Industries
Get PDFTraditional bank lending has always been the major source of capital to shipping and offshore.
These industries being some of the most capital intensive, the need for financing is obvious.
However, due to their cyclical nature there is greater risk associated with lending to the
industries. Bank lending as a form of debt financing has evolved during the last 20 years, and
with fluctuating markets the banks applied new strategies to both mitigate risks and align with
new regulatory framework.
After the financial crisis, several banks incurred significant losses due to their high exposure
to the volatile shipping and offshore industries. As a result, many have downsized their
involvement in these sectors, leading to a noticeable contraction in lending. The shipping and
offshore sectors have weathered a challenging period, characterized by low freight rates, asset
values, and oil price. Lower cash flow and revenues have posed challenges for companies
within these sectors, impeding their ability to sustain operations and secure bank financing.
Recent upturn in freight rates and oil price might stimulate investments and the launch of
promising ventures. The latter raises an important question, have banks altered their lending
strategies, or are they continuing to exhibit cyclical lending patterns?
The data used in this thesis is collected from three Nordic banks quarterly reports over the past
20 years. These banks have maintained a substantial presence in the shipping and offshore
sectors, particularly in the Nordic region. Their financial backing and commitment have
played a pivotal role in strengthening these sectors, thereby contributing to the growth of the
region’s energy exports and the development of a modern merchant shipping fleet. Our
methodology involved a mixed-method approach. A quantitative analysis of the banks’
lending portfolios and qualitative interviews with representatives from the banks.
The implications of the findings suggest that banks demonstrate cyclical lending behavior,
which is natural when cash flow and contracts are a key consideration for them. Furthermore,
our research indicates that banks have reformed their asset evaluation processes and are also
placing more emphasis on their relationship with clients. Nevertheless, banks remain receptive
to good investment opportunities, which emerge in a booming market.nhhma