NHH Brage (Norges Handelshøyskole)
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The Gender Wage Gap in Medicine : An empirical study on the gender wage gap among physicians in Norway
Get PDFThis master thesis studies the gender wage gap among physicians in Norway in 2019.
Further, we explore the gender wage gap using a fixed-wage variable to isolate the effect overtime
pay has on the gender wage gap. We also studied the gender wage gap among medical specialists and
general practitioners. Lastly, we studied the wage gap in 2009 to see how the pay gap has evolved.
Our analyses are based on cross-sectional data from 2019 and 2009 obtained from Microdata.no.
The results suggest that the unadjusted gender wage gap is 19,5% in 2019, despite the increase in
the share of women in medicine. When controlling for age, sector, level of education, and counties,
the adjusted gender wage gap in 2019 is still notable at 16,2%, with age used as a proxy for
experience being the factor with the greatest effect. In addition, we observe that the unadjusted
gender wage gap using the total wage variable is considerably larger than the fixed wage pay gap,
which was 9,2%. We also find that the gender gap of fixed-wage is smaller for women working in the
public sector than for women working private sector. We also observe that the unadjusted gender
wage gap is 19,7% for general practitioners and 19,0% for medical specialists. The adjusted gender
wage gap is 14,3% for general practitioners and 16,6% for medical specialists, suggesting that the
larger gender wage gap among medical specialists might be attributed to women self-selecting into
specific specializations to fulfill family duties or other preferences. Also, the results indicate
that the gender wage gap is smaller for female medical specialists in the public sector than for
those working in the private sector. We also found that the gender wage gap has diminished between
2009 and 2019. The main explanation for this development is that the age difference between men and
women has evened out over time.
We conclude that although the medical profession has characteristics that are associated with a
smaller gender wage gap, such as greater substitutability among workers and thus a more linear wage
structure, a notable gender wage gap persists as the medical profession requires overtime work, and
there is a gendered difference in working overtime. Also, our result suggests that women
self-selecting into specific specializations also contributes to why the gender wage gap persists.nhhma
Arbitrage Trading Opportunities with Bidirectional Charging : Optimizing Charging Costs by Exploiting Electricity Price Fluctuations in Norway
Get PDFThe Norwegian government has established ambitious climate goals, with the electrification
of society playing an essential role in achieving them. Specifically, the electrification of the
transportation sector is deemed crucial. However, local and geopolitical factors have led to
record-high electricity prices in Norway, undermining the benefits of electrification.
Consequently, there is an increased urgency to adopt technologies that provide incentives for
electrification.
This thesis focuses on adopting bidirectional charging in Norway, specifically exploring the
potential for electric vehicle owners to capitalize on arbitrage opportunities using this
technology compared to smart charging. Bidirectional charging allows electric vehicles to take
advantage of price fluctuations in electricity markets by utilizing the energy storage
capabilities of the EV battery. The analysis is conducted through an optimization model that
captures EVs' bidirectional charging behavior in the NO5 Norwegian power market, where
the objective is to minimize charging costs. The thesis examines three simplified behavior
patterns representing Norwegian driving habits and includes a scenario analysis considering
various input parameters.
The obtained results show that bidirectional charging offers advantages over smart charging
and unmanaged charging in terms of accumulated cost savings. The annual cost savings when
utilizing bidirectional charging range from NOK 415 – NOK 1,275 in 2022 and NOK 176 –
NOK 625 in 2021. The main finding is that substantial volatility in day-ahead prices is a
prerequisite for the economic benefits of bidirectional charging to be perceptible, and the
magnitude of the economic benefits increases with higher day-ahead prices during periods of
high volatility. Results from the scenario analysis show that arbitrage opportunities increase
by investing in a larger battery capacity and changing the current grid tariff model. In contrast,
a higher charging capacity does not show cost benefits to the same extent, as the increasing
cost of the capacity component of the current grid tariff outweighs any potential arbitrage
gains from utilizing higher charging capacities. Lastly, the electricity support package
introduced by the Norwegian government compromises the full potential of bidirectional
charging. This subsidy eliminates the essential price volatility necessary for bidirectional
charging, thus eradicating incentives for intelligent technologies like bidirectional charging.nhhma
Trading on Inside Track : An Event Study of Market Reactions to Legal Insider Trading on the Oslo Stock Exchange
Get PDFThis master thesis investigates the market reactions to legal insider trading on the Oslo Stock
Exchange using the methodology outlined by MacKinlay (1997). The analysis is based on a
sample of 2419 insider trades publicly disclosed between 01.01.2017 and 31.12.2022.
The results of the event study suggest that insider purchases generate significantly abnormal
returns, yielding 1.14 percent for the full sample in the event window [0, 1]. We observe a
pattern indicating that larger transactions yield higher abnormal returns than smaller
transactions. However, we do not observe a similar pattern for insider sales. Furthermore, the
market reacts more strongly to purchases made by insiders higher up in the company hierarchy,
such as chief officers and chairs.
The market reactions were stronger for insider purchases within industrial companies and in
R&D-intense companies, specifically in the health care and information technology industry.
Conversely, insider sales within companies related to information technology, industrials, and
financial services gave significantly negative abnormal returns. Finally, for our cross-sectional
regression analysis, larger companies and companies with a high share of insider ownership
had a negative effect on the abnormal return. On the opposite side, insider purchases in
companies with higher volatility and liquidity positively affect abnormal returns.nhhma
Impact of Variable Renewables Through Market Coupling on Day-Ahead Prices in NO2 : A panel quantile approach
Get PDFThis thesis investigates the impact of European variable renewables on the distribution of
electricity prices in Norway through market coupling. When examining the effect from
variable renewables we assess day-ahead prices in the Norwegian bidding zone NO2 and
variable renewable generation in Germany, Great Britain, Denmark, and the Netherlands. We
exploit hourly data from October 2021 throughout 2022 and employ a panel quantile
regression. A quantile approach enables us to estimate the variable renewables effect on
various price quantiles while the panel structure allows us to control for market dynamics
through hourly-specific effects. In the model, we also control for various other factors known
to impact electricity prices. The variable of particular interest is the penetration of variable
renewables, constructed by dividing the variable renewable generation by the total generation
in each respective country.
The results imply that an increasing penetration of variable renewables in all countries have a
negative effect on day-ahead prices in NO2, suggesting that the merit-order effect occurs
through market coupling. An increasing penetration of wind and PV generation in
interconnected countries decreases domestic electricity prices. The result implies that the
impact from variable renewables is strongest in the right-tail of the price distribution,
indicating stronger impact during peak demand. Nonetheless, the result signals signs of
transmission congestion which diminish the price contagion from the variable renewable
penetration in the interconnected country, obstructing the merit-order effect originally seen
through market coupling. The model is unable to capture this effect given a confidence of 95
percent. Hence, we cannot adequately conclude that this result is due to congestion.nhhma
Port waiting time for oil tankers : Leveraging AIS data to predict port waiting time using machine learning
Get PDFThis master's thesis investigates the predictability of waiting times at crude oil ports
using Automatic Identification System (AIS) data and machine learning. Focusing on
the wet bulk market, specifically four congested Middle Eastern Gulf ports, we aimed to
answer: 11Can the waiting times in crude oil ports be predicted based on AIS data? 11. In
this thesis clustering algorithms with novel modifications are utilized to establish berth
and anchorage polygons. These polygons form the basis for a spatial matching of AIS
data that is used to generate event logs. A cross-sectional data set is derived from the
event logs which in turn is the basis for extracting features used in five different machine
learning models. The findings show that AIS-derived features have predictive power on
waiting times, with vessel composition within ports and port dynamics being significant
factors. These insights hold practical implications for ship owners and academics alike,
enhancing vessel economics through speed adjustments and facilitating further research
within the maritime domain. The thesis also proposes further research areas, including
methodology refinement within polygon generation, event log generation and waiting time
prediction.nhhma
Boligboble i Oslo? Eksisterer det en boligboble i Oslo, eller kan boligprisveksten forklares av fundamentale faktorer?
Get PDFI denne masteroppgaven undersøker vi om det eksisterer en euforisk boligboble i Oslo, eller
om boligprisveksten kan forklares av fundamentale faktorer. Først presenterer vi ulike
definisjoner av en boligboble, da det ikke finnes en unison definisjon. For å finne svar på
problemstillingen gjør vi tre ulike analyser. Den første analysen er av den reelle
boligprisutviklingen i Oslo, hvor vi sammenligner boligprisveksten i dagens situasjon med
boligprisveksten i forkant av historiske boligbobler i Oslo. Her finner vi at de reelle
boligprisene indikerer en boligboble. Videre gjør vi en analyse med et Hodrick-Prescottfilter
på de reelle boligprisene. Her finner vi at valg av glattingsparameter er av stor
betydning for hvorvidt boligprisveksten i dag kan karakteriseres som en boligboble eller ei.
Vi konkluderer imidlertid med at det er mest hensiktsmessig å se på en høy lambdaverdi, og
at HP-filter analysen dermed indikerer en boligboble. Til slutt gjør vi en P/R-analyse hvor vi
først studerer den inverse P/R-ratioen, hvor P er boligpris og R er realavkastning etter skatt.
Her finner vi at den inverse ratioen faller betydelig over lengre tid, hvilket peker i retning av
en boligboble. Videre utvider vi P/R-analysen med en modell for hva som bestemmer
leieprisene. Denne benytter vi til å undersøke om den reelle boligprisveksten er drevet av
forventninger til økt boligpris i fremtiden, eller om den kan forklares av nivået på
realavkastning etter skatt fra andre finansielle aktiva. Vi finner at boligprisveksten ikke er
drevet av forventninger, men at den kan forklares av fundamentale lave realutlånsrenter etter
skatt. I konklusjonen legger vi størst vekt på P/R-analysen, da denne, i motsetning til de to
første analysene, kan forklare hva som ligger bak boligprisveksten. Svaret vi konkluderer
med på problemstillingen er dermed at det ikke foreligger en euforisk boligboble, fordi den
raske boligprisveksten i Oslo kan forklares av fundamentale faktorer.nhhma
Green ammonia shipping: Adapting established value-chains to fuel the future of clean maritime transport: A qualitative market study focusing on the barriers and facilitators of green ammonia as a clean fuel in the proposed hydrogen economy.
Get PDFIn this paper, through semi-structured interviews, we have conducted a qualitative study to
understand key challenges and drivers to implementing green ammonia as a fuel alternative for
the shipping sector. Low and zero carbon fuels are seen as the only way to reduce emissions
from shipping past 20% to reach the goals set by governmental bodies such as the IMO, EU
and Norwegian government. We find that green ammonia offers an attractive solution to longer
distance shipping in short, mid and deep-sea shipping where other technologies such as battery
no longer remain an option. However, we also find that the technology is significantly more
expensive than current MGO propulsion and while the proposed technology builds on existing
ammonia networks and internal combustion engines, modifications are needed at all levels of
the supply chain. The main cost is related to the fuel costs, and they are expected to decrease
with efficiency improvements in green ammonia production. The possibility to use blue
ammonia also aids as a transitionary step. Through interviews with producers of green
ammonia, engine manufacturers and ship owners and operators, we find that actors view the
level of risk in this sector as high, but also promising. To address this, partnerships are used to
share risk and ensure all steps in the supply chain can be delivered. While the product is more
expensive without market-based mechanisms to support green ammonia, certain niches, known
as green corridors, where ammonia shipping is expected to first set sail also exist. Government
projects, ammonia shipping vessels, offshore service vessels and shipping of products with high
environmental focus are all markets where ammonia shipping is expected to be a thriving fuel
alternative. This is because although ammonia could add anything from 200-800% additional
cost to shipping, the percentage cost of green ammonia shipping on final retail price is expected
to be 1.3% higher.nhhma
Factors influencing the willingness to pay for insurance in Norway : An empirical study of the willingness to pay for small insurance contracts
Get PDFThe purpose of this study is to investigate how the choice of deductible, degree of risk
aversion and the level of income influence the willingness to pay for small insurance
contracts in Norway.
We use data from a survey where individuals were asked to answer on a lifetime income
lottery, as well as to answer on how much they were willing to pay for an insurance
contract on a mobile phone. An interval regression for panel data is used to handle the
survey data.
Our results suggest that the willingness to pay for small insurance contracts decreases
with both a higher income and a higher deductible. However, we can not draw a reliable
conclusion about risk aversion based on our results.nhhma
Optimization-based Evacuation on Cruise Vessels Using Two-way Communication
Get PDFWe study the evacuation of large cruise vessels under hazardous conditions. Based on a new sensor mesh technology, allowing wire-less two-way communication also when electricity is lost, we propose an optimization-based procedure that provides real-time guidance to passengers. As a first step, we explore a lifeboat assignment procedure to illustrate some of the aspects linked to pedestrian evacuations on vessels and open the discussion for future work using operations research in a context where human behavioral is part of the problem
Skolefasiliteter og elevprestasjoner : Hvilken påvirkningskraft har skolebygg og -fasiliteter på elevers prestasjoner i skolen?
Get PDFDenne masteroppgaven undersøker sammenhengen mellom skolebygg og -fasiliteter og
elevprestasjoner i skolen. For å besvare problemstillingen har vi utført en
litteraturgjennomgang for å undersøke hva eksisterende litteratur forteller oss innenfor
fagfeltet. Vi gikk gjennom totalt 237 artikler, og analyserte dem med hensyn til forfatter,
utvalg, metode, tidsskrift og resultater. Vi fant stor variasjon i både metoder og resultater.
Grunnet den store variasjonen i studier har vi utviklet et divisjonssystem med et sett kriterier
for å klassifisere artiklene etter pålitelighet, henholdsvis divisjon A, B og C. Vi brukte en
samlet vurdering med hovedvekt på metodemessige forskjeller for å skille artiklene og
plassere dem i de tre divisjonene. Systemet er benyttet for å rette fokus på artikler av høy
kvalitet og mindre på de av lavere kvalitet, slik at en kan få et tydeligere bilde av
sammenhengen mellom skolefasiliteter og elevprestasjoner basert på gyldighet.
Når man studerer sammenhengen mellom to variabler vil det alltid foreligge utelatte variabler
som kan påvirke resultatene. Derfor er det viktig å kontrollere for andre variabler for å få et
mer nøyaktig bilde av sammenhengen. Dette var et av kriteriene vi brukte i
klassifiseringsprosessen.
Gjennom litteratursøk fant vi til slutt seks artikler av høy kvalitet, med avanserte metoder og
store datasett fra ulike områder. Disse ble kategorisert i divisjon A, og dermed vektlagt mest i
oppgaven. Artiklene hadde noe sprikende metoder, utvalgsområder og resultater, der enkelte
artikler fant en betydelig sammenheng mellom skolefasiliteter og elevprestasjoner, mens andre
fant beskjedne sammenhenger. For divisjon B og C var det svært varierende metodebruk, men
resultatene deres var derimot mer enstemmige, der majoriteten fant en sammenheng.
Våre funn indikerer at det er en sammenheng mellom skolefasiliteter og elevprestasjoner.
Imidlertid er det viktig å vurdere ressursinnsats nøye for å sikre optimal avkastning på
investeringer i skolen. Det er ikke gitt at investeringer i skolebygninger er hensiktsmessig
dersom det er andre områder som trenger oppmerksomhet, som for eksempel lærerkvalitet. En
annen interessant observasjon er at sammenhengen mellom skolefasiliteter og elevprestasjoner
ser ut til å være sterkere i fattigere områder, der skolefasilitetene generelt sett er av lavere
standard. Dette understreker behovet for en helhetlig tilnærming til ressursfordeling, slik at
alle elever kan få best mulig utbytte av utdanningssystemet.nhhma