NHH Brage (Norges Handelshøyskole)
Not a member yet
8813 research outputs found
Sort by
Do Eco-Friendly LPG Vessels Command a "Green Premium"?
Full text linkThis thesis investigates the existence of a "green premium" in the Sale & Purchase (S&P) market for liquefied petroleum gas (LPG) vessels, focusing on eco-friendly features such as eco-engines and dual-fuel technologies. Using Generalized Linear Models (GLM), the analysis examines transaction data from 2015 onward, examining both a full dataset of transactions and a restricted dataset comprising newer, larger vessels built after 2014 and cargo capacities exceeding 20,000 cbm.
The results reveal a significant green premium for eco-friendly features. Vessels equipped with eco-engines command a 24% premium in the broader market, reflecting operational efficiency and regulatory compliance. In the restricted dataset, dual-fuel technologies emerge as important drivers of valuation. Dual-fuel LPG and dual-fuel ammonia engines achieve premiums of 6.93% and 10.52%, respectively. These findings align with the shipping industry’s transition toward greener operations, driven by regulatory frameworks such as the IMO’s decarbonization targets.
Traditional factors, including vessel size, age, and freight rates, remain key determinants of valuations. Freight rates positively influence sale prices, while older vessels face significant discounts due to declining operational efficiencies and increasing regulatory challenges. Shipbuilder origin and utilization (forward cover) also shape market dynamics, reflecting the interconnectedness of vessel supply and demand.
This research isolates the impact of eco-friendly features on LPG vessel valuations, addressing a key gap in maritime economics. The findings offer valuable insights for shipowners and policymakers addressing market dynamics, sustainability, and compliance.
The results reveal a significant green premium for eco-friendly features. Vessels equipped with eco-engines command a 24% premium in the broader market, reflecting operational efficiency and regulatory compliance. In the restricted dataset, dual-fuel technologies emerge as important drivers of valuation. Dual-fuel LPG and dual-fuel ammonia engines achieve premiums of 6.93% and 10.52%, respectively. These findings align with the shipping industry’s transition toward greener operations, driven by regulatory frameworks such as the IMO’s decarbonization targets.
Traditional factors, including vessel size, age, and freight rates, remain key determinants of valuations. Freight rates positively influence sale prices, while older vessels face significant discounts due to declining operational efficiencies and increasing regulatory challenges. Shipbuilder origin and utilization (forward cover) also shape market dynamics, reflecting the interconnectedness of vessel supply and demand.
This research isolates the impact of eco-friendly features on LPG vessel valuations, addressing a key gap in maritime economics. The findings offer valuable insights for shipowners and policymakers addressing market dynamics, sustainability, and compliance
Dividend Pay Date Effect
Full text linkThis thesis explores the potential price effects on dividend payment dates on the Oslo Stock Exchange (OSE), with a particular emphasis on the mechanisms of reinvestment and investor behavior. Utilizing a dataset of 1,094 dividend events from 2000 to 2024, the study applies event study methodology and regression analysis to investigate abnormal returns, cumulative abnormal returns and the relationship between dividend yield and stock returns.
The analysis finds no statistically significant cumulative abnormal returns (CAR) in the [0, +3] event window surrounding dividend payment dates. This contrasts with evidence from larger markets, such as the United States, where reinvestment-driven price effects are more noticeable. A key explanation include the dominance of institutional investors on the OSE, who often diversify dividends across portfolios. In addition, the absence of Dividend Reinvestment Plans (DRIPs), which have been shown to amplify price pressure in other markets, further diminishes the likelihood of reinvestment effects on dividend payment date.
High dividend yield stocks show slightly stronger abnormal returns than low dividend yield stocks within the immediate event window. However, the lack of statistical significance in the regression analysis highlights the challenge of attributing these price movements to reinvestment behavior.
This thesis improves understanding of how dividends affect stock prices by exploring the combined impact of investor behavior, stock ownership, and lack of DRIPs. It highlights the importance of local market dynamics in shaping price responses to dividend events, providing a foundation for future studies to explore these phenomena in greater depth
Household Debt’s Role in the Norwegian Economy
Full text linkThis master thesis aims to examine and identify the factors that have driven household debt over the past 20 years and assess to what extent the current household debt level can be considered sustainable. To achieve this, we have analyzed household debt using two different ratios and four key economic measures through trend and cycle analysis.
The foundation and background information are included in the literature review and theory section, where we have covered key research and theories essential for understanding and interpreting our results. Based on this section, we have chosen to focus on four key variables highlighted in the literature and reports from the Norwegian Central Bank: house prices, interest rates, disposable income, and unemployment.
Our analysis consists of trend and cycle analysis. Thus, the Hodrick-Prescott filter has been central for our analysis, as it has helped us differentiate between the long-term trend and short- term fluctuations in our collected time series. The long-term trend values have been used to study the development of household debt with two ratios. These values have also been used to calculate the cyclical components, which we used to conduct a polynomial regression model and perform a peak and trough analysis.
Our analysis shows that household debt in Norway has increased over the past 20 years, confirming the central banks’ concerns. While our model explains part of this development, it highlights certain limitations and the influence of pandemic-related peaks. The current household debt level appears to be sustainable due to effective government and central bank interventions during and after the pandemic, along with a cooling trend in debt to GDP. However, rising interest rates, declining disposable income, bubble tendencies in the housing market, and patterns resembling those before the financial crisis of 2008 indicate potential risks to financial stability
Advertising Dynamics and Competition: Evidence from the UK Automobile and Soft Drinks markets
Full text linkThis study explores how car and soda manufacturers strategically time their advertising campaigns, focusing on differences driven by seasonality, product life cycles, and industry-specific dynamics. By analyzing marketing expenditure data from the automobile and soft drink sectors, we provide valuable insights into the strategic approaches employed in these industries. Our findings highlight distinct seasonal patterns and competitive advertising behaviors. The identified marketing strategies vary by brand size and product type, with pulsing and blitzing as common marketing tactics. Although seasonal trends and competitive dynamics significantly influence many brands, some appear to be unaffected by competition's advertising efforts. However, these findings should be interpreted cautiously due to model assumptions and data availability limitations. Despite these constraints, the study enhances our understanding of strategic advertising timing and offers actionable insights for marketers aiming to develop effective strategies in competitive markets
The Pro-Cyclical Effects of Earnings Stripping Rules
Full text linkThis master’s thesis researches potential pro-cyclical effects of the earnings stripping rule implemented in Norway in 2014. Through examining the interaction between the policy and overarching economic conditions – and how it in turn influences firm performance and behaviour – it looks to answer whether the rule amplifies financial constraints during economic downturns.
The analysis of the thesis employs a quantitative approach, using both static and dynamic fixed-effects regression models. In combination with descriptive statistics, the regressions highlight the interplay between the earnings stripping rule and economic cycles, and how these factors independently and in combination reflect on investment levels, profitability and capital structuring decisions.
In addition to examining all relevant Norwegian firms, the maritime transport sector is granted particular attention due to notable sector-specific economic fluctuations and a high exposure to the policy. Through this, the thesis seeks to gain both general and more nuanced, sector specific insights.
Overall, firms subject to both the earnings stripping rule and economically contractive conditions are not found to exhibit performance indicative of the two conditions having negative interaction effects. Consequentially, the thesis does not uncover strong evidence suggestive of pro-cyclical effects of the Norwegian earnings stripping rule. Where tendencies in line with pro-cyclicality are present, sensitivity to assumptions and questions of robustness undermine the foundation for claiming relationships are causal.
The thesis does however find how the earnings stripping rule appears to disproportionally affect firms with relatively weaker profitability profiles, thus potentially adding to existing financial vulnerabilities. This underlines the need for a nuanced understanding of tax policies’ wider economic consequences and provides insight for policymakers in their efforts to design tax policies that weigh the importance of policy efficiency against fairness and economic stability
Konflikten mellom Norges Skiforbund og utøverne: En kvalitativ studie av årsaker, konsekvenser og fremtidsperspektiver
Full text linkI denne masteroppgaven undersøker vi årsakene bak den langvarige «image rights»-konflikten mellom Norges Skiforbund (NSF) og deres utøvere, med fokus på markedsrettigheter og maktbalansen i landslagsmodellen. Studien tar videre for seg hvordan ulike økonomiske prioriteringer, fremveksten av sosiale medier og profesjonaliseringen av idretten har skapt og forsterket konfliktene. Målet har vært å forstå hva som har bidratt til tidligere uenigheter og vurdere hvordan den nye landslagsavtalen fra oktober 2024 kan fungere i lys av dagens kommunikasjons- og eksponeringsplattformer.
Den gamle landslagsavtalen ga NSF betydelig makt over utøvernes markedsrettigheter. Utøvere har opplevd begrenset mulighet til å inngå egne sponsoravtaler, dårlig dialog og manglende inkludering i beslutningsprosesser. Samtidig har NSF balansert utfordringen mellom å sikre kollektive sponsorinntekter for å finansiere topp- og breddeidrett, og utøvernes ønske om individuell kommersiell frihet.
Den nye landslagsavtalen adresserer mange av problemene som den tidligere avtalen har skapt. Avtalen gir utøverne større eierskap over egne markedsrettigheter, tydeliggjør rammer for sponsoravtaler og reduserer omfattende bransjeekslusiviteter. Dette skal legge grunnlaget for en mer balansert maktfordeling og bedre dialog mellom NSF og utøverne. Likevel innebærer endringene nye utfordringer, blant annet risiko for at økt individuell frihet kan svekke solidaritetsprinsippet i landslagsmodellen og det økonomiske grunnlaget for mindre profilerte utøvere.
Oppgaven konkluderer med at den nye avtalen representerer et nødvendig skritt mot bedre samarbeid og økonomisk utvikling i norsk skisport. Den nye avtalen kan derfor sørge for at kollektive interesser ivaretas bedre samtidig som man kan dra bedre nytte av mulighetene som ligger i eksponerings- og kommunikasjonsplattformer for både forbund og utøver. Likevel reises det spørsmål om hvorvidt avtalen i tilstrekkelig grad ivaretar solidariteten i landslagsmodellen. For å sikre norsk skisport sin posisjon på lang sikt, må både NSF og utøverne finne en balanse mellom individuell kommersiell frihet og kollektive mål, noe som krever kontinuerlig dialog og godt samarbeid
Fredagseffekten: En analyse av redusert investoroppmerksomhet og markedsreaksjoner
Full text linkFormålet med denne oppgaven er å undersøke om fredagseffekten, som i denne oppgaven innebærer redusert investoroppmerksomhet på fredager, er til stede på Oslo Børs. Vi analyserer om markedets reaksjon på resultatannonseringer varierer basert på hvilken ukedag de annonseres, og om fredagsannonseringer mottar mindre oppmerksomhet fra markedet. For å undersøke dette har vi replikert studien til DellaVigna og Pollet (2009) på Oslo Børs. I tillegg undersøker vi om investoroppmerksomheten ble ytterligere redusert i Covid-perioden.
Analysen er basert på data hentet fra LSEG Eikon og kontrollert mot NewsWeb, og dekker selskaper notert på Oslo Børs i perioden Q1 2015 til Q1 2024. Vi har sammenlignet markedsreaksjonen på resultatannonseringer på fredager med andre ukedager for å undersøke om det finnes en fredagseffekt på Oslo Børs. Analysen skiller mellom umiddelbar, forsinket og total markedsrespons. Dersom fredagseffekten er til stede på Oslo Børs forventer vi å se en lavere umiddelbar respons og høyere forsinket respons for fredagsannonseringer. Resultatannonseringene er delt inn i 11 kvantiler basert på størrelsen på resultatoverraskelsen, der toppkvantilen representerer de mest positive overraskelsene og bunnkvantilen de mest negative. For å identifisere forskjellen i markedsrespons mellom fredagsannonseringer og annonseringer andre ukedager har vi utført MKM-regresjoner for toppkvantilen og bunnkvantilen, før vi senere inkluderer hele utvalget.
Resultatene viser ingen signifikant fredagseffekt på Oslo Børs. Vi finner en positiv signifikant sammenheng mellom annonseringer med positive resultatoverraskelser og kumulativ unormal avkastning umiddelbart etter annonsering. Dette er som forventet og reflekterer at markedet belønner positive nyheter. Analysen vår indikerer at for annonseringer tilhørende toppkvantilen kan det å annonsere på fredager føre til en lavere kumulativ unormal avkastning i tiden etter annonsering, altså en lavere forsinket respons. Covid-perioden viser en sterkere umiddelbar respons for fredagsannonseringer. Disse observasjonene strider imot hypotesene våre
Effects of influencer endorsements in SOME and the moderating effect of independence
Full text linkAbstract
This thesis investigates how perceived independence of influencers impacts consumer trust and the effectiveness of product promotion on Instagram , with a focus on the Norwegian food market. It combines Social Influence Theory, Source Credibility Theory, and the Elaboration Likelihood Model to explore connection between partnership length and account type—and individual engagement behaviors.Through a 2x2 experimental design, these factors were manipulated to have a better understanding of their effect on consumer attitudes.
The findings showed that individual engagement behaviors play a more important role in building trust and driving endorsement effectiveness than foundational elements like partnership duration which challenges traditional views in influencer marketing. Moreover, authenticity is widely acknowledged as one of the main factors to develop trust; this study addresses it as an interpretive construct taken from participants' responses , rather than a directly measured variable. High engagement levels were boosting trust and perceived endorsement credibility , while content seen as too commercialized reduced these factors.
This research provides fresh insights into the success of influencer marketing by showing the importance of behavioral engagement over structural aspects.The findings shows the need for marketers to create campaigns that connect with audience values and patterns , increasing trust and making deeper connections with consumers
Mellom pedagogikk og paragrafer i arbeid med skolemiljøsaker : Skolelederes rettsanvendelse i praksis
Full text linkJeg har i denne oppgaven studert hva som påvirker skoleledere i arbeidet med skolemiljøsaker, (Oppll.) §9A-4. Skoleledere står i et spenn mellom pedagogiske faglige vurderinger, og krav til riktig lovanvendelse. Jeg har undersøkt hvordan de ser på rollen som rettsanvendere, hvilke avveininger og vurderinger de må gjøre i komplekse skolemiljøsaker, og hvilke ressurser de benytter seg av i omgivelsene i arbeidet. Jeg har benyttet teoretiske perspektiver fra Jacobsen og Thorsvik «Skolen som organisasjon», Boe og Eckhoffs «Grunnleggende juridisk metode», og Lipsky og Zacka sin teori om bakkebyråkrater, for å belyse arbeidet skolelederne står i.
Undersøkelsene ble gjennomført som en kvalitativ case-studie, der jeg gjennomførte intervjuer med skoleledere fra fire grunnskoler i Bergen kommune, i tillegg til juridisk rådgiver i kommunen. Funn fra undersøkelsene viser at skoleledere er bevisste på sin rolle som rettsanvendere, men at de også kan oppleve det som krevende og omfattende. Arbeidet er høyt prioritert, og kan i flere tilfeller gå ut over andre oppgaver.
Undersøkelsene viser fram kompleksiteten i arbeidet med skolemiljøsaker, og skolelederne må gjøre mange avveininger, og ta ulike hensyn i sin praksis. Lederne benytter seg av ulike ressurser i omgivelsene i arbeidet med skolemiljøsakene. De mest fremtredende er ressursene på kommunalt nivå, og støtte fra hverandre i ledergruppene. Erfaringene fra saker som har blitt vurdert hos Statsforvalter, viser at det kan både være en kilde til frustrasjon, men at det kan ha en skjerpende påvirkning på praksis.
Jeg mener at mine funn er viktig å ha kjennskap til, for skoleeier, skoleledere og andre aktører. Gjennom å vise fram teoretiske perspektiver fra ulike fagområder, sammen med funn i undersøkelsene, viser det kompleksiteten skolelederne står i, mellom pedagogisk-faglige vurderinger og krav til riktig lovanvendelse. Jeg kommer også med implikasjoner for ledelse, for skoleeier, og til lederteamene. Jeg vil særlig trekke fram behovet for opplæring, kunnskap og kompetanse om juridiske spørsmål. Spesielt nyansatte skoleledere har behov for støtte og opplæring. Det er også viktig at det fins ressurser i kommunen og i teamene, til hjelp for skolelederne, både i arbeidet med (Oppll.) §9a-4-saker, og andre saker med krav om riktig lovanvendelse.nhhma
Essays on Shareholder Engagement and Voting
Full text linkNavigating through a PhD is like walking alone on a dark winter night. The kindness I have
encountered along the way is the twinkling stars that accompany me and guide me in the
darkness. For that, I am forever grateful.
First and foremost, I would like to express my gratitude to my main supervisor, Geir Drage
Berentsen, who has patiently guided me on the path to becoming a researcher. I would also
like to extend my appreciation to my co-supervisor, Håkon Otneim, for answering my questions
with a statistician’s mindset. Additionally, I’m thankful to Harald Edquist, my master thesis
supervisor at Ericsson, who encouraged me to pursue a PhD in the first place.
This thesis has benefited greatly from being part of the Climate Futures research project. The
funding provided through the project has enabled me to collect data crucial to my research as
well as traveling to conferences where I have received invaluable feedback on my work. I would
like to thank Øyvind Paasche, the project lead of Climate Futures, who inspired me to dream
bigger. Through this project, I have also received helpful comments from the industry partner
KLP and Lars Erik Mangset who showed genuine interest in my research.
I am grateful for the generous help I have received from my coauthors and colleagues at the
Department of Business and Management Science at NHH. Trond M. Døskeland, thank you for
enriching our discussions with your sharp insights. André Wattø Sjuve, thank you for sharing
your knowledge and skills without the slightest reservation. Andreas Ørpetveit, thank you for
challenging me and motivating me to rethink my beliefs. Steffen Juranek, thank you for having
faith in me even when I didn’t. Giacomo Benini, thank you for treating me as an equal even
though you are obviously smarter. Arnt Ove Hopland, thank you for placing trust in me in
relation to TA responsibilities. To all the kind colleagues who have stopped to say hi and talk
to me in the lounge room, your smile always lights up my day.
I wouldn’t have completed this PhD project without the support of my dear friends and office
mates. Oshni, I feel incredibly lucky to have you as a friend. I have learned so much from
our casual conversations and your input has contributed non-negligibly to the formation of my
research interests. Thomas, thank you for being such a good friend. The compassion you have
shown makes me want to believe in humanity again. Andrés, thank you for countless good
laughs at lunch and during many hikes. Costanza, thank you for all the fun memories we had
together. Chunzi, thank you for checking on me with sincere concerns. Samaneh, thank you
for sending your warm and kindhearted regards. Torstein, thank you for never failing to be
the nicest guy on campus. Vegard, thank you for showing me how to make the “best” oatmeal
in the world. Rasmus, thank you for always bringing cheerful energy into the room. Kyriaki,
thank you for many enjoyable lunches and chats. Yue, thank you for helping me settle down in
Bergen. There are many others I can’t possibly name here, but you reside in my heart.
To my husband, Shaobo, I owe my unspoken gratitude. My decision to pursue a PhD in Bergen
was selfish, but you supported it nevertheless. Thank you for choosing to build a home with me,
despite all of my imperfections. To my parents, I am deeply indebted to your foresight regarding
the importance of reading and learning. When I connect the dots in my life, I’ve come to realize
how decisive those carefree days in my childhood were spent reading random books.
Lastly, I want to say that self-doubt, or the capability of introspection, is what makes us human.
To you who never stop asking “am I good enough?”, you are truly great, if only you could allow
yourself to see it.
Bergen, December 2023
Xuan L