Øyvind Bøhren
Professor Emeritus
Department of Finance
Employee Profile
- Room number B4I-005
- Phone +4746410503
- E-mail oyvind.bohren@bi.no
Biography
For the most recent updates please see my private homepage.
Before joining BI in 1982, I served on the faculty of the Norwegian School of Economics. I spent one year as visiting faculty at the University of Washington, one year at the University of North Carolina, Chapel Hill, and several shorter periods at the Universitat Autonòma de Barcelona, the Instituto de Empresa in Madrid, and Humboldt-Universität zu Berlin. I have worked with a consulting firm in corporate strategy, with an investment bank, and as an expert witness. Over the period 2004-2009, I held the Stein Erik Hagen chair in private ownership. I held a 50% position at BI since September 1, 2016, retired in August 2019, and I have been professor emeritus since then.
Research areas
My primary academic interests are corporate finance. The major research efforts have been in capital budgeting, valuation effects of taxation, equity offerings, dividend policy, board composition, shareholder conflicts, ownerless firms, and the governance of family firms. My research is published in outlets like the Journal of Financial Economics, Journal of Financial and Quantitative Analysis, Review of Finance, Journal of Corporate Finance, International Review of Law and Economics, Journal of Banking and Finance, Scandinavian Journal of Economics, Economics Letters, Decision Sciences, Journal of Business Ethics, European Financial Management, Journal of Business Finance and Accounting, Journal of Economic Psychology, and Energy Economics. Currently, my research focus is on corporate governance. Most of my ongoing projects are linked to the Centre for Corporate Governance Research (CCGR), where I served as a founding director until I retired in 2019.
Teaching areas
I usually teach corporate finance, corporate governance, and valuation at the graduate and executive program levels. I find it challenging and rewarding to present my research to regulators and the business community. I have written two textbooks in corporate finance (current editions are from 2017 and 2024, respectively) and one textbook in corporate governance (2012).
Before joining BI in 1982, I served on the faculty of the Norwegian School of Economics. I spent one year as visiting faculty at the University of Washington, one year at the University of North Carolina, Chapel Hill, and several shorter periods at the Universitat Autonòma de Barcelona, the Instituto de Empresa in Madrid, and Humboldt-Universität zu Berlin. I have worked with a consulting firm in corporate strategy, with an investment bank, and as an expert witness. Over the period 2004-2009, I held the Stein Erik Hagen chair in private ownership. I held a 50% position at BI since September 1, 2016, retired in August 2019, and I have been professor emeritus since then.
Research areas
My primary academic interests are corporate finance. The major research efforts have been in capital budgeting, valuation effects of taxation, equity offerings, dividend policy, board composition, shareholder conflicts, ownerless firms, and the governance of family firms. My research is published in outlets like the Journal of Financial Economics, Journal of Financial and Quantitative Analysis, Review of Finance, Journal of Corporate Finance, International Review of Law and Economics, Journal of Banking and Finance, Scandinavian Journal of Economics, Economics Letters, Decision Sciences, Journal of Business Ethics, European Financial Management, Journal of Business Finance and Accounting, Journal of Economic Psychology, and Energy Economics. Currently, my research focus is on corporate governance. Most of my ongoing projects are linked to the Centre for Corporate Governance Research (CCGR), where I served as a founding director until I retired in 2019.
Teaching areas
I usually teach corporate finance, corporate governance, and valuation at the graduate and executive program levels. I find it challenging and rewarding to present my research to regulators and the business community. I have written two textbooks in corporate finance (current editions are from 2017 and 2024, respectively) and one textbook in corporate governance (2012).
Area of Expertise
Publications
Shows
5
of 63 publication(s)
Article Øyvind Bøhren, Per Ivar Gjærum, Torkel Hasle (2021)
Solstrøm fra boligtak er ofte godt for både klima og økonomi, men ikke i dagens Norge
Vi bruker kvantitativ livsløpsanalyse (vugge-til-grav) og finner at solceller på private boligtak har stor, positiv effekt på klima og økonomi når de lages med ren, billig strøm og erstatter skitten, dyr strøm. Beliggenhet er derfor den grunnleggende forklaringen på solcellers verdiskaping. Selv om et solcelleanlegg på 60 m2 av et norsk boligtak produserer mye strøm, reduserer det likevel ikke klimautslippet med mer enn utslippet i Kina øker når anlegget lages. Derfor skapes det ingen global klimagevinst under våre forutsetninger. Brukes derimot anlegget i land der alternativ strøm er skitten, reduseres årlig CO2-utslipp med mer enn EUs samlede årsutslipp pr. innbygger. I Norge, hvor alternativ strøm både er ren og forholdsvis billig, finner vi at solstrøm er ulønnsomt samfunnsøkonomisk og ofte også privatøkonomisk. Norge er trolig blant de få land der både klimaeffekten og økonomieffekten av solceller på boligtak er negativ. Bedre solcelleteknologi, mer elektrifisering, høyere strømpris og mer strømeksport kan lett forbedre denne situasjonen.
Article Øyvind Bøhren, Bogdan Stacescu, Line Almli, Kathrine Søndergaard (2019)
When Does the Family Govern the Family Firm?
We find that the controlling family holds both the chief executive officer and chair positions in 79% of Norwegian family firms. The family holds more governance positions when it owns large stakes in small, profitable, low-risk firms. This result suggests that the family trades off expected costs and benefits by conditioning participation intensity on observable firm characteristics. We find that the positive effect of performance on participation is twice as strong as the positive effect of participation on performance. The endogeneity of participation, therefore, should be carefully accounted for when analyzing the effect of family governance on the family firm’s behavior.
Article Janis Berzins, Øyvind Bøhren, Bogdan Stacescu (2019)
Dividends and taxes: The moderating role of agency conflicts
We find that potential conflicts between majority and minority shareholders strongly influence how dividends respond to taxes. When the controlling shareholder has a smaller stake, the incentives to extract private benefits are stronger – a shareholder conflict that can be mitigated by dividend payout. We study a large and clean regulatory shock in Norway that increases the dividend tax rate for all individuals from 0% to 28%. We find that dividends drop less the higher the potential shareholder conflict, suggesting that dividend policy trades off tax and agency considerations. The average payout ratio falls by 30 percentage points when the conflict potential is low, but by only 18 points when it is high. These lower dividends cannot be explained by higher salaries to shareholders or diverse liquidity needs. We also observe a strong increase in indirect ownership of high-conflict firms through tax-exempt holding companies and suggest policy implications for intercorporate dividend taxation.
Chapter Janis Berzins, Øyvind Bøhren, Bogdan Stacescu (2018)
The under-researched family firm: New insights from unique Norwegian data
Article Janis Berzins, Øyvind Bøhren, Bogdan Stacescu (2018)
Shareholder conflicts and dividends
We examine how dividend policy is used to mitigate potential conflicts of interest between majority and minority shareholders in private Norwegian firms. The average payout is 50% higher if the majority shareholder’s equity stake is 55% (high conflict potential) rather than 95% (low conflict potential). Such minority-friendly payout is also associated with higher subsequent minority shareholder investment. These results suggest that controlling shareholders voluntarily use dividends to reduce agency conflicts and build trust, rather than opportunistically preferring private benefits to dividends. We show that our results are unlikely to arise from liquidity or signaling motives.
Article Magnus Berg, Øyvind Bøhren, Erik Vassnes (2018)
Modeling the response to exogenous shocks: The capital uplift rate in petroleum taxation
We show how a recent drop in the Norwegian capital uplift rate by two percentage points changes optimal field design and reduces field value for shareholders. Although optimal design changes considerably and value drops by 12%, the ability to reoptimize design after the shock is worth only 1.5% of field value. This evidence suggests that large behavioral effects of a shock do not necessarily imply large value effects, making it less important to always account for the taxpayers' response. The valuation error in such cases may be moderate if one instead uses the simplifying and widespread assumption of unresponsive taxpayers.
Article Øyvind Bøhren, Siv Jønland Staubo (2016)
Mandatory Gender Balance and Board Independence
Article Øyvind Bøhren, Fredrik Hoseth, Håvard Remøy (2014)
Lønnsomhet i næringsklynger
Article Øyvind Bøhren (2014)
Økonomiske særtrekk ved stiftelser
Article Øyvind Bøhren, Siv Jønland Staubo (2014)
Does mandatory gender balance work? Changing organizational form to avoid board upheaval
Norway is the first, and so far the only, country to mandate a minimum fraction of female and male directors on corporate boards. We find that after a new gender balance law surprisingly stipulated that the firm must be liquidated unless at least 40% of its directors are of each gender, half the firms exit to an organizational form not exposed to the law. This response suggests that forced gender balance is costly. The costs are also firm-specific, because exit is more common when the firm is non-listed, successful, small, young, has powerful owners, no dominating family owner, and few female directors. These characteristics reflect high costs of involuntary board restructuring and low costs of abandoning the exposed organizational form. Correspondingly, certain unexposed firms hesitate to become exposed. Overall, we find that mandatory gender balance may produce firms with inefficient organizational forms or inefficient boards.
Article Øyvind Bøhren, Morten Josefsen (2013)
Stakeholder rights and economic performance: The profitability of nonprofits
This paper explores whether ownership matters in a fundamental sense by comparing the performance of stockholder-owned firms with the much less analyzed nonprofit firms. No stakeholder has residual cash flow rights in nonprofit firms, and the control rights are held by customers, employees, and community citizens. Accounting for differences in size and risk and comparing only firms in the same industry, we find that stockholder-owned firms do not outperform nonprofit firms. This result is consistent with the notin that the monitoring function of stockholders may be successfully replaced by other mechanisms. We find evidence that product market competition may play this role as a substitute monitoring mechanism.
Article Øyvind Bøhren, Nils Erik Krosvik (2013)
The economics of minority freezeouts: Evidence from the courtroom
We analyze minority freezeout offers in a legal environment where minority stockholders can reject the offer and ask the court to value their nontendered stock. This regulatory setting allows us to observe the disciplining effect of legal enforcement on stockholder behavior. We find that minority stockholders reject about one out of ten freezeout offers, and that rejection is more likely when the bidder has controlled the firm for quite some time before the offer. Rejected offers take on average around three years to be settled in court, and litigation costs are almost never paid by minority stockholders. The court mostly prices rejected offers above the offer price, particularly when the firm is private, when the bidder has controlled the firm for an extensive period before the offer, and when the case is large. These findings suggest that minority stockholders consider most freezeout offers commensurate with the level of legal stockholder protection as enforced by the courts. The majority stockholder tends to underestimate the legal protection of minority rights in settings where these rights are particularly vulnerable to exploitation. Nevertheless, minority stockholders who take their case to court often face years of waiting, and for a highly unpredictable litigation return.
Article Janis Berzins, Øyvind Bøhren (2013)
Norske familiebedrifter - Omfang, eierstyring og lønnsomhet
Article Øyvind Bøhren, Morten Josefsen, Pål Erik Steen (2012)
Stakeholder conflicts and dividend policy
This paper compares the dividend policy of owner-controlled firms with that of firms where the owners are a minority relative to non-owner employees, customers, and community citizens. We find that regardless of whether owners or non-owners control the firm, the strong stakeholder uses the dividend payout decision to mitigate rather than to intensify the conflict of interest with the weak stakeholder. Hence, the higher the potential agency cost as reflected in the firm’s stakeholder structure, the more the actual agency cost is reduced by the strong stakeholder’s dividend payout decision. These findings are consistent with a dividend policy in which opportunistic power abuse in stakeholder conflicts is discouraged by costly consequences for the abuser at a later stage. Indirect evidence supports this interpretation.
Article Øyvind Bøhren, Per Ivar Gjærum (2012)
Bok og nettside som integrert læreverk
Denne artikkelen bruker et konkret pedagogisk prosjekt i finans til å vise hvordan ønsket om undervisning med relevans og mangfold kan avleire seg i et læreverk. Vår nøkkel er å utvikle bok og nettside i tidsmessig parallell snarere enn i sekvens, ha klar arbeidsdeling og sømløs overgang mellom de to komponentene, og å gjøre nettsiden spesielt bred og dyp. I artikkelen konsentrerer vi oss om nettsiden og beskriver hvordan hensynet til relevans og mangfold ivaretas gjennom aktiv bruk av medieoppslag, skreddersydde regneark, integrert stikkordliste, spillbaserte øvingsoppgaver, kalkulator- og regnearkhjelp, lydfiler for MP3-spiller og tilbud om forelesermateriale. Vår erfaring tyder på at integrerte læreverk er krevende å utvikle og på kort sikt ulønnsomme for både forfatter og forlag. I et lengre perspektiv tror vi teknologidrevet konkurransepress vil favorisere dem som utnytter at teknologi med høyt pedagogisk potensial nå er lett tilgjengelig for forfatter, forlag, foreleser og student. Uansett står produsenter og brukere av læremidler overfor store utfordringer.
Article Øyvind Bøhren (2011)
Kompakt og intens. Erfaringer fra en skriveprosess
Article Øyvind Bøhren, R. Øystein Strøm (2010)
Governance and Politics: Regulating Independence and Diversity in the Board Room
This paper analyzes the economic rationale for board regulation in place and for introducing new regulation in the future. We relate the value of the firm to the use of employee directors, board independence, directors with multiple seats, and to gender diversity. Our evidence shows that the firm creates more value for its owners when the board has no employee directors, when its directors have strong links to other boards, and when gender diversity is low. We find no relationship between firm performance and board independence. These characteristics of value-creating boards support neither popular opinion nor the current politics of corporate governance.
Article Øyvind Bøhren, Janis Berzins (2009)
Unoterte aksjeselskaper selskaper er viktige, uutforskede og spesielle
Article Janis Berzins, Øyvind Bøhren (2009)
Unoterte aksjeselskaper selskaper er viktige, uutforskede og spesielle
Article Øyvind Bøhren, Jørgen Haug (2006)
Managing earnings with intercorporate investments
We explore to what extent firms deliberately manage their financial reports by exploiting the flexibility of generally accepted accounting principles. Using a sample of Oslo Stock Exchange-listed firms with 20–50% equity holdings in other firms, we find that firms with high financial leverage tend to maximize reported earnings from these investments through their choice between the cost method and the equity method, possibly in an attempt to reduce debt renegotiation costs or to avoid regulatory attention. In contrast, managers do not systematically bias reported earnings to extract private benefits or to signal revised expectations about future cash flows. Firms use different earnings management tools in a consistent way, as the earnings effect of the cost/equity choice is not offset by discretionary accruals.
Chapter Øyvind Bøhren, Bernt Arne Ødegaard (2006)
Governance and performance revisited
Article Øyvind Bøhren (2005)
Eierskap og lønnsomhet
Article Øyvind Bøhren, Nils Erik Krosvik (2005)
Tvangsinnløsning av minoritetseiere: Rettsøkonomien i norske skjønnssaker gjennom 25 år" (Minority buyouts: Law and economics in Norwegian courts over 25 years)
Article Øyvind Bøhren, Jørgen Haug, Dag Michalsen (2004)
Compliance with flexible accounting standards
We examine to what extent firms adhere to the stated intent of noncompulsory accounting standards when reporting for intercorporate investments. The Generally Accepted Accounting Principles (GAAP) in Norway strongly recommend that a 20–50% intercorporate investment is accounted for by the equity method rather than the cost method, if the investment is long-term, of strategic importance, and involves significant influence. Even so, we find that the actual use of the equity method is independent of the duration of the investment period, the fraction of equity held, its recent growth, and the investor's voting power. This lack of compliance suggests that one cannot use the observed choice between the cost method and the equity method to infer the underlying characteristics of the investment as specified by the accounting standard. Flexible GAAP may therefore not induce firms to disclose the information that the GAAP were designed to produce.
Chapter Øyvind Bøhren, Samir Sharma, Tonje Vegarud (2004)
Eierstyring i store norske selskaper: Oppsigelse av toppleder
Article Øyvind Bøhren, Bernt Arne Ødegaard (2003)
Norsk eierskap: Særtrekk og sære trekk
Chapter Øyvind Bøhren, Bernt Arne Ødegaard (2002)
Norsk eierskap: Særtrekk og sære trekk
Chapter Øyvind Bøhren (2002)
Finansparadigmet
Article Øyvind Bøhren, Bernt Arne Ødegaard (2001)
Patterns of corporate ownership: insights from a unique data set
Article Øyvind Bøhren (1998)
The agent's ethics in the principal-agent model
Article Øyvind Bøhren, Øyvind Norli (1997)
Determinants of intercorporate shareholdings
Anthology Øyvind Bøhren, Per Ivar Gjærum (1997)
Prosjektanalyse
Article Øyvind Bøhren (1997)
Risk components and the market model: A pedagogical note
Article Øyvind Bøhren, Espen B. Eckbo, Dag Michalsen (1997)
Why underwrite rights offerings? Some new evidence
Article Øyvind Bøhren, Arne Thorsland, Pål Tollefsen (1996)
Gjeldsstrukturen i norske aksjeselskaper
Article Øyvind Bøhren, Espen B. Eckbo, Dag Michalsen (1996)
Norske aksjeemisjoner
Article Øyvind Bøhren, Dag Michalsen (1994)
Corporate cross-ownership and market aggregates: Oslo Stock Exchange 1980-1990
Article Øyvind Bøhren (1993)
På leting etter god pristeori: Historien om kapitalverdimodellen
Article Øyvind Bøhren, Knut Larsen, Dag Michalsen, Hans Robert Schwencke (1991)
Egenkapitalrentabilitet og skatt: En kritisk analyse
Article Øyvind Bøhren, Dag Michalsen (1990)
Merton Miller, norsk beskatning og finansiell verdiskapning
Article Øyvind Bøhren (1990)
Theory development processes in the social sciences: The case of stochastic choice theory
Article Øyvind Bøhren, Dag Michalsen (1990)
Skattebaserte finansieringsinsentiver i norske aksjeselskaper fra 1970 til 1990
Article Øyvind Bøhren, Steinar Ekern (1987)
Usikkerhet i oljeprosjekter: Relevante og irrelevante risikohensyn
Editorial Øyvind Bøhren (1987)
Bedriftsøkonomi og PC-verktøy
Article Øyvind Bøhren, Steinar Ekern (1987)
Usikkerhet i oljeprosjekter
Article Øyvind Bøhren (1987)
PC-integrert undervisning i bedriftsøkonomi: Pedagogiske hensyn
Article Øyvind Bøhren (1984)
The validity of conventional valuation models under multiperiod uncertainty
Article Øyvind Bøhren (1983)
Sparing med skattefradrag: en privatøkonomisk analyse
Article Øyvind Bøhren (1983)
Skattefradrag for realrenter
Article Øyvind Bøhren (1983)
Bounding certainty equivalent factors and risk-adjusted discount rates
Article Øyvind Bøhren (1982)
Effektiv rente på boliglån: en empirisk undersøkelse
Article Øyvind Bøhren (1982)
Norsk oljepolitikk i beslutningsanalytisk perspektiv
Article Øyvind Bøhren (1982)
Å løse investeringsproblemer
Article Øyvind Bøhren, Geir Fuglaas (1981)
Yrkesvalg og lønnsomhet: NHH kontra næringsliv og forvaltning
Article Øyvind Bøhren, Steinar Ekern (1981)
Probabilities proportional to time-state prices
Article Øyvind Bøhren, Cornelius M. Schilbred (1980)
North Sea oil taxes and sharing of risk: a comparative case study
Article Øyvind Bøhren (1980)
Informasjonsøkonomi - en selektiv oversikt
Article Øyvind Bøhren, Terje Rein Hansen (1980)
Capital Budgeting with Unspecified Discount Rates
Article Øyvind Bøhren, Terje Hansen (1979)
Akseptable gjeldsrenter i inflasjonstider
Article Øyvind Bøhren, Steinar Ekern (1979)
Consistent rankings based on total and differential amounts under uncertainty
Article Øyvind Bøhren (1978)
Kostnadsoverskridelser og skatteregler i Nordsjøen
Article Øyvind Bøhren (1978)
Investeringsplanlegging under budsjettrestriksjoner - en kommentar
Article Øyvind Bøhren (1976)
Om vurdering av teori: Anvendelse av vurderingskriterier med Howard-Sheth modellen som eksempel
Shows
5
of 88 publication(s)
Feature article Øyvind Bøhren, Per Ivar Gjærum (2022)
Kabler, klima og Glasgow
Media Øyvind Bøhren, Per Ivar Gjærum, Torkel Hasle (2021)
Solstrøm, skuffelse og realisme
Feature article Øyvind Bøhren, Per Ivar Gjærum, Torkel Hasle (2021)
Norsk boligsolstrøm er dessverre ingen solskinnshistorie
Feature article Øyvind Bøhren, Janis Berzins, Bogdan Stacescu (2020)
Innlegg: Overselger studie om formuesskatt
Feature article Janis Berzins, Øyvind Bøhren (2020)
Innlegg fra BI-forskere: Økt formuesskatt på bolig i 2006–2010 svekket familiebedrifter
Interview Øyvind Bøhren (2018)
Er Norge avhengig av arverekken i familiebedrifter?
Feature article Øyvind Bøhren, Bogdan Stacescu, Line Almli, Kathrine Søndergaard (2018)
Når er en familie aktiv eier?
Interview Øyvind Bøhren (2018)
Fylkeskommunal eierutøvelse
Feature article Janis Berzins, Øyvind Bøhren, Bogdan Stacescu (2018)
Makt og styring i familiebedrifter
Interview Øyvind Bøhren (2017)
El secreto de Noruega para tener a los tres multimillonarios más jóvenes del mundo
Interview Øyvind Bøhren (2017)
SSB-styret kritiseres for å ha sviktet Meyer
Interview Øyvind Bøhren (2017)
Tilstrekkelig makt til å passe på pengene
Interview Øyvind Bøhren (2017)
Aker får stryk for regnestykke
Interview Øyvind Bøhren (2017)
Røkke kan tjene to milliarder – uten å betale én krone i skatt
Interview Øyvind Bøhren (2017)
Ombudstvedt får kritikk fra de usikrede kreditorene
Interview Øyvind Bøhren (2017)
Eierne i Hafslund på vei mot rettslokalet
Interview Øyvind Bøhren (2017)
Styrene burde bare få betalt i aksjer de ikke kan selge
Interview Øyvind Bøhren (2017)
Dette er gullgruvene i norsk næringsliv
Participation in media Øyvind Bøhren (2017)
Når mor er sjefen din på jobb
Interview Øyvind Bøhren (2017)
Dette vil Christoffer overta, hvis pappa sier ja
Interview Øyvind Bøhren (2017)
Flere gjør som Thon og Mohn
Feature article Janis Berzins, Øyvind Bøhren, Bogdan Stacescu (2017)
Majoritetseiere beskytter minoriteten
Interview Øyvind Bøhren (2016)
Professorer: Enten Brekke eller Wærsted er ferdig i Telenor
Interview Øyvind Bøhren (2016)
Hva er den beste formen for eierskap?
Interview Øyvind Bøhren (2016)
Gir råd med CAPS LOCK
Interview Øyvind Bøhren (2016)
The youngest billionaire in the world is a Norwegian teenager
Interview Øyvind Bøhren (2015)
Telenor striden - Full krise
Interview Øyvind Bøhren (2015)
Ukjent med fryktkultur
Interview Øyvind Bøhren (2015)
Børsen ser på saken
Interview Øyvind Bøhren (2015)
Styr Norges Bank bedre
Interview Øyvind Bøhren (2015)
Styr Norges Bank bedre
Interview Øyvind Bøhren (2015)
Jobben som vaktbikkje blir illusorisk
Interview Øyvind Bøhren (2015)
Johan H. Andresen: Vil gi døtrene større valgfrihet
Interview Øyvind Bøhren (2015)
Sier noe om hennes integritet
Interview Øyvind Bøhren (2015)
Helnorsk tradisjon, unorsk eier
Interview Øyvind Bøhren (2015)
Strammer inn på ledergoder
Interview Øyvind Bøhren (2014)
Kontroll, ikke verdiskapning
Interview Øyvind Bøhren (2014)
Småsparerne hamstret
Interview Øyvind Bøhren (2014)
Ekstremt vanskelig jobb foran seg
Interview Øyvind Bøhren (2014)
Vil markere at de gjør noe konkret
Interview Øyvind Bøhren (2014)
Dette mister staten kontroll på
Interview Øyvind Bøhren (2014)
KrF-misnøye med hastekutt
Interview Øyvind Bøhren, Håvard Remøy (2014)
Klyngje ikkje gull for eigarane
Interview Øyvind Bøhren (2014)
Unoterte aksjer skaper splittelse
Interview Øyvind Bøhren (2014)
Hagens utvalgte
Interview Øyvind Bøhren (2014)
Familieeffekten
Interview Øyvind Bøhren (2014)
Denne familien har drevet brusfabrikk i snart 100 år
Feature article Øyvind Bøhren, Fredrik Hoseth, Håvard Remøy (2014)
Er næringsklynger spesielt lønnsomme?
Feature article Øyvind Bøhren, Fredrik Hoseth, Håvard Remøy (2014)
Klynger skjerper konkurransen
Participation in media Øyvind Bøhren (2014)
Generasjonsskifte i familiebedrifter
Participation in media Øyvind Bøhren (2013)
Arvefølge i familiebedrifter
Interview Øyvind Bøhren (2013)
Lover skikkelig svar
Interview Øyvind Bøhren (2013)
Flere fallgruver med sponset forskning
Feature article Øyvind Bøhren (2013)
Surt sukker i REC
Interview Øyvind Bøhren (2013)
Mener Røkke "skrur" Staten
Interview Øyvind Bøhren (2013)
Akademisk finansteori
Feature article Øyvind Bøhren (2013)
Svak styringspraksis i REC
Interview Øyvind Bøhren (2013)
Spetalen hyller seg selv
Feature article Øyvind Bøhren (2013)
Bommer om REC
Interview Øyvind Bøhren (2013)
Styreleder Berdal vs. professor Bøhren
Interview Øyvind Bøhren (2013)
Ny kraftig REC-kritikk
Interview Øyvind Bøhren (2013)
Redningsmann på overtid
Interview Øyvind Bøhren (2013)
Ber aksjonærene skjerpe seg
Feature article Øyvind Bøhren (2013)
Spetalen bommer om governance
Interview Øyvind Bøhren (2013)
Mener Kavlifond skaper vinnerkultur
Interview Øyvind Bøhren (2013)
Agastistriden
Interview Øyvind Bøhren (2013)
Beholder makten
Interview Øyvind Bøhren (2013)
Uvitende om flykjøp
Interview Øyvind Bøhren (2013)
Sandpåstrøer og dinosaur
Feature article Øyvind Bøhren (2013)
To politikerfeil om bankrenter
Feature article Øyvind Bøhren (2013)
Ingen idealverden
Feature article Øyvind Bøhren (2013)
Styreuavhengighet
Feature article Øyvind Bøhren (2013)
Styrekvotering er et bomskudd
Feature article Øyvind Bøhren (2013)
Kvotering er et bomskudd
Feature article Øyvind Bøhren, Janis Berzins, Bogdan Stacescu, Morten Josefsen, Pål Erik Steen (2013)
Høyt utbytte gir mindre konflikter
Feature article Øyvind Bøhren, Janis Berzins, Bogdan Stacescu, Morten Josefsen, Pål Erik Steen (2013)
Høyt utbytte - lavt konfliktnivå
Interview Øyvind Bøhren (2013)
Det er mye å vinne
Interview Øyvind Bøhren (2012)
Familieselskaper er mest lønnsomme
Interview Øyvind Bøhren (2012)
Tror kvinner kan havne på B-laget
Interview Øyvind Bøhren (2012)
Ikke sikkert kundene tjener på bankfusjon
Interview Øyvind Bøhren (2012)
Giskes styretrøbbel: Slaktes for Entra-håndtering
Interview Øyvind Bøhren (2012)
Gidder ikke å gjøre som Giske sier
Feature article Øyvind Bøhren, Siv Jønland Staubo (2012)
Medaljens bakside
Interview Øyvind Bøhren (2012)
Mener nordmenn taper på defensivt oljefond - Professor: Blant de beste i klassen
Interview Øyvind Bøhren (2012)
Norge er en klar nummer en
Interview Øyvind Bøhren (2012)
Tilrår å selge alt - eller ingenting
Interview Øyvind Bøhren (2012)
Ulønnsom kvinnekvote
Feature article Øyvind Bøhren, Janis Berzins (2008)
Eierstyring og bedriftsøkonomi utenfor Oslo Børs
Shows
5
of 108 publication(s)
Conference lecture Leon Bogdan Stacescu, Janis Berzins, Øyvind Bøhren (2024)
Illiquid Owners and Firm Behavior
Conference lecture Janis Berzins, Øyvind Bøhren, Bogdan Stacescu (2019)
Shareholder illiquidity and firm behavior: Financial and real effects of the personal wealth tax in private firms
Conference lecture Janis Berzins, Øyvind Bøhren, Bogdan Stacescu (2019)
Shareholder illiquidity and firm behavior: Financial and real effects of the personal wealth tax in private firms
Conference lecture Janis Berzins, Øyvind Bøhren, Bogdan Stacescu (2019)
Shareholder illiquidity and firm behavior: Financial and real effects of the personal wealth tax in private firms
Conference lecture Janis Berzins, Øyvind Bøhren, Bogdan Stacescu (2019)
Shareholder illiquidity and firm behavior: Financial and real effects of the personal wealth tax in private firms
Report Øyvind Bøhren, Janis Berzins, Bogdan Stacescu (2018)
The Family Firm Premium and Family Characteristics: Evidence from Population Data
Report Janis Berzins, Øyvind Bøhren, Bogdan Stacescu (2018)
Dividends and taxes: The moderating role of agency conflicts
Conference lecture Janis Berzins, Øyvind Bøhren, Bogdan Stacescu (2018)
The Family Firm Premium
Conference lecture Bogdan Stacescu, Janis Berzins, Øyvind Bøhren (2018)
Illiquid Shareholders and Firm Cash Flows
Report Janis Berzins, Øyvind Bøhren, Bogdan Stacescu (2018)
Illiquid shareholders and real firm effects: The personal wealth tax and financial constraints
Lecture Øyvind Bøhren (2018)
Family matters: Et dypdykk i norske familiebedrifter
Conference lecture Janis Berzins, Øyvind Bøhren, Bogdan Stacescu (2018)
What Explains the Large Family Firm Premium?
Conference lecture Øyvind Bøhren, Janis Berzins, Bogdan Stacescu (2018)
Illiquid Shareholders and Firm Cash Flows
Report Janis Berzins, Øyvind Bøhren, Bogdan Stacescu (2018)
The Governance and Finance of Norwegian Family Firms: Main Characteristics of the Population
Lecture Øyvind Bøhren (2018)
Glede og smerte i forskningskommunikasjon og samfunnspåvirkning
Conference lecture Bogdan Stacescu, Janis Berzins, Øyvind Bøhren (2018)
The Performance Premium of Family Firms: New Evidence from Population Data
Article Janis Berzins, Øyvind Bøhren, Bogdan Stacescu (2017)
Shareholder Conflicts and Dividends
Conference lecture Janis Berzins, Øyvind Bøhren, Bogdan Stacescu (2017)
Dividends and Taxes: The Moderating Role of Agency Conflicts
Lecture Janis Berzins, Øyvind Bøhren, Bogdan Stacescu (2017)
Speech on corporate finance and governance in private Norwegian firms. Oslo, Norway
Conference lecture Bogdan Stacescu, Øyvind Bøhren, Janis Berzins (2017)
Dividends and Taxes: The Moderating Role of Agency Conflicts
Conference lecture Magnus Berg, Øyvind Bøhren, Erik Vassnes (2017)
Modelling the response to tax shocks: The capital uplift rate in petroleum taxation
Article Audun Farbrot, Øyvind Bøhren (2017)
Majoritetseiere beskytter minoriteten
Textbook Øyvind Bøhren, Dag Michalsen, Øyvind Norli (2017)
Finans: Teori og praksis
Conference lecture Øyvind Bøhren, Sebastian Christophersen, Simen Lerfaldet (2017)
Shareholder turnout
Textbook Øyvind Bøhren, Per Ivar Gjærum (2016)
Finans: Innføring i investering og finansiering
Conference lecture Bogdan Stacescu, Øyvind Bøhren (2016)
The governance of family firms
Conference lecture Øyvind Bøhren, Magnus Berg, Erik Vassnes (2016)
Tax shocks and firm behavior
Report Line Almli, Øyvind Bøhren, Bogdan Stacescu, Kathrine Søndergaard (2015)
When does the family govern the family firm?
Conference lecture Line Almli, Øyvind Bøhren, Bogdan Stacescu, Kathrine Søndergaard (2015)
When does the family govern the family firm?
Report Øyvind Bøhren, Diana Iancu, Georgiana Radulescu, R. Øystein Strøm (2015)
The ownership structure of private firms
Report Janis Berzins, Øyvind Bøhren, Bogdan Stacescu (2014)
Stockholder conflicts and dividends
Report Janis Berzins, Øyvind Bøhren, Bogdan Stacescu (2014)
Dividends, taxes, and agency costs
Lecture Bogdan Stacescu, Janis Berzins, Øyvind Bøhren (2014)
Dividends, taxes and agency costs
Lecture Øyvind Bøhren (2013)
Eierstyring: Teori og praksis
Lecture Øyvind Bøhren (2013)
Eierstyring
Conference lecture Øyvind Bøhren, Siv Jønland Staubo (2013)
Gender quotas: The Norwegian experience
Conference lecture Øyvind Bøhren (2013)
Family management of family firms
Conference lecture Øyvind Bøhren, Siv Jønland Staubo (2013)
Gender quotas and board independence
Conference lecture Siv Jønland Staubo, Øyvind Bøhren (2013)
Gender balance and board independence
Conference lecture Øyvind Bøhren, R. Øystein Strøm, Georgiana Radulescu, Diana Iancu (2013)
Ownership determinants
Lecture Øyvind Bøhren (2013)
Godt eierskap
Lecture Øyvind Bøhren (2013)
Familiebedrifter
Conference lecture Øyvind Bøhren, R. Øystein Strøm, Georgiana Radulescu, Diana Iancu (2013)
Ownership determinants
Lecture Øyvind Bøhren (2013)
Eiers rapportering om eierstyring
Lecture Øyvind Bøhren (2013)
Utbytte som eierstyringsmekanisme
Lecture Øyvind Bøhren (2012)
Uavhengige styrer: Oppskrytt og overforbrukt?
Lecture Øyvind Bøhren (2012)
Styrekvotering: Medaljens bakside
Report Øyvind Bøhren, Siv Jønland Staubo (2012)
Changing organizational form to avoid regulatory constraints: The effect of mandatory gender balance in the boardroom
Lecture Øyvind Bøhren (2012)
Eierstyring utenfor Oslo Børs: Viktig, uutforsket og annerledes
Conference lecture Øyvind Bøhren, Siv Jønland Staubo (2012)
The effect on organizational form of mandating gender balance in corporate boards
Conference lecture Øyvind Bøhren, Siv Jønland Staubo (2012)
Mandatory gender balance in corporate boards: Effects on organizational form
Lecture Øyvind Bøhren (2012)
Eierstyring i Norge
Conference lecture Øyvind Bøhren, Siv Jønland Staubo (2012)
Changing organizational form to avoid regulatory constraints: The effect od mandatory gender balance in the boardroom
Report Øyvind Bøhren, Siv Jønland Staubo (2012)
Female directors and board independence: Evidence from boards with mandatory gender balance
Textbook Øyvind Bøhren, Dag Michalsen (2012)
Finansiell økonomi. Teori og praksis
Lecture Øyvind Bøhren (2011)
Eierstyring utenfor Oslo Børs
Conference lecture Leon Bogdan Stacescu, Janis Berzins, Øyvind Bøhren (2011)
Dividends and Stockholder Conflicts: A Comprehensive Test for Private Firms
Report Janis Berzins, Øyvind Bøhren, Bogdan Stacescu (2011)
Stockholder Conflicts and Dividend Payout
This paper examines how dividend policy influences conflicts of interest between majority and minority stockholders in a large sample of private firms with controlling blockholders. We find that a higher potential for stockholder conflicts is associated with higher payout. This tendency is stronger when the minority stockholder structure is diffuse and when the minority is not on the firm’s board. Minority-friendly payout is also associated with higher subsequent minority investment in the firm. These findings are consistent with the notion that dividend policy is used to mitigate agency costs, particularly when this benefits the majority in the longer run.
Conference lecture Annette Alstadsæter, Øyvind Bøhren, Leon Bogdan Stacescu, Janis Berzins (2011)
Ownership, Taxes and Dividends
Book Øyvind Bøhren (2011)
Eierne, styret og ledelsen: Corporate governance i Norge
Lecture Øyvind Bøhren (2011)
Private firms
Lecture Øyvind Bøhren (2011)
Eierstyring i norske unoterte selskaper
Conference lecture Annette Alstadsæter, Janis Berzins, Øyvind Bøhren, Leon Bogdan Stacescu (2011)
Illiquid stockholders and firm payout
Conference lecture Janis Berzins, Leon Bogdan Stacescu, Annette Alstadsæter, Øyvind Bøhren (2011)
Tax concerns and agency concerns in dividend policy: Holding companies as a separating device
Lecture Øyvind Bøhren (2011)
Unoterte bedrifter og familiebedrifter
Conference lecture Annette Alstadsæter, Øyvind Bøhren, Janis Berzins, Leon Bogdan Stacescu (2011)
Ownership, Taxes and Dividends
Lecture Øyvind Bøhren (2011)
Corporate Governance
Report Øyvind Bøhren, Morten Josefsen, Pål Erik Steen (2011)
Dividends and stakeholder conflicts: A cleaner test
Report Øyvind Bøhren, Nils Erik Krosvik (2011)
The economics of minority freezeouts: Evidence from the courtroom
Report Janis Berzins, Øyvind Bøhren, Leon Bogdan Stacescu (2011)
Dividends and stockholder conflicts: A comprehensive test for private firms
Conference lecture Leon Bogdan Stacescu, Janis Berzins, Øyvind Bøhren (2011)
Dividends and Stockholder Conflicts: A Comprehensive Test for Private Firms
Conference lecture Øyvind Bøhren, Morten Josefsen (2010)
Dividends and stakeholder conflicts: A cleaner test
Report Øyvind Bøhren, Richard Priestley, Ilan Cooper (2009)
Real investment, economic efficiency, and managerial entrenchment
Report Øyvind Bøhren, Janis Berzins (2009)
Private firms are significant and different
Report Øyvind Bøhren, Richard Priestley, Bernt Arne Ødegaard (2009)
Investor short-termism and firm value
Textbook Øyvind Bøhren, Per Ivar Gjærum (2009)
Prosjektanalyse. Investering og finansiering
Report Janis Berzins, Øyvind Bøhren, Pål Rydland (2008)
Corporate finance and governance in firms with limited liability: Basic characteristics
We analyze a wide range of corporate finance and governance characteristics in all active Norwegian firms with limited liability over the period 1994-2005. This sample includes about 77,000 nonlisted (private) firms and 135 listed (public) firms per year. Nonlisted firms have barely been addressed in the finance literature, despite our finding that they employ four times more people than listed firms, have about four times higher revenues, hold twice as much assets, and constitute over 99% of the enterprises. Indirect evidence suggests that this is also the typical situation worldwide. The unexplored nature of nonlisted firms makes us address a large set of characteristics, and to focus more on describing overall patterns in the data rather than making elaborate tests of behavioral hypotheses. We find that the size distribution of firms in the economy is close to lognormal, which is consistent with independence between size and growth for the individual firm.
Report Øyvind Bøhren, Janis Berzins, Pål Rydland (2008)
The corporate finance and governance of limited liability firms: Basic characteristics
Conference lecture Øyvind Bøhren, Øystein Strøm (2007)
Aligned, informed, and decisive: Characteristics of value-creating boards
This paper explores how board composition influences the conflict of interest between principals and agents, the production of information for monitoring and advice, and the board's effectiveness as a decision-maker. Paying particular attention to the board's independence, information production, and diversity, we exploit unusually rich data from an unexplored institutional environment to estimate models that account for potential endogeneity. We find that performance improves when the directors own equity in the firm, have wide information networks to other firms, and when the board has low gender diversity, no employee directors, and small size. No systematic association is found between performance and independence. We find that board mechanisms are endogenous, both relative to each other and to performance. These characteristics of value-creating boards are consistent with theoretical predictions and the limited existing evidence, but lend no support to popular opinion and the current politics of corporate governance.
Report Øyvind Bøhren, Morten Josefsen (2007)
Do stakeholders matter for corporate governance? Behavior and performance of Norwegian banks 1985-2002
The distribution of formal control rights among the firm’s stakeholders (such as stockholders, creditors, employees, politicians, and customers) attracts considerable public attention in many countries. For instance, a common view in the UK and the US is that firms should have profit maximization as their only objective, and that stockholders should be the dominant stakeholder in corporate governance. In contrast, conventional wisdom in Continental Europe and Japan is that firms should have multiple objectives and allocate formal power to more stakeholder types than just stockholders. The politics of corporate governance addresses this issue by regulating the owners’ ability to control the corporation. This report addresses this issue empirically by trying to answer two questions. First, what relationship do we actually observe between stakeholder structure and corporate behavior? For instance, do firms take less risk when stockholders share control rights with employees, customers, and politicians? Second, what is the real-world link between stakeholder structure and economic performance? For instance, do ownerless firms have lower returns to capital invested than firms owned by stockholders?
Report Øyvind Bøhren, Richard Priestley, Bernt Arne Ødegaard (2006)
The duration of equity ownership at the Oslo Stock Exchange 1989-1999
To date little is known about how long equity ownership lasts, what determines its length, and whether ownership duration is related to rm performance. Using a unique time series of equity holdings over eleven years, we nd that on average the rm's largest owner stays less than three years and stays longer than owners with smaller stakes. The duration of nancial institutions and foreigners is shorter than that of individuals and industrial rms. We show that ownership duration is duration dependent as the probability of closing an equity position is a function of how long the owner has held the stake. Ownership duration appears to match the duration of the rm's investment projects. We nd no evidence that large owners vote by foot in the sense that bad news about earnings leads to duration ending. There is a negative relationship between ownership duration and a rm's performance in general, but the sign and strength of this relationship di ers across owner types. Long duration by nancial institutions and industrial corporations is negatively related to performance, whereas the opposite is true for individuals. This suggests that long term ownership may improve rm performance if the monitoring is direct as opposed to delegated.
Conference lecture Øyvind Bøhren, Øystein Strøm (2006)
Aligned, informed, and decisive: Characteristics of value-creating boards
This paper explores how board composition influences the conflict of interest between principals and agents, the production of information for monitoring and advice, and the board's effectiveness as a decision-maker. Paying particular attention to the board's independence, information production, and diversity, we exploit unusually rich data from an unexplored institutional environment to estimate models that account for potential endogeneity. We find that performance improves when the directors own equity in the firm, have wide information networks to other firms, and when the board has low gender diversity, no employee directors, and small size. No systematic association is found between performance and independence. We find that board mechanisms are endogenous, both relative to each other and to performance. These characteristics of value-creating boards are consistent with theoretical predictions and the limited existing evidence, but lend no support to popular opinion and the current politics of corporate governance.
Article Øyvind Bøhren (2006)
Eierskap og lønnsomhet
Report Øyvind Bøhren, Øystein Strøm (2005)
The value-creating board: Theory and evidence
This paper explores empirically how board composition influences the conflict of interest between agents and principals, the production of information for monitoring and support, and the board's effectiveness as a decision-maker. We find that potential agency costs in our sample firms are high because the ownership-driven monitoring incentives are low. The average board has only six members, gender diversity is low, roughly half the firms have employee directors, and most CEOs are neither directors in their firm nor elsewhere. Using a wide set of such board characteristics and new measures of board independence and director networking, static and dynamic fixed effects panel data models show that value-creating boards are aligned with their shareholders, but dependent on the CEO. Multiple directorships create valuable information networks, whereas diversity in terms of gender, board size, and employee directors reduces value. Models accounting for endogeneity and reverse causation support these conclusions.
Report Øyvind Bøhren, Bernt Arne Ødegaard (2001)
Corporate governance and economic performance in Norwegian listed firms
Textbook Øyvind Bøhren, Dag Michalsen (2001)
Finansiell økonomi. Teori og praksis
Report Øyvind Bøhren, Bernt Arne Ødegaard (2000)
The ownership structure of Norwegian firms: Characteristics of an outlier
Textbook Øyvind Bøhren, Per Ivar Gjærum (1999)
Prosjektanalyse
Report Øyvind Bøhren, Jørgen Haug, Dag Michalsen (1997)
Consolidation policy and managerial discretion: Accounting for intercorporate shareholdings
Book Per Ivar Gjærum, Øyvind Bøhren (1997)
Prosjektanalyse: En innføring. 3.utgave (Project analysis. 3rd ed.)
Report Øyvind Bøhren, Bjørn Espen Eckbo, Dag Michalsen, David C, Smith (1997)
Corporate dividend policy in Norway
Textbook Øyvind Bøhren, Dag Michalsen (1994)
Finansiell økonomi. Teori og praksis
Article Øyvind Bøhren, Arne Jon Isachsen (1991)
Forsker og forretningsmann: En verdiskapende allianse
Textbook Øyvind Bøhren, Per Ivar Gjærum (1991)
Prosjektanalyse med PC-verktøy
Textbook Øyvind Bøhren, Per Ivar Gjærum (1991)
Prosjektanalyse: En innføring
Article Øyvind Bøhren (1987)
Økonomisk risiko i oljeprosjekter
Article Øyvind Bøhren (1987)
Erfaringer fra produktutvikling: Finansiell programvare for PC
Textbook Øyvind Bøhren, Per Ivar Gjærum (1987)
Budsjettering, investering og finansiering
Book review Øyvind Bøhren (1987)
Jan Mossin: "Markedseffisiens. Finansmarkedslære for nøkterne investors"
Report Øyvind Bøhren, Steinar Ekern (1985)
Usikkerhet i oljeprosjekter: Relevante og irrelevante risikohensyn
Report Øyvind Bøhren, Steinar Ekern (1985)
Risiko og lønnsomhet i oljeprosjekter: Eksempler på modellbruk ved større feltanalyser
Book chapter Øyvind Bøhren (1984)
Foretaksstrategi og økonomisk teori
Report Øyvind Bøhren, Steinar Ekern, Thore Johnsen, Pål E. Korsvold (1984)
Lønnsomhet av oljeprosjekter: En systematisk gjennomgang av alternative modeller for prosjektvurdering under usikkerhet
Textbook Øyvind Bøhren, Per Ivar Gjærum (1984)
Oppgaver og løsningsforslag i budsjettering, investering og finansiering
Article Øyvind Bøhren (1982)
Er effektiv rente bryet verd?
Article Øyvind Bøhren, Cornelius M. Schilbred (1982)
Evaluating North Sea petroleum fields
PhD thesis Øyvind Bøhren (1978)
Choice of models and data in capital budgeting
Master thesis Øyvind Bøhren (1976)
Analyse av petroleumsinvesteringer
| Year | Academic Department | Degree |
|---|---|---|
| 1978 | Norwegian School of Economics, NHH | Ph.D. |
| 1976 | Norwegian School of Economics, NHH | Master of Science |
| 1973 | Norwegian School of Economics, NHH | B.A. |
| Year | Employer | Job Title |
|---|---|---|
| 2019 - Present | BI Norwegian Business School | Professor Emeritus |
| 2006 - 2019 | BI Norwegian Business School | Founding director, Centre for Corporate Governance Research (CCGR) |
| 1985 - 2019 | BI Norwegian Business School | Professor of financial economics |
| 2004 - 2009 | BI Norwegian Business School | Holder of the Stein Erik Hagen Chair for private ownership |
| 1993 - 1996 | BI Norwegian Business School | Dean of Graduate Programs |
| 1992 - 1993 | University of North Carolina at Chapel Hill | Visiting scholar |
| 1983 - 1985 | BI Norwegian Business School | Associate professor, finance |
| 1982 - 1983 | BI Norwegian Business School | Assistant professor, finance |
| 1980 - 1982 | Norwegian School of Economics | Assistant professor, management |
| 1979 - 1980 | University of Washington | Visiting scholar |
| 1977 - 1980 | Norwegian School of Economics | Research associate, finance |
| 1974 - 1976 | Norwegian School of Economics (NHH) | Research assistant, management |