Nylige publikasjoner fra institutt for finans

Journal of Empirical Finance 89 s. 1-13 Doi: https://doi.org/10.1016/j.jempfin.2026.101778

We use the “last days of LIBOR,” the period leading up to the final publication of the London Interbank Offered Rate (LIBOR), to study how financial markets adapt to changes imposed by regulators. Focusing on interest rate derivatives, we find that regulatory changes that alter contractual cash flows are quickly reflected in prices. Prices initially overreact, with the response extending to contracts whose cash flows are unaffected, consistent with fire sales by levered investors. Regulatory surprises also have persistent effects, with market prices implying a higher perceived probability of further policy changes. Our findings provide evidence on how markets respond to policy interventions.

Samfunnsøkonomen 140(4) s. 99-118 Doi: https://doi.org/10.18261/sam.140.4.1

Journal of Corporate Finance s. 103100-103100 Doi: https://doi.org/10.1016/j.jcorpfin.2026.103100

We study how firms choose to allocate control over strategic corporate decisions between shareholders and management in a historical setting where governance design was not mandated by corporate law, but ownership structures were constrained by differences in regional wealth distributions. The general shareholder meeting is the dominant governance body, retaining control over the largest number of strategic decisions. Nevertheless, firms with a predominance of small —and plausibly less informed— shareholders empower managers by delegating control over a larger number of strategic decisions to them. Furthermore, shareholder empowerment is accompanied by statutory provisions that facilitate information acquisition, suggesting that control and information are complements. Our findings highlight that the debate on shareholder empowerment should account for the role of ownership structure and information as key determinants of the allocation of control between shareholders and management.

Review of Economic Studies Doi: https://doi.org/10.1093/restud/rdag087

Quantitative Economics 17(1) s. 1-37 Doi: https://doi.org/10.3982/QE2555