Research

Department of Finance

The Department of Finance has a strong international orientation, with faculty from leading schools in finance and economics. Our research is published in top journals and covers all areas of finance.

2024

Thursday, April 18, 2024 - New pub! Strategic Trading as a Response to Short Sellers
Marco Di Maggio, Francesco Franzoni, Massimo Massimo and Roberto Tubaldi. Forthcoming in Journal of Financial Markets.
Wednesday, April 3, 2024 - New pub! The consumption expenditure response to unemployment: Evidence from Norwegian households
Andreas Fagereng, Helene Onshuus and Kjersti N. Torstensen. Forthcoming in Journal of Monetary Economics.
Monday, January 29, 2024 - New pub! Non-pecuniary Benefits: Evidence from the Location of Private Company Sales
Mark Jansen and Adam Winegar. Forthcoming in Review of Corporate Finance Studies.
Tuesday, January 23, 2024 - New pub! The Importance of Unemployment Risk for Individual Savings
Ragnar E. Juelsrud and Ella Getz Wold. Management Science. Forthcoming.
Monday, January 22, 2024 - New pub! The Effect of Female Leadership on Contracting from Capitol Hill to Main Street
Jonathan Brogaard, Nataliya Gerasimova and Maximilian Rohrer. Journal of Financial Economics, Forthcoming.
Monday, January 8, 2024 - New pub! Asset Life, Leverage, and Debt Maturity Matching
Thomas Geelen, Jakub Hajda, Erwan Morellec and Adam Winegar. Journal of Financial Economics. Forthcoming.

2023

Sunday, November 19, 2023 - New pub! Concealed Carry
Spencer Andrews, Riccardo Colacito, Max Croce and Federico Gavazzoni. Forthcoming in Journal of Financial Economics.
Friday, September 22, 2023 - New Pub: Disagreement, Information Quality and Asset Prices
Costas Xiouros and Fernando Zapatero. Forthcoming in Journal of Financial Economics.
Thursday, August 31, 2023 - New grant: Prestigious CAS grant to Paul Ehling
Paul Ehling has received grant from Centre for Advanced Studies (CAS) to do research on "Asset Pricing with Heterogeneous Investors in Overlapping Generations"
Thursday, August 31, 2023 - New pub: Market Discipline in the Direct Lending Space
Tetiana Davydiuk, Tatyana Marchuk and Samuel Rosen. Forthcoming in Review of Financial Studies
Monday, August 7, 2023 - New pub: The Finance Uncertainty Multiplier
Iván Alfaro, Nick Bloom, and Xiaoji Lin. Forthcoming in Journal of Political Economy.
Tuesday, February 28, 2023 - New hires! Olav Syrstad and Christian Heyerdahl-Larsen will join BI
Tuesday, February 28, 2023 - Conference on ESG
The Centre for Asset Pricing Research (CAPR) organizes ESG Conference in Oslo on April 13, 2023.
Friday, January 13, 2023 - New Pub! Negative Nominal Interest Rates and the Bank Lending Channel
Gauti B. Eggertsson, Ragnar E. Juelsrud, Lawrence H. Summers & Ella Getz Wold. Forthcoming in Review of Economics Studies

2022

Tuesday, December 20, 2022 - New pub: "Diminishing Treasury Convenience Premiums: Effects of Dealers’ Excess Demand in Auctions"
Sven Klingler and Suresh Sundaresan. Forthcoming in Journal of Monetary Economics.
Tuesday, December 13, 2022 - The Leading Premium
New paper! Max Croce, Tatyana Marchuk and Christian Schlag. Forthcoming in Review of Financial Studies.
Tuesday, May 31, 2022 - Seminar in Ministry of Finance: The oil fund and challenges for fiscal policy
Espen Henriksen to discuss the Norwegian sovereign wealth fund and challenges for fiscal policy, together with Steinar Holden (UiO), Hilde Bjørnland (BI) and John Cochrane (Stanford)
Tuesday, May 31, 2022 - Agency Conflicts and Investment: Evidence from a Structural Estimation
New paper! Redouane Elkahmi, Daniel Kim, Chanik Jo, and Marco Salerno. Forthcoming in Review of Corporate Finance Studies.
Tuesday, March 22, 2022 - The Foreign Exchange Market
New paper! Alain Chaboud, Dagfinn Rime and Vladyslav Sushko. Forthcoming in The Research Handbook of Financial Markets, edited by Refet Gürkaynak and Jonathan Wright.
Tuesday, March 22, 2022 - Reexamining the evidence on gun ownership and homicide using proxy measures of ownership
New paper! Karim Chalak, Daniel Kim, Megan Miller and John Pepper. Forthcoming in Journal of Public Economics.
Tuesday, January 11, 2022 - Sven Klingler wins EU funding to investigate financial frictions
Associate Professor Sven Klingler receives a € 1,5 million ERC Starting Grant for his research project on frictions between lenders and borrowers in financial markets.
Tuesday, January 11, 2022 - Why Do Boards Exist? Governance Design in the Absence of Corporate Law
New paper! Mike Burkart, Salvatore Miglietta, and Charlotte Ostergaard. Forthcoming in Review of Financial Studies
Tuesday, January 11, 2022 - Covered Interest Parity Arbitrage
New paper! Dagfinn Rime, Andreas Schrimpf, and Olav Syrstad. Forthcoming in Review of Financial Studies.

2021

Monday, September 20, 2021 - The Role of the Discount Rate in Investment and Employment Decisions
New paper! Møller, Stig and Priestley, Richard. Forthcoming in Journal of Financial and Quantitative Analysis
Thursday, August 5, 2021 - 9th Workshop on investment and production-based asset pricing
The Center for Asset Pricing Research (CAPR) at BI Norwegian Business School is hosting its 9th annual workshop on investment and production-based asset pricing.
Thursday, May 20, 2021 - High Funding Risk and Low Hedge Fund Returns
New paper! Sven Klingler. Forthcoming in Critical Finance Review

2020

Tuesday, December 1, 2020 - MPC Heterogeneity and Household Balance Sheets
New paper! Andreas Fagereng, Martin B Holm og Gisle J Natvik. Forthcoming in American Economic Journal: Macroeconomics
Wednesday, October 21, 2020 - Life After Libor
New Paper! Sven Klingler and Olav Syrstad. Forthcoming in Journal of Financial Economics
Tuesday, October 20, 2020 - Equilibrium Asset Pricing in Directed Networks
New Paper! Nicole Branger, Patrick Konermann, Christoph Meinerding, and Christian Schlag. Forthcoming in Review of Finance
Tuesday, October 20, 2020 - Andreas Fagereng promoted to professor
We congratulate Andreas with his fully deserved promotion to professor at the department of finance.
Friday, July 3, 2020 - A Global Macroeconomic Risk Model for Value, Momentum, and Other Asset Classes
New paper! Ilan Cooper, Andreea Mitrache and Richard Priestley. Forthcoming in Journal of Financial and Quantitative Analysis
Tuesday, June 30, 2020 - Why do Wealthy Parents Have Wealthy Children?
New paper: Andreas Fagereng, Magne Mogstad and Marte Rønning. Forthcoming in the Journal of Political Economy.
Friday, June 19, 2020 - Governance Conference 2020 on Sustainability
Centre for Corporate Governance Research (CCGR) organizes the Governance Conference 2020 on Sustainability: «Bærekraft—utfordringer og muligheter”, September 22 with speakers from from Hydro, Orkla, FSN Capital, Aars, and BI. Follow link for program and registration.
Friday, June 19, 2020 - Price Discovery in Two-Tier Markets
New paper! Geir H. Bjønnes, Carol L. Osler and Dagfinn Rime. Forthcoming in International Journal of Finance and Economics.
Tuesday, May 12, 2020 - New hire: Alejandro Lopez-Lira
We are very happy to welcome Alejandro Lopez-Lira from Wharton.
Tuesday, May 12, 2020 - Active Loan Trading
New paper! Frank J. Fabozzi, Sven Klingler, Pia Mølgaard and Mads Stenbo Nielsen. Forthcoming in Journal of Financial Intermediation.
Tuesday, May 12, 2020 - New hire: Zhaneta Krasimirova Tancheva
We are very happy to welcome Zhaneta Krasimirova Tancheva from Tilburg U.

2019

Wednesday, December 4, 2019 - Risk Aversion Sensitive Real Business Cycles
New paper! Chen, Zhanhui and Cooper, Ilan and Ehling, Paul and Xiouros, Costas. Forthcoming Management Science
Wednesday, December 4, 2019 - Does Publication of Interest Rate Paths Provide Guidance?
New paper! Gisle James Natvik, Dagfinn Rime and Olav Syrstad. Forthcoming Journal of International Money and Finance
Tuesday, September 3, 2019 - Heterogeneity and Persistence in Returns to Wealth
New Paper! Andreas Fagereng, Luigi Guiso, Davide Malacrino & Luigi Pistaferri. Forthcoming in Econometrica.
Friday, August 9, 2019 - Measurement Error in Multiple Equations: Tobin's q and Corporate Investment, Saving, and Debt
Karim Chalak and Daniel Kim. Forthcoming in Journal of Econometrics
Tuesday, August 6, 2019 - Consumption Fluctuations and Expected Returns
Victoria Atanasov, Stig Vinther Møller, and Richard Priestley. Forthcoming Journal of Finance.
Tuesday, August 6, 2019 - New hire: Andreas Fagereng
We are very happy to welcome Andreas Fagereng as new Associate Professor.
Monday, August 5, 2019 - Dividends and Taxes: The Moderating Role of Agency Conflicts
Janis Berzins, Øyvind Bøhren and Bogdan Stacescu. Forthcoming Journal of Corporate Finance.
Monday, August 5, 2019 - Measurement Error Without the Proxy Exclusion Restriction
New publication! Karim Chalak & Daniel Kim. Journal of Business & Economic Statistics
Monday, June 24, 2019 - Joint CME-CAPR seminar
Industry Seminar discussing the composition of NBIM's referance index. Deputy Governor Egil Matsen and Head of Investment Ole Christian Bech-Moen present the reflections by NBIM.
Monday, June 3, 2019 - Optimists and Pessimists in (In)Complete Markets
New paper! Nicole Branger, Patrick Konermann and Christian Schlag. Forthcoming in Journal of Financial and Quantitative Analysis.
Monday, April 1, 2019 - Microstructure of Foreign Exchange Markets
New paper! Martin D.D. Evans and Dagfinn Rime. Forthcoming in Oxford Research Encyclopedia.
Friday, March 1, 2019 - New hire: Thomas K. Poulsen
We are very happy to welcome Thomas K. Poulsen from CBS.
Friday, March 1, 2019 - New hire: Daniel Kim
We are very happy to welcome Daniel Kim from Wharton.
Friday, March 1, 2019 - New hire: Tong Zhang
We are very happy to welcome Tong Zhang from U of Zurich.
Friday, March 1, 2019 - New hire: Gosia Ryduchowska
We are very happy to welcome Gosia Ryduchowska from LSE.

2018

Thursday, November 1, 2018 - BI MSc in Finance highly ranked in the world!
The BI MSc in Finance program has made its first appearance in the world rankings at very high places! Ranked 48 in the FT ranking, and 41 in the QS TopUniversities ranking.

Read more

The FT recently ranked the program as 48th in the world for pre-experience finance post-graduate programs for the year 2018 (link), leaving behind many prestigious programs that have been ranked for several years.

Our program was also ranked as 41st in the world by QS TopUniversities among Business Masters programs with specialization in Finance (link). We expect to climb up considerably in the future when this ranking takes into consideration our strong research reputation.
Tuesday, August 21, 2018 - When Does the Family Govern the Family Firm?
New paper! Øyvind Bøhren, Bogdan Stacescu, Line Almli and Kathrine L. Søndergaard. Forthcoming in Journal of Quantitative and Financial Analysis
Wednesday, May 30, 2018 - Annual Conference on International Finance, 2018
BI host the Annual Conference on International Finance on June 22nd. We have 6 papers, 6 discussants, and keynote by Adrien Verdelhan (MIT).
Monday, May 7, 2018 - ECGI Best Paper Award 2018 to BI faculty
Salvatore Miglietta and Charlotte Østergaard's paper, joint with Mike Burkart, "Why do boards exist? Governance design in the absence of corporate law", won the ECGI Best Paper Award.
Monday, April 30, 2018 - Workshop on "Investment- and Production-Based Asset Pricing"
Centre for Asset Pricing Research (CAPR) at BI Norwegian Business School Workshop on "Investment- and Production-Based Asset Pricing", Tuesday, May 22, 2018
Monday, April 30, 2018 - New evidence on conditional factor models
New paper: Ilan Cooper and Paolo Maio. Forthcoming in Journal of Quantitative and Financial Analysis.
Tuesday, April 24, 2018 - BI-SHoF Conference 2018
BI-SHoF conference on Asset Pricing and Financial Econometrics 4 and 5 June 2018
Tuesday, January 30, 2018 - Safe Haven CDS Premiums
New paper: Sven Klingler and David Lando. Forthcoming Review of Financial Studies
Monday, January 22, 2018 - The Demographic Deficit
New Paper! Espen Henriksen and Thomas Cooley. Forthcoming Journal of Monetary Economics.
Monday, January 15, 2018 - Asset Growth, Profitability, and Investment Opportunities
New paper! Ilan Cooper and Paulo Maio. Forthcoming in Management Science.
Wednesday, January 10, 2018 - Charlotte Ostergaard elected to EFA
Charlotte will serve as Director on the Executive Committee of the European Finance Association (EFA) from January 2018 until end 2020. Congratulations!

2017

Tuesday, December 19, 2017 - An Explanation of Negative Swap Spreads: Demand for Duration from Underfunded Pension Plans
New Paper: Sven Klingler and Suresh Sundaresan. Forthcoming in Journal of Finance.
Tuesday, December 19, 2017 - The Dynamic Properties of Financial-Market Equilibrium with Trading Fees
New paper: Adrian Buss and Bernard Dumas. Forthcoming in Journal of Finance.
Tuesday, December 19, 2017 - Modeling the response to exogenous shocks: The capital uplift rate in petroleum taxation
New Paper: Magnus Berg, Øyvind Bøhren and Erik Vassnes. Forthcoming in Energy Economics.
Tuesday, December 19, 2017 - Hamid to EDHEC Business School
We congratulate Hamid Boustanifar with his new position at EDHEC Business School and wish him all the best for the future.
Tuesday, November 14, 2017 - Are CEOs Born Leaders? Lessons from Traits of a Million Individuals
New paper: Renee B. Adams, Matti Keloharju and Samuli Knüpfer. Forthcoming in Journal of Financial Economics.
Wednesday, November 1, 2017 - CEO Dividend Protection
New paper: Danielle Zhang. Forthcoming in Journal of Empirical Finance.
Monday, October 30, 2017 - PhD Scholarships in Finance
The Department of Finance is currently inviting applications for new doctoral scholarships starting August 2018.
Friday, October 13, 2017 - Sovereign to Corporate Risk Spillovers
New paper: P. Augustin, Hamid Boustanifar, J. Breckenfelder, and J. Schnitzler. Forthcoming Journal of Money, Credit, and Banking.
Wednesday, September 6, 2017 - Danielle Zhang: Lead article in Review of Finance
Danielle Zhang's paper on "How Important Are Risk-Taking Incentives in Executive Compensation?" is lead-article in issue 5 of Review of Finance and featured in the RoF blog by Alex Edmans.
Wednesday, September 6, 2017 - Welcome to our four new hires!
We welcome Tatyana Marchuk, Ivan Alfaro, Sven Klingler and Adam Winegar to our department. They have all four now arrived and we look forward to discuss research with them.
Tuesday, September 5, 2017 - Asset Prices and Portfolio Choice with Learning from Experience
New paper: Paul Ehling, Alessandro Graniero, and Christian Heyerdahl-Larsen. Forthcoming in Review of Economic Studies
Monday, August 21, 2017 - Best paper award
Øyvind Bøhren and Siv Staubo received Best Paper Award by the European Financial Management Association. Their paper "Mandatory Gender Balance and Board Independence" was most downloaded paper in 2016. Congratulations!
Thursday, August 3, 2017 - Throttling Hyperactive Robots - Order to Trade Ratios at the Oslo Stock Exchange
New paper: Kjell Jorgensen, Johannes Atle Skjeltorp and Bernt Arne Ødegaard. Forthcoming in Journal of Financial Markets.
Wednesday, March 1, 2017 - web New hire: Adam Winegar
We are very happy to hire Adam Winegar from U of Texas at Austin
Monday, February 27, 2017 - web New hire: Tatyana Marchuk
We are very happy to hire Tatyana Marchuk from Goethe University Frankfurt
Saturday, February 18, 2017 - web New hire: Ivan Alfaro
We are very happy to hire Ivan Alfaro from Ohio State U
Monday, February 6, 2017 - web New hire: Sven Klingler
We are very happy to hire Sven Klingler from CBS.
Tuesday, January 31, 2017 - Wages and Human Capital in Finance: International Evidence, 1970-2011
New paper: Hamid Boustanifar, Rett Grant and Ariell Reshef. Forthcoming in Review of Finance.
Tuesday, January 24, 2017 - SSRN How Important are Risk-Taking Incentives in Executive Compensation?
New paper: Ingolf Dittmann, Ko-Chia Yu and Danielle Zhang. Forthcoming in Review of Finance.

2016

Tuesday, December 27, 2016 - SSRN Portfolio Tax Trading with Carry-Over Losses
New paper: Paul Ehling, Michael F. Gallmeyer, Sanjay Srivastava, Stathis Tompaidis, and Chunyu Yang. Forthcoming in Management Science
Tuesday, December 27, 2016 - Disagreement about inflation and the yield curve
New paper: Paul Ehling, Michael F. Gallmeyer, Christian Heyerdahl-Larsen and Philipp Illeditsch. Forthcoming in Journal of Financial Economics
Wednesday, November 30, 2016 - Differences of Opinion and International Equity Markets
New paper: Bernard Dumas, Karen Lewis and Emilio Osambela. Forthcoming in Review of Financial Studies.
Friday, July 1, 2016 - BI New hires
New hires: Alessandro Graniero from London Business School; Patrick Konermann from Munster University; Jens Kværner from NHH.
Wednesday, June 15, 2016 - BI Espen Henriksen on government-appointed committee
Espen Henriksen on government-appointed committee for the strategy of the Norwegian sovereign wealth fund, NBIM. VOX-column on the committee-recommendations
Thursday, June 9, 2016 - BI Differences of Opinion and International Equity Markets
New paper: Bernard Dumas, Karen Lewis and Emilio Osambela. Forthcoming in Review of Financial Studies.

Recent papers:

Bernard Dumas, Karen Lewis and Emilio Osambela. Differences of Opinion and International Equity Markets. Forthcoming in Review of Financial Studies.
Martin D.D. Evans and Dagfinn Rime. Order flow information and spot rate dynamics. Forthcoming in Journal of International Money and Finance.
Adrian Bussa, Bernard Dumas, Raman Uppal, and Grigory Vilkov. The Intended and Unintended Consequences of Financial-Market Regulations:A General Equilibrium Analysis. Forthcoming in Journal of Monetary Economics.
Samuli Knüpfer, Elias Henrikki Rantapuska and Matti Sarvimäki. Formative Experiences and Portfolio Choice: Evidence from the Finnish Great Depression. Forthcoming in Journal of Finance.
Juan-Pedro Gomez, Richard Priestley, Fernando Zapatero. Labor Income, Relative Wealth Concerns, and the Cross-Section of Stock Returns. Journal of Financial and Quantitative Analysis. vol51(4), pp. 1111-1133, Aug 2016.
Paul Ehling and Christian Heyerdahl-Larsen. Correlations. Forthcoming in Management Science.
Mark Grinblatt, Seppo Ikäheimo, Matti Keloharju and Samuli Knüpfer. IQ and Mutual Fund Choice. Management Science, vol 62(4), 945-963, April 2016.
Markku Kaustia, Samuli Knüpfer and Sami Torstila. Stock Ownership and Political Behavior: Evidence from Demutualizations. Management Science, vol 62(4), 945-963, April 2016.
Charlotte Ostergaard, Ibolya Schindele and Bent Vale. Social Capital and the Viability of Stakeholder-Oriented Firms: Evidence from Norwegian Savings Banks. Review of Finance. vol 20(5), 1673-1718, 2016.
Ilan Cooper and Richard Priestley. The Expected Returns and Valuations of Private and Public Firms. Journal of Financial Economics. vol 120(1), pp 41-57. April 2016.

Congrats! FIBE Best paper award to Bogdan Stacescu
Øyvind Norli awarded best lecturer award in the Executive MBA program