Ansattprofil

Janis Berzins

Førsteamanuensis - Institutt for finans

Bilde av Janis Berzins

Biografi

Personal homepage

I have worked for BI since 2006. I joined BI after graduating from Indiana University Finance Department. In past, I have worked on a consulting project with SEC, as a sales manager, hotel manager, and accountant.

Research areas
My interests are in Corporate Governance, Corporate Finance, and Portfolio Management. Under portfolio management, I am interested in strategy and performance attribution and information processing in mutual fund and institutional money management complexes. I am particularly interested in corporate finance and governance issues of family firms. I work on projects that examine issues such as the resolution of agency issues in private firms via dividend policy and the link between individual liquidity needs and activities in firms owned by these individuals. My interests include shocks generated by wealth tax changes.

Teaching areas
I have taught Applied Valuation, CFA Institute Reseach Challenge course, Managerial Accounting (MBA), Investment (undergraduate), Market Microstructure (undergraduate), International Finance (undergraduate, graduate, MBA, excecutive MBA), Basic Financial Management (undergraduate), Financial Intermediation and Banking (graduate). I am interested in integrating case-based teaching in otherwise regular courses.

Ekspertområder

Publikasjoner

Berzins, Janis & Pajuste, Anete (2024)

Family firm successions: First-generation transitions in Latvia

64 Doi: https://doi.org/10.1016/j.frl.2024.105410

Bøhren, Øyvind & Berzins, Janis (2020)

Innlegg: Overselger studie om formuesskatt

Berzins, Janis; Bøhren, Øyvind & Stacescu, Bogdan (2019)

Dividends and taxes: The moderating role of agency conflicts

58(October) , s. 583- 604. Doi: https://doi.org/10.1016/j.jcorpfin.2019.07.003 - Fulltekst i vitenarkiv

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.

Berzins, Janis; Bøhren, Øyvind & Stacescu, Bogdan (2018)

The under-researched family firm: New insights from unique Norwegian data

, s. 99- 118. Doi: https://doi.org/10.18261/9788215031583-2018-08

Berzins, Janis; Bøhren, Øyvind & Stacescu, Bogdan (2018)

Shareholder conflicts and dividends

22(5) , s. 1807- 1840. Doi: https://doi.org/10.1093/rof/rfx046 - Fulltekst i vitenarkiv

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.

Berzins, Janis & Bøhren, Øyvind (2013)

Norske familiebedrifter - Omfang, eierstyring og lønnsomhet

29(3) , s. 57- 75.

Berzins, Janis; Trzcinka, Charles & Liu, Crocker (2013)

Asset management and investment banking

110(1) , s. 215- 231. Doi: https://doi.org/10.1016/j.jfineco.2013.05.001

We find evidence that conflicts of interest are pervasive in the asset management business owned by investment banks. Using data from 1990 to 2008, we compare the alphas of mutual funds, hedge funds, and institutional funds operated by investment banks and non-bank conglomerates. We find that, while no difference exists in performance by fund type, being owned by an investment bank reduces alphas by 46 basis points per year in our baseline model. Making lead loans increases alphas, but the dispersion of fees across portfolios decreases alphas. The economic loss is $4.9 billion per year.

Bøhren, Øyvind & Berzins, Janis (2009)

Unoterte aksjeselskaper selskaper er viktige, uutforskede og spesielle

8(2) , s. 65- 75.

Berzins, Janis & Bøhren, Øyvind (2009)

Unoterte aksjeselskaper selskaper er viktige, uutforskede og spesielle

(2) , s. 65- 75.

Berzins, Janis; Ribe, Marcus, Stacescu, Bogdan & Sveistrup, Kasper (2025)

Oppdrett er blitt mindre attraktivt

[Kronikk]

Berzins, Janis & Bøhren, Øyvind (2020)

Innlegg fra BI-forskere: Økt formuesskatt på bolig i 2006–2010 svekket familiebedrifter

[Kronikk]

Berzins, Janis; Bøhren, Øyvind & Stacescu, Bogdan (2018)

Makt og styring i familiebedrifter

[Kronikk]

Berzins, Janis; Bøhren, Øyvind & Stacescu, Bogdan (2017)

Majoritetseiere beskytter minoriteten

[Kronikk]

Bøhren, Øyvind; Berzins, Janis, Stacescu, Bogdan, Josefsen, Morten & Steen, Pål Erik (2013)

Høyt utbytte - lavt konfliktnivå

[Kronikk]

Bøhren, Øyvind; Berzins, Janis, Stacescu, Bogdan, Josefsen, Morten & Steen, Pål Erik (2013)

Høyt utbytte gir mindre konflikter

[Kronikk]

Bøhren, Øyvind & Berzins, Janis (2008)

Eierstyring og bedriftsøkonomi utenfor Oslo Børs

[Kronikk]

Stacescu, Bogdan & Berzins, Janis (2025)

An Overview of Norwegian Firms

[Report Research].

Berzins, Janis; Miglietta, Salvatore, Gautam, Himal & Stacescu, Leon Bogdan (2024)

Family firms and employment

[Conference Lecture]. Event

Stacescu, Leon Bogdan; Berzins, Janis & Bøhren, Øyvind (2024)

Illiquid Owners and Firm Behavior

[Conference Lecture]. Event

Berzins, Janis & Zaldokas, Alminas (2020)

Conflicts in Private Family Firms

[Conference Poster]. Event

Berzins, Janis (2019)

Discussant, ECGI Roundtable on Why Are Fewer Companies Going Public?

[Conference Lecture]. Event

Berzins, Janis; Bøhren, Øyvind & Stacescu, Bogdan (2019)

Shareholder illiquidity and firm behavior: Financial and real effects of the personal wealth tax in private firms

[Conference Lecture]. Event

Berzins, Janis & Zaldokas, Alminas (2019)

Conflicts in Private Family Firms

[Conference Lecture]. Event

Berzins, Janis; Bøhren, Øyvind & Stacescu, Bogdan (2019)

Shareholder illiquidity and firm behavior: Financial and real effects of the personal wealth tax in private firms

[Conference Lecture]. Event

Berzins, Janis; Bøhren, Øyvind & Stacescu, Bogdan (2019)

Shareholder illiquidity and firm behavior: Financial and real effects of the personal wealth tax in private firms

[Conference Lecture]. Event

Berzins, Janis; Bøhren, Øyvind & Stacescu, Bogdan (2019)

Shareholder illiquidity and firm behavior: Financial and real effects of the personal wealth tax in private firms

[Conference Lecture]. Event

Berzins, Janis (2019)

discussion for Business Group Spillovers:Evidence from the Golden Quadrilateral in India

[Conference Lecture]. Event

Bøhren, Øyvind; Berzins, Janis & Stacescu, Bogdan (2018)

The Family Firm Premium and Family Characteristics: Evidence from Population Data

[Report Research].

Berzins, Janis; Bøhren, Øyvind & Stacescu, Bogdan (2018)

Dividends and taxes: The moderating role of agency conflicts

[Report Research].

Berzins, Janis; Bøhren, Øyvind & Stacescu, Bogdan (2018)

The Family Firm Premium

[Conference Lecture]. Event

Stacescu, Bogdan; Berzins, Janis & Bøhren, Øyvind (2018)

Illiquid Shareholders and Firm Cash Flows

[Conference Lecture]. Event

Berzins, Janis; Bøhren, Øyvind & Stacescu, Bogdan (2018)

Illiquid shareholders and real firm effects: The personal wealth tax and financial constraints

[Report Research].

Stacescu, Bogdan; Berzins, Janis & Bøhren, Øyvind (2018)

The Performance Premium of Family Firms: New Evidence from Population Data

[Conference Lecture]. Event

Berzins, Janis; Bøhren, Øyvind & Stacescu, Bogdan (2018)

What Explains the Large Family Firm Premium?

[Conference Lecture]. Event

Bøhren, Øyvind; Berzins, Janis & Stacescu, Bogdan (2018)

Illiquid Shareholders and Firm Cash Flows

[Conference Lecture]. Event

Berzins, Janis; Bøhren, Øyvind & Stacescu, Bogdan (2018)

The Governance and Finance of Norwegian Family Firms: Main Characteristics of the Population

[Report Research].

Berzins, Janis; Bøhren, Øyvind & Stacescu, Bogdan (2017)

Shareholder Conflicts and Dividends

[Professional Article].

Berzins, Janis; Bøhren, Øyvind & Stacescu, Bogdan (2017)

Dividends and Taxes: The Moderating Role of Agency Conflicts

[Conference Lecture]. Event

Berzins, Janis; Bøhren, Øyvind & Stacescu, Bogdan (2017)

Speech on corporate finance and governance in private Norwegian firms. Oslo, Norway

[Lecture]. Event

Stacescu, Bogdan; Bøhren, Øyvind & Berzins, Janis (2017)

Dividends and Taxes: The Moderating Role of Agency Conflicts

[Conference Lecture]. Event

Berzins, Janis; Bøhren, Øyvind & Stacescu, Bogdan (2014)

Dividends, taxes, and agency costs

[Report Research].

Stacescu, Bogdan; Berzins, Janis & Bøhren, Øyvind (2014)

Dividends, taxes and agency costs

[Lecture]. Event

Berzins, Janis; Bøhren, Øyvind & Stacescu, Bogdan (2014)

Stockholder conflicts and dividends

[Report Research].

Stacescu, Leon Bogdan; Berzins, Janis & Bøhren, Øyvind (2011)

Dividends and Stockholder Conflicts: A Comprehensive Test for Private Firms

[Conference Lecture]. Event

Berzins, Janis; Bøhren, Øyvind & Stacescu, Bogdan (2011)

Stockholder Conflicts and Dividend Payout

[Report Research].

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.

Alstadsæter, Annette; Bøhren, Øyvind, Stacescu, Leon Bogdan & Berzins, Janis (2011)

Ownership, Taxes and Dividends

[Conference Lecture]. Event

Alstadsæter, Annette; Bøhren, Øyvind, Berzins, Janis & Stacescu, Leon Bogdan (2011)

Ownership, Taxes and Dividends

[Conference Lecture]. Event

Berzins, Janis; Bøhren, Øyvind & Stacescu, Leon Bogdan (2011)

Dividends and stockholder conflicts: A comprehensive test for private firms

[Report Research].

Stacescu, Leon Bogdan; Berzins, Janis & Bøhren, Øyvind (2011)

Dividends and Stockholder Conflicts: A Comprehensive Test for Private Firms

[Conference Lecture]. Event

Alstadsæter, Annette; Berzins, Janis, Bøhren, Øyvind & Stacescu, Leon Bogdan (2011)

Illiquid stockholders and firm payout

[Conference Lecture]. Event

Berzins, Janis; Stacescu, Leon Bogdan, Alstadsæter, Annette & Bøhren, Øyvind (2011)

Tax concerns and agency concerns in dividend policy: Holding companies as a separating device

[Conference Lecture]. Event

Bøhren, Øyvind & Berzins, Janis (2009)

Private firms are significant and different

[Report Research].

Berzins, Janis; Bøhren, Øyvind & Rydland, Pål (2008)

Corporate finance and governance in firms with limited liability: Basic characteristics

[Report Research].

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.

Bøhren, Øyvind; Berzins, Janis & Rydland, Pål (2008)

The corporate finance and governance of limited liability firms: Basic characteristics

[Report Research].

Berzins, Janis & Trzcinka, Charles (2008)

Hedge Fund, Mutual Fund, and Institutional Fund Conglomerates: Risk and Return Choices for a Sophisticated Investor

[Conference Lecture]. Event

Akademisk grad
År Akademisk institusjon Grad
2006 Indiana University Ph.D.
2003 Kelley School of Business Master
1999 SUNY Buffalo M.A.
1999 SUNY Buffalo M.B.A.
1996 SUNY Buffalo B.S.
Arbeidserfaring
År Arbeidsgiver Tittel
2008 - Present BI Norwegian Business School Associate Professor
2006 - 2008 BI Norwegian Business School Assistant Professor
1996 - 1999 University Guest Quarters- hotel for university academic visitors, SUNY-Buffalo Manager
1993 - 1994 "Latvia Tours"- the leading Latvian travel agency Sales manager
1992 - 1993 "Krumu Ezis"- a puppet theater Manager and accountant

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