Fagprofil

Øyvind Norli

Dean doktorgradsprogrammet, Professor - Forskning og fagressurser stab

Biografi


Øyvind Norli received his Phd. from the Norwegian School of Economics and Business Administration in 1999. During the period 1999 through 2004, Norli held the David Y. Timbrell Junior Professorship (assistant professor) at Rotman School of Management, University of Toronto. Between 2003 and 2005 Norli was a visiting assistant professor at the Tuck School of Business, Dartmouth College. Øyvind Norli has been at BI Norwegian Business School since 2005. His main research interests are empirical corporate finance and empirical asset pricing. Some of his papers are listed below.

Selected papers
Liquidity and Shareholder Activism, The Review of Financial Studies, vol. 28, Issue 2, February, 2015. With Charlotte Ostergaard and Ibolya Schindele.

Geographic Dispersion and Stock Returns, Journal of Financial Economics, vol. 106, Issue 3, December, 547--565, 2012. With Diego Garcia.

Sports sentiment and stock returns, Journal of Finance vol. 62, No. 4, 1967--1998, 2007, with Alex Edmans and Diego Garcia.

Seasoned public offerings: Resolution of the `new issues puzzle', Journal of Financial Economics vol. 56, No. 2, 251--291, 2000, with B. Espen Eckbo and Ronald W. Masulis.

Publikasjoner

Norli, Øyvind; Ostergaard, Charlotte & Schindele, Ibolya (2015)

Liquidity and Shareholder Activism

The Review of financial studies, 28(2), s. 486- 520. Doi: 10.1093/rfs/hhu070

Garcia, Diego & Norli, Øyvind (2012)

Crawling EDGAR

The Spanish Review of Financial Economics/Elsevier, 10(1), s. 1- 10. Doi: 10.1016/j.srfe.2012.04.001

Garcia, Diego & Norli, Øyvind (2012)

Geographic dispersion and stock returns

Journal of Financial Economics, 106(3), s. 547- 565. Doi: 10.1016/j.jfineco.2012.06.007

Norli, Øyvind (2008)

Individuelle investorer på Oslo Børs

Magma - Tidsskrift for økonomi og ledelse, 11(3), s. 47- 54.

Eckbo, B. Espen; Masulis, Ronald W. & Norli, Øyvind (2007)

Security Offerings

Handbook of Corporate Finance: Empirical Corporate Finance (B. Espen Eckbo)

This essay surveys the extant literature and adds to the empirical evidence on issuance activity,flotation costs, and valuation effects of security offerings. We focus primarily on public offerings of equity for cash, although we also review and present new evidence on debt offerings and private placements. The essay has four major parts: (1) We review aggregate issue activity in exchange listed securities from 1980 through 2004. Following the IPO, only about one-half of the publicly traded firms undertake a public security offering of any type, and only about one-quarter undertake a SEO. Thus, SEOs are relatively rare, which is consistent with adverse selection costs being an important consideration when raising cash externally. (2) We review the evidence on direct issue costs across security types and flotation methods, including the more recent SEO underpricing phenomenon. A large number of studies provide evidence on the determinants of underwriter compensation, and confirm the importance of variables capturing information asymmetries and underwriter competition. (3) We survey and interpret the valuation effects of security issue announcements. In the period since the Eckbo and Masulis (1995) survey, many studies examining announcement-period stock returns have focused on the effects of flotation method choice and foreign offerings. The well-known negative average announcement effect observed for U.S. SEOs appears to be a somewhat U.S.-specific phenomenon. (4) We review and extend evidence on the performance of issuing firms in the five year post-issue period. The literature proposes either a risk based-explanation or a behavioral explanation for the phenomenon of low average realized returns following IPOs and SEOs. Standard factor model regressions fail to reject the null that the low average returns are commensurate with issuers' risk exposures. Recent theoretical developments suggest that lower risk levels following equity issues may be linked to issuers' investment activity, a promising direction for future research.

Edmans, Alex; Garcia, Diego & Norli, Øyvind (2007)

Sports Sentiment and Stock Returns

Journal of Finance, 62(4), s. 1967- 1998.

Norli, Øyvind (2006)

Fotball og aksjemarkeder

Magma - Tidsskrift for økonomi og ledelse, 9(3), s. 70- 75.

Eckbo, B. Espen & Norli, Øyvind (2005)

Liquidity risk, leverage and long-run IPO returns

Journal of Corporate Finance, 11(1-2), s. 1- 35.

Eckbo, B. Espen; Masulis, Ronald W. & Norli, Øyvind (2000)

Seasoned public offerings: Resolution of the "new issues puzzle"

Journal of Financial Economics, 56(2), s. 251- 291.

Bøhren, Øyvind & Norli, Øyvind (1997)

Determinants of intercorporate shareholdings

European Finance Review, 1, s. 265- 287.

Bøhren, Øyvind; Michalsen, Dag & Norli, Øyvind (2017)

Finans: Teori og praksis

[Textbook]. Fagbokforlaget.

Norli, Øyvind (2011)

Praktisk Bruk av Kapitalverdimodellen

[Article in business/trade/industry journal]. Praktisk økonomi og finans, 27(2), s. 15- 21.

Norli, Øyvind; Ostergaard, Charlotte & Schindele, Ibolya (2009)

Liquidity and Shareholder Activism

[Academic lecture]. Corporate Governance Conference, Toulouse.

Norli, Øyvind (2008)

Performance Persistance of Individual Investors

[Academic lecture]. Utah Winter Finance Conference.

Norli, Øyvind (2007)

Børsintroduksjoner

[Article in business/trade/industry journal]. Praktisk økonomi og finans, 23(3), s. 11- 19.

Halpern, Paul & Norli, Øyvind (2006)

Canadian Business Trusts: A New Organizational Structure

[Article in business/trade/industry journal]. Journal of Applied Corporate Finance, 18(3), s. 66- 75.

Eckbo, B. Espen; Masulis, Ronald W. & Norli, Øyvind (1999)

Seasoned Security Offerings: Resolution of the "New Issues Puzzle"

[Academic lecture]. utenTitteltekst.

The `new issues puzzle' is that stocks of common stock issuers subsequently underperform non-issuers matched on size and book-to-market ratio. With 7,000+ seasoned equity and debt issues, we document that issuer underperformance re ects lower systematic risk exposure for issuing firms relative to the matches. As equity issuers lower leverage, their exposures to unexpected inflation and default risks decrease, thus decreasing their stocks' expected returns relative to matched firms. Also, equity issues signicantly increase stock liquidity (turnover) which also lowers expected returns relative to non-issuers. Our conclusions are robust to issue characteristics, to "decontamination" of factor portfolios, and to model specifications.

Eckbo, B. Espen; Masulis, Ronald W. & Norli, Øyvind (1999)

Seasoned Security Offerings: Resolution of the "New Issues Puzzle"

[Academic lecture]. Annual Meetings of the Western Finance Association.

The `new issues puzzle' is that stocks of common stock issuers subsequently underperform non-issuers matched on size and book-to-market ratio. With 7,000+ seasoned equity and debt issues, we document that issuer underperformance reflects lower systematic risk exposure for issuing firms relative to the matches. As equity issuers lower leverage, their exposures to unexpected inflation and default risks decrease, thus decreasing their stocks' expected returns relative to matched firms. Also, equity issues signicantly increase stock liquidity (turnover) which also lowers expected returns relative to non-issuers. Our conclusions are robust to issue characteristics, to "decontamination" of factor portfolios, and to model specifications.

Eckbo, B. Espen; Masulis, Ronald W. & Norli, Øyvind (1999)

Seasoned Security Offerings: Resolution of the "New Issues Puzzle"

[Academic lecture]. Annual Meetings of the American Finance Association.

The `new issues puzzle' is that stocks of common stock issuers subsequently underperform non-issuers matched on size and book-to-market ratio. With 7,000+ seasoned equity and debt issues, we document that issuer underperformance reflects lower systematic risk exposure for issuing firms relative to the matches. As equity issuers lower leverage, their exposures to unexpected inflation and default risks decrease, thus decreasing their stocks' expected returns relative to matched firms. Also, equity issues signicantly increase stock liquidity (turnover) which also lowers expected returns relative to non-issuers. Our conclusions are robust to issue characteristics, to "decontamination" of factor portfolios, and to model specifications.

Akademisk grad
År Akademisk institusjon Grad
1999 Norwegian School of Economics Ph.D.
1999 Norwegian School of Economics Ph.D.
Arbeidserfaring
År Arbeidsgiver Tittel
2008 - Present BI Norwegian Business School Professor of Financial Economics
2005 - 2008 BI Norwegian Business School Associate Professor
2003 - 2005 Tuck School of Business, Dartmouth College Visiting Assistant Professor
1999 - 2004 Joseph L. Rotman School of Management, University of Toronto Assistant Professor