Ansattprofil

Michael Kisser

Professor - Institutt for regnskap, revisjon og foretaksøkonomi

Romnummer A5Y-004
Telefon +4746775725
E-post michael.kisser@bi.no

Biografi

I'm Professor of Accounting at BI Norwegian Business School in Oslo and also serve as the Associate Dean of the "Master in Accounting and Auditing" and the "PhD Specialization in Accounting". Prior to joining BI Norwegian Business School, I was Assistant and Associate Professor in Finance (with tenure) at the Norwegian School of Economics (NHH) in Bergen.

My main research interest focuses on corporate finance and financial reporting decisions, with a particular emphasis on the interaction between the two research fields. Several papers of mine were published in journals listed on the prestigious Financial Times List, including outlets such as the Journal of Accounting Research, Contemporary Accounting Research or the Review of Finance.

My teaching experience ranges from bachelor level courses to executive programs at BI Norwegian Business School, the Norwegian School of Economics (NHH), the Vienna University of Economics and Business (WU) and WU Executive Academy. The teaching portfolio is broad coverings topics such as Financial Accounting, Sustainability Reporting, Financial Statement Analysis, Treasury Management, Corporate Finance, International Finance, Portfolio Management and Valuation.

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Ekspertområder

Publikasjoner

Vitenskapelige publikasjoner Andre

Kisser, Michael & Rapushi, Loreta (2022)

Equity issues, creditor control and market timing patterns: Evidence from leverage decreasing recapitalizations

Journal of Empirical Finance, 67, s. 196- 216. Doi: 10.1016/j.jempfin.2022.03.007 - Fulltekst i vitenarkiv

We contribute to the literature on “market timing” by exploring periods of simultaneous equity issues and debt retirements (a leverage decreasing recapitalization, LDR). Contrary to traditional equity issues, LDRs are predicted by measures of creditor control whereas capital investment has no such predictive power. Nevertheless, LDRs occur after stock price run- ups and in periods of high valuation which subsequently decrease. The valuation dynamics are robust and also obtain for subsamples of LDR firms violating financial covenants. A comparison to debt retirements financed by illiquid asset sales and an analysis of discretionary cost items further corroborates the interpretation that LDR firms successfully “time the market” to finance the debt retirement.

Eckbo, B. Espen & Kisser, Michael (2021)

The Leverage-Profitability Puzzle Resurrected

Review of Finance, 25(4), s. 1089- 1128. Doi: 10.1093/rof/rfaa032 - Fulltekst i vitenarkiv

Eckbo, B. Espen & Kisser, Michael (2020)

Tradeoff Theory and Leverage Dynamics of High-Frequency Debt Issuers

Review of Finance Doi: 10.1093/rof/rfaa018 - Fulltekst i vitenarkiv

We test whether high-frequency net-debt issuers (HFIs)—public industrial companies with relatively low issuance costs and high debt-financing benefits—manage leverage toward long-run targets. Our answer is they do not: (1) the leverage–profitability correlation is negative even in quarters with leverage rebalancing; (2) the speed-of-adjustment to target leverage deviations is no higher for HFIs than for low-frequency net-debt issuers; and (3) under-leveraged HFIs do not speed up rebalancing activity in significant investment periods. Thus, even in the subset of firms most likely to follow dynamic trade-off theory, the theory does not appear to hold.

Kisser, Michael; Kiff, John & Soto, Mauricio (2017)

Do managers of U.S. defined benefit pension plan sponsors use regulatory freedom strategically?

Journal of Accounting Research, 55(5), s. 1213- 1255. Doi: 10.1111/1475-679X.12182

Kisser, Michael & Kiff, John (2014)

A shot at regulating securitization

Journal of Financial Stability, 10(1), s. 32- 49. Doi: 10.1016/j.jfs.2013.02.003

Kisser, Michael (2013)

The Real Option Value of Cash

Review of Finance, 17(5), s. 1649- 1697. Doi: 10.1093/rof/rfs034

Kisser, Michael & Rapushi, Loreta (2021)

Equity Issues, Creditor Control and Market Timing Patterns: Evidence from Leverage Decreasing Recapitalizations

[Report]. SSRN.

Axenrod, Michael & Kisser, Michael (2021)

Does mandatory recognition of off-balance sheet liabilities affect capital structure choice? Evidence from SFAS 158

[Report]. SSRN.

Axenrod, Michael & Kisser, Michael (2021)

Does mandatory recognition of off-balance sheet liabilities affect capital structure choice? Evidence from SFAS 158

[Academic lecture]. Northern Finance Association, Annual Meeting.

Kisser, Michael & Rapushi, Loreta (2020)

Equity Issues, Creditor Control and Market Timing Patterns: Evidence from Leverage Decreasing Recapitalizations

[Academic lecture]. Financial Management Association, Annual Meeting.

Kisser, Michael & Rapushi, Loreta (2020)

Equity Issues, Creditor Control and Market Timing Patterns: Evidence From Leverage Decreasing Recapitalizations

[Academic lecture]. Annual Meeting of the American Accounting Association.

Kisser, Michael & Rapushi, Loreta (2020)

Equity Issues, Creditor Control and Market Timing Patterns: Evidence From Leverage Decreasing Recapitalizations

[Report]. SSRN.

Eckbo, B. Espen & Kisser, Michael (2019)

The Leverage-Profitability Puzzle Revisited with Costly Rebalancing

[Academic lecture]. Research seminar University of Waterloo.

Eckbo, B. Espen & Kisser, Michael (2019)

The Leverage-Profitability Puzzle Revisited with Costly Rebalancing

[Academic lecture]. Research seminar University of Kentucky.

Kisser, Michael & Axenrod, Michael (2019)

Does Mandatory Recognition of Off-Balance Sheet Items Affect Capital Structure Choice? Evidence from SFAS 158

[Academic lecture]. Northeast Region Meeting of the American Accounting Association.

Kisser, Michael & Rapushi, Loreta (2019)

Equity issues, creditor control and market timing patterns: evidence from leverage decreasing recapitalizations

[Academic lecture]. Northeast Region Meeting of the American Accounting Association.

Kisser, Michael (2018)

Finding market timing patterns when they are unlikely to exist

[Academic lecture]. European Financial Management Association.

Kisser, Michael (2018)

Finding market timing patterns when they are unlikely to exist

[Academic lecture]. Annual Meeting of the German Finance Association.

Kisser, Michael & Rapushi, Loreta (2018)

Finding market timing patterns when they are unlikely to exist

[Report]. Norges Handelshøyskole.

Akademisk grad
År	Akademisk institusjon	Grad
2010	Vienna University of Economics and Business	PhD
2005	Leopold-Franzens Universität Innsbruck	Mag. in Business Administration

Arbeidserfaring
År	Arbeidsgiver	Tittel
2022 - Present	BI Norwegian Business School	Associate Dean
2022 - Present	BI Norwegian Business School	Associate Dean
2019 - Present	Norwegian School of Economics	Adjunct Associate Professor
2019 - Present	BI Norwegian Business School	Associate Professor
2013 - 2019	Norwegian School of Economics	Associate Professor
2016 - 2017	Bocconi University	Visiting Fellow
2010 - 2013	Norwegian School of Economics	Assistant Professor