Annual Report 2016

BI's Departments

Department of Finance

The Department of Finance has a strong international orientation, with staff from 21 different nations in 2016.

Head of Department Richard Priestley
Head of Administration Eli J. Christensen

The international profile is reflected in scientific publishing as well as in teaching. Most Department lectures are given in English, and courses are held at all levels. In the classrooms the students meet high-quality researchers who communicate updated academic and research material. The Department integrates use of relevant tools in its teaching. In 2016, the Department further enhanced its academic environment by employing Alessandro Graniero, Jens Sørlie Kværner and Patrick Konermann.

Research from this Department is published in leading international journals and covers all areas within finance. The Department is ranked no. 10 in Europe and no. 2 in the Nordic countries for the 2005 – 2016 period, based on publishing in top journals (U of Texas Dallas rankings).

Publications accepted in Financial Times journals in 2016

Cooper, Ilan; Priestley, Richard 
The expected returns and valuations of private and public firms. Journal of Financial Economics 2016; Volume 120 (1) pp. 41-57

Gomez, Juan Pedro; Priestley, Richard; Zapatero, Fernando 
Labor Income, Relative Wealth Concerns and the Cross Section of Stock Returns. Journal of Financial and Quantitative Analysis 2016; Volume 51 (4) pp. 1111-1133

Knüpfer, Samuli; Rantapuska, Elias; Matti, Sarvimäki
Formative experiences and portfolio choice: Evidence from the Finnish Great Depression. Journal of Finance 2016

Paul Ehling, Michael F. Gallmeyer, Sanjay Srivastava, Stathis Tompaidis, and Chunyu Yang
Portfolio Tax Trading with Carry-Over Losses
Forthcoming in Management Science

Paul Ehling, Michael F. Gallmeyer, Christian Heyerdahl-Larsen and Philipp Illeditsch
Disagreement about inflation and the yield curve
Forthcoming in Journal of Financial Economics

Bernard Dumas, Karen Lewis and Emilio Osambela
Differences of Opinion and International Equity Markets
Forthcoming in Review of Financial Studies.



Every year the Department organises around 50 research seminars where recognised international researchers present their research. The Department’s research is also presented at scientific conferences in Norway and internationally and in research seminars on invitation from other leading institutions.

In 2016, the Department of Finance and BI Norwegian Business School hosted the world’s second largest finance conference, the 43rd European Finance Association (EFA) Conference.

Several staff members from our Department made their mark on the public debate in 2016. Øyvind Bøhren has appeared in the media several times, providing professional views on Norwegian corporate governance in general and ownership challenges in Norwegian family companies in particular. Espen Henriksen has presented professional perspectives in the debate on how to manage the Petroleum Fund and long-term macroeconomic policy. He was a member of the Mork Committee that submitted its report on the stock and bond portion of the Petroleum Fund in October. The committee recommended increasing the stock portion to 70%, and underlined that decisions on how to use the Petroleum Fund (the fiscal policy rule) and allocation (the stock portion) must be considered one and the same decision. Henriksen has also advised the Ministry of Finance and Stortinget (the Norwegian parliament) on unlisted investments in the Petroleum Fund.

Affiliated Research Centres