Faculty Profile

Janis Berzins

Associate Professor - Department of Finance

Biography

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 Portfolio Management, Corporate Governance, and Corporate Finance. 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 nonlisted firms. I work on projects that examine issues such as the resolution of agency issues in private firms via dividend policy and the link how individual liquidity needs affect real firm development.

Teaching areas
I have taught 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.

Publications

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

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

Sasson, Amir (red.). At the Forefront, Looking Ahead: Research-Based Answers to Contemporary Uncertainties of Management

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

Shareholder conflicts and dividends

Review of Finance, 22(5), s. 1807- 1840. Doi: 10.1093/rof/rfx046

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

Praktisk økonomi og finans, 29(3), s. 57- 75.

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

Asset management and investment banking

Journal of Financial Economics, 110(1), s. 215- 231. Doi: 10.1016/j.jfineco.2013.05.001

Bøhren, Øyvind & Berzins, Janis (2009)

Unoterte aksjeselskaper selskaper er viktige, uutforskede og spesielle

Praktisk økonomi og finans, 8(2), s. 65- 75.

Berzins, Janis & Bøhren, Øyvind (2009)

Unoterte aksjeselskaper selskaper er viktige, uutforskede og spesielle

Praktisk økonomi og finans, s. 65- 75.

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

Høyt utbytte gir mindre konflikter

BI Business Review [Kronikk]

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

Høyt utbytte - lavt konfliktnivå

Dagens næringsliv [Kronikk]

Berzins, Janis; Bøhren, Øyvind & Stacescu, Bogdan (1)

Majoritetseiere beskytter minoriteten

Dagens næringsliv [Kronikk]

Bøhren, Øyvind & Berzins, Janis (1)

Eierstyring og bedriftsøkonomi utenfor Oslo Børs

Årsberetning for eierskap [Kronikk]

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

Dividends and Taxes: The Moderating Role of Agency Conflicts

[Academic lecture]. Research Seminar.

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

Dividends and Taxes: The Moderating Role of Agency Conflicts

[Academic lecture]. Multinational Finance Society Conference.

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

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

[Academic lecture]. SEVENTH NORWEGIAN-GERMAN SEMINAR ON PUBLIC ECONOMICS.

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

Dividends and Stockholder Conflicts: A Comprehensive Test for Private Firms

[Academic lecture]. 12th Workshop on Corporate Governance and Investment.

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

Dividends and Stockholder Conflicts: A Comprehensive Test for Private Firms

[Academic lecture]. Multinational Finance Society Conference.

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

Illiquid stockholders and firm payout

[Academic lecture]. CCGR Workshop.

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

Ownership, Taxes and Dividends

[Academic lecture]. Internseminar.

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

Ownership, Taxes and Dividends

[Academic lecture]. Norwegian-German Seminar on Public Economics.

Berzins, Janis & Trzcinka, Charles (2008)

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

[Academic lecture]. Mutual Funds Conference.

Academic Degrees
Year Academic Department Degree
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.
Work Experience
Year Employer Job Title
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