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Employee 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 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.

Publications

Berzins, Janis & Pajuste, Anete (2024)

Family firm successions: First-generation transitions in Latvia

Finance Research Letters, 64 Doi: 10.1016/j.frl.2024.105410

We examine the emergence, succession, and performance of the initial cohort of family firms in Latvia. Latvia offers a natural setting to examine succession challenges faced by first-generation firms because a majority of these firms were established shortly after the country regained independence in the early 1990s. Our findings indicate that in 44% of sample firms the founding family did not have a majority stake at incorporation, but accumulated a majority stake over the first few years (1991–1999). It takes seven years for the average family ownership stake to exceed 75% and 23 years for firms with second-generation owners to reach 16% of the sample. Notably, approximately 80% of the sample firms are still majority-owned and managed by their founders. In line with previous research, we find that family firms outperform nonfamily firms by 3.1

Bøhren, Øyvind & Berzins, Janis (2020)

Innlegg: Overselger studie om formuesskatt

Dagens næringsliv

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

Dividends and taxes: The moderating role of agency conflicts

Journal of Corporate Finance, 58, s. 583- 604. Doi: 10.1016/j.jcorpfin.2019.07.003 - Full text in research archive

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

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 - Full text in research archive

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 & 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 & finans, 8(2), s. 65- 75.

Berzins, Janis & Bøhren, Øyvind (2009)

Unoterte aksjeselskaper selskaper er viktige, uutforskede og spesielle

Praktisk økonomi & 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 (1)

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

Dagens næringsliv [Kronikk]

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

Makt og styring i familiebedrifter

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 (2019)

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

[Academic lecture]. CICF.

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

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

[Academic lecture]. Baltic Economic Association Conference.

Berzins, Janis (2019)

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

[Academic lecture]. ECGI Roundtable on “Why Are Fewer Companies Going Public?”.

Berzins, Janis (2019)

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

[Academic lecture]. EFA.

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

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

[Academic lecture]. Presentation, 16th Corporate Finance Day.

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

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

[Academic lecture]. IESEG.

Berzins, Janis & Zaldokas, Alminas (2019)

Conflicts in Private Family Firms

[Academic lecture]. 16th Corporate Finance Day.

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

Illiquid Shareholders and Firm Cash Flows

[Academic lecture]. ERMAS Annual Conference of the Romanian Academic Economists from Abroad.

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

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

[Academic lecture]. Comparative Corporate Governance Workshop.

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

Illiquid Shareholders and Firm Cash Flows

[Academic lecture]. Skatteforum, Sandefjord.

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

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

[Report]. BI Norwegian Business School.

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

The Family Firm Premium

[Academic lecture]. BI Finance Brown Bag Seminar.

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

What Explains the Large Family Firm Premium?

[Academic lecture]. 19th Workshop on Corporate Governance and Investment.

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

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

[Report]. BI Norwegian Business School.

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

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

[Report]. BI Norwegian Business School.

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

Dividends and taxes: The moderating role of agency conflicts

[Report]. BI Norwegian Business School.

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

Shareholder Conflicts and Dividends

[Article in business/trade/industry journal]. Harvard Law School Forum on Corporate Governance and Financial Regulation

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; Bøhren, Øyvind & Stacescu, Bogdan (2014)

Dividends, taxes, and agency costs

[Report]. Working paper, CCGR.

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

Stockholder conflicts and dividends

[Report]. Working paper; CCGR.

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

Stockholder Conflicts and Dividend Payout

[Report]. Handelshøyskolen BI.

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.

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

Dividends and stockholder conflicts: A comprehensive test for private firms

[Report]. BI Norwegian Business School.

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.

Bøhren, Øyvind & Berzins, Janis (2009)

Private firms are significant and different

[Report]. Handelshøyskolen BI.

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

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

[Report]. Handelshøyskolen BI.

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.

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

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

[Report]. BI Norwegian Business School.

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