Faculty Profile

Øyvind Bøhren

Professor - Department of Finance

Biography

For the most recent updates please see my private homepage.

Before joining BI in 1982, I served on the faculty of the Norwegian School of Economics. I spent one year as visiting faculty at the University of Washington, one year at the University of North Carolina, Chapel Hill, and several shorter periods at the Universitat Autonòma de Barcelona, the Instituto de Empresa in Madrid, and Humboldt-Universität zu Berlin. I have worked with a consulting firm in corporate strategy, with an investment bank, and as an expert witness. Over the period 2004-2009, I held the Stein Erik Hagen chair in private ownership. I have been in a 50% position at BI since September 1, 2016.

Research areas
My primary academic interests are corporate finance. The major research efforts have been in capital budgeting, valuation effects of taxation, equity offerings, dividend policy, board composition, shareholder conflicts, ownerless firms, and the governance of family firms. My research is published in outlets like the Journal of Financial Economics, Journal of Financial and Quantitative Analysis, Review of Finance, Journal of Corporate Finance, International Review of Law and Economics, Journal of Banking and Finance, Scandinavian Journal of Economics, Economics Letters, Decision Sciences, Journal of Business Ethics, European Financial Management, Journal of Business Finance and Accounting, Journal of Economic Psychology, and Energy Economics. Currently, my research focus is on corporate governance. Most of my ongoing projects are linked to the Centre for Corporate Governance Research (CCGR), where I am the founding director. 

Teaching areas
I usually teach corporate finance, corporate governance, and valuation at the graduate and executive program levels.  I find it challenging and rewarding to present my research to regulators and the business community. I have written two textbooks in corporate finance (current editions are from 2016 and 2017, respectively) and one textbook in corporate governance (2012).                                                         

Area of Expertise

Publications

Bøhren, Øyvind; Stacescu, Bogdan, Almli, Line & Søndergaard, Kathrine (2019)

When Does the Family Govern the Family Firm?

Journal of Financial and Quantitative Analysis

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

Berg, Magnus; Bøhren, Øyvind & Vassnes, Erik (2018)

Modeling the response to exogenous shocks: The capital uplift rate in petroleum taxation

Energy Economics, 69, s. 442- 455. Doi: 10.1016/j.eneco.2017.12.010

We show how a recent drop in the Norwegian capital uplift rate by two percentage points changes optimal field design and reduces field value for shareholders. Although optimal design changes considerably and value drops by 12%, the ability to reoptimize design after the shock is worth only 1.5% of field value. This evidence suggests that large behavioral effects of a shock do not necessarily imply large value effects, making it less important to always account for the taxpayers' response. The valuation error in such cases may be moderate if one instead uses the simplifying and widespread assumption of unresponsive taxpayers.

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.

Bøhren, Øyvind & Staubo, Siv Jønland (2016)

Mandatory Gender Balance and Board Independence

European Financial Management, 22(1), s. 3- 30. Doi: 10.1111/eufm.12060

Bøhren, Øyvind; Hoseth, Fredrik & Remøy, Håvard (2014)

Lønnsomhet i næringsklynger

Samfunnsøkonomen, s. 14- 23.

Bøhren, Øyvind (2014)

Økonomiske særtrekk ved stiftelser

Nordisk Tidsskrift for Selskabsret, s. 1- 14.

Bøhren, Øyvind & Staubo, Siv Jønland (2014)

Does mandatory gender balance work? Changing organizational form to avoid board upheaval

Journal of Corporate Finance, 28, s. 152- 168. Doi: 10.1016/j.jcorpfin.2013.12.005

Berzins, Janis & Bøhren, Øyvind (2013)

Norske familiebedrifter - Omfang, eierstyring og lønnsomhet

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

Bøhren, Øyvind & Krosvik, Nils Erik (2013)

The economics of minority freezeouts: Evidence from the courtroom

International Review of Law and Economics, 36, s. 48- 58. Doi: 10.1016/j.irle.2013.04.007

Bøhren, Øyvind & Josefsen, Morten (2013)

Stakeholder rights and economic performance: The profitability of nonprofits

Journal of Banking & Finance, 37(11), s. 4073- 4086. Doi: 10.1016/j.jbankfin.2013.07.021

Bøhren, Øyvind & Gjærum, Per Ivar (2012)

Bok og nettside som integrert læreverk

Magma - Tidsskrift for økonomi og ledelse, 15(3), s. 63- 72. - Full text in research archive

Bøhren, Øyvind; Josefsen, Morten & Steen, Pål Erik (2012)

Stakeholder conflicts and dividend policy

Journal of Banking & Finance, 36(10), s. 2852- 2864. Doi: 10.1016/j.jbankfin.2012.06.007

Bøhren, Øyvind (2011)

Kompakt og intens. Erfaringer fra en skriveprosess

Prosa - tidsskrift for skribenter, 17(3), s. 63- 72.

Bøhren, Øyvind & Strøm, R. Øystein (2010)

Governance and Politics: Regulating Independence and Diversity in the Board Room

Journal of Business Finance & Accounting, 37(9-10), s. 1281- 1308. Doi: 10.1111/j.1468-5957.2010.02222.x

This paper analyzes the economic rationale for board regulation in place and for introducing new regulation in the future. We relate the value of the firm to the use of employee directors, board independence, directors with multiple seats, and to gender diversity. Our evidence shows that the firm creates more value for its owners when the board has no employee directors, when its directors have strong links to other boards, and when gender diversity is low. We find no relationship between firm performance and board independence. These characteristics of value-creating boards support neither popular opinion nor the current politics of corporate governance.

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 & Ødegaard, Bernt Arne (2006)

Governance and performance revisited

International Corporate Governance after Sarbanes-Oxley, Paul Ali and Greg Gregoriou (ed)

Bøhren, Øyvind & Haug, Jørgen (2006)

Managing earnings with intercorporate investments

Journal of Business Finance & Accounting, 33(5-6), s. 671- 695. Doi: 10.1111/j.1468-5957.2006.00592.x

We explore to what extent firms deliberately manage their financial reports by exploiting the flexibility of generally accepted accounting principles. Using a sample of Oslo Stock Exchange-listed firms with 20–50% equity holdings in other firms, we find that firms with high financial leverage tend to maximize reported earnings from these investments through their choice between the cost method and the equity method, possibly in an attempt to reduce debt renegotiation costs or to avoid regulatory attention. In contrast, managers do not systematically bias reported earnings to extract private benefits or to signal revised expectations about future cash flows. Firms use different earnings management tools in a consistent way, as the earnings effect of the cost/equity choice is not offset by discretionary accruals.

Bøhren, Øyvind (2005)

Eierskap og lønnsomhet

Økonomisk forum, 59(5), s. 4- 14.

Bøhren, Øyvind & Krosvik, Nils Erik (2005)

Tvangsinnløsning av minoritetseiere: Rettsøkonomien i norske skjønnssaker gjennom 25 år"  (Minority buyouts: Law and economics in Norwegian courts over 25 years)

Tidsskrift for rettsvitenskap, 118(1-2), s. 122- 152.

Bøhren, Øyvind; Sharma, Samir & Vegarud, Tonje (2004)

Eierstyring i store norske selskaper: Oppsigelse av toppleder

PricewaterhouseCoopers (ed): Corporate Governance i et norsk perspektiv

Bøhren, Øyvind; Haug, Jørgen & Michalsen, Dag (2004)

Compliance with flexible accounting standards

International Journal of Accounting, 39(1), s. 1- 19. Doi: 10.1016/j.intacc.2003.12.001

We examine to what extent firms adhere to the stated intent of noncompulsory accounting standards when reporting for intercorporate investments. The Generally Accepted Accounting Principles (GAAP) in Norway strongly recommend that a 20–50% intercorporate investment is accounted for by the equity method rather than the cost method, if the investment is long-term, of strategic importance, and involves significant influence. Even so, we find that the actual use of the equity method is independent of the duration of the investment period, the fraction of equity held, its recent growth, and the investor's voting power. This lack of compliance suggests that one cannot use the observed choice between the cost method and the equity method to infer the underlying characteristics of the investment as specified by the accounting standard. Flexible GAAP may therefore not induce firms to disclose the information that the GAAP were designed to produce.

Bøhren, Øyvind & Ødegaard, Bernt Arne (2003)

Norsk eierskap: Særtrekk og sære trekk

Praktisk økonomi og finans, 20, s. 3- 17.

Bøhren, Øyvind & Ødegaard, Bernt Arne (2002)

Norsk eierskap: Særtrekk og sære trekk

Hope, Einar (red.). Næringspolitikk for en ny økonomi

Bøhren, Øyvind (2002)

Finansparadigmet

Essays on Uncertainty - Festskrift til Steinar Ekerns 60-årsdag

Bøhren, Øyvind & Ødegaard, Bernt Arne (2001)

Patterns of corporate ownership: insights from a unique data set

Nordic Journal of Political Economy, 27, s. 55- 86.

Bøhren, Øyvind (1998)

The agent's ethics in the principal-agent model

Journal of Business Ethics, 17, s. 745- 755.

Bøhren, Øyvind; Eckbo, Espen B. & Michalsen, Dag (1997)

Why underwrite rights offerings? Some new evidence

Journal of Financial Economics, 46, s. 223- 261.

Bøhren, Øyvind & Norli, Øyvind (1997)

Determinants of intercorporate shareholdings

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

Bøhren, Øyvind (1997)

Risk components and the market model: A pedagogical note

Applied Financial Economics, 7, s. 307- 310.

Bøhren, Øyvind & Gjærum, Per Ivar (1997)

Prosjektanalyse

Skarvet Forlag.

Bøhren, Øyvind; Eckbo, Espen B. & Michalsen, Dag (1996)

Norske aksjeemisjoner

Praktisk økonomi & ledelse, 12(4), s. 47- 57.

Bøhren, Øyvind; Thorsland, Arne & Tollefsen, Pål (1996)

Gjeldsstrukturen i norske aksjeselskaper

Praktisk økonomi & ledelse, 12(2), s. 51- 60.

Bøhren, Øyvind & Michalsen, Dag (1994)

Corporate cross-ownership and market aggregates: Oslo Stock Exchange 1980-1990

Journal of Banking & Finance, 18, s. 687- 704.

Bøhren, Øyvind (1993)

På leting etter god pristeori: Historien om kapitalverdimodellen

Sosialøkonomen, 47(2), s. 20- 24.

Bøhren, Øyvind; Larsen, Knut, Michalsen, Dag & Schwencke, Hans Robert (1991)

Egenkapitalrentabilitet og skatt: En kritisk analyse

Beta. Scandinavian Journal of Business Research, 5(1), s. 54- 63.

Bøhren, Øyvind & Michalsen, Dag (1990)

Skattebaserte finansieringsinsentiver i norske aksjeselskaper fra 1970 til 1990

Norsk Økonomisk Tidsskrift, 104(4), s. 303- 336.

Bøhren, Øyvind & Michalsen, Dag (1990)

Merton Miller, norsk beskatning og finansiell verdiskapning

Sosialøkonomen, 44(11), s. 13- 15.

Bøhren, Øyvind (1990)

Theory development processes in the social sciences: The case of stochastic choice theory

Journal of Economic Psychology, 11(1), s. 1- 34.

Bøhren, Øyvind (1987)

PC-integrert undervisning i bedriftsøkonomi: Pedagogiske hensyn

Beta. Scandinavian Journal of Business Research, 1(4), s. 101- 106.

Bøhren, Øyvind & Ekern, Steinar (1987)

Usikkerhet i oljeprosjekter: Relevante og irrelevante risikohensyn

Beta. Scandinavian Journal of Business Research, 1(1), s. 23- 30.

Bøhren, Øyvind & Ekern, Steinar (1987)

Usikkerhet i oljeprosjekter

Sosialøkonomen, 40(9), s. 19- 23.

Bøhren, Øyvind (1984)

The validity of conventional valuation models under multiperiod uncertainty

Journal of Business Finance & Accounting, 11(2), s. 199- 211.

Bøhren, Øyvind (1983)

Sparing med skattefradrag: en privatøkonomisk analyse

Bedriftsøkonomen, 45(10), s. 532- 537.

Bøhren, Øyvind (1983)

Skattefradrag for realrenter

Sosialøkonomen, 37(9), s. 12- 16.

Bøhren, Øyvind (1983)

Bounding certainty equivalent factors and risk-adjusted discount rates

Journal of Business Finance & Accounting, 10(1), s. 139- 146.

Bøhren, Øyvind (1982)

Norsk oljepolitikk i beslutningsanalytisk perspektiv

Bedriftsøkonomen, 44(2), s. 128- 135.

Bøhren, Øyvind (1982)

Effektiv rente på boliglån: en empirisk undersøkelse

Bedriftsøkonomen, 44, s. 355- 360.

Bøhren, Øyvind (1982)

Å løse investeringsproblemer

Bedriftsøkonomen, 44, s. 355- 360.

Bøhren, Øyvind & Fuglaas, Geir (1981)

Yrkesvalg og lønnsomhet: NHH kontra næringsliv og forvaltning

Bedriftsøkonomen, 43(9), s. 480- 485.

Bøhren, Øyvind & Ekern, Steinar (1981)

Probabilities proportional to time-state prices

Economics Letters, 8(4), s. 1- 6.

Bøhren, Øyvind & Hansen, Terje Rein (1980)

Capital Budgeting with Unspecified Discount Rates

The Scandinavian Journal of Economics, 82(1), s. 45- 58. Doi: 10.2307/3439551

Bøhren, Øyvind & Schilbred, Cornelius M. (1980)

North Sea oil taxes and sharing of risk: a comparative case study

Energy Economics, 2, s. 145- 153.

Bøhren, Øyvind (1980)

Informasjonsøkonomi - en selektiv oversikt

Erhvervsøkonomisk Tidsskrift, 44(1), s. 31- 48.

Bøhren, Øyvind & Hansen, Terje (1979)

Akseptable gjeldsrenter i inflasjonstider

Sosialøkonomen, 33, s. 18- 20.

Bøhren, Øyvind & Ekern, Steinar (1979)

Consistent rankings based on total and differential amounts under uncertainty

Decision Sciences, 10(4), s. 519- 526.

Bøhren, Øyvind (1978)

Kostnadsoverskridelser og skatteregler i Nordsjøen

Bedriftsøkonomen, 40(10), s. 494- 495.

Bøhren, Øyvind (1978)

Investeringsplanlegging under budsjettrestriksjoner - en kommentar

Sosialøkonomen, 32, s. 28- 39.

Bøhren, Øyvind (1976)

Om vurdering av teori: Anvendelse av vurderingskriterier med Howard-Sheth modellen som eksempel

Norsk Økonomisk Tidsskrift, 13(3), s. 1- 16.

Bøhren, Øyvind (2018)

Er Norge avhengig av arverekken i familiebedrifter?

NRK [Radio]

Bøhren, Øyvind (2017)

El secreto de Noruega para tener a los tres multimillonarios más jóvenes del mundo

BBC World [Internett]

Bøhren, Øyvind (2017)

SSB-styret kritiseres for å ha sviktet Meyer

Dagens Næringsliv [Avis]

Bøhren, Øyvind (2017)

Tilstrekkelig makt til å passe på pengene

Dagens Næringsliv [Avis]

Bøhren, Øyvind (2017)

Aker får stryk for regnestykke

Dagens Næringsliv [Avis]

Bøhren, Øyvind (2017)

Ombudstvedt får kritikk fra de usikrede kreditorene

dn.no [Internett]

Bøhren, Øyvind (2017)

Røkke kan tjene to milliarder – uten å betale én krone i skatt

Dagens Næringsliv [Avis]

Bøhren, Øyvind (2017)

Eierne i Hafslund på vei mot rettslokalet

Dagbladet [Avis]

Bøhren, Øyvind (2017)

Styrene burde bare få betalt i aksjer de ikke kan selge

Dagens Perspektiv [Avis]

Bøhren, Øyvind (2017)

Dette er gullgruvene i norsk næringsliv

Dagens Næringsliv [Avis]

Bøhren, Øyvind (2017)

Når mor er sjefen din på jobb

NRK P2 Ekko [Radio]

Bøhren, Øyvind (2017)

Dette vil Christoffer overta, hvis pappa sier ja

Dagens Næringsliv [Avis]

Bøhren, Øyvind (2017)

Flere gjør som Thon og Mohn

Aftenposten [Avis]

Bøhren, Øyvind (2016)

Professorer: Enten Brekke eller Wærsted er ferdig i Telenor

e24.no [Internett]

Bøhren, Øyvind (2016)

Hva er den beste formen for eierskap?

Tønsberg Blad [Avis]

Bøhren, Øyvind (2016)

Gir råd med CAPS LOCK

Dagens Næringsliv [Avis]

Bøhren, Øyvind (2016)

The youngest billionaire in the world is a Norwegian teenager

Forbes [Fagblad]

Bøhren, Øyvind (2015)

Telenor striden - Full krise

Dagens Næringsliv [Avis]

Bøhren, Øyvind (2015)

Ukjent med fryktkultur

Dagens Næringsliv [Avis]

Bøhren, Øyvind (2015)

Børsen ser på saken

Dagens Næringsliv [Avis]

Bøhren, Øyvind (2015)

Styr Norges Bank bedre

BI Business Review [Internett]

Bøhren, Øyvind (2015)

Styr Norges Bank bedre

Dagens Næringsliv [Avis]

Bøhren, Øyvind (2015)

Jobben som vaktbikkje blir illusorisk

Dagens Næringsliv [Avis]

Bøhren, Øyvind (2015)

Johan H. Andresen: Vil gi døtrene større valgfrihet

Aftenposten [Avis]

Bøhren, Øyvind (2015)

Sier noe om hennes integritet

Dagens Næringsliv [Avis]

Bøhren, Øyvind (2015)

Helnorsk tradisjon, unorsk eier

Dagens Næringsliv [Avis]

Bøhren, Øyvind (2015)

Strammer inn på ledergoder

Dagsavisen [Avis]

Bøhren, Øyvind (2014)

Kontroll, ikke verdiskapning

Finansavisen [Avis]

Bøhren, Øyvind (2014)

Småsparerne hamstret

Dagens Næringsliv [Avis]

Bøhren, Øyvind (2014)

Ekstremt vanskelig jobb foran seg

Dagens Næringsliv [Avis]

Bøhren, Øyvind (2014)

Vil markere at de gjør noe konkret

Dagens Næringsliv [Avis]

Bøhren, Øyvind (2014)

Dette mister staten kontroll på

e24.no [Internett]

Bøhren, Øyvind (2014)

KrF-misnøye med hastekutt

Dagens Næringsliv [Avis]

Bøhren, Øyvind & Remøy, Håvard (2014)

Klyngje ikkje gull for eigarane

Sunnmørsposten [Avis]

Bøhren, Øyvind (2014)

Er næringsklynger spesielt lønnsomme?

BI Business Review [Internett]

Bøhren, Øyvind (2014)

Unoterte aksjer skaper splittelse

Dagens Næringsliv [Avis]

Bøhren, Øyvind (2014)

Hagens utvalgte

Ukeavisen Ledelse [Fagblad]

Bøhren, Øyvind (2014)

Denne familien har drevet brusfabrikk i snart 100 år

Aftenposten [Avis]

Bøhren, Øyvind (2014)

Familieeffekten

Aftenposten [Avis]

Bøhren, Øyvind (2014)

Generasjonsskifte i familiebedrifter

NRKs Her og Nå [Radio]

Bøhren, Øyvind (2013)

Arvefølge i familiebedrifter

NRK P1s Her og Nå [Radio]

Bøhren, Øyvind (2013)

Flere fallgruver med sponset forskning

Morgenbladet [Avis]

Bøhren, Øyvind (2013)

Lover skikkelig svar

Dagens Næringsliv [Avis]

Bøhren, Øyvind (2013)

Akademisk finansteori

Dagens Næringsliv [Avis]

Bøhren, Øyvind (2013)

Mener Røkke "skrur" Staten

Dagens Næringsliv [Avis]

Bøhren, Øyvind (2013)

Surt sukker i REC

Dagens næringsliv [Kronikk]

Bøhren, Øyvind (2013)

Svak styringspraksis i REC

Dagens næringsliv [Kronikk]

Bøhren, Øyvind (2013)

Spetalen hyller seg selv

Finansviasen [Avis]

Bøhren, Øyvind (2013)

Bommer om REC

Dagens næringsliv [Kronikk]

Bøhren, Øyvind (2013)

Styreleder Berdal vs. professor Bøhren

Finansavisen [Avis]

Bøhren, Øyvind (2013)

Ny kraftig REC-kritikk

Finansavisen [Avis]

Bøhren, Øyvind (2013)

Redningsmann på overtid

Dagens Næringsliv [Avis]

Bøhren, Øyvind (2013)

Ber aksjonærene skjerpe seg

Dagens Næringsliv [Avis]

Bøhren, Øyvind (2013)

Spetalen bommer om governance

Finansavisen [Kronikk]

Bøhren, Øyvind (2013)

Mener Kavlifond skaper vinnerkultur

Bergens Tidende [Avis]

Bøhren, Øyvind (2013)

Agastistriden

Finansavisen [Avis]

Bøhren, Øyvind (2013)

Beholder makten

Kapital [Tidsskrift]

Bøhren, Øyvind (2013)

Uvitende om flykjøp

Dagens Næringsliv [Avis]

Bøhren, Øyvind (2013)

Sandpåstrøer og dinosaur

Dagens Næringsliv [Avis]

Bøhren, Øyvind (2013)

To politikerfeil om bankrenter

Finansavisen [Kronikk]

Bøhren, Øyvind (2013)

Ingen idealverden

Dagens næringsliv [Kronikk]

Bøhren, Øyvind (2013)

Styreuavhengighet

Dagens næringsliv [Kronikk]

Bøhren, Øyvind (2013)

Styrekvotering er et bomskudd

BI Business Review [Kronikk]

Bøhren, Øyvind (2013)

Kvotering er et bomskudd

Dagens næringsliv [Kronikk]

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]

Bøhren, Øyvind (2013)

Det er mye å vinne

Dagens Næringsliv [Avis]

Bøhren, Øyvind (2012)

Familieselskaper er mest lønnsomme

Bergens Tidende [Avis]

Bøhren, Øyvind (2012)

Tror kvinner kan havne på B-laget

Bergens Tidende [Avis]

Bøhren, Øyvind (2012)

Ikke sikkert kundene tjener på bankfusjon

Stavanger Aftenblad [Avis]

Bøhren, Øyvind (2012)

Giskes styretrøbbel: Slaktes for Entra-håndtering

Dagbladet [Avis]

Bøhren, Øyvind (2012)

Gidder ikke å gjøre som Giske sier

Dagens Næringsliv [Avis]

Bøhren, Øyvind (2012)

Mener nordmenn taper på defensivt oljefond - Professor: Blant de beste i klassen

Aftenposten [Avis]

Bøhren, Øyvind (2012)

Norge er en klar nummer en

Dagens Næringsliv [Avis]

Bøhren, Øyvind (2012)

Tilrår å selge alt - eller ingenting

Bergens Tidende [Avis]

Bøhren, Øyvind (2012)

Ulønnsom kvinnekvote

Finansavisen [Avis]

Bøhren, Øyvind & Staubo, Siv Jønland (2012)

Medaljens bakside

Dagens næringsliv [Kronikk]

Bøhren, Øyvind (1)

Fylkeskommunal eierutøvelse

Stavanger Aftenblad [Kronikk]

Bøhren, Øyvind; Stacescu, Bogdan, Almli, Line & Søndergaard, Kathrine (1)

Når er en familie aktiv eier?

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; Hoseth, Fredrik & Remøy, Håvard (1)

Klynger skjerper konkurransen

Dagens næringsliv [Kronikk]

Bøhren, Øyvind (1)

Bedriftsøkonomi og PC-verktøy

Beta. Scandinavian Journal of Business Research [Kronikk]

Bøhren, Øyvind & Berzins, Janis (1)

Eierstyring og bedriftsøkonomi utenfor Oslo Børs

Årsberetning for eierskap [Kronikk]

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)

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.

Farbrot, Audun & Bøhren, Øyvind (2017)

Majoritetseiere beskytter minoriteten

[Popular scientific article]. BI Business Review

Berg, Magnus; Bøhren, Øyvind & Vassnes, Erik (2017)

Modelling the response to tax shocks: The capital uplift rate in petroleum taxation

[Academic lecture]. The Research Forum on Taxtion.

Bøhren, Øyvind; Christophersen, Sebastian & Lerfaldet, Simen (2017)

Shareholder turnout

[Academic lecture]. BI Brown Bag Seminar.

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

Finans: Teori og praksis

[Textbook]. Fagbokforlaget.

Bøhren, Øyvind; Berg, Magnus & Vassnes, Erik (2016)

Tax shocks and firm behavior

[Academic lecture]. BI Brown Bag.

Stacescu, Bogdan & Bøhren, Øyvind (2016)

The governance of family firms

[Academic lecture]. Seminar series, University of Edinburgh.

Bøhren, Øyvind & Gjærum, Per Ivar (2016)

Finans: Innføring i investering og finansiering

[Textbook]. Fagbokforlaget.

Almli, Line; Bøhren, Øyvind, Stacescu, Bogdan & Søndergaard, Kathrine (2015)

When does the family govern the family firm?

[Report]. Handelshøyskolen BI.

Bøhren, Øyvind; Iancu, Diana, Radulescu, Georgiana & Strøm, R. Øystein (2015)

The ownership structure of private firms

[Report]. Handelshøyskolen BI.

Almli, Line; Bøhren, Øyvind, Stacescu, Bogdan & Søndergaard, Kathrine (2015)

When does the family govern the family firm?

[Academic lecture]. 16th Workshop in Corporate Governance and Investment.

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.

Bøhren, Øyvind; Strøm, R. Øystein, Radulescu, Georgiana & Iancu, Diana (2013)

Ownership determinants

[Academic lecture]. European International Business Academy (EIBA).

Bøhren, Øyvind; Strøm, R. Øystein, Radulescu, Georgiana & Iancu, Diana (2013)

Ownership determinants

[Academic lecture]. The 14th Workshop on Corporate Governance and Investment.

Bøhren, Øyvind (2013)

Family management of family firms

[Academic lecture]. Brown Bag Seminar.

Bøhren, Øyvind & Staubo, Siv Jønland (2013)

Gender quotas and board independence

[Academic lecture]. Konferanse.

Staubo, Siv Jønland & Bøhren, Øyvind (2013)

Gender balance and board independence

[Academic lecture]. Workshop.

Bøhren, Øyvind & Staubo, Siv Jønland (2013)

Gender quotas: The Norwegian experience

[Academic lecture]. Nordisk workshop.

Bøhren, Øyvind & Staubo, Siv Jønland (2012)

Female directors and board independence: Evidence from boards with mandatory gender balance

[Report]. Norwegian Business School.

Bøhren, Øyvind & Staubo, Siv Jønland (2012)

Changing organizational form to avoid regulatory constraints: The effect of mandatory gender balance in the boardroom

[Report]. Norwegian Business School.

Bøhren, Øyvind & Staubo, Siv Jønland (2012)

Mandatory gender balance in corporate boards: Effects on organizational form

[Academic lecture]. 13th Workshop on Corporate Governance and Investment.

Bøhren, Øyvind & Staubo, Siv Jønland (2012)

The effect on organizational form of mandating gender balance in corporate boards

[Academic lecture]. Internseminar.

Bøhren, Øyvind & Staubo, Siv Jønland (2012)

Changing organizational form to avoid regulatory constraints: The effect od mandatory gender balance in the boardroom

[Academic lecture]. Seminar series, London School of Economics.

Bøhren, Øyvind & Michalsen, Dag (2012)

Finansiell økonomi. Teori og praksis

[Textbook]. Fagbokforlaget.

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.

Bøhren, Øyvind & Krosvik, Nils Erik (2011)

The economics of minority freezeouts: Evidence from the courtroom

[Report]. BI Norwegian Business School.

Bøhren, Øyvind; Josefsen, Morten & Steen, Pål Erik (2011)

Dividends and stakeholder conflicts: A cleaner test

[Report]. BI Norwegian Business School.

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

Dividends and stockholder conflicts: A comprehensive test for private firms

[Report]. BI Norwegian Business School.

Bøhren, Øyvind (2011)

Eierne, styret og ledelsen: Corporate governance i Norge

[Scientific book]. Fagbokforlaget.

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 & Josefsen, Morten (2010)

Dividends and stakeholder conflicts: A cleaner test

[Academic lecture]. 37th Annual Meeting of the European Finance Association.

Bøhren, Øyvind; Priestley, Richard & Cooper, Ilan (2009)

Real investment, economic efficiency, and managerial entrenchment

[Report]. Handelshøyskolen BI.

Bøhren, Øyvind; Priestley, Richard & Ødegaard, Bernt Arne (2009)

Investor short-termism and firm value

[Report]. Handelshøyskolen BI.

Bøhren, Øyvind & Berzins, Janis (2009)

Private firms are significant and different

[Report]. Handelshøyskolen BI.

Bøhren, Øyvind & Gjærum, Per Ivar (2009)

Prosjektanalyse. Investering og finansiering

[Textbook]. Fagbokforlaget.

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

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

[Report]. Handelshøyskolen BI.

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

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

[Report]. BI Norwegian Business School.

Bøhren, Øyvind & Josefsen, Morten (2007)

Do stakeholders matter for corporate governance? Behavior and performance of Norwegian banks 1985-2002

[Report]. Handelshøyskolen BI.

Bøhren, Øyvind & Strøm, Øystein (2007)

Aligned, informed, and decisive: Characteristics of value-creating boards

[Academic lecture]. 34th Annual EFA Meeting.

This paper explores how board composition influences the conflict of interest between principals and agents, the production of information for monitoring and advice, and the board's effectiveness as a decision-maker. Paying particular attention to the board's independence, information production, and diversity, we exploit unusually rich data from an unexplored institutional environment to estimate models that account for potential endogeneity. We find that performance improves when the directors own equity in the firm, have wide information networks to other firms, and when the board has low gender diversity, no employee directors, and small size. No systematic association is found between performance and independence. We find that board mechanisms are endogenous, both relative to each other and to performance. These characteristics of value-creating boards are consistent with theoretical predictions and the limited existing evidence, but lend no support to popular opinion and the current politics of corporate governance.

Bøhren, Øyvind (2006)

Eierskap og lønnsomhet

[Article in business/trade/industry journal]. Praktisk økonomi og finans, s. 91- 103.

Bøhren, Øyvind; Priestley, Richard & Ødegaard, Bernt Arne (2006)

The duration of equity ownership at the Oslo Stock Exchange 1989-1999

[Report]. Handelshøyskolen BI.

Bøhren, Øyvind & Strøm, Øystein (2006)

Aligned, informed, and decisive: Characteristics of value-creating boards

[Academic lecture]. Workshop on the Politics of Corporate Governance.

This paper explores how board composition influences the conflict of interest between principals and agents, the production of information for monitoring and advice, and the board's effectiveness as a decision-maker. Paying particular attention to the board's independence, information production, and diversity, we exploit unusually rich data from an unexplored institutional environment to estimate models that account for potential endogeneity. We find that performance improves when the directors own equity in the firm, have wide information networks to other firms, and when the board has low gender diversity, no employee directors, and small size. No systematic association is found between performance and independence. We find that board mechanisms are endogenous, both relative to each other and to performance. These characteristics of value-creating boards are consistent with theoretical predictions and the limited existing evidence, but lend no support to popular opinion and the current politics of corporate governance.

Bøhren, Øyvind & Strøm, Øystein (2005)

The value-creating board: Theory and evidence

[Report]. BI Norwegian Business School.

This paper explores empirically how board composition influences the conflict of interest between agents and principals, the production of information for monitoring and support, and the board's effectiveness as a decision-maker. We find that potential agency costs in our sample firms are high because the ownership-driven monitoring incentives are low. The average board has only six members, gender diversity is low, roughly half the firms have employee directors, and most CEOs are neither directors in their firm nor elsewhere. Using a wide set of such board characteristics and new measures of board independence and director networking, static and dynamic fixed effects panel data models show that value-creating boards are aligned with their shareholders, but dependent on the CEO. Multiple directorships create valuable information networks, whereas diversity in terms of gender, board size, and employee directors reduces value. Models accounting for endogeneity and reverse causation support these conclusions.

Bøhren, Øyvind & Ødegaard, Bernt Arne (2001)

Corporate governance and economic performance in Norwegian listed firms

[Report]. Handelshøyskolen BI.

Bøhren, Øyvind & Michalsen, Dag (2001)

Finansiell økonomi. Teori og praksis

[Textbook]. Skarvet Forlag.

Bøhren, Øyvind & Ødegaard, Bernt Arne (2000)

The ownership structure of Norwegian firms: Characteristics of an outlier

[Report]. Handelshøyskolen BI.

Bøhren, Øyvind & Gjærum, Per Ivar (1999)

Prosjektanalyse

[Textbook]. Skarvet Forlag AS.

Bøhren, Øyvind; Eckbo, Bjørn Espen, Michalsen, Dag & Smith, David C, (1997)

Corporate dividend policy in Norway

[Report]. BI Norwegian Business School.

Bøhren, Øyvind; Haug, Jørgen & Michalsen, Dag (1997)

Consolidation policy and managerial discretion: Accounting for intercorporate shareholdings

[Report]. BI Norwegian Business School.

Gjærum, Per Ivar & Bøhren, Øyvind (1997)

Prosjektanalyse: En innføring. 3.utgave (Project analysis. 3rd ed.)

[Scientific book]. Skarvet.

Bøhren, Øyvind & Michalsen, Dag (1994)

Finansiell økonomi. Teori og praksis

[Textbook]. Skarvet.

Bøhren, Øyvind & Isachsen, Arne Jon (1991)

Forsker og forretningsmann: En verdiskapende allianse

[Popular scientific article]. Praktisk økonomi & ledelse, 7(3), s. 115- 122.

Bøhren, Øyvind & Gjærum, Per Ivar (1991)

Prosjektanalyse: En innføring

[Textbook]. Skarvet.

Bøhren, Øyvind & Gjærum, Per Ivar (1991)

Prosjektanalyse med PC-verktøy

[Textbook]. NKS.

Bøhren, Øyvind (1987)

Økonomisk risiko i oljeprosjekter

[Popular scientific article]. BI-Forum, s. 10- 15.

Bøhren, Øyvind (1987)

Erfaringer fra produktutvikling: Finansiell programvare for PC

[Popular scientific article]. BI-Forum, s. 9- 11.

Bøhren, Øyvind & Gjærum, Per Ivar (1987)

Budsjettering, investering og finansiering

[Textbook]. Universitetsforlaget.

Bøhren, Øyvind & Ekern, Steinar (1985)

Risiko og lønnsomhet i oljeprosjekter: Eksempler på modellbruk ved større feltanalyser

[Report]. Norges Handelshøyskole.

Bøhren, Øyvind & Ekern, Steinar (1985)

Usikkerhet i oljeprosjekter: Relevante og irrelevante risikohensyn

[Report]. Norges Handelshøyskole.

Bøhren, Øyvind (1984)

Foretaksstrategi og økonomisk teori

Holbek, Jonny (red.). Foretaksstrategi

Bøhren, Øyvind & Gjærum, Per Ivar (1984)

Oppgaver og løsningsforslag i budsjettering, investering og finansiering

[Textbook]. Universitetsforlaget.

Bøhren, Øyvind; Ekern, Steinar, Johnsen, Thore & Korsvold, Pål E. (1984)

Lønnsomhet av oljeprosjekter: En systematisk gjennomgang av alternative modeller for prosjektvurdering under usikkerhet

[Report]. Norges Handelshøyskole.

Bøhren, Øyvind (1982)

Er effektiv rente bryet verd?

[Popular scientific article]. Økonomisk Revy, 45(2), s. 457- 469.

Bøhren, Øyvind & Schilbred, Cornelius M. (1982)

Evaluating North Sea petroleum fields

[Popular scientific article]. Noroil, s. 31- 35.

Academic Degrees
Year Academic Department Degree
1978 Norwegian School of Economics, NHH Ph.D.
1976 Norwegian School of Economics, NHH Master of Science
1973 Norwegian School of Economics, NHH B.A.
Work Experience
Year Employer Job Title
2006 - Present BI Norwegian Business School Founding director, Centre for Corporate Governance Research (CCGR)
1985 - Present BI Norwegian Business School Professor of financial economics
2004 - 2009 BI Norwegian Business School Holder of the Stein Erik Hagen Chair for private ownership
1993 - 1996 BI Norwegian Business School Dean of Graduate Programs
1992 - 1993 University of North Carolina at Chapel Hill Visiting scholar
1983 - 1985 BI Norwegian Business School Associate professor, finance
1982 - 1983 BI Norwegian Business School Assistant professor, finance
1980 - 1982 Norwegian School of Economics Assistant professor, management
1979 - 1980 University of Washington Visiting scholar
1977 - 1980 Norwegian School of Economics Research associate, finance
1974 - 1976 Norwegian School of Economics (NHH) Research assistant, management

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