Prestigious grant to BI researcher

16 June 2023

Professor of Finance Paul Ehling receives funding from the Centre for Advanced Study (CAS) to study the behaviour of different types of investors and how it affects wealth distribution.

“Grants like these are proof that BI continues to push the research front in some of the most important and relevant areas of study. We have one of the best finance departments in Europe with truly impactful and excellent research. I look forward to seeing the outcomes of this project and to continue building a world-class academic community,” says Provost for Research Ingunn Myrtveit.

Professor of Finance Paul Ehling.

CAS funding is special because it gives researchers the freedom to focus entirely on a single research project for a full year, uninterrupted by teaching and administrative tasks. Ehling receives financing for the project ‘Asset Pricing with Heterogeneous Investors in Overlapping Generations’.

“We think that the research program will provide valuable insights for households, investors and firms and can guide policy makers in terms of regulation and policy tools to improve welfare. Our motivation is based on the difficulty to realistically model the large amount of speculative trade and disagreement among market participants about the future states of the economy as evidenced by surveys,” says Ehling.

As part of the grant, he will invite a group of leading finance academics to work with him in Norway. Including Professor Lars Lochstoer from UCLA, Philipp Illeditsch from Texas A&M, Jens Kværner from Tilburg University, and Christian Heyerdahl-Larsen from BI Norwegian Business School.

“This is a very prestigious grant. Alongside the research, I plan to use this period to apply for large scale grants from the Research Council of Norway (RCN), and the European Research Council (ERC). The Finance Department at BI already has two ERC projects, and we hope to have the critical mass to apply to be recognized as a Centre of Excellence by the RCN, continues Ehling.


  • The Centre for Advanced Study (CAS) at The Norwegian Academy of Science and Letters is an independent foundation that furthers excellent, fundamental, curiosity-driven research.
  • CAS' primary objective is to further excellent research by providing its fellows with uninterrupted time for research. Since its opening in 1992, the Centre has hosted more than a thousand researchers.
  • Each year, CAS hosts three research groups working on projects within and across the fields of the humanities, social sciences, and natural sciences.
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