Department of Finance
The Department of Finance has a strong international orientation, with faculty from leading schools in finance and economics. Our research is published in top journals and covers all areas of finance.
Tuesday, 31 May 2022 - Seminar in Ministry of Finance: The oil fund and challenges for fiscal policy
Espen Henriksen to discuss the Norwegian sovereign wealth fund and challenges for fiscal policy, together with Steinar Holden (UiO), Hilde Bjørnland (BI) and John Cochrane (Stanford)
Tuesday, 31 May 2022 - Agency Conflicts and Investment: Evidence from a Structural Estimation
New paper! Redouane Elkahmi, Daniel Kim, Chanik Jo, and Marco Salerno. Forthcoming in Review of Corporate Finance Studies.
Tuesday, 22 March 2022 - The Foreign Exchange Market
New paper! Alain Chaboud, Dagfinn Rime and Vladyslav Sushko. Forthcoming in The Research Handbook of Financial Markets, edited by Refet Gürkaynak and Jonathan Wright.
Tuesday, 22 March 2022 - Reexamining the evidence on gun ownership and homicide using proxy measures of ownership
New paper! Karim Chalak, Daniel Kim, Megan Miller and John Pepper. Forthcoming in Journal of Public Economics.
Tuesday, 11 January 2022 - Sven Klingler wins EU funding to investigate financial frictions
Associate Professor Sven Klingler receives a € 1,5 million ERC Starting Grant for his research project on frictions between lenders and borrowers in financial markets.
Tuesday, 11 January 2022 - Why Do Boards Exist? Governance Design in the Absence of Corporate Law
New paper! Mike Burkart, Salvatore Miglietta, and Charlotte Ostergaard. Forthcoming in Review of Financial Studies
Tuesday, 11 January 2022 - Covered Interest Parity Arbitrage
New paper! Dagfinn Rime, Andreas Schrimpf, and Olav Syrstad. Forthcoming in Review of Financial Studies.
Monday, 20 September 2021 - The Role of the Discount Rate in Investment and Employment Decisions
New paper! Møller, Stig and Priestley, Richard. Forthcoming in Journal of Financial and Quantitative Analysis
Thursday, 05 August 2021 - 9th Workshop on investment and production-based asset pricing
The Center for Asset Pricing Research (CAPR) at BI Norwegian Business School is hosting its 9th annual workshop on investment and production-based asset pricing.
Thursday, 20 May 2021 - High Funding Risk and Low Hedge Fund Returns
New paper! Sven Klingler. Forthcoming in Critical Finance Review
Tuesday, 01 December 2020 - MPC Heterogeneity and Household Balance Sheets
New paper! Andreas Fagereng, Martin B Holm og Gisle J Natvik. Forthcoming in American Economic Journal: Macroeconomics
Wednesday, 21 October 2020 - Life After Libor
New Paper! Sven Klingler and Olav Syrstad. Forthcoming in Journal of Financial Economics
Tuesday, 20 October 2020 - Equilibrium Asset Pricing in Directed Networks
New Paper! Nicole Branger, Patrick Konermann, Christoph Meinerding, and Christian Schlag. Forthcoming in Review of Finance
Tuesday, 20 October 2020 - Andreas Fagereng promoted to professor
We congratulate Andreas with his fully deserved promotion to professor at the department of finance.
Friday, 03 July 2020 - A Global Macroeconomic Risk Model for Value, Momentum, and Other Asset Classes
New paper! Ilan Cooper, Andreea Mitrache and Richard Priestley. Forthcoming in Journal of Financial and Quantitative Analysis
Tuesday, 30 June 2020 - Why do Wealthy Parents Have Wealthy Children?
New paper: Andreas Fagereng, Magne Mogstad and Marte Rønning. Forthcoming in the Journal of Political Economy.
Friday, 19 June 2020 - Governance Conference 2020 on Sustainability
Centre for Corporate Governance Research (CCGR) organizes the Governance Conference 2020 on Sustainability: «Bærekraft—utfordringer og muligheter”, September 22 with speakers from from Hydro, Orkla, FSN Capital, Aars, and BI. Follow link for program and registration.
Friday, 19 June 2020 - Price Discovery in Two-Tier Markets
New paper! Geir H. Bjønnes, Carol L. Osler and Dagfinn Rime. Forthcoming in International Journal of Finance and Economics.
Tuesday, 12 May 2020 - New hire: Alejandro Lopez-Lira
We are very happy to welcome Alejandro Lopez-Lira from Wharton.
Tuesday, 12 May 2020 - Active Loan Trading
New paper! Frank J. Fabozzi, Sven Klingler, Pia Mølgaard and Mads Stenbo Nielsen. Forthcoming in Journal of Financial Intermediation.
Tuesday, 12 May 2020 - New hire: Zhaneta Krasimirova Tancheva
We are very happy to welcome Zhaneta Krasimirova Tancheva from Tilburg U.
Wednesday, 04 December 2019 - Risk Aversion Sensitive Real Business Cycles
New paper! Chen, Zhanhui and Cooper, Ilan and Ehling, Paul and Xiouros, Costas. Forthcoming Management Science
Wednesday, 04 December 2019 - Does Publication of Interest Rate Paths Provide Guidance?
New paper! Gisle James Natvik, Dagfinn Rime and Olav Syrstad. Forthcoming Journal of International Money and Finance
Tuesday, 03 September 2019 - Heterogeneity and Persistence in Returns to Wealth
New Paper! Andreas Fagereng, Luigi Guiso, Davide Malacrino & Luigi Pistaferri. Forthcoming in Econometrica.
Friday, 09 August 2019 - Measurement Error in Multiple Equations: Tobin's q and Corporate Investment, Saving, and Debt
Karim Chalak and Daniel Kim. Forthcoming in Journal of Econometrics
Tuesday, 06 August 2019 - Consumption Fluctuations and Expected Returns
Victoria Atanasov, Stig Vinther Møller, and Richard Priestley. Forthcoming Journal of Finance.
Tuesday, 06 August 2019 - New hire: Andreas Fagereng
We are very happy to welcome Andreas Fagereng as new Associate Professor.
Monday, 05 August 2019 - Dividends and Taxes: The Moderating Role of Agency Conflicts
Janis Berzins, Øyvind Bøhren and Bogdan Stacescu. Forthcoming Journal of Corporate Finance.
Monday, 05 August 2019 - Measurement Error Without the Proxy Exclusion Restriction
New publication! Karim Chalak & Daniel Kim. Journal of Business & Economic Statistics
Monday, 24 June 2019 - Joint CME-CAPR seminar
Industry Seminar discussing the composition of NBIM's referance index. Deputy Governor Egil Matsen and Head of Investment Ole Christian Bech-Moen present the reflections by NBIM.
Monday, 03 June 2019 - Optimists and Pessimists in (In)Complete Markets
New paper! Nicole Branger, Patrick Konermann and Christian Schlag. Forthcoming in Journal of Financial and Quantitative Analysis.
Monday, 01 April 2019 - Microstructure of Foreign Exchange Markets
New paper! Martin D.D. Evans and Dagfinn Rime. Forthcoming in Oxford Research Encyclopedia.
Friday, 01 March 2019 - New hire: Thomas K. Poulsen
We are very happy to welcome Thomas K. Poulsen from CBS.
Friday, 01 March 2019 - New hire: Daniel Kim
We are very happy to welcome Daniel Kim from Wharton.
Friday, 01 March 2019 - New hire: Tong Zhang
We are very happy to welcome Tong Zhang from U of Zurich.
Friday, 01 March 2019 - New hire: Gosia Ryduchowska
We are very happy to welcome Gosia Ryduchowska from LSE.
Thursday, 01 November 2018 - BI MSc in Finance highly ranked in the world!
The BI MSc in Finance program has made its first appearance in the world rankings at very high places! Ranked 48 in the FT ranking, and 41 in the QS TopUniversities ranking.
The FT recently ranked the program as 48th in the world for pre-experience finance post-graduate programs for the year 2018 (link), leaving behind many prestigious programs that have been ranked for several years.
Our program was also ranked as 41st in the world by QS TopUniversities among Business Masters programs with specialization in Finance (link). We expect to climb up considerably in the future when this ranking takes into consideration our strong research reputation.
Tuesday, 21 August 2018 - When Does the Family Govern the Family Firm?
New paper! Øyvind Bøhren, Bogdan Stacescu, Line Almli and Kathrine L. Søndergaard. Forthcoming in Journal of Quantitative and Financial Analysis
Wednesday, 30 May 2018 - Annual Conference on International Finance, 2018
BI host the Annual Conference on International Finance on June 22nd. We have 6 papers, 6 discussants, and keynote by Adrien Verdelhan (MIT).
Monday, 07 May 2018 - ECGI Best Paper Award 2018 to BI faculty
Salvatore Miglietta and Charlotte Østergaard's paper, joint with Mike Burkart, "Why do boards exist? Governance design in the absence of corporate law", won the ECGI Best Paper Award.
Monday, 30 April 2018 - Workshop on "Investment- and Production-Based Asset Pricing"
Centre for Asset Pricing Research (CAPR) at BI Norwegian Business School Workshop on "Investment- and Production-Based Asset Pricing", Tuesday, May 22, 2018
Monday, 30 April 2018 - New evidence on conditional factor models
New paper: Ilan Cooper and Paolo Maio. Forthcoming in Journal of Quantitative and Financial Analysis.
Tuesday, 24 April 2018 - BI-SHoF Conference 2018
BI-SHoF conference on Asset Pricing and Financial Econometrics 4 and 5 June 2018
Tuesday, 30 January 2018 - Safe Haven CDS Premiums
New paper: Sven Klingler and David Lando. Forthcoming Review of Financial Studies
Monday, 22 January 2018 - The Demographic Deficit
New Paper! Espen Henriksen and Thomas Cooley. Forthcoming Journal of Monetary Economics.
Monday, 15 January 2018 - Asset Growth, Profitability, and Investment Opportunities
New paper! Ilan Cooper and Paulo Maio. Forthcoming in Management Science.
Wednesday, 10 January 2018 - Charlotte Ostergaard elected to EFA
Charlotte will serve as Director on the Executive Committee of the European Finance Association (EFA) from January 2018 until end 2020. Congratulations!
Tuesday, 19 December 2017 - An Explanation of Negative Swap Spreads: Demand for Duration from Underfunded Pension Plans
New Paper: Sven Klingler and Suresh Sundaresan. Forthcoming in Journal of Finance.
Tuesday, 19 December 2017 - The Dynamic Properties of Financial-Market Equilibrium with Trading Fees
New paper: Adrian Buss and Bernard Dumas. Forthcoming in Journal of Finance.
Tuesday, 19 December 2017 - Modeling the response to exogenous shocks: The capital uplift rate in petroleum taxation
New Paper: Magnus Berg, Øyvind Bøhren and Erik Vassnes. Forthcoming in Energy Economics.
Tuesday, 19 December 2017 - Hamid to EDHEC Business School
We congratulate Hamid Boustanifar with his new position at EDHEC Business School and wish him all the best for the future.
Tuesday, 14 November 2017 - Are CEOs Born Leaders? Lessons from Traits of a Million Individuals
New paper: Renee B. Adams, Matti Keloharju and Samuli Knüpfer. Forthcoming in Journal of Financial Economics.
Wednesday, 01 November 2017 - CEO Dividend Protection
New paper: Danielle Zhang. Forthcoming in Journal of Empirical Finance.
Monday, 30 October 2017 - PhD Scholarships in Finance
The Department of Finance is currently inviting applications for new doctoral scholarships starting August 2018.
Friday, 13 October 2017 - Sovereign to Corporate Risk Spillovers
New paper: P. Augustin, Hamid Boustanifar, J. Breckenfelder, and J. Schnitzler. Forthcoming Journal of Money, Credit, and Banking.
Monday, 11 September 2017 - Shareholder Conflicts and Dividends
New paper: Janis Berzins, Øyvind Bøhren and Bogdan Stacescu. Forthcoming in Review of Finance
Wednesday, 06 September 2017 - Danielle Zhang: Lead article in Review of Finance
Danielle Zhang's paper on "How Important Are Risk-Taking Incentives in Executive Compensation?" is lead-article in issue 5 of Review of Finance and featured in the RoF blog by Alex Edmans.
Wednesday, 06 September 2017 - Welcome to our four new hires!
We welcome Tatyana Marchuk, Ivan Alfaro, Sven Klingler and Adam Winegar to our department. They have all four now arrived and we look forward to discuss research with them.
Tuesday, 05 September 2017 - Asset Prices and Portfolio Choice with Learning from Experience
New paper: Paul Ehling, Alessandro Graniero, and Christian Heyerdahl-Larsen. Forthcoming in Review of Economic Studies
Monday, 21 August 2017 - Best paper award
Øyvind Bøhren and Siv Staubo received Best Paper Award by the European Financial Management Association. Their paper "Mandatory Gender Balance and Board Independence" was most downloaded paper in 2016. Congratulations!
Thursday, 03 August 2017 - Throttling Hyperactive Robots - Order to Trade Ratios at the Oslo Stock Exchange
New paper: Kjell Jorgensen, Johannes Atle Skjeltorp and Bernt Arne Ødegaard. Forthcoming in Journal of Financial Markets.
Wednesday, 01 March 2017 - web New hire: Adam Winegar
We are very happy to hire Adam Winegar from U of Texas at Austin
Monday, 27 February 2017 - web New hire: Tatyana Marchuk
We are very happy to hire Tatyana Marchuk from Goethe University Frankfurt
Saturday, 18 February 2017 - web New hire: Ivan Alfaro
We are very happy to hire Ivan Alfaro from Ohio State U
Monday, 06 February 2017 - web New hire: Sven Klingler
We are very happy to hire Sven Klingler from CBS.
Tuesday, 31 January 2017 - Wages and Human Capital in Finance: International Evidence, 1970-2011
New paper: Hamid Boustanifar, Rett Grant and Ariell Reshef. Forthcoming in Review of Finance.
Tuesday, 24 January 2017 - SSRN How Important are Risk-Taking Incentives in Executive Compensation?
New paper: Ingolf Dittmann, Ko-Chia Yu and Danielle Zhang. Forthcoming in Review of Finance.
Tuesday, 27 December 2016 - SSRN Portfolio Tax Trading with Carry-Over Losses
New paper: Paul Ehling, Michael F. Gallmeyer, Sanjay Srivastava, Stathis Tompaidis, and Chunyu Yang. Forthcoming in Management Science
Tuesday, 27 December 2016 - Disagreement about inflation and the yield curve
New paper: Paul Ehling, Michael F. Gallmeyer, Christian Heyerdahl-Larsen and Philipp Illeditsch. Forthcoming in Journal of Financial Economics
Wednesday, 30 November 2016 - Differences of Opinion and International Equity Markets
New paper: Bernard Dumas, Karen Lewis and Emilio Osambela. Forthcoming in Review of Financial Studies.
Friday, 01 July 2016 - BI New hires
New hires: Alessandro Graniero from London Business School; Patrick Konermann from Munster University; Jens Kværner from NHH.
Wednesday, 15 June 2016 - BI Espen Henriksen on government-appointed committee
Espen Henriksen on government-appointed committee for the strategy of the Norwegian sovereign wealth fund, NBIM. VOX-column on the committee-recommendations
Thursday, 09 June 2016 - BI Differences of Opinion and International Equity Markets
New paper: Bernard Dumas, Karen Lewis and Emilio Osambela. Forthcoming in Review of Financial Studies.
- Bernard Dumas, Karen Lewis and Emilio Osambela. Differences of Opinion and International Equity Markets. Forthcoming in Review of Financial Studies.
- Martin D.D. Evans and Dagfinn Rime. Order flow information and spot rate dynamics. Forthcoming in Journal of International Money and Finance.
- Adrian Bussa, Bernard Dumas, Raman Uppal, and Grigory Vilkov. The Intended and Unintended Consequences of Financial-Market Regulations:A General Equilibrium Analysis. Forthcoming in Journal of Monetary Economics.
- Samuli Knüpfer, Elias Henrikki Rantapuska and Matti Sarvimäki. Formative Experiences and Portfolio Choice: Evidence from the Finnish Great Depression. Forthcoming in Journal of Finance.
- Juan-Pedro Gomez, Richard Priestley, Fernando Zapatero. Labor Income, Relative Wealth Concerns, and the Cross-Section of Stock Returns. Journal of Financial and Quantitative Analysis. vol51(4), pp. 1111-1133, Aug 2016.
- Paul Ehling and Christian Heyerdahl-Larsen. Correlations. Forthcoming in Management Science.
- Mark Grinblatt, Seppo Ikäheimo, Matti Keloharju and Samuli Knüpfer. IQ and Mutual Fund Choice. Management Science, vol 62(4), 945-963, April 2016.
- Markku Kaustia, Samuli Knüpfer and Sami Torstila. Stock Ownership and Political Behavior: Evidence from Demutualizations. Management Science, vol 62(4), 945-963, April 2016.
- Charlotte Ostergaard, Ibolya Schindele and Bent Vale. Social Capital and the Viability of Stakeholder-Oriented Firms: Evidence from Norwegian Savings Banks. Review of Finance. vol 20(5), 1673-1718, 2016.
- Ilan Cooper and Richard Priestley. The Expected Returns and Valuations of Private and Public Firms. Journal of Financial Economics. vol 120(1), pp 41-57. April 2016.
- Congrats! FIBE Best paper award to Bogdan Stacescu
- Øyvind Norli awarded best lecturer award in the Executive MBA program