Research & Publications

WORK IN PROGRESS

New research (drafts available at SSRN):

New research (draft forthcoming):

  • “Corporate Rivalry and Idiosyncratic Return Comovement,” with E. de Bodt and R. Roll.
  • “Seller-Initiated Takeovers and CEO Compensation, ”with O. Norli, and K.S. Thorburn.
  • “Rational Deal Anticipation and Markup Pricing in Takeovers: Additional Evidence,” with R. Thompson and K.S. Thorburn
  • “Corporate Funding and Asset Sales,” with M. Kisser
  • “Pay-Performance Sensitivity and CEO Wealth: New Evidence,” with J.P.E. Melberg, D. Palia, and K.S. Thorburn
  • “The Equity Rights Offer Discount,” with J.A. Pandes and O. Norli
  • “Insider Trading and Gender,” with B.A. Ødegaard
  • "Does CEO Compensation Reflect Default Risk?" with L. Chollete and C. Lu

Books in progress:

  • “Corporate Takeovers: The Scientific Evidence,’’ with K.S. Thorburn (for FMA Survey & Synthesis Series, Oxford University Press)
  • “Structuring M&A Transactions,” with K.S. Thorburn (for Foundations and Trends in Finance)

PUBLISHED JOURNAL ARTICLES

Prepublication versions of most papers are available here.

BOOK CHAPTERS

  • “Reforming Share-Voting Systems: The Case of Italy,” with Gulia Paone, in Evolution of Ownership Structures and Activism of Minority Shareholders, (Georgeson), 2011.
  • “Introduction to Corporate Takeovers: Modern Empirical Developments,” in B. E. Eckbo (ed.), Corporate Takeovers: Modern Empirical Developments, Volume 1 & 2, (Elsevier/Academic Press), xxiii-lvii (35 pages), 2010.
  • “Corporate Takeovers,” with Sandra Betton and Karin S. Thorburn, to appear in B. E. Eckbo (ed.), Handbook of Corporate Finance: Empirical Corporate Finance, Volume 2, (Elsevier/North-Holland Handbook of Finance Series), Ch. 15, 291-430, 2008. Reprinted in B.E. Eckbo (ed.), Corporate Takeovers: Modern Empirical Developments, Volume 2, (Elsevier), 2010.
  • “Corporate Restructurings,” with Karin S. Thorburn, to appear in B. E. Eckbo, Handbook of Corporate Finance: Empirical Corporate Finance Volume 2, (Elsevier/North-Holland Handbook of Finance Series), Ch. 16, 431-496, 2008. Reprinted in B.E. Eckbo (ed.), Corporate Takeovers: Modern Empirical Developments, Volume 2, (Elsevier), 2010.
  • “Preface: Empirical Corporate Finance”, in B. Espen Eckbo, Handbook of Corporate Finance: Empirical Corporate Finance, Volume 1, (Elsevier/North-Holland Handbook of Finance Series), pp. ix-xviii, 2007.
  • “Security Offerings,” with Ronald W. Masulis and Øyvind Norli, in B. Espen Eckbo (ed.), Handbook of Corporate Finance: Empirical Corporate Finance, Volume 1, (Elsevier/North-Holland Handbook of Finance Series), Ch. 6, 233-373, 2007.
  • "Are Mandatory Bankruptcy Auctions More Efficient?," with Karin S. Thorburn, in B. Green (ed.), Risk Behavior and Risk Management in Business Life (Kluwer Academic Publishers), 288-295, 2000.
  • "Bedriftsoppkjøp og Verdiskapning" [Corporate Takeovers and Value Creation], in K. Boye and C. B. Meyer (eds.), Fusjoner og Oppkjøp, (Cappelen Akademiske Forlag, Oslo), 244-278, 1998.
  • “Seasoned Equity Offerings: A Survey,” with Ronald W. Masulis, in R. Jarrow, V. Maksimovic and B. Ziemba (eds.) Finance (North-Holland, Series of Handbooks in Operations Research and Management Science), 1017-1072, 1995.
  • "Omfang og Lønnosomhet av Bedriftsoppkjøp" [Extent and Profitability of Corporate Takeovers], in Omstrukturering av Føretak, Nordiska Skattevetenskapliga Forskningsrådets Skriftserie, NSFS 29, Iustus Forlag, 291-336, 1993.
  • "Costs of Equity Issuance," with Ronald W. Masulis, in The New Palgrave Dictionary of Money and Finance, (Macmillan Press, London), 496-499, 1992.
  • "Acquisitions," in The New Palgrave Dictionary of Money and Finance, (Macmillan Press, London), 10-13, 1992.
  • "Mergers, Concentration, and Antitrust," in C. Wihlborg, M. Fratiani, and T.D. Willett (eds.), Financial Regulation and Monetary Arrangements after 1992, (North-Holland, Contributions to Economic Analysis Series), ch. 6, 123-143, 1991.
  • "Competition and Wealth Effects of Horizontal Mergers," in F. Mathewson, M. Trebilcock and M. Walker (eds.), The Law and Economics of Competition Policy , (The Fraser Institute, Vancouver), ch. 9, 297-332, 1990.
  • "The Market for Corporate Control: Policy Issues and Capital Market Evidence," in R.S. Khemani, D. Shapiro and W.T. Stanbury (eds.), Mergers, Corporate Concentration and Corporate Power in Canada, (The Canadian Institute for Research on Public Policy, Montreal), ch. 7, 143-225, 1988.

BOOKS (EDITED)

OTHER PUBLICATIONS (NORWEGIAN LANGUAGE)

  • “Kjønnskvotering av Børsnoterte ASAStyrer: Ble Børsverdiene Redusert?", with Knut Nygaard and Karin S. Thorburn, Magma 0516, 45-47, 2016. 
  • “Verdien av Innsidehandel på Oslo Børs”, [The Value of Insider Trades on the Oslo StockExchange], Praktisk Økonomi og Finans, no. 3, 119-127, 1999.
  • “Bedriftsoppkjøp og Verdiskapning” [Corporate Takeovers and Value Creation], Praktisk Økonomi og Finans, no. 2, 52-73, 1999.
  • “Aktiv Eller Passiv Fondsforvaltning?” [Active or Passive Fund Management?], Praktisk Økonomi og Ledelse, no 1, 7-17, 1998.
  • "Pensjonsfond: Porteføljevalg, Avkastning og Risiko" [Pension Funds: Portfolio Selection, Return and Risk], Norsk Offentlig Utredning (NOU 1998:10, vedlegg 3), 324-360, 1998.
  • "Norske Aksjeemisjoner” [Norwegian Equity Offerings], with Øyvind Bøhren and Dag Michalsen, Praktisk Økonomi og Ledelse, no 1, 47-57, 1996.
  • “Bedriftsoppkjøp og Eierbegrensninger” [Corporate Takeovers and Ownership Restrictions], Praktisk Økonomi og Ledelse, no 5, 123-127, 1991.
  • “Bedriftsoppkjøp og Internasjonalisering: Norge og Europa i 1980-årene” [Corporate Takeovers adn Internationalization: Norway and Eurpoe in the 1980s], Beta 5, 1-30, 1991.
  • “Markedet for Selskapskontroll” [The Market for Corporate Control], Praktisk Økonomi og Ledelse, no 3, 111-122, 1989.
  • “Markedet for Selskapskontroll: En Oversikt over Internasjonale Empiriske Forskningsresultater” [The Market for Corporate Control: A Review of International Empirical Research], Beta 1, 54-89, 1987.

COMMENTARIES

  • Presented Congressional Testimony "The Government As Active Shareholder," December 16, 2009.
  • "Banking System Bailout - Scandinavian Style," CESifo DICE Report 3, 2009.
  • "Ghosts of Crises Past: Failed Banks, State Control, and Rapid Recovery," Financial Times, Mastering Management Series, pp. 6-8, January 23, 2009.
  • "Norge på Plass i Førersetet," Dagens Næringsliv (main Norwegian Business Daily), October 31, 2005.
  • "Strong Insiders Invite Weak Governance," Financial Times Summer School Series, May 20, 2005 (Lead article).
  • "CEO Elections Out of Shareholders’ Control," Financial Times Summer School Series, August 17, 2004.
  • "Ingen Innsidebørs," Dagens Næringsliv (main Norwegian Business Daily), August 23, 1999.
  • ”Verdien av Innsidehandel på Oslo Børs” [The Value of Insider Trades on the Oslo Stock Exchange], Praktisk Økonomi og Finans, no. 3, 119-127, 1999.
  • "Offentlig Kontroll med Private Stiftelser," Dagens Næringsliv (main Norwegian Business Daily), July, 1992.