Browsing NHH Brage by Author "Bienz, Carsten"
Now showing items 1-20 of 29
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A five factor approach to the low volatility anomaly : an empirical study of the Norwegian stock market
Rogdeberg, Paal Brimsø; Økland, Sturle Råheim (Master thesis, 2018)In this thesis, we construct the Fama-French five-factor model (2015a) for the Norwegian stock market in order to examine the existence of the low volatility anomaly. We estimate risk as idiosyncratic volatility relative ... -
Corporate governance in private equity : do boards really matter? : an empirical study of Norwegian private equity
Farran, Hadi; Lam, Kim-Alexander (Master thesis, 2015)We examine how private equity funds a↵ect corporate governance in Norwegian portfolio companies. We find that general partners do not prioritize the board as long as everything is going according to plan. We also find ... -
Corporate Governance in Private Equity : Do Boards Really Matter? An empirical study of Norwegian private equity
Farran, Hadi; Lâm, Kim-Alexander (Master thesis, 2016-03-17)We examine how private equity funds affect corporate governance in Norwegian portfolio companies. We find that general partners do not prioritize the board as long as every thing is going according to plan. We also find that ... -
The defeasance of control rights
Bienz, Carsten; Fluck, Zsuzsanna; Faure-Grimaud, Antoine (Discussion pape, Working paper, 2011-01) -
Determinants of private equity capital in emerging markets : evidence from macroeconomic and development variables
Park, Daniel (Master thesis, 2018)This paper examines the determinants of private equity capital fundraised and invested for a panel dataset consisting of 34 emerging market nations. My analysis considers the impact of 12 macroeconomic and development ... -
Do Mechanical Value Investing Strategies Beat The Market In The Nordics?
Gilje, Erik Årstad; Kindem, Andreas (Master thesis, 2022)In this thesis, we study whether three mechanical value investing strategies consistently generate excess risk-adjusted returns (alpha) on the Nordic exchanges for a Norwegian investor (returns are reflected in NOK). We ... -
Does Innovation Norway’s grants have an effect? : an empirical research paper examining the effects of the establishing grant and development grants
Berhe, Aron; Martens, Tobias (Master thesis, 2016)This paper examines the possible effects of government financial support to firms through Innovation Norway (IN). We compare firms that received support from IN in the years 2006- 2010 with comparable firms that applied ... -
Evolution of Decision and Control Rights in Venture Capital Contracts: An Empirical Analysis
Bienz, Carsten; Walz, Uwe (Discussion paper, Working paper, 2006-12)We analyze the structure and evolution of the allocation of decision and control rights in venture capital contracts by using a sample of 464 contracts between venture capitalists (VC) and portfolio firms from Germany. We ... -
The financial health of Norwegian crowdlending borrowers : comparing crowdlending borrowers and borrowers in traditional banks by applying three bankruptcy prediction models
Steen, Eirik Wollen; Holte, Henrik Rangøy (Master thesis, 2020)The purpose of this thesis is to examine whether companies obtaining loans at Norwegian crowdlending platforms are more likely to default than companies obtaining loans in traditional Norwegian banks. Crowdlending, the ... -
Hva er verdien av studentenes verdsettelser? : en studie av kursmål og anbefalinger
Rødseth, Peter (Master thesis, 2017)Mange økonomistudenter velger å verdsette aksjer i sin mastergradsavhandling. Jeg har i denne utredningen hatt som mål å finne ut hvor gode deres analyser har vært. For å gjøre dette har jeg undersøkt hvor treffsikre ... -
Is there a FTSE 100 index effect? : An empirical study of price and volume effects for stocks included in the FTSE 100 index
Axenrod, Michael; Brun, Benedicte Bartz-Johannessen (Master thesis, 2017)In this study, we examine quarterly inclusions in the FTSE 100 index which should not reveal new information regarding stock performances. Using the market model, we investigate returns and trading volume around the ... -
Is there an ESG anomaly? Using textual analysis to detect market mispricing
Martinsen, Henrik Firing; Andreassen, Bjørn-Terje Kongsnes (Master thesis, 2022)This thesis investigates the relationship between stock returns and ESG scores on primary listed firms on the three major Scandinavian stock exchanges between 2017 and 2021. In conducting the analysis, we have collected ... -
Leveraged Buyouts in the Era of Quantitative Easing : An Empirical Analysis of European Private Equity Buyouts B Unconventional Monetary Policies
Salhus, Erlend (Master thesis, 2023)Using proprietary European data on private equity (PE) buyouts, this thesis contributes to the growing research on the relationship between financial markets, investment decisions and quantitative easing. Detailed country ... -
Major Layoffs’ impact on venture capital activity : a study on how Ericsson and Nokia’s layoffs affected the Nordic venture capital activity
Kolbeinsen, Gard Elias; Willassen, Frederic Fjogstad (Master thesis, 2015)This paper investigates the relationship between company-related shocks and the Nordic private equity and venture capital industry. We investigate the consequences from Ericsson and Nokia’s major layoffs in 2002 and 2012 ... -
Nordic large-cap buyouts : Nordic private equity large-cap buyouts portfolio companies’ performance effect on close competitors and industry performance
Lydersen, Ole Joakim (Master thesis, 2017)The thesis will analyze the Nordic private equity Large Buyouts portfolio companies’ performance effect on Close Competitors and industry performance in the timeline 1997-2016. 116 Large Buyouts will be the foundation ... -
Predicting private equity enterprise multiples using coarsened exact matching
Bø-Pedersen, Ole; Finsrud, Henrik (Master thesis, 2021)This thesis investigates if it is possible to predict accurate and unbiased Net Asset Values for private equity (PE) portfolio companies using multiple valuation. The study is motivated by PE research that has found that ... -
Private Equity (De)Listings in Scandinavia : A descriptive and empirical study of private equity and venture capital firms listing and delisting activity in Scandinavia
Clausen, Didrik Eide; Knudsen, Håkon Rognes (Master thesis, 2022)Shrinking stock markets are a phenomenon witnessed across the world. Given stock markets importance to the economy, this trend is worrying. A number of studies have identified private equity as a catalyst for these ... -
Private equity in Finland : an assessment of value creation and drivers for buyout activity
Bakke, Gaute; Bull-Berg, Johan Marcus (Master thesis, 2016)Studying over 80 buyouts from 1999-2015 in Finland, we analyse companies subject to a buyout before and after acquisition, relative to a carefully constructed benchmark. Both groups are analysed across four dimensions: ... -
Replicating Nordic private equity : capture private equity return and risk in the Nordic stock market
Fladvad, Henrik; Tvedt, Jørgen (Master thesis, 2020)Private equity is widely known as an asset class delivering highly impressive returns. Still, critics like to point out the excessive fee structure in the industry. This paper investigates whether a passive stock portfolio, ... -
Sector performance in the private equity industry : an empirical study on private equity in the Nordics between 2004 and 2013
Halvorsen, Magnus Kielland; Johansen, William Brekke (Master thesis, 2017)This thesis examines performance of PE-backed companies on a sector-by-sector basis in the Nordics. In addition, this thesis provides a holistic overview of the performance of PE-backed companies across three dimensions: ...