• Disposal of petroleum installations : major policy issues 

      Osmundsen, Petter; Tveterås, Ragnar (Discussion paper, Working paper, 2000-01)
      Following the Brent Spar controversy, the OSPAR countries reached a unanimous agreement in 1998 for the future rules for disposal of petroleum installations. The vast majority of existing offshore installations will be ...
    • Distorted performance measures and dynamic incentives 

      Kaarbøe, Oddvar M.; Olsen, Trond E. (Discussion paper, Working paper, 2004-12)
      Incentive contracts must typically be based on performance measures that do not exactly match agents' true contribution to principals' objectives. Such misalignment may impose difficulties for effective incentive design. ...
    • A Distributional Robust Analysis of Buyback and Cap-and-Trade Policies 

      Fakhrabadi, Mahnaz; Sandal, Leif K. (Discussion paper;5/24, Working paper, 2024-02-20)
      This study delves into a dynamic Stackelberg game comprised of a manufacturer and a retailer, operating in an environment with fluctuating demand and price-dependent consumer behavior. The multi-period optimization challenges ...
    • Do all-equity firms destroy value by holding cash? 

      Kisser, Michael (Discussion paper, Working paper, 2010-12)
      Empirical evidence shows that as of 2006, nearly every fifth large U.S. public corporation was all-equity financed and that the corresponding average cash holding were nearly twice as high as of the average U.S. firm. ...
    • Do species interactions and stochasticity matter to optimal management of multispecies fisheries? 

      Poudel, Diwakar; Sandal, Leif Kristoffer; Steinshamn, Stein Ivar; Kvamsdal, Sturla Furunes (Discussion paper;2012:1, Working paper, 2012-01)
      The multispecies fisheries management looks at a bigger picture in addressing the long-term consequences of present decisions. This implies an ecosystem management that includes a number of species and their physical, ...
    • Does a Wealth Tax Discriminate against Domestic Investors? 

      Bjerksund, Petter; Schjelderup, Guttorm (Discussion paper;16/19, Working paper, 2019-11-21)
      This paper studies the impact of a capital-income tax and a wealth tax on investor behavior in an efficient capital market under various assumptions regarding uncertainty and time horizons. We show that investors who face ...
    • Does prospect theory explain the disposition effect? 

      Hens, Thorsten; Vlcek, Martin (Discussion paper, Working paper, 2005-09)
      The disposition effect is the observation that investors hold winning stocks too long and sell losing stocks too early. A standard explanation of the disposition effect refers to prospect theory and in particular to the ...
    • Does stochasticity matter? : dynamic pigouvian taxation in an uncertain environment 

      Sandal, Leif Kristoffer; Steinshamn, Stein Ivar (Discussion paper, Working paper, 2004-04)
      The effects of discounting, stochasticity, non-linearities and maximum decay upon an optimal corrective tax are analyzed using stochastic dynamic optimization. Optimal corrective taxes are derived as explicit feedback ...
    • A dozen consistent CAPM-related valuation models : so why use the incorrect one? 

      Ekern, Steinar (Discussion paper, Working paper, 2006-05)
      This paper focuses on applications of the CAPM in capital budgeting and in valuation of "mispriced" financial assets. Most textbooks in finance do not warn against a common pitfall in discounting expected cash flows by ...
    • Dynamic capital structure with callable debt and debt renegotiations 

      Christensen, Peter Ove; Flor, Christian Riis; Lando, David; Miltersen, Kristian R. (Discussion paper, Working paper, 2002)
      We consider a dynamic model of the capital structure of a firm with callable debt that takes into account that equity holders and debt holders have a common interest in restructuring the firm’s capital structure in order ...
    • Dynamic Causal Forests, with an Application to Payroll Tax Incidence in Norway 

      Gavrilova, Evelina; Langørgen, Audun; Zoutman, Floris T. (Discussion paper;9/23, Working paper, 2023-06-29)
      This paper develops a machine-learning method that allows researchers to estimate heterogeneous treatment effects with panel data in a setting with many covariates. Our method, which we name the dynamic causal forest (DCF) ...
    • Dynamic general equilibrium and t-period fund separation 

      Gerber, Anke; Hens, Thorsten; Wöhrmann, Peter (Discussion paper, Working paper, 2005-07)
      We consider a dynamic general equilibrium model with incomplete markets in which we derive conditions for separating the savings decision from the asset allocation decision. It is shown that with logarithmic utility functions ...
    • Dynamiske CO2-avgifter : en modell med endogent bestemt avgiftsperiode 

      Aanestad, Sigurd; Sandal, Leif Kristoffer; Berge, Gerhard (Discussion paper, Working paper, 2003-12)
    • Earnings announcements and the variability of stock returns 

      Eilifsen, Aasmund; Knivsflå, Kjell Henry; Sættem, Frode (Discussion paper, Working paper, 1999)
      This paper is concerned with the dissemination process of firm-specific annual earnings information in the Norwegian capital market. We find a significant reduction in stock price volatility in the post-announcement period ...
    • Earnings manipulation : cost of capital versus tax 

      Eilifsen, Aasmund; Knivsflå, Kjell Henry; Sættem, Frode (Discussion paper, Working paper, 1999)
      We show that if taxable income were linked to accounting income, there will exist an automatic safeguard against manipulation of earnings within the analyzed framework. Separating taxable income from accounting income will ...
    • The Economics of the Global Minimum Tax 

      Schjelderup, Guttorm; Stähler, Frank (Discussion paper;3/23, Working paper, 2023-03-14)
      This paper shows that the OECD inclusive framework of Pillar Two fails to implement the claimed 15% minimum corporate tax for subsidiaries of multinational corporations. The reason is that the Substance-based Income Exclusion ...
    • Education and the allocation of talent 

      Hvide, Hans K. (Discussion paper, Working paper, 2000-12)
      This paper considers a two-sector education model with two novel features. First, contracts have an independent role in sorting workers into different sectors of the economy. Second, education improves workers’ awareness ...
    • The Effect of Social Distancing Measures on Intensive Care Occupancy: Evidence on COVID-19 in Scandinavia 

      Juranek, Steffen; Zoutman, Floris T. (Discussion paper;2/20, Working paper, 2020-04-29)
      Understanding the effectiveness of social distancing on the spread of COVID-19 is crucial to justify economically costly social distancing measures. We present a case study focusing on the three Scandinavian countries. ...
    • Effects of taxes and subsidies on media services 

      Kind, Hans Jarle; Møen, Jarle (Discussion paper;44/14, Working paper, 2014-12)
      We start out reviewing the justification for press subsidies. The social value of journalism can be larger than what the newspapers are able to extract because of knowledge externalities, public good characteristics of ...
    • Effects of Voluntary Audit on Accounting Quality in Small Private Firms 

      Aase, Øivind André Strand (Discussion paper;1/22, Working paper, 2022-01-10)
      Many countries have introduced thresholds for mandatory audits, but empirical evaluations on how deregulation of audit markets affect reporting quality are scarce. I analyze a Norwegian audit reform in 2011, that introduced ...