Ødegaard, Bernt Arne

Utdanning

Ph.D. of Finance, Carnegie Mellon University. 1992.

Høyere Avdelings Eksamen, NHH, 1987.

Siviløkonom, NHH, 1985.

Erfaring

Professor, Universitet i Stavanger (UiS), fra 2008.

2017: Oppdrag for Finansdepartementet: Akademisk evaluering (sammen med Professor Magnus Dahlquist, Handelshögskolan i Stockholm) av Norges Bank Investment Management’s porteføljeprestasjoner.

Professor II, Handelshøyskolen i København (CBS) 2016–2017.

Professor II, Finans, Norges Handelshøyskole (NHH), 2011–2016, 2018, 2021–22.

Styremedlem, Folketrygdfondet. 2013 – 2017. (2007-2013 Varamedlem).

Forsker (deltid), Norges Bank, 1997 – 2013.

Førsteamanuensis, Handelshøyskolen BI, Oslo, 1995 – 2008.

Prosjektleder for en rekke forskningsprosjekter ffnansiert av Norges Forskningsråd og Finansmarkedsfondet.

Visiting assistant professor of ffnance, University of British Columbia, Vancouver, Canada, 1994-95.

Assistant professor of ffnance, University of Illinois, Chicago, USA, 1992 – 1994.

Artikler i fagfellevurderte tidskrifter

Tick Size Wars: The Market Quality Eects of Pricing Grid Competition (med Sean Foley og Tom Grimstvedt Meling). 2022. Kommer i Review of Finance.

“Contagious Margin Calls: How Covid-19 threatened global stock market liquidity,” with Sean Foley, Amy Kwan and Richard Philip. Journal of Financial Markets. 2022. doi:10.1016/j.ffnmar.2021.100689

“Throttling hyperactive robots - Order to Trade ratios at the Oslo Stock Exchange” (with Kjell Jørgensen and Johannes Skjeltorp). Journal of Financial Markets, vol 37, no 1, Jan 2018, p1–16 (lead article).
doi:10.1016/j.ffnmar.2017.09.001

“When do listed ffrms pay for market making in their own stock?” (med Johannes Skjeltorp). Financial Management, vol 44, no 2, Summer 2015, pages 241–261. doi:10.1111/ffma.12058

“Stock Market Liquidity and the Business Cycle” (med Randi Næs og Johannes Skjeltorp). Journal of Finance, vol LXVI, no 1, Feb 2011, p139–176.
doi:10.1111/j.1540-6261.2010.01628.x

“The diversiffcation cost of large, concentrated equity stakes. How big is it? Is it justiffed?” Finance Research Letters, vol 6, 2009, s56–72. doi:10.1016/j.frl.2009.01.003

“Price dierences between equity classes. Corporate Control, Foreign ownership or Liquidity?” Journal of Banking and Finance, vol 31, 2007, s3621–3645.
doi:10.1016/j.jbankffn.2007.01.013

“Linear and Nonlinear Exchange Rate Exposure” (med Richard Priestley) Journal of International Money and Finance vol 26, 2007, s1016–1037. doi:10.1016/j.jimonffn.2007.05.001

“Equity Trading by Institutional Investors. To cross or not to cross?” (med Randi Næs). Journal of Financial Markets vol 9, 2006, s79–99. doi:10.1016/j.ffnmar.2006.01.003

“Exchange Rate Regimes and the Price of Exchange Rate Risk” (med Richard Priestley) Economics Letters vol 82, 2004, s181–188. doi:10.1016/j.econlet.2003.08.008

“Patterns of corporate ownership: Insights from a unique data set” (med Øyvind Bøhren). Nordic Journal of Political Economy vol 27, 2001, s55–86.

“Are there Tax Eects in the Relative Pricing of US Government Bonds?” (med Richard C. Green) Journal of Finance, vol LII, June 1997, s 609–633.
doi:10.1111/j.1540-6261.1997.tb04815.x

Artikler i fagfellevurderte tidskrifter (på norsk)

“Norges Banks aktive forvaltning av Statens Pensjonsfond Utland (Oljefondet)” Samfunnsøkonomen no 1, 2019, s16-27. (oppsummering av rapport om Statens Pensjonsfond Utland)

“Metoder for evaluering av aktiv fondsforvaltning” (med B. Espen Eckbo) Praktisk Økonomi og Finans vol 31, no 4, 2015, s343–364. doi:10.18261/issn.1504-2871

“Nøytral skattlegging av ffnansielle instrument?” (med Benn Folkvord) Praktisk Økonomi og Finans, vol 28, no 2, 2012, s90–94.

“Egenkapitalutvidelser på Oslo Børs” (med Erlend Kvaal) Praktisk Økonomi og Finans, vol 27, no 2, 2011, s109–128.

“Statlig eierskap på Oslo Børs” Praktisk Økonomi og Finans, vol 25, no 4, 2009, s71–90.

“Hva koster det å handle aksjer på Oslo Børs?” Praktisk Økonomi og Finans, vol 25, no 1, 2009, s93–102.

“Hvilke faktorer driver kursutviklingen på Oslo Børs?” (med Randi Næs and Johannes Skjeltorp), Norsk Økonomisk Tidskrift, vol 122, no 2, 2008, s36–81.

Kapitler i Bøker

Governance and performance revisited (med Øyvind Bøhren). I International Corporate Governance after Sarbanes-Oxley, Paul Ali and Greg Gregouriu (red), Wiley. Februar 2006. Sider 27-64. doi:10.1002/9781119201885.ch3

Norsk eierskap: Særtrekk og sære trekk (med Øyvind Bøhren). I Einar Hope (red). Næringspolitikk for en ny økonomi. Fagbokforlaget 2002.

Bøker

Financial Numerical Recipes (in C++). Jun 2014.
Lærebok tilgjengelig på internett. 260 sider.

Forskningsrapporter

The impact of procyclical margin requirements on ffnancial market liquidity in Hong Kong (with Sean Foley, Jiri Svec and Angelo Aspris). Hong Kong Institute for Monetary and Financial Research, HKIMR Applied Research Paper No.02/2022

A Review of Norges Bank’s Active Management of the Global Pension Fund Global (with Magnus Dahlquist) Jan 2018, available at regjeringen.no

Bond Liquidity at the Oslo Stock Exchange. Norges Bank Sta Memo 5/2017.

Norges Bank’s Expert Group on Principles for Risk Adjustment of Performance Figures – Final Report (with Magnus Dahlquist, Christopher Polk and Richard Priestley). Nov 2015. Report, Norges Bank Investment Management.

The Liquidity of the Secondary Market for Debt Securities in Norway (med Ketil Rakkestad og Johannes Skjeltorp) Norges Bank FSR Memo 1/2012.

The information content of market liquidity: An empirical analysis of liquidity at the Oslo Stock Exchange (med Johannes Skjeltorp) Norges Bank Working Paper 26/2009.

The Liquidity of the Oslo Stock Exchange. (med Randi Næs og Johannes Skjeltorp). Norges Bank Working Paper Series 9/2008.

The Duration of Equity Ownership at the Oslo Stock Exchange 1989–1999 (med Richard Priestley og Øyvind Bøhren). Forskningsrapport 2/2006, Handelshøyskolen BI.

Corporate governance and economic performance in Norwegian listed ffrms (med Øyvind Bøhren). Forskningsrapport 11/2001, Handelshøyskolen BI.

The ownership structure of Norwegian listed ffrms: Characteristics of an outlier (med Øyvind Bøhren.) Forskningsrapport 13/2000, Handelshøyskolen BI.

Upubliserte arbeidsnotater

The expected returns of ESG excluded stocks. The case of exclusions from Norway’s Oil Fund, with Erika Berle and Wanwei (Angela) He. April 2022.

Do Sustainable Company Stock Prices increase with ESG scrutiny? Evidence using Social Media. (med Emilie Kvam, Peter Molnár and Ingvild Wankel). March 2022.

Board gender-balancing, network information, and insider trading (with B. Espen Eckbo). November 2021.

Non-Standard Errors Albert J. Menkveld, Anna Dreber, Felix Holzmeister, Jürgen Huber, Magnus Johannesson, Michael Kirchler, Sebastian Neusüss, Michael Razen, Utz Weitzel, David Abad-Díaz, Menachem Abudy, …, Bernt A. Ødegaard, …November 2021.

Tax motivated ex-dividend trading goes dark. Jun 2019.

Equity trading costs have fallen less than commonly thought. Evidence using alternative trading cost estimators. (med Valeriia Klova) Mar 2019.

How long do equity owners hang on to their stocks? Mar 2017.

Is Household Diversiffcation Increasing in Wealth? Norwegian Evidence. Mar 2017.

Liquidity and Asset Pricing: Evidence on the Role of Investor Holding Period (med Randi Næs). Nov 2009.

Investor Short-Termism and Firm Value (med Richard Priestley og Øyvind Bøhren). Jul 2009.

Who moves equity prices? Monthly evidence Feb 2009.

Long Swings in the Dollar and the Exchange Rate Exposure of US Industries (med Richard Priestley). Mar 2006.

The ownership structure of repurchasing ffrms (med Johannes A Skjeltorp). Feb 2004.

Empirical tests for changes in the autocorrelation of stock index returns. Apr 1994.

April 2022