CV

Ødegaard, Bernt Arne

PICT

Degrees

Ph.D. of Finance, Graduate School of Industrial Administration, Carnegie Mellon University, 1992.

Master of Science, Finance. Graduate School of Industrial Administration, Carnegie Mellon University. 1989.

Master of Economics and Business Administration, Norwegian School of Economics and Business Administration (NHH), Bergen, Norway. 1987.

Bachelor of Economics and Business Administration, Norwegian School of Economics and Business Administration (NHH). 1985.

Personal information

Nationality: Norwegian.

Born: 6 august 1961.

Marital Status: Married, 1 son.

Experience

Professor of Finance, University of Stavanger (UiS), 2008 to date.

Adjunct Professor, Copenhagen Business School (CBS), 2016–2017.

Adjunct Professor, Norwegian School of Economics (NHH). 2011–2016, 2018, 2021-22.

Consulting, 2019: Solveig Gas Norway and Silex Gas Management: Report on return of regulated gas infrastructure.

Evaluated Norges Bank Investment Management (NBIM) (with Magnus Dahlquist). 2017.

Member of group advising the board of Norges Bank (Central Bank of Norway) on reporting of Norges Bank Investment Management (NBIM). 2015/2016.

Researcher/Visiting Scholar, Norges Bank (Central Bank of Norway). 1997–2013.

Board member “Folketrygdfondet,” 2013–2017.

Expert witness in court cases.

Project responsible, project for the Ministry of Trade and Industry, “State Ownership”, 2009.

Associate Professor, Finance. BI Norwegian School of Management, Oslo, Norway. 1995 to 2008.

Project leader, project financed by “Finansmarkedsfondet” (The Financial Research Fund) The liquidity of the Oslo Stock Exchange, 2007–2008.

Visiting Scholar, University of Oslo, Fall 2006.

Lecturer, University of Oslo, Masters course in financial theory, 2006.

Member of committee revising the Norwegian Society of Financial Analysts guidelines for calculation and adjustment of historical figures per share. 2005.

Project leader, project financed by the Norwegian Research council, entitled “KUNI – Corporate Governance and valuable innovation”. 2003-2005.

Project leader, project financed by the Norwegian Research council, entitled “Corporate Governance – Konsentrert eierskap”, 2000-2002.

Norges Bank Investment Management, Oslo, Norway. Consultant, Asset allocation. 2000–2001.

Project leader, project financed by the Norwegian Research council, entitled “Eierstruktur og verdiskapning”, 1997-1999.

Lecturer: Norwegian School of Economics and Business Administration, Bergen, Norway. Taught course in corporate finance. Fall 1996.

Lecturer: Agder University College, Kristiansand, Norway. Taught course in introductory finance. 1996/1997.

Visiting Assistant Professor, Finance. University of British Columbia, Vancouver, Canada. 1994–1995.

Lecturer: Agder University College, Kristiansand, Norway, PhD course in econometrics, 1994.

Assistant Professor, Finance. University of Illinois. Chicago, IL. 1992–1994.

Teaching: Undergraduate Introductory Finance, Carnegie Mellon University. 1990.

Consulting: Designed and implemented a PC-based computer program used for pricing and trading of Foreign Currency Options for Bergen Bank, Bergen, Norway. 1986–1987.

Military service: Operations assistant / Radar operator, Royal Norwegian Air Force. Bodø, Norway. 1982–1983.

Articles in refereed journals

“Contagious Margin Calls: How Covid-19 threatened global stock market liquidity,” with Sean Foley, Amy Kwan and Richard Philip. Journal of Financial Markets. 2021.
doi:10.1016/j.finmar.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.finmar.2017.09.001

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

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

“The diversification cost of large, concentrated equity stakes. How big is it? Is it justified?” Finance Research Letters, vol 6, 2009, p56–72. doi:10.1016/j.frl.2009.01.003

“Price differences between equity classes. Corporate Control, Foreign ownership or Liquidity?” Journal of Banking and Finance, vol 31, 2007, 3621-3645. doi:10.1016/j.jbankfin.2007.01.013

“Linear and Nonlinear Exchange Rate Exposure” (with Richard Priestley). Journal of International Money and Finance vol 26, 2007, p1016–1037. doi:10.1016/j.jimonfin.2007.05.001

“Equity Trading by Institutional Investors. To Cross or Not to Cross” (with Randi Næs) Journal of Financial Markets, vol 9, 2006, p79–99. doi:10.1016/j.finmar.2006.01.003

“Exchange Rate Regimes and the Price of Exchange Rate Risk” (with Richard Priestley) Economics Letters vol 82, 2004, p181–188. doi:10.1016/j.econlet.2003.08.008

“Patterns of corporate ownership: Insights from a unique data set” (with Øyvind Bøhren) Nordic Journal of Political Economy vol 27, no 1, 2001, p55–86

“Are there Tax Effects in the Relative Pricing of US Government Bonds?” (with Richard C. Green) Journal of Finance, vol 52, June, 1997, p609–633.
doi:10.1111/j.1540-6261.1997.tb04815.x

Articles in refereed journals (in Norwegian)

“Norges Banks aktive forvaltning av Statens Pensjonsfond Utland (Oljefondet)”
Samfunnsøkonomen no 1, 2019, p 16-27. Summary (in Norwegian) of report reviewing Norges Bank’s Active Management of the Global Pension Fund Global.

“Metoder for evaluering av aktiv fondsforvaltning” (with B. Espen Eckbo) Praktisk Økonomi og Finans no 4, 2015, p343–364. doi:10.18261/issn.1504-2871

“Nøytral skattlegging av finansielle instrument?” (with Benn Folkvord) Praktisk Økonomi og Finans, vol 28, no 2, 2012, p90–94.

“Egenkapitalutvidelser på Oslo Børs” (with Erlend Kvaal) Praktisk Økonomi og Finans, vol 27, no 2, 2011, p109–128.

“Statlig eierskap på Oslo Børs” Praktisk Økonomi og Finans vol 25, no 4, 2009, p71–90.

“Hva koster det å handle aksjer på Oslo Børs?” Praktisk Økonomi og Finans, vol 25, no 1, 2009, p93–102.

“Hvilke faktorer driver kursutviklingen på Oslo Børs?” (with Randi Næs and Johannes Skjeltorp), Norsk Økonomisk Tidskrift, vol 122, no 2, 2008, p36–81.

Book Chapters

Governance and performance revisited (with Øyvind Bøhren). Pages 27-64. In International Corporate Governance after Sarbanes-Oxley, Paul Ali and Greg Gregouriu (ed), Wiley. February 2006. doi:10.1002/9781119201885.ch3

Norsk eierskap: Særtrekk og sære trekk (with Øyvind Bøhren). Pages 91–111. In Einar Hope (ed). Næringspolitikk for en ny økonomi. Fagbokforlaget 2002.

Books
PICT

Financial Numerical Recipes (in C++). Jun 2014.
Textbook available on the web. 260 pages.

Research Reports

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 Staff 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 (with Ketil Rakkestad and Johannes Skjeltorp) Norges Bank FSR Memo 1/2012.

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

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

The Duration of Equity Ownership at the Oslo Stock Exchange 1989–1999 (with Richard Priestley and Øyvind Bøhren). Norwegian School of Management Research Report 2/2006.

Corporate governance and economic performance in Norwegian listed firms (with Øyvind Bøhren). Norwegian School of Management Research Report 11/2001.

The ownership structure of Norwegian listed firms: Characteristics of an outlier (with Øyvind Bøhren.) Norwegian School of Management Research Report 13/2000.

Other publications

“Hva har Covid-19 gjort med likviditeten på Oslo Børs?” Finansavisen (16 May 2020)

“Misvisende og ikke faglig fundert” Dagens Næringsliv, 9 apr 2018.

“Smiler hele veien til banken og enda lenger”, Aftenposten, 9 feb 2018.

“Om minus og pluss i meravkastning”, Dagens Næringsliv, 2 feb 2018.

“Norge mister milliarder i utbytteskatt”Dagens Næringsliv (with Benn Folkvord) 11 jan 2018.

“Statoil, Miller og Modigliani”Dagens Næringsliv, 3 feb 2016.

“Løgn, Forbandet Digt, og Statistikk”, Dagens Næringsliv, jul 2015.

“Verdiødeleggende Forvaltning?” Dagens Næringsliv, 29 jun 2015.

“Hukommelsestap i DNB?” Dagens Næringsliv, 14 feb 2014.

“Spleiseslutt” Dagens Næringsliv, 30 may 2013.

“Når utbyttet uteblir...” Dagens Næringsliv, 25 may 2013.

“Bidrar banken?” Dagens Næringsliv, 14 may 2013.

“Hva er DNBs bidrag?” Dagens Næringsliv, 30 apr 2013.

“Likviditeten i aksjemarkedet og realøkonomien” (with Randi Næs and Johannes Skjeltorp), Samfunnsøkonomen, no 2, 2011, p22–24.

“Treg forskning – eller treg kritikk?” Dagens Næringsliv, 13 dec 2010

“Aksjemarkedslikviditet og konjunkturer” Dagens Næringsliv, 24 nov 2010.

“Om aksjeroboter, markedseffisiens, og regulering” Dagens Næringsliv, 27 oct 2010.

“Bransjesammensetningen av Oslo Børs” (with Randi Næs and Johannes Skjeltorp), Praktisk Økonomi og Finans vol 24, no 4, 2008, p65–73.

“Hvor mange aksjer skal til for å ha en veldiversifisert portefølje på Oslo Børs?” Praktisk Økonomi og Finans, vol 22, no 1, 2006, p85–89.

“Currency hedging in Norwegian non-financial firms” (with Øystein G. Børsum). Norges Bank Economic Bulletin no 3, 2005, p133–144 (translation of article in Penger og Kreditt.)

“Valutasikring i norske selskaper” (with Øystein G. Børsum). Praktisk Økonomi og Finans, vol 21, no 1, 2005, p83–100. (reprint of article in Penger og Kreditt)

“Valutasikring i norske selskaper” (with Øystein G. Børsum). Penger og Kreditt no 1, 2005, Norges Bank, p29–40.

“Norsk eierskap: Særtrekk og sære trekk” (with Øyvind Bøhren). Praktisk Økonomi og Finans vol 19, no 3, 2003, p3–17. (reprint of earlier book chapter)

“Derivater og finansiell risikostyring” Praktisk Økonomi og Finans vol 16, no 3, 2000, p55–65.

“Prisforskjeller mellom aksjeklasser” Praktisk Økonomi og Finans vol 15, no 3, 1999, p81–89.

“Opsjoner i en Porteføljestrategi” (with Thore H. Johnsen) Praktisk Økonomi vol 1, no 3, 1987, p49–66.

Unpublished Working Papers

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, …. Nov 2021.

Tick Size Wars: The Market Quality Effects of Pricing Grid Competition (with Sean Foley and Tom Grimstvedt Meling). Nov 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 (with Valeriia Klova) Mar 2019.

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

Is household diversification increasing in wealth? Norwegian Evidence. Mar 2017.

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

Investor Short-Termism and Firm Value (with Richard Priestley and Øyvind Bøhren). July 2009.

Who moves equity prices? Monthly evidence Feb 2009.

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

Another look at Breadth of Ownership and Asset Returns (with Richard Priestley). Dec 2005.

The ownership structure of repurchasing firms (with Johannes A Skjeltorp) Feb 2004.

New Evidence on Exchange Rate Exposure (with Richard Priestley). Oct 2002.

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

Mikro Kosmo. (with Olov Olson and Stein Søbstad) Proceedings, FIBE, (“Conference on the Management Sciences”), Trondheim, Norway. 1987.

Pedagogical Working Papers

Empirics of the Oslo Stock Exchange: Basic, descriptive, results 1980-2020. Mar 2021.

Empirics of the Oslo Stock Exchange: Asset pricing results 1980-2020. Mar 2021.

The Liquidity of the Oslo Stock Exchange – A Source Book 1980-2020. Mar 2021.

Oslo Stock Exchange and the Weather Feb 2019.

Empirics of the Oslo Stock Exchange: Ownership results. Jul 2009.

Current Projects

Negative exclusions from investment portfolios

Liquidity dynamics among related markets (with Kenneth Kavajecz and Siri Valseth)

Valuing a liquid capital market (with Kenneth Kavajecz and Siri Valseth)

The microstructure of the Oslo Stock Exchange

Research/Teaching Interests

Market Microstructure.

Empirical Asset Pricing / Econometrics.

Asset Pricing / Investments

Corporate Finance / Corporate Governance.

Derivatives / Financial algorithms.

Courses Taught

Basic/Corporate Finance (MSc/MBA/Undergraduate)

Derivatives (MSc/Undergraduate)

Econometrics/Financial econometrics (PhD/MSc/Bachelor)

Empirical finance (PhD)

Financial theory/Asset pricing (PhD/MSc)

Fixed Income (MSc)

Investments (Executive)

Trading in Financial Markets/Market microstructure (PhD/MSc)

Risk management (MSc/Executive)

Valuation (MSc)

Case course in Finance (MSc)

Business Decisions (integrative course in business at the masters level, team-based and case-oriented)

Academic duties

Norwegian Finance Initiative: Member of committee evaluating students for the NFI summer school.

Norwegian Finance Initiative: Chair of committee evaluating theses for the NFI annual master thesis award.

Participant in numerous academic evaluations for professoral competence, in Norway and Sweden.

Advisor to doctoral student at University of Stavanger: Valeriia Klova. Defended thesis 2019.

Advisor for Doctoral Student at University of Bergen, Tom Grimstvedt Meling. Defended thesis 2017.

Member of doctoral evaluation committe, Stockholm University, 2015.

Member of doctoral defence evaluation committe, Norwegian School of Economics (NHH) Aug 2014.

Advisor to doctoral student at University of Stavanger: Svein Olav Krakstad. defended thesis Jan 2014.

Opponent at doctoral defence, Bodø University College, Dec 2009.

Member of doctoral defence evaluation committe, University of Växjö, Jan 2009.

Opponent at doctoral pre-defence, University of Växjö, Sep 2008.

Opponent at doctoral defence, University of Lund, Sep 2008.

Head of the PhD program in financial economics at the Norwegian School of Management. 1999 to 2006.

Advisor to doctoral student at Norwegian School of Management: Johannes Skjeltorp, defended thesis September 2004.

Advisor to doctoral student at Norwegian School of Management: Qinglei Dai, defended thesis June 2004.

Chair of doctoral defence committee at Norwegian School of Management BI, Spring 2004.

Opponent at doctoral defense, Handelshögskolan i Stockholm, May 2003.

Chair of doctoral defense committee at Norwegian School of Management BI, Fall 2002.

Opponent at doctoral defense, Norwegian School of Economics and Business Administration (NHH), Bergen, May 2002.

Opponent at doctoral defense, Norwegian School of Economics and Business Administration (NHH), Bergen, December 2001.

Advisor for doctoral student, Norwegian School of Economics and Business Administration, 2001.

Opponent at doctoral defense, Norwegian School of Economics and Business Administration (NHH), Bergen, October 2001.

Chair of 2 doctoral defense committees at the Norwegian School of Management BI, June 2001.

Advisor for doctoral student, University of Illinois, 1994.

Memberships

Vitenskapsakademiet i Stavanger

Professional Affiliations

American Finance Association, European Finance Association, Western Finance Association.

Invited Talks

“Tar robotene over finans? Er det framdeles bruk for folk til å passe på pengene våre?”, talk at KåKåNomics, in Stavanger, Fall 2017.

“Trading Equities: Market Structures and Costs”, seminar in Oslo organized by Danske Bank. Fall 2016.

“Factors and Investing” Skagen. Summer 2016.

“Om Kapitalforvaltning.” (Asset Management) Norges Bank’s Representantskap, January 2016.

“Eierstruktur og Verdiskapning.” (Ownership and Value Creation.) Arkeologisk Museum, Stavanger, 2 mars 2010.

“Internett i undervisning og forskning i bedriftsøkonomi” (The use of Internet in teaching and research), FIBE, Bergen January 1997.

Conference Participation

2021 Financial Management Association Meetings in Denver. Paper on program.

2021 Australasian Finance & Banking Conference. Paper on program

Annual Central Bank Conference on Market Microstructure, Switzerland, 2021. Member of program committee.

2021 European Finance Association Meetings, Milan (Digital), Aug 2021. Present paper.

2021 Financial Intermediation Research Society (FIRS) Conference. Vancouver (Digital). Present paper.

Paris December 2020 Finance Meeting EUROFIDAI – ESSEC (Digital) - Present paper, discussant.

World Finance & Banking Symposium in Riga 2020 (Digital). Present paper, discussant.

SFM 2020 – The 28th Conference on the Theories and Practices of Securities and Financial Markets, Taiwan, 2020. Paper on program.

Annual central bank conference on market microstructure, Switzerland, 2020. Member of program committee.

The Microstructure Exchange, 2020. (continuing web confererence) Referee.

FIBE 2020, Bergen, Norway. Present paper.

Annual central bank conference on market microstructure, Stockholm, 2019. Member of organizing committee. Discussant.

11th Nordic Corporate Governance Conference, Oslo, 2019. Present paper.

3rd SAFE Market Microstructure Conference, Aug 2019, Frankfurt. Present paper.

2019 CEPR-Imperial Plato Market Innovator (M13) Conference, Jun 2019, London. Present paper.

Annual central bank conference on market microstructure, Hong Kong, 2018. Member of organizing committee.

Annual central bank conference on market microstructure, London, 2017. Member of organizing committee.

2nd Paris-Dauphine Workshop on Microstructure. 2017. Present paper.

Conference on the Econometrics of Financial Markets, Stockholm Business School, May, 2017. Paper on program.

Annual central bank conference on market microstructure, Banque de France, Sep 2016. Member of organizing committee.

EFA, European Finance Association Meetings, Oslo, Aug 2016. Present Paper.

NYU/Stern Microstructure Conference 2016. New York University. May 2016. Paper on program.

Annual central bank conference on market microstructure, Bank of Ireland, 2015. Member of organizing committee. Discussant. Chair.

EFA, European Finance Association Meetings, Wien, 2015. Discussant.

Arne Ryde Workshop in Financial Economics, Lund, May 2015. Present paper.

FIBE 2015, Bergen. Present Paper, Discussant.

Annual central bank conference on market microstructure, Rome, 2014. Member of organizing committee.

4th International Conference of the Financial Engineering and Banking Society, hosted by the University of Surrey. 2014. Paper on program

Ninth annual central bank conference on market microstructure, ECB, 2013. Member of organizing committee, Discussant.

FIBE 2013, Bergen. Discussant.

The 35th Meeting of the Norwegian Association for Economics, 2013, Stavanger. Present paper, discussant.

Eight annual central bank conference on market microstructure, Bank of Canada, 2012. Member of organizing committee.

European Finance Association Meetings, Copenhagen, 2012. Member of program committee.

AFFI Paris 2011. Present paper, Discussant.

Seventh annual central bank conference on market microstructure, Stavanger, 2011. Chair of organizing committee.

European Finance Association Meetings, Stockholm, 2011. Member of program committee. Paper on program.

Arne Ryde Workshop in Financial Economics, Lund, Apr 2011. Paper on program.

Sixth annual central bank conference on market microstructure, Federal Reserve Bank of New York, 2010. Member of organizing committee.

Recent Developments in the Econometrics of Macroeconomics and Finance, Norges Bank, June 2010. Presented paper.

AFFI, French Finance Association, St.Malo, May 2010. Paper on program, discussant.

European Finance Association Meetings, 2010. Member of program committee.

European Financial Management Association Meetings, 2010. Member of program committee.

FIBE, Bergen, January 2010. Present paper, discussant.

Fifth annual central bank conference on market microstructure, Switzerland, 2009. Member of organizing committee.

European Finance Association Meetings, Bergen, 2009. Member of program committee, discussant.

FIBE, Bergen, January 2009. Present paper, discussant.

Forskermøtet for økonomer (Conference on economics), Bergen, January 2009. Present paper, discussant.

Fourth annual central bank conference on market microstructure, Hong Kong, September 2008. Member of organizing committee. Paper on program. Discussant.

European Finance Association Meetings, 2008. Member of program committee. Paper on program.

The European Winter Finance Summit 2008, Hemsedal, Apr 2008. Presenting paper.

Midwest Finance Association, San Antonio, TX, Feb 2008, presenting paper, session chair, discussant.

FIBE, Bergen, January 2008, presenting papers, discussant.

Third annual central bank conference on market microstructure, organized by Central Bank of Hungary, September 2007. Member of organizing committee. Present paper.

European Finance Association Meetings, Member of program committee, 2007.

Arne Ryde Workshop in Financial Economics, Lund, Apr 2007. Present paper.

The Bank of Canada and Norges Bank Conference on The Microstructure of Equity and Currency Markets, Bank of Canada, Ottowa, Canada. October 2006. Member of organizing committee, session chair, discussant.

Western Finance Association Meetings, June 2006. Discussant.

European Finance Association Meetings, Member of program committee, 2006.

Skinance, Hemsedal, Mar 2006, discussant.

FIBE, Bergen, January 2006, presented paper, session chair, discussant.

Conference on The Microstructure of Equity and Currency Markets, Oslo, Norway, September 2005. Initiated the conference. Member of organizing committee.

European Finance Association Meetings 2005, Moscow. Presented paper, session chair.

AFFI, French Finance Association, Paris, 2005. Presented paper, discussant.

“Mathematics and Finance,” University of Oslo, 2004. Presented paper.

European Finance Association Meetings 2003, Glasgow. Paper on program, discussant.

European Finance Association Meetings 2002, Berlin. Presented paper.

FIBE 2002, Bergen. Presented paper.

German Finance Association Meetings 2001. Presented paper.

NASDAQ/Notre Dame Microstructure conference, 2000. Presented paper.

Nordic Journal of Political Economy conference on “Ownership and Performance.” 2000. Invited paper presentation.

French Finance Association 2000. Paper on program.

European Finance Association Meetings, Member of program committee, 1999.

Nordic Corporate Finance, Copenhagen, 1999. Presented paper.

Nordic Finance, Århus, 1999. Presented paper.

“Mathematics and Economics,” University of Oslo, 1998. Presented paper.

European Finance Association Meetings, Member of program committee, 1998.

European Finance Association Meetings, Sep 1997: Presented paper, member of program committee, discussant.

Wharton School Financial Center’s May 1996 conference: Paper on program.

European Finance Association Meetings, Oslo, Sep 1996: Member of organizing committee. Discussant.

Arne Ryde Workshop in Financial Economics, Lund, 1996. Present paper.

Northern Finance Association Meetings, Sep 1994: Discussant.

European Finance Association Meetings, Aug 1993: Presented paper. Discussant.

Western Finance Association Meetings, June 1993: Presented paper.

European Finance Association Meetings, Aug 1991: Presented paper. Discussant.

“Symposium on the Nordic Stock Markets” Stockholm, 1987: Presented paper.

Seminars at other universities
I have given research seminars at the following places:

Copenhagen Business School (CBS), Denmark

Graduate School of Finance, joint between Helsinki School of Economics and the Swedish School of Economics and Business Administration (Hanken), Helsinki, Finland.

Handelshögskolan, Stockholm, Sweden.

Instituto de Impresa Business School, Madrid.

Ministry of Finance, Oslo, Norway.

Norwegian School of Management BI, Oslo, Norway.

Norwegian School of Economics and Business Administration (NHH), Bergen, Norway.

Odense University, Denmark.

Universidade Nova de Lisboa, Portugal

University of British Columbia, Vancouver, Canada.

University of Gothenburgh, Sweden.

University of Illinois at Urbana-Champaign, USA.

University of Illinois at Chicago, USA.

University of Mannheim, Germany.

University of Oslo, Norway.

University of Stavanger, Norway.

Stocholm University, Business School (webinar)

University of Aarhus, Denmark. (CREATES)

Vanderbilt University, Nashville, USA.

VU Amsterdam, Nederland

Seminars at non-academic institutions

Finansdepartementet (Norwegian Ministry of Finance)

Finanstilsynet (Norwegian Financial Regulatory Authority)

Folketrygdfondet

Norges Bank - NBIM (Norges Bank Investment Management)

Refereeing
I have refereed papers for the following journals:

Beta, Canadian Journal of Administrative Sciences, Emerging Markets Finance and Trade, Finnish Economic Papers, Global Finance Journal, Japanese Economic Review, Journal of Applied Statistics, Journal of Banking and Finance, Journal of Business and Economic Statistics, Journal of Economic Dynamics and Control, Journal of Empirical Finance, Journal of Finance, Journal of Financial and Quantitative Analysis, Journal of Financial Markets, Journal of International Money and Finance, Norsk Økonomisk Tidskrift, Review of Asset Pricing Studies, Review of Finance and Review of Financial Studies.

November 2021