CV

Ødegaard, Bernt Arne

P

rofessor
University of Stavanger
UiS Business School
NO-4036 Stavanger, Norway
Email: bernt.a.odegaard@uis.no
WWW:  https://ba-odegaard.no

[Uncaptioned image]Photographer: Peder Austrud

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

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

  • 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.

  • Board member “Folketrygdfondet,” 2007–2017.

  • Expert witness in court cases.

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

  • 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

  • “Tick Size Wars: The Market Quality Effects of Pricing Grid Competition” (with Sean Foley andTom Grimstvedt Meling). Review of Finance, Vol 27, Nr 2, 659–692, Mar 2023. doi:10.1093/rof/rfac032

  • “Contagious Margin Calls: How Covid-19 threatened global stock market liquidity,” with Sean Foley, Amy Kwan and Richard Philip. Journal of Financial Markets. Volume 59, Part A, June 2022.
    doi:10.1016/j.finmar.2021.100689. Among the eight most cited papers published in the Journal of Financial Markets since January 2020.

  • “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

Participant in large research collaborations, published in refereed journals

Articles in refereed journals (in Norwegian)

Book Chapters

Books

  • Lectures on Corporate Finance (with Peter Bossaerts). Textbook, World Scientific Press. 2001. 241 pages. Second edition published in 2006, second (revised) edition published in 2010.

[Uncaptioned image]

Research Reports

Other publications

Unpublished Working Papers

Pedagogical Working Papers

Prizes

  • The working paper The expected returns of ESG excluded stocks. Shocks to firms costs of capital? Evidence from the world’s largest fund. (with Erika Berle and Wanwei He) receives a price for the best paper presented by a PhD student at 44th Annual Meeting of the Norwegian Association of Economists (Forskermøtet) in Stavanger, October 2022.

Grants

  • Ministry of Trade and Industry – “State Ownership” — 2009.

  • “‘Finansmarkedsfondet” (The Financial Research Fund) – “The liquidity of the Oslo Stock Exchange,” 2007–2008.

  • Norwegian Research council –“KUNI – Corporate Governance and valuable innovation”. 2003-2005.

  • Norwegian Research council — “Corporate Governance – Konsentrert eierskap”, 2000-2002.

  • Norwegian Research council — “Eierstruktur og verdiskapning,” 1997-1999.

Current Projects

  • Does the manager’s gender influence shareholders’ firm valuation? (with Olga Rud, Jean Paul Rabanal, Lata Gangadharan and Eko Riyanto)

  • Gender diversity in leadership: views and impact on society (with Lata Gangadharan, Jean Paul Rabanal and Olga Rud.)

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

  • Measuring the performance of insider trading (with B. Espen Eckbo)

  • Do individual investors understand diversification?

Research/Teaching Interests

  • Market Microstructure

  • Empirical Asset Pricing / Econometrics

  • Asset Pricing / Investments

  • Corporate Finance / Corporate Governance / ESG

  • 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 (MSc/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

  • Advisor to doctoral student at University of Stavanger: Erika Berle. Defended thesis 2024.

  • Opponent at doctoral defense, Stockholm University, 2022.

  • Member of doctoral evaluation committe, NHH, 2021.

  • 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.

Honors

  • William Larimer Mellon Fellowship, Carnegie Mellon University. 1987–92.

  • Doctoral Student Fellowship, Norwegian School of Economics and Business Administration. 1987–1991.

  • Fellowship, Norwegian Council for Research in the Humanities. 1985–87.

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

  • The Microstructure Exchange, 2020-2025. (continuing web confererence) Member of program committee.

  • 2025. Annual Central Bank Conference on Market Microstructure, Hong Kong. Member of program committee.

  • 2025. 7th Sydney Market Microstructure and Digital Finance Meeting. Member of program committee.

  • 2024. Massey Sustainable Finance Conference, New Zealand (online). Present paper. Discussant.

  • 2024. Annual Central Bank Conference on Market Microstructure, Mexico, Member of program committee.

  • 2024. Meeting of the Norwegian Association of Economists (Forskermøtet), Oslo, January. Present paper.

  • 2023. "Sustainable Financial Innovation Centre (SFiC) Annual Conference," University of Birmingham, Dubai, United Arab Emirates. Paper on program.

  • 2023. Market Microstructure and Digital Finance conference in Sydney, Australia. Member of program committee.

  • 2023. Annual Central Bank Conference on Market Microstructure, Board of Governors, Federal Reserve, Washington, DC. Fall 2023. Member of program committee.

  • 2023. The Journal of Corporate Finance Special Issue Conference on Ownership and Corporate Social and Sustainable Policies, August 2023, Hanken School of Economics, Helsinki, Finland. Present paper. Discussant.

  • 2023. World Finance & Banking Symposium, Norway. Present paper. Discussant.

  • 2023. FMA European Meetings, Denmark. Present Paper. Discussant.

  • 2023. AFA Meetings. Paper presented at Poster Session.

  • 2022. 44th Meeting of the Norwegian Association of Economists (Forskermøtet 2022), Stavanger, October. Present paper, Paper on program.

  • 2022 FMA European Meetings, Lyon, 2022. Paper on program. Discussant.

  • 2021 Australasian Finance & Banking Conference. Present paper. Discussant.

  • 2021 Financial Management Association Meetings in Denver. 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.

  • 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.

  • OsloMet, Oslo, Norway.

  • 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, Corporate Governance: An International Review, 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 Corporate Finance, 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, Journal of Multinational Financial Management, Magma, Management Science, Norsk Økonomisk Tidskrift, Praktisk Økonomi og Finans, Quantitative Finance and Economics, Review of Asset Pricing Studies, Review of Finance, Review of Financial Studies, and Samfunnsøkonomen.

March 2025