• A Behavioristic Study on Overreaction and Underreaction : When and Why Does it Occur? 

      Foss, Jørgen; Warholm, Ane (Master thesis, 2016)
      The following thesis is a study of two related concepts known as “Overreaction” and “Underreaction”. Overreaction and underreaction, both of which have been offered by behaviorists as possible explanations to asset ...
    • A comparison of Asset Pricing Models in the Norwegian Stock Market 

      Lønø, Bjørn Erik; Svendsen, Christoffer Erevik (Master thesis, 2019)
      Abstract This master thesis tests and evaluates different asset pricing models for the Norwegian stock market. The models are made to explain the cross-section of expected stock returns, and we apply them to real-world ...
    • A Merton Approach to Predicting Defaults Amongst Public Firms in Norway 

      Vestbekken, Jens Kristian; Engebretsen, Bendik (Master thesis, 2016)
      The primary objective of this thesis is to investigate how well Merton’s corporate debt model performs in predicting defaults amongst public firms in Norway. The study concludes that the model performs adequately in ...
    • A stochastic freight rate approach to valuation of crude tanker companies 

      Kolsrud, Fredrik; Ringstad, Fredrik (Master thesis, 2017)
      This thesis aims to develop a stochastic valuation model for the shipping industry, incorporating an Ornstein-Uhlenbeck process by capturing the meanreverting dynamics of freight rates. It examines the theoretical ...
    • A Study of Corporate Bond Liquidity 

      Heggen, Marius Loe; Simarud, Terje (Master thesis, 2016)
      In this paper we study the liquidity of the Norwegian corporate bond market. We utilize a methodology closely related to the one developed by Dick-Nielsen, Feldhütter, and Lando (2012), and find that the spread contribution ...
    • A study of hedging at the firm level in u.s. oil and gas exploration firms 

      Birkeland, Josefine Slinde; Wang, Niels Poppe (Master thesis, 2017)
      This paper studies the hedging activities of 98 U.S. oil and gas exploration rms between 2004 and 2015. We investigate the following three hypothesis; (1) to what extent does hedging a ect rms' stock price exposure ...
    • A study of the volatility in the dry bulk market 

      Malovichko, Maksym; Chou, Yu-Ju (Master thesis, 2017)
      This thesis aims to measure and analyze the volatility of the dry bulk freight spot market. Empirical research is conducted by using samples of daily observations from 1985 to 2016. We find the return series are stationary ...
    • A time-varying performance analysis of norwegian mutual funds 

      Elmholm, Katja; Birkelund, Malin Eriksen (Master thesis, 2017)
      We wish to enrichen the debate on whether actively managed mutual funds can earn excess returns to justify the fees carried by their investors. An important question to answer is whether mutual funds are able to earn ...
    • Access to Capital and its Effect on Capital Structures, Leverage Deficits, and Acquisition Probabilities 

      Dommersnes, Trygve; Ødegaard, Mattias Husum (Master thesis, 2019)
      By using a large sample of Norwegian public and private firms, we study the effect of access to public equity markets on the firm’s capital structure, leverage deficit, and acquisition probability. We find that publicly ...
    • Active Share and Performance of Norwegian Equity Funds 

      Annagurban, Mähri; Seland, Helene Sogge (Master thesis, 2019)
      We measure the degree of active management in Norwegian equity mutual funds and investigate how it relates to fund performance in the period 2007-2018. Our measures of active management are active share and tracking ...
    • Active vs Passive Portfolio Management in Norway - a study Management in Norway - a study 

      Wara, Gøran Johansen; Danielsen, Per Johan (Master thesis, 2018)
      This paper investigates whether money managers in Norway outperform their respective benchmarks and create value for their investors. To get a better understanding of this, an aggregated portfolio of Norwegian mutual ...
    • ACTIVE VS. PASSIVE MUTUAL FUND PERFORMANCE IN THE NORWEGIAN MARKET 

      Øverseth, Artur; Andersen, Petter Berg (Master thesis, 2023)
      This master thesis examines the performance of active mutual funds in Norway and explores whether actively managed funds consistently outperform passive index funds net of fees. By analyzing a survivorship bias free dataset ...
    • American cash - ESG and cash holdings in S&P 1500 firms 

      Marki, Mathias Bøker; Clemetsen, Daniel (Master thesis, 2023)
      We study the relationship between ESG and cash holdings in US S&P 1500 firms. We find that the marginal market value of cash holdings and the impact of ESG varies based on investors’ expectations and the context in which ...
    • An assessment of the predictive abilities of the yield curve: A multi-country study 

      Svanemyr, Patrick; Bergsjø, Carl Christian Delp (Master thesis, 2018)
      In this thesis we assess the yield curve’s predictive abilities for the eight countries in which OECD apply the interest rate spread as a part of their leading indicator index. We develop a dynamic model that uses the ...
    • An empirical analysis of the risk premium in the crude oil futures market 

      Aamodt, Endre; Yip, John Hill (Master thesis, 2019)
      This paper investigates the unbiasedness of the crude oil futures price in two time periods: 1986-2019 and 2006-2019. The unbiasedness of the futures price is examined using linear regression in an in-sample setting and ...
    • An empirical application of Black and Scholes option pricing with fractional Brownian motion 

      Ramic, Armin; Paulshus, Ove (Master thesis, 2018)
      This thesis examines the empirical properties of a fractional Black and Scholes model developed by Röstek and Schobel. The model is tested and compared to the standard Black and Scholes for Standard and Poor’s 500 call ...
    • An Empirical Study of Norwegian Family Firms: Leverage and Survivability 

      Musavi, Sayed Ahmad; Solvei, Håkon Bekkevold (Master thesis, 2018)
      This master thesis is structured as an empirical research paper on traditional Nor- wegian family rms, which we de ne as a rm where the controlling family owns at least 2 3 of the shares. This paper is concerned with ...
    • An estimate of the financial value added of the Norwegian Petroleum Fund mechanism 

      Linder, Thomas; Fuglem, Kristoffer (Master thesis, 2019)
      In this thesis, we quantify the financial valued added from re-allocating oil and gas resources into a globally diversified financial portfolio. We do this by introducing an alternative approach to management of the oil ...
    • An extension of the Merton model : The effect of including the cost of operating leverage 

      Rogstad, Eirik Westvig; Berhane, Musse Tewelde (Master thesis, 2017)
      We ask whether the Merton’s structural model of credit risk is improved by including the cost of operating leverage. We test this by extending the Merton model and testing whether the estimated credit spread is closer ...
    • Analysis of rental prices for the office market in Oslo 

      Harris-Christensen, Gunnar; Sandvik, Henrik (Master thesis, 2018)
      The main purpose of this paper is to examine the office rental prices in Oslo where there is little previous quantitative work. Norway is an open economy relying sincerely on import and export, where changes in global ...