Ødegaard, Bernt Arne

Professor
University of Stavanger
Faculty of Social Sciences,
Department of Business Administration
NO-4036 Stavanger, Norway
Email: bernt.a.odegaard@uis.no
WWW: http://www1.uis.no/ansatt/odegaard

Degrees

• Ph.D. of Finance, Carnegie Mellon University. 1992.
• Master of Economics and Business Administration,(Høyere Avdelings Eksamen), Norwegian School of Economics and Business Administration (NHH). 1987.

Experience

• Professor of Finance, University of Stavanger, August 2008 -
• Researcher. Central Bank of Norway. 1997 to date.
• Associate Professor, Finance. Norwegian School of Management, Oslo, Norway. 1995 to june 2008.
• Visiting Scholar, University of Oslo, Fall 2006.
• Project responsible for three research projects financed by the Norwegian Research Council in the period 1997-2005.
• Consultant. Asset Allocation. Norges Bank Investment Management. 2000-2001.
• Visiting Assistant Professor, Finance. University of British Columbia, Vancouver, Canada. 1994-95.
• Assistant Professor, Finance. University of Illinois, Chicago. 1992-94.

Articles in Refereed Journals

• The diversification cost of large, concentrated equity stakes. How big is it? Is it justified? Finance Research Letters, 6 (2009), 56-72.
• Price differences between equity classes. Corporate Control, Foreign ownership or Liquidity? Journal of Banking and Finance, 31 (2007), 3621-3645.
• Linear and Nonlinear Exchange Rate Exposure (with Richard Priestley). Journal of International Money and Finance 26, (2007), 1016-1037.
• Equity Trading by Institutional Investors. To Cross or Not to Cross (with Randi Næs). Journal of Financial Markets, 9 (2006) 79-99.
• Exchange Rate Regimes and the Price of Exchange Rate Risk (with Richard Priestley). Economics Letters 82 (2004) 181-188.
• Patterns of corporate ownership: Insights from a unique data set (with Øyvind Bøhren). Nordic Journal of Political Economy, 2001.
• Estimating tax rates implied in prices of default free bonds (with Richard C Green). Journal of Finance, 1997.

Articles in Refereed Journals (in Norwegian)

• Statlig eierskap på Oslo Børs, forthcoming in Praktisk Økonomi og Finans.
• Hva koster det å handle aksjer på Oslo Børs?, Praktisk Økonomi og Finans, 1/2009, pages 93-102.
• Hvilke faktorer driver kursutviklingen på Oslo Børs? (with Randi Næs and Johannes Skjeltorp), Norsk Økonomisk Tidskrift, vol 122, no 2, pages 36-81, 2008.

Book chapters

• Governance and performance revisited (with Øyvind Bøhren). In International Corporate Governance after Sarbanes-Oxley, Paul Ali and Greg Gregouriu (ed), Wiley. February 2006.
• Norsk eierskap: Særtrekk og sære trekk (with Øyvind Bøhren). In Einar Hope (ed). Næringspolitikk for en ny økonomi. Fagbokforlaget 2002.

Books

• Lectures on Corporate Finance. (with Peter Bossaerts). Textbook, World Scientific Press. 2001. Second edition published in november 2006.
• Financial Numerical Recipes (in C++). Apr 2007.
  Textbook available on the web at http://www1.uis.no/ansatt/odegaard.

Research monographs

• The Duration of Equity Ownership at the Oslo Stock Exchange 1989-1999 (with Richard Priestley and Øyvind Bøhren). Jan 2006.
• Corporate governance and economic performance in Norwegian listed firms (with Øyvind Bøhren). 2001.
• The ownership structure of Norwegian firms: Characteristics of an outlier (with Øyvind Bøhren.) 2000.

Other publications

• Bransjeammensetningen av Oslo Børs (with Randi Næs and Johannes Skjeltorp), Praktisk Økonomi og Finans, 4/2008. Pages 65-73.
• Hvor mange aksjer skal til for å ha en veldiversifisert portefølje på Oslo Børs? Praktisk Økonomi og Finans, 1/2006.
• Valutasikring i norske selskap (with Øystein G Børsum) Praktisk Økonomi og Finans. 1/2005.
• Currency hedging in Norwegian non-financial firms, (with Øystein G Børsum) Norges Bank Economic Bulletin 3/2005.
• Norsk eierskap: Særtrekk og sære trekk (with Øyvind Bøhren). Praktisk Økonomi og finans. 3/2003.
• Derivater og finansiell risikostyring. Praktisk Økonomi og finans. 2000.
• Prisforskjeller mellom aksjeklasser. Praktisk Økonomi og Finans. 1999.
• Opsjoner i en Porteføljestrategi. (with Thore H Johnsen). Praktisk Økonomi, 1987.

Unpublished Working Papers

• Why do firms pay for liquidity provision in limit order markets? (with Johannes Skjeltorp) Nov 2009.
• The information content of market liquidity: An empirical analysis of liquidity at the Oslo Stock Exchange (with Johannes Skjeltorp) Nov 2009.
• Liquidity and Asset Pricing: Evidence on the Role of Investor Holding Period (with Randi Næs). Nov 2009. Submitted to journal.
• Stock Market Liquidity and the Business Cycle. (with Randi Næs and Johannes Skjeltorp). Oct 2009. Under revision for resubmission (third round) to Journal of Finance.
• Investor Short-Termism and Firm Value (with Richard Priestley and Øyvind Bøhren). Aug 2009. Under revision for resubmission to European Financial Management.
• Who moves equity prices? Monthly evidence Feb 2009.
• The Liquidity of the Oslo Stock Exchange. (with Randi Næs and Johannes Skjeltorp). Apr 2008.
• Long Swings in the Dollar and the Exchange Rate Exposure of US Industries (with Richard Priestley). Mar 2006.
• The ownership structure of repurchasing firms (with Johannes A Skjeltorp) Feb 2004.
• Another look at Breadth of Ownership and Asset Returns (with Richard Priestley). Dec 2005.
• New Evidence on Exchange Rate Exposure (with Richard Priestley). Sep 2002.
• Empirical Tests of Models of Catastrophe Insurance Futures (with Knut Aase). 1996. Wharton School Center for Financial Institutions, Working paper 96-18.
• Empirical tests for changes in the autocorrelation of stock index returns. Apr 1994.

Translated papers

• The (implicit) cost of equity trading at the Oslo Stock Exchange. What does the data tell us? Sep 2008. English translation of the article Hva koster det å handle aksjer på Oslo Børs published in Praktisk Økonomi og Finans, 2009.
• What factors affect the Oslo Stock Exchange? (with Randi Næs and Johannes Skjeltorp), 2008. English translation of the article Hvilke faktorer driver kursutviklingen på Oslo Børs? published i Norsk Økonomisk Tidskrift.

Pedagogical working papers

• Empirics of the Oslo Stock Exchange: Ownership results. Jul 2009.
• Empirics of the Oslo Stock Exchange: Basic, descriptive, results. Jan 2009.
• Empirics of the Oslo Stock Exchange: Liquidity results. Jan 2009.
• Empirics of the Oslo Stock Exchange: Asset pricing results. Jan 2009.
• Asset Pricing at the Oslo Stock Exchange. A Source Book. May 2007.