Recent Submissions

  • Social Capital and the Viability of Stakeholder-Oriented Firms: Evidence from Savings Banks 

    Ostergaard, Charlotte; Schindele, Ibolya; Vale, Bent (CCGR Working Paper;1/2015, Working paper, 2015)
    We show that social capital improves the viability of stakeholder-oriented firms operating in competitive markets. Studying exits from the population of Norwegian savings banks after deregulations, we find ...
  • Tax concerns and agency concerns in dividend policy: Holding companies as a separating device 

    Berzins, Janis; Bøhren, Øyvind; Stacescu, Bogdan (CCGR Working Paper;2/2013, Working paper, 2013)
    Higher dividends may create value by reducing agency costs, but may also destroy value by increasing tax payments. This paper shows empirically how stockholders use holding companies to establish indirect ownership through ...
  • Liquidity and Shareholder Activism 

    Norli, Øyvind; Østergaard, Charlotte; Schindele, Ibolya (CCGR Working Paper;1/2014, Working paper, 2014)
    Blockholders' incentives to intervene in corporate governance are weakened by free-rider problems and high costs of activism. Theory suggests activists may recoup expenses through informed trading of target firms' stock ...
  • Audits of private firms 

    Langli, John Christian; Svanström, Tobias (CCGR Working Paper;1/2013, Working paper, 2013)
    Private and public firms differ across a number of important dimensions. Public firms are under scrutiny by stock exchanges, regulators, and market participants and they share the feature of separation of ownership and ...
  • Earnings Management Priorities of Private Family Firms 

    Abdolmohammadi, Mohammad; Kvaal, Erlend; Langli, John Christian (CCGR Working Paper;3/2010, Working paper, 2010)
    We compare earnings management priorities of private family and private non-family firms. Our study is made possible by the availability of a new and unique database on family relationships between CEOs, board members and ...
  • The marginal value of cash, cash flow sensitivities and bank-finance shocks in nonlisted firms 

    Ostergaard, Charlotte; Sasson, Amir; Sørensen, Bent E. (CCGR Working Paper;1/2011, Working paper, 2011)
    We study how nonlisted firms trade off financial, real, and distributive uses of cash. We show that firms' marginal value of cash (MVC) affects the mix of external and internal finance used to absorb fluctuations in cash ...
  • Initial Public Offering or Initial Private Placement? 

    Fjesme, Sturla Lyngnes; Norli, Øyvind (CCGR Working Paper;4/2011, Working paper, 2011)
    This paper studies the choice between an auction and a negotiation when selling a large fraction of a company. Using detailed data on ownership structure in 123 public offerings and 88 negotiated private placements, we ...
  • Corporate Governance Before There Was Corporate Law 

    Ostergaard, Charlotte; Smith, David C. (CCGR Working Paper;3/2011, Working paper, 2011)
    We study 79 sets of bylaw provisions adopted by Norwegian corporations in a free contracting environment before Norway got its first corporate law. The firms in our sample are publicly traded companies in the period ...
  • Laddering in Initial Public Offering Allocations 

    Fjesme, Sturla Lyngnes (CCGR Working Paper;2/2011, Working paper, 2011)
    Tying Initial Public Offering (IPO) allocations of common stock to after-listing purchases in the IPO shares, a process referred to as IPO laddering, has resulted in large-scale investigations of the major investment ...
  • Using Brokerage Commissions to Secure IPO Allocations 

    Fjesme, Sturla Lyngnes; Michaely, Roni; Norli, Øyvind (CCGR Working Paper;4/2010, Working paper, 2010)
    Using data, at the investor level, on the allocations of shares in initial public offerings (IPOs), we document a strong positive relationship between the amount of stock-trading commission and the number of shares an ...
  • Stockholder Conflicts and Dividend Payout 

    Berzins, Janis; Bøhren, Øyvind; Stacescu, Bogdan (CCGR Working Paper;5/2011, Working paper, 2011)
    This paper examines how dividend policy influences conflicts of interest between majority and minority stockholders in a large sample of private firms with controlling blockholders. We find that a higher potential for ...
  • The Dual-Agency Problem Reconsidered: A Strategic Deviance Perspective on the Franchise Form of Organizing 

    Kidwel, Roland E.; Nygaard, Arne (CCGR Working Paper;1/2010, Working paper, 2010)
    Drawing on various theoretical streams, including organizational deviance, we propose that a franchisor cannot assess and control opportunism without comparative information from plural form contractual arrangements provided ...
  • When Does Cash Matter? 

    Ehling, Paul; Haushalter, David (CCGR Working Paper;6/2011, Working paper, 2011)
    We examine the association between a firm’s cash holdings and its performance. Using a large sample of private companies, we find that the importance of cash for a firm’s performance varies substantially with its size ...
  • Do stakeholders matter for corporate governance? Behavior and performance of Norwegian banks 1985-2002 

    Bøhren, Øyvind; Josefsen, Morten G. (CCGR Research Report;1/2007, Research report, 2007)
    The distribution of formal control rights among the firm’s stakeholders (such as stockholders, creditors, employees, politicians, and customers) attracts considerable public attention in many countries. For instance, a ...
  • Liquidity and Shareholder Activism 

    Norli, Øyvind; Ostergaard, Charlotte; Schindele, Ibolya (CCGR Working Paper, Working paper, 2009)
    This paper documents that stock liquidity improves shareholders’ incentive to monitor management. Using a hand-collected sample of contested proxy solicitations and shareholder proposals as occurrences of shareholder ...
  • Auditor independence in a private firm and low litigation risk setting 

    Hope, Ole-Kristian; Langli, John Christian (CCGR Working Paper, Working paper, 2007)
    We examine the issue of auditor independence in a unique setting. Specifically, we test for auditor independence impairment among (1) private client firms for which the risk of auditor reputation loss is lower than for ...
  • Risk management with cash and insurance in non-listed firms 

    Ehling, Paul (CCGR Working Paper, Working paper, 2008)
    I study corporate risk management with property insurance in non-listed small and medium sized rms. I document negative relations between various ownership measures CEO salary, ownership concentration and aggregate female ...
  • Corporate finance and governance in firms with limited liability: Basic characteristics 

    Berzins, Janis; Bøhren, Øyvind; Rydland, Pål (CCGR Research Report, Research report, 2008)
    We analyze a wide range of corporate finance and governance characteristics in all active Norwegian firms with limited liability over the period 1994-2005. This sample includes about 77,000 nonlisted (private) firms and ...