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Vitenskapelig publikasjon
(side 105-115)
av Sturla Lyngnes Fjesme
Sammendrag

Shares sold through Initial Public Offerings (IPOs) are often underpriced and therefore very popular investment objects. Fjesme (2016) documents that the allocating investment bank requires certain larger investors in popular IPOs to also purchase more shares after the stock exchange listing. This additional buying supports prices and attracts more attention to the companies in the short term. Wilhelm (1999) explains how non-professional investors are likely to misunderstand this price support as positive information and thereby increase their investment. Obtaining data to investigate the implications of price support on investor holdings has proven difficult in the past. In this paper, I investigate actual IPO allocations combined with trading after the listing on the Oslo Stock Exchange (OSE). I document that increased price support generates a large influx of domestic and retail ownership as opposed to foreign institutional ownership. I conclude that price support reduces international institutional ownership on the OSE.

Vitenskapelig publikasjon
(side 116-137)
av Arnt O. Hopland
Sammendrag

In this paper, I study the link between size and tax burden using very rich panel data for the full population of Norwegian firms over a period of 20 years. The paper makes two contributions to the literature. First, I consider several dimensions of size simultaneously, reducing the potential for omitted variables bias and opening further discussion on the neutrality of the tax system for different production factor inputs. Second, I introduce a flexible functional form that is well suited for comparing firms of very different sizes. The results indicate little difference between predicted effective tax rates (ETR) across firm size, with variation within 1 percentage point or 3-4% the statutory tax rate (28%). In addition, the relationship seems to take a rather flat inverse U-shape, i.e. there is no clear effect in the direction of either higher or lower ETR for larger firms than for smaller ones.

Vitenskapelig publikasjon
(side 138-158)
av Bjørn Johs. Kolltveit , Torger Reve, Bjørn Hennestad & Kjell Grønhaug
Sammendrag

This paper reports extensive and longitudinal data on how a large campus project led to strategic renewal in a university organization. The research team followed the project from its start to its completion and had unlimited access to all archival project data. The success factors were a strategic project perspective focusing on innovation, opportunities and strategic decision involvement at top-management and board levels, and creating ownership for implementation through flexible project organization and an extensive project participation process.

Vitenskapelig publikasjon
(side 159-169)
av Mario Guajardo, Arnt O. Hopland & Kurt Jörnsten
Sammendrag

This paper illustrates how concepts from cooperative game theory can be used to analyze problems related to taxation and redistribution. Our point of departure is an opinion piece in a newspaper that tells the story of ten friends who dine together and split the bill proportionally according to their income. The paper contributes by linking interesting policy questions to methods that are rarely used to analyze them. We proceed to use the newspaper story as an illustration of how taxation can be seen as a cooperative game with transferable utility, and of how allocation methods can be used to split the bill (tax burden).

Vitenskapelig publikasjon
(side 170-183)
av Bernt Arne Bertheussen
Sammendrag

The purpose of the present study was to improve management accounting education through teacher initiated curriculum innovations using interventionist action research methodology. To achieve this goal, I (the teacher and researcher) designed and implemented a digital feedback system and a digital assessment system in an undergraduate finance course at a business school. The feedback system, which can be tailored to requirement by business teachers, automatically provides individual feedback to students working on problem-solving tasks in a spreadsheet in order to support and improve their engagement and learning. On the foundations of the former innovation, another goal with the study was to develop and implement a digital assessment system supporting teachers when grading digital assignments and examinations in management accounting subjects. The methodology utilized includes many similarities with interventionist action research (IR), which has gained a foothold in qualitative management accounting research. IR focuses on real-world problem solving and the overall goal of contributing to theory building.

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