Invitation to PhD defence: Knut Nygaard
On Friday 19 August 2011 Knut Nygaard will hold a trial lecture on a prescribed topic, and defend his thesis for the PhD degree at NHH.
18.08.2011 - Red.
Prescribed topic for the trial lecture:
Investment Decisions of Household Investors: New Perspectives from Behavioral Finance
Time of the trial lecture:
10:15 in Karl Borch's Auditorium, NHH
Title of the thesis:
Essays on investment decisions
Time and place for the defense:
12:15 in Karl Borch's Auditorium, NHH
Members of the evaluation committee:
Professor Kjell G. Salvanes, NHH, chairperson
Professor Øyvind Norli, Norwegian Business School (BI)
Professor Sigve Tjøtta, University of Bergen
Supervising committee:
Professor Bertil Tungodden, NHH, principal supervisor
Professor Stephen Ross, MIT Sloan School of Management
Professor Karen S. Thorburn, NHH
Professor Bernt Arne Ødegaard, University of Stavanger
Abstract:
The first paper investigates the recent gender quota on Norwegian corporate boards by analysing the aggregate stock market reaction to the reform. I find that the impact on firm value of the quota depends on the firm specific information asymmetry between insiders of the firm and outsiders. This result points to several conclusions. First, an increase in female directors is tantamount to an increase in outside directors. With less information asymmetry, it is easier for an outside or female director to transform her general expertise to a specific firm and become an effective director. Second, some firms had sub-optimal governance structure before the introduction of the quota, and the increased monitoring with more female directors on the board was beneficial for these firms.
The two remaining papers of the thesis investigate investment decisions at the level of the individual household investor. One paper investigates the stock trading of household investors on the Oslo Stock Exchange; the other paper analyses individual decisions makers in a laboratory setting. The results add to our understanding of how real people make investment decisions.
The trial lecture and thesis defense will be open to the public. Copies of the thesis will be available from: presse@nhh.no
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