The Karl Borch Lecture Series was established in 2002 by the Department, in honor of Borch.
The lecture is on a current research topic and given by distinguished scholars, whose research capture the pioneering spirit of Karl Borch, but not necessarily his fields of research in a narrow sense.

Karl Borch Lecture 2026

The 20th Karl Borch Lecture will be given by Professor Caroline Flammer.

Her research examines whether and how sustainable finance and impact investing can help finance a more sustainable world. She is the A. Barton Hepburn Professor of Economics at Columbia University. The title of her talk is “The Economics of Blended Finance”.

Karl Borch Lectures 2002-2024

• Karl Borch Lecture 2024 - Josh Lerner

  Karl Borch Lecture 2024 - Josh Lerner

  

  Josh Lerner, Harvard Business School

  Private Equity: The Two-Edged Sword?

  The 19th Karl Borch Lecture, held at NHH on Tuesday November 12 2024
  (10.30-11.30 in Karl Borch's Aud.).

• Karl Borch Lecture 2023 - Per Strömberg

  Karl Borch Lecture 2023 - Per Strömberg

  

  Per Strömberg, Stockholm School of Economics

  Private equity, liquidity, and corporate governance

  The 18th Karl Borch Lecture, held at NHH on Thursday September 14 2023
  (10.30-11.30 in Karl Borch's Aud.).

• Karl Borch Lecture 2019 - Annette Vissing-Jørgensen

  Karl Borch Lecture 2019 - Annette Vissing-Jørgensen

  

  Annette Vissing-Jørgensen, University of California, Berkeley, Haas School

  Monetary Policy Communication and the Stock Market

  Karl Borch Lecture and Symposium 2019 - Honoring one hundred years since the birth of Professor Karl Borch

  The 17th Karl Borch Lecture, held at NHH on Friday August 16 2019
  (10.15-11.30 in Aud. A).

• Karl Borch Lecture 2018 - Robert C. Merton

  Karl Borch Lecture 2018 - Robert C. Merton

  

  Robert C. Merton, MIT Sloan School

  Observations on Finance Science and Insurance Innovation in Improving Economic Performance

  Press release

  The 16th Karl Borch Lecture, held at NHH on Thursday September 20 2018
  (12.15-13.45 in Karl Borch's Aud.).

• Karl Borch Lecture 2017 - James Poterba

  Karl Borch Lecture 2017 - James Poterba

  

  James Poterba, Massachusetts Institute of Technology

  Retirement Security: The Role of Public and Private Insurance Markets

  Press release

  The 15th Karl Borch Lecture, held at NHH on Wednesday June 21 2017
  (12.15-13.45 in Karl Borch's Aud.).

• Karl Borch Lecture 2016 - Andrew W. Lo

  Karl Borch Lecture 2016 - Andrew W. Lo

  

  Andrew W. Lo, Massachusetts Institute of Technology

  Can Financial Engineering Cure Cancer?

  Press release

  The 14th Karl Borch Lecture, held at NHH on Thursday October 6 2016
  (12.15-13.45 in Karl Borch's Aud.).

  Additional lecture

  The Adaptive Markets Hypothesis: Reconciling Behavior and Rationality via Evolution and Biology

  (in the Department's Seminar Series, on Friday October 7 2016)

• Karl Borch Lecture 2015 - Lasse Heje Pedersen

  Karl Borch Lecture 2015 - Lasse Heje Pedersen

  

  Lasse Heje Pedersen, Copenhagen Business School

  Efficiently Inefficient

  Press release

  Paper

  Slides

  The 13th Karl Borch Lecture, held at NHH on Thursday September 3 2015
  (12.15-13.45 in Agnar Sandmo's Aud.).

  Additional lecture

  Quality Minus Junk

  (in the Department's Seminar Series, on Wednesday September 2 2015)

• Karl Borch Lecture 2013 - David M. Kreps

  Karl Borch Lecture 2013 - David M. Kreps

  

  David M. Kreps, Stanford University

  Motivation versus Incentives

  Press release

  The 12th Karl Borch Lecture, held at NHH on Friday May 24 2013
  (12.15-13.45 in Karl Borch's Aud.).

  Additional lecture

  Rules with Discretion and Local Information

  (in the Department's Seminar Series, on Thursday May 23 2013)

• Karl Borch Lecture 2012 - Eduardo Schwartz

  Karl Borch Lecture 2012 - Eduardo Schwartz

  

  Eduardo Schwartz, University of California, Los Angeles

  The Real Options Approach to Valuation: Challenges and Opportunities

  Press release

  Slides

  The 11th Karl Borch Lecture, held at NHH on Thursday May 31 2012
  (12.15-13.45 in Karl Borch's Aud.).

  Additional lecture

  Cash Flow Multipliers and Optimal Investment Decisions

  (in the Department's Seminar Series, on Wednesday May 30 2012 - slides)

• Karl Borch Lecture 2011 - John Y. Campbell

  Karl Borch Lecture 2011 - John Y. Campbell

  

  John Y. Campbell, Harvard University

  Investing and Spending: The Twin Challenges of Endowment Management

  Slides

  The 10th Karl Borch Lecture, held at NHH on Tuesday August 23 2011
  (13.10-14.20 in Dag Coward's Aud.).

  Additional lecture

  Hard Times

  (in the Department's Seminar Series, on Monday August 22 2011)

• Karl Borch Lecture 2010 - Christian Gollier

  Karl Borch Lecture 2010 - Christian Gollier

  

  Christian Gollier, University Toulouse I

  The economics of long term discounting

  Press release (in Norwegian)

  The 9th Karl Borch Lecture, held at NHH on Friday May 7 2010
  (12.15-13.45 in Karl Borch's Aud.).

  Additional lecture

  Ambiguity aversion and applications to asset pricing

  (in the Department's Seminar Series, on Thursday May 6 2010)

• Karl Borch Lecture 2009 - Jacques Drèze

  Karl Borch Lecture 2009 - Jacques Drèze

  

  Jacques Drèze, Université catholique de Louvain

  When Borch's Theorem does not apply: Some key implications of market incompleteness, with policy relevance today

  Press release (in Norwegian)

  Abstract

  The 8th Karl Borch Lecture, held at NHH on Monday June 8 2009
  (12.15-13.45 in Karl Borch's Aud.).

  Additional lecture

  Elicitation and Identification of subjective probabilities

  (in the Department's Seminar Series, on Tuesday June 9 2009)

• Karl Borch Lecture 2008 - Mark Rubinstein

  Karl Borch Lecture 2008 - Mark Rubinstein

  

  Mark Rubinstein, University of California, Berkeley

  Great Moments in Financial Economics: The Hidden History

  The 7th Karl Borch Lecture, held at NHH on Friday September 5 2008
  (12.15-13.45 in Karl Borch's Aud.).

  Additional lecture

  Rational Markets: Yes or No? The Affirmative Case

  (in the Department's Seminar Series, on Monday September 8 2008)

• Karl Borch Lecture 2007 - Hayne E. Leland

  Karl Borch Lecture 2007 - Hayne E. Leland

  

  Hayne E. Leland, University of California, Berkeley

  The Optimal Financial Scope of the Firm

  Press release (in Norwegian)

  Slides

  The 6th Karl Borch Lecture, held at NHH on Friday June 8 2007
  (12.15-13.45 in Aud. E).

  Additional lecture

  Structural Models and Corporate Finance

  (in the Department's Seminar Series, on Thursday June 7 2007)

• Karl Borch Lecture 2006 - Stephen A. Ross

  Karl Borch Lecture 2006 - Stephen A. Ross

  

  Stephen A. Ross, Massachusetts Institute of Technology

  A Neoclassical Look at Behavioral Finance: A Tale of Two Anomalies

  Press release (in Norwegian)

  The 5th Karl Borch Lecture, held at NHH on Friday May 12 2006
  (12.15-13.45 in Aud. C).

  Additional lecture

  Topics in Finance

  (in the Department's Seminar Series, on Thursday May 11 2006)

• Karl Borch Lecture 2005 - Michael Brennan

  Karl Borch Lecture 2005 - Michael Brennan

  

  Michael Brennan, University of California, Los Angeles

  Changing attitudes towards risk

  The 4th Karl Borch Lecture, held at NHH on Friday September 23 2005
  (12.15-13.45 in Karl Borch's Aud.).

  Additional lecture

  The Adaptive Markets Hypothesis: Reconciling Behavior and Rationality via Evolution and Biology

  (in the Department's Seminar Series, on Thursday September 22 2005) 

• Karl Borch Lecture 2004 - Robert Wilson

  Karl Borch Lecture 2004 - Robert Wilson

  

  Robert Wilson, Stanford University

  Risk Management in Liberalized Electricity Markets

  Press release (in Norwegian)

  Abstract

  Partial draft

  Slides

  The 3rd Karl Borch Lecture, held at NHH on Friday October 29 2004
  (12.15-13.45 in Finn E. Kydland's Aud.).

  Additional lecture

  Characterizations of Stable Equilibria of Games
  (based on two papers: abstract, slides, paper 1, paper 2)

  (in the Department's Seminar Series, on Thursday October 28 2004)

• Karl Borch Lecture 2003 - Oliver Hart

  Karl Borch Lecture 2003 - Oliver Hart

  

  Oliver Hart, Harvard University

  Firms versus Contracts

  Slides

  The 2nd Karl Borch Lecture, held at NHH on Thursday May 15 2003
  (12.15-13.45 in Aud. E).

  Additional lecture

  Takeover Bids vs. Proxy Fights in Contests for Corporate Control

  (in the Department's Seminar Series, on Friday May 16 2003)

• Karl Borch Lecture 2002 - Bengt Holmström

  Karl Borch Lecture 2002 - Bengt Holmström

  

  Bengt Holmström, Massachusetts Institute of Technology

  Liquidity and Insurance

  The Inaugural Karl Borch Lecture, held at NHH on Friday May 3 2002
  (13.15-14.45 in Aud. E).

  Additional lecture

  Vision and Firm Scope

  (in the Department's Seminar Series, on Thursday May 2 2002)