Haaland promoted full professor in record time
Just ten years ago, Ingar K. Haaland (34) was an NHH student. Today, he was promoted to full professor.
Master's thesis honored: 'It was very nice!'
What does the average Norwegian really know about finance? The answer Emil Kristiansen and Snorre Helno received, surprised them.
The Karl Borch lecture
- The Karl Borch lecture is an annual lecture held in honor of former professor Karl Borch.
- The lecture deals with a current research topic and is given by renowned researchers who capture Borch's pioneering spirit.
- Borch was a professor at NHH between 1963 and 1986 and he is considered one of the founders of the economics of uncertainty
- The Karl Borch Lecture was established in 2002.
Should the Oil Fund get to invest in private equity?
This is what Emil Kristiansen and Snorre Helno wanted to investigate in their master's thesis.
The result was highlighted, and the thesis honored, during this year's Karl Borch lecture.
'It was very nice to say the least! Trond is such a committed supervisor, and it is very nice that NHH takes an interest in the research of students below doctoral level too!' says Helno.
'They have worked very well. They have taken to heart what I have discussed with them, and worked independently to figure things out, at a fast pace, says supervisor and Professor Trond Døskeland at the Department of Business and Management Science.
prvate equity?
Kristiansen and Helno have created a new framework for categorizing non-financial risk and used it in their analysis.
They commissioned and used a Norstat survey to assess people's thoughts on Private Equity (PE), and a possible entry for the Oil Fund.
The aim of the assignment was to find out whether the non-financial risk means that the Oil Fund shouldn't include PE in the portfolio, explains Kristiansen.
They found that the most common counter-arguments for the Oil Fund entering PE seem to correspond with what most people think:
Less visibility for those outside Norges Bank Investment Management (which manages the Government Pension Fund Global on behalf of the Ministry of Finance), and high costs associated with PE are highlighted as key concerns.
‘It is also interesting to see that the survey resondents are split 50/50 on whether the Oil Fund should invest in PE, with a clear majority of men in favor. This shows that a public debate is important in deciding the question’, says Helno.
The two NHH students also saw that the Oil Fund's investment department (NBIM) may rely on great trust in the population:
‘And that is important to maintain. We are pleased to see that the majority believe that maximum return should not be prioritized over all other considerations, as this is an important part of maintaining the legitimacy of the Oil Fund in the population, and Norway's reputation in the international arena’, says Kristiansen.
women stand out
Through the analysis work, which includes in-depth interviews with experts in addition to the survey, they also saw how much the interviewees know about finance. One element in particular about the responses from the survey surprised them.
‘The vast majority report that they have "some" knowledge of finance, but there is a predominance of men at the higher levels. I am a little surprised that 33% of women report "no" knowledge of finance, as this sounds like a lot’, says Helno and elaborates:
‘This is a consistent result for several of the question, where men to a greater extent than women say they are familiar with both the Oil Fund and Private Equity. Furthermore, women are overrepresented in the answer options "not sure" and "don't know" on several questions - this may indicate that a majority of the women asked, do not have equally strong opinions on some of the questions’, he says.
Benedicte Fasmer is alumni of the year: 'Never wanted the top position'
Nevertheless, the future Telenor boss offers valuable advice to students who want to move up in the world of finance.
'Choose a difficult topic'
Helno and Kristiansen are going on exchange to Turin and Porto respectively next semester, before moving to Oslo in the autumn. There Helno will work with auditing at the consulting company Earnst & Young (EY) and Emil in the deals department of the consulting and auditing company, BDO.
But first the Christmas holidays awaits.
After a demanding semster, the two students want to give som advice to future master students at NHH:
'Choose a difficult topic, preferably from a debate where there are good arguments on both sides and a lot of disagreement. The assignment does not have to resolve the debate, it is more than good enough to come up with something new that others can use for futher investigations. Remember also to listen to the advice of your supervisor along the way, and use the opportunities and help NHH offers you', says Kristiansen.
The two would also like to thank NHH for funding the survey and for the school's great interest in their work.
Trond Døskeland has an endowed professorship from Argentum