Global Perspectives in Corporate Finance at NHH

Finance Professor Karin S. Thorburn, Head of Centre for Corporate Finance, and Associate Professor Carsten Bienz, both at the Department of Finance, NHH. Photo: Sigrid Folkestad and Hallvard Lyssand
Finance Professor Karin S. Thorburn, Head of Centre for Corporate Finance, and Associate Professor Carsten Bienz, both at the Department of Finance, NHH. Photo: Sigrid Folkestad and Hallvard Lyssand
By Sigrid Folkestad

6 June 2025 09:01

Global Perspectives in Corporate Finance at NHH

Yesterday, the Norwegian School of Economics once again became a global meeting point for leading minds in corporate finance.

The 8th annual Centre for Corporate Finance (CCF) Conference brought together an impressive lineup of international researchers, colleagues, and collaborators to explore the frontiers of financial research.

Executive Compensation in Pharmacy 

The first keynote was delivered by Professor Erik Lie from the University of Iowa, who presented timely research on “Competition and Executive Compensation”. His co-authored study delved into the pharmaceutical industry, shedding light on how breakthrough designations influence pays structures and managerial behavior.

Competition and Executive Compensation: Evidence from Pharmaceutical Breakthrough Designations

Later in the morning, Professor Greg Nini from Drexel University introduced a fresh angle on debt structure and monetary policy transmission, analyzing how firms navigate financing in changing macroeconomic landscapes.

Professor Greg Nini from Drexel University and Professor Erik Lie, University of Iowa.
Professor Greg Nini from Drexel University and Professor Erik Lie, University of Iowa. Photo: Hallvard Lyssand og Sigrid Folkestad

After lunch, the spotlight turned to Nihat Aktas (WHU), who explored how product market competition shapes stock price informativeness and managerial learning.

Product market competition, stock price informativeness, and managerial learning

This theme of how markets transmit signals and shape decision-making was echoed in the following talk by Ron Masulis (UNSW), who demonstrated how having scientists on corporate boards can bridge the gap between research and business innovation.

Nihat Aktas_Eckbo_lyssand
Professor Nihat Aktas (WHU) and Professor B. Espen Eckbo of Dartmouth College and Adjunct Professor at NHH. Photo: Hallvard Lyssand

One of the highlights of the afternoon was the contribution from Professor B. Espen Eckbo of Dartmouth College and Adjunct Professor at NHH.

Are bidder-initiated takeovers opportunistic?

The discussion paper is coauthored by Karin Thorburn and Tanakorn Makaew. They examine whether stock-financed takeovers are driven by bidder opportunism or efficiency.