Master Thesis supported by the Centre

Master Thesis supported by the Centre

The centre has directly supported twelve master thesis at NHH with data from the database or through the purchase of data from Prequin. Several of them have won Argentum’s annual prize for the best thesis on Private Equity in Norway. The Centre has also made its database (as much as permitted by the data provides) to master students in other schools in Norway, including BI and UiA.

Master Thesis up to June 2018, links are included for those that are available online.

2018

"Why do private equity firms perform buy-and-builds? : an empirical analysis of Nordic platform companies"Amina Resch and Mari Korsnes Mossing, 2018

This thesis seeks to expand the knowledge of why private equity firms are performing buy-andbuild as a strategy in the portfolio companies they invest in.

"Private equity og real earnings management : en disiplinerende effekt : en studie av porteføljeselskapene til private equity", Fay Høyfjell and Tine Qun Tungland, 2018

I denne masterutredningen benytter vi norske regnskapsdata til å undersøke forekomsten av real earnings management (REM) i porteføljeselskapene til private equity.

2017

"Nordic large-cap buyouts : Nordic private equity large-cap buyouts portfolio companies’ performance effect on close competitors and industry performance"Ole Joakim Lydersen, 2017 The thesis will analyze the Nordic private equity Large Buyouts portfolio companies’ performance effect on Close Competitors and industry performance in the timeline 1997-2016.

"How do oil price shocks affect private equity investments? A thesis investigating private equity in the Nordic oil and gas sector", Aleksander Øverby and  Petter Østengen, 2017 (Both authors are from BI). Please contact the centre for access.

This thesis explores the relative performance of private equity owned portfolio companies in the Nordic oil and gas sector, during the recent oil price shocks.

2016

"Exit strategies by private equity firms in the nordic region : An empirical assessment of IPO performance across private equity-backed- and non-backed firms and a qualitative assessment of exit strategies by private equity firms", Nina Cornelia Jebsen and Julie Stâk-Johansen, 2016

This study investigates underpricing of private equity (PE)- backed IPOs and the various exit routes available to PE firms.

"Private equity in Finland : an assessment of value creation and drivers for buyout activity"Gaute Bakke and Johan Marcus Bull-Berg, 2016

This thesis is studying over 80 buyouts from 1999-2015 in Finland, we analyse companies subject to a buyout before and after acquisition, relative to a carefully constructed benchmark.

2015

"Understanding private equity performance : a review of dynamics driving fund performance", Jon Olav Aurdal and Ørjan Mydland Grønsund, 2015

This thesis studies the performance of buyout and venture funds from 1990 to 2008 using a dataset from Preqin.

"Major Layoffs’ impact on venture capital activity : a study on how Ericsson and Nokia’s layoffs affected the Nordic venture capital activity"Gard Elias Kolbeinsen and Frederic Fjogstad Willassen, 2015

This paper investigates the relationship between company-related shocks and the Nordic private equity and venture capital industry.

Understanding Private Equity Performance: A Review of Dynamics Driving Fund Performance”, Olav Aurdal and Ørjan Mydland Grønsund, 2015.
This thesis investigates the performance of PE funds using Prequin data.

“Private Equity Zombie Funds : performance and fund characteristics : An empirical analysis of the global private equity market”, Martin Eidesen and Bertine Erla, 2015.
This thesis comprehensively investigates the “zombie-fund” phenomenon using Prequin data.

“Corporate Governance in Private Equity: Do Boards Really Matter?“, Hedi Farran,& Kim Lâm, 2015
This thesis asks how important the board is as a channel in order to influence PE owned companies but finds little evidence that this route seems to be important for GPs.

“The Impact of Buyouts on Company Performance: Evidence from Norway”, Tobias Friedrich, T. (2015).
This thesis compares various aspects of performance of PE owned companies and compares the performance with comparable non-PE owned companies.

“Tax Planning in Norwegian Private Equity-Backed Companies”, Andrea Roald and Tonje Roti, 2015.
This thesis investigates whether PE owned companies exhibit a larger propensity to engage in tax planning than other privately owned firms, but find no significant evidence apart from higher leverage ratios.

“The impact of a Strong Principal on CEO Contract Design and Board Composition in the Nordics”, Morten Birkevold, 2015
This thesis investigates the PE fund has on the portfolio company’s CEO’s contract.

2014

“The counter effect of leverage in private equity: an empirical study of Norwegian private equity acquisitions” Hilde Karin Sæberg, 2014
Recipient of the Argentum Prize for the best Master Thesis on PE at NHH in 2014.
This thesis analyses the pricing of PE transaction in Norway.

“The Specialization Effect in Private Equity : an empirical analysis” ,
Knud Kloster and Sigurd Moksnes Røthe, 2014.
This thesis investigates whether fund specialization affects fund success.

2013

“The Bullshit Effect in Private Equity Fundraising”, Charlotte Wallem Rakner and Anne Therese Samdal Rasmussen, 2013.
Recipient of the Argentum Prize for the best Master Thesis on PE at NHH in 2013.
This thesis shows that GPs seem to systematically manage valuations around funding raising dates.  

“Private equity buyouts in Norway: inferring company valuations from public financial statements, and an analysis of the Norwegan buyout market” , Magnus Nestor Robberstad, 2013.
This thesis attempts to investiage whether transaction prices from PE deals can be inferred from public financial statements.

“Private equity-backed firms' performance post IPO: an empirical study of private equity- and venture capital funds' ability to facilitate abnormal returns at the Norwegian stock market”, Espen Norill Hagen and Simen Føllesdal, 2013.
This thesis looks at the amount of underpricing and the long-run performance of PE backed IPOS and compares them to firms that were not PE backed.

2012

“Post IPO performance of private equity backed entities: empirical evidence of the Nordic market” , Preben Fjellaker Mathisen and Pedro Ornelas Camas, 2012.