Summary We test the value relevance of financial reporting in Norway over the 40 years before IFRS were introduced. An improved association between financial reporting and value creation enhances decision-making and control. We find that the time trend of overall value relevance has increased...

This article analyzes the value-relevance of industry-based and resource-based competitive advantage in a large sample of firms listed on the Oslo Stock Exchange. We measure competitive advantage by a single variable and perform a new decomposition into its underlying sources. In 1986-2005, the...

Causal relations and dynamic interactions among equity returns in ten countries for the period 1983-1994 are analysed. An innovation accounting approach based on a multivariate vector autoregressive (VAR) model is used to estimate the proportion of each market return's forecast error...

This article is concerned with the dissemination process of firm-specific annual earnings information in the Norwegian capital market. We find a significant reduction in stock price volatility in the post-announcement period relative to the pre-announcement period for companies traded on the...

Norwegian mutual fund managers claim that their funds are subject to different investment policies. We find no evidence of this. Funds belonging to the same management company have a similar risk profile. However, the risk profile of funds managed by different companies varies significantly....

This study analyzes Scandinavian racetrack betting markets. We discuss market efficiency and investor behavior in light of the fact that investors earn negative returns on average. Show bets on favorites in Norway yield a small positive return, while all the other betting markets are weak form...