Investor asset valuation under a wealth tax and a capital income tax
By Petter Bjerksund and Guttorm Schjelderup is published in International Tax and Public Finance.
Professor Petter Bjerksund
- Petter.Bjerksund@nhh.no
- Telephone
- +47 55 95 95 48
- Department
- Business and Management Science
- Centre
- ENE NoCeT
- Office
- C628
- Expertise
- Financial Derivatives Risk Management Real Options Finans
BIOGraphy
Petter Bjerksund is a Professor of Finance and Management Science at NHH, the Norwegian School of Economics. He has a Master of Science degree (siviløkonom) from NHH and received his dr.oecon. degree at NHH in 1990.
His research interests include capital budgeting, investments, financial derivatives, risk management, real options, as well as financial aspects of energy and commodity markets. He has published in academic journals such as Journal of Fixed Income, Financial Management, Quantitative Finance, and Energy Journal. Bjerksund was Head of the Department of Finance and Management Science at NHH from 2002 to 2005.
Selected publications
| Author(s) | Title | Publisher |
|---|---|---|
| Aase, Knut Kristian; Bjerksund, Petter | The Optimal Spending Rate versus the Expected Real Return of a Sovereign Wealth Fund | Journal of Risk and Financial Management Volume 14 (9) (35 pages); 2021 |
| Bjerksund, Petter; Stensland, Gunnar | Closed form spread option valuation | Quantitative finance (Print) Volume 14 (10); page 1785 - 1794; 2014 |
| Bjerksund, Petter; Stensland, Gunnar; Vagstad, Frank | Gas Storage Valuation: Price Modelling v. Optimization Methods | Energy Journal Volume 32 (1); page 203 - 227; 2011 |
| Bjerksund, Petter; Rasmussen, Heine; Stensland, Gunnar | Valuation and Risk Management in the Norwegian Electricity Market | Energy Systems; page 167 - 185; 2010 |
| Bjerksund, Petter; Myksvoll, Bjarte; Stensland, Gunnar | Exercising flexible load contracts: Two simple strategies | Applied Stochastic Models in Business and Industry Volume 24 (2); page 93 - 107; 2008 |
| Bjerksund, Petter; Stensland, Gunnar; Gjerde, Øystein | How to Extend the RiskMetrics™ Market Risk Universe | Finansparadigmet; page 145 - 156; 2002 |
| Bjerksund, Petter; Stensland, Gunnar; Brennan, Michael J.; Trigeorgis, Lenos | A Self-Enforced Dynamic Contract for Processing of Natural Resources | Project Flexibility, Agency, and Competition: New Developments in the Theory and Application of Real Options; page 109 - 127; 1999 |
| Bjerksund, Petter; Schjelderup, Guttorm | The political economy of capital controls and tax policy in a small open economy | European Journal of Political Economy Volume 14 (3); page 543 - 559; 1998 |
| Bjerksund, Petter; Stensland, Gunnar | Implementing the Black-Derman-Toy Interest Rate Model | Journal of Fixed Income Volume 6 (2); page 67 - 75; 1996 |
| Bjerksund, Petter; Stensland, Gunnar | Utledning av rentens terminstruktur ved "maksimum glatthets"-prinsippet | Beta Volume 10 (1); page 2 - 6; 1996 |
| Bjerksund, Petter; Schjelderup, Guttorm | Capital Controls and Capital Flight | FinanzArchiv / Public Finance Analysis (FA) Volume 52 (2); page 33 - 42; 1995 |
| Bjerksund, Petter; Ekern, Steinar | Contingent Claims Evaluation of Mean-Reverting Cash Flows in Shipping | Real Options in Capital Investment; page 207 - 219; 1995 |
| Bjerksund, Petter; Stensland, Gunnar | An American Call on the Difference of two Assets | International Review of Economics and Finance Volume 3 (1); page 1 - 26; 1994 |
| Bjerksund, Petter; Stensland, Gunnar | Closed Form Approximation of American Options | Scandinavian Journal of Management Volume 9; page S87 - S99; 1993 |
| Bjerksund, Petter; Stensland, Gunnar | American Exchange Options and a Put-Call Transformation: A Note | Journal of Business Finance & Accounting Volume 20 (5); page 761 - 764; 1993 |
Discussion Papers
author pages
Research areas at the department
Main: Investments, Insurance and Household Finance
Secondary: Business Taxation, Energy Markets, Resource Management and Sustainability
- Investments
- Fixed income
- Financial Aspects of Energy and Commodity Markets
Dissemination
Is the Norwegian shareholder taxation neutral?
By Petter Bjerksund and Guttorm Schjelderup has been published in Samfunnsøkonomen.
The participation exemption and the shareholder model: two trolls?
By Petter Bjerksund and Guttorm Schjelderup has been published in Samfunnsøkonomen.
Tax exempt income from capital gains outside the EEA
By Petter Bjerksund and Guttorm Schjelderup is forthcoming in Samfunnsøkonomen.
How to make Norway’s oil fund last forever
Knut K. Aase and Petter Bjerksund: The optimal spending rate from the fund is significantly less than the fund’s expected real rate of return. The optimal spending rate ensures that the fund will last “forever”, but spending the expected return (following the fiscal rule, "handlingsregelen") will deplete the fund with probability one.
What does wealth tax really mean to jobs?
Petter Bjerksund and Guttorm Schjelderup: Research does not support the statement that wealth tax makes Norwegian investors less willing to own firms.
Loophole in new scheme for employee options
Petter Bjerksund: If the employee it to be treated like a founder, the new tax proposal for employee options should be supplemented.
What will the Labour Party do about the dividend tax?
Petter Bjerksund: Has the Labour Party thought that, once again, it should be profitable to convert earned income into capital income? Or does the party intend to increase the dividend tax by 2,3 percentage points?
Finance theory financed by the fish farming industry does not hold water
Petter Bjerksund, Linda Nøstbakken and Jarle Møen: The Norwegian Seafood Research Fund finances projects for University of Stavanger researchers, who then launch their own theories about taxation of economic rents.
Out to steal property
Petter Bjerksund and Guttorm Schjelderup: When the government expropriates property, the compensation has to reflect the real loss. A trial to be held in Borgarting lagmannsrett this week should establish this principle.
The Supreme Court violates the Constitution
Petter Bjerksund and Guttorm Schjelderup: The Supreme Court has, open-eyed, set the standard interest far too high. Consequently, the compensations paid are too low.
Oil money spending should be halved
Petter Bjerksund and Trond M. Døskeland: By keeping the spending of oil money on todays level, we deceive the next generation of a third of the legacy. Spending should almost be halved.