Morten G.

Josefsen
Observatorie terrasse 9d, 0271 Oslo, Norway June 2012 +47 94319496 http://josefsen.org/ mgjosefsen@gmail.com Norwegian national

Professional Experience
2011 Financial Supervisory Authority of Norway Oslo, Norway Senoir Adviser Senior adviser in the department of finance and insurance supervision, section of solidity regulation and risk models. Supervising Norwegian banks IRB risk models, managing the regulatory framework, and participating in international regulatory cooperations. 1999 2002 Deutsche Bank AG London, UK Research Associate, InterSec Research Promoted from Analyst level. Researched the structure of the global asset management industry for this strategic consultancy business within Deutsche Bank in London. Clients included leading competitors in the global asset management and financial services industries.

Academic Experience
2003 2011 BI Norwegian Business School PhD Financial Economics Oslo, Norway

Dissertation: Three essays on corporate control, BI Norwegian Business School series of dissertations 07/2011. Visiting HEC Paris, jointly following their Ph.D. program in the period 2004 2007.

Teaching experience HEC Paris o Introduction to Finance covering time value of money, capital budgeting, portfolio theory and the CAPM. o Finance AD introductory finance class for Grande Ecole students. BI Norwegian Business School o Management of Financial Institutions course covering the management of financial institutions including asset/liability management, the use of off balance sheet securities and legal requirements. o Statistics and Data Analysis introductory course in statistics covering probability theory, Bayesian theory and OLS regressions.

Research interests: Corporate Finance, Corporate Governance, Banking Publications o Stakeholder conflicts and dividend policy: A cleaner test with yvind Bhren and Pl E. Steen, Journal of Banking and Finance, forthcoming. Working papers o Stakeholder rights and economic performance: The profitability of non-profits joint with Professor . Bhren, BI Norwegian School of Management, we investigate the financial efficiency of Norwegian banks based on their governance structure. o Ownership and the decision to go public investigating how the ownership structure of private firms influence the decision to go public. Ph.D. Courses attended o Topics in Corporate Finance B. E. Eckbo, Dartmouth College and H. Hvide, Norwegian School of Business and Economics, 34 hours covering theoretical and empirical Corporate Finance including game theory applied to take-overs, executive compensation and capital structure Pass with distinction. o Asset Pricing B. A. degaard, Norwegian School of Management, 30 hours covering discrete time theoretical asset pricing including mathematics of the mean variance frontier, CAPM and incomplete markets Grade A. o Empirical Finance F. Franzoni, HEC Paris, 30 hours covering empirical asset pricing studying the evidence on the time-series and cross-sectional behaviour of asset prices, and the methodologies used to produce that evidence Grade 16/20. o Market Microstructure T. Foucault and S. Lovo, HEC Paris, 30 hours covering auction theory and its applications to market microstructure, measures and determinants of liquidity, asymmetric information and static and dynamic models of order book markets Grade 15/20. o Asset Pricing Theory L. Calvet and P. Mella-Barral, HEC Paris, 30 hours covering continuous time asset pricing including the implications of absence of arbitrage and stochastic calculus for option pricing Grade 14/20. o Topics in Banking and Corporate Finance U. Hege and E. rs, HEC Paris, 30 hours covering recent developments in the banking and corporate finance literature Grade A. o Empirical Research in Corporate Finance and Banking J. Ritter and P. Strahan, CFSGthe Universitt Frankfurt, 30 hours covering empirical research in Corporate Finance and Banking Pass o Philosophy of Science and Methods of Research U. Olsson and K. Sogner, Norwegian School of Management, 30 hours Pass o Topics in Microeconomics G. Asheim and A. Hylland, University of Oslo, 40 hours covering Game Theory and applications to Social Choice Theory Pass

Education
1998 1999 MSc, Finance and Economics London School of Economics London, UK

Courses attended: Financial Economics, Financial Econometrics, Microeconomics, Securities Markets and Investment Analysis. Dissertation: Equilibrium Credit Rationing recent developments in the literature, a summary of the literature investigating the conflicting results found regarding the possibility of credit rationing in economic equilibrium. Oslo, Norway

1994 1998 Norwegian Business School Master, Business and Economics (Sivilkonom)

Experience as research assistant o Ongena, S. and D.C. Smith, 2001, The Duration of Bank Relationships, Journal of Financial
Economics 61, 449-475.

o Karceski, J., S. Ongena and D.C. Smith, 2005, The Impact of Bank Consolidation on
Commercial Borrower Welfare, Journal of Finance 60, 2043-2082.

Dissertation joint with Ellen Jakobsen, Bank mergers and bank customers - an empirical investigation of the effect on bank customers when their main bank-relation merge.

Research Grants and Awards

2006: Purpose of going public BI CCGR 2006: Banks dividend behaviour BI Banking research fund 2005: Corporate governance in banks BI Banking research fund 2004: Corporate governance in banks BI Banking research fund 2003 2007: Full Ph.D. Scholarship Norwegian Business School

Speaking Engagements and Conference Invitations

Conferences: European Finance Association annual meeting 2009 and 2010. Invited speaker: Norwegian Business School, Universitat Autnoma de Barcelona, Swedbank First Securities, Financial Supervisory Authority of Norway.

Additional Qualifications and Interests

Fluent English and Scandinavian languages, some French and German Father of Emilie (7) and Lars (5) Passed CFA level II and Investment Management Certificate GMAT score: 730 Faithful user of STATA Homepage: http://josefsen.org Sports: football, basketball, tennis Outdoor pursuits: trekking, cross-country skiing, snowboarding SSRN id: http://ssrn.com/author=342683