
Stiglitz and Weiss (1984) explain how investors are unable to distinguish between good andīad equity issuers and they show that the price they will pay for shares will reflect the average Problem (Akerlof, 1970) may arise as a result. (1972) definition of financial crisis, the recent oil-price drop is within scope and the lemons Stock prices in oil and oil-related companies followed, reachingĭecade-low levels during the summer of 2015. OPEC`s strategy to defend market share regardless of price in November, the oil price In late June 2014, the oil price began decreasing from USD120. Into the oil sub-sectors and advanced portfolio models. Has been demanding, although extremely enriching and rewarding as we have gained insight In finance and choice of career path after we finalize our education. Investment management courses at this school, which has truly been decisive for our interest Our analysis is based on knowledge we have attained through both the corporate finance and Other than this, we would like to thank the finance department at NHH for theĬhallenging, but encouraging and inspiring Master programme. Six X-Clear for sharing of costs and restrictions related to shorting of stocks at the Oslo Stock
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The free Software Environment, R, available and accessible to us, as well as Emil Petersen in Regarding the Bloomberg terminal and access to IHS-Petrodata, the GNU project for making In addition, we would like to thank SpareBank 1 Markets for valuable guidance

NHH, and Rystad Energy, which has provided access to not publicly attainable data onĬlarkson’s and Rystad Cube, respectively, and thus enabled an analysis otherwise not Further, we would like to thank Roar Ådland, professor of Shipping Economics at His academic advices have significantly improved the quality of School of Economics (NHH) and several persons have contributed academically and withįirstly, we would like to thank our supervisor, Jens Sørlie Kværner, for prolificĭiscussions on shaping a choice of topic fulfilling our interests of research and essential inputĭuring the writing process. This dissertation completes our Master of Science in Financial Economics at the Norwegian
