Charlotte Ostergaard
Professor of Finance| Department of Financial Economics
charlotte.ostergaard@bi.no | Mobile +47-46410520

Charlotte Ostergaard

I am educated at Brown University (M.A., Ph.D. in Economics) and the University of Copenhagen (B.A. in Economics) and work mainly in the areas of banking and corporate governance. I have studied the real effects of bank shocks and bank market integration on outcome variables such as bank lending to small businesses, firm investment and cash management, and inter-regional risk sharing. I have also done work on shareholder activism and how social capital sustain the viability of the savings bank organizational form. Currently, Im working on governance in Norwegian industrial firms in the early 20th century and on modern-day closely held firms. My work has been published in the Journal of Finance, the Review of Financial Studies, the Review of Finance, and the Journal of Political Economy, among others. I am a member of the European Corporate Governance Institute (ECGI) and the Nordic Initiative for Corporate Economics (NICE). I am currently director of the Center for Corporate Governance Research (CCGR) at BI and on the board of the Financial Markets Fund under the Norwegian Research Council.


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Publications | Working papers | Roles and Teaching | CV | Media | GoogleScholar | SSRN | IDEAS | ResearchGate
How financial markets really work | Tips for PhD students | Academic Female Finance Committee (AFFECT)

Publications * Go to top

  • Why do Boards Exist? Governance Design in the Absence of Corporate Law, with Mike Burkart and Salvatore Miglietta, 2021, Review of Financial Studies, forthcoming. SSRN

  • The Marginal Value of Cash, Cash Flow Sensitivities, and Bank-Finance Shocks in Nonlisted Firms, with Amir Sasson and Bent E. Sørensen, 2020, International Journal of Banking, Accounting, and Finance, 11(1), 35-70. SSRN

  • Social Capital and the Viability of Nonprofit Firms: Evidence from Savings Banks, with Ibolya Schindele and Bent Vale, 2016, Review of Finance, 29(5), 1673-1718 (lead article). SSRN

    Internet appendix: PDF (251 Kb)

  • Liquidity And Shareholder Activism, with Øyvind Norli and Ibolya Schindele, Review of Financial Studies, 28(2), 486-520, 2015. SSRN

  • Social Capital can Affect the Survival of Norwegian Savings Banks (in Norwegian) , with Ibolya Schindele and Bent Vale, Sparebankbladet, 2011   PDF (251 Kb)

  • Cross-Border Diversification in Bank Asset Portfolios, with Claudia M. Buch and John C. Driscoll, International Finance, 2010   SSRN Requires subscription for PDF

  • U.S. Banking Deregulation, Small Businesses and Interstate Insurance of Personal Income, with Yulia Demyanyk and Bent E. Sørensen, Journal of Finance, 2008   SSRN  Requires subscription for PDF

  • Risk Sharing and Portfolio Allocation in EMU”,, with Yulia Demyanyk and Bent E. Sørensen, European Economy Economic Papers No. 334, 2008   SSRN 

  • Banking Deregulation Helps Small Business Owners Stabilize Their Income, with Yulia Demyanyk and Bent E. Sørensen, The Regional Economist, 2007   PDF (251 Kb)

  • Permanent Income, Consumption and Aggregate Constraints: Evidence from the U.S. States, with Bent E. Sørensen and Oved Yosha, Journal of Political Economy, 2002  SSRN  JSTOR (10 Kb) 

  • IOSCO Risk Management and Control Guidance for Securities Firms and Their Supervisors, Financial Regulation Report, 1998 

Working papers Go to top

  • Why do Boards Exist? Governance Design in the Absence of Corporate Law, with Mike Burkart and Salvatore Miglietta, 2018. SSRN NEW VERSION OCTOBER 2020

  • Corporate Governance Before There was Corporate Law, with David C. Smith.

  • External Financing Costs and Banks' Loan Supply: Does the Structure of the Bank Sector Matter?

Work in progress Go to top

  • Corporate policies in closely-held firms, with Bent E. Sørensen and Amir Sasson.

  • Intergenerational succession in family firms, with Irena Kustec.

  • Contractual governance in the absence of law, with Mike Burkart and Salvatore Miglietta.

Media Go to top

  • Dagens Næingsliv, November 18, 2021 ("Kan aksjeselskapene virkelig redde verden?"). PDF (251 Kb)

  • Stavanger Aftenblad, June 6, 2020 ("Fra millionformue til gjeldsmareritt"). PDF (251 Kb)

  • Dagens Næingsliv, June 2, 2020 ("Equinors problem er både velkjent og specielt"). PDF (251 Kb)

  • E24, December 21, 2018 ("Slik ble Element fanget i dødspiralen"). PDF (251 Kb)

  • Aftenposten, November 6, 2017 ("Hundrevis av DNB-kunder i skatteparadiser"). PDF (251 Kb)

  • E24, April 2, 2015 ("Derfor skyr kvinner Børsen"). PDF (251 Kb)

  • Dagens Næringsliv, June 15, 2013 ("Facebook-data kan gi deg lån - eller avslag"). PDF (251 Kb)

  • Budstikka, March 18, 2013 ("Sunt å bli kvitt gjeld, mener eksperter"). PDF (251 Kb)

  • Aftenposten, January 17, 2013 ("Bekymret etter påstander om rentejuks"). PDF (251 Kb)

  • Why do Boards Exist? on Harvard Forum on Corporate Governance and Financial Regulation. link 

  • Liquidity and shareholder activism on Harvard Forum on Corporate Governance and Financial Regulation. link 

  • RI Digest, Principles for Responsible Investment (PRI), March 2010. PDF (251 Kb)

Current Roles and Teaching Go to top

  • Director of Centre for Corporate Governance Research (CCGR)
  • Member of the Steering Committee of the Nordic Initiative for Corporate Economics (NICE)
  • Member of the Appointment Committee for the Board of Directors at Copenhagen Business School (elected for a 4-year period)
  • GRA6541 Advanced Corporate Finance (Master of Science)
  • GRA6545 Credit Markets And Financial Crises (Master of Science)