Martin Holmen

University of Gothenburg - Department of Economics

Professor

School of Business, Economics and Law

Box 640

Gothenburg, 40530

Sweden

University of Gothenburg - Centre for Finance

Box 640

Gothenburg, 403 50

Sweden

  • University of Gothenburg - Department of Economics

    • Email
    • Tel: +46 31 786 6442
    • Fax: +46 31 7865114

  • University of Gothenburg - Centre for Finance

SCHOLARLY PAPERS

23

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14

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74

Scholarly Papers (23)

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1.

A Law and Finance Analysis of Initial Public Offerings

Downloads 1,264 ( 15,775)

A Law and Finance Analysis of Initial Public Offerings

Presented at Tuck-JFE Contemporary Corporate Governance Conference
Number of pages: 43 Posted: 24 Jul 2000
Peter Högfeldt and Martin Holmen
Stockholm School of Economics - Department of Finance and University of Gothenburg - Department of Economics
Downloads 1,264 (15,469)
Citation 1

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Law and Finance, Initial Public Offerings, Security Design, Dual-Class Shares, Private Control, Ownership Dynamics

A Law and Finance Analysis of Initial Public Offerings

Journal of Financial Intermediation, Forthcoming
Posted: 07 Nov 2003
Peter Högfeldt and Martin Holmen
Stockholm School of Economics - Department of Finance and University of Gothenburg - Department of Economics

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Law and Finance, Initial Public Offerings, Security Design, Dual-Class Shares, Private Control, Ownership Dynamics

2.

Corporate Diversification and Firm Performance: Evidence from Swedish Acquisitions

Number of pages: 48 Posted: 29 Dec 2000
John A. Doukas, Nickolaos G. Travlos and Martin Holmen
Old Dominion University - Strome College of Business, University of Surrey and University of Gothenburg - Department of Economics
Downloads 887 (26,620)
Citation 3

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Acquisitions; Corporate Focus; Diversification

3.

Pyramidal Discounts: Tunneling or Overinvestment?

Downloads 755 ( 33,310)
Citation 9

Pyramidal Discounts: Tunneling or Overinvestment?

ECGI - Working Paper No. 73/2005, EFA 2005 Moscow Meetings Paper
Number of pages: 46 Posted: 03 Mar 2005
Martin Holmen and Peter Högfeldt
University of Gothenburg - Department of Economics and Stockholm School of Economics - Department of Finance
Downloads 753 (32,914)
Citation 10

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Pyramids, closed-end fund puzzle, discounts, agency costs, overcapitalization, overinvestment, tunneling, internal cash flows, retained earnings, separation of ownership and control, intercorporate dividends, corporate taxes, investment-cash flow sensitivity, enhanced pecking order, marginal Tobin's

Pyramidal Discounts: Tunneling or Overinvestment?

International Review of Finance, Vol. 9, Issue 1-2, pp. 133-175, March/June 2009
Number of pages: 43 Posted: 08 Jun 2009
Martin Holmen and Peter Högfeldt
University of Gothenburg - Department of Economics and Stockholm School of Economics - Department of Finance
Downloads 2 (689,105)
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4.

Shareholder Diversification and the Value of Control

Stockholm University School of Business Working Paper; EFA 2002 Berlin Meetings Presented Paper
Number of pages: 37 Posted: 10 Mar 2002
Richard Heaney and Martin Holmen
Australian National University and University of Gothenburg - Department of Economics
Downloads 722 (35,436)
Citation 5

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Shareholder Diversification, Capital Structure, Value of Control

5.

Capital Budgeting and Political Risk: Empirical Evidence

Downloads 683 ( 38,167)
Citation 1

Capital Budgeting and Political Risk: Empirical Evidence

Number of pages: 36 Posted: 08 Feb 2006
Martin Holmen and Bengt Pramborg
University of Gothenburg - Department of Economics and Swedish Export Credit Corporation
Downloads 678 (37,962)
Citation 1

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Capital budgeting, foreign direct investments, political risk, expropriation risk, bounded rationality, deliberation costs

Capital Budgeting and Political Risk: Empirical Evidence

Journal of International Financial Management & Accounting, Vol. 20, Issue 2, pp. 105-134, Summer 2009
Number of pages: 30 Posted: 27 Apr 2009
Martin Holmen and Bengt Pramborg
University of Gothenburg - Department of Economics and Swedish Export Credit Corporation
Downloads 5 (661,751)
Citation 1
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6.

Family Ownership, Dual Class Shares and Risk Management

Downloads 616 ( 43,832)

Family Ownership, Dual Class Shares and Risk Management

Number of pages: 29 Posted: 19 Jun 2003 Last Revised: 06 Aug 2010
Niclas Hagelin, Martin Holmen and Bengt Pramborg
Nordea Bank, Nordea Markets, University of Gothenburg - Department of Economics and Swedish Export Credit Corporation
Downloads 616 (43,230)

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Dual class shares, Hedging, Risk management, Capital structure

Family Ownership, Dual-Class Shares, and Risk Management

Global Finance Journal, Vol. 16, pp. 283-301, 2006
Posted: 08 Nov 2005
Niclas Hagelin, Martin Holmen and Bengt Pramborg
Nordea Bank, Nordea Markets, University of Gothenburg - Department of Economics and Swedish Export Credit Corporation

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Dual-class shares, Hedging, Family firms

7.

Diversification, Ownership and Control of Swedish Corporations

Downloads 394 ( 76,506)
Citation 16

Diversification, Ownership and Control of Swedish Corporations

Number of pages: 55 Posted: 20 Nov 2001
John A. Doukas, Nickolaos G. Travlos and Martin Holmen
Old Dominion University - Strome College of Business, University of Surrey and University of Gothenburg - Department of Economics
Downloads 373 (80,754)
Citation 1

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Conglomerate and Non-conglomerate Acquisitions; Corporate Focus; Diversification

Diversification, Ownership and Control of Swedish Corporations

European Financial Management, Vol. 8, pp. 281-314, 2002
Number of pages: 34 Posted: 18 Mar 2003
John A. Doukas, Nickolaos G. Travlos and Martin Holmen
Old Dominion University - Strome College of Business, University of Surrey and University of Gothenburg - Department of Economics
Downloads 21 (549,269)
Citation 1
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8.

Managerial Stock Options and the Hedging Premium

Downloads 271 (115,936)
Citation 6

Managerial Stock Options and the Hedging Premium

Number of pages: 30 Posted: 02 Sep 2004
Niclas Hagelin, Martin Holmen, Bengt Pramborg and John D. Knopf
Nordea Bank, Nordea Markets, University of Gothenburg - Department of Economics, Swedish Export Credit Corporation and University of Connecticut - Department of Finance
Downloads 256 (122,519)

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Hedging, managerial incentives, firm value, risk management

Managerial Stock Options and the Hedging Premium

European Financial Management Journal, Vol. 13, No. 4, pp. 721-741, September 2007
Number of pages: 21 Posted: 15 Aug 2007
Niclas Hagelin, Martin Holmen, John D. Knopf and Bengt Pramborg
Nordea Bank, Nordea Markets, University of Gothenburg - Department of Economics, University of Connecticut - Department of Finance and Swedish Export Credit Corporation
Downloads 15 (589,539)
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9.

The Impact of Controlling Shareholder Diversification on the Firm

Number of pages: 41 Posted: 17 Oct 2003
John D. Knopf, Martin Holmen and Stefan Peterson
University of Connecticut - Department of Finance, University of Gothenburg - Department of Economics and Gothenburg University
Downloads 249 (126,610)

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10.

The Impact of Family Ownership and Dual Class Shares on Takeover Risk

Number of pages: 30 Posted: 21 Feb 2005
Martin Holmen and Eugene Nivorozhkin
University of Gothenburg - Department of Economics and SSEES, University College London
Downloads 238 (132,500)
Citation 1

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Takeovers, Ownership Structure, Dual Class Shares, Capital Structure, Family Firms, Hazard Functions

11.

Selection Bias and Event Studies: The Case of Takeover Likelihood and Takeover Premium

Number of pages: 31 Posted: 21 Mar 2009
Martin Holmen and Eugene Nivorozhkin
University of Gothenburg - Department of Economics and SSEES, University College London
Downloads 155 (196,035)
Citation 1

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Takeover likelihood, takeover premium, Heckman selection, dual class shares

12.

Inside Shareholders' Effective Tax Rates and Dividends

Number of pages: 28 Posted: 23 Jan 2006
John D. Knopf, Martin Holmen and Stefan Peterson
University of Connecticut - Department of Finance, University of Gothenburg - Department of Economics and Gothenburg University
Downloads 113 (250,823)

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Dividends, Taxes, Insider Ownership

13.

Pyramid IPOs on the Chinese Growth Enterprise Market

Asian Finance Association (AsFA) 2013 Conference
Number of pages: 35 Posted: 08 Feb 2013 Last Revised: 11 Jun 2013
Martin Holmen and Peng Wang
University of Gothenburg - Department of Economics and Hanken School of Economics
Downloads 110 (255,708)

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pyramid ownership structure, Initial Public Offering, Growth Enterprise Market, Underpricing, Oversubscription

14.

Charity, Incentives, and Performance

Number of pages: 24 Posted: 23 Jan 2013
Oege Dijk and Martin Holmen
Center for Finance and University of Gothenburg - Department of Economics
Downloads 79 (316,559)
Citation 4

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Corporate social responsibility, Charity, Incomplete contracts, Experiments, Reciprocity, Guilt-aversion

15.

Convex Incentives in Financial Markets: An Agent-Based Analysis

Downloads 78 (318,882)

Convex Incentives in Financial Markets: An Agent-Based Analysis

Number of pages: 29 Posted: 25 Nov 2014 Last Revised: 26 Nov 2014
Annalisa Fabretti, Tommy Garling, Stefano Herzel and Martin Holmen
University of Rome Tor Vergata - Tor Vergata Economics University Foundation, Göteborg University, University of Rome Tor Vergata - Faculty of Economics and University of Gothenburg - Department of Economics
Downloads 40 (446,285)

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incentives, market instability, agent-based simulations

Convex Incentives in Financial Markets: An Agent-Based Analysis

CEIS Working Paper No. 337
Number of pages: 32 Posted: 09 Apr 2015
Annalisa Fabretti, Tommy Garling, Stefano Herzel and Martin Holmen
University of Rome Tor Vergata - Tor Vergata Economics University Foundation, Göteborg University, University of Rome Tor Vergata - Faculty of Economics and University of Gothenburg - Department of Economics
Downloads 38 (455,171)

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incentives, market instability, agent-based simulations.

16.

Rank Matters - The Impact of Social Competition on Portfoilio Choice

Number of pages: 31 Posted: 23 Jan 2013
Oege Dijk, Martin Holmen and Michael Kirchler
Center for Finance, University of Gothenburg - Department of Economics and University of Innsbruck
Downloads 72 (333,760)
Citation 5

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Portfolio choice, tournaments, social competition, experiments

17.

Owner-Managers' Equity Portfolio Choice

Number of pages: 30 Posted: 11 Mar 2005
Martin Holmen and Jonas Råsbrant
University of Gothenburg - Department of Economics and Uppsala University - Department of Business Studies
Downloads 55 (383,122)

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Portfolio choice, Under-diversification, Owner-managers

18.

Employees on Corporate Boards

Multinational Finance Journal, Vol. 20, No. 3, p. 237-271, 2016
Number of pages: 35 Posted: 24 Feb 2017
Tom Berglund and Martin Holmen
Hanken School of Economics - Department of Economics and University of Gothenburg - Department of Economics
Downloads 46 (413,828)

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employee representation, board composition, dependent directors, firm performance, corporate governance

19.

How Tournament Incentives Affect Asset Markets: A Comparison Between Winner-Take-All Tournaments and Elimination Contests

Number of pages: 48 Posted: 05 Apr 2016
Dawei Fang, Martin Holmen, Daniel Kleinlercher and Michael Kirchler
Göteborg University - Center For Finance, University of Gothenburg - Department of Economics, University of Innsbruck and University of Innsbruck
Downloads 45 (417,557)

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tournament incentives, investment behavior, market efficiency, experimental finance

20.

Cognitive Skills and Economic Preferences in the Fund Industry

Number of pages: 42 Posted: 28 Oct 2019
Adam Farago, Martin Holmen, Felix Holzmeister, Michael Kirchler and Michael Razen
University of Gothenburg - Centre for Finance, University of Gothenburg - Department of Economics, University of Innsbruck, Department of Banking and Finance, University of Innsbruck and affiliation not provided to SSRN
Downloads 28 (491,529)

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cognitive skills, economic preferences, fund managers, fund performance, experimental finance

21.

Trading-Off Corporate Control and Personal Diversification Through Capital Structure and Merger Activity

Journal of Business Finance & Accounting, Vol. 34, Issue 9-10, pp. 1470-1495, November/December 2007
Number of pages: 26 Posted: 11 Dec 2007
Martin Holmen, John D. Knopf and Stefan Peterson
University of Gothenburg - Department of Economics, University of Connecticut - Department of Finance and Gothenburg University
Downloads 24 (513,685)
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22.

Do Option-Like Incentives Induce Overvaluation? Evidence from Exerimental Asset Markets

Number of pages: 37 Posted: 23 Jan 2013
Martin Holmen, Michael Kirchler and Daniel Kleinlercher
University of Gothenburg - Department of Economics, University of Innsbruck and University of Innsbruck
Downloads 23 (519,422)

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Mispricing, incentives, market efficiency, experimental finance

23.

Delegated Decision-Making in Finance

Number of pages: 63 Posted: 24 Dec 2019
Felix Holzmeister, Martin Holmen, Michael Kirchler, Matthias Stefan and Erik Wengström
University of Innsbruck, Department of Banking and Finance, University of Gothenburg - Department of Economics, University of Innsbruck, University of Innsbruck and University of Copenhagen - Department of Economics
Downloads 15 (567,654)

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experimental finance, finance professionals, delegated decision-making