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Publications (10 of 17) Show all publications
Frii, P., O’Nions, E., Sofla, A. & Stålnacke, O. (2023). CEO gender and the probability that firms go public. Finance Research Letters, 53, Article ID 103615.
Open this publication in new window or tab >>CEO gender and the probability that firms go public
2023 (English)In: Finance Research Letters, ISSN 1544-6123, E-ISSN 1544-6131, Vol. 53, article id 103615Article in journal (Refereed) Published
Abstract [en]

We study the association between the gender of the Chief Executive Officer (CEO) and the probability that firms go public through an Initial Public Offering (IPO), using data for the full population of Swedish IPO firms from 2005-2017, and matched private firms. We find that firms that go public are less likely to have a female CEO. The results are robust when we test for a change of CEO: firms that switch from a male to a female CEO are less likely to go public, and when we consider the gender balance among the board of directors.

Place, publisher, year, edition, pages
Elsevier, 2023
Keywords
Gender, CEOs, Board of directors, Initial public offerings
National Category
Business Administration
Research subject
Business Studies
Identifiers
urn:nbn:se:umu:diva-204583 (URN)10.1016/j.frl.2022.103615 (DOI)000951989100001 ()2-s2.0-85146035920 (Scopus ID)
Funder
Tore Browaldhs stiftelseThe Jan Wallander and Tom Hedelius Foundation
Available from: 2023-02-07 Created: 2023-02-07 Last updated: 2023-06-20Bibliographically approved
Frii, P., Khajehnejad, S., Sofla, A. & Stålnacke, O. (2022). Does Going Public Affect the CEO-Employee Pay Disparity? The Role of Board Characteristics. In: : . Paper presented at 44th Annual Congress of the European Accounting Association, Bergen, Norway, May 11-13, 2022.
Open this publication in new window or tab >>Does Going Public Affect the CEO-Employee Pay Disparity? The Role of Board Characteristics
2022 (English)Conference paper, Oral presentation only (Refereed) [Artistic work]
National Category
Business Administration
Research subject
Business Studies
Identifiers
urn:nbn:se:umu:diva-192697 (URN)
Conference
44th Annual Congress of the European Accounting Association, Bergen, Norway, May 11-13, 2022
Available from: 2022-02-22 Created: 2022-02-22 Last updated: 2022-05-19Bibliographically approved
Frii, P., Khajehnejad, S., Sofla, A. S. & Stålnacke, O. (2022). Does Going Public Affect the CEO-Employee Pay Disparity? The Role of Board Characteristics. In: : . Paper presented at 82nd Annual Meeting of the Academy of Management: "Creating a better world together". Seattle, USA, August 5-9, 2022.
Open this publication in new window or tab >>Does Going Public Affect the CEO-Employee Pay Disparity? The Role of Board Characteristics
2022 (English)Conference paper (Refereed)
National Category
Business Administration
Research subject
Business Studies
Identifiers
urn:nbn:se:umu:diva-193293 (URN)
Conference
82nd Annual Meeting of the Academy of Management: "Creating a better world together". Seattle, USA, August 5-9, 2022
Available from: 2022-03-24 Created: 2022-03-24 Last updated: 2022-05-20
Frii, P., Khajehnejad, S., Sofla, A. S. & Stålnacke, O. (2022). Does Going Public Affect the Firm's Vertical Pay Disparity? The Role of Independent Female Directors. In: : . Paper presented at Academy of Management Journal (AMJ) LUISS Paper Development Workshop, Rome, Italy, October 12-13, 2022.
Open this publication in new window or tab >>Does Going Public Affect the Firm's Vertical Pay Disparity? The Role of Independent Female Directors
2022 (English)Conference paper, Oral presentation with published abstract (Refereed)
National Category
Business Administration
Identifiers
urn:nbn:se:umu:diva-199740 (URN)
Conference
Academy of Management Journal (AMJ) LUISS Paper Development Workshop, Rome, Italy, October 12-13, 2022
Available from: 2022-09-27 Created: 2022-09-27 Last updated: 2022-09-28
Hellström, J., Stålnacke, O. & Olsson, R. (2022). Individuals’ financial risk-taking and peer influence. Quarterly Review of Economics and Finance, 86, 1-17
Open this publication in new window or tab >>Individuals’ financial risk-taking and peer influence
2022 (English)In: Quarterly Review of Economics and Finance, ISSN 1062-9769, E-ISSN 1878-4259, Vol. 86, p. 1-17Article in journal (Refereed) Published
Abstract [en]

Individual investor’s risky asset share, as well as stock market participants’ choice of total- and systematic stock portfolio risk, are found to be affected by financial risk-taking among peers. Furthermore, the results indicate that the influence of peers is stronger for less wealthy, for those with relatively higher disposable incomes, and for male investors, respectively. The results, obtained using an instrumental variable approach based on analysis of detailed individual level data, are robust towards a number of competing explanations and stress that interaction with peers’ is an important channel through which individuals’ overall financial risk-taking is affected.

Place, publisher, year, edition, pages
Elsevier, 2022
Keywords
Individual investors, Social interaction, Portfolio choice, Stock market
National Category
Business Administration
Research subject
Business Studies; Economics
Identifiers
urn:nbn:se:umu:diva-197287 (URN)10.1016/j.qref.2022.05.001 (DOI)000812361000001 ()2-s2.0-85131963157 (Scopus ID)
Funder
The Jan Wallander and Tom Hedelius Foundation
Available from: 2022-06-27 Created: 2022-06-27 Last updated: 2022-06-30Bibliographically approved
Frii, P., Sofla, A. S. & Stålnacke, O. (2021). Appointments of Directors and CEOs in Preparation for a Successful IPO. In: Virtual World Finance Conference 2021: E-proceedings. Paper presented at World Finance Conference, Virtual via Kristiansand, Norway, August 3-6, 2021 (pp. 202-202). University of Agder
Open this publication in new window or tab >>Appointments of Directors and CEOs in Preparation for a Successful IPO
2021 (English)In: Virtual World Finance Conference 2021: E-proceedings, University of Agder , 2021, p. 202-202Conference paper, Oral presentation with published abstract (Refereed)
Abstract [en]

We investigate the appointments of directors and CEOs of 439 private Swedish firms during afive-year period before they successfully completed an IPO. We utilize detailed Swedish data to explore how a firm?s governance appointments evolve in the period prior to a successful IPO. Our data contains complete information about all individual decision-makers of all Swedish private limited firms, making it possible for us to track all governance appointments among IPO firms, and use matched non-IPO firms to discern what can uniquely be attributed to the IPO process. We document that 70% of the incumbent IPO directors were appointed during the five-year periodprior to the IPO, and more than half were appointed one year before the IPO date. We further find that IPO firms are more likely to appoint new directors compared to matched firms during the period leading up to the IPO. Focusing on the IPO firms, we find that firms aiming for the main market appoint directors earlier in the process compared to firms aiming for lower-tier markets. Finally, we find that firms that appoint a larger proportion of directors are more likely to appoint a new CEO before completing an IPO. This result holds regardless of what market the firms successfully completed the IPO. 

Place, publisher, year, edition, pages
University of Agder, 2021
National Category
Business Administration
Identifiers
urn:nbn:se:umu:diva-183253 (URN)
Conference
World Finance Conference, Virtual via Kristiansand, Norway, August 3-6, 2021
Available from: 2021-05-19 Created: 2021-05-19 Last updated: 2021-09-28Bibliographically approved
Stålnacke, O. (2021). Come together: trust, sociability and individual investors' stock-portfolio returns. Review of Behavioral Finance, 13(5), 647-662
Open this publication in new window or tab >>Come together: trust, sociability and individual investors' stock-portfolio returns
2021 (English)In: Review of Behavioral Finance, ISSN 1940-5979, Vol. 13, no 5, p. 647-662Article in journal (Refereed) Published
Abstract [en]

Purpose – Previous studies have found that trusting and sociable individuals are more likely to participate in the stock market and hold risky assets. The purpose of this paper is to explore if trust and sociability also are related to individual investors’ stock-portfolio returns.

Design/methodology/approach – The authors study the questions in the paper by linking survey measures of trust and sociability to investors’ actual stock portfolios.

Findings – The authors find that trusting investors acquire higher raw and risk-adjusted stock-portfolio returns, but that the returns do not differ depending on how sociable investors are. These results suggest that trust is important for investors’ stock-portfolio decisions, and that trusting investors tend to perform better in the stock market than less-trusting investors.

Originality/value – This is, to the best of the authors’ knowledge, the first paper that relates survey measures of trust and sociability to investors’ actual stock-portfolio holdings. This is important to increase the understanding for how trust and sociability are related to the financial decisions individuals makes.

Place, publisher, year, edition, pages
Emerald Group Publishing Limited, 2021
Keywords
Trust, Sociability, Individual investors, Portfolio return, Financial decisions
National Category
Business Administration
Identifiers
urn:nbn:se:umu:diva-173661 (URN)10.1108/RBF-11-2019-0160 (DOI)000547915200001 ()2-s2.0-85087655922 (Scopus ID)
Funder
The Jan Wallander and Tom Hedelius Foundation
Available from: 2020-07-22 Created: 2020-07-22 Last updated: 2021-12-30Bibliographically approved
Frii, P. & Stålnacke, O. (2020). The neoclassical perspective. In: Ulla Eriksson-Zetterquist, Magnus Hansson, Fredrik Nilsson (Ed.), Theories and perspectives in business administration: (pp. 169-192). Studentlitteratur AB
Open this publication in new window or tab >>The neoclassical perspective
2020 (English)In: Theories and perspectives in business administration / [ed] Ulla Eriksson-Zetterquist, Magnus Hansson, Fredrik Nilsson, Studentlitteratur AB, 2020, p. 169-192Chapter in book (Other academic)
Place, publisher, year, edition, pages
Studentlitteratur AB, 2020
National Category
Economics and Business
Identifiers
urn:nbn:se:umu:diva-169102 (URN)9789144127088 (ISBN)
Available from: 2020-03-19 Created: 2020-03-19 Last updated: 2020-06-26Bibliographically approved
Stålnacke, O. (2019). Individual investors’ information use, subjective expectations, and portfolio risk and return. European Journal of Finance, 25(15), 1351-1376
Open this publication in new window or tab >>Individual investors’ information use, subjective expectations, and portfolio risk and return
2019 (English)In: European Journal of Finance, ISSN 1351-847X, E-ISSN 1466-4364, Vol. 25, no 15, p. 1351-1376Article in journal (Refereed) Published
Abstract [en]

What information do individual investors use when making their financial decisions and how is it related to their stock market expectations, their confidence in these expectations, and the risk and return of their stock portfolios? I study these questions by combining survey data on the information usage among individual investors in Sweden with detailed registry data on their stock portfolios. I find that investors use filtered financial information (e.g. information packaged by a professional intermediary) more frequently than they use unfiltered financial information (e.g. information from annual reports and financial statements). Investors who frequently use filtered financial information are, however, more confident in their stock market expectations and take larger risks in their stock portfolios. Investors that instead use unfiltered financial information take lower portfolio risks and obtain higher portfolio returns. The findings in this paper thus suggest that investors can improve their financial decisions by using more unfiltered financial information rather than filtered financial information when they make their financial decisions.

Place, publisher, year, edition, pages
Routledge, 2019
Keywords
Financial information; individual investors; expectations; confidence; portfolio return
National Category
Business Administration Economics and Business
Identifiers
urn:nbn:se:umu:diva-158256 (URN)10.1080/1351847X.2019.1592769 (DOI)000474727900001 ()2-s2.0-85063096926 (Scopus ID)
Note

Originally included in thesis in manuscript form

Available from: 2019-04-17 Created: 2019-04-17 Last updated: 2020-01-17Bibliographically approved
Stålnacke, O. (2019). Individual investors’ sophistication and expectations of risk and return. Review of Behavioral Finance, 11(1), 2-22
Open this publication in new window or tab >>Individual investors’ sophistication and expectations of risk and return
2019 (English)In: Review of Behavioral Finance, ISSN 1940-5979, Vol. 11, no 1, p. 2-22Article in journal (Refereed) Published
Abstract [en]

Purpose – The purpose of this paper is to investigate the relationship between individual investors’ level of sophistication and their expectations of risk and return in the stock market.

Design/methodology/approach – The author combines survey and registry data on individual investors in Sweden to obtain 11 sophistication proxies that previous research has related to individuals’ financial decisions. These proxies are related to a survey measure regarding individual investors’ expectations of risk and return in an index fund using linear regressions.

Findings – The findings in this paper indicate that sophisticated investors have lower risk and higher return expectations that are closer to objective measures than those of less-sophisticated investors.

Originality/value – These results are important, since they enhance the understanding of the underlying mechanisms through which sophistication can influence financial decisions.

Place, publisher, year, edition, pages
Emerald Group Publishing Limited, 2019
National Category
Business Administration Economics and Business
Identifiers
urn:nbn:se:umu:diva-160879 (URN)10.1108/RBF-08-2017-0087 (DOI)000471171700001 ()2-s2.0-85066896829 (Scopus ID)
Available from: 2019-06-25 Created: 2019-06-25 Last updated: 2023-03-23Bibliographically approved
Organisations
Identifiers
ORCID iD: ORCID iD iconorcid.org/0000-0003-3476-8635

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