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Address
Department of Banking and Finance
University of Zurich
Plattenstrasse 14, 8032 Zürich, Switzerland
Phone: +41 (0)44 634 29 80
email: kjell.nyborg@bf.uzh.ch
Employment:
8/2009-present | Chaired Professor of Finance (Chair in Corporate Finance/Ord. Professor für Corporate Finance), Department of Banking and Finance, University of Zürich. Also: Senior Chair, Swiss Finance Institute |
8/2015-present | Deputy Head, Department of Banking and Finance, University of Zurich. |
6/2005-7/2009 | DnB NOR Professor of Finance, Norwegian School of Economics and Business Administration. |
7/2003-6/2005 | Visiting Associate Professor of Finance, UCLA Anderson School of Management. |
5/1997-8/2004 | Associate Professor of Finance, London Business School. |
9/1990-4/1997 | Assistant Professor of Finance, London Business School. |
8/1984-8/1985 | Computer Programmer, A/S Storebrand-Norden gruppen, Oslo, Norway. |
Shorter Term and Part Time Positions
1/2016-present | Visiting Professor (part-time), BI Norwegian Business School. |
1/2011-present | Visiting Scholar (part-time), Norges Bank (Norwegian Central Bank). |
8/2009-7/2010 | Professor of Finance (part-time), Norwegian School of Economics and Business Administration. |
12/2007-1/2009 | Academic Director (part-time), Global Finance Academy, University College Dublin. |
Spring 2008 | Visiting Professor of Finance, University of Zurich. |
Autumn 2001 | Visiting Economist, European Central Bank. |
Spring 1999 | Visiting Associate Professor of Finance, UCLA Anderson School of Management. |
Education:
9/1985-8/1990 | Graduate School of Business, Stanford University, Ph.D. Major field of study: Finance. Dissertation: Theories Concerning Corporate Acquisitions and External Financing. Fellowships: Consecutive Stanford Business School fellowships from 1985 to 1990. |
9/1980-6/1984 | University of Chicago, S.B. with General Honors, Mathematics. Honors: Sigma Xi. |
Research Stays:
11/2012 | Visiting Scholar, Graduate School of Business, Stanford University. |
Publications: Book
Note: For more details and links see the Collateral Book tab on this webpage
“Collateral Frameworks: The Open Secret of Central Banks”, 2017, Cambridge University Press.
Publications: Journal Articles
Note: For more details and links see the Research tab on this webpage
“The Effect of Stock Liquidity on Cash Holdings: The Repurchase Motive” (with Zexi Wang), 2021, Journal of Financial Economics 142, 905–927.
“The Choice of Valuation Techniques in Practice: Education versus Profession,” (with Lilia Mukhlynina), 2020, Critical Finance Review, 9, 201-265.
“Consistent Valuation of Project Finance and LBOs Using the Flows-to-Equity Method,” (with Ian Cooper), 2018, European Financial Management, 24, 34-52.
“Central Bank Collateral Frameworks,” 2017, Journal of Banking and Finance 76, 198-214. Reprinted: Journal of Banking and Finance 83, 232-248.
“Money and Liquidity in Financial Markets,” (with Per Östberg), 2014, Journal of Financial Economics 112, 30-52.
“Bank Bailout Menus,” (with Sudipto Bhattacharya), 2013, Review of Corporate Finance Studies 2(1), 29-61. Winner of the 2014 Best Paper Award of Review of Corporate Finance Studies.
“Tax-Adjusted Discount Rates: A General Formula under Constant Leverage Ratios,” (with Peter Molnar), 2013, European Financial Management, Vol. 19, No. 3, 419-428 (lead article).
“The Price of Liquidity: The Effects of Market Conditions and Bank Characteristics,” (with Falko Fecht and Jörg Rocholl), 2011, Journal of Financial Economics 102, 344-362.
“Financing and Corporate Growth under Repeated Moral Hazard,” (with Ron Anderson), 2011, Journal of Financial Intermediation 20, 1-24 (lead article).
“Repo Auctions and the Market for Liquidity”, (with Ulrich Bindseil and Ilya Strebulaev), 2009, Journal of Money, Credit, and Banking 41, 1391-1421.
“Tax-Adjusted Discount Rates with Investor Taxes and Risky Debt,” (with Ian Cooper), 2008, Financial Management 37, 365-379.
“Liquidity Management and Overnight Rate Calendar Effects: Evidence from German Banks,” (with Falko Fecht and Jörg Rocholl), 2008, North American Journal of Finance and Economics 19, 7-21.
“Valuing the Debt Tax Shield,” (with Ian Cooper), 2007, Journal of Applied Corporate Finance 19, 30-39.
“The Value of Tax Shields IS Equal to the Present Value of Tax Shields,” (with Ian Cooper), 2006, Journal of Financial Economics 81, 215-225.
“Strategic Behavior and Underpricing in Uniform Price Auctions: Evidence from Finnish Treasury Auctions,” (with Matti Keloharju and Kristian Rydqvist), 2005, Journal of Finance 60, 1865-1902. Nominated for Smith Breeden Prize.
“Underpricing and Market Power in Uniform Price Auctions,” (with Ilan Kremer), 2004, Review of Financial Studies 17, 849-877.
“Multiple Unit Auctions and Short Squeezes,” (with Ilya A. Strebulaev), 2004, Review of Financial Studies 17, 545-580.
“Divisible Good Auctions: The Role of Allocation Rules,” (with Ilan Kremer), 2004, RAND Journal of Economics 35, 147-159.
“Bidder Behavior in Multiunit Auctions: Evidence from Swedish Treasury Auctions,” (with Kristian Rydqvist and Suresh Sundaresan), 2002, Journal of Political Economy 110, 394-424.
“A Descriptive Analysis of the Finnish Treasury Bond Market 1991-1999,” (with Matti Keloharju, Markku Malkamäki, and Kristian Rydqvist), 2002, Finnish Journal of Business Economics 3, 259-279.
“Agency and the Pace of Adoption of New Techniques,” (with Ronald W. Anderson), 2002, Louvain Economic Review 68, 203-220.
“Collateral and Short Squeezing of Liquidity in Fixed Rate Tenders,” (with Ilya A. Strebulaev), 2001, Journal of International Money and Finance 20, 769-792.
“Cross Holdings in Germany: Comment,” 1999, Journal of Institutional and Theoretical Economics 155, 113-118.
“A Comparison of US, UK, and German Insolvency Codes,” (with Julian Franks and Walter Torous), 1996, Financial Management 25, 19-30.
“Control Rights, Debt Structure and the Loss of Private Benefits: The Case of the UK Insolvency Code,” (with Julian Franks), 1996, Review of Financial Studies 9, 1165-1210.
“Discriminatory versus Uniform Treasury Auctions: Evidence from When-Issued Transactions,” (with Suresh Sundaresan), 1996, Journal of Financial Economics 42, 63-105.
“The Use and Pricing of Convertible Bonds,” 1996, Applied Mathematical Finance 3, 167-190.
“Convertible Debt as Delayed Equity: Forced versus Voluntary Conversion and the Information Role of Call Policy,” 1995, Journal of Financial Intermediation 4, 358-395.
Publications: Book Chapters
“Monetary Policy Implementation,” (with Ulrich Bindseil), 2008, Handbook of European Financial Markets and Institutions, 742-778, X. Freixas, P. Hartmann, and C.Mayer, eds, Oxford University Press, Oxford.
“The Tale of Three Insolvency Codes,” (with Julian Franks and Walter Torous), July 1997, Financial Times, Mastering Finance 9, 13-14.
Reprinted: Mastering Finance,1998, pp.411-418, FT Pitman Publishing, London.
“Rationale for Convertible Bonds,” June 1997, Financial Times, Mastering Finance 8, 10-11.
Reprinted: Mastering Finance,1998, pp.241-247, FT Pitman Publishing, London.
“New Equity Issues and Raising Cash,” abridged version, (with Richard Brealey), May 1997, Financial Times, Mastering Finance 4, 13-14.
Unabridged version printed in: Mastering Finance, 1998, pp.65-75, FT Pitman Publishing, London.
“Introduction to Options,” Financial Times, Mastering Management 1 December 1995.
Reprinted: Mastering Management, 1997, pp.87-94, FT Pitman Publishing, London.