Charlotte Østergaard

I am educated at Brown University (Ph.D., M.A. in Economics) and the University of Copenhagen (B.A. in Economics). Before joining BI Norwegian Business School, I was at the Financial Markets Group at the London School of Economics. I have also spent a year in the research division at the Central Bank of Norway. I am an associated researcher at the Centre for Corporate Governance Research (CCGR).

Research areas

My primary areas of interest are banking and corporate governance. The main research question that I have considered in my work concerns the real effects of bank shocks and bank market integration on outcome variables such as bank lending, firm investment, firms' cash flow trade-offs, and inter-regional risk sharing. I have also looked at banks' international portfolio choices and risk-taking behavior. I am currently doing work on social capital and governance in nonprofit bank organizations, on governance in Norwegian industrial firms in the early 20th century, and on the relation between stock market liquidity and shareholder activism. My work has been published in the Journal of Finance, the Review of Financial Studies, and the Journal of Political Economy, among others.

Teaching areas

Financial Intermediation, Credit Markets, Corporate Finance and Financial Management, Derivatives and Risk Management.

ACADEMIC DEGREES

• 1998 Brown University Ph.D.
• 1994 Brown University M.A.
• 1991 University of Copenhagen B.A.

WORK EXPERIENCE

• 2015 - Present BI Norwegian Business School Professor of Finance
• 2002 - 2015 BI Norwegian Business School Associate Professor
• 2005 - 2011 Norges Bank, Research Division Visiting Scholar
• 2003 - 2004 Norges Bank, Research Division Visiting Researcher (full time)
• 2000 - 2002 BI Norwegian Business School Assistant Professor
• 1997 - 2000 London School of Economics, Financial Markets Group Research Officer

RESEARCH REPORTS

Østergaard, Charlotte; Sasson, Amir; Sørensen, Bent E.. 

The Marginal Value of Cash, Cash Flow Sensitivities, and Bank-Finance Shocks in Non-Listed Firms. : Handelshøyskolen BI 2011 60 p. BI

Østergaard, Charlotte; Smith, David C.. 

Corporate Governance Before There Was Corporate Law. : Handelshøyskolen BI 2011 68 p. BI

Norli, Øyvind; Østergaard, Charlotte; Schindele, Ibolya. 

Liquidity and Shareholder Activism. : Handelshøyskolen BI 2009 46 p. BI

Yuliya, Demyanyk; Ostergaard, Charlotte; Sørensen, Bent E.. 

Risk Sharing and Portfolio Allocation in EMU. : European Commission 2008 BI

Østergaard, Charlotte; Sørensen, Bent E.; Demyanyk, Yuliya. 

Risk Sharing and Portfolio Allocation in EMU. : European Economy Economic Papers 2008 Research Report(334) BI

CONFERENCE PAPERS

Miglietta, Salvatore; Burkart, Mike; Ostergaard, Charlotte. 

Why do Boards Exist? Governance Design in the Absence of Corporate Law. European Finance Association Meetings; 2016-08-18 - 2016-08-20 BI

Miglietta, Salvatore; Burkart, Mike; Ostergaard, Charlotte. 

Why do Boards Exist? Governance Design in the Absence of Corporate Law.. Academic Seminar; 2016-04-21 - 2016-04-21 BI

Miglietta, Salvatore; Ostergaard, Charlotte; Burkart, Mike. 

Contractual Governance in the Absence of Corporate Law. Midweste Finance Association Meetings; 2016-03-02 - 2016-03-05 BI

Ostergaard, Charlotte; Burkart, Mike; Miglietta, Salvatore. 

Contractual Governance in the Absence of Corporate Law. Aarhus University; 2016-05-18 - 2016-05-18 BI

Ostergaard, Charlotte; Miglietta, Salvatore; Burkart, Mike. 

Contractual Governance in the Absence of Corporate Law. Oxford-LSE law and finance conference; 2016-05-27 - 2016-05-27 BI

Miglietta, Salvatore; Ostergaard, Charlotte; Burkart, Mike. 

Contractual Governance in the Absence of Law: Bylaws of Norwegian Firms in the Early 20th Century. The 7th annual workshop of The Nordic Corporate Governance Network; 2015-06-01 - 2015-06-02 BI

Miglietta, Salvatore; Ostergaard, Charlotte; Burkart, Mike. 

Contractual Governance in the Absence of Law: Bylaws of Norwegian Firms in the Early 20th Century. Seminar Bank of Canada; 2015-08-05 - 2015-08-05 BI

Ostergaard, Charlotte. 

Contractual Governance in the Absence of Law: Bylaws of Norwegian Firms in the Early 20th Century. Global Corporate Governance Colloquium; 2015-06-04 - 2015-06-05 BI

Ostergaard, Charlotte; Smith, David C.. 

Corporate Gernance Before There Was Corporate Law. European Finance Association Meetings 2013, Cambridge; 2013-08-28 - 2013-08-31 BI

Ostergaard, Charlotte; Smith, David C.. 

Corporate Gernance Before There Was Corporate Law. Contracts and Organizations Conference, NHH; 2013-05-06 - 2013-05-07 BI

Ostergaard, Charlotte; Schindele, Ibolya; Vale, Bent. 

Social Capital and the Viability of Stakeholder-Oriented Firms: Evidence from Savings Banks. Seminar at Central European University Business School, Budapest; 2012-02-03 - 2012-02-03 BI

Ostergaard, Charlotte; Schindele, Ibolya; Vale, Bent. 

Social Capital and the Viability of Stakeholder-Oriented Firms: Evidence from Savings Banks. Seminar at Central Bank of Hungary, Budapest; 2012-01-26 - 2012-01-26 BI

Østergaard, Charlotte; Schindele, Ibolya; Vale, Bent. 

Social Capital and the Viability of Stakeholder-Oriented Firms. Financial Intermediation Research Society Meeting; 2010-06-07 - 2010-06-09 BI

Norli, Øyvind; Ostergaard, Charlotte; Schindele, Ibolya. 

Liquidity and Shareholder Activism. Corporate Governance Conference, Toulouse; 2009-06-30 - 2009-06-30 BI

Ostergaard, Charlotte; Schindele, Ibolya; Vale, Bent. 

Social Capital and the Viability of Stakeholder-Oriented Firms: Evidence from Savings Banks. Eurpean Finance Association Conference, Bergen; 2009-08-17 - 2009-08-20 BI

Ostergaard, Charlotte; Schindele, Ibolya; Vale, Bent. 

Social Capital and the Viability of Non-profit Firms: Evidence from Norwegian Savings Banks. Annual Conference of the Hungarian Economics Association; 2008-12-18 - 2008-12-19 BI

Ostergaard, Charlotte; Schindele, Ibolya; Vale, Bent. 

Social Capital and the Viability of Non-profit Firms: Evidence from Norwegian Savings Banks. CEPR Conference on Institutions and Institutional Change, Bristol, Great-Britain; 2008-06-09 - 2008-06-10 BI

Ostergaard, Charlotte; Schindele, Ibolya; Vale, Bent. 

Social Capital and the Viability of Non-profit Firms: Evidence from Norwegian Savings Banks. Conference of the European Association for Research in Industrial Organization (EARIE; 2008-09-04 - 2008-09-06 BI

Ostergaard, Charlotte; Schindele, Ibolya; Vale, Bent. 

Social Capital and the Viability of nonprofit firms: Evidence from Norwegian Savings Banks. American Economic Association Meetings; 2008-01-01 - 2008-01-01 BI

Østergaard, Charlotte. 

Social Capital and the Viability of nonprofit firms: Evidence from Norwegian Savings Banks. American Economic Association Annual Meeting; 2008-01-04 - 2008-01-06 BI

Ostergaard, Charlotte; Demyanyk, Yulia; Sørensen, Bent E.. 

U.S. Banking Deregulation, Small Business, and Interstate Insurance of Personal Income. Second FIRS Conference on Banking, Corporate Finance and Intermediation; 2006-06-01 - 2006-06-03 BI

SCIENTIFIC ARTICLES

Ostergaard, Charlotte; Schindele, Ibolya; Vale, Bent. 

Social Capital and the Viability of Stakeholder-Oriented Firms: Evidence from Savings Banks. Review of Finance 2016 ;Volume 20.(5) p. 1673-1718 BI

Norli, Øyvind; Ostergaard, Charlotte; Schindele, Ibolya. 

Liquidity and Shareholder Activism. The Review of financial studies 2015 ;Volume 28.(2) p. 486-520 BI

Buch, Claudia M.; Driscoll, John C.; Ostergaard, Charlotte. 

Cross-Border Diversification in Bank Asset Portfolios. International Finance 2010 ;Volume 13.(1) p. 79-108 BI

Demyanyk, Yuliya; Ostergaard, Charlotte; Sørensen, Bent E.. 

U.S. Banking Deregulation, Small Businesses, and Interstate Insurance of Personal Income. Journal of Finance 2007 ;Volume 62.(6) p. 2763-2801 BI

Ostergaard, Charlotte; Sørensen, Bent E.; Yosha, Oved. 

Consumption and Aggregate Constraints: Evidence from U.S. States and Canadian Provinces. Journal of Political Economy 2002 ;Volume 110.(3) p. 634-645 BI

Østergaard, Charlotte; Goodhart, Charles. 

The Financial Services and Markets Bill. Journal of Financial Regulation and Compliance 1998 ;Volume 6.(4) BI

POPULAR SCIENTIFIC ARTICLES

Østergaard, Charlotte; Vale, Bent; Schindele, Ibolya. 

"Social kapital kan påvirke norske sparebankers evne til å overleve". Sparebankbladet 2011 ;Volume 2. p. 32-35 BI

Ostergaard, Charlotte; Demyanyk, Yuliya; Sørensen, Bent E.. 

Banking Deregulation Helps Small Business Owners Stabilize Their Income. Reginal Economist, Federal Reserve Bank of St. Louis 2007 BI

Østergaard, Charlotte. 

IOSCO risk management and control guidance for securities firms and their regulators. Financial Regulation Report 1998 BI

MEDIA CONTRIBUTIONS

Ostergaard, Charlotte. 

Derfor skyr kvinder børsen. E24 [Internet] 2015-02-04 BI

Ostergaard, Charlotte. 

Bekymret efter påstande om rentejuks. Aftenposten [Newspaper] 2013-01-17 BI

Ostergaard, Charlotte. 

Facebookdata kan gi dig lån eller avslag. Dagens Næringsliv [Newspaper] 2013-06-15 BI

Ostergaard, Charlotte. 

Sunt å bli kvitt gjeld, mener eksperter. Budstikka Asker og Bærum Lokalavis [Newspaper] 2013-03-19 BI