Karin Thorburn

Karin S. Thorburn is an Adjunct Full Professor of Finance at the Wharton School at the University of Pennsylvania. She is also the Research Chair Professor of Finance at NHH Norwegian School of Economics. Prior to joining NHH in 2009, she was a faculty member at the Tuck School of Business at Dartmouth College for 11 years.

Thorburn’s research focuses on takeovers, bankruptcy, IPOs, corporate governance, and corporate social responsibility. She regularly publishes in the top academic journals, including the Journal of Finance, Journal of Financial Economics, Management Science, and Journal of Financial and Quantitative Analysis.

Thorburn is a Research Associate of the Center for Economic Policy Research (CEPR) in London, a Research Affiliate of the European Corporate Governance Institute (ECGI) in Brussels, a Council member of the Society for Financial Studies (SFS), and a Director of the Financial Management Association International (FMA).

She is a Director of the boards of Maritime & Merchant Bank ASA, Preferred Global Health AS, Global LNG Services AS, and Falck Advisory AS. In 2021, she was a member of an expert group that assessed the impact of climate change on the investment strategy of the Norwegian oil fund.

Thorburn holds a Ph.D. in financial economics from the Stockholm School of Economics.

Work experience

• Norwegian School of Economics Research Chair Professor of Finance
• The Wharton School
  • Adjunct Full Professor of Finance
  • Visiting Professor of Finance
• The Tuck School of Business at Dartmouth
  • Visiting Professor of Finance (spring term)
  • Associate Professor of Finance
• Maritime & Merchant Bank ASA Board Member
• Global LNG Services AS Board Member
• Falck Advisory Board Member
• SEB INVESTMENT MANAGEMENT AB Board Member
• University of California, Berkeley, Haas School of Business Visiting Professor of Finance
• Nordea Bank Norway ASA Board Member
• University of California, Berkeley Ha Visiting Professor of Finance

Education

• Stockholm School of Economics Pd.D Financial economics
• Stockholm School of Economics civ ek finance

Education
PhD, Financial Economics, Stockholm School of Economics, Sweden
Bachelor in Economics, Stockholm School of Economics, Sweden
Positions Held
At Haas since 2015
2009-present, Norwegian School of Economics, Norway
2011-present, Research Chair Professor of Finance
2010-2011, DnB NOR Professor of Finance
2009-2010, Professor of Finance
1998-2009, Tuck School of Business at Dartmouth College, New Hampshire
2002-2009, Associate Professor of Finance
1998-2002, Assistant Professor of Finance
Visiting Positions
Spring term (March-April) 2016, Visiting Professor, Wharton School, University of Pennsylvania
Spring term (April-May) 2010-2016, Visiting Professor, Tuck School of Business at Dartmouth College
November 2014, Senior Visitor, SAFE, Goethe University, Frankfurt, Germany
October 2012, Visiting Scholar, London Business School, UK
Nov-Dec 2011, Visiting Professorial Fellow, Australian Business School, University of New South Wales, Sydney, Australia
External Service and Assignments
- Director of the Board, SEB Investment Management AB, 2016-present - Director, Executive Committee of the European Finance Association, 2014-2016 - Director of the Board, Nordea Bank Norge ASA, 2010-1016 - Research Affiliate, Financial Economics Programme of the Centre for Economic Policy Research (CEPR), London, 2002-present - Research Associate, the European Corporate Governance Institute (ECGI), Brussels, 2004-present - Scientific Board, European Center for Corporate Control Studies (ECCCS), Lille, 2009-present - Scientific Advisory Board, Centre for Finance at Gothenburg University, 2011-present - International Advisory Board, Hanken School of Economics, Helsinki, 2012-present - Lindenauer Research Associate, the Lindenauer Center for Corporate Governance, Tuck School of Business at Dartmouth, New Hampshire, USA, 2010-present - Member of the Academic Advisory Council to the Turnaround Management Association (TMA), USA, 2003-present - Associate Director, Lindenauer Center for Corporate Governance, Tuck School of Business at Dartmouth, New Hampshire, USA, 2001-2009 - Member of “Club 6”, Haas School of Business, University of California Berkeley, 2015

Current Research and Interests
- Bidder gains and bidding tactics in takeovers - CEO career and compensation changes in bankruptcy - Underpricing in IPOs - Board gender quotas

Selected Papers and Publications
- Eckbo, B. Espen, Karin Thorburn and Wei Wang, 2016, “How costly is corporate bankruptcy for the CEO?” Journal of Financial Economics 121 (1), 210-229. - Betton, Sandra, B. Espen Eckbo, Rex Thompson, and Karin S. Thorburn, 2014, “Merger negotiations with stock market feedback,” Journal of Finance 69(4), 1705-1745. - Fisher-Vanden, Karen, and Karin S. Thorburn, 2011, “Voluntary corporate environmental initiatives and shareholder wealth,” Journal of Environmental Economics and Management, 62(3), 430-455. - Betton, Sandra, B. Espen Eckbo and Karin S. Thorburn, 2009, “Merger negotiations and the toehold puzzle,” Journal of Financial Economics 91, 158-178. - Eckbo, B. Espen, and Karin S. Thorburn, 2008, “Automatic bankruptcy auctions and fire-sales,” Journal of Financial Economics 89, 404-422. - Eckbo, B. Espen, and Karin S. Thorburn, 2003, “Control benefits and CEO discipline in automatic bankruptcy auctions,” Journal of Financial Economics 69 (1), 227-258. - Thorburn, Karin S., 2000, “Bankruptcy auctions: Costs, debt recovery, and firm survival,” Journal of Financial Economics 58(3), 337-368, lead article.

Teaching
- Mergers & Acquisitions (EWMBA 236E)

Honors and Awards
- Master student’s award for teaching excellence, Norwegian School of Economics, 2015