Kjell Nyborg

Professor Kjell G. Nyborg, a native of Norway, currently holds the Chair in Corporate Finance at the Department of Banking and Finance at the University of Zurich. He is also a Senior Chair of the Swiss Finance Institute.

Nyborg has served on the Executive Committee of the European Finance Association (EFA) since January 2013, initially as a Director and, in 2016, as Vice President. He was the President of the EFA in 2017 and served as the Program Chair of the EFA’s 43rd Annual Meeting (Oslo, 2016).

He was educated at the University of Chicago (S.B. Mathematics) and the Graduate School of Business at Stanford University (Ph.D. in Finance). Previous positions include Assistant and Associate Professor of Finance at the London Business School, visiting Associate Professor of Finance at UCLA Anderson School of Management, and visiting economist at the European Central Bank. Prior to coming to the University of Zurich, he held the DnB NOR Chair of Finance at the Norwegian School of Economics (NHH).

Professor Nyborg has published widely in leading journals such as Review of Financial Studies, Journal of Finance, Journal of Financial Economics, and Journal of Political Economy. His work, which spans corporate finance, financial markets, monetary economics, and financial institutions includes papers on convertible bonds, capital structure, bankruptcy, financial auctions, and the effect of taxes on project valuation and the cost of capital. Recently, the main focus of his research has been on issues relating to the market for liquidity, the role of money and liquidity in financial markets, and central bank collateral frameworks. Nyborg has presented his research at numerous conferences, universities, and financial institutions world-wide.

Nyborg’s recent book on Cambridge University Press, Collateral Frameworks: The Open Secret of Central Banks, unpacks the opaque structure at the heart of central banking, the money creation process, and monetary policy — namely central banks’ collateral frameworks. The book covers collateral policy in the euro area in detail and sheds new light on central banking, the architecture and politics of money, and the euro crisis.

Nyborg has consulted for several financial institutions and has also served as a lay judge in the Norwegian courts. He is a research fellow of the Centre for Economic Policy Research, a former member of the nominating committee of the American Finance Association, a repeat member of the program committees of the European Finance Association and the Western Finance Association, and a former titular Professor of the European Institute for Advanced Studies in Management. Professor Nyborg has also served as Academic Director of the Global Finance Academy at University College, Dublin.

Education

• Ph.D. Finance, 1990, Stanford University
• S.B. Mathematics, 1984, University of Chicago

Research Interest

• Liquidity, money markets, and banking; financial auctions; corporate finance; taxes and cost of capital.

Other professional activities

• Swiss Finance Institute Senior Chair
• Nominating Committee, European Finance Association, 2018-2020
• Chair, Nominating Committee, European Finance Association, 2018
• President of the European Finance Association in 2017
• Vice President of the European Finance Association (as of January 2016)
• Aker Scholarships, Academic Committee, since 2015
• Director and member of the executive committee of the European Finance Association, (January 2013 - December 2019)
• American Finance Association Nominating Committee, 2003
• Editorial Advisory Board,Schmalenbach Business Review, since January 2015
• Editor, Schmalenbach Business Review, (February 2003-January 2015)
• Research Fellow, CEPR, since January 1999
• Fellow, Royal Society of Arts, since November 1996

Publications

Journal Article

• The Effect of Stock Liquidity on Cash Holdings: The Repurchase Motiv Nyborg Kjell G., Wang Zexi In: Journal of Financial Economics, Vol. forthcoming, p. ---, January 2021
• The Choice of Valuation Techniques in Practice: Education Versus Profession Mukhlynina Lilia, Nyborg Kjell G. In: Critical Finance Review, Vol. 9, (1-2), p. 201-265, June 2020
• Consistent valuation of project finance and LBOs using the flows-to-equity method Nyborg Kjell G., Cooper Ian A In: European Financial Management, Vol. 24, (1), p. 34-52, January 2018
• Central bank collateral frameworks Nyborg Kjell G. In: Journal of Banking and Finance, Vol. 76, p. 198-214, March 2017
• Money and liquidity in financial markets Nyborg Kjell G., Östberg Per In: Journal of Financial Economics, Vol. 112, (1), p. 30-52, May 2014
• Tax-adjusted discount rates: a general formula under constant leverage ratios tax-adjusted discount rates Nyborg Kjell G., Molnár Peter In: European Financial Management, Vol. 19, (3), p. 419-428, July 2013
• Bank bailout menus Nyborg Kjell G., Bhattacharya S In: Review of Corporate Finance Studies, Vol. 2, (1), p. 29-61, January 2013
• The price of liquidity: The effects of market conditions and bank characteristics Nyborg Kjell G., Fecht Falko, Rocholl Jörg In: Journal of Financial Economics, Vol. 102, (2), p. 344-362, November 2011
• Financing and growth under repeated moral hazard Nyborg Kjell G., Anderson Ronald W In: Journal of Financial Intermediation, Vol. 20, (1), p. 1-24, January 2011
• Repo auctions and the market for liquidity Nyborg Kjell G., Bindseil Ulrich, Strebulaev Ilya A In: Journal of Money, Credit and Banking, Vol. 41, (7), p. 1391-1421, October 2009
• Liquidity management and overnight rate calendar effects: Evidence from German banks Nyborg Kjell G., Fecht Falko, Rocholl Jörg In: North American Journal of Economics and Finance, Vol. 19, (1), p. 7-21, March 2008
• Tax-adjusted discount rates with investor taxes and risky debt Nyborg Kjell G., Cooper Ian In: Financial Management, Vol. 37, (2), p. 365-379, January 2008
• Valuing the Debt Tax Shield Nyborg Kjell G., Cooper Ian In: Journal of Applied Corporate Finance, Vol. 19, (2), p. 30-39, January 2007
• The value of tax shields IS equal to the present value of tax shields Nyborg Kjell G., Cooper Ian In: Journal of Financial Economics, Vol. 81, (1), p. 215-225, January 2006
• Strategic behavior and underpricing in uniform price auctions: Evidence from finnish treasury auctions Nyborg Kjell G., Keloharju Matti, Rydqvist Kristian In: Journal of Finance, Vol. 60, (4), p. 1865-1902, January 2005
• Divisible good auctions: the role of allocation rules Nyborg Kjell G., Kremer Ilan In: RAND Journal of Economics, Vol. 35, (1), p. 147-159, April 2004
• Underpricing and market power in uniform price auctions Nyborg Kjell G., Kremer Ilan In: Review of Financial Studies, Vol. 17, (3), p. 849-877, January 2004
• Multiple Unit Auctions and Short Squeezes Nyborg Kjell G., Strebulaev Ilya A In: Review of Financial Studies, Vol. 17, (2), p. 545-580, August 2003
• Bidder Behavior in Multiunit Auctions: Evidencefrom Swedish Treasury Auctions Nyborg Kjell G., Rydqvist Kristian, Sundaresan Suresh M In: The Journal of Political Economy, Vol. 110, (2), p. 394-424, January 2002
• Agency and the pace of adoption of new techniques Nyborg Kjell G., Anderson Ronald W In: Recherches Economiques de Louvain, Vol. 68, (1), p. 203-220, January 2002
• Collateral and short squeezing of liquidity in fixed rate tenders Nyborg Kjell G., Strebulaev Ilya A In: Journal of International Money and Finance, Vol. 20, (6), p. 769-792, November 2001
• Cross holdings in Germany: comment Nyborg Kjell G. In: Journal of Institutional and Theoretical Economics, Vol. 155, (1), p. 113-118, January 1999
• Discriminatory versus uniform Treasury auctions: Evidence from when-issued transactions Nyborg Kjell G., Sundaresan Suresh M In: Journal of Financial Economics, Vol. 42, (1), p. 63-104, January 1996
• A Comparison of US, UK, and German Insolvency Codes Nyborg Kjell G., Franks Julian, Torous Walter In: Financial Management, Vol. 25, (3), p. 86-101, January 1996