EFFEKTEN AV EGENKAPITALBEVIS En sammenlikning av norske sparebankenes resultat basert på historiske data fra 1995 til 2014.

Abstract

This thesis aims to investigate whether Equity Certificates promotes efficient operation of a savings bank and leads to a reduction in agency costs. Such a study has not been conducted previously. The analysis is based on the Norwegian savings banks' historical data from 1995 to 2014. Panel Data have been used for Hausman tests, OLS, fixed effect model, random-effects model in STATA. A descriptive study has also been conducted based on the average value and normal distributions. The goal was to determine whether Equity Certificates have an effect on efficiency, profit and growth: • The possibility that Equity Certificates have a positive effect on the efficiency of savings can not be written off • Data Analysis provides very little evidence that Equity Certificates leads to higher profits. • The annual growth shows no tendency that Equity Certificates have any appreciable effect. The conclusions are trying to describe trends, but no significant differences could be presented. By continuing to follow the savings banks with Equity Certificates in the future, the increased number of degrees of freedom will make it possible to obtain significant results.