Stein Frydenberg
About
Stein Frydenberg is Associate Professor at NTNU Business School at Norwegian University of Science and Technology (NTNU). He has a master’s degree in business economics from the Norwegian School of Economics and Business Administration and a master’s degree in science from NTNU. He has worked in the armed forces medical service as lieutenant , in power line and housebuilding construction companies as civil engineer and in the university sector as teacher and researcher. His work has been published in Journal of Investing, Journal of Property Research, International Journal of the Economics of Business, International Journal of Managing Projects in Business, Journal of Wealth Management, Energy Economics, OPEC Energy Review, Annals of Operations Research, Review of Quantitative Finance and Accounting, Journal of commodity markets and Scandinavian Journal of Business Research. His current research interests include hedge fund performance, capital structure in privately held and listed companies, and risk management in the power industry.
Competencies
Publications
2022
-
Mohanty, Sunil K.;
Frydenberg, Stein;
Osmundsen, Petter;
Westgaard, Sjur;
Skjøld, Christian Chartcai.
(2022)
Risk factors in stock returns of U.S. oil and gas companies: evidence from quantile regression analysis.
Review of Quantitative Finance and Accounting
Academic article
2021
-
Westgaard, Sjur;
Frydenberg, Stein;
Mohanty, Sunil K..
(2021)
Fourteen large commodity trading disasters: What happened and what can we learn?.
Journal of Commodity Markets
Academic literature review
-
Frydenberg, Stein;
Haug, Espen Gaarder.
(2021)
Den dyrebare strømmen.
Feature article
-
Mohanty, Sunil K.;
Ådland, Roar Os;
Westgaard, Sjur;
Frydenberg, Stein;
Lillienskiold, Hilde;
Kristensen, Cecilie.
(2021)
Modelling Stock Returns and Risk Management in the Shipping Industry.
Journal of Risk and Financial Management
Academic article
2020
-
Sveinsson, Jørgen Andersen;
Frydenberg, Stein;
Westgaard, Sjur;
Aaløkken, Maurits Mogenssøn.
(2020)
Performance of value-at-risk averaging in the Nordic power futures market.
Journal of Energy Markets
Academic article
2019
-
Westgaard, Sjur;
Århus, Gisle Hoel;
Frydenberg, Marina;
Frydenberg, Stein.
(2019)
Value-at-risk in the European energy market:
a comparison of parametric, historical
simulation and quantile regression
value-at-risk.
Journal of Risk Model Validation
Academic article
2018
-
Henriksen, Tom Erik Sønsteng;
Pichler, Alois;
Westgaard, Sjur;
Frydenberg, Stein.
(2018)
Can commodities dominate stock and bond portfolios?.
Annals of Operations Research
Academic article
2017
-
Frydenberg, Stein;
Hrafnkelsson, Kjartan;
Bromseth, Vegard Strand;
Westgaard, Sjur.
(2017)
Hedge Fund Strategies and Time-Varying Alphas and Betas.
The journal of wealth management
Academic article
-
Frydenberg, Stein;
Oust, Are;
Olaussen, Jon Olaf.
(2017)
Forskning ved tidligere høyskolemiljøer bedre enn sitt rykte?.
Universitetsavisa
Popular scientific article
2016
-
Tjaaland, Sturla Horpestad;
Westgaard, Sjur;
Osmundsen, Petter;
Frydenberg, Stein.
(2016)
Oil and Gas Risk Factor Sensitivities for U.S. Energy Companies.
Journal of Energy and Development
Academic article
2014
-
Frydenberg, Stein;
Onochie, Joseph I.;
Westgaard, Sjur;
Midtsund, Nora;
Ueland, Hanna.
(2014)
Long-term relationships between electricity and oil, gas and coal future prices — evidence from Nordic countries, Continental Europe and the United Kingdom.
Opec Energy Review
Academic article
2013
-
Frydenberg, Stein;
Reiakvam, Oddvar Hallset;
Thyness, Stian Borgen;
Westgaard, Sjur.
(2013)
Hedge Funds—Risk Exposure in Different Quantiles and Market Sentiments.
Journal of Investing
Academic article
2011
-
Westgaard, Sjur;
Frydenberg, Stein.
(2011)
Hedgefond - avkastning og risiko 1992-2011.
Praktisk økonomi & finans
Academic article
-
Westgaard, Sjur;
Estenstad, Maria;
Seim, Maria Anglevik;
Frydenberg, Stein.
(2011)
Co-integration of ICE Gas oil and Crude oil futures.
Energy Economics
Academic article
-
Frydenberg, Stein.
(2011)
Capital structure theories and empirical tests : an overview.
Academic chapter/article/Conference paper
-
Sandvik, Sjur Hordvik;
Frydenberg, Stein;
Westgaard, Sjur;
Heitmann, Rolv Kristian.
(2011)
Hedge Fund Performance in Bull and Bear Markets: Alpha Creation and Risk Exposure.
Journal of Investing
Academic article
2010
-
Haug, Espen Gaarder;
Frydenberg, Stein;
Westgaard, Sjur.
(2010)
Distribution and Statistical Behavior of Implied Volatility.
Business Valuation Review
Academic article
-
Olsson, Nils;
Frydenberg, Stein;
Jakobsen, Erik W.;
Jessen, Svein Arne.
(2010)
In search of project substance: how do private investors evaluate projects?.
International Journal of Managing Projects in Business
Academic article
2009
-
Ask-Henriksen, Hege;
Stjern, Siri Tinnen;
Frydenberg, Stein.
(2009)
Hvilke faktorer vektlegges ved valg av kapitalstruktur? En empirisk studie av den norske eiendomsbransjen.
Magma forskning og viten
Academic article
2008
-
Westgaard, Sjur;
Eidet, Amund;
Frydenberg, Stein;
Grosås, Thor Christian.
(2008)
Investigating the Capital Structure of UK Real Estate Companies.
Journal of Property Research
Academic article
-
Talberg, Magnus;
Winge, Christian;
Frydenberg, Stein;
Westgaard, Sjur.
(2008)
Capital Structure Across Industries.
International Journal of the Economics of Business
Academic article
-
Frydenberg, Stein;
Lindset, Snorre;
Westgaard, Sjur.
(2008)
Hedge Fund Return Statistics 1994-2005.
Journal of Investing
Academic article
2007
-
Frydenberg, Stein.
(2007)
Investeringsanalyse og selskapsfinansiering.
Academic chapter/article/Conference paper
-
Olsson, Nils;
Frydenberg, Stein;
Jacobsen, Erik W.;
Jessen, Svein Arne;
Sørheim, Roger;
Waagø, Lillian.
(2007)
Interessenters vurdering av prosjekters godhet.
Concept-programmet, Institutt for bygg, anlegg og transport Norges teknisk- naturvitenskapelige universitet
Concept-programmet, Institutt for bygg, anlegg og transport Norges teknisk- naturvitenskapelige universitet
Report
2006
-
Frydenberg, Stein;
Westgaard, Sjur;
Grøneng, Magnus Slåttekjær;
Nygård, Geir Ø..
(2006)
Hedgefonds - Sett med et norsk perspektiv.
Beta
Academic article
2004
-
Frydenberg, Stein.
(2004)
The Empirical Literature of Capital Structure - a Review of Recent Findings.
Høgskolen i Sør-Trøndelag, avdeling Trondheim økonomiske høgskole
Høgskolen i Sør-Trøndelag, avdeling Trondheim økonomiske høgskole
Report
-
Frydenberg, Stein.
(2004)
Determinants of Corporate Capital Structure of Norwegian Manufacturing Firms.
?
Academic article
2003
-
Frydenberg, Stein.
(2003)
The theory of capital structure : a review?.
Academic chapter/article/Conference paper
-
Frydenberg, Stein.
(2003)
A Dynamic Model of Corporate Capital Structure.
?
Academic article
2000
-
Frydenberg, Stein.
(2000)
Parameters in a Short Term Interest Rate Process.
HiST/AØA
HiST/AØA
Report
1999
-
Frydenberg, Stein.
(1999)
Determinants of Corporate Capital Structure of Norwegian Manufacturing Firms.
HiST, avdeling for økonomisk-administrativ utdanning
HiST, avdeling for økonomisk-administrativ utdanning
Report
Journal publications
-
Mohanty, Sunil K.;
Frydenberg, Stein;
Osmundsen, Petter;
Westgaard, Sjur;
Skjøld, Christian Chartcai.
(2022)
Risk factors in stock returns of U.S. oil and gas companies: evidence from quantile regression analysis.
Review of Quantitative Finance and Accounting
Academic article
-
Westgaard, Sjur;
Frydenberg, Stein;
Mohanty, Sunil K..
(2021)
Fourteen large commodity trading disasters: What happened and what can we learn?.
Journal of Commodity Markets
Academic literature review
-
Frydenberg, Stein;
Haug, Espen Gaarder.
(2021)
Den dyrebare strømmen.
Feature article
-
Mohanty, Sunil K.;
Ådland, Roar Os;
Westgaard, Sjur;
Frydenberg, Stein;
Lillienskiold, Hilde;
Kristensen, Cecilie.
(2021)
Modelling Stock Returns and Risk Management in the Shipping Industry.
Journal of Risk and Financial Management
Academic article
-
Sveinsson, Jørgen Andersen;
Frydenberg, Stein;
Westgaard, Sjur;
Aaløkken, Maurits Mogenssøn.
(2020)
Performance of value-at-risk averaging in the Nordic power futures market.
Journal of Energy Markets
Academic article
-
Westgaard, Sjur;
Århus, Gisle Hoel;
Frydenberg, Marina;
Frydenberg, Stein.
(2019)
Value-at-risk in the European energy market:
a comparison of parametric, historical
simulation and quantile regression
value-at-risk.
Journal of Risk Model Validation
Academic article
-
Henriksen, Tom Erik Sønsteng;
Pichler, Alois;
Westgaard, Sjur;
Frydenberg, Stein.
(2018)
Can commodities dominate stock and bond portfolios?.
Annals of Operations Research
Academic article
-
Frydenberg, Stein;
Hrafnkelsson, Kjartan;
Bromseth, Vegard Strand;
Westgaard, Sjur.
(2017)
Hedge Fund Strategies and Time-Varying Alphas and Betas.
The journal of wealth management
Academic article
-
Frydenberg, Stein;
Oust, Are;
Olaussen, Jon Olaf.
(2017)
Forskning ved tidligere høyskolemiljøer bedre enn sitt rykte?.
Universitetsavisa
Popular scientific article
-
Tjaaland, Sturla Horpestad;
Westgaard, Sjur;
Osmundsen, Petter;
Frydenberg, Stein.
(2016)
Oil and Gas Risk Factor Sensitivities for U.S. Energy Companies.
Journal of Energy and Development
Academic article
-
Frydenberg, Stein;
Onochie, Joseph I.;
Westgaard, Sjur;
Midtsund, Nora;
Ueland, Hanna.
(2014)
Long-term relationships between electricity and oil, gas and coal future prices — evidence from Nordic countries, Continental Europe and the United Kingdom.
Opec Energy Review
Academic article
-
Frydenberg, Stein;
Reiakvam, Oddvar Hallset;
Thyness, Stian Borgen;
Westgaard, Sjur.
(2013)
Hedge Funds—Risk Exposure in Different Quantiles and Market Sentiments.
Journal of Investing
Academic article
-
Westgaard, Sjur;
Frydenberg, Stein.
(2011)
Hedgefond - avkastning og risiko 1992-2011.
Praktisk økonomi & finans
Academic article
-
Westgaard, Sjur;
Estenstad, Maria;
Seim, Maria Anglevik;
Frydenberg, Stein.
(2011)
Co-integration of ICE Gas oil and Crude oil futures.
Energy Economics
Academic article
-
Sandvik, Sjur Hordvik;
Frydenberg, Stein;
Westgaard, Sjur;
Heitmann, Rolv Kristian.
(2011)
Hedge Fund Performance in Bull and Bear Markets: Alpha Creation and Risk Exposure.
Journal of Investing
Academic article
-
Haug, Espen Gaarder;
Frydenberg, Stein;
Westgaard, Sjur.
(2010)
Distribution and Statistical Behavior of Implied Volatility.
Business Valuation Review
Academic article
-
Olsson, Nils;
Frydenberg, Stein;
Jakobsen, Erik W.;
Jessen, Svein Arne.
(2010)
In search of project substance: how do private investors evaluate projects?.
International Journal of Managing Projects in Business
Academic article
-
Ask-Henriksen, Hege;
Stjern, Siri Tinnen;
Frydenberg, Stein.
(2009)
Hvilke faktorer vektlegges ved valg av kapitalstruktur? En empirisk studie av den norske eiendomsbransjen.
Magma forskning og viten
Academic article
-
Westgaard, Sjur;
Eidet, Amund;
Frydenberg, Stein;
Grosås, Thor Christian.
(2008)
Investigating the Capital Structure of UK Real Estate Companies.
Journal of Property Research
Academic article
-
Talberg, Magnus;
Winge, Christian;
Frydenberg, Stein;
Westgaard, Sjur.
(2008)
Capital Structure Across Industries.
International Journal of the Economics of Business
Academic article
-
Frydenberg, Stein;
Lindset, Snorre;
Westgaard, Sjur.
(2008)
Hedge Fund Return Statistics 1994-2005.
Journal of Investing
Academic article
-
Frydenberg, Stein;
Westgaard, Sjur;
Grøneng, Magnus Slåttekjær;
Nygård, Geir Ø..
(2006)
Hedgefonds - Sett med et norsk perspektiv.
Beta
Academic article
-
Frydenberg, Stein.
(2004)
Determinants of Corporate Capital Structure of Norwegian Manufacturing Firms.
?
Academic article
-
Frydenberg, Stein.
(2003)
A Dynamic Model of Corporate Capital Structure.
?
Academic article
Part of book/report
-
Frydenberg, Stein.
(2011)
Capital structure theories and empirical tests : an overview.
Academic chapter/article/Conference paper
-
Frydenberg, Stein.
(2007)
Investeringsanalyse og selskapsfinansiering.
Academic chapter/article/Conference paper
-
Frydenberg, Stein.
(2003)
The theory of capital structure : a review?.
Academic chapter/article/Conference paper
Report
-
Olsson, Nils;
Frydenberg, Stein;
Jacobsen, Erik W.;
Jessen, Svein Arne;
Sørheim, Roger;
Waagø, Lillian.
(2007)
Interessenters vurdering av prosjekters godhet.
Concept-programmet, Institutt for bygg, anlegg og transport Norges teknisk- naturvitenskapelige universitet
Concept-programmet, Institutt for bygg, anlegg og transport Norges teknisk- naturvitenskapelige universitet
Report
-
Frydenberg, Stein.
(2004)
The Empirical Literature of Capital Structure - a Review of Recent Findings.
Høgskolen i Sør-Trøndelag, avdeling Trondheim økonomiske høgskole
Høgskolen i Sør-Trøndelag, avdeling Trondheim økonomiske høgskole
Report
-
Frydenberg, Stein.
(2000)
Parameters in a Short Term Interest Rate Process.
HiST/AØA
HiST/AØA
Report
-
Frydenberg, Stein.
(1999)
Determinants of Corporate Capital Structure of Norwegian Manufacturing Firms.
HiST, avdeling for økonomisk-administrativ utdanning
HiST, avdeling for økonomisk-administrativ utdanning
Report
Teaching
Courses
- IF420 - Decision Theory and Corporate Finance
- BFIN5012 - Risk Management and Empirical Finance
- BFIN5000 - Master Thesis - Major in Finance
- BBAN6030 - ESG Portfolio Strategies
- BBAN6020 - Sustainable Investment Products and Stewardship
- BBAN6010 - Sustainability – Foundations, Regulation, Measurement and Data
Outreach
2024
-
Academic lectureFrydenberg, Stein; Westgaard, Sjur; Nautnes, Hans; Nordjordet, Ingrid; Mohanty, Sunil K.. (2024) Estimating Risk Exposures of U.S Oil and Gas companies: A Regime Switching Approach. NTNU Business School Conference 2024 , Trondheim 2024-10-23 - 2024-10-24
-
Academic lectureFrydenberg, Stein; Hagen, Daniel; Westgaard, Sjur; Aas, Ola. (2024) The introduction of the NordLink and changes of the impact of fundamental variables on electricity prices in South Norway (NO2) and Germany (EPEX)?. PhD Workshop in Banking and Finance , Trondheim 2024-05-28 -
-
LectureFrydenberg, Stein. (2024) Savings banks and capital structure. Banks and Basel , a workshop on research ideas and funding applications , Trondheim 2024-12-05 - 2024-12-05
2020
-
Academic lectureFrydenberg, Stein; Mohanty, Sunil; Westgaard, Sjur; Ådland, Roar Os; Ekrem, Hilde; Kristensen, Cecilie. (2020) Modelling Shipping Stock Returns and Risk Management: A Quantile Regression Value at Risk Approach. NTNU Business School Conference 2020-10-14 - 2020-10-15
2019
-
Academic lectureFrydenberg, Stein; Westgaard, Sjur; Mohanty, S.; Ådland, Roar Os; Ekrem, Hilde; Kristensen, Cecilie. (2019) Modelling Shipping Stocks Return. Workshop on Banking and Finance Trondheim NTNU 20th and 21th May 2019 , NTNU Trondheim 2019-05-20 - 2019-05-21
2017
-
Academic lectureFrydenberg, Stein; Westgaard, Sjur; Mohanty, Sunil; Ådland, Roar Os; Ekrem, Hilde; Kristensen, Cecilie. (2017) Modelling shipping stock returns: A quantile regression approach. 2017 Commodity Markets Winter Workshop , Lillehammer 2017-03-01 - 2017-03-03
2013
-
Academic lectureFrydenberg, Stein. (2013) Co-integration between electricity futureprices and oil, gas and coal future prices from ICE, NordPool og EEX. 3rd Energy Finance Christmas Workshop (EFC13) , Voksenåsen Hotel Oslo 2013-12-12 - 2013-12-13
-
Academic lectureFrydenberg, Stein. (2013) Ko-integrasjon mellom elektrisitet futurepriser og olje, gass og kull future priser fra ICE, NordPool og EEX. Stabseminar HHiT , Trondheim 2013-06-11 -
2012
-
Academic lectureBerg, Terje; Westgaard, Sjur; Frydenberg, Stein. (2012) Risk-adjusted Stock Returns and Accounting Based Performance Measures – Evidence from US listed Electric Utilities 2001 – 2010. Workshop on Energy Economics and Management , Molde 2012-05-21 - 2012-05-22
2007
-
Interview
-
Academic lectureFrydenberg, Stein; Westgaard, Sjur; Grøneng, Magnus; Nygaard, Geir Øivind. (2007) Analysis of Hedge Fund Styles using Stochastic Dominance as Decision Criteria. FIBE XXIV , Bergen, Norges handelshøgskole 2007-01-04 - 2007-01-05
-
LectureFrydenberg, Stein. (2007) Ledelsesopsjoner - et nødvendig onde?. Forskningsdagene , Trondheim 2007-09-29 - 2007-09-29
2006
-
Academic lectureFrydenberg, Stein; Westgaard, Sjur; Lindset, Snorre. (2006) HEDGE FUND RETURN STATISTICS 1994-2005. XV Tor Vergata International Conference on Banking and Finance , Roma 2006-12-13 - 2006-12-15
-
Academic lectureFrydenberg, Stein. (2006) Statistiske egenskaper for avkastning til ulike hedgefund indekser. Seminar for fagstaben i Norges Bank , Oslo 2006-05-23 -
-
LectureFrydenberg, Stein. (2006) Analyse av hedgefond strategier med stokastisk dominans kriterier. FINANCIAL ECONOMICS SEMINAR WEDNESDAY 18 OCTOBER , Dragvoll, Trondheim 2006-10-18 -
2005
-
Academic lectureFrydenberg, Stein. (2005) The Importance of being Indebted. Multinational Finance Conference 2005 , Athen 2005-07-03 - 2005-07-06
-
Academic lectureFrydenberg, Stein. (2005) Capital structure function with a stratified sample. Global Finance Conference 2005 , Dublin 2005-06-27 - 2005-06-29
2004
-
PosterFrydenberg, Stein. (2004) Testing the Static Trade-off Theory versus the Pecking-OrderModel using Operating Variable. Fagseminar, NTNU, Institutt for industriell økonomi og teknologiledelse , Trondheim 2004-02-09 - 2004-02-09
-
Academic lectureFrydenberg, Stein. (2004) Testing the Static Trade-off Theory versus the Pecking-OrderModel using Operating Variables. Pacific Basin Finance, Economics and Accounting Conference , Bangkok, Thailand 2004-07-22 - 2004-07-22
2003
-
Academic lectureFrydenberg, Stein. (2003) A Dynamic Model of Corporate Capital Structure. The 14th International Conference of The Academy of Entrepreneurial Finance. Også pres. ved Global Finance Conferenc, Frankfurt, Juni 15th-17th,2003 og European Financial Management Association,, Helsinki Meeti , DePaul University, Chicago, USA, 2003-05-07 - 2003-05-07
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Academic lectureFrydenberg, Stein. (2003) A Dynamic Model of Corporate Capital Structure. Global Finance Conference. Frankfurt, Germany, Juni 15th – 17th , 2003. , Frankfurt, Germany 2003-06-15 - 2003-06-17
-
Academic lectureFrydenberg, Stein. (2003) Value at Risk and Corporate Capital Structure. European Working Group Financial Modelling 2003 Meeting , Imperial College, London UK 2003-04-24 - 2003-04-26
2001
-
Academic lectureFrydenberg, Stein. (2001) A Dynamic Model of Corporate Capital Structure. 14th Australian Finance and Banking Conference. , Sydney, Australia 2001-12-17 - 2001-12-19
-
Academic lectureFrydenberg, Stein. (2001) A Dynamic Model of Corporate Capital Structure. 14th Australasian Finance and Banking Conference , Sydney, Australia 2001-12-17 - 2001-12-19
1999
-
Academic lectureFrydenberg, Stein. (1999) Determinants of Corporate Capital Structure of Norwegian Manufacturing Firms. 1. 6th Annual Conference of the Multinational Finance Society 2. European Finance Association Annual Meeting , 1. Toronto - Canada 2. Helsinki, Finland 1999-07-07 - 1999-07-10
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PosterFrydenberg, Stein. (1999) Determinants of Corporate Capital Structure of Norwegian Manufactoring Firms. European Institute for Advanced Studies in Management, Symposium on Market Based Accounting Research with Focu on Valuation, Risk and Financial Statement Analysis. , København 1999-11-11 - 1999-11-13