TITLON – Financial data for Norwegian academic institutions

TITLON is a database with financial data from Oslo Stock Exchange for all universities and university colleges in Norway. It contains detailed daily financial data with fully adjusted prices.

The database contains data back to 1980. In addition to equities and funds, there is data on indices, bonds and derivatives. The database contains both unadjusted and fully adjusted prices. Alternative databases such as  Thomson Reuters Eikon and Yahoo Finance only adjusts for corporate events, but the prices in TITLON are also adjusted for dividends. 

The data base also contains accounting data. The accounting data is mached with both company and security identification codes, and so can easily be matched with any other security in the database. In addition, based on the accounting data, fama french factors and momentum is available. The accounting data includes foreding companies listed on Oslo Stock Exchange.

Access to TITLON requires that your institution is a member. You will find the list of members at the bottom of this page.

Features

  • Data from 1980 and onwards
  • Updated every six months
  • Fully adjusted prices
  • Stock returns and index returns in the same table
  • Market caps and market shares
  • Bonds
  • Futures
  • Options
  • Warrants
  • Mutual funds
  • Extended information on the securities
  • Sector classification for all equities
  • Useful additional fields in the equities table:
    • mkt. cap
    • mkt. share
    • dividend ratio
    • price change (logarithmic)
    • index change (logarithmic)
    • risk free interest rate (logarithmic)
  • Accounting data is available in two forms:
    • Calculatede Fama-French factor and momentum
    • A table with accounting fields for each company, including foreign companies. The accounting data includes company as well as security identification codes, and so can easily be matched with any security in the database. 
  • A custom OSEBX-like index, TITLONX, is available alongside the stocks in the "Stocks Advanced" sheet (as lnDeltaIndex) and in the "Stock Indicies" sheet (with symbol TITLONX).
    • The index is constructed using the same principles as OSEBX, except TITLONX is fully adjusted for corporate events. Hence as  OSEBX, TITLONX is an investable index. 
    • From the introduction of OSEBX in 1996 to date the OSEBX have a return of about 93% of TITLONX. A likely cause of the deviation is that OSEBX is not fully adjusted for corporate events
    • From the introduction of OBX in 1996, TITLONX and OBX have had identical returns
    • The TITLONX has a 95 % correlation with OSEBX  since it was introduced
    • The TITLONX has much longer history than OSEBX, as it is available from june 1980. Using TITLONX is preferable to linking with older indicies, because in contrast to linking, the same principles are used to calculate TITLONX for the entire history (though a linked version of OSEBX is available in TITLON). 
    • The market shares in "Stocks Advanced" are identical to those used to calculate TITLONX. 

Price and access

If your institution is not a member, it can be arranged if your head of institute/department sends an e-mail to titlon@uit.no with the heading BESTILLING.

NOK 12 000 per calendar year for each institution and 4 000 in startup costs. This is a non-profit project where all income is spent on data costs, develping the database and maintenance.

 

The user interface of TITLON is an Excel workbook that you can download from the TITLON server:

TITLON Excelfil

Office for Mac cannot be used since it does not support ActiveX, which is required to communicate with the database.

 

REMEMBER TO ALLOW MACROS AND EDITING 

 

This is how it works

You can choose securities by double clicking or writing “v” in the rightmost column. You then choose which variables/columns you want by double clicking or writing “v” next to the “Variable” column to the left.

You then push the long "---- FETCH DATA ----" button at the top.

First time you do this, you will be asked for a Feide username and password. This is identical with the user name and password that you use at your own institution.

 

The data

The data will show up in a new workbook. They are organized in a long format, which means that the securities are listed subsequently after each other. If you prefere the short format (cross table) then do the following:

  • Select a cell within the data and goto the Insert tab->PivotTable, click OK.
  • A pivot table with the data organized in a cross table is then shown in a new sheet.
  • Now, drag ISIN, SecurityID or Name to "Column Lables"
  • Drag "Date" to "Row Lables"
  • Drag "Price" or the variabel of interest to "Values"

If you want the data organized per month, then just make a new column “Month” with the formula =DATE(YEAR(B3);MONTH(B3);1) [assuming the date is in column 3]. Create a pivot table as described above, and drag “Month” rather than “Date” to “Row Lables”

 

Choosing data

Each excel tab at the bottom of the excel work book represents a specific data set which you can retrieve from the data base. If you for example want to fetch data on derivatives, you choose the “Warrants and derivatives” tab. There are also tabs that contains information on the securities. These typically have a large set of column variables to choose from.

REMEMBER TO USE VPN IF YOU ARE CONNECITNG FROM OUTSIDE YOUR INSTITUTION

 

Members

The following institutions have currently access to the database:

 

  • University of Tromsø
  • University of Nordland
  • University of Oslo
  • University of Agder
  • The Norwegian University of Science and Technology (NTNU)
  • Oslo and Akershus University College
  • Bergen University College

If your institution is not on this list, then you can contact your institute/department. If they want to join,  they should send a mail to titlon@uit.no with heading BESTILLING. 

 

Support

This is a “dugnadsprosjekt”, so we have very limited resources to support. You will find the technical reference from Oslo Stock Exchange here. Then you can use sound jugdement to decide what the data represents.

You can send a mail to titlon@uit.no with heading SUPPORT, and a responsible will eventually perhaps look at it. However, it is quicker and better that you spend a few minutes contemplating on a solution, and preferably you will find the answer yourself.

 

Todo

This is an ongoing project, but UiT does not have time to do everything. Here is a list of things to do that are up for grabs for those who want to contribute for free:

  • Developing a web-based interface (php). The current platform only supports windows computers.
  • Alternatively one can develop a Mac-compatible workbook by using a third party MS SQL-communication library.
  • Developing a R-module for retrieving the data, that supports the current Feide login system.

 

 



Ansvarlig for siden: Espen Sirnes
Sist oppdatert: 07.04.2017 13:05

TITLON Excelfil

Download the user interface (an Excel workbook) here (requires Microsoft Excel for Windows. Does not work for Mac)

Academic work based on TITLON

News

  • The interface has been updated. Make sure to always use the latest interface. 
  • Mutual Funds have been added
  • New fields added to the equity table:
    market cap, market share,
    exchange rate for securities in foreign
    currencies, dividend price ratio
  • Sector classification added
  • Accounting data added
  • Added the TITLONX index

 

 

 

 

Partners:

TITLON is a cooperation between

sammarbeidspartnere

 Other important information

  • Note that the OBX index was split in four at April 21st 2006. The index is adjusted for this, but Warrants and Option prices are not.
  • In general, option prices are never adjusted, while equity prices frequently are. In order to calculate correct option prices, you can use the product of the corporate and dividend adjustment factors in the "Stocks Advanced" sheet.

 

 

 

Acknowledgements:

Thanks to Knut Nygaard, HiOA, who initiated the project. Thanks to Anne Kari Ramboe Heimdal, Ingfrid Byberg and Dineen Kyla Listoe from HiOA for help with the accounts of the foreign companies. Thanks to Anders Jensen for helping with merging accounting field definitions. 

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