TITLON – Financial data for Norwegian academic institutions

TITLON is a database with financial data on stocks, indicies, bonds, funds and derivatives from all exhanges at EURONEXT and with data from Oslo Stock Exchange back to 1980. The database also contain high quality accounting data from 1998. All universities and university colleges in Norway can subscribe to the service.

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 and factors. 

The data base also contains high quality accounting data. The accounting data is matched 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.

Note that for the moment, the data under the Oslo Stock Exhange tab ends when Euronext took over. Newer data from Oslo can be fetched under the Euronext/Oslo tabs. 

We are still in the process of integrating Euronext into our systems, so accouting data and factors for Oslo Stock Exhange ends in 2020. We will however update this information as soon as possible. The data under the Oslo Stock Exhange tab will then be appended with Euronext data and updated accounting data and factors. 


  • Web, R and Python interface.
  • Data from 1980 and onwards
  • Fama-French and Pástor-Stambaug (liquidity) factors matching the OSEBX portfolio.
  • Fully adjusted prices
  • Stock returns and index returns in the same table
  • Fama-French and liquidity factors 
  • 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. 


Pricing 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 15 000 per calendar year for each institution. This is a non-profit project where all income is spent on data costs, develping the database and maintenance.




The following institutions have currently access to the database:

  • Norwegian School of Economics
  • University of Tromsø
  • NORD University
  • University of Oslo
  • University of Agder
  • The Norwegian University of Science and Technology (NTNU)
  • Oslo Met
  • University of South-Eastern Norway
  • Western Norway University of Applied Sciences
  • Molde 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. 



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.





Academic work based on TITLON



  • All of Euronext has been added to the database (01.11.2022)
  • Web download interface added and Excel interface dropped (because Microsofts latest Excel versions do not support latest security requrements) (01.11.2022)
  • Database updated and all accouting data has been quality assured (04.11.2020)
  • Database updated (09.09.2019) 
  • Support for R and Python
  • Support for MySQL - clients for Mac users. Prevously only MSSQL has been supported. 
  • Complete revision of accounting data and Fama-French factors. The factors are based on the companies in the OSEBX index, the free float adjusted number of stocks used by Oslo Stock Exchange and the exact methodology that the stock exhange uses for OSEBX. OSEBX should therefore be used as the index when using the factors.
  • 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






Norges Handelshøyskole

Universitetet i Tromsø

Høgskolen i Oslo og Akershus

NORD universitet


Universitetet i Agder

Universitetet i Oslo

Høgskulen på Vestlandet

Høgskolen i Molde

Universitetet i Sørøstnorge




 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.





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. Thanks to Katrine Rasmussen for quality assurance of accouting data.