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Företagsförvärvs inverkan på den kortsiktiga avkastningen: En eventstudie om kursutvecklingen vid offentliggörandet av ett förvärv
Södertörn University, School of Business Studies.
Södertörn University, School of Business Studies.
2011 (Swedish)Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesisAlternative title
Company acquisitions impact on the short-term return : A study of the stock price movement at the announcement of an acquisition (English)
Abstract [en]

Purpose: The main objective of this study is to research whether an announcement of an acquisition generates positive/negative abnormal short-term return towards the buying company’s shareholders. The secondary purpose is to research whether any differences could be due to selected factors: firm size and industry.

Method: The study is quantitative in nature where the research aims at the stock price movement around the announcement of an acquisition. The sample size includes 30 companies between the years 2000-2010. The abnormal return is investigated by an Event Study.

Conclusion: Our study shows that the publication gives a positive abnormal return in comparison to the respective sector indexes. The result is statistically significant, so we can conclude that an announcement of an acquisition is a positive investment on average. We also found that our selected factors have a significant impact on price performance. Medium-sized industrial companies show positive abnormal returns while smaller IT companies shows a very low abnormal return and large finance companies fluctuates slightly more than other variables, but the value changes are minimal. We also found that the market does not work effectively because of the strange movements before and after the event date.

Place, publisher, year, edition, pages
2011. , 57 p.
Keyword [en]
Event Study, Short-term, Abnormal return, Acquisition, Announcement
Keyword [sv]
Eventstudie, Offentliggörande, Kortsikt, Onormal avkastning, Företagsförvärv
National Category
Business Administration
Identifiers
URN: urn:nbn:se:sh:diva-15294OAI: oai:DiVA.org:sh-15294DiVA: diva2:490261
Subject / course
Business Studies
Presentation
(Swedish)
Uppsok
Social and Behavioural Science, Law
Supervisors
Available from: 2012-02-06 Created: 2012-02-04 Last updated: 2012-02-06Bibliographically approved

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Företagsförvärvs inverkan på den kortsiktiga avkastningen(2541 kB)371 downloads
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Type fulltextMimetype application/pdf

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CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf