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Personalnedskärningar och aktiepriser: En eventstudie av sambandet mellan personalnedskärningar och aktiepriser under perioden 2008-2012
Södertörn University, School of Business Studies.
Södertörn University, School of Business Studies.
2012 (Swedish)Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
Abstract [en]

Purpose: The purpose of this thesis is to investigate whether abnormal stock returns could be identified as a result of a layoff announcement during weak economy.

Method: An event study methodology.

Theory: Efficient market hypothesis, signal theory.

Empirical results: Quantitative data from observations of stock prices in thirty two companies listed on the Nasdaq OMX Stockholm, in the period 2008 -2012.

Conclusion: The results indicate that the market reaction was negative because there were negative abnormal returns on the Stockholm Stock Exchange during the period 2008-2012 in connection with the layoff announcements.

The market reaction was milder when staff reductions were carried out as a result of a restructuring and stronger when staff reductions were carried out as part of a cost reduction program.

The layoff announcements elicited different market reactions depending on the company's industry affiliation. The most negative reaction was in the Healthcare industry. Negative abnormal returns were lower in industries Industrials, Consumer Services and Consumer Goods. There were no abnormal returns for shares of companies in the industry Financials. Positive abnormal returns were for companies operating in industries Basic Materials, Technology and Telecommunication.

Place, publisher, year, edition, pages
2012. , 36 p.
Keyword [sv]
uppsägningar, aktiepriser, eventstudie, effektiva marknadshypotesen, signalteori
National Category
Business Administration
URN: urn:nbn:se:sh:diva-17410OAI: diva2:572801
Subject / course
Business Studies
Social and Behavioural Science, Law
Available from: 2012-11-29 Created: 2012-11-28 Last updated: 2012-11-29Bibliographically approved

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