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Tillkännagivande av nyemission: En eventstudie kring de kortsiktiga effekterna på den svenska marknaden
Södertörn University, School of Social Sciences, Business Studies.
Södertörn University, School of Social Sciences, Business Studies.
2017 (Swedish)Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
Abstract [en]

The purpose of this thesis is to determine if there are any significant abnormal returns arising when companies announces an upcoming rights offering on the Stockholm exchange. The thesis also considers possible reasons as to why the market react in different ways by examining the offerings’ underlying motives.

The thesis adopts a quantitative approach, implemented by adeductive strategy. An event study has been used to study the market movements throughout the RO-announcement. The abnormal return is calculated according to the CAR-model which is later tested for its significance. A multiple linear regression is conducted in order to discover relations between the abnormal return and different independent variables.

The main frame of theoretical reference is the Signalling Hypothesis as well as the Efficient Market Hypothesis. The study is also inspired by previous research on the subject, all of which are presented in the chapter. These include both recent and older studies on both American, Asian and European markets.

Results conclude a significant negative abnormal return during the event window. There is a significant relationship between the underlying motive of the rights offerings and its abnormal return. However, no significant relationship can be stated between the frequency of the rights offering and its abnormal return. Underlying motive and frequency of RO’s explain theabnormal return by 10,11%.

Place, publisher, year, edition, pages
2017. , 44 p.
Keyword [en]
Rights offerings, CAR-model, abnormal return, defensive offering, offensive offering, event study.
Keyword [sv]
Nyemission, CAR-modellen, abnormal avkastning, defensiv nyemission, offensiv nyemission, eventstudie.
National Category
Business Administration
Identifiers
URN: urn:nbn:se:sh:diva-33511OAI: oai:DiVA.org:sh-33511DiVA: diva2:1145415
Subject / course
Business Studies
Uppsok
Social and Behavioural Science, Law
Supervisors
Examiners
Available from: 2017-09-29 Created: 2017-09-28 Last updated: 2017-09-29Bibliographically approved

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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