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VD-karusellen: En eventstudie om en VD-avgångs påverkan på marknaden
Södertörn University College, School of Business Studies.
Södertörn University College, School of Business Studies.
2009 (Swedish)Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
Abstract [en]

The goal of this study is to examine how the market reacts when information about the exchange of a CEO becomes public. It also examines factors such as gender and whether the departure was voluntary or not, discerning if the market behaves differently concerning any of these aspects.To achieve this, the study was performed using an event study. The selection consisted of 48 companies on the Stockholm Stock Exchange, who had during the years 2005 to 2008 underwent a change in leading management. These units were submitted to hypothesis tests, to determine if an abnormal return was attained during the event window. The tests were performed on the units as a whole, and divided up after gender and whether the departure was voluntary or not.The results of the study show no statistically significant abnormal return caused by the announcement of a CEO exchange. There were however some indications of a deviation when the units were divided between voluntary and involuntary departure, though not strong enough to be considered significant. Not even when the days of the event window were divided and examined separately, did the results show any significant reaction. This can be an indication that the semi‐strong version of the Efficient Market Hypothesis is not at work.

Place, publisher, year, edition, pages
2009. , 41 p.
Keyword
Avvikande avkastning, Effektiva marknadshypotesen, Eventstudie, VD‐byte
National Category
Business Administration
Identifiers
URN: urn:nbn:se:sh:diva-1942OAI: oai:DiVA.org:sh-1942DiVA: diva2:132779
Presentation
2008-12-19, MA736, Södertörns Högskola, Huddinge, 14:00 (Swedish)
Uppsok
samhälle/juridik
Supervisors
Examiners
Available from: 2009-01-08 Created: 2009-01-01 Last updated: 2009-01-08Bibliographically approved

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VD-karusellen(504 kB)922 downloads
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328363e62c0a152d667bba2a84cc5e47982fa2e765a151ebe6f7bbf083f2dcfaf4b207bcf1e8e063fb46cf267448c3195f8507bfa308dfb64549ecaf561bf7fe
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