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Spinn-off på Stockholmsbörsen: En eventstudie om hur moderbolagets aktiekurs reagerar vid nyheten om spinn-off
Södertörn University College, School of Business Studies.
Södertörn University College, School of Business Studies.
2008 (Swedish)Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
Abstract [en]

 

Problem

 

 

 

Are there any abnormal changes in the parent company's share price at the news of a spin‐off.

Objective

The main purpose of the study is to investigate how the news of a spin-off affects the parent company's share price. In other words if the news of the Spin-off gives an abnormal return on the Stockholm Stock Exchange during the specific period of 1998‐2008. In addressing this, the paper will also investigate the following sub sections: are there any differences in the abnormal returns in various sectors and what the reasons to perform a spin‐off in the Swedish market are.

Method

An event study in which market data is used to measure specific events’ impact on the value of the company and on the effects on the stock market. Secondary data used were taken from the OMX Nordic Exchange database and from SIXTRUST. The total population chosen for this study consists of 33 companies and the event window extends over 11 days: five days before, the day of the news and five days after.

Results

The results of the study show that there are differences in how the share price reacts in different sectors at the news spin‐off. The highest CAAR in the event window for the total number of spin‐offs examined in the study amounted to 2.76%.

 

 

Place, publisher, year, edition, pages
2008. , p. 56
Keywords
Spinn-off, stockholmsbörsen, CAAR, eventstudie, signaleringshypotesen
National Category
Business Administration
Identifiers
URN: urn:nbn:se:sh:diva-2059OAI: oai:DiVA.org:sh-2059DiVA, id: diva2:158826
Presentation
(English)
Uppsok
samhälle/juridik
Supervisors
Examiners
Available from: 2009-02-05 Created: 2009-02-04 Last updated: 2009-02-05Bibliographically approved

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CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • harvard-anglia-ruskin-university
  • apa-old-doi-prefix.csl
  • sodertorns-hogskola-harvard.csl
  • sodertorns-hogskola-oxford.csl
  • 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