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Det är svårt att bryta upp: En studie av Equity Carve‐Outs
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 thesisAlternative title
Breaking up is hard to do : ‐ A study of Equity Carve‐ Outs. (English)
Abstract [sv]

Syfte: Syftet med denna uppsats är att undersöka hur moderbolagets aktiekurs reagerar, därmed påvisa eventuell onormal avkastning när ett moderbolag beslutar sig för och sedan avyttrar en del av ett dotterbolag till börsen (Equity Carve‐Out). Delsyftet är att undersöka sambandet mellan onormalavkastning i storleken på avyttrade andelar samt beskriva de motiv som anges och analysera detta mot storleken på avknoppad andel.

Metod: Undersökningen är en eventstudie med en kvantitativ ansats. Empirin består av sekundärdata i form av börskurser och index.

Teori: Eventstudien bygger på hypotesen om effektiva marknader, teorin om asymmetrisk information, agent teori samt teorin om avknoppningsfördelar.

Empiri: Eventstudien bygger på 25 Equity Carve‐Outs genomförda mellan åren 1991‐2007 och behandlar aktieutvecklingen dels vid beslut och dels vid genomförandet av en avknoppning, detta relateras sedan till tidigare forskning.

Resultat

  • ECO mellan åren 1991 och 2007 har generellt medfört svagt positiva priseffekter vid beslutet om avknoppning och positiva priseffekter vid avyttringen.
  • En ECO motsäger sig inte den effektiva marknadshypotesen i dess halvstarka form.
  • Det finns inget samband i marknadsreaktionen beroende på storleken i avyttrad andel.
  • Angivna motiv skiljer sig generellt inte beroende på hur stor andel som avyttras.
Abstract [en]

Purpose: The aim of this bachelor thesis paper is to investigate parent company stock market reactions to decision and sale of a subsidiary through an Equity Carve‐Out. A secondary purpose is to investigate the correlation between the abnormal returns and the amount of stocks sold in a subsidiary and describe the motives associated whit the sale, and relate those motives to the amount of stocks sold in the subsidiary.

Methodology: An event study with a quantitative approach based on empirics consisting of abnormal returns, calculated based on the adjusted market model.

Theoretical perspectives: This study is based on the efficient market hypothesis, asymmetric information hypothesis, agency theory and divestiture gains hypothesis.

Empirical foundation: The study is based on 25 Equity Carve‐Outs during the period 1991‐2007 on the Swedish stock exchange.

Conclusion

  • Equity Carve‐Outs between 1991 and 2007 have generated slightly positive price effects at the time of decision and increasingly positive price effects at the time of the sale.
  • An Equity Carve‐Out does not contradict the efficient market theory.
  • There is no immediate correlation between the market reaction and the size in the subsidiary retained.
  • Parent company motives do not differ depending on the size in the subsidiary retained.

 

Place, publisher, year, edition, pages
2008. , 75 p.
Keyword [en]
Equity Carve‐Out, ECO, Divestitures
Keyword [sv]
Equity Carve‐Out, ECO, Fission, Avknoppning, Moderbolag, Dotterbolag
National Category
Business Administration
Identifiers
URN: urn:nbn:se:sh:diva-2116OAI: oai:DiVA.org:sh-2116DiVA: diva2:160410
Presentation
(English)
Uppsok
samhälle/juridik
Supervisors
Available from: 2009-02-17 Created: 2009-02-13 Last updated: 2009-02-17Bibliographically approved

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