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Kyssta grodor: En studie av uppköpta svenska börsnoterade företag
Södertörn University College, School of Business Studies.
Södertörn University College, School of Business Studies.
2009 (English)Independent thesis Basic level (degree of Bachelor), 15 credits / 22,5 HE creditsStudent thesis
Abstract [en]

We have examined the stock development of acquired listed Swedish companies - from the years 1995 to 2005 - upon the official publication of the bid. Thereafter we further investigated if there is a difference in the stock development between companies that are acquired by foreign investorscompared to Swedish investors. Also, a difference in the stock development could be due to the acquired firms’ industry classification and its company size, which we have been looking at.

In order to study the bid news impact on the share price, a quantitative study in the form of an event study has been done, where the abnormal return associated with the news has been measured.

The research shows that there indeed is a difference between companies acquired by foreign investors versus Swedish. As for industry classification, we find one out of six different industries standing out. The comparisons within the remaining industries shows similar results to the comparison of Swedish and foreign companies we mentioned before. In terms of company size,larger companies have shown a lower cumulative abnormal return compared to smaller companies. Furthermore the research also shows that larger the acquired companies are smaller the difference is in the cumulative abnormal return.

Abstract [sv]

Vi har undersökt aktieutvecklingen hos uppköpta börsnoterade svenska företag, mellan 1995 till 2005, vid offentliggörandet av budet. Därefter undersöker vi även om det finns en skillnad i aktieutvecklingen mellan företag som blir uppköpta av utländska aktörer jämfört med de som blir uppköpta av svenska. Vidare skulle en visad skillnad i aktieutvecklingen kunna bero på de uppköpta företagens branschtillhörighet respektive företagens storlek, vilket vi har tittar närmare på.För att studera budnyhetens inverkan på börskursen har en kvantitativ undersökning i form av en event studie gjorts, där den abnormala avkastningen i samband med budnyheten mätts.Resultatet visar att det finns en skillnad mellan företag som blivit uppköpta av utländska aktörer och svenska. Vad gäller branschindelningen finner vi en bransch som utmärker sig gentemot de andra. Resterande branscher sammanfaller med jämförelsen av svenska och utländska företag. Storleksmässigt visade större företag allmänt en lägre kumulativ avkastning än mindre. Vidare är skillnaden mindre, mellan företag köpta av svenska aktörer och utländska, ju större företagen är.

Place, publisher, year, edition, pages
2009. , 45 p.
Keyword [en]
Abnormal return, acquisition, event study, market model, bid
Keyword [sv]
Abnormal avkastning, uppköp, event studie, marknadsmodellen, bud
National Category
Business Administration
Identifiers
URN: urn:nbn:se:sh:diva-2436OAI: oai:DiVA.org:sh-2436DiVA: diva2:220839
Presentation
(English)
Uppsok
samhälle/juridik
Supervisors
Examiners
Available from: 2009-06-03 Created: 2009-06-02 Last updated: 2009-06-03Bibliographically approved

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CiteExportLink to record
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Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
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  • Other locale
More languages
Output format
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