Skip to main content

LUP Student Papers

LUND UNIVERSITY LIBRARIES

Inhemskt eller gränsöverskridande-var finns lönsamheten?

Behlic, Amina LU ; Ibrahim, Lama LU and Skyvell, Klara LU (2019) FEKH89 20191
Department of Business Administration
Abstract (Swedish)
Titel: Inhemskt eller gränsöverskridande - var finns lönsamheten?
Seminariedatum: 5 juni, 2019
Kurs: Examensarbete i finansiering på kandidatnivå, 15 högskolepoäng (FEKH89) Författare: Amina Behlic, Lama Ibrahim, Klara Skyvell
Handledare: Maria Gårdängen
Nyckelord: Inhemska och gränsöverskridande förvärv, aktieägaravkastning, CAR, Sverige
Syfte: Syftet med studien är att undersöka vilka förvärv, gränsöverskridande eller inhemska, som skapar den mest lönsamma kortsiktiga abnormala avkastningen för de uppköpande aktieägarna. Utvalda faktorvariabler undersöks i förhållande till CAR för att påvisa dess påverkan eller icke påverkan på resultatet.
Metod: Studien har antagit en deduktiv ansats med en kvantitativ forskningsstrategi. Genom en... (More)
Titel: Inhemskt eller gränsöverskridande - var finns lönsamheten?
Seminariedatum: 5 juni, 2019
Kurs: Examensarbete i finansiering på kandidatnivå, 15 högskolepoäng (FEKH89) Författare: Amina Behlic, Lama Ibrahim, Klara Skyvell
Handledare: Maria Gårdängen
Nyckelord: Inhemska och gränsöverskridande förvärv, aktieägaravkastning, CAR, Sverige
Syfte: Syftet med studien är att undersöka vilka förvärv, gränsöverskridande eller inhemska, som skapar den mest lönsamma kortsiktiga abnormala avkastningen för de uppköpande aktieägarna. Utvalda faktorvariabler undersöks i förhållande till CAR för att påvisa dess påverkan eller icke påverkan på resultatet.
Metod: Studien har antagit en deduktiv ansats med en kvantitativ forskningsstrategi. Genom en eventstudie som tar utgångspunkt i marknadsmodellen har den kortsiktiga abnormala avkastningen av ett förvärv räknats fram, och sedan har oberoende variabler testats mot CAR med hjälp av en multipel regression.
Teori: Teorin i denna studie utgår främst från tidigare forskning på området men har även behandlat teorier så som den effektiva marknadshypotesen och agentteorin.
Empiri: Empirin är baserad på 211 företagsförvärv varav 73 är inhemska och 138 är gränsöverskridande som annonserats under perioden 2010–2018. Datan är insamlad från Zephyr och Datastream.
Slutsats: Slutsatsen landar i att det inte går att påvisa någon skillnad i kumulativ abnormal avkastning för aktieägare i svenska budföretag vid gränsöverskridande respektive inhemska förvärv. Betalningssätt och konjunkturläge var de enda boeroende variablerna som påvisade ett påverkanssamband med CAR. Förklaringsgraden var vidare endast 3.02%. (Less)
Abstract
Title: Domestic or cross-border - where is the profitability?
Seminar date: 5 June, 2019
Course: Bachelor Degree Project in Financial Management Undergraduate level, 15 credit points (FEKH89)
Authors: Amina Behlic, Lama Ibrahim, Klara Skyvell
Advisor: Maria Gårdängen
Key Words: Domestic and cross-border acquisitions, shareholder wealth effects, CAR, Sweden
Purpose: The aim of the study is to investigate which type of acquisitions, cross-border or domestic, create the most profitable short-term abnormal return for the shareholders in the acquiring firm. Selected factor variables are investigated in relation to CAR to demonstrate its impact or non impact on the result.
Methodology: The study has adopted a deductive approach with a... (More)
Title: Domestic or cross-border - where is the profitability?
Seminar date: 5 June, 2019
Course: Bachelor Degree Project in Financial Management Undergraduate level, 15 credit points (FEKH89)
Authors: Amina Behlic, Lama Ibrahim, Klara Skyvell
Advisor: Maria Gårdängen
Key Words: Domestic and cross-border acquisitions, shareholder wealth effects, CAR, Sweden
Purpose: The aim of the study is to investigate which type of acquisitions, cross-border or domestic, create the most profitable short-term abnormal return for the shareholders in the acquiring firm. Selected factor variables are investigated in relation to CAR to demonstrate its impact or non impact on the result.
Methodology: The study has adopted a deductive approach with a quantitative research strategy. Through an event study based on the market model, the short-term abnormal return on acquisitions has been calculated and then independent variables have been tested against CAR using a multiple regression.
Theoretical Perspectives: The theory in this thesis is primarily based on previous research in the field, but has also dealt with theories such as the efficient market hypothesis and the agent theory.
Empirical Foundation: The empirical foundation is based on 211 company acquisitions, of which 73 are domestic and 138 are cross-border announced during the period 2010-2018. The data is collected from Zephyr and Datastream.
Conclusion: The conclusion is that there is no evidence of a difference in cumulative abnormal return for shareholders in Swedish bidding companies when comparing cross-border and domestic acquisitions. Payment methods and economic situation were the only significant variables that showed an impact agreement with CAR. Furthermore, the degree of explanation was only 3.02%. (Less)
Please use this url to cite or link to this publication:
author
Behlic, Amina LU ; Ibrahim, Lama LU and Skyvell, Klara LU
supervisor
organization
alternative title
En eventstudie om avkastningsutvecklingen på den svenska förvärvsmarknaden
course
FEKH89 20191
year
type
M2 - Bachelor Degree
subject
keywords
Inhemska och gränsöverskridande förvärv, aktieägaravkastning, CAR, Sverige
language
Swedish
id
8980388
date added to LUP
2019-10-10 13:41:21
date last changed
2019-10-10 13:41:21
@misc{8980388,
  abstract     = {{Title: Domestic or cross-border - where is the profitability?
Seminar date: 5 June, 2019
Course: Bachelor Degree Project in Financial Management Undergraduate level, 15 credit points (FEKH89)
Authors: Amina Behlic, Lama Ibrahim, Klara Skyvell
Advisor: Maria Gårdängen
Key Words: Domestic and cross-border acquisitions, shareholder wealth effects, CAR, Sweden
Purpose: The aim of the study is to investigate which type of acquisitions, cross-border or domestic, create the most profitable short-term abnormal return for the shareholders in the acquiring firm. Selected factor variables are investigated in relation to CAR to demonstrate its impact or non impact on the result.
Methodology: The study has adopted a deductive approach with a quantitative research strategy. Through an event study based on the market model, the short-term abnormal return on acquisitions has been calculated and then independent variables have been tested against CAR using a multiple regression.
Theoretical Perspectives: The theory in this thesis is primarily based on previous research in the field, but has also dealt with theories such as the efficient market hypothesis and the agent theory.
Empirical Foundation: The empirical foundation is based on 211 company acquisitions, of which 73 are domestic and 138 are cross-border announced during the period 2010-2018. The data is collected from Zephyr and Datastream.
Conclusion: The conclusion is that there is no evidence of a difference in cumulative abnormal return for shareholders in Swedish bidding companies when comparing cross-border and domestic acquisitions. Payment methods and economic situation were the only significant variables that showed an impact agreement with CAR. Furthermore, the degree of explanation was only 3.02%.}},
  author       = {{Behlic, Amina and Ibrahim, Lama and Skyvell, Klara}},
  language     = {{swe}},
  note         = {{Student Paper}},
  title        = {{Inhemskt eller gränsöverskridande-var finns lönsamheten?}},
  year         = {{2019}},
}