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Privatiseringar som investeringsstrategi

Klingspor, Joakim LU ; Lettström, Gustaf and Olsson, Jenny (2013) FEKH89 20131
Department of Business Administration
Abstract (Swedish)
Syfte: Vårt syfte är att undersöka aktiekursutvecklingen hos statligt ägda bolag som privatiserats helt eller delvis genom en börsintroduktion eller en nyemission. Vidare syftar uppsatsen till att undersöka huruvida storleken av privatiseringen har någon betydelse för aktiekursens utveckling samt om privatiseringen kan användas som en investeringsstrategi.

Metod: För att undersöka utvecklingen av aktiekurser har vi använt oss av eventstudie metodik där urvalet bestod av 162 observerade privatiseringar. Vi har därefter jämfört ”Buy-Hold return” på 1 respektive 3 år sikt för varje företag med ett matchande företag som inte gjort en nyemission under samma tidsperiod för att eliminera makroekonomiska effekter. Genom kvantitativ och... (More)
Syfte: Vårt syfte är att undersöka aktiekursutvecklingen hos statligt ägda bolag som privatiserats helt eller delvis genom en börsintroduktion eller en nyemission. Vidare syftar uppsatsen till att undersöka huruvida storleken av privatiseringen har någon betydelse för aktiekursens utveckling samt om privatiseringen kan användas som en investeringsstrategi.

Metod: För att undersöka utvecklingen av aktiekurser har vi använt oss av eventstudie metodik där urvalet bestod av 162 observerade privatiseringar. Vi har därefter jämfört ”Buy-Hold return” på 1 respektive 3 år sikt för varje företag med ett matchande företag som inte gjort en nyemission under samma tidsperiod för att eliminera makroekonomiska effekter. Genom kvantitativ och deduktiv ansats avser vi att svara på vår frågeställning och de hypoteser vår uppsats bygger på.

Teoretiska perspektiv: Vi har granskat och behandlat studier och material gällande teorier kring privatiseringar och marknaden. Vi har även titta på fakta för att kunna redogöra de vanligaste teorierna gällande börsintroduktioner och nyemissioners inverkan på företag.

Empiri: Studien består av 162 observationer spritt över år och bransch. Våra observationer har sedan undersökts och utvärderats i syfte att hitta ett förklarligt samband.

Resultat: Våra resultat grundar sig i analyser kring de metoder vi använt oss av. I samband med detta har vi kunnat tolka all data och få ett resultat som lett till vår slutsats att aktiekursen hos företag som gjort en IPOs tycks överprestera och SEOs tycks underprestera med svag signifikans. (Less)
Abstract
Purpose: To examine the stock performance of formerly state owned enterprises that have been fully or partly sold to the market as a result of an IPO or SEO. The general purpose of this essay is to see if one can use privatizations as a investment strategy, and if the share size of the IPO or SEO can explanatory to the performance.

Methodology: To be able to perform this study and fulfil the purpose we have used an event-study to examine and observe 162 privatizations in Europe. Thereafter we have compared every companies “Buy-Hold return “ with a matching company, which not have been conducting an IPO or SEO for the same period. Through a quantitative and deductive method, we intend to answer this thesis questions and get a response... (More)
Purpose: To examine the stock performance of formerly state owned enterprises that have been fully or partly sold to the market as a result of an IPO or SEO. The general purpose of this essay is to see if one can use privatizations as a investment strategy, and if the share size of the IPO or SEO can explanatory to the performance.

Methodology: To be able to perform this study and fulfil the purpose we have used an event-study to examine and observe 162 privatizations in Europe. Thereafter we have compared every companies “Buy-Hold return “ with a matching company, which not have been conducting an IPO or SEO for the same period. Through a quantitative and deductive method, we intend to answer this thesis questions and get a response on how well our hypotheses may be correct.

Theoretical perspectives: We have examined studies and materials regarding theories of privatizations and markets. We have also looked at evidences to be able to describe the most common theories regarding IPOs and rights issues impact on companies and their performance.

Empirical foundation: Our sample contains of 162 observed privatizations throughout Europe, were the sample varies over industry and time.

Conclusions: Our results are based on analyzes of the methods and tests we used. In connection with this tests, we have been able to interpret all the data and get a result that led to our conclusion that the share price of a company that have implemented an IPO seem to outperform and a company that executed SEOs seem to underperform with weak significance. (Less)
Please use this url to cite or link to this publication:
author
Klingspor, Joakim LU ; Lettström, Gustaf and Olsson, Jenny
supervisor
organization
course
FEKH89 20131
year
type
M2 - Bachelor Degree
subject
keywords
SEO, IPO, Investeringsstrategi, aktiekursutveckling, Statliga bolag, privatiseringar
language
Swedish
id
3940479
date added to LUP
2013-08-05 13:45:11
date last changed
2013-08-05 13:45:11
@misc{3940479,
  abstract     = {Purpose: 	To examine the stock performance of formerly state owned enterprises that have been fully or partly sold to the market as a result of an IPO or SEO. The general purpose of this essay is to see if one can use privatizations as a investment strategy, and if the share size of the IPO or SEO can explanatory to the performance.

Methodology: 	To be able to perform this study and fulfil the purpose we have used an event-study to examine and observe 162 privatizations in Europe. Thereafter we have compared every companies “Buy-Hold return “ with a matching company, which not have been conducting an IPO or SEO for the same period. Through a quantitative and deductive method, we intend to answer this thesis questions and get a response on how well our hypotheses may be correct.

Theoretical perspectives:	We have examined studies and materials regarding theories of privatizations and markets. We have also looked at evidences to be able to describe the most common theories regarding IPOs and rights issues impact on companies and their performance.

Empirical foundation: Our sample contains of 162 observed privatizations throughout Europe, were the sample varies over industry and time.

Conclusions: 	Our results are based on analyzes of the methods and tests we used. In connection with this tests, we have been able to interpret all the data and get a result that led to our conclusion that the share price of a company that have implemented an IPO seem to outperform and a company that executed SEOs seem to underperform with weak significance.},
  author       = {Klingspor, Joakim and Lettström, Gustaf and Olsson, Jenny},
  keyword      = {SEO,IPO,Investeringsstrategi,aktiekursutveckling,Statliga bolag,privatiseringar},
  language     = {swe},
  note         = {Student Paper},
  title        = {Privatiseringar som investeringsstrategi},
  year         = {2013},
}