Motiv till nyemission- En studie kring aktiemarknadens reaktion beroende på motiv
(2014) FEKH89 20132Department of Business Administration
- Abstract (Swedish)
- Uppsatsen är en kortsiktig eventstudie, där skillnaden i den abnormala avkastningen kring annonseringen av en nyemission bland tre grupper av bolag, indelade utifrån bakomliggande motiv för nyemissionen, studeras. Uppföljning av graden av motivuppfyllnad sker genom en studie av bolagens förändringar av poster i bokslutet.
Den underliggande teorin utgår från tidigare studier kring nyemissioners aktiekurspåverkan under kort sikt främst på den amerikanska marknaden. Relevanta teorier för studien är pecking order teorin, effektiva marknadshypotesen, informationsasymmetri samt signaleringsteorin.
Utfallet visar på en statistiskt signifikant abnormal avkastning under eventfönstret. Vidare fastställer uppsatsen att nyemitterande bolagen skiljer... (More) - Uppsatsen är en kortsiktig eventstudie, där skillnaden i den abnormala avkastningen kring annonseringen av en nyemission bland tre grupper av bolag, indelade utifrån bakomliggande motiv för nyemissionen, studeras. Uppföljning av graden av motivuppfyllnad sker genom en studie av bolagens förändringar av poster i bokslutet.
Den underliggande teorin utgår från tidigare studier kring nyemissioners aktiekurspåverkan under kort sikt främst på den amerikanska marknaden. Relevanta teorier för studien är pecking order teorin, effektiva marknadshypotesen, informationsasymmetri samt signaleringsteorin.
Utfallet visar på en statistiskt signifikant abnormal avkastning under eventfönstret. Vidare fastställer uppsatsen att nyemitterande bolagen skiljer sig gällande abnormal avkastning beroende på motiv till nyemissionen samt i vilken grad dessa motiv uppfylls. (Less) - Abstract
- The aim of this study is to investigate, determine and thus create a deeper understanding regarding the stock market reaction to the announcement of a seasoned equity offering on short term. Furthermore is the intention to investigate if there are any differences in the reaction depending on the intended use of proceeds and to which degree the firms fulfill those intentions.
The thesis is an event study on short term, where the differences in abnormal returns to the announcement of an equity offering among firms with different inteted use of proceeds are investigated. Firms’ intention to use the capital for the intended use of proceeds are examined.
The theoretical perspectives are related to previous studies on seasoned equity... (More) - The aim of this study is to investigate, determine and thus create a deeper understanding regarding the stock market reaction to the announcement of a seasoned equity offering on short term. Furthermore is the intention to investigate if there are any differences in the reaction depending on the intended use of proceeds and to which degree the firms fulfill those intentions.
The thesis is an event study on short term, where the differences in abnormal returns to the announcement of an equity offering among firms with different inteted use of proceeds are investigated. Firms’ intention to use the capital for the intended use of proceeds are examined.
The theoretical perspectives are related to previous studies on seasoned equity offerings such as the Pecking order theory, the Efficient Market Hypothesis, the Signaling theory and the information hypothesis.
The thesis prove a statistical significant abnormal return during the eventwindow. There are differences in the abnormal return and in fulfillment of the proposed use of capital because of disparities in the intended use of proceeds. (Less)
Please use this url to cite or link to this publication:
http://lup.lub.lu.se/student-papers/record/4305550
- author
- Hammenfors, Ida LU and Bengtsson, Charlotte LU
- supervisor
- organization
- course
- FEKH89 20132
- year
- 2014
- type
- M2 - Bachelor Degree
- subject
- keywords
- Event Study, Seasoned Equity Offering, Pecking Order Theory, Signal Theory
- language
- Swedish
- id
- 4305550
- date added to LUP
- 2014-02-19 10:56:12
- date last changed
- 2014-02-19 10:56:12
@misc{4305550,
abstract = {{The aim of this study is to investigate, determine and thus create a deeper understanding regarding the stock market reaction to the announcement of a seasoned equity offering on short term. Furthermore is the intention to investigate if there are any differences in the reaction depending on the intended use of proceeds and to which degree the firms fulfill those intentions.
The thesis is an event study on short term, where the differences in abnormal returns to the announcement of an equity offering among firms with different inteted use of proceeds are investigated. Firms’ intention to use the capital for the intended use of proceeds are examined.
The theoretical perspectives are related to previous studies on seasoned equity offerings such as the Pecking order theory, the Efficient Market Hypothesis, the Signaling theory and the information hypothesis.
The thesis prove a statistical significant abnormal return during the eventwindow. There are differences in the abnormal return and in fulfillment of the proposed use of capital because of disparities in the intended use of proceeds.}},
author = {{Hammenfors, Ida and Bengtsson, Charlotte}},
language = {{swe}},
note = {{Student Paper}},
title = {{Motiv till nyemission- En studie kring aktiemarknadens reaktion beroende på motiv}},
year = {{2014}},
}