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Institutional Portfolios and M&A Returns

Ardby, Karl LU and Opasiak, Teodor LU (2017) BUSN79 20171
Department of Business Administration
Abstract (Swedish)
Purpose: To examine how investors’ portfolio exposure in a concentrated ownership-structure affects abnormal returns for the bidding company in a merger and acquisition on the Swedish market

Methodology: Quantitative research approach with an event study to explore cumulative abnormal return, multivariate regression analysis

Theoretical Perspective: Agency theory, M&A wealth effects, empire building,managerial hubris, block-ownership, institutional ownership

Empirical foundation: A sample of 338 acquisitions completed on the Swedish market between January 2001 and January 2015

Conclusion: This study can not with todays limited foreign portfolio data confirm that high portfolio exposure of an institutional investor does create... (More)
Purpose: To examine how investors’ portfolio exposure in a concentrated ownership-structure affects abnormal returns for the bidding company in a merger and acquisition on the Swedish market

Methodology: Quantitative research approach with an event study to explore cumulative abnormal return, multivariate regression analysis

Theoretical Perspective: Agency theory, M&A wealth effects, empire building,managerial hubris, block-ownership, institutional ownership

Empirical foundation: A sample of 338 acquisitions completed on the Swedish market between January 2001 and January 2015

Conclusion: This study can not with todays limited foreign portfolio data confirm that high portfolio exposure of an institutional investor does create higher CAR in the event of a M&A. (Less)
Please use this url to cite or link to this publication:
author
Ardby, Karl LU and Opasiak, Teodor LU
supervisor
organization
alternative title
A study about institutional investors’ portfolio exposure on the Swedish market
course
BUSN79 20171
year
type
H1 - Master's Degree (One Year)
subject
keywords
Portfolio exposure, institutional investors, short-term abnormal return, agency theory, M&A wealth effects, incitements
language
English
id
8921517
date added to LUP
2017-07-05 15:30:32
date last changed
2017-08-10 11:47:18
@misc{8921517,
  abstract     = {Purpose: To examine how investors’ portfolio exposure in a concentrated ownership-structure affects abnormal returns for the bidding company in a merger and acquisition on the Swedish market

Methodology: Quantitative research approach with an event study to explore cumulative abnormal return, multivariate regression analysis

Theoretical Perspective: Agency theory, M&A wealth effects, empire building,managerial hubris, block-ownership, institutional ownership

Empirical foundation: A sample of 338 acquisitions completed on the Swedish market between January 2001 and January 2015

Conclusion: This study can not with todays limited foreign portfolio data confirm that high portfolio exposure of an institutional investor does create higher CAR in the event of a M&A.},
  author       = {Ardby, Karl and Opasiak, Teodor},
  keyword      = {Portfolio exposure,institutional investors,short-term abnormal return,agency theory,M&A wealth effects,incitements},
  language     = {eng},
  note         = {Student Paper},
  title        = {Institutional Portfolios and M&A Returns},
  year         = {2017},
}