Institutional Portfolios and M&A Returns
(2017) BUSN79 20171Department 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:
http://lup.lub.lu.se/student-papers/record/8921517
- 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
- 2017
- 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}}, language = {{eng}}, note = {{Student Paper}}, title = {{Institutional Portfolios and M&A Returns}}, year = {{2017}}, }