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Fastighetsaffär eller fastighetsbesvär? - En studie av företagsförvärv inom fastighetssektorn i Västeuropa 1998-2018

Wir, Viktor LU ; Nero, Markus LU and Tufek, Dino LU (2019) FEKH89 20182
Department of Business Administration
Abstract (Swedish)
Titel: Fastighetsaffär eller fastighetsbesvär? - En studie av företagsförvärv inom fastighetssektorn i Västeuropa 1998-2018
Seminariedatum: 2019-01-17
Kurs: FEKH89, Företagsekonomi: Examensarbete i finansiering på kandidatnivå, 15 högskolepoäng
Författare: Markus Nero, Dino Tufek, Viktor Wir
Handledare: Anamaria Cociorva
Fem nyckelord: Förvärv, CAAR, fastighetssektorn, Västeuropa, multipel regression
Syfte: Syftet med denna studie är att undersöka om någon abnormal avkastning kan identifieras för budbolag och målbolag i samband med att ett företagsförvärv offentliggörs inom fastighetssektorn i Västeuropa. Vidare syftar studien till att med hjälp av en multipel regressionsanalys försöka belysa vilka faktorer som kan ha en inverkan på... (More)
Titel: Fastighetsaffär eller fastighetsbesvär? - En studie av företagsförvärv inom fastighetssektorn i Västeuropa 1998-2018
Seminariedatum: 2019-01-17
Kurs: FEKH89, Företagsekonomi: Examensarbete i finansiering på kandidatnivå, 15 högskolepoäng
Författare: Markus Nero, Dino Tufek, Viktor Wir
Handledare: Anamaria Cociorva
Fem nyckelord: Förvärv, CAAR, fastighetssektorn, Västeuropa, multipel regression
Syfte: Syftet med denna studie är att undersöka om någon abnormal avkastning kan identifieras för budbolag och målbolag i samband med att ett företagsförvärv offentliggörs inom fastighetssektorn i Västeuropa. Vidare syftar studien till att med hjälp av en multipel regressionsanalys försöka belysa vilka faktorer som kan ha en inverkan på budbolagets abnormala avkastning.
Metod: Studien tillämpar en deduktiv ansats och använder en kvantitativ metod för eventstudien. Vidare har en multipel regressionsanalys genomförts där sekundärdata analyserats mot utvalda variabler och dess signifikans mot den abnormala avkastningen.
Teoretiska perspektiv: Studiens teoretiska perspektiv baseras på tidigare studier kring abnormal avkastning, teorier om marknadseffektivitet och motiv till förvärv samt tidigare studier kring de utvalda variablernas påverkan på den abnormala avkastningen.
Empiri: Empirin utgår ifrån dataurval från 593 fastighetsbolag inom Västeuropa som förvärvat mellan 1998 – 2018. Dataurvalet har inhämtats från databaserna Bloomberg, Wharton Research Data Services (WRDS) och Zephyr.
Resultat: Studien påvisar att både målbolag och budbolag inom fastighetssektorn i Västeuropa uppvisar positiv abnormal avkastning. Vidare resulterar studien i statistisk signifikans hos fem av de åtta variablerna. (Less)
Abstract
Title: Real estate business or real estate problems? - A study of M&A in the real estate sector in Western Europe 1998-2018
Seminar date: 2019-01-17
Course: FEKH89, Degree Project Undergraduate level, Business Administration Corporate Finance, 15 ECTS
Authors: Markus Nero, Dino Tufek, Viktor Wir
Advisor: Anamaria Cociorva
Key words: Mergers and Acquisition, CAAR, real estate sector, Western Europe, multiple regression
Purpose: The purpose of this study is to investigate whether any abnormal returns can be identified for acquirer and target companies in connection with a company acquisition being published in the real estate sector in Western Europe. Furthermore, the study aims to try to illustrate, with the aid of a multiple... (More)
Title: Real estate business or real estate problems? - A study of M&A in the real estate sector in Western Europe 1998-2018
Seminar date: 2019-01-17
Course: FEKH89, Degree Project Undergraduate level, Business Administration Corporate Finance, 15 ECTS
Authors: Markus Nero, Dino Tufek, Viktor Wir
Advisor: Anamaria Cociorva
Key words: Mergers and Acquisition, CAAR, real estate sector, Western Europe, multiple regression
Purpose: The purpose of this study is to investigate whether any abnormal returns can be identified for acquirer and target companies in connection with a company acquisition being published in the real estate sector in Western Europe. Furthermore, the study aims to try to illustrate, with the aid of a multiple regression analysis, which factors may have an impact on the acquirer company's abnormal return.
Methodology: The study applies a deductive approach and uses a quantitative method for the event study. Furthermore, a multiple regression analysis has been performed where secondary data is analyzed against selected variables and its significance against the abnormal return.
Theoretical perspectives: The study's theoretical perspective is based on previous studies on abnormal returns, theories of market efficiency and motives for acquisitions, as well as previous studies on the selected variables' impact on the abnormal return.
Empirical foundation: The empirical data is based on data selection from 593 real estate companies in Western Europe, which have been involved in M&As during 1998 - 2018. The data selection has been obtained from the databases Bloomberg, Wharton Research Data Services (WRDS) and Zephyr.
Conclusions: The study shows that both target companies and acquirer companies in the real estate sector in Western Europe show positive abnormal returns. Furthermore, the study results in statistical significance in five of the eight variables. (Less)
Please use this url to cite or link to this publication:
author
Wir, Viktor LU ; Nero, Markus LU and Tufek, Dino LU
supervisor
organization
course
FEKH89 20182
year
type
M2 - Bachelor Degree
subject
keywords
Förvärv, CAAR, fastighetssektorn, Västeuropa, multipel regression
language
Swedish
id
8971391
date added to LUP
2019-02-18 12:10:34
date last changed
2019-02-18 12:10:34
@misc{8971391,
  abstract     = {{Title: Real estate business or real estate problems? - A study of M&A in the real estate sector in Western Europe 1998-2018
Seminar date: 2019-01-17
Course: FEKH89, Degree Project Undergraduate level, Business Administration Corporate Finance, 15 ECTS
Authors: Markus Nero, Dino Tufek, Viktor Wir
Advisor: Anamaria Cociorva
Key words: Mergers and Acquisition, CAAR, real estate sector, Western Europe, multiple regression
Purpose: The purpose of this study is to investigate whether any abnormal returns can be identified for acquirer and target companies in connection with a company acquisition being published in the real estate sector in Western Europe. Furthermore, the study aims to try to illustrate, with the aid of a multiple regression analysis, which factors may have an impact on the acquirer company's abnormal return.
Methodology: The study applies a deductive approach and uses a quantitative method for the event study. Furthermore, a multiple regression analysis has been performed where secondary data is analyzed against selected variables and its significance against the abnormal return.
Theoretical perspectives: The study's theoretical perspective is based on previous studies on abnormal returns, theories of market efficiency and motives for acquisitions, as well as previous studies on the selected variables' impact on the abnormal return.
Empirical foundation: The empirical data is based on data selection from 593 real estate companies in Western Europe, which have been involved in M&As during 1998 - 2018. The data selection has been obtained from the databases Bloomberg, Wharton Research Data Services (WRDS) and Zephyr.
Conclusions: The study shows that both target companies and acquirer companies in the real estate sector in Western Europe show positive abnormal returns. Furthermore, the study results in statistical significance in five of the eight variables.}},
  author       = {{Wir, Viktor and Nero, Markus and Tufek, Dino}},
  language     = {{swe}},
  note         = {{Student Paper}},
  title        = {{Fastighetsaffär eller fastighetsbesvär? - En studie av företagsförvärv inom fastighetssektorn i Västeuropa 1998-2018}},
  year         = {{2019}},
}