Browsing by Author "Andersson, Edvin"

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    Do ESG investors pay a price for doing good - A matched pair analysis of the Swedish fund market.
    (2022-07-11) Andersson, Edvin; Dahlin, Albin; Thisted, Morgan; University of Gothenburg/Department of Economics; Göteborgs universitet/Institutionen för nationalekonomi med statistik; University of Gothenburg/Department of Business Administration; Göteborgs universitet/Företagsekonomiska institutionen
    In this thesis we examine the financial performance of Swedish mutual equity funds. We look at differences between sustainable, defined as ESG, and conventional funds. The financial performance is examined using the Capital Asset Pricing Model, the Fama-French three-factor model and Carhart’s four-factor model. Further, the cross-sectional difference in performance between ESG and conventional funds is examined via a dummy model that differentiate the ESG attribute. To control for differences in fund attributes between the groups we use a matched pair analysis that controls for age, size and risk exposure. Our results show that both ESG and conventional funds outperform their market benchmark. Additionally, we concludethat ESG funds perform worse than conventional funds.
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    Quality vs. Greed: Drivers of Swedish IPO Pricing A Comprehensive Analysis of IPO Valuations and the Impact of Institutional Ownership
    (2024-07-04) Andersson, Edvin; Pietsch, Thomas; University of Gothenburg/Graduate School; Göteborgs universitet/Graduate School
    This study investigates the effect of different pre-IPO institutional investors on the pricing of Swedish initial public offerings(IPOs). Specifically, an event study and Ordinary Least Squares regressions are used to compare initial short-term returns of Private Equity and corporate-backed IPOs to non-backed listings. The primary findings show that Swedish IPO issues are underpriced, with private equity backed listings priced higher than nonbacked IPOs, while Corporate-backed listings appear to be priced lower. The results contest the use of signaling theory, indicating that alternative theoretical frameworks, such as agency-related explanations, should be used to describe the relationship between IPO pricing and pre-IPO investors.