Browsing by Author "Axelsson, Viktor"

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Buyouts – a study of pre-announcement returns
(2013-07-01) Axelsson, Viktor; Nordell, Jacob; University of Gothenburg/Department of Business Administration; Göteborgs universitet/Företagsekonomiska institutionen
Problem: When firms face a possible acquisition and buyout from the stock market, the shareholders can earn huge returns since the acquirer offers a premium above market price. The implications of the efficient market hypothesis are that share prices are not predictable and investors cannot earn abnormal returns without any new public information. Aim and purpose: The purpose of this paper is to examine whether it occurs abnormal return on the target firm’s share before an announcement of a buyout is made. We aim to study shares listed on the Swedish stock market that have been bought out from the market and are not listed anymore. Method: The paper will be conducted with an event study. The event study methodology is often used to test the efficiency of a market by determine if there are abnormal returns for a selected security at a specific event Result and conclusions: Using hypothesis testing, we have concluded that it is statistically significant that cumulative abnormal return did occur during the 14 days preceding an announcement. The most likely explanation for this is thought to be rumors and inside information.
CEO Reputation and Goodwill Impairment Decisions
(2019-07-03) Nordegren, Gustav; Axelsson, Viktor; University of Gothenburg/Department of Business Administration; Göteborgs universitet/Företagsekonomiska institutionen
Early evidence on iXBRL regulation and its impact on information asymmetry in the US capital market
(2021-06-24) Axelsson, Viktor; Nilsson, Alexander; University of Gothenburg/Graduate School; Göteborgs universitet/Graduate School
The topic of extensible business reporting language (XBRL) has long been under debate regarding its effect and usefulness as a disclosure format. With the recent regulatory shift to the newest evolution of XBRL, inline XBRL (iXBRL), it once again becomes important to evaluate and understand the effects of the regulation. We use difference in difference regressions in combination with propensity score matching to provide evidence on how the implementation of the newer format of iXBRL affects the information asymmetry in the capital markets by using volatility, illiquidity, and bid-ask spread as proxies for information asymmetry. Using a sample consisting of 1916 US companies spread over three fiscal years (2017-2019), we show that the implementation of iXBRL regulation has led to an overall decrease in information asymmetry. We also find that managers' choice of tags when preparing an iXBRL report has limited effect on information asymmetry. With a higher rate of extended tags leading to both increased and decreased levels of information asymmetry depending on the proxy, with volatility leading to an increase and bid-ask leading to a decrease in information asymmetry. However, the findings show that the effects are much stronger in the period immediately following the release of an annual report and have little to no impact in the long term. Additional tests also show that a higher number of tags in total leads to higher level of information asymmetry. Our findings provide important insights into the effect of iXBRL regulation and the impact of the discretionary room that is allowed in iXBRL reporting. The findings can provide important insights for regulators, preparers, and researchers as a reference point when discussing future research and regulations.
Single-photon double ionisation of Isocyanic acid
(2019-06-26) Axelsson, Viktor; Johansson, Ebba; Teichter, Anthony; University of Gothenburg/Department of physics; Göteborgs universitet/Institutionen för fysik
Isocyanic acid (HNCO), a molecule containing the four most abundant atoms of organic chemistry, has been studied by single-photon double ionisation. Both direct double ionisation, such as core-valence and valence-valence ionisation, and indirect double ionisation processes, such as the Auger effect, were studied by ionising the molecule with photons in the extreme ultraviolet and soft X-ray spectral region produced with lab based light sources and the synchrotron radiation facility BESSYII. The spectroscopy method applied to these studies is based on a magnetic bottle electron spectrometer, by which the time-of-flight of the emitted electrons and their energy correlations were measured. For the Auger process, the photon energy is selected to be 20 eV above the threshold to ionise from the core shells of the molecule. The photon energies used to study the core-valence processes were selected so that there was sufficient energy to ionise a core and valence electron simultaneously. The onset energy of valence double ionisation was measured to be 32.0 eV with five resolvable peaks in the range 32.0-50.2 eV. The core-valence spectra are compared with the spectrum of single valence ionisation, while the onset of the Auger spectra are compared with the onset of the double valence spectra. These results motivate further experimental and theoretical studies into reactive, short-lived molecules.