Browsing by Author "Gillbrand, Josefine"

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    Effekten av information vid vinstvarningar - En studie på den svenska aktiemarknaden
    (2019-07-05) Gillbrand, Josefine; Knutsson, Agnes; University of Gothenburg/Department of Economics; Göteborgs universitet/Institutionen för nationalekonomi med statistik; University of Gothenburg/Department of Business Administration; Göteborgs universitet/Företagsekonomiska institutionen
    This thesis investigates how the difference in information affects the firm’s stock prices when the firm announces a profit warning, based on the Swedish stock market during the period 2014-2018. The thesis uses a quantitative method by calculating the Sharpe ratio and the weighted average for each firm that has announced a profit warning and testing their differences in Sharpe ratio and weighted average. All the firm’s that have announced a profit warning during the period, 2014-2018, and are listed on the Swedish Stock Exchange, are divided into three groups based on what type of information they give when announcing the profit warning. The first group has given good information and includes future earnings, the second group gives quite good information but leaves out important information such as future earnings or what they believe the net earning will be at the end of the year. The third group leaves out any information about the future. This grouping provides a base for the tests by comparing differences between the groups. The thesis finds a statistically significant difference between the three groups in both the test including the weighted average and the Sharpe-ratio. This lead to the conclusion that the information content from firms affects on the market response when the firm announced a profit warning. More detailed information gives a less negative market response
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    What Enabled the Rapid Swedish M&A Recovery During the Covid-19 Crisis? A Qualitative Research Study Regarding the M&A Recovery in Sweden during 2020 Compared to Previous Crises
    (2021-06-24) Gillbrand, Josefine; Tiger Nilson, Ebba; University of Gothenburg/Graduate School; Göteborgs universitet/Graduate School
    The mergers and acquisitions (M&A) recovery after the Covid-19 crisis’ outbreak in 2020 is considered remarkably rapid compared to earlier crises as the recovery occurred in months instead of years. There are several explanations for this but they apply mainly to the global and American M&A market and some are exclusively reasons for the American M&A recovery. The same rapid M&A recovery has been established for the Swedish M&A market but we have, however, not found any studies about the underlying reasons for this. Thus, this thesis highlights two reasons for the rapid M&A recovery on the global and American M&A market that could be potential reasons for the Swedish M&A recovery, namely the fact the Covid-19 crisis is a different type of crisis and the rapid implementation due to the new environment companies had adapt themselves to. Consequently, the purpose of the study is to expand existing research regarding M&A activity in crises by providing a study about the remarkably rapid recovery on the Swedish M&A market during the Covid-19 crisis. The chosen method is a qualitative study consisting of interviews with both bidding companies on the Swedish M&A market in 2020 along with professionals within the Swedish M&A field. The findings show that both the fact that the Covid-19 crisis is a different type of crisis and rapid implementation stands as explanations for the rapid Swedish M&A recovery. The first explanation triggered the recovery mainly in terms of access to capital liquidity that resulted in a large focus on the stock market which, in turn, triggered the pressure for growth among companies and, hence, increased engagement in M&A activity. The second explanation triggered the recovery mainly due to the increased focus on digitalization as companies were forced to work remotely but also due to the fact that several companies had time to reflect on their businesses and make strategic changes, such as carve outs or consolidations. However, beyond the two chosen explanations, a main finding for the Swedish M&A recovery is that private capital, such as private equity firms and venture capitalists, appears as a substantial driving factor specifically for the Swedish M&A recovery in 2020.