Browsing by Author "Granat, Daniel"

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    Is the level of development in a country a vital factor for coping with Covid-19?
    (2021-07-02) Granat, Daniel; University of Gothenburg/Department of Economics; Göteborgs universitet/Institutionen för nationalekonomi med statistik
    Covid-19, the virus that dominated 2020 was first detected in Wuhan, China in December 2019. The virus has since then spread to all countries in the world and has resulted in devastating effects worldwide among developed as well as developing countries. Countries' vulnerability to the virus is however one thing that differs, since developed countries have plenty more resources at their disposal, and generally a higher level of health and healthcare, which could have an effect on how well the countries are coping with the virus. This is also where the paper takes its starting point, where the aim of the study is to investigate whether the level of development in a country is a vital factor for coping with Covid-19. This is achieved by conducting a multiple regression analysis between Covid-19 cases, Covid-19 deaths, and indicators of development. The result suggests a mixed result, where the variation between the countries had an important effect. Some distinctive factors could however be identified, where the most interesting finding was that both GDP per capita and HDI were found negatively related to Covid-19 deaths per million, when controlling for important variables. Key words: Covid-19, level of development, economic output, health expenditures, HDI, general health, economic shock, developing and developed countries.
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    The Relationship Between Beta and Arbitrage Spread in M&A Deals
    (2023-06-29) Granat, Daniel; Fredriksson, William; University of Gothenburg/Graduate School; Göteborgs universitet/Graduate School
    Risk arbitrage is an event-driven investment strategy where the risk arbitrageur aims to capture the arbitrage spread between the target’s stock price and the bid price by the acquiring firm in a merger and acquisition (M&A) deal. Previous research suggests that specific risks connected to the deal as completion or duration risks, as well as firm and bid characteristics, influence the arbitrage spread. We contribute to the risk arbitrage literature by investigating whether a firm’s beta (β) influences the arbitrage spread and the risks connected to the deal. The study is achieved through conducting a regression analysis measured on an international sample of 673 observations from 1995-2022. The results do not document any significant relationships between beta, arbitrage spread, and the days to resolution. The target beta was, however, found positively significant with the successful deal variable, and several control variables in the study revealed interesting effects, which brings a more recent contribution to the risk arbitrage literature and a valuable input for risk arbitrageurs around the world.