Browsing by Author "Zimmerman, Gustav"

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    Performance of Socially Responsible Investment Strategies in Funds During Financial Crises
    (2017-07-03) Borg, Gustav; Zimmerman, Gustav; 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 paper investigates the performance of socially responsible investment (SRI) funds in northern and continental Europe. The study compares SRI funds to non-SRI funds in different market states by analyzing monthly returns of equally weighted fund portfolios using the Carhart four-factor model and the Fama French five factor model. The results show that SRI funds do not significantly differ in results from characteristics-matched conventional funds in non-crisis periods but appear to offer the investor some protection in crisis periods relative to conventional funds. We conclude that further research is needed and that these should investigate the effects of different screening criteria.
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    The Impact of Ownership Concentration on M&A Stock Market Performance: A Study of Acquiring Swedish Public Companies
    (2019-07-02) Borg, Gustav; Zimmerman, Gustav; University of Gothenburg/Graduate School; Göteborgs universitet/Graduate School
    This paper estimates the effects of concentrated ownership of Swedish public companies prior, at and after the announcement of an acquisition. Exploiting the available access to detailed information regarding ownership and control structures in Swedish public companies, we are able to separate voting rights from cash flow rights to estimate ownership concentration. Using an event study, we analyse a sample of 249 completed transactions in 2017. We control for concentration of ownership, dual-class shares, size, leverage, relative P/E, payment method and cross border effects. Our findings show that voting rights of the largest shareholder in the range of 20% - 50% have significantly positive effects on firm performance. Whereas the use of dual-class shares is found to have a significant negative effect.