The Profitability of Swedish M&A Deals: Does Acquisition Yield Abnormal Returns to Shareholders?
Sammanfattning
Adapting a modern perspective, this study investigates whether M&A activity in
Sweden is value creating or value destroying for shareholders. We study the effect of
Swedish M&A announcements from an acquirer perspective. Using data covering
three years on Swedish firms performing national acquisitions, we find positive
market reactions to firms announcing a takeover. Our results are important
contributions since we conclude that M&A deals with a focus on the financial and
real estate sector yield lower returns to its shareholders compared to other industries.
Instead of explaining lower returns due to tax rules and non-hostile takeovers, we
argue results depend more on lack of synergies and lower asymmetric information.
Examinationsnivå
Master 2-years
Övrig beskrivning
MSc in Finance
Samlingar
Fil(er)
Datum
2018-07-04Författare
Dufwa, Louise
Edman, Jesper
Nyckelord
Mergers and Acquisitions
Corporate Control
Value Creation
Shareholder Wealth
Financial Mergers
Real Estate
Payment Method
Market Timing
Abnormal Return
Serie/rapportnr.
Master Degree Project
2018:133
Språk
eng