No description available.

Börsintroduktioner är ett ämne som undersökts i många tidigare studier, men där fokuset oftast legat på vilka effekterna det har på det börsnoterade företaget i stället för dess konkurrenter. Tidigare forskning har undersökt hur en börsintroduktion påverkar konkurrenternas aktiekurser och funnit att det resulterar i både negativa och positiva effekter. Syftet med studien är att undersöka om det förekommer temporära effekter på konkurrenters aktiekurser vid börsintroduktioner på Euronext-marknaden. För att genomföra detta utformas en eventstudie som består av 25 dagar kring börsnoteringsdagen. Utifrån detta så beräknas den kumulativa avvikelseavkastningen under eventfönstret som använts för att genomföra en multivarit regressionsanalys som syftar att isolera effekterna i de olika variabler. Effekterna som ämnas att isoleras är konkurrenseffekten, positiva kontagiösa effekter samt negativa och positiva utbudschocker vars alla påvisats finnas i tidigare studier. Resultaten från studien indikerar att det uppstår både negativa och positiva effekter på konkurrenternas aktiekurser vid en börsintroduktion, men att de negativa effekterna är starkare. Studien visar därmed på att det förekommer negativa temporära avvikelseavkastningar på konkurrenternas aktiekurser vid börsintroduktioner på Euronext-marknaden. / Initial public offerings (IPOs) have been the subject of many previous studies, but the focus has mainly been on the effects they have on the listed company rather than its competitors. Previous research has examined how an IPO affects competitor's stock prices and found that it results in both negative and positive effects. The purpose of this study is to investigate whether there are temporary effects on competitor's stock prices around IPOs on the Euronext market. To accomplish this, an event study is designed, consisting of a 25-day window around the IPO date. Based on this, the cumulative abnormal returns during the event window are calculated and used to conduct a multivariate regression analysis aimed at isolating the effects in the various variables. The effects to be isolated include competitive effects, positive contagion effects, and negative and positive supply shocks, all of which have been shown to exist in previous studies. The results of the study indicate that there are both negative and positive effects on competitor's stock prices during an IPO, but that the negative effects are stronger. Thus, the study shows that it exists a negative temporary abnormal return on competitor's stock prices around IPOs on the Euronext market.

Syfte: Tidigare forskning kring aktiemarknadens reaktion på VD-byten har fått spridda resultat då reaktionerna har varit positiva, negativa och neutrala. Det saknas även forskning som har undersökt svenska företag. Syftet med denna studie är därför att undersöka hur aktiekursen påverkas av VD-byten. Faktorerna som studeras är kön, extern/intern rekrytering, ofrivillig/frivillig avgång, ägarkoncentration och tidigare framgångar. Vidare ämnar vi att studera hur interaktioner mellan dessa faktorer påverkar aktiemarknadens reaktion på VD-byten. Metod: Studien använder sig av en kvantitativ metod där en eventstudie genomförs. Datan består av 543 observationer mellan år 2002-2023 för företag på Stockholmsbörsen. Studien baseras till stor del på sekundärdata som mottagits av professor Hamberg. Datan har sedan analyserats genom en multipel regressionsanalys som genomförts i statistikprogrammet SPSS. Resultat och slutsats: Studiens resultat visar att marknaden i snitt reagerar svagt negativt på VD-byten. Inget signifikant samband finns mellan marknadens reaktion och företagets tidigare framgångar, eller könet på den nya VD:n. Marknaden reagerar signifikant positivt om den nya VD:n rekryteras externt samt om företaget har en hög ägarkoncentration. Om VD:n avgår ofrivilligt reagerar marknaden signifikant negativt. Resultatet avseende interaktionsvariablerna indikerar att marknaden endast reagerar signifikant svagt positivt om en extern VD rekryteras efter en ofrivillig avgång. Övriga interaktionsvariabler visar inte på något signifikant samband, således förkastas fyra av studiens fem hypoteser. Examensarbetets bidrag: Studien bidrar till en ökad förståelse för aktiemarknadens reaktion på VD-byten i svenska börsnoterade företag. Den ger även en ökad förståelse för hur investerare värderar de olika faktorerna vid ett VD-byte. Studien bidrar också till ökad forskning för det tidigare spridda resultatet. Förslag till framtida forskning: Ett förslag till fortsatt forskning kring VD-byten är att jämföra om marknadsreaktionen skiljer sig mellan företag som frekvent byter VD med de som mer sällan gör det. Ytterligare förslag är att exkludera de företag som släppt andra nyheter i samband med tillkännagivandet av ett VD-byte. / Aim: Previous research on stock market reaction to CEO turnovers has yielded mixed results, as the market reaction has been positive, negative and neutral. There is also a lack of research that has studied Swedish companies. The purpose of this study is to examine how CEO turnovers impact stock prices. The factors considered are gender, internal/external recruitment, voluntary/involuntary CEO departure, ownership concentration and the company's level of success. Furthermore, interactions between these factors are investigated. Method: The study is based on a quantitative research method. An event study has been conducted on a sample of 543 observations. The data consist of Swedish companies listed on the Stockholm Stock Exchange between the years 2002 and 2023. The study is largely based on secondary data provided by Professor Hamberg. A multiple regression analysis has been conducted in SPSS to test for statistical significance among the variables. Results and conclusion: The results show that the market, on average, reacts somewhat negatively to the announcement of a CEO change. There is no significant correlation between the market reaction and the company's level of success, or the gender of the new CEO. The market has a significantly positive reaction to external CEOs, and also to CEO turnover in companies with a high ownership concentration. The results, regarding the interaction variables, indicate that the market reacts with a significantly weak positive response to external CEOs if the previous CEO has left involuntarily. Other interaction variables do not show any significant correlation, thus leading to the rejection of four out of the study’s five hypotheses. Contribution of the thesis: The study contributes to a better understanding of the stock market reaction to CEO turnovers in a Swedish setting. Additionally, it offers insight into how different factors are valued by investors, enhancing the body of research within the field. Suggestions for future research: Compare whether the market reaction differs between companies that frequently change CEOs and those that change CEOs less frequently. Additionally, companies that have confounding effects related to the CEO announcement could be excluded.

本研究以1980年至2015年美國及加拿大上市公司為研究對象，探討具有會計專長之執行長（CEO）與外界反應的關係。在探討外界反應之前，本文先檢視具有會計專長之CEO對於盈餘品質的影響，透過此結果，推論專業人士（包含會計師與分析師）與市場投資人之反應。本研究預期，當CEO具有會計專長時，會使盈餘品質降低，故審計風險隨之提高，導致審計公費增加，且分析師的追隨意願降低，同時也將影響市場投資人的反應。 研究結果發現，具會計專長CEO與盈餘管理、審計公費、公司累積異常報酬呈現顯著正相關，與分析師追隨數則為顯著負相關，顯示當CEO具有會計專長時，因有盈餘操控的情況，所以審計公費提高、分析師追隨數減少；但市場投資人或許無法體認盈餘操控的事實，故仍相信具有會計專長之CEO，有可能為公司帶來正面的影響。 / This study investigates the relationship between CEOs with accounting expertise and external reactions of investors, auditors and analysts. The sample firms used in this study are all the stock-listed companies in America and Canada during 1980-2015. Before examining such external reactions, this paper explores the association between CEOs with accounting expertise and earnings quality, which help us to obtain an explanation why auditors, analysts and investors have such reactions. The empirical results show that CEOs with accounting expertise manage earnings more aggressively than CEOs without such expertise. As a consequence, the firms with such CEOs will be charged higher audit fees and have less analyst following. However, investors might not recognize this fact; they still believe that CEOs with accounting expertise will have a positive influence on firms. Our findings could offer a reference for a company looking for a CEO that could bring accounting quality.

本研究蒐集經濟日報、聯合報及聯合晚報的新聞文章，以中研院的中文斷詞系統進行結構性的處理，研究企業社會責任新聞，對於股價的報酬率是否有正面、負面的影響，而以台灣掛牌的企業為研究的標的(以台灣50為例)。 本研究利用新聞文字，去判斷這個新聞是否與企業社會責任有關，而這次所利用的新聞，是台灣報章媒體的新聞，我們用這些新聞來測試新聞對投資人的投資行為、財富有沒有影響。 本研究發現，正面的企業社會責任新聞帶來不顯著的累積超額負報酬，而負面的企業社會責任新聞，則會帶來顯著的股價宣告效果。這個現象是由於負面的企業社會責任新聞通常較正面的企業社會責任新聞難以被投資人所預期，因此相對正面的企業社會責任新聞，負面的企業責任新聞對於股價宣告效果有較顯著的影響。 接著，本研究依據Michael Porter(2006)的研究，將企業社會責任新聞分為三類(一般、價值維護、價值創造)，我們發現企業社會責任新聞在其中一類，也就是「價值創造」，正面新聞對於股票的報酬有顯著正面影響。在調整了市場報酬並調整交易成本之後，我們發現投資人能利用以下的交易策略獲得超額正報酬。 1. 買入有「價值創造」正面企業社會責任新聞的個股 2. 放空有負面企業社會責任相關新聞、負面企業治理新聞的個股。 綜合以上發現，本論文得到，企業社會責任新聞的傳播，確實影響了股票的報酬率，而投資人也可以因應企業社會責任新聞，來獲得超額正報酬。 / This study is to investigate whether CSR Media coverage has positive and negative impacts on corporate stock returns using Taiwan listed company sample data (0050.TT Taiwan Top 50). We use a simple text-analysis approach to quantify CSR (Corporate Social Responsibility) Chinese news at newspapers to test if CSR news influences investor behavior and shareholder wealth changes. This study discovers that, while positive CSR news bring in insignificant negative cumulative abnormal return, negative CSR news have significant impacts on stock announcement returns. The evidence supports the argument that corporate negative CSR news (compare with positive CSR news) is unexpected by investors and have significant impacts on investor risk concern and results in negative announcement returns. Secondly, we follow Michael Porter (2006), we decompose CSR good news into three categories, and we discover that CSR news related to value creation activities has significant positive stock returns. After we control well-known systematic risk and adjust transaction cost, this study discovers that Investors can earn significant positive returns using either long-only trading strategy for stocks with value-creation CSR good news and short-only trading strategy for bad news on corporate governance issues. Our findings suggest that the CSR information dissemination affects stock returns.

This study will validate several key results from previous studies of bank loan announcement effects by using the data from Hong Kong market following the 1997 Asian crisis. Banks are believed to play a unique role in financial market which could effectively reduce the problem of information asymmetry and moral hazard. Banks could access borrowers’ inside information which is not available to other participants. Thus bank loan announcements convey valuable information to the market, and market response of the stock price should be positive. However, because of the significant reform in both financial market and information market, the valuation of bank loan announcement conveyed need to be reconsidered. This study investigates whether banks are still “unique” in the financial market or whether they are like middlemen between borrowers and investors. Data used in this study is collected from the Hong Kong Stock Exchange Index, and a standard event study with the market model is applied in the research to conduct the empirical analysis. The results suggest bank loan announcements are associated with significantly higher positive abnormal returns than non-bank loan announcements. Based on the market model of event study, market response is found to be significantly positive for loan syndication, short maturity loan and borrower’s debt ratio, and negatively related to firm size and loan size. Bank loans with refinancing and capital expenditure and no specific purpose have significantly higher positive abnormal returns, and borrowers with property and industrial industry type have more significant positive abnormal returns compared to other industry type. The findings also suggest the Hong Kong stock market is efficient in both strong and semi-strong form for bank loan announcements. A strong evidence of information leakage problem is found for non-bank loan announcements. The results are generally consistent with the existing literature.

為了落實賦稅公平、實現社會正義，財政部推出證券交易所得課稅方案，希望能達到此目標。為探討資本市場對證券交易所得課稅方案演變的預期，本論文利用事件研究法探討在證券交易所得稅復徵消息公布至通過三讀立法期間之相關事件，對上、市櫃公司之股票累積異常報酬率之影響，並採用迴歸模型探討該股票累積異常報酬率與公司特性之關聯性。 本論文之研究結果發現： 1.在證券交易所得稅相關消息公布之事件日，上市櫃公司均產生顯著之股票累積異常報酬率。 2.課徵證券交易所得稅相關消息公布之事件期間，股票累積異常報酬率與公司特性關聯性之迴歸結果顯示：公司規模較大之公司，其公司股票累積異常報酬率較高；負債比率較高、公司成長性較高之公司，其公司股票累積異常報酬率較低。 / In order to implement the principle of fair taxation, Ministry of Finance, R.O.C. address that gains from securities transactions shall be subject to income tax. The amendment is expected to have impacts on stock market returns of all companies. Using event study methods, this study examines the stock market reactions to the announcements of the legislature policy and explores the relation between the stock cumulative abnormal returns (CAR) of the amendment and firm characteristics. This study finds that the stock market reacts negatively (positively) when the news of the amendment are released (revised). The regression results indicate that CARs are negatively related with debt ratios and corporate growth; positively related with corporate size.

Submitted by Andrei Francalacci de Castro Faria (andrei.francalacci@bndes.gov.br) on 2016-06-07T19:21:30Z No. of bitstreams: 1 Dissertação Andrei Francalacci.pdf: 2215041 bytes, checksum: 671600e92ce454211d0c6493c0ba75bc (MD5) / Approved for entry into archive by GILSON ROCHA MIRANDA (gilson.miranda@fgv.br) on 2016-06-10T12:18:57Z (GMT) No. of bitstreams: 1 Dissertação Andrei Francalacci.pdf: 2215041 bytes, checksum: 671600e92ce454211d0c6493c0ba75bc (MD5) / Approved for entry into archive by GILSON ROCHA MIRANDA (gilson.miranda@fgv.br) on 2016-06-20T16:21:18Z (GMT) No. of bitstreams: 1 Dissertação Andrei Francalacci.pdf: 2215041 bytes, checksum: 671600e92ce454211d0c6493c0ba75bc (MD5) / Made available in DSpace on 2016-06-27T18:56:29Z (GMT). No. of bitstreams: 1 Dissertação Andrei Francalacci.pdf: 2215041 bytes, checksum: 671600e92ce454211d0c6493c0ba75bc (MD5) Previous issue date: 2016-05-31 / We studied the effects on Petrobras shares arising from the presentation of the earnings announcements of 2014´s third and fourth quarter, the first announcements made after the beginning of the corruption investigation called Operação Lava Jato. We evaluate the impact on prices of the company's stocks with an Event Study. As a control, we analyzed the effects of the disclosure of 1,152 quarterly earnings announcements on other 48 stocks that are part of the IBOVESPA´s theoretical portfolio in the period between 2010 and 2015. We seek to identify the presence of abnormal returns and verify that all information is automatically transferred to prices, suggesting the semi-strong efficiency of the Brazilian stock market in accordance with the Market Efficiency Hypothesis (EMH) developed by Fama (1970). At the end we compare the results of the two specific earning announcements studied with the observed results of other earnings announcements of Petrobras. No evidence was found of market efficiency during the 2010-2015 period neither for the group of 48 stocks, NÃO_PETRO, nor for the PETRO group, formed by the two Petrobras shares. We then analyzed the results in two periods. The first, called Bonanza (2010-2013), showed the same results as the 2010-2015 period, with no significant abnormal returns in the event window [0,1]. The results of the Crisis period (2014 -2015) showed that the information of the earning announcements ha a statistical significant impacted on the prices of the studied stocks. To analyzing the results of the individual earning announcements of Petrobras, we identified the need for additional information, extrapolating the scope of an event study. / Este trabalho propõe-se a estudar os efeitos sobre as ações da Petrobras decorrentes da apresentação dos balanços do terceiro e quarto trimestre de 2014, primeiros balanços apresentados após as denúncias da Operação Lava Jato. Avaliamos os impactos nos preços das ações da empresa através de um Estudo de Evento. Como controle, analisamos os efeitos da divulgação de 1.152 balanços trimestrais sobre outras 48 ações de que fazem parte da Carteira Teórica do IBOVESPA no período entre 2010 e 2015. Buscamos identificar a presença de retornos anormais e verificar se toda informação se transfere automaticamente aos preços, sugerindo a eficiência semiforte do mercado de ações brasileiro de acordo com a Hipótese de Eficiência do Mercado (HEM) desenvolvida por Fama (1970). Ao final comparamos os resultados específicos dos balanços em estudo com os resultados observados em outros balanços da própria Petrobras. Não foram encontradas evidências de eficiência de mercado durante o período 2010-2015 nem para o grupo de 48 ações, chamadas de NÃO_PETRO, nem para o grupo PETRO, formado pelas duas ações da Petrobras. Ao dividir os mesmos grupos em dois momentos, os resultados para o período batizado de Bonança (2010-2013), permanecem iguais ao do período completo, ao passo que o período chamado de Crise (2014 -2015) apresenta retornos anormais estatisticamente significativos nas janelas de eventos. Ao avaliar os retornos de balanços individuais da Petrobras, identificamos a necessidade de informações adicionais, extrapolando o escopo de um estudo de evento.

This research has investigated the long-run performance of corporate restructurings through unbundling transactions on the JSE between 2000 and 2012. The corporate unbundling transactions considered by the research are spin-offs and sell-offs. From the two unbundling transactions, four samples were derived, that is, 21 spin-offs, 14 parent-spin-offs, 14 sell-offs and 20 parent-sell-offs. The share price performance of these samples was investigated by a matching firm methodology under the buy and hold abnormal returns. The research found that positive abnormal returns are present for both samples for up to four years after unbundling. Secondly, with the exception of parent-sell-offs, significant abnormal returns were experienced by both samples for up to four years after unbundling. It was also found that a spin-off is a preferable corporate unbundling strategy to a sell-off over a long-run period. This research implies that companies with heavy structures should unbundle in order to unlock shareholders’ value. / Business Management / M. Com. (Business Management)

Nous étudions l’évaluation, l’information et les perspectives industrielles lors des scissions de filiales par introduction en Bourse (ECO). Dans notre première étude, nous estimons les effets de richesse aux différentes étapes d’une ECO et leur lien sur les rentabilités boursières anormales de la société mère de la filiale. Nous trouvons que c’est la période de construction du livre d’ordres de l’introduction en bourse qui permet au marché financier de mieux estimer les effets de richesse positifs pour la société mère. Dans notre second travail, nousavançons que les ECO sont effectuées dans les secteurs industriels où les firmes présentent des opportunités de croissance plus faibles en moyenne. Nous démontrons que les industries concernées par des ECO ont des performances opérationnelles (mesurées par la rentabilité d’exploitation, les liquidités générées et la margeopérationnelle) plus faibles. Nous montrons également que les fusions acquisitions réalisées dans les industries où une ECO a eu lieu durant les trois années précédentes créent moins de valeur pour l’offreur que les fusions acquisitions qui ne sont pas concernées par une ECO. La dernière étude de cette thèse analyse l’impact d’une ECO sur la divergence d’estimations des analystes financiers et sur le nombre d’analystes suivants la société mère. Nous trouvons que la divergence d’estimations et le nombre d’analystes augmentent après une ECO. / We study the valuation, information and industry perspectives of equity carve-outs. In our first paper, we study the wealth effect of equity carve-outs and its relationship with the abnormal returns to the parent firm. Using thisrelationship we find that during book-building period of equity carve-out, the returns to the parent firm can be used to pre-empt the wealth effect of equity carve-out. In our second paper, we argue that equity carve-outs, on average, are carried out in industries, where opportunities are low. We find that these industries have low operating performance, gauged on profitability, cash flow and profit margin compared to industries where there are no carve-outs. In addition to this evidence, we find that the merger and acquisition activities, in which targetsare in industries where carve-out activities happened in last three years before the M&A activity, bidders have less value created compared to mergers where the target industry has no carve-out activity. In our third paper, we analyze the impact of carve-outs on the divergence of belief and the number of analysts following the firm. We find that divergence of belief increases after a carve-out and number of analysts following the firm increases, also.