The finding of reversals in weekly returns has been attributed to a combination of microstructure issues and overreaction to information. I provide new evidence eliminating overreaction as a source of reversal. I show that well-known weekly contrarian profits are followed by a long run of momentum profits. In fact, these profits are strong enough to produce a significant momentum effect over the full year following portfolio formation. Thus, the market does not appear to view extreme weekly returns as excessive, as implied by an overreaction story. To the contrary, this return continuation is consistent with underreaction to the news driving extreme weekly returns. This is supported by cross-sectional tests in which I find this week's news is positively related to next week's returns. The evidence presented here is consistent with growing evidence that underreaction to firm-specific information is a pervasive feature of price formation. Therefore, if any short-run contrarian profits can be realized, they are better viewed as compensation for providing liquidity than as a reward for arbitrage.

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<p>A takeover announcement does not necessarily mean good news for stockholders of the acquiring firm. In fact, for a majority of takeovers it means losses in share prices. Motives that can explain this trend are agency and hubris. This thesis is an event study of 28 acquir-ing firms in Sweden between the years 1997-2005, and the purpose is set to see whether stock prices are affected or not. This has been done by the help of the market model. The empirical results show that the takeovers are on average value decreasing operations which indicate that agency and hubris are the primary motives even though one can not for cer-tain exclude synergy.</p>

<p>Syftet med den här magisteruppsatsen är att undersöka hur tillkännagivandet av företags-förvärv påverkar aktieavkastningen på ett uppköpande bolaget. Testet är begränsat till före-tag som enbart är listade på Stockholmsbörsen under perioden 1996 till 2005. För att testa onormal avkastning användes marknads modellen. Resultatet visade att tillkännagivandet av företagsförvärv har en signifikant effekt på avkastningen för aktien för det bolag som ska förvärva. Majoriteten av uppköpande bolag upplevde en negativ onormal avkastning under test perioden (100 dagar före tillkännagivandet och 100 dagar efter).</p> / <p>The purpose of this master’s thesis is to examine the effect a corporate takeover an-nouncement has on share prices for acquiring companies. The test will only involve com-panies listed on the Stockholm Stock Exchange during the period 1996 to 2005. To test the effect an announcement has, abnormal return for a period before and after the takeover announcement was calculated. The findings from the testing showed that takeover an-nouncements have a significantly impact on shareholder return. The majority of acquirers in the sample had negative average abnormal returns during the event period (100 days prior to the announcement and 100 day after).</p>

Thesis (Ph. D.)--University of Washington, 2001. / Vita. Includes bibliographical references (leaves 88-99).

This study analyses the composition of outmigration flows regarding migrants’ characteristics such as family situation, educational attainment and labour market situation. To expand our research, out-migrants are separated into return and onward migrants. Results indicate that the labour market situation of immigrants (unemployment and uptake of social benefits) in the destination country is an important determinant in the decision to out-migrate. However, the effect varies among countries due to the political situation in the source country, the migration costs and the extensive welfare benefits in Sweden. Labour immigrants are more likely to return to their country of origin whereas refugee immigrants are more likely to move to another country. Other findings demonstrate that emigrants are negatively selected regarding educational attainment. High-educated individuals have a higher probability of returning home than moving to a third country. The likelihood of emigration also depends on other characteristics such as the family situation of immigrants and the duration of residence in the destination country. All in all, labour market outcomes are the most important factors in the decision of out-migration.

Not available / text

published_or_final_version / Management Studies / Master / Master of Philosophy

The most common evidence for inhibition of return (IOR) is the robust finding of increased response times to targets that appear at previously cued locations following a cue-target interval exceeding ~ 300 ms. In a variation on this paradigm, Abrams and Dobkin (1994a) observed that IOR was greater when a saccadic response was made to a peripheral than to a central arrow, leading to the conclusion that saccadic responses to peripheral targets comprise motoric and perceptual components (the two components theory for IOR) whereas saccadic responses to a central target comprise a single motoric component. In contrast to the foregoing findings, Taylor and Klein (2000) discovered that IOR for saccadic responses was equivalent for randomly intermixed central and peripheral targets, suggesting a single motoric flavor under these conditions. To resolve the apparent discrepancy, a strict replication of Abrams and Dobkin was conducted in which central and peripheral targets were either blocked or mixed. In the blocked design, peripheral targets resulted in more IOR than central targets, while in the mixed design, replicating Taylor and Klein (2000), target type had no bearing on the magnitude of IOR (i.e., equivalent IOR was obtained for both target types). This pattern of results suggests that the confound inherent in Abrams and Dobkin's blocked design generated a pattern of results that "masqueraded" as two components of IOR.

Prompted by oculomotor theories of attention, the present experiments explore the role of saccade activation in the generation of two cueing effects: exogenous capture (Experiment 1) and inhibition of return (IOR; Experiment 2). Exogenous capture is shortlived and marked by faster responding toward recently stimulated locations, whereas the longer-lasting IOR manifests as slower responding toward those locations. Within each experiment, Group A performed in a dual-task in which on most trials a peripheral target had to be identified but infrequently a central arrow probe called for an eye movement instead, while for Group B the tasks were the same except saccade trials were frequent and target identification trials were infrequent. In Experiment 1, for group A uninformative cues captured attention as measured by faster digit identification at the cued location, an effect not accompanied by saccade activation. For group B, cues generated saccade activation without capturing attention. Thus saccade activation need not accompany exogenous covert capture, and covert capture need not accompany saccade activation. In Experiment 2, group A exhibited IOR which slowed digit identification, but did not affect saccadic responding, while Group B exhibited no IOR in either digit identification or eye movement trials. This finding provides converging evidence that IOR can be dichotomized into two forms; one which delays motor production itself (Evidenced amply elsewhere, e.g., Taylor & Klein, 2000) and another which delays responding by applying inhibition at a perceptual-motor interface which can operate in independence from its motoric cousin.