In today's society there is an increasing globalization. This may create a challenge for publicly- owned firms to make its stocks more attractive in the market for the investors all around the world. One method firms could use to attract new investors is through engagement in Corporate Social Responsibility (CSR) activities; which has in the recent years received a lot of notable attention. On the occasion that there exist different types of CSR activities it would be beneficial for firms to receive broader knowledge about the different impacts that the different activities have on a firm's stock price. Therefore, the purpose of this thesis is to contribute to the literature by investigating if different types of CSR activities have different degree of impact on a firm’s stock price; and if so, which type of activity that would be more preferable for firms to undertake in order to increase their stock price. The effect of a firm’s engagement in CSR activities was studied by the use of an event study. The event study was centered on a firm’s announcements of CSR activities of type environmental, ethical and philanthropic. All the firms considered in the study are American firms and they were all listed on the New York stock exchange (NYSE). The time period used in the study were the years between 2006 and 2016. However, the year of 2008 was excluded because of the financial crisis. To measure whether CSR has an effect on a firm’s stock price a t-test was conducted based on the cumulative average abnormal return (CAAR). A sign test was also performed based on the number of positive CAR’s in the estimation window compared to those in the event window. The cumulative abnormal return (CAR) was also considered in order to draw further conclusions. The study found that a firm’s engagement in CSR did overall, have a positive effect on a firm’s stock price. Further, by studying the results from the various activities; the results show that a firm’s engagement in environmental and ethical CSR activities also have a positive effect on the stock price. Meanwhile, it appeared that philanthropic CSR had no impact on the stock price. To answer the question of which type of CSR activities that is the most beneficial for a firm to engage in if they intend to increase its stock price is to invest in environmental CSR activities.

Abstract In 2019 e-commerce market become one of the most important part to push the global economic growth especially in China and US. In 2020 Covid-19 has widely spread around the world which caused a severe economic crisis, but e-commerce market has gained benefit from it. In this study will discuss how e-commerce will perform in future and how e-commerce reacts and defend in this crisis. This study used method of discounted cash flow to track the fundamental information of EC market as representative of Alibaba and Amazon, also used event study method to test influence of COVID-19 in the whole industry

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). / 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).

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The relative economic efficiency of acquisitions as a means of restructuring financially distressed firms is investigated. Yearly accounting and daily stock price data are extracted for the period between 1979 and 1998 on firms entering financial distress The behaviour and performance of these firms were traced for a five year period following their entry into distress or until their shares were no longer trading. These collected data forms the basis for analyzing the returns acquired from investing in potential takeover targets. Survival analysis is used to analyze the hazard rate for both the acquisition and bankruptcy of distressed firms. The results of the analysis indicate that the ZSCORE, a predictor of the probability of failure, and SPCSRM, the rating by Standard and Poor's, can be used as financial indicators in the screening mechanisms for financially distressed firms. A multinomial-logit acquisition model is used to predict three outcomes of financially distressed firms: survival, acquisition and failure. This model is tested using two methods by simulating the probability of acquisition. The first uses to compare the predicted versus the actual corporate events to maximize the predicted acquisition event. The second uses to compute abnormal return to maximize portfolio return over a given time period, continual on the ZSCORE, probability of acquisition, and the length of holding period. The predictive model of the acquisition probability is applied as a stock entry rule in a buy-sell system. The success of the model will serve two purposes. One is to predict the economic value of acquisition. The other is to provide successful strategies for investing in stocks.

The relative economic efficiency of acquisitions as a means of restructuring financially distressed firms is investigated. Yearly accounting and daily stock price data are extracted for the period between 1979 and 1998 on firms entering financial distress The behaviour and performance of these firms were traced for a five year period following their entry into distress or until their shares were no longer trading. These collected data forms the basis for analyzing the returns acquired from investing in potential takeover targets. Survival analysis is used to analyze the hazard rate for both the acquisition and bankruptcy of distressed firms. The results of the analysis indicate that the ZSCORE, a predictor of the probability of failure, and SPCSRM, the rating by Standard and Poor's, can be used as financial indicators in the screening mechanisms for financially distressed firms. A multinomial-logit acquisition model is used to predict three outcomes of financially distressed firms: survival, acquisition and failure. This model is tested using two methods by simulating the probability of acquisition. The first uses to compare the predicted versus the actual corporate events to maximize the predicted acquisition event. The second uses to compute abnormal return to maximize portfolio return over a given time period, continual on the ZSCORE, probability of acquisition, and the length of holding period. The predictive model of the acquisition probability is applied as a stock entry rule in a buy-sell system. The success of the model will serve two purposes. One is to predict the economic value of acquisition. The other is to provide successful strategies for investing in stocks.

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In the past, most scholars emphasized the cause of the short-term and long-term abnormality, but often neglected the influence of measure method. As a result, seldom scholars explained the measure method completely. Most scholars think market factor can explain asset return completely, so they use CAPM to evaluate the short-run and long-run performance of IPOs. They find IPOs have initial abnormal return, but they are underperformance in the long run. But if market factors cannot explain IPOs performance completely, short-run and long-run performance does exist or just the model cannot explain? We think it is necessary to modify three-factor model to improve its explanatory power. We utilize Fama-French three- factor model and momentum factor to assemble into four-factor model to revaluate IPOs performance, explore the reasons which influence abnormal return of IPOs in Taiwan, and discuss market efficiency to understand the tendency and the variation of IPOs performance. We conclude that there is no underperformance in Taiwan and Taiwan¡¦s stock market is market efficient. In addition, the empirical result is the same with Loughran and Ritter¡]2000¡^that it will increase explanatory power to use purging benchmark.

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<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>