The backdrop of this study is derived from a paper by Dranikoff et al (2002). To illustrate their point, Dranikoff et al argue that farm owners actively and continuously prune dead and weak branches from their farm tress in order to keep them healthy. However, in comparison, Dranikoff argues that executives spend a lot of time acquiring business (planting trees and growing them) but rarely devote any attention to divesting them. As a consequence, their empirical findings indicate that the executives end up selling the business often too late and at a low price, sacrificing shareholder value. This study investigates company’s portfolio restructuring activities. Specifically, the study aims to analyse company’s listed on the Johannesburg Securities Exchange (JSE) Stock Exchange. As in the analogy of a farmer, do these company’s keep planting trees and growing them? If they keep growing, is there any evidence that executives engage in pruning activities, to what extent and the overall impact of those activities. Overall, divestitures have been researched across varying fields of study. Researchers have investigated the topic from a Strategic, Finance and Operational perspective. Their findings have returned varying results respectively. On their impact on company’s share price, these studies have indicated both positive and negative (although on a less regular basis) impact. Copyright / Dissertation (MBA)--University of Pretoria, 2011. / Gordon Institute of Business Science (GIBS) / unrestricted

Nasdaq OMX Stockholms stadigvarande positiva utveckling kan resultera i ett dyrare, mindre attraktivt, aktiepris och förorsaka beslut om att genomföra en aktiesplit. I den här uppsatsen undersöks, genom en eventstudie, om annonsering och genomförande av aktiesplit ger upphov till överavkastning för bolag noterade på Nasdaq OMX Stockholm mellan åren 2004- 2014. I följande eventstudie har bolag kategoriserats efter börsvärde för att åskådliggöra om det föreligger skillnader i överavkastning beroende på bolagsstorlek. Vidare har vinst per aktie efter genomförd aktiesplit och förändring i handelsvolym använts som förklarande variabler till överavkastning. Resultatet visar att överavkastning sker för småbolag vid annonsering av aktiesplit och för det totala antalet bolag vid genomförande av aktiesplit, där även en tilltagen handelsvolym observerats.

<p> </p><h2><strong>Problem</strong></h2><p> </p><p> </p><p> </p><p>Are there any abnormal changes in the parent company's share price at the news of a spin‐off.</p><h2><strong>Objective</strong></h2><p>The main purpose of the study is to investigate how the news of a spin-off affects the parent company's share price. In other words if the news of the Spin-off gives an abnormal return on the Stockholm Stock Exchange during the specific period of 1998‐2008. In addressing this, the paper will also investigate the following sub sections: are there any differences in the abnormal returns in various sectors and what the reasons to perform a spin‐off in the Swedish market are.</p><h2><strong>Method</strong></h2><p>An event study in which market data is used to measure specific events’ impact on the value of the company and on the effects on the stock market. Secondary data used were taken from the OMX Nordic Exchange database and from SIXTRUST. The total population chosen for this study consists of 33 companies and the event window extends over 11 days: five days before, the day of the news and five days after.</p><h2><strong>Results</strong></h2><p>The results of the study show that there are differences in how the share price reacts in different sectors at the news spin‐off. The highest CAAR in the event window for the total number of spin‐offs examined in the study amounted to 2.76%.</p><p> </p><p> </p>

Problem       Are there any abnormal changes in the parent company's share price at the news of a spin‐off. Objective The main purpose of the study is to investigate how the news of a spin-off affects the parent company's share price. In other words if the news of the Spin-off gives an abnormal return on the Stockholm Stock Exchange during the specific period of 1998‐2008. In addressing this, the paper will also investigate the following sub sections: are there any differences in the abnormal returns in various sectors and what the reasons to perform a spin‐off in the Swedish market are. Method An event study in which market data is used to measure specific events’ impact on the value of the company and on the effects on the stock market. Secondary data used were taken from the OMX Nordic Exchange database and from SIXTRUST. The total population chosen for this study consists of 33 companies and the event window extends over 11 days: five days before, the day of the news and five days after. Results The results of the study show that there are differences in how the share price reacts in different sectors at the news spin‐off. The highest CAAR in the event window for the total number of spin‐offs examined in the study amounted to 2.76%.

Every day a large numbers of transactions occur by people with different backgrounds. Insiders’ are a part of them and are considered to have an insight in companies that is not accessible to outsiders. This affects the market conditions for the participants when trading stocks, where individual participants regularly have the possibility to earn abnormal returns at the expense of others. Although Sweden, Germany and the United States continually keep developing the insider trading regulation, research shows that insiders’ still have the ability to earn abnormal returns. The difference in insiders’ ability to earn abnormal returns is believed to be because of that the countries are from different legal families, which in turn influence the market conditions where the insider trading occurs. The purpose is to examine whether legal insider trading generates abnormal return relative to index and analyze whether there are differences between the studied countries and what the differences may be due. Method: The study takes ledge in previous research using a quantitative method where 90 sorted companies in Sweden, Germany and the U.S. are used to gather insider transactions between 2006 and 2012. The data is then analyzed with statistical methods to find answers to the purpose of the study. The results shows that insiders have abnormal return for both the buy and sell transactions, which prove that there is an information gap between insiders and external stakeholders. The legal origin may have an effect on the relationship when it is linked to insiders’ abnormal return through ownership concentration and accounting quality, which in turn affects insiders’ ability to generate abnormal returns. The insiders’ position has also shown to have an impact on the abnormal returns, but is not completely consistent with the theory of information hierarchy. / Det sker varje dag stora mängder av transaktioner av personer med skilda bakgrunder. Insiders är en del av dem och anses ha insyn i företag som inte är tillgänglig för utomstående. Detta påverkar förutsättningarna för marknadens aktörer vid aktiehandel där enskilda aktörer regelbundet kan tjäna på bekostnaden av andra. Sverige, Tyskland och USA utvecklar kontinuerligt regleringen för insiderhandeln men tidigare forskning visar, trots harmonisering i lagstiftningen, på skillnader mellan länderna. Detta antas bero på att länderna härstammar från olika legala familjer, vilket påverkar förutsättningarna på ländernas respektive marknader, och därför påverkar insiders förmåga till att skapa överavkastning.  Syfte är att undersöka om laglig insiderhandel genererar överavkastning jämfört med index och analysera om det finns skillnader mellan de undersökta länderna och vad skillnaderna kan bero på. Studien tar avsats i tidigare forskning och använder en kvantitativ metod där 90 utsorterade bolag i Sverige, Tyskland och USA används för att inhämta insidertransaktioner mellan 2006 och 2012. Materialet analyseras sedan med hjälp av statistiska verktyg för att få svar på arbetes syfte. Resultatet är att insiders har överavkastning för både köp och säljtransaktioner och bevisar att det finns ett informationsgap mellan insiders och utomstående intressenter. Det legala ursprunget kan ha en påverkan på förhållandet då det kopplas till insiders överavkastning genom ägarkoncentrationen och redovisningskvalitén som i sin tur påverkar insiderns förmåga till att skapa överavkastning. Insiderns position visas också ha en påverkan på överavkastningen där en högre position ger högre överavkastning, vilket går i linje med informationshierarkin.

The purpose of this study is to investigate the effects of OPEC oil production cut announcements on stock returns of specified companies listed on the London Stock Exchange. Two categories are constructed from stocks of companies operating in oil, gas and mining sectors and companies operating in pharmaceutical, industrial engineering and industrial transportation sectors, respectively. The study is based on the theories of EMH and findings of behavioural finance and applies a CAPM model in the context of an event study methodology. Our findings show that in four out of five cases OPEC production cut announcements have significant effects on stocks in the chosen categories around the releaseof a supply cut announcement. The difference between post-announcement CAARs of the constructed categories is significant on one occasion. Organisations and investors can use these findings to better understand the impact of OPEC news announcements on the stock performance of companies in specified sectors.

In all listed companies, there are people who have close ties to the business, either as employees or directors, or indirectly through relationships with the company. Such individuals are usually named as insiders and often have information about the company's prospects that has not yet been made public or reflected in the stock's price. This information asymmetry between insiders and external investors can create a signal value when insiders trade in the company's stock. The interpretation and valuation of insider trading by external investors can then affect the share price, both positively or negatively depending on the type of trade.Previous studies show different results regarding whether insider trading generates abnormal returns or not. Some studies have shown that there is no systematic profitability in following insider trading, while others have shown that it can generate an abnormal return.The purpose of this study is to investigate whether insider trading generates abnormal returns and to investigate whether the abnormal return differs depending on position, year and transaction type. The study is conducted in the form of an event study to investigate the effect that insider trading has on a company's share price. The results of this study show that insider trading does not generate any abnormal return for the event period or for the event day, but that there are significant differences in CAAR between buy and sell transactions. The result also shows that there is no difference in abnormal returns between different positions or between different years.

En eventstudie gjordes på aktierekommendationer publicerade på Privata Affärers hemsida mellan 2009-2010. Publiceringsdagen för rekommendationen utgjorde eventdagen och ett eventfönster på fem dagar innan och fem dagar efter. Rekommendationerna delades upp i olika kategorier för att kunna se skillnader mellan köp, avvakta och säljrekommendationer samt för Mid Cap och Small Cap. Uppsatsen kunde inte påvisa någon generell statistisk signifikant överavkastning i någon av de undersökta kategorierna.

Sverige genomförde vid årsskiftet 2012/2013 ytterligare en sänkning av bolagsskatten. Denna gång från 26,3 till 22 procent. Målet med sänkningen var att hamna under EU’s genomsnittliga bolagsskattenivå vilket skulle minska företags incitament till att fly Sverige för lågskatteländer. Samtidigt ville regeringen minska företagens skuldsättningsgrad. I teorin sjunker värdet på skatteskölden vid en bolagsskattesänkning och därmed också värdet på företagen. Från företagens och ägarnas perspektiv innebär sänkt skatt högre nettovinst och således en högre utdelning. Hur reagerar marknaden? Ett försök att besvara frågan görs genom att gruppera företagen efter skuldsättningsgrad och undersöka vad som händer med aktierna under den dag nyheten om bolagsskattesänkningen publiceras. Detta undersöks genom en eventstudie vilken avgränsas till Norden och andra marknader med liknande finansiellt system samt liknande lagstiftning. Till grund för undersökningen ligger aktier representerade på Stockholm OMX Large Cap. Studien finner en signifikant positivt reaktion sett till hela marknaden när nyheten om bolagsskattesänkningen blir offentlig. Vid indelning efter skuldsättningsgrad visar företagen med lägst skuldsättning den högsta positiva reaktionen, medan företagen med högst skuldsättning visar en negativ reaktion, dock inte signifikant. / At the end of 2012 Sweden implemented a further reduction in corporation tax, this time from 26.3 to 22 percent. The goal of the reduction was to reach a lower corporate tax level then the EU’s average. This would reduce the company’s incentive to flee Sweden for low-tax countries. At the same time, the Swedish Government wanted to reduce the debt ratio. In theory, the value of the tax shield is lowered and hence the value of the companies. From corporate and shareholder perspective this reduced tax means higher net income and thus a higher dividend. How does the market react? An attempt to answer this question is made by splitting the companies by leverage and examine what happened to the shares on the day the news of the company tax cut was published. This is examined through an event study, which is bounded to the Nordic countries and to other markets with similar financial systems and similar legislation. The study is based on shares represented at the Stockholm OMX Large Cap. The study finds a significant positive reaction over the entire market when the news about the corporate tax becomes public. On account of the debt-equity ratio, the firms with the lowest leverage show the highest positive response, while the companies with the highest debt show a negative reaction, however not a significant one.

Purpose: To examine how IR-related press releases affect share price for stock companies, and to explore how said companies practice Investor Relations. Methods: The study was conducted using an event study as well as e-interviews. The event study has a quantitative deductive research approach where the market model is used for calculating the abnormal return based on press releases. The e-interviews have a qualitative research approach and follow a semi structured interview guide. The study includes all listed stock companies within the Swedish construction industry and includes press releases from the last decade. Theory: The study is based on the efficient market hypothesis and its semi strong form, theories within Investor Relations and previous research. Results: The event study shows a significant negative abnormal return during a four day period starting the day after the press release event. The negative abnormal return could derive from investor relations being used by companies as damage control, or that the investors’ expectations are too high as a result of IR. No significant differences in how companies practice IR was found in e-interviews. To the contrary, companies show similar tendencies in IR practice. It can be concluded that stock companies, through investor relations, are able to affect their share price. / Syfte: Att undersöka hur IR-relaterade pressmeddelanden påverkar aktiekursen hos börsnoterade företag samt att undersöka hur företagen arbetar med Investor Relations. Metod: Studien är utförd med hjälp av en eventstudie tillsammans med e-intervjuer. Eventstudien har en kvantitativ deduktiv ansats där marknadsmodellen används för beräkning av avvikande avkastning baserat på pressmeddelanden. E-intervjuerna har en kvalitativ ansats och följer en semistrukturerad intervjuguide. Studien innefattar alla börsnoterade företag i den svenska byggindustrin och pressmeddelanden från det senaste decenniet. Teori: Den effektiva marknadshypotesen och dess halvstarka form, teorier inom investor relations tillsammans med tidigare genomförda forskning har legat till grund för studien. Resultat: Resultatet från eventstudien visar på en signifikant negativ avvikande avkastning med start dagen efter händelsedagen till och med fyra dagar efter händelsedagen. Den negativa avvikande avkastningen kan bero på att arbetet med IR försöker dämpa befintlig negativitet hos investerare, alternativt kan det bero på att investerares förväntningar är för höga på grund av positiv IR. Utmärkande strategier för hur IR-arbetet går till i praktiken bland de observerade företagen har inte funnits i e-intervjuerna, istället liknar företagens IR-arbete varandra i stort. Slutsatsen dras att börsnoterade företag kan påverka sin aktiekurs med hjälp av investor relations.