Effektiviteten på de finansiella marknaderna är något som studerats utifrån många olika perspektiv. Vad den effektiva marknadshypotesen i sin helhet påstår är att all information som tillkommer snabbt inkorporeras i aktiepriset utan att investerare har haft en chans att agera, vilket omöjliggör arbitragemöjligheter och således en chans till en positiv abnormal avkastning. Denna studies sätt att undersöka detta fenomen är att studera avkastningen vid genomförandet av en aktiesplit på stockholmsbörsen för att se om någon positiv abnormal föreligger. Studien är gjord i form av en eventstudie där aktiesplitar som genomförts under åren 2000 - 2006 och 2015 - 2019, där de undersökts och genomgått statistiska tester. Dessa olika tidsperioderna har till en början analyserats var för sig för att sedan jämföras mot varandra för att undersöka ifall skillnader föreligger. Studien har kommit fram till att positiv abnormal avkastning förekommer vid genomförandet av en aktiesplit på stockholmsbörsen och kan även se tendenser på skillnader mellan de olika undersökningsperioderna. / The efficiency of the financial markets is something that has been studied through many perspectives. What the efficient market hypothesis says is that new information that reaches the market fast incorporates in the stock price without any chance for the investors to act on it. This results in no chance in arbitrage opportunities hence no chance to positive abnormal return. This study's way of examining this phenomenon was to study the return on the implementation of stock splits which has been implemented on the swedish stock exchange to see if any positive abnormal return exists. This event study has examined stock splits during the periods of year 2000 - 2006 and 2015 - 2019 and statistical tests have been made. These different periods of time have at first been examined by themselves before comparing them with each other to see if there might be any different between them. This study shows that there are significant positive abnormal returns associated with stock returns on the swidish stock exchange during both periods. The study also shows tendencies of that the abnormal returns differ between the two time periods.

La littérature académique récente n'aborde que très peu la question du comportement, des transactions et des gains sous-jacents aux manquements d'initiés. A partir des décisions rendues par la Commission des sanctions de l'Autorité des marchés financiers entre 2001 et 2011, nous recensons les opérations d'initiés intervenues entre 1999 et 2008 sur des actions cotées en France, ayant abouti à une mise en cause des personnes concernées et éventuellement à une sanction administrative. Les informations collectées, qui concernent à la fois le statut professionnel des initiés, mais également le nombre et le montant de leurs transactions, le type d'information privilégiée utilisée, les profits obtenus, et le cas échéant les sanctions imposées, nous permettent de caractériser de manière empirique le profil type de l'initié et son comportement. Les déterminants des profits, de la probabilité de sanction et du montant de l'amende financière sont également testés économétriquement. Nous nous intéressons ensuite aux stratégies de camouflage, qui, bien qu'elles existent, semblent peu efficaces. Les déterminants de la taille des transactions illégales sont également mis en évidence au moyen d'une estimation économétrique. Enfin, dans la perspective d'une juste adéquation entre la sanction financière et la gravité du manquement commis, nous proposons une évaluation des méthodes de calcul des profits réalisés par les initiés utilisées par les régulateurs de marché en France, aux États-Unis et en Italie. Quoique beaucoup plus complexe, la méthode utilisée par la SEC fournit des résultats identiques à ceux obtenus à l'aide de l'outil de calcul de l'AMF. Ce dernier est donc à privilégier pour évaluer les profits indus car il s'avère utilisable en toutes circonstances, statistiquement tout aussi robuste et plus simple dans sa mise en œuvre. / The recent academic literature deals only very rarely with issues related to illegal insider trading behavior, deals and profits. From the decisions of the Enforcement Committee of the French financial market authority (AMF) between 2001 and 2011, we built a database that identifies insider trading operations and their instigators between 1999 and 2008, involving shares listed in France, and leading to the indictment and possibly the sanction of the concerned persons. The collected information, which refers to the professional status of insiders, but also the number and the amount of trades, the type of inside information used, the profits realized, and if any, the sanctions imposed, allows us to empirically characterize the insiders typical profile and behavior. The determinants of profits, of sanction probability and of the amount of financial penalty are also tested econometrically. We then turn to concealment strategies, which, although they exist, seem inefficient. The determinants of the size of illegal trades are also evidenced through an econometric estimation. Finally, from the perspective of a fair balance between the financial penalty and the seriousness of the breach, we propose an evaluation of insider trading profits calculation methods used by market regulators in France, the United States and Italy. Though much more complex, the method used by the SEC provides identical results to those obtained using the AMF calculation tool. The latter should thus be preferred because it seems usable in all circumstances, statistically as robust and simpler in its implementation.

This thesis connects the influence of experience economy and ICT on event industry in a research of use of technology in optimization of attendee's event experience. By combining primary and secondary literature with qualitative research we come to conclusions that an optimal event experience is complex assemblage of affective, cognitive and conative aspects, we prove the benefits of event technology as one of the means to achieving this copious experience and identify concrete methods how to use technology for this purpose.

L’implémentation d’une étude d’événement est confrontée à des choix méthodologiques plus ou moins arbitraires concernant la période de l’étude et l’échantillon sélectionné. Or, ces choix méthodologiques conditionnent les résultats obtenus, aboutissant à des divergences notoires en matière de conclusions. Une démarche par simulations, effectuées sur des données réelles de la Bourse de Tunis, nous a permis de juger de la validité des différentes méthodes à utiliser et des différents tests à mettre en œuvre, puis de déterminer celles et ceux qui sont recommandés en fonction des caractéristiques de l’événement à étudier. Nos résultats sont spécifiquement adaptés aux marchés émergents, souffrant d’un manque de liquidité, d’un manque de transparence…En application des résultats de la méthodologie recommandée, nous avons cherché à analyser l’impact sur le marché boursier tunisien, de changements d’abord microstructurels et ensuite environnementaux de nature institutionnelle. Au plan de la microstructure, les choix organisationnels ont été répartis en trois catégories distinctes : la structure du marché, la transparence et le contrôle de la variation des prix. Au plan institutionnel, nous avons axé notre analyse sur l’infrastructure légale en considérant quatre composantes : la protection des investisseurs externes à l’entreprise, les lois sur les valeurs mobilières, les transactions des initiés et le cadre comptable. / Event studies implementation faces many arbitrary methodological choices concerning the period of the study and the selected sample. Unfortunately, these methodological choices condition the results of the study, leading to important differences in the outcomes. An approach by simulations, carried out on actual data of the Tunis stock exchange, has allowed us to judge the validity of the different methods used and the different tests to be implemented, in order to determine those recommended according to the characteristics of the event being studied. Our results are specifically adapted to the emerging markets, known for their lack of liquidity, lack of transparency…Pursuant to the results of the recommended methodology, we next analyze the impact on the Tunisian stock market, of some micro-structural and institutional changes that have occurred in the last years. In terms of microstructure, we precisely examine the structure of the market, its degree of transparency and the mechanisms of price variations control. In terms of institutional environment, we focus our analysis on the legal infrastructure through the aspects of company’s outsiders’ protection, securities law, insiders’ transactions and accounting framework.

L’étude du rôle de l’activisme actionnarial des hedge funds (HF) en matière de gouvernancedans la création de valeur des entreprises françaises constitue l’objet principal de cette thèse.Les réflexions menées, issues de la théorie de la gouvernance nous ont permis d’apporter lespremiers éléments de réponse à notre question centrale. L’approche exploratoire de cephénomène nous a conduits à déterminer un modèle français de l’activisme des HF. De notreapproche hypothético-déductive, nous avons pu élaborer un profil type des entreprises viséescotées et examiner les déterminants de la réaction du marché financier avant de mesurerl’effet de l’activisme des HF sur la création de valeur. Il en ressort que ce dernier est àl’origine de nouvelles situations d’équilibre organisationnel. Il est toutefois entravé par laréticence de la coalition de contrôle, renforcée par les caractéristiques spécifiques de lagouvernance et du contexte juridique en France, à entreprendre ces aménagements. Résultat,des coûts de conviction excessifs, des coûts d’enracinement et l’attentisme des investisseurssur le marché français. Contrairement aux investisseurs traditionnels, il est à admettre quel’activisme des HF est un mécanisme alternatif de contrôle efficient, là où certainsmécanismes de gouvernance actionnariale et partenariale semblent être insuffisammentdisciplinaires. Cependant, il est insuffisant pour inciter la coalition de contrôle à agir dansl’intérêt des différentes parties prenantes de l’entreprise. En France, la concentration et lanature actionnariale limitent, voire bloquent, les actions activistes des HF, contrairement auxentreprises américaines où le capital n’est pas verrouillé. La performance des entreprisesfrançaises est donc l’apanage du pouvoir managérial face à une influence activiste des HF. / This research aims to analyse the role of hedge fund (HF) activism in corporate governanceand French firms value creation. The reflections devoted the theory of governance haveenabled us to provide first elements to our central question. The exploratory study allowed usto determine a French model of HF activism. Our hypothetical-deductive approach enabledus to develop a typical profile of a target-listed firm and to examine the determinants of themarket reaction before measuring the effect of HF activism on value creation. The resultsshow that HF activism is causing new organizational equilibrium situations. However, it isopposed by the reluctance of the control coalition due to French governance and legalcontext. Hence, the exorbitant costs of activism in addition to entrenchment problems andinvestors wait-and-see attitude on the French market. As opposed to traditional investors, HFactivism appears as an efficient alternative control mechanism, where some shareholder andstakeholder governance mechanisms seem to be insufficiently disciplinary. Still, HF activismis unable to encourage the reluctant control coalition to act in the firms’ stakeholders’interest. In France, the controlling and family shareholders are opposed to HF activism. It ismore difficult for them to act as they do in American firms where capital is not locked. Thevalue creation is thus confined to managerial power over HF activism.

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This thesis investigates the nature of joint dividend-and-earnings signalling in announcements to the New Zealand Stock Exchange in the 1990s. Initially the Market Model is used to compute expected returns, and the abnormal returns derived from these are subjected to restricted least squares regressions to separate out a putative dividend signal from the concurrent earnings signal. But with the Market Model, the zero-value company returns associated with an absence of trading in thinly traded stocks are over-represented in returns distributions leading to problems of bias. New models are developed that explicitly exploit zero returns. The first alternative methodology entails friction modelling, which uses a maximum likelihood estimation procedure to find the relationship coefficients and the range of returns that should be considered as zero, and then proceeds to treat them as a separate category. The second alternative methodology is that of state asset models, which take a fresh new look at investor perceptions of the connection between movements in company returns and those of the concurrent underlying market. Zero-value company returns cease to be zero in value, where a state model is rotated, or alternatively they can be modelled as an extra state. All three methodologies furnish some evidence of dividend signalling; but this evidence is highly dependent on small changes within the given methodology.

We examine the effect of merger announcements on the stock performance of acquirers' industry rivals in the context of Chinese and US deals between 1994 and 2017. Our analysis reveals that investors of rivals are able to earn abnormal returns during days around merger announcement, meaning that markets are not fully efficient as implied by the Efficient market hypothesis. We conclude that in a reaction to the announcement, US rivals achieve generally negative abnormal returns with higher magnitude and volatility compared to Chinese rivals. Additionally, we observe that Chinese investors' perception of mergers turned out to be more conservative after the Global financial crisis. During days around the merger announcement, signs of rivals' abnormal returns also differ on whether the target is public or private in both countries. Rivals operating in industries that are substantially supported by Chinese government such as real estate, pharmaceuticals, and chemicals experience positive reaction on mergers of their competitors. Furthermore, we find that industries with increasing im- portance in Chinese developing economy such as banking, telecommunications, and cyclical consumer products show a positive reaction of rivals' returns on merger announcements while in the developed US economy, a negative...