<p>Background: A spin-off is strategic instrument used to restructure an organisation and thereby maximize shareholder value. Theory and advocates argue that engaging in spin-offs will generate improved financial performance of the parent company as well as for the divested unit. Previous studies on the topic have primarily focused on the perspective of the parent com-pany and little attention has been given to the post spin-off performance of the divested unit, in particular on the Swedish market. Consequently this study will focus on the performance of divested units of spin-offs performed on the Swedish market.</p><p>Purpose: The purpose of this study is to compare the financial performance of the divested unit prior versus post the spin-off event in order to find poten-tial performance alterations.</p><p>Method: The study is conducted through an inductive approach based on quanti-tative data. In order to fulfil the purpose of comparing the financial per-formance, four financial ratios are used; Return on Assets, Market-to- book ratio, Sales Growth and Share Price. Statistical sign-tests are subse-quently conducted in order to find possible significant alterations in the financial performance.</p><p>Results: The results of the statistical tests all show unified findings in which no statistical significant change in performance post the spin-off event can be found. However negative tendencies are found for Return on Assets and positive tendencies were found for the variables M/B ratio and Sales Growth. The fourth variable, Sales Growth does not show a tendency in any direction. Similar results were found when classifying the sample into relative size and timing of the spin-off event.</p><p>Conclusion: Spin-offs on the Swedish market do not on average perform better as stand alone units. Vague positive tendencies could however be found on the variables connected to market expectations, and negative tendencies could be found for the variables measuring efficiency and profitability.</p>

Background: A spin-off is strategic instrument used to restructure an organisation and thereby maximize shareholder value. Theory and advocates argue that engaging in spin-offs will generate improved financial performance of the parent company as well as for the divested unit. Previous studies on the topic have primarily focused on the perspective of the parent com-pany and little attention has been given to the post spin-off performance of the divested unit, in particular on the Swedish market. Consequently this study will focus on the performance of divested units of spin-offs performed on the Swedish market. Purpose: The purpose of this study is to compare the financial performance of the divested unit prior versus post the spin-off event in order to find poten-tial performance alterations. Method: The study is conducted through an inductive approach based on quanti-tative data. In order to fulfil the purpose of comparing the financial per-formance, four financial ratios are used; Return on Assets, Market-to- book ratio, Sales Growth and Share Price. Statistical sign-tests are subse-quently conducted in order to find possible significant alterations in the financial performance. Results: The results of the statistical tests all show unified findings in which no statistical significant change in performance post the spin-off event can be found. However negative tendencies are found for Return on Assets and positive tendencies were found for the variables M/B ratio and Sales Growth. The fourth variable, Sales Growth does not show a tendency in any direction. Similar results were found when classifying the sample into relative size and timing of the spin-off event. Conclusion: Spin-offs on the Swedish market do not on average perform better as stand alone units. Vague positive tendencies could however be found on the variables connected to market expectations, and negative tendencies could be found for the variables measuring efficiency and profitability.

<p>Syftet med denna magisteruppsats är att undersöka Stockholmsbörsens reaktion i samband med företagens kungörelser av börsavknoppningar enligt Lex Asea. För detta ändamål genomfördes en eventstudie för alla företag som har kungjort deras avknoppningsplaner mellan åren 2000 och 2005. Undersökningspopulationen för denna studie uppgick till 23 företag som sammantaget gjort 25 kungörelser under den studerade perioden. För beräkning av eventuella abnormala avkastningar användes marknadsmodellen, med uppskattningar baserade på den historiska utvecklingen hos OMX SPI –indexet och hos de berörda aktierna. Resultatet från studien visade att det förelåg en positiv abnormal avkastningsutveckling under det studerade eventfönstret. Den positiva utvecklingen inträdde redan 6 dagar innan själva kungörelsen för att sedan jämnas ut dagarna efter tillkännagivandet. En vidare utredning om eventuella samband mellan en viss positiv abnormal avkastning och ett specifikt motiv kunde inte identifieras. Det fanns heller inget annat som tydde på att branschtillhörighet eller att företagen knoppat av till en viss börs skulle medföra en specifik positiv abnormal avkastning. Slutsatserna för denna studie blir således:</p><p>·Kungörelser av avknoppningar mellan åren 2000 och 2005 har</p><p>generellt medfört positiva priseffekter, som innebär att större</p><p>delen av dessa företag har fått positiva abnormala avkastningar.</p><p>·Det finns ingenting som tyder på att branschtillhörigheten,</p><p>avknoppning till en viss börs eller angivande av ett visst motiv</p><p>skulle medföra en viss abnormal avkastning.</p> / <p>This master thesis studies the Stockholm Exchange’s reaction towards the company announcements for spin-offs, complying with Lex Asea. For this purpose an event study has been conducted, which included all the companies that made announcements regarding their spin-off plans for the period between years 2000 and 2005. The sample for this study consisted of 23 companies and 25 spin-off events. The market model was used to compute the abnormal returns on a number of selected securities. The findings of this study suggest that announcements have positive impacts on companies’ securities. These positive effects are shown as early as 6 days before the announcement day, and it tends to stabilize over the days after the announcement. Furthermore any relations between the companies’ abnormal returns and their line of businesses or their listings to a certain stock exchange cannot be identified in this study. There is no further evidence in this study that indicates any relations between a company’s abnormal returns and specific motives. The conclusions for this study are as follows:</p><p>·The spin-off announcements during the period 2000-2005 have in</p><p>general contributed positive effects to the companies’ securities.</p><p>·There is no evidence whatsoever that indicates there is any</p><p>correlation between a company’s abnormal returns and its line of</p><p>business, spin-off listings in a certain stock exchange or specific</p><p>motives.</p>

Syftet med denna magisteruppsats är att undersöka Stockholmsbörsens reaktion i samband med företagens kungörelser av börsavknoppningar enligt Lex Asea. För detta ändamål genomfördes en eventstudie för alla företag som har kungjort deras avknoppningsplaner mellan åren 2000 och 2005. Undersökningspopulationen för denna studie uppgick till 23 företag som sammantaget gjort 25 kungörelser under den studerade perioden. För beräkning av eventuella abnormala avkastningar användes marknadsmodellen, med uppskattningar baserade på den historiska utvecklingen hos OMX SPI –indexet och hos de berörda aktierna. Resultatet från studien visade att det förelåg en positiv abnormal avkastningsutveckling under det studerade eventfönstret. Den positiva utvecklingen inträdde redan 6 dagar innan själva kungörelsen för att sedan jämnas ut dagarna efter tillkännagivandet. En vidare utredning om eventuella samband mellan en viss positiv abnormal avkastning och ett specifikt motiv kunde inte identifieras. Det fanns heller inget annat som tydde på att branschtillhörighet eller att företagen knoppat av till en viss börs skulle medföra en specifik positiv abnormal avkastning. Slutsatserna för denna studie blir således: ·Kungörelser av avknoppningar mellan åren 2000 och 2005 har generellt medfört positiva priseffekter, som innebär att större delen av dessa företag har fått positiva abnormala avkastningar. ·Det finns ingenting som tyder på att branschtillhörigheten, avknoppning till en viss börs eller angivande av ett visst motiv skulle medföra en viss abnormal avkastning. / This master thesis studies the Stockholm Exchange’s reaction towards the company announcements for spin-offs, complying with Lex Asea. For this purpose an event study has been conducted, which included all the companies that made announcements regarding their spin-off plans for the period between years 2000 and 2005. The sample for this study consisted of 23 companies and 25 spin-off events. The market model was used to compute the abnormal returns on a number of selected securities. The findings of this study suggest that announcements have positive impacts on companies’ securities. These positive effects are shown as early as 6 days before the announcement day, and it tends to stabilize over the days after the announcement. Furthermore any relations between the companies’ abnormal returns and their line of businesses or their listings to a certain stock exchange cannot be identified in this study. There is no further evidence in this study that indicates any relations between a company’s abnormal returns and specific motives. The conclusions for this study are as follows: ·The spin-off announcements during the period 2000-2005 have in general contributed positive effects to the companies’ securities. ·There is no evidence whatsoever that indicates there is any correlation between a company’s abnormal returns and its line of business, spin-off listings in a certain stock exchange or specific motives.

Denna studie undersöker den kortsiktiga värdeökningen som potentiellt genereras i anknytning till annonseringen av en avknoppning. Totalt undersöks 33 avknoppningar från svenska bolag noterade på Nasdaq Stockholm under tidsperioden 1996-2019. Syftet var att utreda om annonseringar av svenska avknoppningar är förknippade med ett värdeskapande i form av positiv abnorm avkastning. Studien finner att bolagen i genomsnitt erhåller en positiv abnorm avkastning om 1,87% över ett tre dagar långt eventfönster i anslutning till annonseringen. För annonseringsdagen i sig är motsvarande värdeökning 1,12%. Studien undersöker dessutom hur värdeökning påverkas av variabler som på olika sätt kan anknytas till informationsasymmetri. De oberoende variabler som studeras är aktievolatilitet, industriell fokusering och bolagens byten av VD. Studien finner att aktievolatilitet har en tydlig positiv relation till storleken på värdeökningen. Industriell fokusering visas också ha en trolig koppling till värdeökningen. Studien finner däremot ingen tydlig relation mellan förekomsten av ett VD-byte och värdeökningen i anknytning till en avknoppning.