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<p>En kvantitativ analys av budpremier och kursutveckling i samband med</p><p>företagsförvärv på Stockholmsbörsen.</p>

En kvantitativ analys av budpremier och kursutveckling i samband med företagsförvärv på Stockholmsbörsen.

Detta examensarbete är utfört i samarbete med AB Electrolux Mariestadfabriken som arbetar med produktutveckling och tillverkning av kyl- och frysskåp. Uppdraget var att utveckla ett helhetskoncept för insidan på en kylskåpsdörr i premiumsegmentet med fokus på infästning och modularisering av balkonger. Kylskåpet som helhetskonceptet ska placeras i har en inredning av rostfritt stål, vilket innebär att de lösningar som i dagsläget tillämpas för kylsdörren inte kan användas. Projektet inleddes med en undersökning av bakgrunden till uppdraget samt en förstudie där målgruppen definierades, konkurrenter identifierades och kraven från användarna samlades in. Efter detta följde en grundlig konceptframtagningsfas som innefattade generering av idéer, skapande av koncept, konceptval och detaljutveckling. Det slutliga helhetskonceptet visualiserades med en prototyp som erbjuder steglös justering av kylskåpsdörrens balkonger. Grundkonstruktionen består av två strängpressade aluminiumprofiler som har en dold infästning på dörren. På profilerna placeras konsoler som balkongerna sedan monteras på. Konsolerna fungerar som balkongernas sidor och döljer en låsningsmekanism som fixerar balkongerna i höjdled med hjälp av friktion. Helhetskonceptet som utvecklats uppfyller de krav som initialt ställdes upp för produkten, dock kvarstår ytterligare vidareutveckling för att helhetskonceptet ska kunna sättas i produktion. / This degree project is performed in collaboration with AB Electrolux Mariestad factory that works with product development and manufacturing of refrigerators and freezers. The task was to develop an overall concept of the inside of a refrigerator door in the premium segment with focus on attachment and modularization of balconies. The refrigerator that the overall concept will be placed in has an interior of stainless steel, which means that the solutions that are currently practiced for the refrigerator door cannot be used. The project began with an investigation of the background for the task and a pilot study where the target group was defined, the competitors were identified and requirements from the users were collected. This was followed by a thorough concept development phase, which included generation of ideas, creation of concepts, concept selection and development of details. The final overall concept was visualized with a prototype, which offers continuous adjustment of balconies on the refrigerator door.  The basic construction consists of two extruded aluminium profiles, which have a concealed attachment on the door. On the profiles consoles are placed, on which the balconies are then assembled. The consoles serve as sidepieces for the balconies and hide a locking mechanism that fixates the balconies vertically by means of friction. The overall concept that has been developed fulfils the requirements that initially were set up for the product, however additional further development remains for the overall concept to be brought into production.

This study examines the unique patterns of dividend polices, including cash-only, stock-only, and dual dividends, the presence of dividend catering situations, and the factors driving the dividend decisions of Taiwanese firms. After the late 1990s, the proportion of firms paying dual dividends or cash-only dividends has risen gradually while the percentage of firms paying stock-only dividends has fallen sharply. Dividend premiums are related to not only the dividend decision, but also dividend changes and the magnitude of dividend changes. When one type of dividend premium (i.e. cash dividend) is high, managers are more likely to issue the same type of dividend and less likely to issue the other type of dividend (i.e. stock dividend). Firms are more likely to increase cash dividends when cash dividend premiums are high and raise the magnitudes of cash and stock dividends when cash and stock dividend premiums are high, respectively. Catering persists even after controlling for the effect of a firm¡¦s characteristics, risk, external policy, and macroeconomic situations. Other important determinants of the decision to pay or change dividends are also identified herein. This study offers a comprehensive understanding of all types of dividend payout practices in the Taiwan stock market.

This study uses a multilevel model of change to assess the effects of five distinguished regulation styles in title insurance on insurance premiums. This study finds that the states promulgating title insurance premiums have higher charges than the states allowing free competition in the title insurance market. The other regulation styles do not have significantly different impacts on title insurance premiums from free competition. In addition, market characteristics such as home sales, housing price, and property value can also influence title insurance premiums. This study explains the title insurance premium variation among states. The research outcomes can also provide insights into the ongoing regulatory reform in title insurance, in particular in the states using the promulgation regulation style. / text

Zugl.: München, Univ., Diplomarbeit, 2007

Zugl.: Tübingen, Univ., Diss., 2006

The success of an acquisition is not measured solely through market reaction or the ability to integrate the target, but also by the ability of acquiring firms to conclude the transaction at a price that does not fully erode the net present value benefits of the transaction. The aim of this research is to identify factors that result in and influence the premiums that are paid in acquisitions. The research then aims to analyse these independent variables in terms of their influence on acquisition premiums. Out of 11,927 transactions by JSE listed companies during the years 2000 – 2009, only 30 transactions met the defined sample criteria. Target firm characteristics, acquiring firm characteristics, and transaction characteristics were investigated to assess the predictive power of the independent variables as individual factors and as components of a multivariate framework that explain the premiums paid in corporate acquisitions on the JSE. Only two independent variables, namely managerial performance and acquiring firm leverage, were identified as significantly predictive variables for either market value or book value premiums through the use of more than one analytical technique. Results were not consistent across both book value premiums and market value premiums, and it was found that conflicting results materialised when different techniques were used to analyse the data. The conclusion of the study is that the variables analysed had limited predictive ability; there was a high incidence of outlying data, which significantly influenced the results of the study; and that the sample was smaller than ideal, and it would be advisable for further studies to get a larger sample by either changing the sample criteria, or by looking at data over a longer time period. / Dissertation (MBA)--University of Pretoria, 2011. / Gordon Institute of Business Science (GIBS) / unrestricted

Questa tesi comprende due saggi. Il saggio 1 si concentra sull'effetto del rischio macroeconomico su Value Premium. In questo documento, esaminiamo in che misura il Value Premium è influenzato dalla percezione del rischio macroeconomico da parte dell'investitore. Indaghiamo l'impatto dell'effetto macro sui multipli fondamentali che risulta dalla decomposizione market-to-book di Rhodes-Kropf Robinson e Viswanathan (2005). Poiché questi multipli contengono le aspettative degli investitori sia sui tassi di crescita sia sui tassi di sconto, le loro stime variabili nel tempo dovrebbero acquisire informazioni sul sentimento dell'investitore in merito alle prospettive economiche. Scopriamo che il rendimento del Tesoro a 10 anni e la pendenza della Struttura a termine hanno un impatto significativo su diversi multipli fondamentali con un conseguente effetto sulla stima del valore intrinseco dell'impresa. La nostra configurazione empirica ci consente di stimare i componenti di mercato per libro utilizzando valori fondamentali solidi che sono ortogonali agli effetti dell'incertezza macroeconomica. Il nostro risultato chiave è che quando eliminiamo l'effetto delle aspettative degli investitori sullo scenario economico, il premio di valore premia, quasi interamente, il rischio dimensionale. Adeguandosi all'esposizione dimensionale, i multipli di contabilità ortogonale rimuovono l'effetto macro riducendo il rendimento in eccesso di una valutazione errata. Saggio 2 si concentra sull'effetto dei vincoli di leva sul Value Premium. Introduciamo una giustificazione teorica basata sull'avversione dell'investitore nei confronti della leva finanziaria (Frazzini e Pedersen, 2014) e fornendo prove empiriche sulla connessione dell'anomalia a bassa beta e sui rendimenti superiori ottenuti dalle azioni di valore. Studiamo le variazioni nelle serie temporali beta di portafogli ordinate in base al componente stimato dalla decomposizione market-to-book di Rhodes-Kropf Robinson e Viswanathan (2005). Scopriamo che in media i portafogli sottovalutati hanno una beta variabile nel tempo più piccola rispetto a sopravvalutata. Indaghiamo anche la sensibilità della componente di svalutazione delle azioni a bassa beta rispetto ai macro proxy delle condizioni di finanziamento. Coerentemente con la teoria dell'avversione alla leva finanziaria, i risultati empirici mostrano un'interazione negativa tra questa componente e le condizioni di finanziamento che confermano l'effetto negativo sui prezzi per le azioni low-beta quando aumentano le restrizioni sulla leva finanziaria. , costruiamo strategie long-short basate sulla componente di valutazione errata del market-to-book. Il nostro risultato empirico chiave è che l'eccesso di rendimento della componente market-to-book, più attribuibile al prezzo errato dell'impresa, è influenzato negativamente dal peggioramento delle condizioni di finanziamento. Questa evidenza supporta la teoria dell'avversione della leva finanziaria nella spiegazione del rendimento superiore di portafogli sottovalutati. / This thesis includes two essays. Essay 1 concentrates on the effect of macroeconomic risk on Value Premium. In this paper, we examine to what extent the Value Premium is affected by the investor's perception of macroeconomic risk. We investigate the impact of the macro effect on the fundamental multiples which results from the market-to-book decomposition of Rhodes-Kropf Robinson, and Viswanathan (2005). Since these multiples contain investor's expectations both on growth rates and discount rates their time-varying estimates should capture information on the investor's sentiment about economic perspectives. We find that 10 Year Treasury yield and the slope of Term Structure have a significant impact on several fundamental multiples with a consequential effect on the estimate of firm intrinsic value. Our empirical setup allow us to estimate market-to-book components by using firm fundamental values which are orthogonal to the effects of macroeconomics uncertainty. Our key result is that when we remove the effect of investor's expectations on the economic scenario the value premium rewards, almost entirely, the size risk. Adjusting for the size exposure, orthogonal accounting multiples remove the macro effect reducing the excess return of firm misvaluation. Essay 2 focuses on the effect of leverage constraints on the Value Premium. We introduce a theoretical justification based on investor's aversion to leverage (Frazzini and Pedersen, 2014) and by providing empirical evidence about the connection of low-beta anomaly and the superior returns earned by value stocks. We study variations in beta time-series of portfolios sorted on the component estimated by the market-to-book decomposition of Rhodes-Kropf Robinson, and Viswanathan (2005). We find that on average undervalued portfolios have a smaller time-varying beta than overvalued. We also investigate the sensitivity of the misvaluation component of low-beta stocks to macro proxies of funding conditions. Consistently with Leverage Aversion Theory, empirical results show a negative interaction between this component and funding conditions confirming the negative effect on prices for low-beta stocks when leverage constraints increase.To test the effect of leverage constraints on the excess return originated by the firm's mispricing, we construct long-short strategies based on the misvaluation component of market-to-book.Our key empirical result is that the excess return of the market-to-book component, most attributable to the firm's mispricing, is negatively affected by the worsening of funding conditions. This evidence supports the Leverage Aversion Theory in explaining the superior return of undervalued portfolios.