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Abstract This dissertation investigates the success of technology M&As. The research question is approached through four separate empirical essays, each of which assesses a different but interrelated issue of value creation of technology M&As. The approach used throughout the dissertation is to consider the motives of improving acquirer’s R&D activity through the acquisition of a technology firm and stress the role of the interaction between acquirer’s and target’s resources. The first two essays investigate the valuation consequences of M&As, while the following two essays examine pricing implications of M&As. The results indicate that technology M&As are successful in enhancing the acquiring firm’s R&D activities to the extent that it manifests as an increase in the stock market valuation of acquirer’s R&D spending and its higher future profitability. The results also demonstrate that investors do not fully recognize these benefits at the announcement of M&A. Therefore investors benefit from technology M&As in the long run when these benefits begin to materialize. Furthermore, the results show that even when compared to other possible motives, enhancing acquirer’s R&D activities is an important and successful motive for M&As, emphasizing the absorptive capacity of the acquiring firm in generating synergies from the combination of two firms. Overall, the findings of the dissertation provide more evidence on the success of mergers and acquisitions motivated by technology improvement. The thesis emphasizes the interaction between acquirer’s and target’s resources in creating synergies from M&As, with a focus on technological resources. The evidence also has important implications for the literature on the stock market valuation of R&D expenditures as it indicates that technology M&As can be considered an R&D investment with significant impacts on this activity.

Under flera år har forskare kunnat hittat stöd för en stark initial avkastning när ett företag noteras på en börslista för första gången. Samtidigt tenderar dessa bolag att underprestera marknaden och liknande noterade bolag på längre sikt. Flera mönster har också identifierats gällande i vilka perioder där noteringsaktiviteten varit som störst. Examensarbetet syftar till att utvärdera om det råder något samband mellan värderingen som föreligger på börsen och antalet bolag som noteras. I examensarbetet ska vi även analysera om det finns en skillnad i avkastning på kort och lång sikt för noteringarna beroende på vilken värdering som varit på börsen när bolaget har noterats. Genom att använda data för de börsnoteringar som har noterats under 2007 till 2021 samt börsens värdering under samma tidsperiod genomförs en regressionsanalys. Vidare delas börsnoteringarna in i två grupper, där gruppen låg värdering innehåller börsnoteringar som noterades när börsen värderades under medelvärdet för undersökningsperioden. Gruppen hög värdering inkluderade börsnoteringarna som noterades då börsen värderades över medelvärdet. Skillnaden i kursutveckling för börsnoteringarna i de två olika grupperna utvärderas sedan med ett T-test. Studien gav stöd för att det finns ett laggat samband med antalet noteringar som sker och värderingen som finns på aktiemarknaden. Studien kunde däremot inte dra några slutsatser om det finns några skillnader i den avkastningen som genererats av noteringarna baserat på värderingen på börsen vid introduktionstillfället. / Researchers have for years documented an initial return for companies listing their stock on a public exchange for the first time. However, there is also a tendency for these firms to underperform compared to the general market and similarly sized firms in the long run. Patterns have also been identified regarding which periods have the strongest activity among IPOs. This thesis tries to evaluate if a relationship exists between the number of IPOs and the valuation of the stock market. Further, the thesis also tests if there is a difference in the performance of the IPOs in both the short run and the long run based on the valuations in the stock market during their market entry. Using data over the IPOs between 2007-2021 and the stock market valuation for the same period, a regression analysis is then run. Further the IPOs are divided into two groups, where the group low valuation includes IPOs that were offered when the stock market valuation was lower than the mean valuation of the time period. The group high valuation included IPOs that were offered when the stock market valuation was higher than the mean valuation. Differences between the groups in the IPOs stock performance are then evaluated with a t-test. The results from the study showed evidence of a strong lagged relationship between the number of IPOs and the stock market valuation. However, the results did not support the existence of differences of performance based on the valuations of the stock market at the time of their entry.