Post Earnings Announcement Drift (PEAD) är en marknadsanomali som innebär att aktiepriser driftar i samma riktning som resultatöverraskningar under en period efter publicerad kvartalsrapport. Denna studie undersöker om PEAD existerar på Stockholmsbörsen under de efterföljande 10 respektive 60 handelsdagarna efter publicerad kvartalsrapport. Undersökningen av PEAD genomfördes med en eventstudie under tidsperioden 2013-2019. Huvudresultatet kan inte konstatera att PEAD återfinns på Stockholmsbörsen. Vid separat analys av Large Cap och Small Cap påvisas PEAD för stora bolag 60 handelsdagar efter publicerad kvartalsrapport för positiva resultatöverraskningar. För negativa resultatöverraskningar konstateras istället en omvänd (positiv) drift i aktiepriser för stora bolag. Små bolag påvisar en svagt signifikant positiv drift i samma riktning resultatöverraskningen de efterföljande 60 handelsdagarna. Studien tyder på att företagsstorlek kan påverka driften i aktiepriser. Det fastställs även att en hedgeportfölj för små bolag kan generera en signifikant överavkastning. Sammanfattningsvis kan studien inte fastställa att PEAD existerar på Stockholmsbörsen.

The primary reason for mergers and acquisitions is to achieve synergy and establish competitive advantages. A firms’ innovation in form of intangible assets gets accumulated over time depending upon its R&D intensity. Such a strategic bundle of intangible assets that a firm possesses is an indicator of future synergies if the firm were to merge. The current study examines whether intangible intensive firms more likely to make acquisitions or are more likely to be acquired and how the market reacts to M&A deals involving intangible intensive acquirers and targets. We explore these issues with a sample of U.S. M&A deals over a period of 2001-2017. We find that intangible assets serve as one of the primary motives for the M&A and are the drivers of M&A activity in recent times. The results from the event study show that target firms’ intangible assets have a significant negative effect on target firms’ cumulative abnormal returns. Subsequently, we carry out further analyses to understand various drivers of market reaction to M&A deals. We find that, for target firms, the relation between target firms’ intangible assets and market reaction is positively influenced by the use of cash and negatively impacted when the target firm is from high-tech industry. For the acquiring firms, we find that the relation between acquirer firms’ intangible assets and market reaction is negatively impacted when the acquirer is from high-tech industry and positively impacted when a public target is acquired. It appears that market reactions to the acquisition of high intangible targets are primarily driven by investor skepticism about the prospects of the deal. Lastly, the study does not find any significant effect of (mis)valuation on M&A deals by intangible intensive firms.

Post earnings announcement drift (PEAD) är den första erkända avvikelsen mot den effektiva marknadshypotesen och innebär att aktier tenderar att utvecklas i samma riktning som en resultatöverraskning. Denna studie undersöker förekomsten av PEAD för små bolag på First North och Stockholmsbörsen under perioden 2016–2022. Studien har genomförts som två eventstudier där daglig avkastning för små bolag på First North och Stockholmsbörsen har undersökts efter publicering av kvartalsrapport. Vår studie finner att First North uppvisar omvänd drift för upp till 60 handelsdagar efter kvartalsrapporter, vilket innebär att aktiekurser tenderar att utvecklas i motsatt riktning som kursreaktionen vid resultatöverraskningen. Vi fann ingen signifikant PEAD på Stockholmsbörsen, varken PEAD eller omvänd drift. Resultaten tyder på att First North överreagerar i samband med resultatöverraskningar, vilket sedan följs av en priskorrigering i efterföljande period. Detta indikerar att små bolag på First North har mindre effektiv prissättning än bolag med motsvarande storlek på Stockholmsbörsen.

This study examines the influence of host country economic development and cultural distance on the creation of firm value by UK-based firms through cross-border acquisitions, analyzing the announcement effect. To assess the announcement effect, the cumulative abnormal returns (CAR) of a seven-day trading window around the announcement date are used. The sample consists of 839 acquisitions by 280 firms in 41 countries from 1997-2019. The results show that more value is created when acquiring a target firm from a developing country and cultural distance negatively influences value creation. Further research is required to investigate if cultural distance has a moderating effect on the relationship between host country economic development and value creation.

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Tidigare forskning har under sex decennier bevisat existensen av anomalin post-earnings-announcement drift (PEAD) som uppstår på finansmarknaden i samband med kvartalsrapporter. Denna anomali, vars existens indikerar en inkonsistens med EMH, visar att aktiepriser driftar i samma riktning som vinstöverraskningar i samband med publicering av finansiella rapporter. Vår studie undersöker huruvida denna anomali existerade på Stockholmsbörsen under åren 2010-2019. För att besvara frågeställningen undersöker vi 41 bolag som är noterade på OMX Stockholm genom en eventstudie innehållande 1640 kvartalsobservationer. Med hjälp av analytikerestimat delar vi in bolagen i portföljer om kvintiler. Setterberg (2011) som var den första att finna PEAD i Sverige fann drift för en innehavsperiod om 12 månader. Vi är istället intresserade av att undersöka kortsiktig avkastning och undersöker därför endast 60 handelsdagar. Studien finner inga belägg för att anomalin skulle ha funnits i Sverige under de studerade åren, eftersom icke signifikanta resultat uppnås för alla utom en portfölj. Resultatet indikerar att den svenska marknaden är mer effektiv än vad vi först trodde.

This study examines the impact of the Mini-Holland Programme, an active travelinfrastructure intervention, on residential housing prices in Outer London boroughs.The programme, aimed at promoting walking and cycling, may have unintendedeconomic consequences. Employing a Difference-in-Differences approach and anevent study design, I analyse housing price data from 2002 to 2022. My findingsindicate a statistically significant 10% increase in housing prices in boroughs affectedby the programme, with the effect becoming evident post-announcement in 2014.These results suggest that while active travel infrastructure can enhance urbanmobility and health, it may also contribute to rising housing costs, potentiallyexacerbating socio-economic disparities. Further research at the micro-level isrecommended to fully understand the socio-economic long-term and distributionaleffects, while policymakers must aim for the benefits of improved infrastructure whilelimiting potential displacement effects on lower-income residents.

Airplane travel has become more easily available and affordable for the general public. This shift has, together with rapid digitalization, led to the widespread adoption of in-flight entertainment (IFE) systems which are screens attached to the back of airplane seats that allow passengers to watch movies, listen to music, and play games. They are now commonly found onboard flights to keep passengers entertained during their travels. Ensuring effective communication between pilots, cabin crew, and passengers is essential during flights and is typically achieved through public announcements (PA). Despite their importance, there is a lack of international regulations ensuring all passengers, particularly those with disabilities, can access this information.  This study aims to investigate how the accessibility of PAs given through an IFE system can be improved, emphasizing its impact on passenger safety and comfort. This is achieved by identifying possible accessibility problems, implementing solutions to create a more accessible interface, and evaluating the outcome of the alterations made.  The evaluations consist of completing barrier walkthroughs and accessibility heuristic evaluations along with user tests. Accessibility scores are measured for all three types of PA: video, audio, and text. A prototype was created, in which accessibility issues are solved and evaluated with the same measurements to be compared with previous results. Additional testing with persons with disabilities was performed to evaluate their opinions of the alterations made.  Results show that the created prototype improves the accessibility scores for all types of PA. The data indicate that the largest contributors to the increase in accessibility are the added functionality of transcribing audio, ensuring that video has captions and that the text messages only disappear once the passenger actively dismisses it.  In conclusion, the study shows that the accessibility of PA can be evaluated, and problems can be identified and improved following IFE-specific guidelines. It is possible to achieve a satisfactory level of accessibility for persons with disabilities to feel that they can receive all given information and not feel confused or stressed while receiving it.

Asset securitization is one of the most important financial innovations recently. With an impressive growth in terms of volume of issuance, from almost zero to five trillion USD, in a period of 15-20 years, it is one of the most rapidly growing markets in the financial world. Yet, little is known about this, literally invisible market. Companies engage in asset securitization for a variety of reasons and numerous advantages and disadvantages of asset securitization can be found throughout the literature. Asset securitization has an impact on a number of stakeholder groups: shareholders, managers, employees, investors, the financial markets and ultimately the overall economy and society. Asset securitization is one of the reasons for the financial crisis that started in mid 2007. Since the recent financial turmoil, it became clear the asset securitization was the primary funding source for companies in the financial industry and it was the primary supplier of credit in developed economies. Because of its importance and impact, it is very important that we study the reasons, the motivations, the consequences and the effects from this so powerful financial innovation. And it is important to study it from as many different aspects as possible. Many questions surrounding asset securitization are unanswered and it is important to answer them sooner. This study investigates the wealth effects from asset securitization on the shareholders of the securitizing companies. We study whether the announcement about a pending securitization transaction has any impact on the stock price of the securitizing company. That way we can discover whether asset securitization creates wealth, destroys wealth or has no impact on wealth at all. Not many studies have been done on this topic so far. The existing seven studies are focused mainly on the US and the EU market and report contradicting results. In this study, for the first time, data from Australia is being used. The Australian securitization market is the second, single most active securitization market in the world, after the US market. We conduct quantitative analysis on a sample of 98 securitization transactions during the period 2000-2006. With this sample, we cover almost 29% of the number of securitization transactions during that period and almost 39% in terms of volume of issuance. To analyze the data we use standard event study methodology, common for this type of studies.    Our analysis reveals that investors in Australia do not perceive asset securitization favorably. Securitizing companies’ stock price decreases in the 10 days around the securitization announcement day, resulting in statistically significant wealth losses for the originating companies’ shareholders. Furthermore, the wealth losses are significant for less frequent securitizers, for securitizers that engage in small volume securitization transactions and for securitizing companies with low asset quality.    With this study we make theoretical and practical contribution. We lend empirical support to the previous theories and we help managers, shareholders and investors shape their forecasts.

Syfte: Studiens syfte var att undersöka om det uppstår onormal avkastning för målföretagets aktieägare vid offentliggörandet av företagsförvärv på den svenska aktiemarknaden, samt att undersöka om den svenska aktiemarknaden är effektiv enligt den effektiva marknadshypotesen. Metod: I uppsatsen tillämpades en eventstudie för att studera den onormala avkastningen. Datainsamlingen har skett från Thomson Reuters Eikon, Orbis, Zephyr och Retriver. Studiens dataunderlag har analyserats och presenterats i figurer och tabeller. Resultatet bygger på hypotesprövning och signifikanstest av framräknade onormala avkastningar.  Resultat & slutsats: Resultatet visade att målföretagens aktieägare vid offentliggörandet av företagsförvärv i genomsnitt erhöll en hög positiv onormal avkastning under perioden 2011 till 2016, samt att den svenska aktiemarknaden var effektiv. Detta genomsnittliga värde var statistiskt signifikant på signifikansnivån 0,01 procent. Förslag till fortsatt forskning: Ett förslag till vidare forskning är att undersöka ett längre tidsspann, vilket kan öka populationens storlek. Vidare forskning kan även undersöka om olika faktorer i företagsförvärvet kan förklara de erhållna onormala avkastningarna.  Uppsatsens bidrag: Studien bidrar med relevant information till företagsledningar, finansanalytiker och företagsintressenter. Detta eftersom studiens resultat skapar förståelse för företagsförvärv i en svensk kontext och kan därför ligga till grund för beslutsfattande, värderingar och beräkningar av framtida företagsförvärv. / Aim: The aim of the study is to examine if the target company shareholders receive an abnormal return on the day of the announcement, on the Swedish stock market. The study also examines if the Swedish stock market is efficient according to the efficient market hypothesis. Method: The study was conducted according to the event study methodology. The data was collected from Thomson Reuters Eikon, Orbis, Zephyr and Retriever. The findings in the study was displayed and analysed in figures and tables. Hypothesis test and test of significance were used to investigate the aim of the study. Findings and conclusions: For the time period studied, 2011 to 2016, the target company shareholders on average received a high positive abnormal return on the day of the announcement, which was significant on the one percent level. The findings also indicates that the Swedish stock market is efficient according to the efficient market hypothesis. Suggestions for future research: One suggestion for future research could be to expand the time interval, which could increase the size of the population. Future research could also take the characteristics of the acquisition in consideration in an attempt to explain the abnormal returns found in this study.  Contribution of the thesis: This study’s findings are relevant for the chairmen of the board, finance analysts and corporate stakeholders. The findings in this study provides an understanding of the nature of acquisitions on the Swedish stock market, which can be used for decision making, evaluations and calculations of future acquisitions.