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The purpose of the event study is to analyze the returns in Swedish listed companies that have carried out spinoffs between the period 2006 - 2021. This is done by measuring share price development. The method is observation. Secondary data is presented in the average total development in share price over the measurement period for all of the study's parent and subsidiary companies to see if the difference in returns is statistically significant. Then returns per quarter are examined, and if there is a significant difference between spinoffs and OMXSPI. Regression is used to measure Average Abnormal Return, AAR, in both the short and long term for parent and subsidiary companies, as well as for focused and diversified spinoffs. Theories and ideologies that the study uses are Shareholder Value Maximization (SVM), the Efficient Market Hypothesis (EMH), information asymmetry and modern portfolio theory. The survey covers 47 Swedish listed companies, distributed among 26 spinoffs. The result shows that the average total return was 219% and 319% for the parent and subsidiary companies, butt hat the difference is not statistically significant at a 5 percent level. However, there is a statistically significant difference in the average return per quarter in 4 of the companies compared to OMXSPI. Also that the spinoff also leads to a positive AAR of 1% and 3.7% for the parent and the subsidiary, respectively, when measured two and four quarters after the subsidiary's IPO, but that there is a slowdown in returns when measured long-term. The empirical conclusions are that spinoffs generally lead to greater AAR for the subsidiary, and that focused spinoffs generally generate greater positive AAR than diversified ones. There are large deviations in returns between spinoffs. Thus, active management has probably generateda greater return than investors according to passive management. For returns in addition to the benchmark, good analytical skills are required, a conclusion that is in line with recent studies in the subject. The study's theoretical conclusions are that spinoffs are to some extent associated with SVM. Considering the strong deviation in returns and the fact that the parent companies have on average performed worse than OMXSPI, the study is somewhat questioning how compatible spinoffs are with SVM. The fact that AAR has weakened over time supports that the Swedish securities market can be categorized as the semi-strong form of the efficient market hypothesis, EMH. Due to the selected measurement period and measurement points, the study has failed to test information asymmetry in order to arrive at a fair conclusion. For investors without greater analytical skills and deeper knowledge of stocks, the study provides support for modern portfolio theory. That as an investor you should diversify your portfolio to minimizerisk.

I examine factors influencing accounting firms' and their clients' decisions to pursue an auditing vs. consulting relationship. I employ the Sarbanes Oxley Act (SOX) prohibition on providing both services to the same clients as a natural experiment. Because Deloitte & Touche was the only Big 4 firm to retain its consulting division post-SOX, I compare Deloitte's client switch and retention decisions to those made by its direct competitors. In this context, I investigate how the decision to continue or terminate an audit relationship is influenced by auditor industry specialization, the historical provision of auditor-provided consulting services and the likelihood that the client will require consulting services in the future. I find that there is a preference for auditing when the auditor is a specialist in the client's industry, and there is a preference for consulting when the auditor provided consulting services in the past and the client is likely to require consulting services in the future. I also report empirical evidence on audit effectiveness and efficiency in cases where the auditor and its client discontinued the audit in order to maintain a consulting relationship. Although there was no impact on audit effectiveness, the auditor switches reduced efficiency as evidenced by significantly higher audit fees. This study is relevant to the current audit environment because public accounting firms that spun-off their consulting divisions around the enactment of SOX are in the process of rebuilding their consulting practices and must now choose between providing audit and consulting services to their clients. It may also be pertinent to European policy makers who are currently considering a proposal to limit auditors' ability to jointly offer audit and consulting services to the same client.

This study investigates the importance of reduced capital misallocation in explaining the gains in corporate spinoffs. The capital misallocation hypothesis asserts that the internal capital market of a diversified firm fails to meet the needs of the relatively low growth divisions for less investment and the needs of the relatively high growth divisions for more investment. Higher differences in growth opportunities imply that more capital is misallocated. This study finds that the higher the difference in growth opportunities of a diversified firm's businesses, the more likely the firm is to conduct a spinoff. This finding supports the argument that diversified firms conduct spinoffs to reduce capital misallocation. This study finds differences in managerial ownership of spinoff firms and of nonspinoff firms. This suggests that the misallocation of internal capital is an agency problem. A low management ownership stake, coupled with the existing differential in growth opportunities between parent and spunoff firms, leads to misallocation of internal capital, thus creating incentives for a spinoff. Spinoffs should result in a shift to the “right" investment policy and to better operating performance for both the parent and spunoff firms. This improvement in operating performance for the post-spinoff firms is expected to be higher when they are from highly different growth opportunity spinoffs. I find mixed evidence regarding market reaction, changes in investment policy, and changes in operating performance. The evidence that supports the capital misallocation hypothesis does not appear uniformly and consistently across the proxies for growth opportunities. However, there is evidence that both parent and spunoff firms benefit from a spinoff. The magnitude of the benefits is larger for spunoff firms than for parent firms. This is as expected because the capital misallocation problem may be reduced, but does not entirely disappear, in the parent firm.

Spinoffs are an increasing phenomenon on the Swedish stock market. In this report one can read about factors that trigger spinoffs as well as about the short and medium term risk and return that spinoffs yield. I have observed 17 pre-spinoff companies that become 34 post-spinoff companies which continued to be traded on the stock market. For the purpose of the investigation I use time-series regression, and my model is the sin-gle-factor market model. I use this model to estimate the beta and the firm specific factor. Supporting theories are: efficiency, portfolio theory, valuation method and asymmetry all those topics are central parts in a spinoff. From my research I can not prove that spinoffs increase shareholders wealth. That means that the new units created through a spinoff are not more worth than the old corporation as such the new units do not outperform the old conglomerate structures expected return. However, the new units beta is not equal the old conglomerate structures beta, and this may due to change in capital structure. The weighted beta increase in half of the times, as such, it suggests a higher level of debt financing. By comparing the spinoff company and the parent company in the post-spinoff scenario it can be concluded that the company who is performing the best is also the riskier alternative and the spinoff performs better than the parent company in eleven out of seventeen times. There is also a correlation between risk and return - when higher return is observed it also brings higher risk, and it holds true in all samples except one. Further, at group level the spinoff group performs better than the market return and the spinoff group performs on average better than the parent group. Thus, if an outside inves-tor is to invest in either a spinoff company or a parent company one should buy the spinoff company at preferred weight according to the investors risk preferences.

<p>Spinoffs are an increasing phenomenon on the Swedish stock market. In this report one can read about factors that trigger spinoffs as well as about the short and medium term risk and return that spinoffs yield. I have observed 17 pre-spinoff companies that become 34 post-spinoff companies which continued to be traded on the stock market.</p><p>For the purpose of the investigation I use time-series regression, and my model is the sin-gle-factor market model. I use this model to estimate the beta and the firm specific factor. Supporting theories are: efficiency, portfolio theory, valuation method and asymmetry all those topics are central parts in a spinoff.</p><p>From my research I can not prove that spinoffs increase shareholders wealth. That means that the new units created through a spinoff are not more worth than the old corporation as such the new units do not outperform the old conglomerate structures expected return. However, the new units beta is not equal the old conglomerate structures beta, and this may due to change in capital structure. The weighted beta increase in half of the times, as such, it suggests a higher level of debt financing.</p><p>By comparing the spinoff company and the parent company in the post-spinoff scenario it can be concluded that the company who is performing the best is also the riskier alternative and the spinoff performs better than the parent company in eleven out of seventeen times. There is also a correlation between risk and return - when higher return is observed it also brings higher risk, and it holds true in all samples except one.</p><p>Further, at group level the spinoff group performs better than the market return and the spinoff group performs on average better than the parent group. Thus, if an outside inves-tor is to invest in either a spinoff company or a parent company one should buy the spinoff company at preferred weight according to the investors risk preferences.</p>

[EN] Entrepreneurship from the university is a system very frequently observed in the international environment, to commercialize the research and to contribute to the society and to the growth in general. This thesis researches the capacities of a university to promote said entrepreneurship, as part of the third mission, focusing on the Architectural Entrepreneurship Organization (AOE) of some universities. Our goal is to see the influence of that entrepreneurship architecture in the birth of new companies within the university. We define AOE as the structure or organization context of the University that, as part of the third mission, is focused in promoting the entrepreneurship within the students, completing thus the transfer of knowledge task existing from the academicians in their spin-offs (to commercialize licenses, patents or other intellectual property registered). This thesis centers in the study of the entrepreneurship phenomenon, dealing with the promoting of the creation of new companies from faculty and/or students that are part of the University, in the (physical) context of the University, in a broad meaning. We use a bibliographic methodology on references about entrepreneurship, university spin-offs and third mission; and a qualitative approach interviewing 54 persons from 9 different universities, 1 from the United States and 8 from Spain, including the 5 public Valencian universities to produce a qualitative research using the case study method (complemented with secondary sources). It is interesting to think that the entrepreneurial university, in Audretsch (2014) meaning must generate and create entrepreneurship attitudes, accumulating entrepreneur capital and, as a consequence, change mentalities related to entrepreneurship, mainly amongst students (considering this factor even in mid and high school teaching). Integrating entrepreneurial attitudes, by including entrepreneurship topics (patents and company projects, etc.) in the curriculum of the studies of the students and in the DNA of the course descriptions, should be the first priority within an AOE. / [ES] El emprendimiento desde la universidad es una forma cada vez más observada en el plano internacional, para comercializar la investigación y contribuir a la sociedad y al crecimiento. Esta tesis ha investigado las capacidades de la universidad para fomentar dicho emprendimiento, dentro de la llamada tercera misión, centrándose en la arquitectura organizativa emprendedora (AOE) de diversas universidades. Nuestro objetivo es ver cómo influye dicha arquitectura emprendedora en la creación de nuevas empresas desde la propia universidad. Definimos la AOE como la estructura o contexto organizativo de la Universidad que, dentro de la tercera misión, está enfocada a promover el emprendimiento en los alumnos, completando así el papel de la transferencia por parte de los académicos en sus spinoffs (para explotar licencias, patentes u otro conocimiento no registrado). La presente tesis se centra en el estudio del fenómeno de emprendimiento, tratando en este caso el fomento a la creación de empresas nuevas por parte de profesores y/o alumnos vinculados a la Universidad, en el ámbito y contexto (físico) de la Universidad, de una manera amplia. Utilizamos metodología bibliométrica sobre referencias en el campo del emprendimiento, spin-off universitarias y tercera misión; y cualitativa entrevistando a un total de 54 personas de 9 universidades diferentes, 1 estadounidense y 8 españolas, incluyendo las 5 universidades públicas valencianas para realizar un estudio cualitativo sobre el método del caso (complementado con fuentes secundarias). Resulta relevante el plantearnos que la entrepreneurial university (Universidad Emprendedora) en el sentido de Audretsch (2014) debe generar y crear actitudes de emprendimiento, acumular capital emprendedor y, en consecuencia, cambiar mentalidades en lo que respecta al emprendimiento, sobre todo en los estudiantes (considerando dicho factor incluso en enseñanzas secundarias). El integrar actitudes emprendedoras, el introducir el emprendimiento y sus temas (generaciones de patentes, proyectos empresariales, etc.) en el currículo de los estudiantes y en el ADN de los temarios y cursos debería ser la primera prioridad dentro de una AEO. / [CAT] L'empreniment desde la universitat és una forma cada volta més observada en el pla internacional, per a comercialitzar la investigació i contribuir a la societat i al creixement. Esta tesis ha investigat les capacitats de la universitat per a fomentar l'anomenat empreniment, dins de la tercera missió, centrant-se en l'arquitectura organitzativa emprenedora (AOE) de diverses universitats. El nostre objectiu és vore com influeix esta arquitectura emprenedora en la creació de noves empreses des de la pròpia universitat. Definim la AOE com l'estructura o context organitzatiu de la Universitat que, dins de la tercera missió, està focalitzada en promoure l'empreniment entre els alumnes, completant així el paper de la transferència per part dels acadèmics amb els seus spinoffs (per a explotar llicències, patents o altre coneixement no registrat). La present tesi aborda la tercera missió de la Universitat en el seu rol de transferència de coneixement a la societat i, en particular, es centra en l'estudi del fenomen d'empreniment, tractant el foment a la creació d'empreses noves per part de professors i/o alumnes vinculats a la Universitat, en seu àmbit i context d'una manera àmplia. Utilitzem metodologia qualitativa bibliomètrica sobre referències en el camp del empreniment, spin-off universitàries i tercera missió; i qualitativa entrevistant a un total de 54 persones de 9 universitats diverses, 1 americana i 8 espanyoles, incluint les 5 universitats públiques valencianes per a realitzar un estudi qualitatiu sobre el mètode del cas (complementat amb fonts secundàries). Resulta relevant el plantejar-nos que l'entrepreneurial university (Universitat Emprenedora), en el sentit de Audretsch (2014) ha de generar i crear actituds d'empreniment, acumular capital emprenedor i, en conseqüència, canviar mentalitats en allò que respecta a l'empreniment, sobre tot entre els estudiants (considerant eixe factor fins i tot en l'ensenyança secundària). El integrar actituds emprenedores, el introduir l'empreniment i els seus temes (generacions de patents, projectes empresarials, etc.) en el currículum dels estudiants i en l'ADN dels temaris i cursos hauria de ser la primera prioritat dins de una AEO. / Messana Salinas, I. (2015). La Entrepreneurial University y el constructo de Arquitectura Organizativa Emprendedora: las bases del emprendimiento universitario en la Universidad Española como componente de la tercera misión [Tesis doctoral no publicada]. Universitat Politècnica de València. https://doi.org/10.4995/Thesis/10251/59067 / TESIS