Den här uppsatsen undersöker hur aktiekursen reagerar när bolag offentliggör information angående ett VD-byte. Studien undersöker både frivilliga uppsägningar och avsked av VD:n på bolag noterade på Stockholmsbörsen mellan år 2011 och 2018. För att kunna undersöka aktiekursens reaktion har MacKinlays form av eventstudie tillämpats på 90 bolag. Bolags aktiekurs tenderar att reagera negativt vid ett tillkännagivande angående ett byte av verkställande direktör. Studien finner signifikanta resultat beroende på om bytet varit frivillig uppsägning eller avsked under eventdagen. Undersökningen påvisar signifikanta resultat på aktiekursen när investerare haft kännedom om ersättare och om tillkännagivandet skett innan ett byte. / This paper examines how the share price responds when companies publish information regarding a change of CEO. All the companies that are examined are listed on the Stockholm Stock Exchange between 2011 and 2018. The study is based on a sample of 90 companies where the CEO has been replaced. Of the entire sample there has been 65 voluntary CEO´s changes and 25 involuntary. To investigate how the share price react we use MacKinlays (1997) form of event study. This study also examines how different factors effect the reaction of the share price. These factors are; the availability of a successors, the size of the firm, the time interval between the event day and the day the CEO leaves the company. We find that the market tends to react negatively at the event day. We also find a significant difference between voluntary and involuntary change of CEO a few days after the event. The involuntary change of CEO´s tends to give a positive market reaction and the voluntary a continued negative market reaction. When companies announce a change of CEO simultaneously as they announce successors the market tends to react positively.
| Identifer | oai:union.ndltd.org:UPSALLA1/oai:DiVA.org:uu-360511 |
| Date | January 2018 |
| Creators | Tasar, Diyar, Dyab, Rami |
| Publisher | Uppsala universitet, Företagsekonomiska institutionen, Uppsala universitet, Företagsekonomiska institutionen |
| Source Sets | DiVA Archive at Upsalla University |
| Language | Swedish |
| Detected Language | English |
| Type | Student thesis, info:eu-repo/semantics/bachelorThesis, text |
| Format | application/pdf |
| Rights | info:eu-repo/semantics/openAccess |
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