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Do Acquiring Firms Gain from Takeovers? Empirical evidence from the Norwegian stock market with a focus on the payment method

Gravdal, Thea Marie; Kokkersvold, Eline Haugetun
Master thesis
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URI
http://hdl.handle.net/11250/2626099
Date
2019
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  • Master of Science [1525]
Abstract
The objective of this thesis is to examine the economic effect when announcing a

takeover in the Norwegian stock market. The research investigates acquisition

announcements between 2009 – 2018, where the goal is to see the impact that the

payment method has on the abnormal returns. This research has applied event

study methodology, finding that the acquiring firm on average experience a

negative abnormal announcement return of -1,38%. However, when checking for

cash and stock as the payment method, the research finds that cash has a positive

significant abnormal return of 2,34% and stock have a negative significant

abnormal return of -3,01%. Hence, we find evidence of higher abnormal return

when using cash as the method-of-payment. Furthermore, cash is robust and holds

when controlling for different measures of payment methods, deal characteristics

and firm characteristics. In conclusion, the acquiring firm creates value for its

shareholders under certain conditions.
Description
Masteroppgave(MSc) in Master of Science in Business, Finance - Handelshøyskolen BI, 2019
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Handelshøyskolen BI

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