The Price of Virtuous Mergers and Acquisitions
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- Master of Science 
By using ESG scores from three different data providers (Bloomberg, Refinitiv and Sustainalytics) this thesis aims to investigate their respective impacts on deal premia in M&A activities. The sample construction is based on individual samples for each provider, as well as a common sample. The thesis is able to prove that multiple ESG score providers are statistically significant on a 10% level in relation to M&A deal premia. However, these results are not consistent across data providers, where Bloomberg was the only provider showing significant results across regressions. It also manages to show that different data providers offer supplementary information. As such, we see statistically significant coefficients for the interaction terms involving Bloomberg, potentially displaying Bloomberg’s ability to offer supplementing information prior to target valuation.
Masteroppgave(MSc) in Master of Science in Finance - Handelshøyskolen BI, 2023