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dc.contributor.advisorBizzotto, Jacopo
dc.contributor.authorLarhammer, Lars
dc.contributor.authorAlmquist, Espen
dc.date.accessioned2021-10-20T09:48:03Z
dc.date.available2021-10-20T09:48:03Z
dc.date.issued2020
dc.identifier.urihttps://hdl.handle.net/11250/2824059
dc.description.abstractIn this thesis, we compile a data set of divestments based on almost 200 mergers and acquisitions in the Scandinavian countries between 2000 and 2011 and then use the data set to assess and classify the long-term success of the original mergers and acquisitions. By the end of 2019, we document that more than 25% of the acquirers had divested the original merger or acquisition. Of these, 31% is considered to be successful divestitures. In the second part of this thesis, we use the findings on long-term success to evaluate market expectations about firm performance at the time of merger and acquisitions announcement. By applying traditional performance measures such as abnormal returns, cumulative abnormal returns, and Tobin's Q, we find that the acquirer’s returns are significantly lower for those firms which subsequently divest and are classified as unsuccessful than for the divestments which we classify as successful and for M&As which are not divested. The overall findings suggest that many of the original mergers and acquisitions should have been avoided in the first place.en_US
dc.language.isonoben_US
dc.publisherOsloMet - Storbyuniversiteteten_US
dc.subjectDivestituresen_US
dc.subjectMergersen_US
dc.subjectAcquisitionsen_US
dc.subjectPerformancesen_US
dc.subjectAbnormal returnsen_US
dc.titleEvaluating the Performance of Scandinavian Mergers and Acquisitions - Evidence from Divestituresen_US
dc.typeMaster thesisen_US
dc.description.versionpublishedVersionen_US
dc.source.pagenumber67en_US
dc.subject.nsiVDP::Samfunnsvitenskap: 200::Økonomi: 210::Bedriftsøkonomi: 213en_US


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