Abnorm avkastning för konkurrenter till budmottagande företag - En empirisk studie av företag listade på Nasdaq OMX Nordic

Sammanfattning: This paper aims to investigate abnormal returns for rivals to bidder targets in connection with the announcement of the bid. The study is based on 38 bids placed between September 2006 - January 2011 and 137 rival firms listed on Nasdaq OMX Nordic. We measure cumulative abnormal returns, CAR, for rival firms through an event study. We find that rival firms earn significant positive CAR in connection with the announcement of the bid. This is in line with the two-sided signaling effect presented by Akhigbe et al. (2000). Further, by performing a multiple regression we find that CAR for the rival firms is significantly positively related to the size of the bid premium. We also find that CAR is not significantly affected by the outcome of the bid, the size of the target firm and whether or not the bidder is domestic or foreign.