Företagsförvärv och aktielikviditet : En eventstudie av huruvidaföretagsförvärv påverkar aktielikviditeten

Sammanfattning: This paper aims to examine if M&A affects the buying company’s stock liquidity days around the announcement. The study’s population consists of M&A transactions made on the Swedish markets OMXSPI and NASDAQ First North between 2010 and 2021. Furthermore, variables included in the regressions are the buying company’s market-to-book value, market cap, rank value, financing method and horizontal/vertical integration – where the illiquidity measures are quoted spread and relative effective spread. The findings suggests that there is a significant negative relation between horizontal M&A and the change in quoted spread and relative effective spread the day after the announcement. Additionally, there is a significant negative relation between cash- and stock financed M&A and the change in relative effective spread the days after the announcement. Nevertheless, the findings suggests that there is no significant effect of the buying company’s market-to-book, market cap or rank value on the change of stock liquidity the days around the M&A announcement. The results also indicates that there is no significance in the change of stock liquidity’s mean values the days before and after the M&A announcement. Hence, the economical interpretation is that M&A announcement does not significantly affect the stock liquidity in our population.