Browsing Thesis by Author "de Sousa, José Albuquerque"
Now showing items 1-20 of 22
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Carbon Risk in Cross-Border Acquisitions : Do acquirers consider carbon risk in cross-border acquisitions?
Tenfjord, Markus; Nedregaard, Thea Bowitz (Master thesis, 2022)In this master thesis, we study the role of carbon risk in acquisition decisions and how it is related to announcement returns. We analyze the likelihood of cross-border acquisitions based on certain industry and target ... -
Do agency costs of free cash flow impact private equity acquisitions : an empirical analysis of the free cash flow hypothesis’ impact on US private equity transactions
Blom, Dina Mørkved; Stranger-Johannessen, Thora (Master thesis, 2019)The bidders in the acquisition market can be divided into two groups, strategic and financial acquirers, where the majority of the latter group consists of private equity firms. The two groups have different purposes for ... -
Do Borrowers Benefit from Sustainability-Linked Loans? An analysis of explicit ESG information in loan contracts and borrowers’ incentives to enter sustainability-linked loans
Torsteinsen, Eira; Englund, Sofia (Master thesis, 2022)This thesis examines the explicit use of ESG information in loan contracts and borrowers' incentives to enter sustainability-linked loans (SLLs). We explore whether shareholders respond to announcements of sustainability-linked ... -
Do fossil fuel divestments from large capitalization fossil fuel firms lead to a change in emissions and returns?
Gilje, Carsten; Tørstad, Erlend (Master thesis, 2023)How should asset managers deal with the issue of divesting or engaging with fossil fuel companies? By looking at the effect divesting has on variables that are important to the fund and its owners. In this debate, we ... -
Does certification of green bonds add value to investors? : the role of CBI-certification in informational efficiency
Fossum, Maria Mainitz; Teigland, Hanne Kristine (Master thesis, 2020)This study looks into Climate Bonds Initiative’s certification of green bonds to see whether it provides value for investors and contributes to market efficiency. We explore whether issuers of certified bonds have a higher ... -
Does transparency impact market liquidity? : evidence from the European Union and United States equity markets
Helgheim, Bjørn Maagaard; Yue, Patrick Huang (Master thesis, 2021)We find evidence for increased market transparency to have a positive effect on equity market liquidity. Using data from EU and US equity markets, we estimate the effect of the implementation of the Markets in Financial ... -
The Effect of Sustainability on Bond Pricing : An empirical study of bonds issued by Norwegian savings and commercial banks
Fjellvær, Siri; Midtun, Signe K. Solstad (Master thesis, 2021)We find that Norwegian banks pay lower bond coupon rates for displaying sustainabilityrelated characteristics or for issuing green bonds. Using data on bonds issued by 29 Norwegian banks in the primary market, we estimate ... -
ESG - does it Pay in M&A? : investigating the ESG premium in mergers and acquisitions
Ung, Thuan Alexander; Urfe, Mads Nymoen (Master thesis, 2021)Using a sample of 762 international M&As, we find a positive effect of ESG performance on deal premia. We find that resource use, human rights, and management are the most important categories of ESG. These aspects might ... -
How Does a Firm’s Focus on ESG Factors Affect its Cost of Debt? Investigating Regional and Industry level ESG Materiality Factors and their Effect on Firm Cost of Debt.
Jamal, Hala Al; Salvati, Cristina (Master thesis, 2022)As ESG risk and ESG materiality concepts become increasingly important to firm and lender-level decision making, our paper aims to investigate the dynamic factors affecting industry and regional-level materiality. Our ... -
Institutional Ownership and ESG Performance : How does Norges Bank Investment Management impact the ESG performance of firms in its equity portfolio?
Raa, Kristoffer Utkilen; Tangen, Peder (Master thesis, 2023)This paper assesses whether institutional ownership impacts the environmental, social, and governance (ESG) performance of firms worldwide. To study this issue, we analyze financial metrics and ESG scores on 5444 companies ... -
Mergers & Acquisitions and ESG : The impact of ESG characteristics on the Takeover Premium
Dahlin, Alexander Kristian (Master thesis, 2021)his master’s thesis attempts to identify the value of ESG scores through the willingness of acquirers to pay a premium for ESG scores in M&A transactions. As the world is working to become climate friendly through international ... -
Mergers & Acquisitions and ESG : The impact of ESG characteristics on the Takeover Premium
Dahlin, Alexander Kristian (Master thesis, 2021)This master’s thesis attempts to identify the value of ESG scores through the willingness of acquirers to pay a premium for ESG scores in M&A transactions. As the world is working to become climate friendly through ... -
Publicly listed versus privately Owned : the cash conversion cycle Conundrum : a comparison of public and private companies in Norway
Aanesland, Sindre Myre; Nitter, Edvard (Master thesis, 2019)The objective of this thesis is bipartite. Firstly, we examine the effect of working capital management on return on invested capital for Norwegian companies. Secondly, we attempt to explain the differences in working ... -
R&D intensity and intangible assets effect on capital structure : an empirical analysis of the it services industry
Ruth, Anders; Nyvoll, Sebastian (Master thesis, 2019)In the 21st century, firms aim to meet consumer preferences in an absurdly rapid manner with new technological products and solutions. Innovation from R&D investments has become increasingly important to meeting this ... -
Retail investors’ preferences for lottery stocks : Are retail investors overinvesting in lottery-type stocks due to wealth constraints?
Myhre, Jørgen H. Halvorsen; Henriksen, Thomas Gausemel (Master thesis, 2020)We find that retail investors on aggregate are less attracted to stocks with highly skewed returns after an exogenous increase in stock tradability. Using data on the number of Robinhood investors owning U.S. stocks, we ... -
The role of M&A in managing emission risk: Do acquirers use M&A to improve their emission risk, and how does emission risk affect equity performance?
Nordlie, Johannes; Christensson, Harald Aleksander Bjerke (Master thesis, 2022)We study if companies use, or can use, M&A to reduce their emission risk and how this affects their short and long-term returns accounting for the materiality of emission-related issues. Our findings suggest that acquirers, ... -
Signaling with Green Bonds: The Role of Green Bond Exchanges in Europe
Burton, Eleanor Dorothy; Hovde, Johan Magnus (Master thesis, 2022)A key challenge in further developing the green bond market is establishing the “green credibility” of such bonds. While a number of studies have investigated the effectiveness of third-party certification as a credibility ... -
Sustainability Initiatives: Solution or Decoupling Tool? A Natural Resource-Based View on Sustainability and Financial Performance Effects of Membership in the UN Global Compact
Butz, Sven Arne; Warth, Robert Christopher (Master thesis, 2022)In absence of uniform global regulation for corporate sustainability conduct, initiatives such as the United Nations Global Compact (UNGC) are being established to promote voluntary ESG efforts. Although the UNGC claims ... -
Sustainable investment flows during crisis periods : Effects of Russian-Ukrainian war on SRI flows
Alvarez, Jorge Diaz; Lunde, Sindre Djupevik (Master thesis, 2023)The thesis focuses on political and military crises, specifically the Russian-Ukrainian war, to research the war’s effect on monetary Net Flow in European mutual funds. We found that there are statistically significant ... -
The War in Ukraine: A Turning Point for Sustainable Investing? An empirical study of investor preferences, performance and downside risk in the European mutual fund market
Bjørhovde, Håkon Gjelsvik; Sand, Martin Løkse (Master thesis, 2023)This thesis examines the impact of the war in Ukraine on sustainability-related investor preferences, performance, and exposure to downside risk in the European mutual fund market. We analyse a sample of 1,952 actively ...