| dc.description.abstract | This dissertation examines the short- and long-term performance of acquiring firms in the
Nordic market from 2006 to 2021. We divide acquirers into three groups and evaluate their
performance relative to each other and the market. Our short-term analysis uses an event study
to measure the Cumulative Abnormal Return (CAR) generated by acquirers and assess the
presence of hubris and learning. The short-term results indicate that single acquirers
outperform serial acquirers by 1.34 to 1.56 percentage points, and all acquirers outperform the
market by 1.35 to 2.91 percentage points in the event window. Further, our results indicate the
presence of hubris and learning, but the effect of hubris appears to dominate learning among
Nordic serial acquirers. Three Calendar-Time Portfolios (CTPs) are created to measure longterm
performance. The excess returns from the CTPs are estimated using different asset
pricing models. In the long term, programmatic acquirers consistently outperform other
acquirers and the market by 0.88 to 1.32 percentage points per month. Our findings suggest
that this outperformance is associated with a well-defined M&A strategy, aligning with the
observations of practitioners. | en_US |
