Master theses
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Acquisition Premiums and Market Shocks: Firm-Level Evidence from Global M&A Transactions
(2025-07-07)This thesis examines the determinants of acquisition premiums in 944 global M&A transactions from 2005 to 2024. Using multivariate regression, it analyzes how firm-specific financial factors, buyer type, transaction ... -
Can Safety and Profitability Coexist? Performance Analysis of Pairs Trading among S&P 500 Stocks
(2025-07-07)This study examines the effectiveness of pairs trading strategies in U.S. equity markets from 2005 to 2024, with a particular focus on how trading volume affects performance. Using a comprehensive approach that analyzes ... -
The Impact of Basel III on Bank Profitability in the EU: A Study of Bank Size Differences
(2025-07-07)The global financial crisis in 2007-2008 highlighted significant weaknesses in banking regulation and triggered the development of Basel III, a comprehensive framework aimed at enhancing financial stability through regulations ... -
Enhancing Credit Rating Prediction with Machine Learning and Explainable AI: Insights into Feature-Level Drivers of Creditworthiness
(2025-07-07)The purpose of the study is to examine how machine learning models can improve the prediction of a company’s credit rating with the help of financial ratios. By comparing traditional statistical methods with more ... -
Bridging the financing gap for biodiversity in emerging and developing markets – A case study on Brazil
(2025-07-07)Biodiversity loss is one of the greatest long term threats to humanity with 55% of the global GDP being directly linked to nature and its essential services. Despite its critical importance, a substantial biodiversity ... -
Trading on the Inside- An Analysis of Insider Trading and Informational Value Decompositions
(2025-07-07)This thesis investigates whether insider purchases and sales by CEOs and CFOs in Sweden are associated with abnormal stock returns, focusing on long-term, risk-adjusted performance. To evaluate differences in informativeness, ... -
How Sustainability Regulation and Institutional Investor Influence Affect Corporate Emissions- Evidence from the Non Financial Reporting Directive and the Swedish Fourth National Pension Fund
(2025-07-07)This paper aims to investigate the impact of institutional investors and reporting standards on firm behaviour. More specifically, it examines the effect of the EU's Non Financial Reporting Directive (NFRD) and the Fourth ... -
Sustainability Signals and Market Reactions: ESG and IPO Underpricing Across Legal Jurisdictions
(2025-07-07)The relationship between Environmental, Social and Governance (ESG) commitments and IPO underpricing across legal jurisdictions was investigated. Using a cross-sectional dataset of 692 IPOs between 2015 and 2025, the study ... -
Forecasting Value at Risk with Deep Learning: Benchmarking LSTM Models Against Conventional Techniques
(2025-07-07)This project introduces new applications of machine learning in financial risk management. Two different deep learning models using Long Short-Term Memory (LSTM) are developed to estimate Value-at-Risk (VaR) at a 95% ... -
Predicting Global Stock Returns Using Commodities: A Gradient Boosting Decision Tree Approach
(2025-07-07)We examine the predictability of stock returns using commodity futures prices across 39 countries from 1999 to 2024 using the XGBoost implementation of the Gradient Boosting Decision Tree approach. There is evidence of ... -
Firm-Level Political Sentiment and Financial Outcomes: Evidence from the Nordic Region
(2025-07-07)This thesis investigates whether political sentiment by managers during quarterly earnings calls predicted firm-level financial performance in the Nordics. Capitalizing on Hassan et al.'s (2019) political tone index, ... -
Evaluating the Adequacy of Skin in the Game in Central Counterparties- Investigating the Theory-Practice Gap
(2025-07-07)Central counterparties (CCPs) are increasingly important in modern financial markets. They lower the counterparty credit risk for their members, usually a bank or a brokerage firm, by acting as an intermediary between ... -
The Impact of Board Gender Diversity on Capital Structure and Risk-Taking: Evidence from Swedish Listed Companies
(2025-07-07)Using a panel of 3,468 Swedish listed firm–year observations from 2010–2023, this thesis examines how board gender diversity affects corporate risk-taking and policy decision making. Employing OLS with industry and year ... -
Risk Analysis of Equity-Bond Portfolios with Default-Driven Stock Price Jumps
(2025-07-07)In this thesis, we study the risk of a portfolio consisting of stocks and bonds, where bond defaults trigger downward jumps in stock prices. To evaluate the portfolio’s risk exposure, we use Value-at-Risk (VaR) as the ... -
Pre-Bid Run-Ups and Information Leakage in Sweden: An Empirical Analysis of Domestic and Cross-Border Acquisitions
(2025-07-07)Pre-bid run-ups are a debated issue in M&A, referring to increases in public target firms’ stock prices prior to takeover bids, raising concerns about insider trading. In this study, we examine pre-bid run-ups for Swedish ... -
IPO underpricing and long-term stock performance- Evidence from Sweden
(2025-07-07)This thesis explores the long-term effects of IPO underpricing on stock performance in the Swedish market. From a sample of companies which are listed on Nasdaq Stockholm between the years of 2009 and 2019, the study ... -
A Subsidy Race for Clean-Tech Dominance: A Comparative Analysis on the Impact of Subsidies on Clean-Tech Trade Flows between China, the EU, and the US
(2025-07-07)As clean-energy technologies become central to economic and industrial strategy, governments are increasingly deploying subsidies to promote domestic production and global competitiveness. This thesis investigates how such ... -
Determinants of Short-Run IPO Performance Evidence from Swedish IPOs
(2025-07-07)This thesis examines how pre-IPO deal-level characteristics influence short-term market performance for Swedish IPOs from 2001 to 2024. Specifically, it analyzes the effects of free float, the ratio of secondary shares ... -
Overvalued Equity or Stable Cash: Insights from the M&A Landscape in Sweden
(2025-07-07)This thesis explores how the choice of financing affects the performance of acquiring firms in Swedish M&A deals between 2000 and 2024. A dataset of 215 transactions is applied on both an event study and calendar-time ... -
How does ESG ratings impact information asymmetry in European stock markets?
(2025-07-07)This study investigates the relationship between environmental, social and governance (ESG) performance and information asymmetry in European financial markets. Using a panel dataset of large-cap European firms between ...
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