Takeover Prediction as a Portfolio Strategy

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dc.contributor Aalto University en
dc.contributor Aalto-yliopisto fi
dc.contributor.advisor Nyberg, Peter
dc.contributor.author Yli-Seppälä, Joel
dc.date.accessioned 2018-06-29T10:09:21Z
dc.date.available 2018-06-29T10:09:21Z
dc.date.issued 2018
dc.identifier.uri https://aaltodoc.aalto.fi/handle/123456789/32522
dc.description.abstract In this study, I have tested several takeover prediction theories by using a logistic regression model. The results suggest that takeover targets have common characteristics such as small size, low Tobin’s Q and high return on assets. In addition, the growth-resource mismatch theory is supported. Furthermore, the takeover prediction model is used to develop an investment strategy. However, because takeover targets and distressed companies tend to have common characteristics, the strategy is developed based on a combination of a statistical takeover prediction model and the distance to default model. The strategy is tested by using different portfolio sizes and default probability constraints. As a result, the investment strategy is found to produce statistically significant abnormal returns. en
dc.format.extent 71 + 11
dc.language.iso en en
dc.title Takeover Prediction as a Portfolio Strategy en
dc.title Yritykauppojen ennustaminen portfolio strategiana fi
dc.type G2 Pro gradu, diplomityö fi
dc.contributor.school Kauppakorkeakoulu fi
dc.contributor.school School of Business en
dc.contributor.department Rahoituksen laitos fi
dc.subject.keyword takeover prediction en
dc.subject.keyword default prediction en
dc.subject.keyword market timing en
dc.subject.keyword abnormal returns en
dc.subject.keyword portfolio strategy en
dc.identifier.urn URN:NBN:fi:aalto-201806293932
dc.type.ontasot Master's thesis en
dc.type.ontasot Maisterin opinnäyte fi
dc.programme Finance en
dc.subject.helecon rahoitus fi
dc.subject.helecon ennusteet fi
dc.subject.helecon mallit fi
dc.subject.helecon yrityskaupat fi
dc.subject.helecon konkurssit fi
dc.subject.helecon sijoitukset fi
dc.subject.helecon strategia fi
dc.ethesisid 17214
dc.location P1 I fi

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