Är Marknaden Varse om Varsel?
En studie om den svenska kapitalmarknadens reaktion på varsel om uppsägning
The purpose of this study is to examine the capital market reaction generated by layoff announcements. The study takes place in Sweden and tests 138 news concerning layoffs which are categorized according to a content analysis. They are divided as: positive or negative news. The layoffs are also divided into three subgroups with varying sizes: 0,98 percent or less, between 0,99 and 4,49 percent or 4,5 percent or larger. The study uses an event study method to measure the reaction of the capital market. The abnormal returns are measured and tested. The results presents a significant negative result two days prior to the announcement (apart from the when 0,98 percent or less where laid off). The size of a layoff seems to be of no interest for the shareholders and the negative news generated the only significant cumulative abnormal return.