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Sambandet mellan indikatorer och aktieavkastning vid nyemissioner: En undersökning på den svenska marknaden
Södertörn University, School of Business Studies.
2012 (Swedish)Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesisAlternative title
The relationship between predictors and stock returns in the new equity issues matter : A study of the Swedish Market (English)
Abstract [sv]

Syfte: Studien undersöker om det finns ett samband mellan ekonomiska indikatorer och den årliga aktieavkastningen ett år framåt på den svenska marknaden för företag som genomfört nyemission och jämförs med en benchmark som består av företag som inte genomfört nyemission.

Metod: Uppsatsen utgår från en kvantitativ undersökning där multipel regressionsanalys används för att undersöka sambandet mellan indikatorer och aktieavkastningen vid nyemissioner under tidsperioden 2002 – 2010.

Slutsats: Utifrån resultaten kunde vissa signifikanta samband konstateras mellan indikatorerna och totalavkastningen för nyemissionsgruppen. Det visade att totalavkastningen sjunker det året företag genomför nyemission jämfört med totalavkastningen året innan nyemissionen. Det kunde konstateras att marknaden är ineffektiv till en viss utsträckning i samband med nyemissioner. För benchmark kunde resultaten dock inte säkerställas på grund av att statistisk felkälla förekom i regressionsmodellen.

Abstract [en]

Purpose: The study examines if there is any significant relationship between predictors and the one year ahead stock returns in the Swedish market for company that have issued new equity and it is compared to a benchmark consisting of companies that have not made any new equity issues.

Method: The essay is based on a quantitative study where a multiple regression analysis is used to examine the relationship between predictors and stock returns for company that have issued new equity during a time period of 2002 – 2010.

Conclusion: Based on the results significant relationship between some predictors and stock returns could be found for the new equity issue group of company. It showed that stock returns decline the same year companies issue new equity compared to the year before new equity is issued. It was noted that the market is inefficient to a certain extent in the new equity issues matter. As for the benchmark the results could not be ensured and interpreted due to statistical errors occurring in the regression model.

Place, publisher, year, edition, pages
2012. , 77 p.
Keyword [en]
New Equity Issues, Market Efficiency, Predictors, Indicators, Stock Returns.
Keyword [sv]
Nyemissioner, Marknadseffektivtet, Indikatorer för aktieavkastning.
National Category
Business Administration
Identifiers
URN: urn:nbn:se:sh:diva-16354OAI: oai:DiVA.org:sh-16354DiVA: diva2:531596
Subject / course
Business Studies
Uppsok
Social and Behavioural Science, Law
Supervisors
Examiners
Available from: 2012-06-08 Created: 2012-06-07 Last updated: 2012-06-08Bibliographically approved

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CiteExportLink to record
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