Likviditetsvägen till mer informerade investeringsbeslut: En studie om sambandet mellan ägarkoncentration och likviditet på Nasdaq OMX.
Independent thesis Advanced level (degree of Master (One Year)), 20 credits / 30 HE creditsStudent thesis
Abstract Master Thesis in Business Administration, School of Business and Economics at the Linnaeus University, 2013 Authors: William Funseth and Tobias Åkesson Supervisor: Magnus Willesson Examiner: Sven-Olof Yrjö Collin Title: The liquidity route to more informed investment decisions - A study on the relationship between concentration of ownership and liquidity on Nasdaq OMX. Background and problem: Previous studies have shown that liquidity can explain differences in returns in corporate shares, the company's cost of capital and the valuation of the company. Based on the effects of liquidity we developed a research question concerning how concentration of ownership effects liquidity of corporate shares the studies conducted for companies listed on Nasdaq OMX during a period with major changes on the stock market and is also investigating weather other company-specific differences can explain differences in liquidity. Purpose: The study's purpose is to study the relationship between ownership concentration and liquidity, and whether other factors might explain differences in liquidity. Method: The study is conducted with a quantitative method and it’s based on data collected from 2006-2011 for companies listed on Nasdaq OMX. This collection method generated 891 observations for each variable and the study yielded a total of 7138 observations with a final loss of 23.5% companies for our sample. We formed a hypothesis to answer the research question and achieve the purpose of the study. Conclusions: The study's results confirm the study hypothesis of a negative relationship between ownership concentration and liquidity and we thus helps to supplement the existing theory in the field. We also find that firm-specific differences can be used to explain differences in liquidity. Investors can use the results of this study to make more informed investment decisions based on how ownership concentration affects liquidity.
Place, publisher, year, edition, pages
2013. , 100 p.
IdentifiersURN: urn:nbn:se:lnu:diva-26424OAI: oai:DiVA.org:lnu-26424DiVA: diva2:627831
Business Administration and Economics Programme, 240 credits
Willesson, Magnus, Lektor
Collin, Sven-Olof Yrjö, Professor