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Vinstvarningars påverkan på företag i Large och Small Cap?:  
Kristianstad University, School of Health and Society.
Kristianstad University, School of Health and Society.
2013 (Swedish)Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesisAlternative title
The effects of profit warnings on companies in Large and Small Cap? (English)
Abstract [sv]

Den här studien undersöker hur vinstvarningar påverkar stora och små företag. För att förklara dess påverkan på företagen har den effektiva marknadshypotesen och behavioral finance använts som grund. Avgränsningen har gjorts till Stockholmsbörsen då inga tidigare studier haft fokus på den. Empirin visar att företag i Large Cap påverkas med i snitt -4,63% och företagen i Small Cap med -8,42%. Large Cap visade signifikanta abnorma avkastningar under eventdatumet och dagen efter medan Small Cap endast visade signifikans under eventdatumet. Vid en portföljjämförelse mellan de två listorna ligger resultatet i linje med den effektiva marknadsteorin. Däremot vid detaljerade mappningar av företagens aktier kan anomalier hittas som kan förklaras av olika psykologiska fenomen inom behavioral finance.

Abstract [en]

This paper studies how profit warnings affect largeand small companies. The efficient market hypothesis and behavioral finance was used in orderto explain the affect of the profit warnings on the companies’ stocks. The boundary wasdetermined to be the Stockholm OMX since no previous studies had been performed in this particular fashion. The data demostrates that companies within Large Cap are affected with an average of -4,63% and the companies in Small Cap with -8,42%. Large Cap showed significantabnormal returns during the event date and the day after while Small Cap only showed significance during the event date. A portfolio comparison between the two lists reveals results that are in line with the efficient market hypothesis. However when using detailed data of thecompanies stocks some anomalies can be found, which can be explained by psychological phenomena within behavioral finance.

Place, publisher, year, edition, pages
2013. , 22 p.
Keyword [en]
Profit warning, Market Efficiency Hypothesis, Behavioral Finance
Keyword [sv]
Vinstvarningar, Marknadseffektivitetsteorin, Behavioral Finance
National Category
Business Administration
Identifiers
URN: urn:nbn:se:hkr:diva-10990OAI: oai:DiVA.org:hkr-10990DiVA: diva2:642309
Educational program
Degree of Bachelor of Science in Business and Economics
Supervisors
Examiners
Available from: 2013-08-28 Created: 2013-08-21 Last updated: 2013-08-28Bibliographically approved

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Vinstvarningars påverkan på företag i Large och Small Cap.(197 kB)205 downloads
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