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Marknadseffektivitet och det systematiska felet: Finansanalytikers och Ekonomijournalisters marknadspåverkan
Linnaeus University, School of Business and Economics, Department of Management Accounting and Logistics.
Linnaeus University, School of Business and Economics, Department of Management Accounting and Logistics.
2015 (Swedish)Independent thesis Advanced level (degree of Master (One Year)), 20 credits / 30 HE creditsStudent thesisAlternative title
Market Efficiency and the Systematical Error (English)
Abstract [sv]

Forskningen kring effektiva marknader är uppdelad; ena sidan påstår att marknaden är fullständigt effektiv och det inte går att skapa någon form av överavkastning. Andra sidan hävdar tvärtemot att endast historisk information reflekteras i dagens priser. På kort sikt kan det finns en viss ineffektivitet och de flesta erkänner att marknaden innehåller anomalier

Syftet med denna studie är att undersöka om det existerar systematiska fel beträffande informationsflöden som pekar mot att den svenska aktiemarknaden inte är av semi-stark form eller stark form av effektivitet

Vi utgår från tre metodologiska ställningstaganden; utgångspunkt, forskningsansats samt kunskapssyn. En deduktivt kvantitativ metod tillämpas och vi applicerar metoden för event study.

Vi finner stöd för att det finns systematiska fel i marknaden beträffande informationsflöden i form av aktierekommendationer. Resultaten antyder att den svenska aktiemarknaden inte är av starkt effektiv form och i ett fall av fyra finner vi att den inte heller besitter semi-stark form. 

Abstract [en]

Research concerning efficient markets are divided into two camps; the one hand, claims that the market is fully efficient and it is not possible to create any kind of excess returns. The other side argues the contrary that only historical information are reflected in today’s prices. Short term, there is some inefficiency and most recognize that the market contain anomalies

The purpose is to investigate whether there exist indications regarding flows of information to the Swedish stock market suggesting a semi-strong form or strong form of efficiency.

We start from three methodological statements; starting point, the research approach and epistemological beliefs. A deductive quantitative methodology is used, and we apply the method of event study.

We find evidence for the existence of systematic errors in the market in terms of flows of information in the form of stock recommendations. The results suggest that the Swedish stock market is not of the strong efficient form and in one case out of four, we find that it does not possess the semi-strong form. 

Place, publisher, year, edition, pages
2015. , 133 p.
Keyword [en]
Financial Analyst, Financial journalists, First Hand Information, Second Hand Information, Semi- strong form, Weak form, Strong form, Market Efficiency, Systematic Error, Anomaly
Keyword [sv]
Finansanalytiker, Ekonomijournalister, Förstahandsinformation, Andrahandsinformation, Semi- stark form, Svag form, Stark form, Marknadseffektivitet, Systematiskt fel, Anomali, internet
National Category
Business Administration
Identifiers
URN: urn:nbn:se:lnu:diva-44914OAI: oai:DiVA.org:lnu-44914DiVA: diva2:824322
Subject / course
Business Administration - Accounting
Educational program
Business Administration and Economics Programme, 240 credits
Supervisors
Examiners
Available from: 2015-06-22 Created: 2015-06-22 Last updated: 2015-06-22Bibliographically approved

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CiteExportLink to record
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Citation style
  • apa
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Output format
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