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Ägarstrukturens påverkan vid värdering av bolag: Om aktiepriser kring rapportdagen
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Business Studies.
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Business Studies.
2015 (Swedish)Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesisAlternative title
Ownership structure’s impact and firm valuation : About stock prices around report days (English)
Abstract [sv]

Denna studie undersöker sambandet mellan ägarstruktur och annonseringseffekten vid bokslutskommunikén. Syftet är att undersöka om ekonomisk information redan är prissatt innan den offentliggörs och om det har samband med institutionellt ägande. Vidare undersöks om utländskt ägande påverkar värderingen, detta då inhemska investerare enligt tidigare forskning ska ha tillgång till mer information än utländska ägare. Hypoteserna bygger på förväntningen att information redan är prissatt och att institutioner således har ett informationsövertag gentemot övriga investerare. 

Studiens urval baseras på de 50 största bolagen mellan 2007-2013 på NASDAQ OMX Stockholm rangordnat på börsvärde. Annonseringseffekterna mäts från -2 till +2 dagar runt dagen då bokslutskommunikén offentliggör ekonomisk information. Studien avgränsas till att endast undersöka om en annonseringseffekt finns, ej vilka faktorer – förutom institutionellt och utländskt ägande – som ligger bakom annonseringseffekten.Studien finner ett positivt samband mellan annonseringseffekt och svenskt institutionellt ägande, vilket ej ligger i linje med teorin om informationsasymmetri.

Studien finner inget samband mellan utländskt ägande och annonseringseffekt, vilket ej ligger i linje med teorin om informationsasymmetri mellan utländskt och inhemskt ägande. Resultaten tyder på att institutioner inte har prissatt information innan den når marknaden, inte heller att utländska investerare har tillgång till mindre information än inhemska investerare.

Abstract [en]

This study examines the relationship between ownership structure and announcement effect at full year reports. The purpose is to examine if financial information already is reflected in share prices before it is published, and if it covaries with institutional ownership and (or) foreign ownership. The hypotheses are based on the expectation that information already is reflected in share prices and institutions, therefore, have an information advantage over other investors. The study is based on a sample of the 50 largest companies from 2007 to 2013 on NASDAQ OMX Stockholm, ranked by market capitalization.

The study finds a positive correlation between the announcement effect and Swedish institutional ownership, which does not support the theory of information asymmetry. Further, unlike the theory of information asymmetry between foreign and domestic ownership, the study finds no significant correlation between foreign ownership and the announcement of financial information. The results indicate that financial information is not priced into shares by institutions before the information reaches the market, nor that foreign investors have access to less information than domestic investors.

Place, publisher, year, edition, pages
2015. , 27 p.
Keyword [en]
Finance, ownership structure, institutional ownership, announcement effect, full year report
Keyword [sv]
Finansiering, ägarstruktur, institutionellt ägande, annonseringseffekt, bokslutskommuniké
National Category
Business Administration
Identifiers
URN: urn:nbn:se:uu:diva-255540OAI: oai:DiVA.org:uu-255540DiVA: diva2:822614
Subject / course
Business Studies
Educational program
Programme of Graduate Business Administration (HGO)
Supervisors
Examiners
Available from: 2015-06-22 Created: 2015-06-16 Last updated: 2015-06-22Bibliographically approved

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Ägarstrukturens påverkan, UU(1027 kB)66 downloads
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