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  • 1.
    Abrahamson, Martin
    et al.
    Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Business Studies.
    De Ridder, Adri
    Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Business Studies.
    Allocation of shares to foreign and domestic investors: Firm and ownership characteristics in Swedish IPOs2015In: Research In International Business and Finance, ISSN 0275-5319, E-ISSN 1878-3384, Vol. 34, p. 52-65Article in journal (Refereed)
    Abstract [en]

    In this article, we analyze underpricing of initial public offerings (IPOs) and holdings following offerings in Sweden. By exploiting a unique hand-collected data set with information on the ultimate holdings by institutional and individual investors, as well as boards of directors, we find, as most prior studies, that IPOs on average are underpriced. IPOs with low (high) initial return have higher (lower) holdings by individual investors. Institutional investors are, to a greater extent than individual investors, also able to identify underpriced firms.

  • 2.
    Abrahamson, Martin
    et al.
    Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Business Studies.
    de Ridder, Adri
    Högskolan på Gotland, Institutionen för humaniora och samhällsvetenskap.
    Executive Compensation Contracts and Ownership Structure2010Conference paper (Refereed)
    Abstract [en]

    We study executive compensation packages and ownership structures for a sample of firms listed on the Stockholm Stock Exchange over the period 1999 to 2008. The basic question we raise is whether strong CEOs can set their own salaries and bonuses given the composition of group management and institutional ownership. With the use of exclusive ultimate ownership records we can identify the relationship between ownership and executive compensation. Collectively, we find a positive relationship between strong CEOs and compensation. Moreover, compensation is related to the composition of ownership and breadth of ownership. Firms with high foreign institutional ownership are associated with higher compensation to the CEO.  These results affect the possibility of an all European compensation strategy.

  • 3.
    Abrahamson, Martin
    et al.
    Gotland University, School of the Humanities and Social Science.
    de Ridder, Adri
    Gotland University, School of the Humanities and Social Science.
    Executive Compensation Contracts and Ownership Structure2010In: / [ed] Prof. Lars Oxelheim, 2010, p. 1-19Conference paper (Refereed)
    Abstract [en]

    We study executive compensation packages and ownership structures for a sample of firms listed on the Stockholm Stock Exchange over the period 1999 to 2008. The basic question we raise is whether strong CEOs can set their own salaries and bonuses given the composition of group management and institutional ownership. With the use of exclusive ultimate ownership records we can identify the relationship between ownership and executive compensation. Collectively, we find a positive relationship between strong CEOs and compensation. Moreover, compensation is related to the composition of ownership and breadth of ownership. Firms with high foreign institutional ownership are associated with higher compensation to the CEO.  These results affect the possibility of an all European compensation strategy.

  • 4.
    Abrahamson, Martin
    et al.
    Gotland University, School of the Humanities and Social Science.
    de Ridder, Adri
    Gotland University, School of the Humanities and Social Science.
    Strong CEOs and Ownership StructureManuscript (preprint) (Other academic)
    Abstract [en]

    Purpose

    The purpose of this paper is to examine compensation to Swedish executives over the period 1999 to 2008 and whether domestic and foreign equity ownership influence levels.

    Design/methodology/approach

    We use the strength of the Chief Executive Officer (CEO), defined as the ratio between total compensation to the CEO and total compensation to Group management, as our primary variable of interest. Cross-sectional regression analysis is used to examine if the domiciles of stockholders as well as firm specific factors can predict compensation.

    Findings

    We find a positive relationship between compensation levels to the CEO and foreign institutional investors. Higher foreign institutional holdings reduce the strength of the CEO. Our findings do not support the claim that compensation to CEO is related to firm behaviour or market related valuation measures.

    Practical implications

    This paper finds that holdings by foreign investors are negatively related to the strength of the CEO.

  • 5.
    Abrahamson, Martin
    et al.
    Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Business Studies.
    de Ridder, Adri
    Högskolan på Gotland, Institutionen för humaniora och samhällsvetenskap.
    Valuation of Swedish IPO Companies: Who Receives the Money Left on the Table?2011In: 2nd Annual Nordic Financial Accounting, 2011Conference paper (Refereed)
    Abstract [en]

    We study underpricing and equity holdings following initial public offerings (IPOs) in Sweden over the sample period 2000 through 2010. By exploiting a unique data set, with information of the ultimate holdings by institutional as well as individual investors in these firms, we make several original contributions to the existing literature related to IPOs as our data are sharper and more detailed than what have been used in prior studies. We document, as most prior studies of IPOs, that they on average are underpriced (i.e., associated with a positive initial return). IPOs with low (high) initial return have higher (lower) equity holdings by retail investors. We find that institutional investors are, to greater extent than individual investors, able to identify firms with a high initial return (i.e. receives the money left on the table). Hence, our data support the generally accepted view that institutional investors are better equipped to process information. We also confirm that the relationship between underpricing (the initial return) and offer price is U-shaped, as first reported by Fernando, Krishnamurty and Spindt (2004). Our multivariate analysis shows that individual investors have preferences for low priced IPOs whereas domestic (foreign) institutional investors have preferences for low (high) priced IPOs. Our analysis of domicile of institutional investors indicates that foreign institutional investors have preferences for holdings in IPOs characterized by a high initial return and large capitalization values. Analysis of overseas institutional holdings indicates existence of information asymmetries related to distance.

     

  • 6.
    Abrahamson, Martin
    et al.
    Gotland University, School of the Humanities and Social Science.
    de Ridder, Adri
    Gotland University, School of the Humanities and Social Science.
    Valuation of Swedish IPO Companies: Who Receives the Money Left on the Table?2011In: 2nd Annual Nordic Financial Accounting, 2011Conference paper (Refereed)
    Abstract [en]

    We study underpricing and equity holdings following initial public offerings (IPOs) in Sweden over the sample period 2000 through 2010. By exploiting a unique data set, with information of the ultimate holdings by institutional as well as individual investors in these firms, we make several original contributions to the existing literature related to IPOs as our data are sharper and more detailed than what have been used in prior studies. We document, as most prior studies of IPOs, that they on average are underpriced (i.e., associated with a positive initial return). IPOs with low (high) initial return have higher (lower) equity holdings by retail investors. We find that institutional investors are, to greater extent than individual investors, able to identify firms with a high initial return (i.e. receives the money left on the table). Hence, our data support the generally accepted view that institutional investors are better equipped to process information. We also confirm that the relationship between underpricing (the initial return) and offer price is U-shaped, as first reported by Fernando, Krishnamurty and Spindt (2004). Our multivariate analysis shows that individual investors have preferences for low priced IPOs whereas domestic (foreign) institutional investors have preferences for low (high) priced IPOs. Our analysis of domicile of institutional investors indicates that foreign institutional investors have preferences for holdings in IPOs characterized by a high initial return and large capitalization values. Analysis of overseas institutional holdings indicates existence of information asymmetries related to distance.

     

  • 7.
    Abrahamson, Martin
    et al.
    Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Business Studies.
    de Ridder, Adri
    Högskolan på Gotland, Institutionen för humaniora och samhällsvetenskap.
    Råsbrant, Jonas
    Kungliga Tekniska Högskolan.
    Information Asymmetries among European Investors: Evidence from Swedish IPOs2011In: 13th Annual SNEE (Swedish Network for European Economic Research) Conference, May 17-20, 2011 . Session F1: European Corporate Finance / [ed] Prof. Lars Oxelheim, 2011, p. 1-16Conference paper (Refereed)
    Abstract [en]

    We study underpricing and equity holdings following initial public offerings (IPOs) in Sweden over the sample period 2000 through 2009. We document, as most prior studies of IPOs, that they on average are underpriced (i.e., associated with a positive initial return). IPOs with a low (high) initial return have higher (lower) equity holdings by retail investors. Our analysis of domicile of institutional investors indicates that foreign institutional investors have preferences for holdings in IPOs characterized by a high initial return and large capitalization values. Analysis of overseas institutional holdings indicates existence of information asymmetries related to distance.

  • 8.
    Abrahamson, Martin
    et al.
    Gotland University, School of the Humanities and Social Science.
    de Ridder, Adri
    Gotland University, School of the Humanities and Social Science.
    Råsbrant, Jonas
    Kungliga Tekniska Högskolan.
    Information Asymmetries among European Investors: Evidence from Swedish IPOs2011In: 13th Annual SNEE (Swedish Network for European Economic Research) Conference, May 17-20, 2011 . Session F1: European Corporate Finance / [ed] Prof. Lars Oxelheim, 2011, p. 1-16Conference paper (Refereed)
    Abstract [en]

    We study underpricing and equity holdings following initial public offerings (IPOs) in Sweden over the sample period 2000 through 2009. We document, as most prior studies of IPOs, that they on average are underpriced (i.e., associated with a positive initial return). IPOs with a low (high) initial return have higher (lower) equity holdings by retail investors. Our analysis of domicile of institutional investors indicates that foreign institutional investors have preferences for holdings in IPOs characterized by a high initial return and large capitalization values. Analysis of overseas institutional holdings indicates existence of information asymmetries related to distance.

  • 9.
    Baker, Kent
    et al.
    Amer Univ, Dept Finance & Real Estate, Kogod Sch Business, Washington, DC 20016 USA.
    de Ridder, Adri
    Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Business Studies.
    De Vries, Annalien
    Stellenbosch Univ, Dept Business Management, Stellenbosch, South Africa.
    Stockholdings of first-time and more experienced investors2018In: Review of Behavioral Finance, ISSN 1940-5979, Vol. 10, no 2, p. 146-162Article in journal (Refereed)
    Abstract [en]

    Purpose The purpose of this paper is to examine whether socio-economic factors influence portfolio composition of individual investors investing in stocks for the first time and how these factors relate to stock portfolio performance. Design/methodology/approach The study uses cross-sectional time-series analysis to examine a unique and detailed data set of Swedish stockholdings. Findings The results show that first-time investors do not hold diversified portfolios. They experience high market risk and, on average, underperform more experienced investors. Males have higher unsystematic risk in their portfolios than females and older investors have more diversified portfolios compared to younger investors. Research limitations/implications The results show that individual investors should improve their insights by incorporating risk when investing in stocks. Practical implications Given the results of this paper, the movement from defined benefit to defined contribution pension schemes in many countries raises the issue of the need to better understand and monitor the risks in stock portfolios. Originality/value This study provides insights into whether socio-economic factors influence portfolio composition, the extent to which socio-economic factors and portfolio characteristics relate to portfolio returns, and whether portfolio performance between first-time and more experienced investors differs.

  • 10.
    Bakera, H. Kent
    et al.
    Amer Univ, Kogod Sch Business, Dept Finance & Real Estate, 4400 Massachusetts Ave NW, Washington, DC 20016 USA..
    de Ridder, Adri
    Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Business Studies.
    Payout policy in industrial and financial firms2018In: Global Finance Journal, ISSN 1044-0283, E-ISSN 1873-5665, Vol. 37, p. 138-151Article in journal (Refereed)
    Abstract [en]

    Using a sample of Swedish publicly listed firms between 1970 and 2013, we examine whether payout policy differs between industrial and financial firms. Specifically, we investigate whether payouts and their composition (primarily dividends and stock repurchases) differ between firms. We find that dividends are the major vehicle in distributing earnings to shareholders and also that payouts are more frequent for financial than industrial firms. Stock repurchases have not replaced dividends in Sweden. The total payout ratio, including dividends, stock repurchases, and other forms of cash distributions to shareholders relative to earnings are roughly the same for industrial and financial firms. Financial firms are more reluctant to cut or omit dividends than industrial firms. Our examination of dividend smoothing shows that although both industrial and financial firms smooth dividends, they tend to smooth less during the last two decades as indicated by an increase in the speed of adjustment.

  • 11.
    Burnie, David A.
    et al.
    Haworth College of Business, Western Michigan University.
    de Ridder, Adri
    Gotland University, Department of Business Administration.
    Far tail or extreme day returns, mutual fund cash flows and investment behaviour2010In: Applied Financial Economics, ISSN 0960-3107, E-ISSN 1466-4305, Vol. 20, no 16, p. 1241-1256Article in journal (Refereed)
    Abstract [en]

    This study examines the frequency of extreme trading days and investment behaviour in Sweden. We show that the frequency, as well as the magnitude of extreme trading days has increased over time. We also show that the frequency of extreme trading days in a year is positively correlated to the frequency the preceding year. Furthermore, we show that aggregate cash flows into equity and bond funds are unrelated to risk measured by standard deviation of return. Our findings show that investors, individuals as well as corporations, use simple passive investment strategies and hence, do not believe in market timing or wish to risk capital on capturing far tail or black swan type returns.

  • 12.
    Burnie, David
    et al.
    Haworth College of Business Western Michigan University.
    de Ridder, Adri
    Gotland University, School of the Humanities and Social Science.
    Do Stock Prices Conform to an Absolute Price Level?2011Conference paper (Refereed)
    Abstract [en]

    We study nominal and real stock prices in Sweden over the one hundred and ten year period 1900-2009. We find that the average stock price has declined over time; consistent with the drop in price levels found by Chittenden et al. (2010) but while falling they do not exhibit the constant price level suggested by Weld et al. (2009) given the continued decline in prices over time. In a multivariate setting, the frequency of stock splits, stock dividends and IPOs are positively related to the frequency for these events the prior year and the recent 2-year overall return on the market. We find that there is a greater propensity for a stock split, a stock dividend or an IPO when market returns are higher. In further tests of the price change we find a positive relationship between the price difference to the median price for stock splits and stock dividends and a positive relationship to the 2-year overall market return for stock splits. We conclude that the primary reason for an action such as a stock split, “to make the stock affordable”, is valid for our sample.

  • 13.
    de Ridder, Adri
    Gotland University, School of the Humanities and Social Science.
    Billiga och dyra aktier: några iakttagelser2010In: Gotlandsakademiker tycker om ...: 2010 / [ed] Adri de Ridder, Åke Sandström, Visby: Gotland University Press , 2010, p. 101-116Chapter in book (Other academic)
  • 14.
    de Ridder, Adri
    Gotland University, Department of Business Administration.
    Förekomst av extremdagar på Stockholmsbörsen2009In: Gotlandsakademiker tycker om … / [ed] Adri De Ridder, 2009, p. 39-45Chapter in book (Other academic)
  • 15.
    de Ridder, Adri
    Gotland University, Department of Business Administration.
    Gotlandsakademiker tycker om ...: 20092009Collection (editor) (Other academic)
  • 16.
    de Ridder, Adri
    Gotland University, Department of Business Administration.
    Implementation of Buy-Back ProgramsManuscript (preprint) (Other academic)
    Abstract [en]

    This paper documents how Swedish firms implemented and executed open-market sharerepurchases over the period 2000 to 2007 by using a unique hand-collected data set withdetailed information of each repurchase transaction. I find that my sample firms have a higherrepurchase fraction in the first half of the repurchase year. Analysis of liquidity of stocksoffers mixed results as the first proxy, turnover, improves in the second half of the program,whereas the Amihud measure of illiquidity indicates lower liquidity. Positive abnormalreturns following approval of the repurchase program is documented and large repurchaseprograms are associated with higher abnormal returns. My multivariate analysis indicates apositive correlation between abnormal return and repurchase size. Finally, I also find thatmanagers in repurchasing firms exhibit market timing skill, a skill which is more pronouncedfor firms with multiple programs.

  • 17.
    De Ridder, Adri
    Gotland University, Department of Business Administration.
    Share Repurchases and Firm Behavior2009In: International Journal of Theoretical and Applied Finance, ISSN 0219-0249, Vol. 12, no 5, p. 605-631Article in journal (Refereed)
    Abstract [en]

    Share repurchases have become an increasingly popular method for companies to distribute cash to its shareholders as many countries have removed restrictions related to this activity. By using a new and unique data set with complete information of each repurchase program, the long-run share price performance following actual share repurchases and whether managers trade strategically are examined for a sample of Swedish firms. I find that the announcement effect surrounding the first repurchase date is small but that repurchasing firms on average outperform several benchmarks during the first three years and thereby exhibit superior information of the stock price. Evidence of strategic trading is documented in small market cap firms. Finally, I document that Swedish firms repurchase more in the first half compared to the second half of the program and also that a higher completion rate is associated with high abnormal return.

  • 18.
    de Ridder, Adri
    et al.
    Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Business Studies.
    Burnie, David A.
    Western Michigan Univ, Haworth Coll Business, Kalamazoo, MI 49008 USA..
    Managerial actions and nominal stock price levels2016In: European Journal of Finance, ISSN 1351-847X, E-ISSN 1466-4364, Vol. 22, no 14, p. 1435-1456Article in journal (Refereed)
    Abstract [en]

    We examine nominal and real stock prices and the sequential price pattern of stock dividends and stock splits. We find that the average stock price has been fairly stable over time except for two decades in the beginning and end of the twentieth century. Inclusion of these periods yield a decline over time which is generally consistent with the drop in price levels found by Chittenden et al. [2010. A Note on Affordability and the Optimal Share Price. Financial Review 45: 205-216]. In a multivariate setting, the frequency of stock dividends and stock splits is positively related to the frequency for these events the prior year and recent market return. In further tests of the price change we find a positive relationship to the median price change for stock dividends/splits and negatively to labour income growth for stock splits. These findings indicate that stock price reduction via stock dividends and splits attracts individual investors as income grows. One key conclusion is that the primary reason for any stock action, dividend or split, is to fit the norm' stock price level of the market.

  • 19.
    de Ridder, Adri
    et al.
    Gotland University, School of the Humanities and Social Science.
    Burnie, David A.
    Haworth College of Business, Western Michigan University, Kalamazoo, MI, USA.
    Råsbrant, Jonas
    KTH Royal Institute of Technology, SE-100 44 Stockholm, Sweden.
    Institutional investors' holdings surrounding equity rights offerings2012In: Global Finance Journal, ISSN 1044-0283, E-ISSN 1873-5665, Vol. 23, no 2, p. 125-140Article in journal (Refereed)
    Abstract [en]

    We examine shareholding surrounding Swedish rights offerings using detailed information on the ownership in firms. We analyze shareholding levels and their changes for domestic and foreign institutional investors. As institutional holdings change, domestic institutions increase their holdings more than foreign institutions. Our examination of low and high buying activities by institutional investors surrounding rights offerings shows no stock picking ability, thus not supporting the “smart-money hypothesis” (Gibson et al., 2004). We also find that investor domicile influences firm value following the offering. Overall, foreign investors exhibit a strong and opposite directional reaction to adverse selection costs than domestic investors.

  • 20.
    De Ridder, Adri
    et al.
    Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Business Studies.
    Råsbrant, Jonas
    Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Business Studies.
    Share repurchases: does frequency matter?2014In: Studies in Economics and Finance, ISSN 1086-7336, Vol. 31, no 1, p. 88-105Article in journal (Refereed)
  • 21.
    de Ridder, Adri
    et al.
    Gotland University, School of the Humanities and Social Science.
    Sandström, ÅkeGotland University, School of the Humanities and Social Science.
    Gotlandsakademiker tycker om ...: 20102010Collection (editor) (Other academic)
    Abstract [sv]

    En av den svenska högskolans uppgifter är att samverka med det omgivande samhället. Samverkan kan ske på många sätt. Ett är att förmedla kunskaper och forskningsresultat till det omgivande samhället. Denna skrift har ambitionen att på ett enkelt sätt förmedla vad vi egentligen håller på med. En god forskningsmiljö är onekligen en förutsättning för möjligheten att bedriva kvalificerad forskning. Vi är övertygade om att den verksamhet som bedrivs vid Högskolan på Gotland vilar på en solid grund. Vi verkar i en historisk miljö, har i princip omedelbar tillgång till Östersjön samt en välutvecklad IT-miljö som gör att vi kan medverka på den internationella arenan ”on line”. Husen som vi verkar i har byggts med omsorg, sten för sten. De andas också historia och kunskaper. Vi som verkar i denna miljö har också ett ansvar att bygga vidare på vad tidigare forskare åstadkommit. Vi brukar säga att en forskares huvuduppgift är att flytta fram forskningsfronten – att bidra med nya kunskaper. Föreliggande skrift ger en bild av den forskning som bedrivs vid Högskolan på Gotland. Vår inriktning är bred och spänner från arkeologi till finansiell ekonomi. Detta speglas också av innehållet i bidragen i denna skrift. Det är också summan av allas bidrag som formar dagens verksamhet vid Högskolan. Konkurrensen mellan forskare från olika läroanstalter om forskningsmedel är hög samtidigt som dagens situation understryker att högklassig, oberoende, relevant och konstruktivt kritisk forskning har en viktig roll när det gäller att flytta fram forskningsfronten. Det är vår förhoppning att årets bidrar till ökad kunskap i det omgivande samhället om vad vi håller på med men också som ett avstamp för fortsatt forskning vid högskolan.

  • 22.
    Råsbrant, Jonas
    et al.
    Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Business Studies.
    de Ridder, Adri
    Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Business Studies.
    The liquidity impact of open market share repurchasesManuscript (preprint) (Other academic)
    Abstract [en]

    We examine the market liquidity impact of open market share repurchases in a computerized order driven market. Using a detailed dataset of daily repurchase transactions on the Stockholm Stock Exchange together with intraday data on bid-ask spreads and order depths enable us to examine liquidity effects on the actual repurchase days. Overall, we find that repurchase trades inside the order driven trading system contributes to market liquidity through narrower bid-ask spreads and deeper market depths. After controlling for total trading volume, price, and volatility we still find a significant decrease of the bid-ask spread on repurchase days relative to surrounding non-repurchase days. However, repurchases executed as block trades outside the order driven trading system have a detrimental effect on the bid-ask spread, consistent with a negative response to the presence of informed managerial trading.

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