本文以除權息前後累積異常報酬率為應變數，探討稅額扣抵比率及股權集中度對除權息前後累積異常報酬率的影響。研究對象為民國88年至96年間分配盈餘的國內上市公司，排除行業性質特殊之金融業，以普通最小平方法從事實證模型分析。主要實證結果彙整如下： 1.稅額扣抵比率與除權息前之累積異常報酬率呈顯著正相關，與除權息後之累積異常報酬率呈負相關，但較不顯著。此表示稅額扣抵比率的租稅因素影響在除權息前較為顯著，但在除權息後現象較不顯著。 2.股權集中度與除權息前後之累積異常報酬率的關係均未達統計上顯著水準。產生此實證結果的可能解釋有二：（1）非稅成本的考量；（2）本文以股權集中度衡量可能並未真正捕捉到個人投資人的所得稅率。 3.低稅額扣抵比率類的除權息前累積異常報酬率，較高稅額扣抵比率（基準）類樣本為低的現象，此與預期相符。但在其他加入類別虛擬變數的迴歸結果，並未發現在不同稅額扣抵比率或股權集中度下，會對除權息前後之累積異常報酬率有不同的影響。 4.公司規模及股價淨值比與除權息前後累積異常報酬率均呈顯著正向關係；股利殖利率與除權息前累積異常報酬率呈顯著正向關係，而與除權息後之累積異常報酬率呈顯著負向關係。電子業別與除權息前之累積異常報酬率呈顯著負向關係，而與除權息後之累積異常報酬率呈顯著正向關係。 在圖表的分析中，可看出高稅額扣抵比率或低股權集中度的樣本，其除權息前後累積異常報酬率波動較小，較不受除權息事件的影響。 / The main purpose of this paper is to examine, before and after the ex-dividend day, the impacts of imputation credits and ownership concentration on cumulative abnormal returns(CARs). In this paper , CARs before and after the ex-dividend day are used as the dependent variable. The data are collected from the domestic listed companies which had allocated the earnings from 1999 to 2006. Because of its special characteristics, the financial industry is excluded from the data. In order to analyze the impacts of imputation credits and ownership concentration on CARs , we used the ordinary least squares. The empirical results in this paper are summarized as follows: 1.The imputation credits have a significant positive impact on CARs before the ex-dividend day, but they don’t have a significant negative impact on CARs after the ex-dividend day. This phenomenon implies that the influence of tax factor before the ex-dividend day is more significant than that after the ex-dividend day. 2.The failure of finding a significant relation between ownership concentration and CARs of before and after the ex-dividend day maybe due to two reasons. Frist, investors may not take tax factor into account when they invest the stock. Second, the proxy variable for ownership concentration of this study may not fully capture the marginal income rate of individuals. 3.CARs before the ex-dividend day in listed company with lower imputation credit are lower than that in listed company with higher imputation credit, the empirical result matchs general intuition. But other regressions with dummy variables regarding the degree of the imputation credit and ownership concentration don’t find significant relation among the imputation credit, ownership concentration and CARs before and after the ex-dividend day. 4.The size of companies and the ratio of market price to their book value have a significant positive impact on CARs before and after the ex-dividend day. Dividend yield has a significant positive impact on CARs before the ex-dividend day, but a negative impact on CARs after the ex-dividend day. A dummy variable standing for electronic industry has a significant negative impact on CARs before the ex-dividend day, but positive impact on CARs after the ex-dividend day. In the analysis of diagrams, we find CARs before and after the ex-dividend day fluctuate less for companies with higher imputed credit or lower ownership concentration.

Ce travail de recherche est dédié à l’analyse des politiques de dividendes dans le contexte des fusions-acquisitions américaines. Le premier chapitre de cette thèse décrit le cadre de l’étude. Il présente le cadre théorique des politiques de dividendes, puis celui des fusions-acquisitions avant d’exposer les champs exploratoires relatifs aux spécificités des politiques de dividendes lors des opérations de fusions-acquisitions. Il traite, à la fin, une illustration d’une fusion américaine qui incarne un cas réel des interactions des politiques de dividendes lors des rapprochements des firmes. Le deuxième chapitre de la thèse explore empiriquement l’impact de la différence entre les politiques de dividendes des firmes fusionnées sur la politique de dividendes post-fusion, et teste un éventuel effet de compensation de la prime de fusion. Le troisième chapitre part de l’idée que la réaction négative du marché à l’annonce des acquisitions en titres de firmes cotées est l’issu de l’évaluation incorrecte de l’acquéreur. De ce fait, il explore un possible rôle informationnel de la politique de dividendes de l’acquéreur dans ce type d’opérations qui peut réduire l’asymétrie d’information sur la valorisation de l’acquéreur, et ainsi alléger la réaction négative du marché à l’annonce. Le quatrième chapitre étudie les caractéristiques financières des firmes fusionnées qui sont déterminantes de leurs politiques de dividendes. Au vu de cela, il suppose que la réussite de la fusion peut être affectée par la différence entre les politiques de dividendes des firmes fusionnées issue de la différence entre leurs caractéristiques. Les résultats de nos recherches prouvent l’effet de la divergence entre les politiques de dividendes des firmes fusionnées sur le déroulement de la fusion au moment et après la transaction. La principale contribution de cette thèse est donc d’illustrer l’importance de tenir compte des politiques de dividendes des firmes impliquées dans des opérations de fusions-acquisitions, afin de pouvoir prendre les bonnes décisions lors du rapprochement. La généralisation de l’effet de clientèle sur les firmes fusionnées permet de détecter des chocs de clientèles de dividendes, et de révéler la nécessité d’absorber ces chocs par certains termes transactionnels et par la conduite post-fusion de la firme combinée. / This research is dedicated to the analysis of dividend policy in the context of U.S. mergers and acquisitions. The first chapter of this thesis presents the framework of the study. It outlines the theoretical framework of the dividend policies and the mergers-acquisitions before stating exploratory fields related to the specificities and contributions of dividend policies in the M&A setting. Furthermore, it discusses an illustration of an US merger that embodies a real case of interactions between dividend policies during mergers-acquisitions. The second chapter empirically explores the impact of the difference between merging firms’ dividend policies on the post-merger dividend policy, and tests a probable compensation effect of the bid premium. The third chapter starts from the idea that the negative market reaction to the announcement of stock acquisitions of listed firms is derived from the acquirer’s misevaluation. Thereby, it explores the information content of the acquirer dividend policy in such deals which may reduce the information asymmetry on the acquirer valuation, and thus alleviate the negative market reaction at the announcement. The fourth chapter examines the financial characteristics of merging firms that are determining their existing dividend policies. In light of this, it assumes that the merger completion may be affected by the difference between merging firms’ dividend policies which are resulting from the difference between their characteristics. The findings of our research confirm the impact of the difference between the merging firms’ dividend policies on the conduct of the merger during and following the transaction. The main contribution of this thesis is to illustrate the importance of considering the dividend policies of companies involved in mergers-acquisitions in order to make the right decisions in favor of the reconciliation. The generalization of the clientele effect on the M&A setting allow to detect dividend clientele shocks, and reveal the need to absorb these shocks by transaction specifics and the post-merger conduct of the merged firm.

This diploma thesis deals with different aspects of international and domestic double taxation. Within international double taxation short treatise about national legislation related to double taxation is followed by the longer part dedicated on the tax conventions on income and capital which are the most effective instrument in the field of double taxation elimination. Then the negotiation process and their place in czech domestic legislation is described. One part focuses on the role played by European union in direct tax adjustment. Part about residence determinig (both individuals and companies) in case of existence of the tax convention and in case of its absence follows. Unilateral, multilateral and bilateral measures especially are desribed. As the example to illustrate the impact of different methods used to eliminate double taxation on tax is given practical calculation. Double taxation elimination procedure is explained on the concrete kind of income (dividends) at the end of the international double taxation charter. Within domestic double taxation its causes and kinds are desribed. Finally, last part looks at current and forthcoming czech legislation related to economical domestic double taxation.

The principal aim of the thesis is to suggest a follow-up procedure for a bank's stock valuation for investors and to help them make a decision about the prospects of buying or selling bank shares. The particular strategic and fundamental factors influencing the intrinsic value of a bank are described in detail. Special attention is paid to determining the intrinsic value of the banks' brand. An example of particular methods of determining the intrinsic value of a bank's stock is given in the last chapter where the intrinsic value of the biggest Russian bank Sberbank Rossii is calculated with a decision at the end on whether the market pricing is correct.

Cette thèse de doctorat étudie, dans un cadre théorique, l’incidence des politiques fiscales environnementales au regard de l’hétérogénéité des travailleurs. Elle analyse la construction de politiques fiscales en fonction de trois objectifs : réduire les émissions de pollution, améliorer l’efficacité, et réduire les inégalités. Cette thèse est constituée d’une introduction et de trois chapitres (articles académiques) qui chacun décline cette question sous différents aspects. Le premier chapitre s’intéresse aux choix éducatifs et analyse l’impact des taxes environnementales sur l’efficacité et l’équité au travers ces choix d’éducation. Le second chapitre se concentre sur l’impact des taxes environnementales dans un contexte d’imperfection du marché du travail (chômage involontaire frictionnel). Le troisième chapitre est consacré aux disparités régionales en matière de salaire, d’emploi et de préférence pour les biens polluants. / This Ph.D. dissertation studies the incidence of environmental taxation between heterogeneous workers. In a theoretical framework, it analyses the design of environmental fiscal policy in regards with three competing goals : reducing emissions, improving economic efficiency, and limiting economic inequality. It consists of an introduction and three chapters (essays), each of them focusing on a different aspect of the problem. The first chapter uses a model with endogenous education and looks at how environmental taxation can affect efficiency and equity through its effects on educational choices. The second chapter focuses on the impact of green taxes on inequalities and unemployment using a search-friction model. The third one deals with regional disparities in regards with unemployment, wages and preferences.

Segundo a teoria da firma, uma empresa é um nexo de relações contratuais entre os seus diversos participantes. Nessas relações contratuais, que não são perfeitas, surgem os problemas de agência, decorridos da assimetria informacional e dos conflitos de interesses entre o contratado e o contratante, no caso, agente e principal. Neste caso, quando se tem a intenção de alinhar os interesses entre eles, aparece a governança corporativa, atuando como um meio de minimizar os conflitos e diferenças existentes e corrigir as falhas presentes no processo de comunicação e informação das firmas. No Brasil, diante da fraca proteção legal aos acionistas minoritários, da alta concentração de propriedade nas empresas e da separação dos acionistas entre ordinários e preferenciais, algumas medidas institucionais e governamentais têm sido tomadas ao longo dos anos com o objetivo de contribuir com a evolução das práticas de governança corporativa no país. Uma dessas iniciativas foi a criação em 2000 do segmento Novo Mercado pela Bovespa, composto por regras e exigências crescentes em relação às boas práticas de governança. Nesse sentido, é coerente pensar que a política de dividendos, antes influenciada pela necessidade de atuar também como instrumento de redução de conflitos entre os acionistas, passou a ser decidida a partir de um foco preponderantemente gerencial pelas companhias deste segmento, ou seja, tomada do ponto de vista financeiro de maximização da riqueza dos acionistas. Para testar esta suposição, adotou-se o modelo conceitual da Teoria Residual dos Dividendos, estabelecidos pioneiramente por Modigliani e Miller (1961) e revisitado por Jensen (1986) na Teoria Free Cash Flow. Assim, conduziu-se um levantamento do Fluxo de Caixa Livre do Acionista (FCLA) para todas as companhias listadas no Novo Mercado da BM&FBovespa desde a sua criação até o ano de 2011. O objetivo foi investigar o perfil da política de dividendos dessas empresas, a partir da avaliação de como elas administram o FCLA. Além disso, foi testado se as decisões sobre a destinação do saldo de FCLA impactaram na rentabilidade do acionista, expressa pela Taxa de Retorno da Ação (TRA). Como proposta secundária, foram pesquisados também os fluxos de reinvestimento dos lucros destas companhias, buscando verificar se os acionistas são recompensados por maiores ganhos de capital em contrapartida pelo não recebimento de dividendos e, também, onde são alocados os lucros reinvestidos. Como resultado, constatou-se que grande parte das companhias apresentaram elevados níveis de sobreinvestimento no período, provocado pela retenção do FCLA, e que este problema pode ter sido a causa de uma Taxa de Retorno da Ação menor em alguns setores. Adicionalmente, foi observado que as empresas que mais retiveram lucro, ao longo do tempo, foram também as que proporcionaram os maiores retornos de ganhos de capital aos seus acionistas. Por fim, detectou-se que os lucros retidos pelas companhias foram reaplicados, em sua grande maioria, em investimentos relacionados à expansão ou manutenção de suas capacidades produtivas (capital fixo), embora a maior parcela deles acabasse não sendo identificada em nenhum dos ativos expressos pelo balanço patrimonial contábil. / According to the theory of the firm, the firm is a nexus of contractual relationships between its various participants. Such contractual relations, which are not perfect, agency problems arise, elapsed the information asymmetry and conflicts of interest between the engaged and the contractor, where, agent and principal. In this case, when it is intended to align the interests between them, appears to corporate governance, acting as a means to minimize conflicts and differences existing and correct the faults present in the process of communication and information firms. In Brazil, due to the weak legal protection for minority shareholders, the high concentration of ownership in firms and the separation between common and preferred shareholders, some institutional and government measures have been taken over the years in order to contribute to the evolution of corporate governance practices in the country. One such initiative was the creation in 2000 of the Novo Mercado segment by the Bovespa, composed of rules and increasing requirements in relation to good governance practices. Therefore, it is coherent to think that the dividend policy before influenced by the need to act as an instrument for reducing conflicts between shareholders, has to be decided from a managerial focus by companies in this segment, that is, the financial point of view of maximizing shareholder wealth. To test this assumption, we adopted the conceptual model of the Residual Theory of Dividends, established pioneered by Modigliani and Miller (1961) and revisited by Jensen (1986) in the Free Cash Flow Theory. Thus, we conducted a survey of Free Cash Flow to Equity (FCFE) for all companies listed on the Novo Mercado of the BM&FBovespa since its inception until the year 2011. The aim was to investigate the profile of the dividend policy of these companies, based on the evaluation of how they manage the FCFE. Furthermore, was tested whether if decisions on the allocation of the balance of FCFE impacted the profitability of the shareholder, expressed by the Rate of Stock Return (RSR). As proposed secondary, were surveyed the flows of reinvestment of profits these companies, seeking first check whether the shareholders are rewarded by higher capital gains in return for non-receipt of dividends, and also where they are allocated reinvested earnings. As a result, it was found that most companies had high levels of overinvestment during the period, caused by retention of FCFE and that this problem may have been the cause of a Rate of Stock Return lower in some sectors. Additionally, it was observed that companies that retained earnings, over time, were also the ones that provided the highest returns of capital gains to its shareholders. Finally, it was found that profits retained by the companies were reapplied mostly in investments related to the expansion or maintenance of their productive capacity (capital assets), while the largest portion of them end up not being identified in any of the assets of the balance sheet accounting.

本研究主要探討股票股利宣告與公司股價間之關係，期間涵蓋自民國八十年至民國八十四年止，共五年期間，以台灣證券市場上市公司宣告股票股利事件為研究對象，計九十六個樣本，另再依股票股利率增加、不變或減少，分成三小組，做進一步研究。研究方法為，採SHARP市場模式估計應有之均衡報酬，再計算平均異常報酬AR與累積平均異常報酬CAR，分析董事會決議日前後二十日的股票異常報酬之變化情形，另再探討造成三組之間不同異常報酬反應程度的原因為何。 　　實證結果顯示： 　　一、股票股利宣告日當天有顯著之異常報酬存在，顯示此一宣告事件具有情報效果，但消息在宣告日前便已被洩漏。 　　二、台灣股票市場不具半強式效率，投資人可自已公開之資訊中賺得異常報酬。 　　三、股票股利率的變動將造成市場不同反應程度之異常報酬，具有不同之情報效果。股票股利率增加時，較支持AR大於零之情報內容。 　　四、影響事件日異常報酬之因素，以股票股利率與由營運而來的現金流量較顯著。 　　五、股票股利率增加時在宣告日有正的顯著異常報酬，主要影響因素為股票股利率，影響方向為正，次要影響因素為由營運而來之現金流量，影響方向為負。股票股利率不變時，雖有正的異常報酬，但並不顯著，主要影響因素為由營運而來之現金流量，影響方向為負。股票股利率減少時，宣告日異常報酬由正轉負，主要影響因素為股票股利率，影響方向為正。

本研究旨在探討公司系統性風險與會計變數之關聯性。影響公司系統性風險之因素應包括公司內部因素與公司外部總體經濟因素，但過去文獻並未完全涵蓋到，致使其模式解釋力皆不高。為彌補過去文獻之不足，本研究先以理論推導方式將公司內部與外部因素納入系統性風險模式中，再以實證資料驗證之。 　　模型推導結果顯示，影響系統性風險之因素包括公司盈餘、營運槓桿度、財務槓桿度、帳面價值、股利、市場組合報酬率、無風險報酬率，以及其他總體經濟因素等。理論推導結果產生三大主要命題： 　　1. 在公司前期盈餘為正及當期銷貨成長率為正，以及公司當期之每股盈餘、每股帳面價值及每股現金股利對股價具有正向影響時，公司當期總槓桿程度（營運槓桿度與財務槓桿度之乘積）對系統性風險具有正向影響。 　　2. 在公司前期盈餘為正，以及公司當期之每股盈餘、每股帳面價值及每股現金股利對股價具有正向影響時，公司當期每股現金股利對系統性風險具有正向影響。 　　3. 當公司當期銷貨成長率為正時，營運槓桿度與財務槓桿度為正向相關；但當公司當期銷貨成長率為負時，營運槓桿度與財務槓桿度具有抵換關係。 　　根據上述命題，本研究設立三項假說。第一，公司總槓桿程度對系統性風險具有正向影響，而營運槓桿度與財務槓桿度對系統性風險之影響皆為正向（或負向）。第二，公司發放現金股利對系統性風險具有正向影響。第三，在系統性風險與盈餘皆不變的額外前提下，當銷貨成長率為負時，營運槓桿度與財務槓桿度具有抵換關係;當銷貨成長率為正時，營運槓桿度與財務槓桿度為正相關。 　　實證結果部分支持上述三項假說。首先，公司總槓桿程度、財務槓桿度及現金股利皆對系統性風險具有顯著正向影響。因此，公司可利用降低總槓桿程度、財務槓桿度及減少現金股利之策略來減低系統性風險。其次，市場組合報酬、通貨膨脹率及國民生產毛額成長率等總體經濟因素，對系統性風險皆具有負向顯著影響。此結果說明導致公司系統性風險上升之因素應該包括公司內部與外部因素。因此，公司欲降低風險時，除了利用總槓桿程度、財務槓桿度與股利政策外，尚須考慮其他總體經濟變化。最後，實證結果亦顯示，當公司正處於銷貨成長時期，以追求成長為目標，可能同時面臨高營運風險與高財務風險。然而，在銷貨衰退時，公司卻不必然會以風險控管為目標。因此，營運槓桿度與財務槓桿度並不存在抵換關係。 / This thesis examines the relationship between firm systematic risk and accounting variables. Potential determinants of firm systematic risk theoretically include accounting and macroeconomic variables, but prior research only explored part of them and most models yielded low explanatory power. This research analytically derives and empirically verifies a model of firm systematic risk. 　　The analytical results suggest that determinants of systematic risk at least include earnings, the degree of operating leverage, the degree of financial leverage, book value, dividend, market-portfolio return, risk-free return and other macroeconomic variables. Three main propositions are therefore derived as follows. 　　1. When a firm's prior year earnings and current year sales growth are both positive, if its current book value, cash dividend, and earnings all have a positive effect on its stock price, then its degree of total leverage, defined as the product of degree of operating leverage and degree of financial leverage, has a positive effect on its systematic risk. 　　2. When a firm's prior year earnings is positive, if its current book value, cash dividend, and earnings all have a positive effect on its stock price, then its current cash dividend has a positive effect on its systematic risk. 　　3. When a firm's current year sales growth is positive (negative), its degree of operating leverage is positively (negatively) related with its degree of financial leverage. 　　Three hypotheses are then tested empirically. First, a firm's degree of total leverage has a positive effect on its systematic risk; and its degree of operating leverage and degree of financial leverage both have a positive (or both negative) effect on its systematic risk. Second, a firm's cash dividend has a positive effect on its systematic risk. Third, if a firm's sales growth is positive (negative) without any change in its systematic risk or earnings, then its degree of operating leverage is positively (negatively) related with its degree of financial leverage. 　　The empirical results provide partial support for the above hypotheses. First, the degree of total leverage, degree of financial leverage, and cash dividend each has a positive effect on the systematic risk. Therefore, a firm can reduce its systematic risk by lowering its degree of total leverage, degree of financial leverage and the cash dividend. Second, macroeconomic factors such as the market-portfolio return, inflation and GNP growth have a negative effect on the systematic risk. Hence, a firm attempting to control its systematic risk should consider the changes of macroeconomics besides the leverage and dividend policy. Finally, a firm with growing sales takes a high degree of operating leverage and financial leverage, but a firm does not necessarily take a high (low) degree of operating leverage and a low (high) degree of financial leverage as target when its sales are declining. In other words, these two leverages have no offset relationship.

Bakgrund: Det finns många aktier att välja mellan på aktiemarknaden. För en person som aldrig tidigare har handlat med aktier kan det vara svårt att veta vilken investering som efter en tid kan generera ett högre värde än det satsade kapitalet. Relativvärdering är en investeringsstrategi som kan tillämpas för att identifiera dessa aktier. Syfte: Syftet med studien är att undersöka om värdemultiplarna P/E-talet, P/BV-talet och direktavkastning kan generera överavkastning genom investeringar i undervärderade aktier i finansbranschen. Om så är fallet, därefter påvisa vilken av värdemultiplarna som genererar högst avkastning. Metod: Studien har att tillämpat en kvantitativ metod med deduktiva inslag. Värde- och tillväxtportföljer har komponerats med värdemultiplarna P/E-talet, P/BV-talet och direktavkastning. Värdemultiplarna har beräknats fram med sekundärdata från databasen Thomson Reuters EcoWin Pro och årsredovisningar. Resultat: Studiens resultat påvisar att det går att generera överavkastning med relativvärdering som investeringsstrategi. Majoriteten av värdeportföljerna presterade bättre än tillväxtportföljerna. Portföljen som hade den högsta överavkastningen var värdeportföljen baserat på P/BV-talet. / Background: The capital stock market consists of many different shares. For a person who has never acted in shares, it can be difficult to know which investment over time that could generate a higher value than the invested capital. Relative valuation is an investment strategy that can be applied to identify these shares. Objective: The aim of this study is to investigate whether key ratios P/E-ratio, P/BV-ratio and dividend yield can generate excess returns by investing in undervalued stocks in the financial industry sector. If so, then demonstrate which of key ratios that generates the highest return. Method: This study has applied a quantitative approach with deductive features. Value and growth portfolios have been composed by key ratios P/E-ratio, P/BV-ratio and dividend yield. Key ratios have been calculated on secondary data from the database Thomson Reuters EcoWin pro and annual reports. Results: Our results demonstrate that it is possible to generate excess returns with the relative valuation as an investment strategy. The majority of the value portfolios performed better than the growth portfolios. The portfolio that had the highest excess return over the total period was the value portfolio that consisted of P/BV-ratio.

Problemformulering: Går det att uppnå en signifikant återkommande överavkastning samt riskjusterad överavkastning i förhållande till den svenska aktiemarknaden genom systematiskt följande av investeringsstrategin “Dogs of the Dow”? Syfte: Syftet är att undersöka huruvida teorin ”Dogs of the Dow” är applicerbar på den svenska aktiemarknaden i sökandet efter en signifikant återkommande överavkastning i förhållande till marknaden. Med detta hoppas det finnas en positiv differens av den riskjusterade överavkastningen gentemot index. Metod: Studien samlar in primärdata för empirin via SIX Trust, SIX Edge samt från Riksbankens hemsida. Sekundärdata härstammar från vetenskapliga artiklar uthämtade från främst JStor och EBSCO Host. Även studentlitteratur, tidigare studier utgör sekundärdata. Studien tillämpar befintliga teorier för att via modeller studera studiens syfte. Resultat: Resultatet anses av författarna vara imponerande. Portföljerna sammansatta i enlighet med investeringsstrategin ”Dogs of the Dow” presterar till de skådade faktorerna i genomsnitt över lag bättre än jämförelseindexen SIXRX och SIX30RX. Resultaten kan dock inte fastställas statistiskt men författarna önskar skilja på statistisk och praktisk signifikans då en möjlig kumulativ effekt genererar enorm förmögenhetsutveckling. / Problem: Is it possible to receive a reoccurring significant abnormal return as well as risk adjusted abnormal return against the Swedish stock market through systematic appliance of the investment strategy ”Dogs of the Dow”? Objective: The objective is to study whether the theory ”Dogs of the Dow” is applicable on the Swedish stock market in the search of a significant reoccurring abnormal return against the market. The hopes are to find a positive difference between the risk adjusted abnormal return and index. Method: The study collects the primary empirical data through SIX Trust, SIX Edge as well as from the Swedish central bank. The secondary data is derived from scientific articles, student literature, and previous studies. Models are used to study the objective. Results: The authors find the results to be impressive. The portfolios structured through the investment strategy “Dogs of the Dow” outperform the comparison indices SIXRX and SIX30RX in general on all the observed accounts. The results can although not be stated as statistically significant within any reasonable confidence levels, but the authors would like to emphasize the difference between the terms statistically and practically significant. This since cumulative gains could contribute to a massive gain of wealth which could be practically significant for the long-term investor.