Addressing environmental issues has been a top priority in recent years all over the world. There are several options on how to address this problem also from a financial perspective. Therefore, the purpose of this study was to investigate how green bond issuance announcement impacts publicly traded stock prices through cumulative abnormal return (CAR) perspective. We focused our scope only to the Swedish market. Theory is based on three different models: the capital asset pricing model (CAPM), the market model, and the market return model, which all have been applied also in previous studies. Several previous studies indicate that there is a positive CAR around the bond announcement date. In our case findings based on all three models were, that there in fact is evidence of CAR in the Swedish market at different event windows. The strongest relationships were found in event windows five days before the event date and up to twenty days post-event date. These results could be an indicator, that investors are valuating green bonds positively, and therefore for companies it might be beneficial to engage in more environmentally friendly project financing.

This study examines the relationship between discounts on Swedish closed-end investment companies and abnormal return. By sorting Swedish investment companies by the size of their discounts, we create monthly portfolios over a period of 15 years and construct a hedge-portfolio which generate an annualised abnormal return of 9.99%. However, in contrast to prior research, we find that the hedge-portfolio’s abnormal return is penalised by the short portfolio, which exhibits positive abnormal return. This suggests that extreme negative sentiments appear to be more pervasive than positive sentiments on the Swedish market. Hence, we argue that a strategy of only investing in investment companies with the top third of discounts is superior in a Swedish context. This strategy yields an annualised abnormal return of 13.21%.

Abstract Title: Announcing an acquisition, what happens next? Authors: Carl Åkesson and Hasan Beslija Supervisor: Katarina Eriksson Background: Sweden is the Nordic region's largest market for M&A. Despite this, there is a limited research base for how acquisitions affect abnormal returns on the Swedish stock market. There is no consensus among previous studies on how the bidding firms are affected in the short run by acquisitions or how the abnormal return is affected by firm size and form of acquisition. Purpose: The purpose of the study is to investigate whether there is an abnormal return in the short run for bidding firms when announcing an acquisition and how it differs between different company sizes and different forms of acquisitions. Methodology: The study is of quantitative nature and has been conducted with a deductive approach. The research questions of this study have been chosen with previous studies in mind. Furthermore, the study has used two methods; event study and regression analysis. In addition to these methods, tests have been carried out with the aim of statistically ensuring the abnormal return that has arisen in the event study. Results: The results of the study show that an announcement of an acquisition leads to a negative average cumulative abnormal return in the short run. For the different company sizes, large cap has the most negative average cumulative abnormal return. For the various acquisition forms, horizontal acquisitions have the most negative average cumulative abnormal return. The study's regression analysis show that company size and acquisition form have a low degree of explanation for the emergence of abnormal returns. Keywords: Abnormal returns, acquisitions, event study, cumulative abnormal return

The aim of this study is to examine how profit warnings affect company valuation on companies listed on the Stockholm Stock Exchange and what factors contribute to the valuation effects. Using an event study approach, we compute the cumulative abnormal returns following profit warnings between 2016 and 2022. Our findings show that companies issuing profit warnings experience substantial abnormal returns at the time of the announcement but that there are no cumulative abnormal returns the days after the issuance of profit warnings. Company-specific characteristics and properties of profit warnings do not explain the abnormal returns. However, the state of the business cycle does. The study provides insight into what factors mediate the market participants’ reaction to profit warnings. Also, it considers how current market contingencies impact abnormal returns the days after profit warnings are released. A key limitation is that the study does not consider the financial information disclosed in the profit warnings in any quantitative detail. The results of the study are partly inconsistent with previous studies on profit warnings regarding the effects of company-specific characteristics, properties of profit warnings, and abnormal returns after the issuance of profit warnings.

Background. Space mining is a subject of growing interest. People see where society is heading and that something needs to be done to pave the way for future generations. Outer space contains both the Moon and other celestial bodies as well. these contain precious materials which could be used on Earth. Although all these precious materials exist out there it will take much will and money to get there. This means that in order for people to invest they need to understand how it could benefit them and others. This will not only be through a higher supply of materials but also with the possibility to generate spinoff technologies that can be applied to other industries on Earth. Companies' stock prices should be adjusted when news about them is published, henceforth it can be more understood where space mining is in its development. Most of the previous research focuses have been on how space resources should be divided, likewise how it could be done on a more technical level.    Objectives. The objective of this paper is to understand how and if space mining-related news affects the stock prices of space-related stocks in any significant way. Methods. As a method to understand the market reaction to these kinds of news, a quantitative statistical event study has been used. Upon this, a multiple linear regression model has been applied to gain more understanding of the variance of the abnormal returns. The analysis was performed on 100 space mining-related news articles, news which directly was considered to benefit space mining.  Results. From the first regression, the abnormal return seemed to not be significantly affected on the event day of most of the events. Furthermore, when analyzing it more with the multiple regression, it could be seen that no independent variable could explain the abnormal return in a significant way.  Conclusions. Based on the result the market reactions from space mining-related news are not significantly big enough to affect the abnormal returns. The general fluctuation of abnormal returns on event days seems to be random since no variable has been found to explain its variance.

As global warming is becoming a bigger problem, sustainable investments and the issuance of green bonds have increased. In this article, we study the announcement returns of green bond issuers based on the environmental firm effort and the environmental appearance of the sector to see how the European market reacts to different types of issuers. By doing an event study based on both a one-factor analysis (CAPM) and a three-factor analysis (FF3) we show that investors are rewarding firms based on the sustainability of the issuer’s sector rather than the individual firm effort, with an average CAR from CAPM of 1,87% (p-value 0,06) for all issuers, and 2,91% (p-value 0,05) for issuers in green sectors, during the 21-day event window. The three-factor analysis shows an average CAR of 3,08% (p-value 0,02) for all issuers, 3,26% (p-value 0,03) for issuers in the green sector and 2,91% (p-value 0,04) for issuers in the brown sector, on the same 21-day event window. One possible explanation for the result is the fear of greenwashing, where firms in a brown sector should be more likely to greenwash. This implies that firms who are acting green in a brown sector are rewarded less, which could limit green investments in brown sectors.

The paper investigates an anomaly in the capital market commonly referred to as the Weekday Effect. The Weekday Effect means that the average daily stock returns differ between the different days of the week. Previous studies have examined the Weekday Effect in the US capital market in conjunction with the day of quarterly reports' release. Fridays have been documented where the release of quarterly reports has resulted in negative abnormal returns; this is referred to as the Friday Effect. Furthermore, previous literature has documented that quarterly reports released on Fridays contain "bad" news compared to releases on the remaining weekdays. This paper aims to investigate the relationship between the publication of quarterly reports on Fridays and a possible abnormal return in the Swedish capital market. Furthermore, the paper investigates whether quarterly reports published on Fridays tend to present earnings below market expectations. As documented, the study does not find a Friday Effect in conjunction with the publication of quarterly reports in the Swedish capital market, however, it is documented that the publication of quarterly reports on Tuesdays is negatively associated with a deviation return. Furthermore, the study does not document that the publication of quarterly reports on Fridays tends to contain "bad" news, however, it does document that the publication of quarterly reports on Thursdays tends to contain "bad" news. The study's results are not in line with previous documentation on the US capital market, however, it does document a difference in the day-of-the-week effect between the US and Swedish capital markets.

This thesis investigates Swedish market reactions to CEO turnover and further studies how the size of these market reactions can be explained by company specific and CEO specific factors. Through t-tests and multivariate analysis this study analyses 136 CEO turnover announcements from the years 2017-2022 to find proof of a market reaction and to find potential explanations to the size of these market reactions. The results of this study show that the Swedish market on average reacts positively to CEO turnover announcements regarding the studied firms abnormal return and cumulative abnormal return, which shows that CEO turnover announcements contain useful information for investors. Our study finds indications of differences market reactions size of CEO turnover announcements between small and big firms and differences in market reaction regarding the experience level of the appointed CEO. Our study also found that a company's ROA, M/B, and their appointed CEO's experience level influence the size of these market reactions. As the market reactions due to CEO turnover often occurred the days before the CEO turnover announcement, this study's also found indications of potential insider information leakage within Swedish firms.

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。

Syfte: Studien har utrett om aktiesplit genomförda på Stockholmsbörsen under åren 2004-2008 genererat överavkastning och i sådana fall om det har funnits några skillnader i överavkastning beroende på företagens storlek. Teori: Den effektiva marknadshypotesen, framförallt i dess semistarka form, har utgjort en teoretisk referensram för arbetet. Metod: En kvantitativ deduktiv forskningsansats har tillämpats med eventstudiemetodik som grund. Undersökningen behandlar en femårsperiod mellan 2004-2008 där ett urval av 56 stycken splitar mötte uppsatta kriterier. Dessa delades in i tre undergrupper beroende på bolagens kapitalstorlek vid splitgenomförandet. Kursdata för 250 dagar innan spliten och 250 dagar efter har samlats in för berörda bolag med hänsyn till splitdagen. OMXSPI har använts som jämförelseindex. Resultat: Resultatet tillsammans med hypotesprövning visar att överavkastning i samband med aktiesplit har påträffats för hela populationen under mätperioden. Ett möjligt samband mellan storleken på bolag och omfattningen överavkastning har även upptäckts. Den enskilt största överavkastningen uppmättes på splitdagen. Analys: En analys av resultaten pekar på att marknaden uppfattat aktiesplit som en positiv nyhet och i linje med tidigare forskning har det funnits överavkastning i tiden runt en aktiesplit. Vid uteslutande av en undergrupp som inte klarat hypotestestet kunde sambandet mellan företagsstorlek och omfattningen överavkastning till viss del bekräftas som negativt. Slutsats: Investerare har kunnat generera överavkastning i samband med aktiesplit på Stockholmsbörsen mellan 2004-2008. Resultatet tyder på ett negativt samband mellan företagsstorlek och överavkastning, däremot kan inte sambandet bekräftas tillfullo. / Purpose: The study has investigated whether or not stock splits on the Stockholm Stock Exchange during the years 2004-2008 generated positive abnormal return and in such case, has there been any difference in the positive abnormal return depending on firm size. Theory: The efficient market hypothesis, especially in its semi-strong form, has provided a theoretical framework for the essay. Method: A quantitative deductive research approach is applied with event study methodology used as basis. The study concerns a five-year period 2004-2008, where a selection of 56 splits met set criteria. These were divided into three groups depending on their capital size at the split date. The price data for 250 days before the split, and 250 days after were collected for the companies with regard to split day. The same data was collected for OMXSPI that was used as a benchmark. Results: The result together with hypothesis testing shows that positive abnormal return associated with stock split has been found in the overall population. A possible correlation between the firm size and the extent of positive abnormal returns has also been discovered. The single greatest positive abnormal return was measured on the split date. Analysis: An analysis of the results indicates that the market perceived stock split as positive news. There has been a positive abnormal return around the time of a stock split in line with previous research. The exclusion of a subgroup that failed hypothesis test revealed a partly confirmed negative relationship between firm size and the amount of positive abnormal returns. Conclusion: Investors have been able to generate positive abnormal returns in association with stock split on the Stockholm Stock Exchange from 2004 to 2008. The results suggest a negative correlation between firm size and positive abnormal returns, however, the correlation is not fully confirmed.