Companies around the world invest an increasing amount of money trying to protect themselves from cybercrime and unauthorized access of valuable data. The nature of these covert threats makes it seemingly impossible to quantify the risk of getting attacked. While it is possible to estimate the tangible costs of a security breach it is much harder to asses what a company stands to lose in terms of intangible costs. This thesis uses the Event Study methodology to determine the intangible losses of listed American companies who suffered data breaches. On average, the companies in the dataset loses 0.21% of their market cap after a security breach which, although not being statistically significant, translates to $267 million. Despite looking at several parameters to find significant predictors, only one turned out to be statistically significant, namely the number of records breached. These weak correlation is a result in itself; because of the low impact of a breach perhaps the companies lack proper incentives to protect their users' data. / Det ständigt växande cyberhotet gör att allt fler företag väljer att göra stora investeringar i datasäkerhet. Den dolda hotbilden gör det i stort sett omöjligt att kvantifiera sannolikheten för att råka ut för en attack. Även om det går att avgöra och förutspå de direkta kostnaderna kring ett dataintrång så är det nästintill omöjligt att avgöra de indirekta kostnaderna kring ett dataintrång. Detta arbete använder eventstudie-metodologin för att uppskatta de indirekta kostnaderna hos börsnoterade amerikanska företag efter att de haft ett dataintrång. Företagen i den undersökta datamängden förlorar i genomsnitt 0.21% av sitt marknadsvärde vilket, även om det saknar statistisk signifikans, motsvarar $267 miljoner. Arbetet undersöker ett antal parametrar för att hitta signifikanta prediktorer men endast en av de prediktorer vi undersökte var statistiskt signifikant, nämligen antalet läckta uppgifter. Dessa svaga samband är i sig intressanta; den till synes svaga inverkan av dataintrång på företagens börsvärde antyder att de kanske inte har så stora finansiella incitament att skydda sina kunders data.

Aim: We find that there is a gap in the current research where the research available tends to focus on a narrower time frame and with performance based variables. This study aims to examine how the stock market has reacted to the announcement of a CEO-change between the years 2001-2021 on the Swedish stock market. Method: The study is carried out with a positivistic and a deductive approach, which are frequently used in quantitative studies. The study also uses an event study as its research design, where 786 CEO-changes and 358 companies are subject of the study Results and conclusion: The results show that as a whole, there is no significant abnormal return when CEO-changes are announced on the Swedish stock market. When external CEO:s are appointed, there is a statistically significantly negative abnormal return. When internal CEO:s are appointed, there is a statistically significantly positive abnormal return. Contributions of the thesis: The descriptive results could possibly give a better understanding of CEO-changes between the years 2001-2021 depending on recruitment-type and the nature of the departure. The results of the event study gives rise to an understanding of the behaviors of the stock market and the reaction to a CEO-change. Suggestions for future research: To conduct an equivalent study but focusing on company- specific factors to see if there is significant abnormal returns based on the companies performances. One could also study whether it makes a difference if the CEO has been in his position for a long time or if the performance of the CEO makes a difference.

The aim of this study was to investigate how the amortization requirements of 2016 and 2018 haveaffected the housing prices in Stockholm county, using an event-study approach and a regressionanalysis. Furthermore, the paper studies how the regulations have affected single-family housescompared to tenant-owned apartments, if the effect was different for tenant-owned apartments ofdifferent sizes and if existing housing compared to newly produced housing were affected differently.The reasoning behind the introduction of amortization requirements was to regulate and decreasegrowing household indebtedness that was making Swedish households vulnerable to changes in theoverall economy. The second requirement aimed to further regulate household indebtedness and wasexpected to lower housing prices, which it received criticism for. The report is limited to thedevelopment of house prices for single-family houses and tenant-owned apartments betweenDecember 2013 and February 2019.The primary findings of this report are that the amortization requirements have resulted in decreasedexpected returns. Consistent with previous literature, the introduction of macroprudential policiesreduced the price growth for existing tenant-owned apartments and decreased the housing prices ofsingle-family houses and newly produced homes. The amortization requirements accomplished theFinancial Supervisory Authority’s aim of reducing household indebtedness, but increased the averageloan-to-value ratios for households. Lastly, it has become increasingly difficult for younger householdsto finance their housing purchase due to increased monthly payments and thereby failing to pass theleft-to-live-on computations created by lenders. At the same time, the rental housing market remainslimited. / Syftet med denna studie är att undersöka hur amorteringskraven som infördes under 2016 and 2018,påverkade bostadspriserna i Stockholms län. Genom att tillämpa en eventstudie och enregressionsanalys försöker denna studie förklara hur regleringarna har påverkat priserna för småhusjämfört med bostadsrätter, om påverkan på priserna skilde sig mellan bostadsrätter av olika storlekaroch om påverkan skilde sig mellan befintligt bestånd och nyproducerade bostäder. Motivationenbakom amorteringskraven var att reglera och minska hushållens skulder, eftersom de gjorde hushållensårbara för ekonomiska störningar. Det andra amorteringskravet förväntades även sänkabostadspriserna och mottog därför en del kritik. Denna rapport är begränsad till utvecklingen avsmåhus- och bostadsrättspriser mellan december 2013 och februari 2019.De huvudsakliga slutsatserna i denna rapport är att amorteringskraven har minskat förväntade vinster.I tidigare litteratur har makroekonomiska regleringar minskat prisökningen, vilket också är resultatetför denna studie. För småhus och nyproducerade bostäder minskade också priserna jämfört medföregående period. Amorteringskraven har uppnått Finansinspektionens mål om att minska hushållensskulder men har samtidigt ökat skuldkvoten bland hushåll. Avslutningsvis har det blivit svårare förunga hushåll att finansiera sitt bostadsköp då amorteringskraven ökar månadsbetalningarna och gör attde inte klarar av kvar-att-leva-på-kalkylerna hos bankerna. Samtidigt är hyresmarknaden ärsvåråtkomlig och begränsar därmed bostadsalternativen på marknaden.

We examine 102 share lockup agreements following IPOs on the Swedish stock market and whether any abnormal returns exist in the days surrounding the expiration of lockup agreements. We also test three potential explanatory variables based on previous research, the length of the lockup agreement, the type of pre-IPO ownership for the firm (if it is backed by private equity or not), and if the lockup has multiple expiration dates (staggered lockup) or only one. Our results are unable to prove that there are abnormal returns surrounding the expiration lockups, and our variables fail to provide any explanation for the cumulative abnormal return (CAR). One variable that could prove interesting in future research is the change of free float, which we add in a robustness test and find a significant increase in explanatory power.

In the past 15 years Sweden has seen a tremendous increase in the number of Thai massage parlors distributed across the country. With an estimated 80 % of the parlors providing sex trade with low risks of legal penalties the expansion highlights a growing social issue. The implementation of the Sex Purchase Act in 1999 made Sweden pioneers within the regulation of sex trade, legally altering consumers of sex purchases to perpetrators and suppliers to victims. The evident issue of sex trade in the current expanding number of parlors heighten the relevance of an ongoing debate regarding the effectiveness and unintended repercussions of the regulatory framework. Contributing to the debate, literature in recent years have shed light on a substitution effect between sex trade and other sex crimes (i.e. rape). No study has yet to investigate the parlors casual contribution to the ongoing illegal sex trade and its effects on other sex crimes. This paper aims to estimate the expanding number of Thai massage parlors’ impact on reported rates of sex purchases and other sex crimes. By the use of a difference-in-difference event study, with a rollout design, the paper reveals a statistically significant increase in rates of sex purchases the years following the implementation of a Thai massage parlor. Investigating the impact of the parlors’ establishment, on a number of sex crimes, a statistically significant decrease in the rates of rape is found. The results indicate that the services offered in the parlors provide the perpetrators with the same utility as that of rape.

Bakgrund:  Börsnoterade bolag strävar efter att maximera aktieägarvärdet genom strategiska beslut som förvärv och avyttringar. Avknoppningar, där en del av företaget blir ett självständigt bolag, har sedan införandet av Lex Asea 1991 blivit en attraktiv strategi i Sverige delvis drivet av skatteförmåner. Internationella studier visar att avknoppningar ofta leder till förbättrad effektivitet och högre värdering. Trots positiva internationella forskningsresultat är avknoppningars effekter på den svenska aktiemarknaden relativt outforskad och resultaten varierande, vilket motiverar en djupare analys. Syfte: Syftet med denna studie är att analysera avknoppningars effekter på aktieavkastningen för bolag på den svenska aktiemarknaden mellan åren 2005–2023.   Metod: En kvantitativ ansats har använts för att genomföra eventstudier som undersöker aktieavkastningen både vid annonseringstillfället och på lång sikt. Studien inkluderar data från olika eventfönster och använder relativ storlek, industriell fokusering och konjunkturläge som förklaringsvariabler för att förstå deras påverkan på den observerade abnormala aktieavkastningen. Statistiska tester, inklusive t-tester och regressioner, används för att säkerställa resultatens trovärdighet.   Slutsats: Resultaten visar en statistiskt signifikant abnormal aktieavkastning vid annonseringen av en avknoppning, vilket tyder på en positiv marknadsreaktion. På lång sikt observeras även viss signifikant abnormal avkastning under specifika eventfönster, vilket indikerar att avknoppningar kan bidra till fortsatt värdeskapande över tid. Marknadsreaktionerna påverkas i varierande grad av faktorer såsom industriell fokusering, relativ storlek och konjunkturläge vid avknoppningstillfället. / Background: Publicly listed companies strive to maximize shareholder value through strategic decisions such as acquisitions and divestitures. Spin-offs, where a part of the company becomes an independent entity, have become an attractive strategy in Sweden since the introduction of Lex Asea in 1991, partly driven by tax benefits. International studies show that spin-offs often lead to improved efficiency and higher valuation. Despite positive international research results, the effects of spin-offs on the Swedish stock market are relatively unexplored and the results are varied, motivating a deeper analysis. Purpose: The purpose of this study is to analyze the effects of spin-offs on stock returns for companies on the Swedish stock market between the years 2005–2023. Method: A quantitative approach has been used to conduct event studies that examine stock returns both at the announcement and in the long term. The study includes data from various event windows and uses relative size, industrial focus, and economic conditions as explanatory variables to understand their impact on the observed abnormal stock returns. Statistical tests, including t-tests and regressions, have been used to ensure the reliability of the results. Conclusion: The results show a statistically significant abnormal stock return at the announcement of a spin-off, indicating a positive market reaction. In the long term, some significant abnormal returns are also observed during specific event windows, suggesting that spin-offs can contribute to continued value creation over time. Market reactions are influenced to varying degrees by factors such as industrial focus, relative size, and economic conditions at the time of the spin-off.

Denna kandidatuppsats undersöker huruvida aktiemarknaden reagerar på publiceringen av blankningsrapporter. När företag ägnar sig åt bedrägligt beteende spelar blankare och blankningsföretag en avgörande roll för att uppdaga dessa olagliga aktiviteter och för att avslöja övervärderade aktier som påverkar samhället och aktiemarknaden som helhet. För att förklara skillnader mellan olika stora marknadsreaktioner på blankningsrapporter undersöks också free float (andelen aktier som inte ägs av aktörer med kontrollintresse och som fritt kan handlas på marknaden) för att förstå varför vissa reaktioner är större än andra. Denna studie baseras på en eventstudie av 135 blankningsrapporter för att undersöka marknadens reaktion. Resultaten av uppsatsen visar att ja, marknaden reagerar negativt på informationen i blankningsrapporterna där den kumulativa abnormala avkastningen i uppsatsens eventfönster på 21 dagar uppgår till -17,84 %. Vidare finner undersökningen ingen signifikant skillnad mellan företag med hög free float och låg free float gällande storleken på marknadsreaktionen. Reaktionen på blankningsrapporten är större dagarna innan publicering, som sannolikt beror på att blankningsföretagen har tagit omfattande blankningspositioner innan publicering samt potentiellt informationsläckage. / This bachelor's thesis seeks to investigate whether or not the stock market reacts to the publication of short selling reports. As companies indulge in fraudulent behavior, short sellers and research firms play a crucial part in finding overpriced and illegal activities that affect society and the stock market as a whole. To assist our paper we use free float (the proportion of shares freely traded on the market, not under a controlling interest)  to understand why some reactions were greater than others. This bachelor's thesis is based on an event study of 135 short reports, with daily stock prices combined with a global index to investigate this further. Furthermore this study uses free float data to gain a greater understanding of the reactions of different companies. The results of the study is: yes, short reports have a documented effect on returns and in our event window of 21 days the cumulative average abnormal returns is down by 17,84 %. Moreover, our sample does not show any documented effect of free float where firms with high free float do not show a smaller market reaction compared to those with low free float. The reaction is greater in the days before publication, which probably depends on the shorting positions of research firms as well as potential leakage of information beforehand.

Purpose: To examine the relationship between a new movie release and the stock value of the movie producers in america, and seek a connection between movie criticts and the stock price with an attempt to find similar patterns with swedish movies and their financial performance. Theoretical Framework: Based on theories of effcient and ineffcient markets, behavioural finance and previous research in the field. Method: The study has a quantitative and a deductive approach. An event study method is used to examine five large movie studios in the USA, and the Swedish film producers are examined through the number of paying customers. Results: The results are shown i charts to explain the abnormal rate of return (AR) and the relationship between movie release and the AR. Furthermore, the movie critique is also represented charts. Both for the american and the swedish movies. Conclusion: The results show that an overall negative rate of return of -0,24 % occurs at the time of a movie release. A connection between stock price and movie release has been encountered. Positive film critique generates positive AR.

本研究旨在以投資大眾的角度出發，研究正、負面企業社會責任事件宣告如何影響投資者的投資決策，進而影響股價產生異常報酬。實證結果發現，正面企業社會責任事件宣告將產生顯著為正的股價異常報酬；負面企業社會責任事件宣告則將產生顯著為負的股價異常報酬。另外，本研究針對負面企業社會責任事件所產生的累積異常報酬建立了複迴歸模型，探討企業規模、企業所屬產業及負面企業社會責任事件宣告之消息種類與該累積異常報酬是否存有關聯性，實證結果發現，大型企業、宣告之消息種類屬於資訊公告問題者，與該累積異常報酬呈現顯著負相關；企業屬於高汙染產業者與該累積異常報酬呈現顯著正相關。本研究除了瞭解企業社會責任資訊如何影響投資者的投資決策外，更希望能提供企業經營者作為經營策略之參考。 / Abstract The purpose of this study is to investigate the market reaction of positive and negative CSR announcements. The empirical results show that there is a significant positive (negative) relationship between positive (negative) CSR announcements and abnormal stock returns. Furthermore, this study establish a regression, trying to find whether company size, business industry, type of negative CSR announcements will have a relationship with negative CSR announcement’s abnormal returns. The author of this research hopes that the findings in this study can not only understand how CSR announcements effect the investors but also help managers develop a CSR strategy.

With the surge of Internet-based corporate communication, organization, andinformation management, financial markets have undergone radical transformation. Inthe interconnected economy of today, market participants are forced to acceptcyberattacks, data breaches, system failures, or security flaws as any other (varying)cost of doing business. While cyberspace encompasses practically any firm indeveloped economies and a large portion in developing ones, combatting such risks isdeemed a question of firm-specific responsibility: the situation resembles an ‘every manfor himself’ scenario. Consulting standard financial theory, rational utility-maximizinginvestors assume firm-specific (idiosyncratic) risk under expectations of additionalcompensation for shouldering such risk – they are economically incentivized. The omnipresence of cyberattacks challenges fundamental assumptions of the CapitalAsset Pricing Model, Optimal Portfolio Theory, and the concept of diversifiability. Thethesis problematizes underlying rationality notions by investigating the effect of acyberattack on stock volatility. Explicitly, the use of stock volatility as a proxy for riskallows for linking increased volatility to higher risk premiums and increased cost ofcapital. In essence, we investigate the following research question: What is the effect ofa disclosed cyberattack on stock volatility for firms listed in the USA?. Using event study methodology, we compile a cyberattack database for events between2010 and 2015 involving 115 firms listed on US stock exchanges. The specified timeperiod cover prevailing research gaps; due to literature paucity the focus on volatilityfits well. For a finalized sample of 189 events, stock return data is matched to S&P500index return data within a pre-event estimation window and a post-event window tocalculate abnormal returns using the market model. The outputs are used to estimateabnormal return volatility before and after each event; testing pre and post volatilityagainst each other in significance tests then approximates the event-induced volatility.Identical procedures are performed for all subsamples based on time horizon, industrybelonging, attack type, firm size, and perpetrator motivation. The principal hypothesis, that stock volatility is significantly higher after a cyberattack,is found to hold within both event windows. Evidence on firm-specific characteristics ismore inconclusive. In the long run, inaccessibility and attacks on smaller firms seem torender significantly larger increases in volatility compared to intrusion and attacks onlarger firms; supporting preexisting literature. Contrastingly, perpetrator motive appearsirrelevant. Generally, stocks are more volatile immediately after an attack, attributableto information asymmetry. For most subsamples volatility seem to diminish with time,following the Efficient Market Hypothesis. Summing up, disparate results raisequestions of the relative importance of contingency factors, and also about futuredevelopments within and outside academic research.