Tidigare antaganden om att flertalet valmöjligheter generellt sätt är överlägset färre är ifrågasatt, och effekter som informations- och valöverflöd är numera välstuderade fenomen. Syftet med denna studie är att undersöka vilka effekter som informations- och valöverflöd har på individuella investerare som handlar på de två svenska aktiemarknaderna Nasdaq OMX Stockholm och First North. Överflödet kännetecknas av att individer har begränsade möjligheter att hantera mycket information, vilket gör att beslutsfattningsförmågan försämras. Underprissättning av bolag som börsnoteras föranleder traditionellt sett hög initial avkastning första dagen, då aktiviteten och optimismen från individuella investerare på börsen är stor. När flera företag introduceras under en vecka på OMX Stockholm eller First North undanröjs underprissättningstrender då effekter av överflöd blir påtagliga för individer, som blir passiva. I enlighet med teorierna indikerar resultaten att individer på OMX Stockholm upplever informations- och valöverflöd eftersom antal investerare liksom initial avkastning är betydligt lägre för bolag som noterats under veckor med två eller fler börsnoteringar. Trots att de deskriptiva resultaten för First North tyder på underprissättning, och generellt antyder samma effekter av överflöd som för OMX Stockholm, kunde denna studie inte säkerställa resultatet statistiskt. Resultaten på OMX Stockholm ger bland annat starka indikationer på att den initiala avkastningen kan förväntas vara lägre för bolag som introducerats under samma vecka som andra bolag.

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Studien undersöker om andelen insiderhandel under återköpsprogram kan motivera signaleringshypotesen som förekommande anledning till att återköpsprogram genomförs. Studien testar först om en abnormal avkastning uppvisas under återköpsprogrammens löptid. Vidare sammankopplas återköp med andelen insiderhandel som genomförs under återköpsprogrammen, vars resultat jämförs med kontrollföretag. Studien sträcker sig över perioden 2000-03-10 – 2012-12-31, där urvalet för studien är de företag som någon gång under perioden är börsnoterade och genomför minst ett återköpsprogram. Studien visar på abnormal avkastning under återköpsprogram och visar även att insiders köper upp högre andelar av utestående aktier under återköpsprogram än i kontrollföretagen. Resultatet indikerar att andelen insiderhandel under återköpsprogram kan motivera signaleringshypotesen. / The paper examines whether patterns of insider transactions during share repurchases can motivate the signaling hypothesis as a reason for repurchases. It examines whether companies that repurchase shares show an abnormal return during the span of the program. It also examines if patterns showing increased insider transactions amongst the companies who actualized share repurchase programs exist, compared to matching firms which haven’t repurchased shares. The study includes share repurchases and insider transactions during the period 03/10/2000-12/31/2012. The study shows an abnormal return for companies repurchasing shares and also concludes that insiders tend to buy a larger share of stocks during share repurchases than in the matching firms. The result of the study indicates that the degree of insider trading during share repurchases may motivate the signaling hypothesis.

This study aims to search for a relationship between enterprise value and capital structure. It specifically targets the Swedish stock market OMXS small cap, observing 48 companies listed on the market between the years 2014-2019. The methodology used is a multiple regression analysis with the dependent variable being the enterprise value and the independent variable being the debt to equity ratio along with five other mediating variables.  The result of the analysis show a statistically significant but negative relation between enterprise value and debt to equity ratio, generating evidence supporting the pecking order theory. / Denna studie syftar till att undersöka om det finns en relation mellan företagsvärde och kapitalstruktur. Urvalet för studien är bolag noterade på Stockholmsbörsen OMXS small cap, där 48 bolag identifierats mellan åren 2014-2019. Metoden som applicerats för att undersöka denna studie är en multipel regressionsanalys där den beroende variabeln är företagets värde och den oberoende variabeln är skuldsättningsgraden samt ytterligare fem oberoende variabler.   Regressionsresultatet visar på ett statistiskt signifikant samband mellan företagsvärde och skuldsättningsgrad som även är negativt, vilket genererar bevis som stöder pecking order teorin.

Research on the relationship between the oil market and the stock market has been a frequently discussed topic. Regarding the connection between oil and the stock market, there are different opinions about whether there is a relationship or not, therefore there is still room left for further research on the subject matter. In addition, none of the studies we could identify researched the Swedish stock market with the effect on different sectors separately at the stock market. The purpose of this paper is to study the relationship between the return- and volatility of the oil and how it affects the Swedish stock market. We will partly analyze the relationship between oil return and the specific sectors on the Swedish stock market while also studying the relationship with the stock market as a whole. Furthermore, we will also look at the connection between the oil volatility index (OVX) with regards to how it affects both the sectors and the Swedish stock market.  The method used in the study is quantitative consisting of two linear regression models which will be redesigned into two multiple regression models containing our control variables. The data which were used in the study was compiled into time-series data and the estimates were performed with OLS-estimations.  The result of the study was that no statistically significant relationship could be found between the Swedish stock market and oil return- and volatility. Furthermore, in the sectoral analysis, five sectors became statistically significant given their relationship to oil return. When examining the relationship between the oil volatility and the sectors on the Swedish stock market the result gained was three statistically significant sectors. Thus, there is no evidence for a statistically significant relationship between the Swedish stock market and the oil return- and volatility. However, we conclude that the oil return- and volatility have a sectoral effect on the Swedish stock market. / Forskning om relationen mellan oljans pris och aktiemarknaden har varit ett väl diskuterat ämne. Beträffande sambandet mellan oljan och aktiemarknaden råder det skilda meningar om huruvida det finns ett samband eller inte, därav finns det fortfarande utrymme för vidare forskning. Dessutom undersöker ingen av studierna vi identifierat den svenska aktiemarknaden och hur olika sektorer på marknaden påverkas enskilt.  Syftet med denna studie är att studera sambandet mellan avkastningen- och volatiliteten i oljan och hur det påverkar avkastningen på den svenska aktiemarknaden. Dels kommer vi att undersöka förhållandet mellan oljans avkastning och enskilda sektorer på Stockholmsbörsen, såväl som vi undersöker börsen i helhet. Vi kommer också att studera hur oljevolatilitetsindex (OVX) påverkar avkastningen för dessa sektorer och Stockholmsbörsen som helhet.  Studien använder sig av en kvantitativ metod bestående av två initiala linjära regressionsmodeller som sedan omkonstrueras till två multipla regressionsmodeller innehållande kontrollvariabler. Studiens data har sammanställts till tidsseriedata och skattningarna utfördes med OLS-estimeringar.  Resultatet av studien blev att inget statistiskt säkerställt samband kunde hittas mellan Stockholmsbörsen och oljans avkastning respektive volatilitet. Vidare i den sektoriella analysen blev fem sektorer signifikanta vid undersökning av oljans avkastning. Fortsättningsvis undersöktes oljans volatilitet mot sektorerna vilket resulterade i tre signifikanta sektorer. Slutsatsen blir således att det inte finns ett signifikant samband mellan Stockholmsbörsen som helhet och oljans avkastning- samt volatilitet. Däremot kan vi konstatera att oljans avkastning såväl som volatilitet har en sektoriell påverkan.

Problem: An efficient market fully reflects all available information about a company in its share price. Furthermore any new information presented about a company will lead to an instant adaptation in the share price. Henceforth an investor can not reach abnormal returns on an efficient market. The Stockholm stock exchange is afairly large stock exchange with a turnover of SEK 14000 millions per day. Prior studies conducted regarding the efficiency of the Stockholm stock exchange have stated that the stock exchange was efficient on a semistrong level. However these studies were conducted with a time frame of several weeks and therefore the authors distinguished a need for a study aiming at short term efficiency. Furthermore this thesis aims to investigate the effects of the presentation of positive annual and interim reports. A positive report is defined as a report that leads to an increase in share price the day it is presented and consequently includes all events on the day of the presentation, e.g. the press conference. The thesis was written from an investors’ perspective, who is about to buy shares. Purpose: The purpose of this thesis was to describe and analyze the Stockholm stock exchange market’s efficiency. This was done during the days surrounding the presentation of annual and interim reports rendering an increase in share price. Furthermore the possibilities of making abnormal returns by buying shares during this period were investigated. Method: To investigate the efficiency of the Stockholm stock exchange an event study was carried out. Data regarding the performance of the shares of the fifteen most traded com-panies on the Stockholm stock exchange were collected from the OMX groups’ homepage. The chosen companies together represented more than fifty percent of the turnover of the OMXS 30 index. The index was used as a benchmark for measuring the efficiency. The share price movement was analyzed with a quantitative approach through a statistical T-test with the assistance of the SPSS 13.0. Result: The authors claim that the Stockholm stock exchange is not efficient on a semistrong level the day after the presentation of a positive report, as the shares displayed a negative abnormal deviation from the OMXS 30 index. The deviation was statistically verified. However the authors state that no abnormal returns can be reached by buying shares during this period since the deviation was negative. The period as a whole and the other tested days came out as efficient on a semi-strong level.

<p>Problem: An efficient market fully reflects all available information about a company in its share price. Furthermore any new information presented about a company will lead to an instant adaptation in the share price. Henceforth an investor can not reach abnormal returns on an efficient market. The Stockholm stock exchange is afairly large stock exchange with a turnover of SEK 14000 millions per day. Prior studies conducted regarding the efficiency of the Stockholm stock exchange have stated that the stock exchange was efficient on a semistrong level. However these studies were conducted with a time frame of several weeks and therefore the authors distinguished a need for a study aiming at short term efficiency. Furthermore this thesis aims to investigate the effects of the presentation of positive annual and interim reports. A positive report is defined as a report that leads to an increase in share price the day it is presented and consequently includes all events on the day of the presentation, e.g. the press conference. The thesis was written from an investors’ perspective, who is about to buy shares.</p><p>Purpose: The purpose of this thesis was to describe and analyze the Stockholm stock exchange market’s efficiency. This was done during the days surrounding the presentation of annual and interim reports rendering an increase in share price. Furthermore the possibilities of making abnormal returns by buying shares during this period were investigated.</p><p>Method: To investigate the efficiency of the Stockholm stock exchange an event study was carried out. Data regarding the performance of the shares of the fifteen most traded com-panies on the Stockholm stock exchange were collected from the OMX groups’ homepage. The chosen companies together represented more than fifty percent of the turnover of the OMXS 30 index. The index was used as a benchmark for measuring the efficiency. The share price movement was analyzed with a quantitative approach through a statistical T-test with the assistance of the SPSS 13.0.</p><p>Result: The authors claim that the Stockholm stock exchange is not efficient on a semistrong level the day after the presentation of a positive report, as the shares displayed a negative abnormal deviation from the OMXS 30 index. The deviation was statistically verified. However the authors state that no abnormal returns can be reached by buying shares during this period since the deviation was negative. The period as a whole and the other tested days came out as efficient on a semi-strong level.</p>

<p>Scientific problem: In order to maintain a competitive position in the market, companies need to create an environment of sustained development. Growing companies basically have two choices: expand internally, known as organic growth, or expand externally by a merger or acquisition (M&A). It is widely known that in almost all acquisitions the price paid by the acquiring firm tends to be much higher than the market value of the target firm before the bid, this is called an acquisition premium. There are different ways of financing an acquisition, for example with cash or stock. Previous research within this topic have concluded the M&As follow the market, as well as premiums. Therefore, an assumption made by the authors is that when there is a boom in the market, the stock exchange quota-tion takes a certain movement and the number of acquisitions that are made increases, as well as the premiums paid, and further to check if the means of payment changes whether there is a bull or bear market.</p><p>Purpose: “The general aim of this thesis is to examine acquisitions on the Swedish market in order to estimate the relation between the OMXS index and the number of acquisition bids, the acquisitions pre-mium and the means of payment.”</p><p>Method: To investigate whether a relation between the OMXS and the amount of take-over bids, simple regression analyses was the preferred model, having the bids as being de-pendent upon market performance of the OMXS index. This way, any significant lag ef-fect, the time it takes for a bidder to present a bid offer, could be recognized and used as a benchmark. This model was carried on to the remaining questions as well; whether premi-ums are affected by the stock market, and which way the acquisitions was financed, cash or stock. The time period selected for data collection was 1994 to 2004, allowing the authors a wide enough time-span to interpret at least one bull, and one bear market. The model will be based upon secondary data of market quotes and a quantitative approach will be util-ized.</p><p>Results: The authors claim that a relation between the number of acquisition bids and market movement does exist. This evidence shows that an important decision as the one of deciding whether or not to merge or acquire another firm, might not be as rational as tho-ught. Instead, it is influenced on the environment around it, with the OMXS index as one of them. When it comes to the two remaining questions, if premiums and means of pay-ment are affected by the OMXS index, the obtained answers do not provide a positive rela-tion. And thus, this thesis cannot support earlier studies that state that a relation is present.</p>

Scientific problem: In order to maintain a competitive position in the market, companies need to create an environment of sustained development. Growing companies basically have two choices: expand internally, known as organic growth, or expand externally by a merger or acquisition (M&amp;A). It is widely known that in almost all acquisitions the price paid by the acquiring firm tends to be much higher than the market value of the target firm before the bid, this is called an acquisition premium. There are different ways of financing an acquisition, for example with cash or stock. Previous research within this topic have concluded the M&amp;As follow the market, as well as premiums. Therefore, an assumption made by the authors is that when there is a boom in the market, the stock exchange quota-tion takes a certain movement and the number of acquisitions that are made increases, as well as the premiums paid, and further to check if the means of payment changes whether there is a bull or bear market. Purpose: “The general aim of this thesis is to examine acquisitions on the Swedish market in order to estimate the relation between the OMXS index and the number of acquisition bids, the acquisitions pre-mium and the means of payment.” Method: To investigate whether a relation between the OMXS and the amount of take-over bids, simple regression analyses was the preferred model, having the bids as being de-pendent upon market performance of the OMXS index. This way, any significant lag ef-fect, the time it takes for a bidder to present a bid offer, could be recognized and used as a benchmark. This model was carried on to the remaining questions as well; whether premi-ums are affected by the stock market, and which way the acquisitions was financed, cash or stock. The time period selected for data collection was 1994 to 2004, allowing the authors a wide enough time-span to interpret at least one bull, and one bear market. The model will be based upon secondary data of market quotes and a quantitative approach will be util-ized. Results: The authors claim that a relation between the number of acquisition bids and market movement does exist. This evidence shows that an important decision as the one of deciding whether or not to merge or acquire another firm, might not be as rational as tho-ught. Instead, it is influenced on the environment around it, with the OMXS index as one of them. When it comes to the two remaining questions, if premiums and means of pay-ment are affected by the OMXS index, the obtained answers do not provide a positive rela-tion. And thus, this thesis cannot support earlier studies that state that a relation is present.