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.

The aim of this work was to analyze selected branch from the stock market through technical and fundamental analysis. The target is to formulate the most appropriate investment strategy for each sector. The starting point for selecting appropriate investment strategy is inefficient market hypothesis. Selection of the investment strategy, depend on the current economic situation. Based on given results, it is not recommended to use any of the strategies. However, it can propose a suitable investment portfolio. The selected investment portfolio is certainly dependent on many factors. Among these factors belongs the current economic situation and investor´s attitude to risk. Choosing an investment strategy is also influenced by the investor's own attitude to the theory of efficient markets. Investors will opt for active or passive investment strategy on the basis of their opinion.

The principal objective of this work is to test the efficiency of the U.S. capital market and to specify the degree of this effectiveness and then to find out the optimal strategy to evaluate the money invested into selected companies. At first there is theory description - the basic classification of securities, explication of the notion of efficiency of capital market, the methods of test the efficiency, several statistic indicators of the capital market like return average, standard deviation or coefficients of the capital market. Following this theoretical base there is create an analyse of one of the most popular capital markets in American index S&P 500 and of its sectors and some securities. Historical dates of years 2003 - 2008 are analysed and on the basis of results there are propositions which strategy to choose. There wasn't directly confirmed effectiveness of U.S. capital market in this work. So there was a possibility to choose an investment strategy to get an above-average return. The results were very influenced by the crisis since 2007.

<p>Bakgrund: Finns det verkligen en investeringsstrategi som ger en garanterad överavkastning och som skulle kunna innebära att efterfrågan på de tjänster som professionella kapitalförvaltare tillhandahåller försvinner?</p><p>Syfte: Syftet med vår uppsats är att undersöka huruvida det går att generera överavkastning på Stockholmsbörsen genom att investera i en portfölj enbart innehållande aktier med låga P/Etal. Frågan är alltså om det existerar det någon så kallad P/E-talseffekt?</p><p>Genomförande: P/E-talseffekten testades genom att vi för var och en av våra 28 perioder fr.o.m. 1991 t.o.m.2004 skapade två portföljer där den ena innehöll aktier med de femton lägsta P/E-talen på Stockholmsbörsen och den andra innehöll aktier med höga P/E-tal. Den låga P/E-talsportföljen riskjusterade avkastning jämfördes sedan med den höga P/Etalsportföljens. En jämförelse gjordes även med den riskjusterade avkastningen för AFGX och SIXRX.</p><p>Slutsats: Vi har efter att noggrant analyserat våra resultat kunnat fastställa med 95 procent sannolikhet att det sett till hela vår undersökningsperiod, fr.o.m. 1991 t.o.m. 2004, inte går att påvisa en P/E-talseffekt på Stockholmsbörsen. Ser vi däremot enbart till perioderna efter ITbubblan, hösten 2000 till hösten 2003, kan vi med hjälp av våra resultat konstatera att det under denna period var möjligt att erhålla en överavkastning genom att investera i aktier med</p><p>låga P/E-tal.</p> / <p>Background: Is there an investment strategy that yields a guaranteed abnormal return and that could imply that the demand for the services provided by professional capital managers would disappear?</p><p>Purpose: The purpose with this thesis is to examine whether it is possible to generate an abnormal return at the Stockholm Stock Exchange by investing in a portfolio that only contains stocks with low P/E ratios. The question is consequently if there exists a so called P/E effect.</p><p>Implementation: We tested the P/E effect by creating two portfolios for each of our 28 periods from the beginning of 1991 until the end of 2004. The first portfolio included stocks with the fifteen lowest P/E ratios on the Stockholm Stock Exchange and the other portfolio included stocks with high P/E ratios. The risk adjusted return of the low P/E ratio portfolio was then compared to that of the high P/E ratio portfolio. A comparison was also made with the risk adjusted return from AFGX and SIXRX.</p><p>Conclusion: We can, after a thorough analysis of our results, with 95 per cent probability say that a P/E effect didn’t existed on the Stockholm Stock Exchange if we look at our entire research period from the beginning of 1991 until the end of 2004. We can however say that it was possible to generate an abnormal return by investing in stocks with low P/E ratios, if we look solely at the periods after the IT bubble, fall 2000 until fall 2003.</p>

Bakgrund: Finns det verkligen en investeringsstrategi som ger en garanterad överavkastning och som skulle kunna innebära att efterfrågan på de tjänster som professionella kapitalförvaltare tillhandahåller försvinner? Syfte: Syftet med vår uppsats är att undersöka huruvida det går att generera överavkastning på Stockholmsbörsen genom att investera i en portfölj enbart innehållande aktier med låga P/Etal. Frågan är alltså om det existerar det någon så kallad P/E-talseffekt? Genomförande: P/E-talseffekten testades genom att vi för var och en av våra 28 perioder fr.o.m. 1991 t.o.m.2004 skapade två portföljer där den ena innehöll aktier med de femton lägsta P/E-talen på Stockholmsbörsen och den andra innehöll aktier med höga P/E-tal. Den låga P/E-talsportföljen riskjusterade avkastning jämfördes sedan med den höga P/Etalsportföljens. En jämförelse gjordes även med den riskjusterade avkastningen för AFGX och SIXRX. Slutsats: Vi har efter att noggrant analyserat våra resultat kunnat fastställa med 95 procent sannolikhet att det sett till hela vår undersökningsperiod, fr.o.m. 1991 t.o.m. 2004, inte går att påvisa en P/E-talseffekt på Stockholmsbörsen. Ser vi däremot enbart till perioderna efter ITbubblan, hösten 2000 till hösten 2003, kan vi med hjälp av våra resultat konstatera att det under denna period var möjligt att erhålla en överavkastning genom att investera i aktier med låga P/E-tal. / Background: Is there an investment strategy that yields a guaranteed abnormal return and that could imply that the demand for the services provided by professional capital managers would disappear? Purpose: The purpose with this thesis is to examine whether it is possible to generate an abnormal return at the Stockholm Stock Exchange by investing in a portfolio that only contains stocks with low P/E ratios. The question is consequently if there exists a so called P/E effect. Implementation: We tested the P/E effect by creating two portfolios for each of our 28 periods from the beginning of 1991 until the end of 2004. The first portfolio included stocks with the fifteen lowest P/E ratios on the Stockholm Stock Exchange and the other portfolio included stocks with high P/E ratios. The risk adjusted return of the low P/E ratio portfolio was then compared to that of the high P/E ratio portfolio. A comparison was also made with the risk adjusted return from AFGX and SIXRX. Conclusion: We can, after a thorough analysis of our results, with 95 per cent probability say that a P/E effect didn’t existed on the Stockholm Stock Exchange if we look at our entire research period from the beginning of 1991 until the end of 2004. We can however say that it was possible to generate an abnormal return by investing in stocks with low P/E ratios, if we look solely at the periods after the IT bubble, fall 2000 until fall 2003.

The aim of this work is the analysis of factors, which influence price of insurance companies' stock. This work firstly contents definition of basic differences in the space, which insurance company does business in and regular manufacturing plant or sales company. Emphasis is put on controlling risks and regulation of insurance companies. The main part of work is fundamental analysis of 3 european insurance companies. The analysis of each macroeconomics quantity and the stock rate uses correlative coefficients. This work researchs, whether in case of relationship of progress of stock rates and quantities of economics holds regular conclusion, which are described in literature of economics or whether not. Whole fundamental analysis further complete sectoral analysis with development of main characteristics of european insurance market and companies' analysis, where are different proportion indicatiors compared.

A high return is a driving factor for most investors. The ways to reach success are many and different investment strategies on how to earn high returns have been discussed for decades. Value stocks (low P/E ratios) and growth stocks (high P/E ratios) are two strategies among the investment area with different and contrary results on which strategy can give the highest possible return. However, studies of the P/E effect have shown different results the last years compared to previous findings of a value premium for low P/E stocks, with trends of a higher return for growth stocks compared to value stocks. This led us to the research question “Does a portfolio of growth stocks present a higher return than a portfolio with value stocks on the Swedish and Norwegian stock markets?”. The problem that the study aims to answer is therefore if a portfolio of growth stocks provides a higher return than a portfolio of value stocks between the years 2001-2021. The long timespan will give us the opportunity to evaluate the stock markets during both booms and busts. Our study is made on historical data on the Swedish and the Norwegian stock markets since we found a lack of previous research in these countries within the research area. To fulfil the purpose of the study and to answer the research question, a quantitative method is used with historical data provided from Eikon (Thomson Reuters DataStream) where firms are sorted on the P/E ratios and after that growth and value portfolios are created. We will present both the actual return as well as a risk adjusted return for the stocks. The risk adjusted returns are conducted by using the financial measurements Sharpe ratio and Jensen’s alpha. The result of the study shows that on a 5 % significance level, growth stocks presented a higher actual return than value stocks for both Sweden and Norway. The same evidence was found for the returns for growth stocks compared to market index. Though, when testing the risk adjusted returns, the null hypothesis could not be rejected, which implies that a statistical difference between the portfolios could not be found.

整體而言，會計盈餘提供財務報表使用者有關於企業獲利能力之相關資訊。然而，由於會計盈餘同時包含了雜訊 (noises) 與偏差 (biases)，因而影響到會計盈餘對公司獲利能力評價的正確性。因此，過去的會計文獻發展出不同的盈餘管理估計模型 (如: Healy 1985; DeAngelo 1986; Friedlan 1994; DeFond and Jiambalvo 1994 以及Dechow, Sloan and Sweeney 1995)，以嘗試去除這些雜訊與偏差。然而，究竟哪一個估計模型能夠提供最為純淨之非裁量性淨利 (nondiscretionary income) 的衡量指標，則並無定論。在效率市場 (market efficiency) 的假說下，本研究透過本益比 (P/E ratio) 的平均數復歸 (mean-reverting) 現象來評比五種盈餘管理估計模型。由於過去的文獻同時發現盈餘成長率與風險係數均會影響本益比的高低，因此，本研究同時將這兩個變數納入考量。 　　實證結果發現，依照上述五種盈餘管理估計模型所估計之本益比皆有平均數復歸的現象。其中Friedlan (1994) 模型在全體樣本與控制盈餘成長率之後，其本益比平均數復歸現象均較其他模型為快；次佳之盈餘管理估計模型為DeFond and Jiambalvo (1994) 與Dechow et al. (1995) 兩模型；最差的則為 Healy (1985) 模型。 / Overall speaking, accounting earnings provide financial statement users with useful information about a firm's profitability. However, because of the biases and noises included in the accounting earnings, the accuracy and reliability of accounting earnings to the evaluation of a firm's profitability may be adversely influenced. In light of this, prior earnings management studies have developed various estimation models of nondiscretionary income (e.g., Healy 1985; DeAngelo 1986; Friedlan 1994; DeFond and Jiambalvo 1994; Dechow, Sloan & Sweeney 1995) with an attempt to remove the biases and noises embedded in the accounting earnings. Nonetheless, there is no consistent empirical evidence about the relative performance of these estimation models. Assuming market efficiency, the main purpose of this study is to utilize the mean-reverting phenomenon of P/E ratios to evaluate the relative performance of these models. Since prior studies have found that earnings growth rate and risk coefficient may affect the magnitude of P/E ratios, we also control for these two variables in our analyses. 　　The empirical results reveal several findings. First, P/E ratios calculated using different earnings management estimation models exhibit the mean-reverting phenomenon. Second, the Friedlan (1994) model has the best performance among all models when we use the overall sample and three subsamples grouped based on the earnings growth rate. In addition, the DeFond and Jiambalvo (1994) and Dechow, Sloan & Sweeney (1995) models perform moderately. Finally, the Healy (1985) model shows the worst performance.

<p>Problem:   What are the most useful techniques to indicate the stocks that will outperform the market 12 month post the recession period?  Purpose:  The purpose is to find out which method(s): P/B, EV/EBIT, level of debt and so on, will offer investors the highest returns on the investments post the recession period based on the example of the IT crisis of 2000/2001.  Method:  Quantitative study, covering the Swedish OMX Index from 2001 until December 2002.  Conclusions:  Three variables should be reconsidered when making an investment decision post the recession period. These variables were earlier 12 months returns, dividend yield and P/E ratios. However, it is crucial to understand that these three tools should not be viewed all together.</p><p> </p>

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