Thesis (MBA (Business Management))--University of Stellenbosch, 2008. / ENGLISH SUMMARY: During the period of change in South Africa in the year of the first democratic elections, 1994, the first King Report on Corporate Governance appeared. For the first time in South Africa, companies had a good reference for corporate practice and conduct. A second King report, commonly referred to as King II, appeared in March 2002 and expanded on the earlier Code to produce, what was considered at the time to be, a world-class code of corporate governance. In addition to the acceptance and incorporation of King II into corporate governance practice, the JSE included compliance with the King Code as part of its listing requirements. The code itself is not an enforceable set of rules, but rather guidelines to assist companies in implementing principles of good governance. In similar vein, the JSE has given companies the flexibility to justify non-compliance. This underscores the socalled comply or explain philosophy to which corporate governance in South Africa subscribes. Studies have found the level of corporate governance in South Africa to be high, especially for an emerging market. Compliance with corporate governance principles and transparency go hand in hand. In a comply or explain regime, where the regulation is considered to be done by the market, disclosure of compliance is especially important. The goal of this research project was to conduct a survey of the top listed South African companies to ascertain what the level of disclosure of corporate governance was, with specific reference to the recommendations contained in the King Code. For the purposes of this study, the top companies were defined as the FTSE/JSE Top 40 Index companies. The supposition was that most companies, having been confronted with the King Code for almost six years, would be compliant to a large degree and will disclose their compliance. This was expected to be more evident amongst top companies who have the resources and influence to effect changes sooner and take the lead on high profile issues. The study confirmed the supposition that companies, at least in the sample, were highly compliant. There were however some areas where improvements can be made to be more in line with global best practices. / AFRIKAANSE OPSOMMING: Gedurende die periode van vernuwing in Suid-Afrika en die jaar van die eerste demokratiese verkiesing, 1994, het die eerste King verslag op korporatiewe bestuur verskyn. Vir die eerste keer het maatskappye in Suid-Afrika ‘n goeie verwysing gehad in die bepaling van hul korporatiewe bestuurspraktyke en gedrag. ‘n Tweede King verslag, alombekend as King II, het in Maart 2002 verskyn en op die eerste verslag uitgebou om ‘n kode te voorskyn te bring wat ten tyde van publisering as wêreldklas bestempel is. Bo en behalwe die aanvaarding en toepassing van King II in die korporatiewe bestuurspraktyk, het die JSE ook nakoming van die Kode as deel van die noterings vereistes ingesluit. Die King Kode opsigself is nie ‘n afdwingbare stel reëls nie, maar eerder riglyne wat maatskappy bystaan in die implementering van beginsels van goeie bestuur. In ‘n soortgelyke manier gee die JSE ook aan maatskappye die buigsaamheid om gevalle van nie-nakoming te regverdig en verdedig. Dit onderskryf die sogenaamde voldoen of verduidelik filosofie wat korporatiewe bestuur in Suid Afrika aan gehoor gee. Studies het gevind dat die vlak van korporatiewe bestuursgedrag in Suid-Afrika hoog is, veral vir ‘n ontluikende mark. Nakoming met korporatiewe bestuurgedragskodes en deursigtigheid gaan hand aan hand. In ‘n voldoen of verduidelik regime, waar die mark geag word om te reguleer, is openbaarmaking van korporatiewe bestuursgedrag van kardinale belang. Die doel van hierdie navorsingsprojek was om ‘n peiling te maak van die voorste Suid-Afrikaanse maatskappye om te bepaal wat die vlak van openbaarmaking in terme van korporatiewe bestuursgedrag was, met spesifieke verwysing na die King Kode. Vir die doeleindes van die studie is die voorste maatskappye gedefiniëer as die FTSE/JSE Top 40 Indeks. Die veronderstelling was dat meeste maatskappye, gegewe die feit dat die Kode al ses jaar in omgang is, tot ‘n groot mate aan die Kode sal voldoen en inligting rakende die voldoening openbaar maak. Dit is ook verwag dat dit veral die geval onder die voorste maatskappye sou wees aangesien hulle oor die hulpbronne en invloed beskik om veranderinge vroeër teweeg te bring en leierskap te neem met hoë profiel kwesssies. Die studie het die veronderstelling korrek bewys dat maatskappye, ten minste in die geval van die ingeslote groep, ‘n hoë vlak van voldoening en openbaarmaking ten toon stel. Daar is egter nogtans areas waar verbeterings gedoen kan word om meer in lyn met internasionale beste praktyke te kom.

Thesis (MBA)--Stellenbosch University, 2004. / ENGLISH ABSTRACT: This study consists of three independent papers which all broadly examine South African economic issues using accounting data obtained from the annual reports of industrial The first paper reports on employment trends amongst listed industrial companies in South Africa over the period 1996 to 2002. The results obtained showed that overall employment decreased 1,26% per annum for the companies under review. This negative trend in the largest companies in the sample. By contrast, smaller companies showed excellent growth in employment numbers. Hence appeared that smaller companies might be the most important vehicle for employment growth in the formal sector of the South African economy. It was therefore recommended that greater emphasis be placed on encouraging small business development in order to reverse the declining rates of employment in South Africa. The of ratios calculated from value added statement data in South Africa. The sample used for this purpose included all listed industrial companies which published value added statements or cash value added statements over the period 1990 to 2002. The ratio V A x 100/sales and the various components of value added as a percentage of total value added were considered in studies, it was not wholly apparent why the central location of the ratio V A x 100/sales remained stable, while the central location of the value added component ratios varied over time. The paper examines the changes which took place in the formal sector of the South African economy vis-a-vis economic growth, employment, labour productivity and from the annual financial statements of 62 industrial companies listed on the JSE Securities by companies listed on the JSE Securities Exchange. by employment growth appeared to be driven mainly by decreased rates of employment amongst it second paper expands on existing knowledge concerning the trends and characteristics VA I detail. Although these ratios were shown to have values similar to those reported in previous I third growth. remuneration and also compares these changes with projections put forward in the Growth, Employment and Redistribution (GEAR) policy. The data used in the study was gathered Exchange over the period 1994 to 2000. income differential in South Africa. It thus appeared that in reality few of the projections put forward in GEAR were achieved by the companies representing the formal sector of the South The findings of this study demonstrated that value added could be used successfully as a proxy for economic growth. Although appeared as though labour productivity had increased, the increase was panly due to an overall decrease in employment, rather than a greater than expected increase in value added. emerged that the majority of companies which decreased employment in fact contributed negatively to economic growth. The companies which decreased employment were also shown to have increased salaries on a per employee basis, which meant that these companies did not reduce their overall salary expenses substantially. By decreasing employee numbers and increasing per capita remuneration, the companies in question only acted to further increase an already wide ronnal African economy. / AFRIKAANSE OPSOMMING: Hierdie werkstuk bestaan uit drie onafhanklike artikels wat Suid-Afrikaanse ekonomiese aspekte behandel. Die bogenoemde ekonomiese temas word ondersoek deur middel van die gebruik van rekenkundige data wat verkry is uit die jaarverslae van industriële maatskappye wat op die JSE Effektebeurs genoteer is. Die eerste artikeI beskryf die patrone van indiensneming van werkers deur genoteerde industriele maatskappye in Suid-Afrika gedurende die tydperk 1996 tot 2002. Die bevindings van hierdie studie bewys dat indiensneming met 1,26% per jaar gedaal het. Hierdie negatiewe neiging in indiensneming is grootliks veroorsaak deur 'n vermindering in die aantal werknemers in kleiner maatskappye toegeneem. Dit blyk dus asof kleiner maatskappye 'n belangrike roI kan speel om te verseker dat indiensneming in Suid-Afrika styg. Daar word op die ontwikkeling van kleiner besighede geplaas moet stuit. Die tweede artikel bou voort op die bestaande kennis oor kenmerke en neigings in toegevoegde waarde staat-verhoudings in Suid-Afrika. Die steekproef wat in hierdie geval bestudeer is, sluit alle genoteerde industriele maatskappye wat oor die tydperk 1990 tot 2002 toegevoegde waarde state in hul jaarverslae gepubliseer het. in. Die verhouding van TW x 100/verkope, asook die verhoudings van die verskillende komponente van toegevoegde waarde as 'n persentasie van die totale toegevoegde waarde, is ondersoek. Daar is bevind dat die waardes van die verhoudings ooreenstem met waardes in vroeëre onderdoeke. Dit was egter nie heeltemal duidelik waarom die sentrale plasing van die verhouding TW x 100/verkope bestendig gebly het, terwyl die sentrale plasing van die toegevoegde waarde komponentverhoudings nie. Die derde artikel ondersoek die veranderinge wat plaasgevind het in die Suid-Afrikaanse ekonomiese groei, indiensneming, arbeidsproduktiwiteit en vergoeding en vergelyk dit met die verandering wat in die Groei, werkskepping en herverdeling (GEAR) dokument voorspel is. Die data wat in hierdie studie gebruik is, is afkomstig van die jaarverslae van 62 industriële maatskappye wat vanaf 1994 to 2000 op die JSE Effectebeurs genoteer was. Die resultate van hierdie studie het gewys dat die verbetering in arbeidsproduktiwiteit deels as gevolg van 'n afname in indiensneming, eerder as 'n bo-gemiddelde toename in toegevoegde waarde, plaasgevind het. Daar is bevind dat die maatskappye wat indiensneming verminder het, 'n negatiewe bydrae gemaak het tot die ekonomie. Verder het hierdie maatskappye ook vergoeding per werknemer verhoog wat beteken dat hulle nie in geheel bespaar het op indiensnemingskoste nie. Die maatskappye wat hulle werknemers verminder en hulle salarisse per werknemer verhoog het, het net verder bygedra tot die groeiende inkomste differensiaal in Suid-Afrika. Dit blyk dus dat min van die beramings wat in GEAR uitgelê was deur maatskappye verteenwoordigend van die formele sektor van die Suid-Afrikaanse ekonomie, in hierdie studie bereik is.

"Mémoire présenté à la Faculté des études supérieures en vue de l'obtention du grade de LLM en droit" / Le présent mémoire analyse le phénomène des prises de contrôle inversée (PCI). Cette technique permet à une société privée de se faire acquérir par une société publique coté en Bourse. Elle obtient de cette dernière, en contrepartie, un nombre si important de ses actions qu'à la suite de la transaction, la société privée contrôle la société publique qui vient légalement de l'acheter. D'où la prise de contrôle dite inversée. Le but de l'opération consiste pour la société privée à devenir publique rapidement, et ce, à coûts moindres, comparativement à un appel public traditionnel. La société privée profite ainsi de son nouveau statut pour se financer par un appel public à l'épargne publique par le biais de la Bourse. La piètre réputation associée à ce genre de transactions est due à la cupidité de quelques entrepreneurs peu scrupuleux qui ont comme objectif d'empocher un profit rapide au détriment du public investisseur. Avec comme résultat que ce type de transaction suscite, à juste titre, la méfiance des autorités réglementaires. Le dilemme peut donc être posé en ces termes: compte tenu de l'importance économique des PME en termes de création de richesse au pays, doit-on restreindre l'usage de la PCI au nom du principe de la protection des épargnants? En somme, la liberté commerciale doit-elle céder le pas à des craintes de nature réglementaire? Nous concluons que malgré ces craintes très réelles, la PCI, majoritairement utilisée par la PME, doit être maintenue et qu'en termes de politique réglementaire, les autorités devraient favoriser l'emploi par ces jeunes sociétés du programme de financement « Société de Capital de Démarrage» (SCD) mis en place par la Bourse de Croissance rsx. Malgré ses défauts évidents, ce programme doit être amélioré afin de promouvoir une PCI plus efficace, et ce, à l'intérieur du programme Sco. À cet égard, la SCD pourrait bénéficier de la crédibilité ainsi que de l'expertise indéniable de la Bourse de Croissance en matière de financement de jeunes entreprises. Idéalement, la SCD serait améliorée au point où elle rendrait la PCI, hors ce programme, inutile. En ce sens, la liberté commerciale de faire des PCI serait préservée, tout en assurant la protection du public investisseur. / This thesis endeavours to analyse the phenomenon of the reverse takeover (RTO). This technique allows a private company to be acquired by a public entity whose stock is listed on an exchange. The former obtains from the latter such an important part of its stock that following the completion of the transaction, the private company controls the public company which has just acquired it. The takeover is therefore deemed reversed. The purpose of the transaction from the private entity perspective is to gain the status and privilege associated with being a publicly listed company faster and at a fraction of the cost that would otherwise be the case with a traditional public offering. Thereafter the private company uses its newly acquired public status to tap the capital markets via the stock exchange. The poor reputation generally associated with this kind of transaction is in a large measure due to the greed of a few scam artists whose main motive is a quick profit at the expense of the investing public. The result of this situation is that the RTO is viewed with considerable scepticism by the regulatory authorities. The dilemma may therefore be set in the following terms: taking into consideration the economic importance of the small and medium business (SME) as a creator of wealth in the economy, should the competent authorities limit the use of the RTO in the name of investor protection. In other words, should the commercial freedom to use the RTO in order to finance SME take a back seat to regulatory concerns. We conclude that although the serious concerns levelled by the regulators are very real, the RTO which is used primarily by SME should be maintained. It is further argued that regulatory authorities should promote as a matter of policy the RTO sponsored by the Capital Pool Company (CPC) program provided for by TSX Venture. We find that this program should be upgraded to allow for a more efficient RTO under the rules of the CPC. In this regard, the program would gain from the credibility and the undeniable expertise of the TSX Venture in the realm of financing young and emerging companies. Therefore, ideally, this program would be improved to the point where it would render the RTO pursued out of the program useless. If this were the case, we conclude that commercial freedom would be preserved, while concurrently maintaining protection for investors and upholding the integrity of capital markets.

Few studies have examined the impact of portfolio concentration upon the realised volatility of stock index portfolios, such as the FTSE 100. Instead, previous research has focused upon diversification across industries, across geographic regions and across different firms. The present study addresses this imbalance by calculating the daily time series of four concentration metrics for the FTSE 100 Index over the period from January 1984 through March 2003. In addition, the value weighted variance covariance matrix (VCM) of daily FTSE 100 Index constituent returns is decomposed into four sub-components: two from the diagonal elements and two from the off-diagonal elements of the VCM. These consist of the average variance of constituent returns, represented by the sum of diagonal elements in the VCM, and the average covariance represented by the sum of off-diagonal elements in the VCM. The value weighted average variance (VAV) and covariance (VAC) are each subdivided into the equally weighted average variance (EAV) the equally weighted average covariance (EAC) and incremental components that represent the difference between the respective value-weighted and equally weighted averages. These are referred to as the incremental average variance (IAV) and the incremental average covariance (IAC) respectively. The incremental average variance and the incremental average covariance are then combined, additively, to produce the incremental realised variance (IRV) of the FTSE 100 Index. The incremental average covariance and the incremental realised variance are found to be negative during the 1987 crash and the 1992 ERM crisis. They are also negative for a substantial part of the study period, even when concentration was at its highest level. Hence the findings of the study are consistent with the notion that the value weighted, and hence concentrated, FTSE 100 Index portfolio is generally less risky than a hypothetical equally weighted portfolio of FTSE 100 Index constituents. Furthermore, increases in concentration tend to precede decreases in incremental realised volatility and increases in the equally weighted components of the realised VCM. The results have important implications for portfolio managers concerned with the effect of changing portfolio weights upon portfolio volatility. They are also relevant to passive investors concerned about the effects of increased concentration upon their benchmark indices, and to providers of stock market indices.

Cette thèse est composée de trois chapitres distincts. Chacun de ces chapitres examine un impact spécifique de la concurrence entre les bourses sur les marchés financiers. Le chapitre 2 propose un modèle théorique afin d’analyser l’effet de la concurrence sur le rôle de certification offert par les bourses. Les résultats montrent que surestimer la qualité d’un projet est un équilibre malgré la présence des coûts de réputation. Le chapitre 3 analyse les effets du phénomène de conversion de structure organisationnelle des bourses de mutuelle-à-cotée sur la performance et sur la qualité de marché. Les résultats suggèrent que, bien que cette conversion améliore la performance financière des bourses, elle peut néanmoins nuire à la qualité de marché. Le chapitre 4 est une étude empirique de l’impact de la période de pré-ouverture sur la découverte des prix et la formation de la liquidité sur le marché primaire et sur les plateformes concurrentes. Les résultats montrent que les prix indicatifs de la période de pré-ouverture participent à la découverte des prix et contiennent également des informations particulièrement au début de la pré-ouverture. / This dissertation is made of three distinct chapters. Each of these chapters investigates a specific impact of the increased competition among stock exchanges in capital markets. Chapter 2 proposes a theoretical model to analyze the effect of competition on the quality of the certification process offered by stock exchanges. The findings show that overestimating the quality of a project is an equilibrium despite the presence of the reputation costs. Chapter 3 analyzes the effects of the mutual-to-stock conversion phenomenon on market performance and on market quality of listed exchanges. The results suggest that while stock exchange ownership conversion enhances the stock exchange financial performance, it may be detrimental to market quality. Chapter 4 empirically examines the impact of the pre-opening period of an incumbent market on price discovery and market liquidity on the primary market and on the competing venues. Results provide evidence that tentative prices during the pre-opening period participate to price discovery and also contain information particularly early during the pre-opening.

Le préjudice de l'actionnaire est un sujet encore peu étudié en France alors qu'il soulève de nombreuses interrogations. A l'inverse de nombre de solutions reçues dans les droits étrangers, le droit français n'admet que peu sa réparation tant il reste lié à la distinction jurisprudentielle fondamentale entre préjudice purement personnel (réparable) et préjudice simple corollaire du préjudice social (non réparable). Pourtant, cette distinction n'est pas des plus satisfaisantes ni sur le plan théorique, ni sur le plan pratique. Elle est en outre remise partiellement en cause dès lors que le préjudice trouve sa source dans une infraction pénale, telle que la communication d'informations mensongères. Par ailleurs, l'internationalisation des mouvements de capitaux soulève de plus en plus fréquemment la question de la loi applicable ou du juge compétent (judiciaire ou arbitral également) relativement aux actions en justice des actionnaires. Cette étude se propose dès lors de fournir une appréciation critique du droit positif afin de tenter l'élaboration d'un droit prospectif. Les solutions existantes peuvent-elles et doivent-elles changer ? Pour adopter quel type de solutions ? / The subject of shareholder damages has seldom been studied in France. Nonetheless, it is a topic of much discussion and debate in legal circles. Unlike under some foreign laws, French law rarely permits the direct compensation of shareholder damages because of the summa divisio between the personal damage (recoverable) and the damage of the company (not recoverable). However, this distinction is not relevant both in terms of theory and practice. More doubt is cast on this distinction where the potential damage arises from an infringement of the penal law, such as the use of false or misleading information to induce shareholder reliance or action. Furthermore, the internationalisation of capital introduces conflicts of law and jurisdictional questions, asking the courts to first determine whether they are the proper authority to hear a shareholder’s case, and which nation’s laws to apply.This study presents a critical analysis of the positive law and proposes avenues of reforming French laws concerning shareholder damages. Should the existing remedies be changed ? Which remedies should be adopted to reverse the strict trends in French law against adequately compensating shareholders’ losses ?

O presente estudo visa analisar as operações de cross hedge dos preços do bezerro na Bolsa de Mercadorias & Futuros (BM&F). Para tanto, foram calculados o risco de base destas operações nas semanas de vencimento do contrato futuro de boi gordo, as razões de hedge ótimas e as respectivas efetividades, entre setembro de 1995 e fevereiro de 2001, nas principais praças de comercialização de gado bovino do País - Araçatuba (SP), Bauru/Marília (SP), São José do Rio Preto (SP), Presidente Prudente (SP), Três Lagoas (MG), Triângulo Mineiro (MG), Campo Grande (MS) e Noroeste do Paraná. Como forma de comparação, as mesmas análises foram realizadas para o hedge do boi gordo. O valor médio da base e o risco de base do hedge do boi gordo e do cross hedge do bezerro foram calculados nas semanas de vencimento dos 58 contratos futuros de boi gordo e análises econométricas foram realizadas. Nesta primeira etapa, foi possível observar os seguintes resultados: i) valor médio e variância da base do bezerro foram superiores à do boi gordo em todas as regiões; ii) o desvio padrão da base do boi gordo foi 80,67% inferior ao desvio padrão do bezerro; iii) o risco de base do boi gordo foi estatisticamente inferior nas regiões que compõem o Indicador de Preço Disponível do Boi Gordo - IBG, calculado pelo CEPEA/FEALQ; iv) o risco de base do bezerro não apresentou diferenças estatisticamente significativas entre as regiões. Em uma segunda etapa, o estudo buscou analisar as razões ótimas e a efetividade do hedge do boi gordo e do cross hedge do bezerro, conforme a metodologia de Myers & Thompson (1989). Tanto no cross hedge, como também no own hedge, as razões se mostraram elevadas - no primeiro caso esteve entre 37% e 49%, já no segundo variou entre 58% a 63%. Com relação à efetividade, constatou-se que no caso do own hedge, o risco de preço pode ser reduzido em cerca de 50% com a tomada de posição em contratos futuros de boi gordo na proporção de hedge ótima. No entanto, para o cross hedge, a efetividade foi bastante baixa para todas as regiões, de aproximadamente 1,5%. Se por um lado, a proteção contra os riscos de preço do boi gordo ocorre de forma eficiente, por outro lado a proteção contra movimentos adversos nos preços do bezerro possui baixa efetividade. Conclui-se, portanto, que os pecuaristas, os quais utilizam o preço do bezerro e a relação de troca entre boi gordo e bezerro para a decisão de venda do gado, não possuem um instrumento eficiente, nos mercados futuros, de proteção dos preços de sua atividade. / The aim of the present study is to analyze the cross hedge operation for calves in the BM&F future markets. The basis risk of these operations during the contract maturity weeks were calculated, as well as the optimal hedge ratios and the respective effectiveness. The period considered was September, 1995 to February, 2001, and the regions were chosen according to their importance in commercialization of bovine cattle: Araçatuba (SP), Bauru/Marília (SP), São José do Rio Preto (SP), Presidente Prudente (SP), Três Lagoas (MG), Triângulo Mineiro (MG), Campo Grande (MS) and Noroeste do Paraná. For the sake of comparisons, the same analyses were carried for the fed cattle hedge operations, in the same regions. The average value of the basis and the basis risk of fed cattle hedge and calf cross hedge was calculated for 58 future contracts, in the last week of contract life, and econometric analyses were performed. The main results arising from the preceding analyses can be pointed out: i) average basis value and basis risk of calf were higher than the values of fed cattle in all regions; ii) the basis standard deviation for fed cattle was 80,67% lower than for calf; iii) the regions comprised by IBG, calculated by the CEPEA/FEALQ, showed lower fed cattle basis risk compared to the other regions under study; iv) the calf basis risk in the regions studied did not present statistically significant differences. In a second stage, the study analyzed the optimal hedge ratio and the related effectiveness of own and cross hedge, according to the methodology proposed by Myers & Thompson (1989). The estimated hedge ratio was high in both cases, between 37% and 49% for the optimal hedge ratio and 58% to 63% for the cross hedge. The own hedge figures mean a 50% reduction in price risk when hedging at the optimal ratio, a value that drops consistently to about 1,5% for all regions when the cross hedge is considered. The main conclusion of the study is that the BM&F fed cattle future markets are quite effective as a price risk reduction strategy for the own hedge operations, but lack effectiveness in this sense for the calves cross hedge. Market agents trying to use the calf price and the exchange relation between fed cattle and calf prices for cattle selling decisions should not rely on this mechanism for price risk reductions.

Que tipo de relação existe entre a exposição que uma empresa tem na mídia e o seu valor de mercado e o volume de negócios com suas ações? Partindo da premissa que a exposição de uma empresa na imprensa aumenta o alcance das informações relativas a ela e contribui para diminuir a assimetria informacional entre a administração da companhia e os investidores, o objetivo deste trabalho foi testar empiricamente se existe relação positiva entre a exposição de companhias abertas brasileiras na imprensa e seu valor de mercado e a liquidez de suas ações em bolsa. Trata-se do primeiro estudo feito no Brasil sobre o assunto. A partir de uma amostra de 152 companhias que representavam 81% do valor de mercado da bolsa brasileira em março de 2015, foi levantada a frequência de matérias que citaram essas empresas no jornal Valor Econômico no período de 20 trimestres entre janeiro de 2010 e dezembro de 2014. A técnica estatística usada foi a de regressão com Dados em Painel, que considera a variação tanto entre as companhias da amostra como também as alterações de valores no tempo para cada empresa. Como esperado a partir da plataforma teórica e da evidência de estudos internacionais, os resultados indicam uma relação estatisticamente significativa entre cobertura da mídia e valor de mercado. Os resultados foram consistentes tanto no teste com o múltiplo preço/valor patrimonial (P/VPA) como com a métrica Q de Tobin como variável dependente. Isso significa que, nesta amostra, as empresas que aparecem com mais frequência na imprensa econômica têm maior valor de mercado relativo do que aquelas que aparecem menos. Um terceiro teste foi feito para medir a relação da exposição na mídia com a liquidez das ações, também encontrando associação estatisticamente significante e positiva. No caso do primeiro teste, é importante destacar que, quando a amostra foi dividida em quartis por porte, a cobertura da mídia perdeu significância para explicar o valor de mercado das maiores empresas do país. Espera-se que o trabalho, ainda que com as limitações de um estudo pioneiro no país, possa contribuir para que companhias abertas, assessorias de imprensa, veículos de comunicação e também os reguladores do mercado conheçam melhor as relações existentes com a exposição na imprensa. Se a linha de pesquisa prosperar e uma relação de causa e efeito for comprovada, imagina-se que no futuro as empresas poderão usar planos de mídia em estratégias de relações com investidores e medir esses efeitos. / What kind of relationship exists between the exposure that a company has in the media and its market value and the traded volume of its stocks? Assuming that the exposure of a company in the press increases the extent of information relating to it and helps to reduce the information asymmetry between the company\'s management and investors, the objective of this study was to empirically test whether there is a positive relationship between Brazilian companies exposure in the press and its market value and the liquidity of its shares on the stock exchange. This is the first study in Brazil on the subject. From a sample of 152 companies representing 81% of the market capitalization of the Brazilian stock market in March 2015, I have collected the frequency of stories in which they were mentioned in the Valor Econômico newspaper in the period of 20 quarters between January 2010 and December 2014. The statistical technique used was the regression with Panel Data, which considers the variation both between the sample of companies as well as value changes over time for each company. As expected from the theoretical platform and evidence from international studies, the results indicated a statistically significant relationship between media coverage and market value. The results were consistent in both the test with the multiple price-to-book (P/B) as with the Tobin\'s Q ratio as the dependent variable. This means that companies in this sample that appear more frequently in the financial press have higher market value relative to those that appear less. A third test was done to measure the relationship between media exposure with the liquidity of the shares, also finding statistically significant positive association. For the first test, it is important to note that, when the sample was divided into quartiles by size, media coverage has lost significance in explaining the market value of the largest companies in the Brazilian market. It is expected that work, albeit with the limitations of a pioneering study in the country, can contribute to public companies, press offices, media outlets and also the market regulators to have a more informed perception of the scope of the exposure in the press. If the line of research to thrive and if a cause and effect relationship is proven, it is thought that, in the future, companies may use media plans in investor relations strategies and measure these effects.

Syfte: Syftet med uppsatsen är att undersöka hur marknadseffektiviteten på Stockholmsbörsen har blivit påverkat av finanskrisen 2008, vilket genomförs genom att undersöka om bolag får avvikande avkastning vid publicering av kvartalsrapporter. Teori: Teorikapitlet utgår från den effektiva marknadshypotesen, där dess tre olika komponenter samt anomalier tas upp. Metod: Undersökningen genomförs med hjälp av en event studie och en hypotesprövning för att kontrollera hur effektiviteten på NasdaqOMX har blivit påverkad av finanskrisen. Undersökningen utgår ifrån en period på tre år, 2009-2011, och omfattar aktierna på index OMXS30. En insamling av kursdata från de 29 bolag som ingick i OMXS30 har skett, med hänsyn till datum för publicering av kvartalsrapporter. Detta ger totalt 261 observationer under dessa tre år. Empiri: Hypotesprövningen tillsammans med övrig empiri har visat att det kan finnas ett samband mellan publicering av kvartalsrapporter och bolagens aktiepris. Dock visar empirin att finanskrisens påverkan på effektiviteten har varit mycket liten. Analys: Analys av empirin tyder på att det finns tydliga tecken på att bolagens aktiepris påverkas vid publicering av kvartalsrapporter. Störst påverkan sker däremot publicering av kvartalsrapport ett och två. Analys av empirin visar även att marknaden har återhämtat sig snabbt efter finanskrisen. Slutsats: Undersökningen visar att det finns tecken på en mellanstark form av effektivitet på NasdaqOMX, även om denna inte är helt hundraprocentig. Dock är det svårt att dra en generell slutsats hur mycket 2008 års finanskris har påverkat denna effektivitet eftersom en finanskris har efterlöst en annan. / Purpose: The purpose of this paper is to examine how market efficiency on the Stockholm stock exchange has been affected by the financial crisis of 2008, which is carried out by examining if companies earn abnormal returns when publishing quarterly reports. Theoretical perspectives: The theory chapter is based on the efficient market hypothesis, where its three different components and anomalies are discussed. Methodology: The examination is carried out by an event study and a hypothesis test to control how the efficiency on NasdaqOMX has been affected by the financial crisis. The examination is based on a three year period, 2009-2011, and includes the stocks on the index OMXS30. Stock data has been collected from the 29 companies in the OMXS30, with regard to dates the quarterly reports were published. This gives a total of 261 observations under three years. Empirical outcome: The hypothesis test, together with other empirical results, has shown that there may be a relation between the publishing of quarterly reports and company stock price. However, empirical results show that the financial crisis effect on the market efficiency has been insignificant. Analysis: Analysis of the empirical results show that there are clear signs of change in company stock price when publishing quarterly reports. However, the significant change can be seen during the publishing of quarterly report one and two. Analysis of the empirical results also shows that the market has quickly readjusted after the financial crisis. Conclusion: The study shows that there are signs of semi-strong market efficiency on NasdaqOMX, even if this efficiency is not 100 percent strong. However, it is hard to come to a general conclusion on how much the financial crisis 2008 has affected this efficiency due to the fact that one financial crisis has resolved after another.

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.