As Instituições Fiscais Independentes (ou Conselhos Fiscais - CFs) e as Regras Fiscais (RFs) são modelos de instituições que ganharam relevância teórica e política após a constatação de que os governos raramente conseguem comportar-se como planejadores centrais. Ou seja, são incapazes de conduzir a política fiscal de modo a atender o socialmente ótimo no longo prazo. Em geral, a existência de incentivos políticos distorcidos em conjunto com racionalidade limitada dos eleitores e governantes gera déficits excessivos - o chamado viés deficitário da política fiscal - os quais reduzem gradativamente o bem-estar social. A crise fiscal europeia de 2008-2009, em especial, expôs com dramaticidade inédita a profundidade desse viés deficitário na região. Diante da insuficiência dos mecanismos usuais de mercado em corrigir problema, os organismos internacionais e formuladores de política passaram a recomendar veementemente a adoção de CFs, no intuito de reforçar a aplicabilidade das RFs e realinhar os incentivos na direção da disciplina fiscal. Alguns anos após a implementação dessas instituições, estudos quantitativos buscaram avaliar o impacto de sua atuação na trajetória do resultado primário estrutural, principal medida de ativismo fiscal do governo. Os resultados mostraram-se ambíguos e sujeitos a importantes críticas quanto ao controle da endogeneidade. A presente tese busca colaborar com a literatura de reformas institucionais ao abarcar de forma ampla o problema da endogeneidade nessa questão, tanto na investigação de suas origens como no emprego de desenvolvimentos recentes da teoria econométrica para atenuar suas distorções nas estimativas. No primeiro capítulo, definimos o conceito de CF e apresentamos um panorama geral dessas instituições no mundo. Ademais, também expomos as diversas teorias, mormente no campo da economia política, que buscam justificar a presença do viés deficitário da política fiscal, bem como algumas propostas de melhorias do quadro de incentivos através de reformas institucionais, de forma e minimizar esse viés. O segundo capítulo busca investigar avaliar as condições fiscais que antecederam a grande leva de reformas que na última década deram origem aos CFs. Encontramos evidência de que a implementação do CF é precedida por um recuo de aproximadamente 2,59 p.p. do resultado primário efetivo no segundo ano anterior ao tratamento, relativamente aos países não adotantes ou ainda sem adoção no período. No ano da adoção e no anterior, essa diferença deixa de ser significante. Tais achados apontam para uma segunda fonte de endogeneidade nas mensurações da efetividade dos CFs, na qual os países fiscalmente instáveis reagiriam com mais vigor ao advento de crises nas contas públicas, inclusive com a promoção de reformas institucionais. Na literatura institucional, o tipo de endogeneidade mais comumente assinalado é o de causalidade reversa, em que, contrariamente ao tipo anterior, são os países mais austeros que tendem a exibir maior probabilidade de realização de reformas. No terceiro capítulo, a efetividade dos CFs em alterar a trajetória do resultado estrutural é avaliada por meio da metodologia do controle sintético, numa tentativa de controle mais rigoroso da endogeneidade, de nosso conhecimento inédita até então na literatura. Os resultados encontrados indicam a inexistência de um efeito significativo dos CFs sobre aquela variável, em contraste com os obtidos em avaliações anteriores. O último capítulo da tese traça considerações a respeito da Instituição Fiscal Independente (IFI) brasileira, criada em 2016, à luz de recentes avaliações empíricas sobre o novo papel dessas instituições no contexto internacional. / The Independent Fiscal Institutions (or Fiscal Councils - FCs) and Fiscal Rules (FRs) have gained theoretical and political relevance after realizing that governments rarely manage to behave as central planners. That is, they are unable to conduct fiscal policy in order to meet the socially optimal in the long run. In general, the existence of distorted political incentives coupled with the limited rationality of voters and rulers generates excessive deficits - the so-called deficit bias of fiscal policy - which gradually reduce social welfare. The European fiscal crisis of 2008-2009, in particular, dramatically exposed the depth of this deficit bias in the region. Given the inadequacy of the usual market mechanisms to correct the problem, international organizations and policy makers began to strongly recommend the adoption of FCs in order to strengthen the applicability of FRs and realign incentives in the direction of fiscal discipline. Some years after the implementation of these institutions, quantitative studies sought to evaluate the impact of their performance on the trajectory of the primary structural result, the main measure of government fiscal activism. The results were ambiguous and subject to important criticisms regarding the control of endogeneity. The present thesis seeks to collaborate with the literature on institutional reforms by comprehensively covering the problem of endogeneity in this question, both in the investigation of its origins and in the use of recent developments in econometric theory to attenuate its distortions in the estimates. In the first chapter, we define the concept of CF and present an overview of these institutions in the world. In addition, we also present the various theories, especially in the field of political economy, which seek to justify the presence of the deficit bias of fiscal policy, as well as some proposals for improvements in the incentives framework through institutional reforms, in order to minimize this bias. The second chapter seeks to investigate the fiscal conditions that preceded the great series of reforms that in the last decade gave rise to the FCs. We found evidence that the implementation of FCs is preceded by a decrease of approximately 2.59 p.p. in the primary balance in the second year prior to treatment, in relation to non adoption or non-adopters in the period. In the year of adoption and in the previous year, this difference is no longer significant. These findings point to a second source of endogeneity in the measurement of CF effectiveness, in which fiscally unstable countries would react more vigorously to the advent of public account crises, including the promotion of institutional reforms. In the institutional literature, the type of endogeneity most commonly reported is that of reverse causality, in which, contrary to the previous type, the more austere countries tend to be more likely to carry out reforms. In the third chapter, the effectiveness of CFs in altering the trajectory of the structural balance is evaluated through the methodology of the synthetic control, in an attempt to control more strictly the endogeneity problem, of our knowledge a novelty in the literature. The results indicate that there is no significant effect of FCs on that variable, in contrast to those obtained in previous evaluations. The last chapter of the thesis outlines considerations regarding the Brazilian Independent Fiscal Institution (IFI), created in 2016, in the light of recent empirical assessments of the new role of these institutions in the international context.

nÃo hà / Este trabalho avalia o impacto da interiorizaÃÃo do Instituto Federal de EducaÃÃo, CiÃncia e Tecnologia do MaranhÃo (IFMA) no desempenho escolar do Ensino Fundamental nos municÃpios contemplados com a implantaÃÃo. SÃo escassos os estudos que abordam a influÃncia da presenÃa dos Institutos Federais como incentivos à melhoria do Ensino Fundamental, especialmente em regiÃes pobres como o estado do MaranhÃo. Os dados utilizados foram as notas do Ãndice de Desenvolvimento da EducaÃÃo BÃsica (IDEB), extraÃdas do portal do Instituto Nacional de Estudos e Pesquisas Educacionais AnÃsio Teixeira (INEP) nos anos de 2005 a 2013. Utilizamos o mÃtodo de Controle SintÃtico desenvolvido por Abadie, Dimond e Hainmuller (2010), obtendo um contrafactual na construÃÃo da trajetÃria das notas do IDEB tendo os referidos municÃpios com IFMA. As evidÃncias empÃricas apontam que a expansÃo teve um efeito positivo nas notas do IDEB. / This study evaluates the impact of internalization of the Federal Institute of Education, Science and Technology of MaranhÃo (IFMA) in academic achievement of elementary school in the municipalities covered with deployment. There are few studies on the influence of the presence of the Federal Institutes as incentives for improvement of primary education, especially in poor regions such as the state of MaranhÃo. The data used were the notes of the Basic Education Development Index (IDEB), extracted from the National Institute of Educational Studies Teixeira portal (INEP) in 2005 to 2013. We use the Synthetic Control method developed by Abadie, Dimond and Hainmuller (2010), getting a counterfactual in the construction of the trajectory of IDEB notes since those municipalities with IFMA. Empirical evidence suggests that the expansion had a positive effect on IDEB notes.

As Instituições Fiscais Independentes (ou Conselhos Fiscais - CFs) e as Regras Fiscais (RFs) são modelos de instituições que ganharam relevância teórica e política após a constatação de que os governos raramente conseguem comportar-se como planejadores centrais. Ou seja, são incapazes de conduzir a política fiscal de modo a atender o socialmente ótimo no longo prazo. Em geral, a existência de incentivos políticos distorcidos em conjunto com racionalidade limitada dos eleitores e governantes gera déficits excessivos - o chamado viés deficitário da política fiscal - os quais reduzem gradativamente o bem-estar social. A crise fiscal europeia de 2008-2009, em especial, expôs com dramaticidade inédita a profundidade desse viés deficitário na região. Diante da insuficiência dos mecanismos usuais de mercado em corrigir problema, os organismos internacionais e formuladores de política passaram a recomendar veementemente a adoção de CFs, no intuito de reforçar a aplicabilidade das RFs e realinhar os incentivos na direção da disciplina fiscal. Alguns anos após a implementação dessas instituições, estudos quantitativos buscaram avaliar o impacto de sua atuação na trajetória do resultado primário estrutural, principal medida de ativismo fiscal do governo. Os resultados mostraram-se ambíguos e sujeitos a importantes críticas quanto ao controle da endogeneidade. A presente tese busca colaborar com a literatura de reformas institucionais ao abarcar de forma ampla o problema da endogeneidade nessa questão, tanto na investigação de suas origens como no emprego de desenvolvimentos recentes da teoria econométrica para atenuar suas distorções nas estimativas. No primeiro capítulo, definimos o conceito de CF e apresentamos um panorama geral dessas instituições no mundo. Ademais, também expomos as diversas teorias, mormente no campo da economia política, que buscam justificar a presença do viés deficitário da política fiscal, bem como algumas propostas de melhorias do quadro de incentivos através de reformas institucionais, de forma e minimizar esse viés. O segundo capítulo busca investigar avaliar as condições fiscais que antecederam a grande leva de reformas que na última década deram origem aos CFs. Encontramos evidência de que a implementação do CF é precedida por um recuo de aproximadamente 2,59 p.p. do resultado primário efetivo no segundo ano anterior ao tratamento, relativamente aos países não adotantes ou ainda sem adoção no período. No ano da adoção e no anterior, essa diferença deixa de ser significante. Tais achados apontam para uma segunda fonte de endogeneidade nas mensurações da efetividade dos CFs, na qual os países fiscalmente instáveis reagiriam com mais vigor ao advento de crises nas contas públicas, inclusive com a promoção de reformas institucionais. Na literatura institucional, o tipo de endogeneidade mais comumente assinalado é o de causalidade reversa, em que, contrariamente ao tipo anterior, são os países mais austeros que tendem a exibir maior probabilidade de realização de reformas. No terceiro capítulo, a efetividade dos CFs em alterar a trajetória do resultado estrutural é avaliada por meio da metodologia do controle sintético, numa tentativa de controle mais rigoroso da endogeneidade, de nosso conhecimento inédita até então na literatura. Os resultados encontrados indicam a inexistência de um efeito significativo dos CFs sobre aquela variável, em contraste com os obtidos em avaliações anteriores. O último capítulo da tese traça considerações a respeito da Instituição Fiscal Independente (IFI) brasileira, criada em 2016, à luz de recentes avaliações empíricas sobre o novo papel dessas instituições no contexto internacional. / The Independent Fiscal Institutions (or Fiscal Councils - FCs) and Fiscal Rules (FRs) have gained theoretical and political relevance after realizing that governments rarely manage to behave as central planners. That is, they are unable to conduct fiscal policy in order to meet the socially optimal in the long run. In general, the existence of distorted political incentives coupled with the limited rationality of voters and rulers generates excessive deficits - the so-called deficit bias of fiscal policy - which gradually reduce social welfare. The European fiscal crisis of 2008-2009, in particular, dramatically exposed the depth of this deficit bias in the region. Given the inadequacy of the usual market mechanisms to correct the problem, international organizations and policy makers began to strongly recommend the adoption of FCs in order to strengthen the applicability of FRs and realign incentives in the direction of fiscal discipline. Some years after the implementation of these institutions, quantitative studies sought to evaluate the impact of their performance on the trajectory of the primary structural result, the main measure of government fiscal activism. The results were ambiguous and subject to important criticisms regarding the control of endogeneity. The present thesis seeks to collaborate with the literature on institutional reforms by comprehensively covering the problem of endogeneity in this question, both in the investigation of its origins and in the use of recent developments in econometric theory to attenuate its distortions in the estimates. In the first chapter, we define the concept of CF and present an overview of these institutions in the world. In addition, we also present the various theories, especially in the field of political economy, which seek to justify the presence of the deficit bias of fiscal policy, as well as some proposals for improvements in the incentives framework through institutional reforms, in order to minimize this bias. The second chapter seeks to investigate the fiscal conditions that preceded the great series of reforms that in the last decade gave rise to the FCs. We found evidence that the implementation of FCs is preceded by a decrease of approximately 2.59 p.p. in the primary balance in the second year prior to treatment, in relation to non adoption or non-adopters in the period. In the year of adoption and in the previous year, this difference is no longer significant. These findings point to a second source of endogeneity in the measurement of CF effectiveness, in which fiscally unstable countries would react more vigorously to the advent of public account crises, including the promotion of institutional reforms. In the institutional literature, the type of endogeneity most commonly reported is that of reverse causality, in which, contrary to the previous type, the more austere countries tend to be more likely to carry out reforms. In the third chapter, the effectiveness of CFs in altering the trajectory of the structural balance is evaluated through the methodology of the synthetic control, in an attempt to control more strictly the endogeneity problem, of our knowledge a novelty in the literature. The results indicate that there is no significant effect of FCs on that variable, in contrast to those obtained in previous evaluations. The last chapter of the thesis outlines considerations regarding the Brazilian Independent Fiscal Institution (IFI), created in 2016, in the light of recent empirical assessments of the new role of these institutions in the international context.

The thesis evaluates the effect of Czech National Bank's exchange rate commit- ment on Czech sectoral exports. Thus, we show how unconventional monetary policies could affect the exports. To assess the impact of interventions, we use Synthetic Control Method. The method constructs synthetic Czech exports from data of comparable countries that were not under the policy of inter- est and compares them to observed Czech exports following the interventions. We expect a positive effect of Czech National Bank's commitment on Czech exports, because the interventions resulted in the undervaluation of koruna causing a higher demand for Czech goods abroad. Additionally, the exporters should benefit from reduced uncertainty caused by no exchange rate volatility with the euro area. The results showed a positive impact of interventions only in half of the export sectors. The positive effect of a stable exchange rate is not confirmed, because the effect on the euro area countries in some categories was smaller than for the other countries. The results for total sectoral exports were stable across model specifications and confirmed by analysis of Czech bi- lateral sectoral exports to the largest destinations. The significant contribution of this thesis is application of Synthetic Control Method on total sectoral...

Submitted by Pedro Accorsi Amaral (pedroaccorsi10@hotmail.com) on 2017-07-05T20:10:04Z No. of bitstreams: 1 Master Thesis.pdf: 2092692 bytes, checksum: cf0bf23ba85b5e1297c36503f1a0d52a (MD5) / Approved for entry into archive by ÁUREA CORRÊA DA FONSECA CORRÊA DA FONSECA (aurea.fonseca@fgv.br) on 2017-07-06T20:51:03Z (GMT) No. of bitstreams: 1 Master Thesis.pdf: 2092692 bytes, checksum: cf0bf23ba85b5e1297c36503f1a0d52a (MD5) / Made available in DSpace on 2017-07-20T18:01:11Z (GMT). No. of bitstreams: 1 Master Thesis.pdf: 2092692 bytes, checksum: cf0bf23ba85b5e1297c36503f1a0d52a (MD5) Previous issue date: 2017-05-16 / This work addresses the determinants of the decisions made by small powers to fight alongside great powers in major conflicts. When faced with the request from a great power to participate in wars, some peripheral countries abide and others remain uninvolved. To explain this variation, the case study of the Colombian participation in the Korean War is used, comparing the country to other Latin American cases. Building on rational choice models of leaders’ behavior, I expect that leaders decide to go to war when the rewards for this action increase their likelihood of remaining in power. I use explicit process tracing to investigate the causes for the Colombian decision and organize them into necessary and sufficient conditions. Evidence suggests that the causes for the Colombian participation in Korea were an attempt from the president to improve his relationship with the United States in order to obtain more foreign aid, the Colombian authoritarian regime, and an attempt from the president to please the armed forces, which had the power to keep him in office. I also use synthetic control method to test whether the Colombian decision increased the foreign aid received by the country from the United States. Results show a significant increase in received aid. These findings corroborate the expectation that leaders of small powers will go to war in order to receive more aid and to make policy concessions for those who hold the power to keep them in office, and that they are rewarded from the great power for this decision under certain conditions.

This dissertation consists of three essays addressing different topics in health economics. In the first essay, we perform a systematic review of peer-reviewed articles examining consumer preference for the main electronic cigarette (e-cigarette) attributes namely flavor, nicotine strength, and type. The search resulted in a pool of 12,933 articles; 66 articles met the inclusion criteria for this review. Current literature suggests consumers preferred flavored e-cigarettes, and such preference varies with age groups and smoking status. Consumer preference for nicotine strength and types depend on smoking status, e-cigarette use history, and gender. Adolescents consider flavor the most important factor trying e-cigarettes and were more likely to initiate vaping through flavored e-cigarettes. Young adults prefer sweet, menthol, and cherry flavors, while non-smokers, in particular, prefer coffee and menthol flavors. Adults in general also prefer sweet flavors (though smokers like tobacco flavor the most) and dislike flavors that elicit bitterness or harshness. Non-smokers and inexperienced e-cigarettes users tend to prefer no nicotine or low nicotine e-cigarettes while smokers and experienced e-cigarettes users prefer medium and high nicotine e-cigarettes. Weak evidence exists regarding a positive interaction between menthol flavor and nicotine strength. In the second essay, we investigate U.S. adult consumer preference for three key e-cigarette attributes––flavor, nicotine strength, and type––by applying a discrete choice model to the Nielsen scanner data (Consumer Panel data combined with retail data) for 2013 through 2017, generating novel findings as well as complementing the large literature on the topic using focus groups, surveys, and experiments. We found that (adult) vapers prefer tobacco flavor, medium nicotine strength, and disposables, and such preference can vary over cigarette smoking status, purchase frequency, gender, race, and age. In particular, smokers prefer tobacco flavor, non-smokers or female vapers prefer medium strength, and infrequent vapers prefer disposables. Vapers also display loyalty (inertia) to e-cigarette brands, flavor, and nicotine strength. One key policy implication is that a flavor ban will likely have a relatively larger impact on adolescents and young adults than adults. The third essay employs a machine learning algorithm, particularly a random forest, to identify the importance of BMI information during kindergarten on predicting children most likely to be obese by the 4th grade. We use the Arkansas BMI screening program dataset. The potential value of BMI information during early childhood to predict the likelihood of obesity later in life is one of the main benefits of a BMI screening program. This study identifies the value of this information by comparing the results of two random forests trained with and without kindergarten BMI information to assess the ability of BMI screening to improve a predictive model beyond personal, demographic, and socioeconomic measures that are typically used to identify children at high risk of excess weight gain. The BMI z-score from kindergarten is the most important variable and increases the accuracy of the prediction by 14%. The ability of BMI screening programs to identify children at greatest risk of becoming obese is an important but neglected dimension that should be used in evaluating the overall utility. In the last essay, we use Nielson retail scanner dataset and apply a difference-in-differences (DID) approach and synthetic control method, and we test whether consumers in Utah reduced beef purchases after the 2009 Salmonella outbreak of ground beef products. The result of DID approach indicates that the Salmonella event reduced ground beef purchases in Utah by 17% in four weeks after the recall. Price elasticity of demand is also estimated to be -2.04; therefore, the reduction in ground beef purchases as a result of recall is comparable to almost 8.3% increase in the price of this product. Using the synthetic control method that allows us to use all of the control states to produce synthetic Utah, we found the effect of this event minimal compared to the DID effect.

One of the main objectives of family policies in countries with low fertility levels is to stimulate birth rates and incentivize the citizens to have more children. Nevertheless, the research on whether this objective is being met remains inconclusive. In this thesis, we analyze two reforms which took place in the Czech Republic in 1995 and 2008, which adjusted the period of reception of the parental allowance. We use data from selected European OECD countries along with the synthetic control approach to construct a synthetic counterpart to the Czech Republic which gives us an idea about how fertility levels would have developed if the interventions did not take place. In both cases, 1995 reform and 2008 reform, we do not find any conclusive evidence that the interventions affected fertility levels in the Czech Republic. Moreover, we observe a change in the trend of total fertility rate about 2 years before each reform which suggests that these reforms were more likely reactions to changing fertility rates rather than remedies. JEL Classification J13, J17, J11, J12, E61, E65, F68 Keywords fertility, family policy, synthetic control estimator, parental allowance, parental leave Author's e-mail 31609261@fsv.cuni.cz Supervisor's e-mail barbara.pertold-gebicka@fsv.cuni.cz

No description available.

[pt] Este trabalho busca quantificar o impacto da Proposta de Emenda Constitucional 95/2016, que limita o crescimento dos gastos federais à inflação, no juro neutro do Brasil. Para isso, aplico duas metodologias para análise e construção do juro neutro contrafactual: o método do Controle Sintético, proposto por Abadie (2003), e o Artificial Counterfactual (ArCo), de Carvalho et al. (2015). Os principais resultados sugerem que o juro neutro do Brasil ao final de 2018 era de 3.9 por cento, em oposição aos estimados pelo Controle Sintético e ArCo, de 10.3 por cento e 12.9 por cento, respectivamente. Estes números apontam favoravelmente à ideia de que reformas fiscais de âmbito estrutural possuem efeito sobre o juro neutro brasileiro. / [en] This paper seeks to quantify the impact of the Proposed Constitutional Amendment 95/2016, which limits the growth of federal spending to inflation in Brazil s neutral interest. For this, I apply two methodologies for the analysis and construction of counterfactual neutral interest: the Synthetic Control method, proposed by Abadie (2003), and the Artificial Counterfactual (ArCo), by Carvalho et al. (2015). The main results suggest that Brazil s neutral interest rate at the end of 2018 was 3.9 percent, as opposed to those estimated by the Synthetic Control and ArCo, 10.3 percent and 12.9 percent, respectively. These figures point favorably to the idea that structural fiscal reforms have an effect on Brazilian neutral interest.

Background. Instagram as a social media platform is used by firms as both a com- munication, marketing and promotion tool. In analyses of firms on Twitter, several authors have found connections between positive changes in stock returns and posts on Twitter regarding the firm, both from and about the firm. The research on Twit- ter is clear on the power of external and internal usage of Twitter on firm’s stocks. This thesis extends the Twitter research to Instagram. By considering a new post made on Instagram by a firm as an event, inferential tests on whether or not the post had any significant effect on the stock value for that firm were established. Objectives. This thesis aims to relate stock value changes to the publishing dates of Instagram posts for firms in the Swedish stock market. Consequently, the hypothesis to falsify is that Instagram content publishing has no effect on stock values for firms in the Swedish stock market. Methods. Both a literature review and a synthetic control group methodology is utilised. The literature review builds the foundation for selection of Instagram pub- lishing events and some of the assumptions necessary for the data analysis. The synthetic control group method allows for inferential analysis of the data by con- structing a weighted non-correlated dataset for the group under purview. Results. For four of the thirteen firms chosen in this thesis, statistical significance was found by the means of placebo t-tests. Conclusions. Signalling theory, valuation theory and the underlying assumption of market efficiency contribute to the effect to which Instagram content publishing may have on stock prices after the publishing date. The effect is potentially relevant as an indicator for investors due to the rejection of this thesis’ null hypothesis for four of the thirteen firms. However, nine cases could not reject the null hypothesis, which indicates that the effect may be negligible. / Bakgrund. Instagram är ett socialt mediaverktyg som används av flera företag för att bedriva marknadsföring och kommunikation med sina kunder. När man analy- serat företag som är aktiva på en annan social media plattform, Twitter, har flera rapporter visat på ett samband mellan postiva ändringar av aktiepriset och pub- liseringar av information angående det specifika företaget på Twitter. Detta gällde både om företaget i fråga delgav sig av information eller om en annan användare gjorde det. Forskningen visar tydligt att Twitter har en påverkan på aktiepriset. Vår forskning bygger vidare på detta antagande med inriktning på Instagram. Om man ser ett nytt inlägg på Instagram av företaget analyserat som en händelse, kan vi med ett inferentiellt avgöra om inlägget hade någon signifikant effect på deras aktievärdet. Syfte. Denna rapport avser att se om det finns något samband mellan aktieprisets ändringar och publiseringar av information för ett företag på den svenska aktiemark- naden. Hypotesen som ska falsifieras är att om ett företag på den svenska aktiemark- naden lägger upp ett inlägg med relevant information på Instagram, har det ingen påverkan på deras aktiepris. Metod. I denna studie används både en litteraturgenomgång och syntetisk kontrollgrupps- metod. Litteraturgenomgången bygger på forskning som har med vilka information- styper som tidigare visat sig ha påverkan på aktiepriset och information som gör att antaganden kring dataanalysen kan göras. Den syntetiska kontrollgrupps-metoden tillåter oss att göra inferentiell analys av data genom att skapa en viktad, icke- korrelerad datastruktur för gruppen som blir analyserad. Resultat. Fyra av de 13 företagen som valdes för denna studie visade statistisk signifikans genom ett placebo t-test. Slutsatser. Signalteori, värderingsteori och det underliggande antagandet om mark- nadseffektivitet bidrar till effekten som informationsdelning via Instagram har på aktiepriset dagarna efter publiseringsdatumet. Effekten kan potentiellt vara relevant för investerare då vi kan förkasta nollhypotesen för fyra av de tretton företagen. Däremot kunde vi för nio av de tretton företagen inte förkasta nollhypotesen, vilket kan innebära att effekten är försumbar.