Syftet med denna studie är att undersöka marknadens reaktion vid offentliggörande av aktieåterköp. Vidare undersöks hur marknaden reagerar beroende av bakomliggande motiv som företagen anger i annonseringen. Det har använts en kvantitativ ansats. Urvalet består av börsnoterade företag Nasdaq OMX Stockholm från Small-Mid-Large Cap listor som köper tillbaka sina aktier från den öppna marknaden. Motivet till återköp har hämtas från företagens pressmeddelanden. Resultatet visar att marknaden reagerar positivt vid tillkännagivandet av aktieåterköp. Vidare återfanns att värdet på den positiva avkastningen är olika beroende på motiv till återköp.

Företagsförvärv kan vara en vital del i ett företags livscykel. Vilken finansieringsmetod företagen väljer vid förvärv utgör därför en betydande del av hur förvärvet utvecklas. Denna studie undersöker vilken påverkan valet av finansieringsmetod har på det förvärvande bolagets avkastning vid och runt dagen för företagsförvärv. Studien undersöker företagsförvärv genomförda på den svenska aktiemarknaden mellan åren 2010–2019. Utifrån en eventstudie baserad på 100 observationer beräknas den genomsnittliga abnormala avkastningen. Statistiska modeller i form av t-test och regressionsanalys används för att besvara studiens frågeställning. Resultatet indikerar att det finns en skillnad i den abnormala avkastning beroende på företagens finansieringsmetod. Aktiefinansierade förvärv har en högre men insignifikant avkastning jämfört med kontantfinansierade. Dock påvisar resultatet att val av finansieringsmetod inte har en signifikant påverkan på företagens abnormala avkastning under studiens eventfönster.

When a publicly traded company changes CEOs, the stock market will react in either a positive or negative way. This thesis uses multiple regression analysis to investigate which characteristics of the personal profile of the new CEO that might evoke positive or negative reactions from the stock market, both on one-day and one-year time perspectives. The mathematical results are compared to professional opinions regarding what defines an optimal CEO. The inefficiency of the financial markets and complexity of stocks make the mathematical results mostly insignificant. The only correlations found were a positive correlation for highly paid CEOs and a negative correlation for insider recruitment. The thesis concludes that an optimal CEO is defined by its leadership abilities, not by its personal profile. / När ett börsnoterat företag byter VD kommer aktiemarknaden att reagera på ett positivt eller negativt sätt. Denna uppsats använder multipel regressionsanalys för att undersöka vilka egenskaper hos den nya VD:n som kan framkalla positiva eller negativa reaktioner från aktiemarknaden, både på en dags och på ett års tid. De matematiska resultaten jämförs med professionella åsikter om vad som definierar en optimal VD. De ineffektiva egenskaperna hos den finansiella marknaden kombinerat med aktiers komplexitet gör de matematiska resultaten till stor del insignifikanta. De enda korrelationerna som hittades var en positive korrelation för högt betalda VD:ar och en negativ korrelation för internt rekryterade VD:ar. Uppsatsen drar slutsatsen att en optimal VD definieras av sina ledarskapsförmågor och inte av sin personliga bakgrund.

Investment in the securities market has become increasingly common in re-cent years. The stock market has become more accessible, not least because of technological developments. There are many reasons why more people have become interested in stock trading. It can be anything from long-term savings, day trading or different types of investments. At the same time, market mani-pulation via social media has become increasingly visible. There is legislation at both national and EU level that specifically addresses market manipulation. In Sweden, there are three legal cases dealing with market manipulation via social media. It is these that have been analyzed. The purpose of this paper was to analyze current practice and legislation and answer three questions 1.Is the legislation in this area appropriate?2. Does Swedish practice provide clear guidance on what is considered mar-ket manipulation via social media?3. is therea need for new legislation or precedent-setting practice?The methods used werethe legal dogmatic method and the legal analytical method. The legal-dogmatic method was used to identify existing legislation, while the legal-analytical method was used to analyze existing legislation and practice.It turned out that there is a clear link between Swedish practice and the recurrent legislation. By analyzing the different arguments, attention was drawn to Article 12 MAR and Annex I to MAR. The courts did not explicitly refer to the different regulations, but it was clear that the courts relied on the different regulations presented.The conclusion was that there is a common thread in Swedish practice and that the current legislation is mostly appropriate. At thesame time, there are some issues that need to be clarified in practice. There is a need for precedents to establish the reasoning, assessments and considerations made in the practice of the lower courts. At the same time, there is a need for Swedish legislation to incorporate more from Article 12 MAR and Annex I to MAR to provide better guidance on what constitutes market manipulation and to address the different types of market manipulation via social media.

Syftet med studien är att undersöka huruvida det är möjligt att generera högre avkastning genom fundamental analys med fokus på värdeinvestering och Joseph Piotroskis modell (2000) Fundamental Signal Score (F-SCORE). Modellen testas på den svenska aktiemarknaden under perioden 2007-2015. Genom att skapa 27 fiktiva portföljer, beräkna årlig avkastning och jämföra dem mot marknadsindexet SIXRX utvärderas modellens möjligheter att skapa marknadsjusterad avkastning på den svenska aktiemarknaden. Vidare undersöks modellens statistiska samband med avkastning samt kvoten mellan bokfört värde och marknadsvärde (B/M). Studien visar att H_F-portföljen bestående av företag med höga F-SCORES (7-9) gav upphov till bättre marknadsjusterad avkastning än både HBM-portföljen, bestående av företag med höga B/M-tal samt L_F-portföljen med F-SCORES mellan 0-3. Resultatet indikerar att det är möjligt att hitta undervärderade tillgångar och slå marknaden fem av nio gånger genom tillämpning av F-SCORE på den svenska aktiemarknaden. Detta innebär att den effektiva marknadshypotesen (EMH) inte är lika effektiv som teorin antyder. / The aim of this paper is to examine whether it is possible to generate higher returns through the use of fundamental analysis with focus on value investing and Joseph Piotroski’s (2000) model called Fundamental Signal Score (F-SCORE). The model is tested on the Swedish Stock Market during the period 2007-2015. By forming 27 fictive portfolios, calculating yearly returns and comparing them to the SIXRX benchmark, the model’s possibility to generate market-adjusted returns on the Swedish Stock Market is evaluated. Furthermore, the model’s correlation with the returns and book-to-market ratio (B/M) are tested statistically. The study shows that the H_F-portfolio consisting of companies with high F-SCORES (7-9) gave rise to better market-adjusted returns than both the HBM-portfolio, consisting of companies with high book-to-market ratios, and the L_F-portfolio with F-SCORES between 0-3. The results indicate that it is possible to find undervalued assets and beat the market five out of nine times by using the F-SCORE on the Swedish Stock Market. Therefore, the efficient market hypothesis (EMH) is not as efficient as the theory applies.

<p><strong>Introduction:</strong> Interplay between all the different subsystems of the financial markets is currently considered as an important internal force in the market. In a financially liberalized economy exchange rate stability is a basis for a wellbeing stock market. If these interactions between all the different subsystems of the financial markets are not detected, this means that there is information inefficiency in the markets.</p><p><strong>Problem:</strong> Can we find any correlation between changes in currency, interest rate and bonds with the stock market index? If so, how do these changes affect the Stockholm Stock Exchange?</p><p><strong>Purpose:</strong> The purpose of this study is to examine if there is any linkage between the interest rate, currency and bonds with the stock market. The researchers wanted to find out how these variables affect the stock market index OMX S30 which consists of the 30 largest companies on the Stockholm Stock Exchange.</p><p><strong>Method:</strong> This research has been based on a quantitative approach. Three variables were selected to determine their possible linkage with the stock market index. We have collected the quantitative data from the CMC Markets and Swedish central bank in order to obtain the necessary statistical information. We have then examined the information in SPSS and Excel.</p><p><strong>Empirical and analytical:</strong> The result shows that the government bonds which are one of the independent variables are significant explanatory variable for OMX S30. Interest rate contributes significantly to the model and is a significant explanatory variable for stock market. However, the currency has a weak contribution to the model which means that the currency is not a significant explanatory variable for OMX S30.</p>

Introduction: Interplay between all the different subsystems of the financial markets is currently considered as an important internal force in the market. In a financially liberalized economy exchange rate stability is a basis for a wellbeing stock market. If these interactions between all the different subsystems of the financial markets are not detected, this means that there is information inefficiency in the markets. Problem: Can we find any correlation between changes in currency, interest rate and bonds with the stock market index? If so, how do these changes affect the Stockholm Stock Exchange? Purpose: The purpose of this study is to examine if there is any linkage between the interest rate, currency and bonds with the stock market. The researchers wanted to find out how these variables affect the stock market index OMX S30 which consists of the 30 largest companies on the Stockholm Stock Exchange. Method: This research has been based on a quantitative approach. Three variables were selected to determine their possible linkage with the stock market index. We have collected the quantitative data from the CMC Markets and Swedish central bank in order to obtain the necessary statistical information. We have then examined the information in SPSS and Excel. Empirical and analytical: The result shows that the government bonds which are one of the independent variables are significant explanatory variable for OMX S30. Interest rate contributes significantly to the model and is a significant explanatory variable for stock market. However, the currency has a weak contribution to the model which means that the currency is not a significant explanatory variable for OMX S30.

Inom aktiemarknaden finns det en mängd olika teorier som förklarar investeringsbeteendet hos individer. Grunden för beslutsfattande är inte alltid uppenbart. Beslutens påverkan på avkastningen är dock uppenbart och viktigt för investerare. Studier från den kinesiska aktiemarknaden påvisar att investerare med högst portföljvärde gynnas av aktiehandel på grund av informativa fördelar som investerarna besitter. Denna studie syftar därav till att studera investeringsbeteenden hos de högsta inkomsttagarna på svenska aktiemarknaden. Investerare med högst inkomst benämns som superinvesterare och befinner sig på och över den 99:e percentilen i populationen. Urvalsgruppen superinvesterare uppgår till, i genomsnitt, 20 413 individer. Datamaterialet för studien omfattar år 2014–2016 och kommer från Visby Research In Stock Ownership på Uppsala Universitet, Campus Gotland. De studerade variablerna består av inkomst, portföljvärde, antal aktier som innehas och Herfindahl-Hirschman index. På grund av restriktioner för behandling av data med känsliga personuppgifter presenteras data i genomsnittliga siffror för perioden, och delas även in i olika åldersgrupper. Studien tillämpar univariat analys och multivariat regressionsanalys där den statistiska signifikansen undersöks. Herfindahl-Hirschman index används som ett mått för att mäta koncentrationen (diversifieringen) i portföljen.     Studien utgår från teorier inom området behavioral finance, risk inom finansiell teori och portföljteorin. De utvalda teorierna inom området behavioral finance studerar investeringsbeteendet i förhållande till genusperspektiv, inkomstnivå och risktolerans samt investeringsbeteendet hos höginkomsttagare. Samtliga teorier valdes för att frambringa olika perspektiv inom området men även för att ge en grundläggande uppfattning och ökad förståelse för hur investerare agerar på aktiemarknaden. Studiens resultat visar att investerare på och över den 99:e percentilen, det vill säga superinvesterare, äger koncentrerade portföljer med höga portföljvärden. Det kan innebära att superinvesterare besitter informativa fördelar med tanke på att de i genomsnitt äger ett aktieinnehav. Resultatet visar även att portföljvärdet ökar i takt med åldern vilket stämmer i enlighet med teorier som förklarar de bakomliggande faktorerna till det ökade portföljvärdet. Utifrån genusperspektiv pekar resultatet på att män har högre värden än kvinnor i de studerade variablerna. Det är emellertid viktigt att ha i åtanke att andelen män är fler än kvinnor i den studerade percentilgruppen. / In this thesis, we will examine the investment behavior of the ’highest income earners’, also known as ’superinvestors.’ The highest income earners are defined as those that are at or above the 99th percentile in the Swedish stock market. Previous studies have provided evidence to suggest that investors with the highest portfolio value, benefit greatly from stock trading due to the associated informative benefits. We will critically analyse how investors in the Swedish stock market choose to allocate their shares in proportion to their portfolio value and income. The assigned hypotheses are designed to enable us to investigate and answer important questions in the area. The group of our selection of superinvestors amounts to an average of 20,413 individuals. The data retrieved from the study is from Visby Research In Stock Ownership at Uppsala University, Campus Gotland which covers the period between 2014 and 2016. The studied variables are income; portfolio value; number of shares held and the Herfindahl-Hirschman Index. The analysis is based on average figures due to restrictions on processing data with sensitive personal information. From our results, it is suggested that investment behaviour differs according to the individuals’ sex and age dispositions. On an average, women tend to invest more carefully and own less share capital than men. Women also earn, on average, significantly less income than men. In relation to age, younger individuals also owned less investment portfolios than their older counterparts. Superinvestors were also found to own concentrated portfolios of high value. In evidential reliance, there are several theories that provide explanations for such common patterns of investment behaviour.

The main objective of this thesis is to find information of how, or if, the selected macroeconomic variables consumer price index, interest rate, exchange rate, industrial production, oil price and money supply have affected the Swedish stock market (OMXafgx) during the time-period 1973-2017. Findings in this research proves that all variables are co-integrated with the Swedish stock market, but only one of the variables selected, industrial production, have a short- and a longrun relationship affecting the Swedish stock market. A negative long run relation is also identified for money supply. / Huvudsyftet med denna uppsats är att finna information om hur, eller om, de utvalda makroekonomiska variablerna konsumentpris index, ränta, växelkurs, industriproduktion, oljepris och penningmängd har någon påverkan på den svenska aktiemarknaden (OMXafgx) från 2973-2017. Resultaten från denna undersökning visar att alla variablerna är samintegrerade med den svenska aktiemarknaden. Dock är det endast industriproduktion som har en kort- och långsiktig relation som påverkar den svenska aktiemarknaden. En negativ långsiktig relation identifieras även för penningmängd.

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