This paper examines the effects of dividend announcements and dividend payments on OMX30 stock prices and tests if these effects indicate market efficiency. An event study methodology is used to find if the dividend events have a significant impact on stock prices. The study finds that both dividend announcements and dividend payments have a significant negative effect on prices. Disappointed investors or lowered expectations for future dividends may be the cause of the announcement effect. The results indicate that the stock market is semi-strong efficient for the announcements but inefficient when it comes to the payments.

This dissertation considers the entire process originated by corporate events that impact the environment and the society (ES events). Using a rich hand-collected dataset with 1139 chronological incidents originating from negative corporate social responsibility (CSR)-related events, it explores stock market reactions to each stage within a chain of successive events triggered by negative ES events, including the recurrent, follow-up (either favorable or unfavorable), as well as companies’ response events. We find that the investors respond strongly negatively to negative events (origin, negative subsequent, and negative responses) and strongly positively to positive events (positive subsequent and positive responses). We also find that investors react more negatively to the negative subsequent and recurrent events, as well as company negative responses when they occur sooner after the origin events, whereas promptness of positive subsequent events and positive responses heighten the favorable market reaction. The study also reveals the presence of expectancy violation as investors of high-CSR firm react more negatively to the negative events. In addition, it provides observations suggesting that: (1) investors do not regard positive responses as agency-motivated events, instead they are more concerned about the availability of financial resources when a firm makes remedial responses to a negative ES event; and (2) the market cares about CSR events not solely due to their financial implications, but also because it considers socially responsible operations as a value-enhancing corporate duty.

The purpose of this study is to investigate the effects of OPEC oil production cut announcements on stock returns of specified companies listed on the London Stock Exchange. Two categories are constructed from stocks of companies operating in oil, gas and mining sectors and companies operating in pharmaceutical, industrial engineering and industrial transportation sectors, respectively. The study is based on the theories of EMH and findings of behavioural finance and applies a CAPM model in the context of an event study methodology. Our findings show that in four out of five cases OPEC production cut announcements have significant effects on stocks in the chosen categories around the releaseof a supply cut announcement. The difference between post-announcement CAARs of the constructed categories is significant on one occasion. Organisations and investors can use these findings to better understand the impact of OPEC news announcements on the stock performance of companies in specified sectors.

The contrarian model assumes that inferior (superior) past performance can be used as a good indicator of future superior (inferior) performance. In this regard, recent research has integrated the relevance of business magazine cover stories as a possible indicator of this performance, serving as a signal to investors to adopt a particular contrarian investment strategy. This research study replicates with extension a United States-based study that examined whether cover stories acted as effective contrarian indicators. Cover stories from the Financial Mail were collected for a ten-year period to determine whether the nature of the content (classified as either negative, positive or neutral) can act as a useful predictor of future investment performance. The event study method was used to establish whether this future performance was contrarian or momentum in nature, by adjusting the featured company holding-period returns with three benchmark measures: the FTSE-JSE All Share index; a sector-specific index; and an industry-size-matched (ISM) peer company. Statistical tests suggested that while positive stories provided evidence of momentum holding-period return (HPR) performance, negative stories showed weak evidence of contrarian performance for a two-year period. However, when HPR was adjusted for sector or ISM index, most of the abnormal returns dissipated, with only weak evidence of contrarian performance for positive stories and momentum performance for negative stories. The results validated those of the United States-based study, that suggested that magazine cover stories do not function as suitable indicators of either momentum or contrarian performance. Copyright / Dissertation (MBA)--University of Pretoria, 2010. / Gordon Institute of Business Science (GIBS) / unrestricted

The use of gamification has increased in companies in recent years and is used among other things to accelerate learning, increase motivation and engagement. Gamification is defined as the use of game elements in a non-game context. This study aims to investigate whether the use of gamification raises the financial value of a company. The purpose of the study is to expand the knowledge of gamification so that it can be used more efficiently and more frequently in businesses. The research was conducted with an event study on companies that are listed on Nasdaq Stockholm. With the theory of the efficient market hypothesis as a foundation, investors' willingness to buy shares in a company as a direct measure of news publishing on a company's gamification use was examined. The result, which is based on 91 articles from Swedish news sources, illustrates that news about companies' use of gamification does not have a significant impact on their share price. Therefore, in line with the efficient market hypothesis, the news about gamification does not increase the value of the companies, which is the conclusion of this study. The result also shows that the choice of gamification technology or industry that the company is active in does not have an impact on the significance of the results. The study concludes that a correlation between gamification and a company's financial value may exist, although the results of this study indicate the contrary. / Användningen av gamification har ökat hos företag de senaste åren och används bland annat för att skynda på inlärning, höja motivation och öka engagemang. Gamification definieras som användandet av spelelement utanför en spelkontext. Denna studie syftar till att utforska om användandet av gamification höjer det finansiella värdet hos ett bolag. Anledningen till studien är att expandera kunskapen om gamification, för att det ska kunna användas effektivare och mer frekvent i företagande. Undersökningen genomfördes med en eventstudie på företag som är noterade på Stockholmsbörsen Nasdaq. Med teorin om den effektiva marknadshypotesen i grunden granskades investerares vilja att köpa aktier i ett bolag som en direkt åtgärd av nyheters publicering om ett bolags användande av gamification. Resultatet, som är baserat på 91 artiklar från svenska nyhetskällor, åskådliggör att nyheter om företags användande av gamification inte har någon signifikant påverkan på företaget aktiekurs. I linje med den effektiva marknadsanalysen, så har därför inte nyheterna om gamification ökat värdet på företagen, vilket också är denna studies slutsats. Resultatet visar även att val av gamficationteknik eller marknad som företaget är aktivt i inte har en påverkan på signifikansen av resultaten. Studien konkluderar att en korrelation mellan gamification och ett företags finansiella värde kan existera, även om resultaten från denna studie tyder på motsatsen.

Abstract Title: Can outsiders obtain abnormal returns by imitating insider trading?- An application to trade in tech stocks on the Nasdaq Stockholm stock exchange.Comparing high and low volatile stocks. Course: JEFT27. Authors: Antonious Shalaby & Reis Rexha Advisor: Benjamin Miller Key Words: Insider trading, Abnormal Returns, Event Study Purpose:This study aims to investigate if there is a possibility of achieving abnormal returns foroutsiders on the stock exchange by following insider trading. This is being done with the goalof beating the index and outperforming the majority of the market, which has long been abenchmark for investors who are constantly developing new investment strategies byincorporating new variables of information. Methodology:The purpose of this study was achieved by utilizing a quantitative approach in conjunctionwith the Event Study model. We distinguished between high and low-volatility companies, asprevious studies had justified this. Subsequently, we conducted statistical tests to determine ifthe results were significant while also exploring the possibility of long-term effects throughseveral calibrations of the event window. Theoretical perspectives:To conduct this study, considerable attention has been given to prior research in the area,including the theory of the Efficient Market Hypothesis and the concept of Informationasymmetry. Empirical foundation:The insider trading that was analyzed took place between 2019-2022 in the thirty largesttechnology companies on the Nasdaq Stockholm Stock Exchange. Companies that did notmeet the requirements for the number of data points were excluded from the analysis. In total,twenty-six companies contained sufficient data. Conclusion:The study showed that there exists a possibility of obtaining abnormal returns. However, it isconstrained. To achieve this, the outsider must buy a highly volatile stock on the day the newswas published and sell it the day after. If the restrictions are not followed, we do not find thatabnormal returns are possible in the study.

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This dissertation focuses on the Capital Purchase Program (CPP) of the Troubled Asset Relief Program (TARP) and consists of a historical overview of TARP and three empirical studies of the CPP. In the first empirical analysis, presented in chapter 2, I use an event study approach to examine the impact of firm announcements of CPP approval on their stock price. I find that the average firm in my sample enjoyed a 1.31% abnormal return on their stock price in the trading days surrounding this news event. In a multivariate regression that examines cross-firm variation in abnormal returns, I find evidence that legislative action in February 2009 to increase the restrictions on executive compensation at CPP-funded firms may have played an important role in dulling market enthusiasm for a firm qualifying for CPP capital. In chapter 3, I propose a model of TARP funding with numerous financial, structure, economic and regulatory explanatory variables to determine which factors were most influential in directing CPP capital to specific firms in the banking system. I find a clear pattern that CPP capital flowed most prominently to both larger, systematically important firms and firms that, while not on the verge of failure, were experiencing greater financial stress. In chapter 4, I study whether CPP funding altered bank behavior. Modifying established models from the economic literature on bank lending, loss recognition and CEO pay, I investigate whether CPP recipients behaved differently than non-recipient firms in lending activities, acknowledging portfolio losses or altering CEO compensation. Controlling for firm condition, I find that CPP recipients were significantly less likely to lend, but significantly more likely to acknowledge losses and curb CEO pay. Collectively, these results suggest that the government's decision to inject capital into the banking system primarily led to greater transparency about the health of recipient financial institutions. / Economics

Stock market event studies are often used to estimate the impact of an unanticipated event on stock returns of a company. Traditionally, these analyses focus on developing estimates of abnormal returns attributed to the event or some measure of post-event loss in shareholder value. In 1989 Mark Mitchell used an event study to estimate the impact of the 1982 Tylenol poisonings on Johnson & Johnson's share returns. Mark Mitchell was able to demonstrate that (1) Johnson & Johnson share returns were significantly impacted by the poisonings, and (2) such an impact translated, at least in part, to a depreciation of brand name capital. This study sets forth the basic framework of Mark Mitchell's 1989 analysis and wherever appropriate, provides possible alternatives to his methodologies. Using several alternative approaches including, but not necessarily limited to, consideration of the incremental values associated with the Tylenol brand name, cost to develop the brand, alternative market factors, and changes in income streams I compare changes in brand value to brand name capital depreciation estimated by Mitchell. In some instances the aforementioned approaches are used in conjunction with aspects of Mitchell's methodology. The results tend to provide more accurate estimates of the loss in brand value possibly associated with the 1982 poisonings. / Master of Arts

Purpose: The purpose of this study is to examine whether or not a winning performance within professional cycling influences the stock exchange. It looks at the impact a win has on a team’s main sponsor through the effect on said sponsor’s company stock price. Methodology: This study has a positivistic and deductive approach when testing the theory of market efficiency. It uses event study methodology to measure the effect of new information on a company’s stock price. The event period lasts from the last working day before the event to the first working day after the event. The study examined 99 winning performances in the UCI World Tour, from January 1, 2005, to April 30, 2016. Normal return before the event window was calculated from an estimation period of 250 working days. A T-test was used to assess if the results were significant. Results: The study found, based on the complete samples including all cycling races, that there is no significant effect on a main sponsor’s stock price. The Average Abnormal Return came out as 0,04 percent. 46 one day races were examined, resulting in an AAR of -0,1 percent. This means that there was no significant effect on the sponsor’s stock price. For the stage races, on the other hand, the 44 measurements resulted in an AAR of 0,38 percent with a positive 5 percent significance level. Nine measurements derived from the Grand Tours resulted in an AAR of -0,96 percent and a negative 5 percent significance level. Conclusions: The conclusion of this study is that there is no significant effect on the main team sponsor’s stock price, regardless of categorisation. While single day races generated no significant effect, the stage races did have a positive significant effect. Based on the study, The Grand Tour races resulted in a negative effect but the samples for this category were too few to draw a final conclusion from.