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This paper investigates the long-run market effects of open market share repurchase programs, specifically focusing on the influence of firm size (market capitalization) and market-to-book ratio on long-run abnormal returns. The study utilizes data from financial databases, including Nasdaq Stockholm and Eikon, as well as information from initiation announcements and other publicly available documents provided by firms listed on the Stockholm Stock Exchange from 2015 to 2022. The findings of the study reveal that the completion of open market repurchase programs does not exhibit a significant impact on the long-term abnormal return of Swedish firms. Additionally, the study indicates that firm size and market-to-book ratio do not exert a substantial influence on the long-run abnormal return. Previous studies on the subject all show a positive abnormal return associated with the announcement of open market share repurchase program. However, this study diverges from previous research by focusing on the impact after the completion date. Consequently, it can be concluded that there is no significant effect on the long-run abnormal return following the completion of an open market share repurchase program, as the market has already incorporated the impact during the announcement phase, thereby reflecting it in the stock price at the completion date. / I början av 2000-talet blev det lagligt för svenska börsnoterade bolag att köpa tillbaka sina egna aktier. Lagändringen medförde en ny möjlighet för företag att föra tillbaka överskottslikviditet tillaktieägarna. Flertalet svenska och internationella studier har dokumenterat marknadens reaktion vid annonserandet av ett aktieåterköpsprogram, denna studie är först med att undersökamarknadsreaktionen efter avslutade aktieåterköpsprogram. I uppsatsen undersöks sambandet mellan avslutade aktieåterköpsprogram och avvikelseavkastning på lång sikt genom Buy-and-hold-abnormal-return (BHAR). Uppsatsen fokuserar på företag noterade på Nasdaq Stockholm, vilka genomfört minst ett aktieåterköpsprogram under perioden 2015–2022. Studien syftar till att undersöka marknadsreaktionen efter avslutade återköpsprogram på den svenska marknaden. Därtill är syftet att undersöka hur market-to-book kvoten (M/B) och börsvärdet (BV) påverkar avvikelseavkastningen efter avslutat aktieåterköpsprogram på 3, 6 och 12 månaders sikt.Studien har samlat in information och data över återköpen genom Nasdaq, Eikon Refinitiv samt företagens finansiella rapporter och pressmeddelanden. Studiens resultat dokumenterar att det inte finns några signifikanta samband mellan avslutade aktieåterköpsprogram och företags BHAR på3,6 och 12 månaders sikt. Vidare kunde inga statistiskt signifikanta samband säkerställas mellanföretagens M/B kvot respektive börsvärde och BHAR.I slutsatsen diskuteras skillnaden mellan tidigare studiers resultat och resultaten från denna uppsats.Tidigare studier dokumenterar en signifikant positiv avvikelseavkastning, något som skiljer sig från resultaten i denna uppsats. En möjlig förklaring till skillnaden i resultaten är att de tidigare studierna utgår från dagen då aktieåterköpsprogram annonseras. Den marginella avvikelseavkastning i denna studie kan förklaras genom att marknadens reaktion främst sker vid annonseringen av aktieåterköpsprogrammet, och att reaktionen redan prisats in vid tidpunkten för avslutat aktieåterköpsprogram. Resultatet är i linje med tidigare studier på ämnet som visar att den positiva avvikelseavkastning kan kopplas till signalteorin. Studiens resultat kan användas som underlag för att bygga ytterligare kunskap om aktieåterköpsprogram på den svenska marknaden.

Anecdotal data affirms that companies applying Lean Six Sigma in their operations not only deliver higher quality products and services, but also obtain superior financial results. The goal of this research was to empirically verify anecdotal data. The study proposed to analyze a group of publicly traded manufacturing companies with the intent of verifying if a correlation exists between companies being lean and the attainment of superior returns on investments. The researcher performed a series of statistical tests comparing key Financial Performance Indicators (FPI) extracted from annual reports (10-K) from a large pool of companies. The outcome of this study showed that superior financial rewards result from a systematic application of lean and quality tools. At the conclusion of this thesis we verified that companies having a business model that stimulates a high level of communication between them and their markets - because they are lean - obtained substantially higher financial advantages when compared to companies that still followed a more traditional mode of production. The results also revealed that lean companies obtained on average Return on Invested Capital (ROIC) 10% higher than mass producers. Therefore, companies wanting to strategically invest their capital should consider Lean Six Sigma as a source of competitive advantage. Another strategic insight derived from this study was the recognition of signs of a smart business. Potential investors should look for the presence of lean and quality improvement programs as one sign that capital is being wisely invested to generate value. Another sign is how well historically ROIC have performed against Weighted Average Cost of Capital (WACC). The research revealed that, on average, lean companies had ROIC of 16%. Assuming that the hurdle rate (WACC) for most companies is near 10%, having ROIC of 16% is an incentive to become lean, thus allowing such companies to create value for their shareholders. Finally, we learned that many factors affect ROIC, namely, brand equity, market positioning, patents, core competency, innovation, leadership, etc. However, the presence of a Lean Six Sigma program in a manufacturing business was a strong positive factor impacting ROIC.

The topic of this master thesis is to compare and analyze five database of companies in terms of suitability for the process of valuation . The main reason why these databases (Albertina, Amadeus , Magnus , Market Line and Capital IQ) are used is their accessibility within the field of study Finance and Business Valuation in University of Economics in Prague. The thesis is structured with respect to the valuation process recommended by professor Mařík (2011) . The first part contains data collection and focuses primarily on general data options for each database. The second part is a detailed financial analysis describing and comparing the ratios followed by databases options in the field of strategic analysis. The possibility of calculation of NOPAT and operationally necessary capital employed is presented after strategic analysis. The last two chapters deal with the database containing capital markets data and can provide the basics for calculation of interests rate and the actual valuation based on market analysis. The conclusion summarizes the main advantages of databases as appropriate for valuation.