Relationen mellan publik media och kapitalmarknader är ett område som studerats under en lång period. Åsikter har väckts om att massmedia är en viktig faktor vid förståelsen av finansiella marknader då media har förmågan att ge upphov till irrationella reaktioner. Utifrån detta har en kritik mot massmedia växt fram som menar att media inte förmedlar viktig information. En del studier visar emellertid att en lättare åtkomst till ny information leder till att priser på finansiella marknader kan justeras mer effektivt.Syftet med denna studie är att förklara hur den historiska mediabevakningen som föregår en aktierekommendation påverkar hela aktiemarknadens aktörer genom att studera den överavkastning som föregår och efterföljer rekommendationen ifråga. Undersökningen har baserats på rekommendationer gällande svenska aktier som är börsnoterade på Large-, Mid- och Small-Cap listorna på Nasdaq OMX Nordic Stockholm under en period som sträcker sig över två år. Underlaget för mediabevakning utgår ifrån artiklar ur stora svenska tidsskrifter och rekommendationerna är hämtade ifrån större analytikerhus.Tidigare forskning har gjorts på aktiemarknadens reaktion vid publicerandet av nya rekommendationer men denna studie tar hänsyn till ytterligare en variabel, antalet historiska publikationer i media, för att försöka skapa ytterligare förståelse på området.Resultatet antyder att den grad av mediabevakning som föregår publicerandet av en aktierekommendation inte har en påverkan på marknadens mottagning av den nya informationen. Den tydligaste skillnaden som kunde ses mellan rekommendationer som föregicks av en hög respektive låg mediabevakning var att rekommendationen som föregicks av en låg mediabevakning visade ett marginellt större utslag vid publikationsdagen. Då denna observation emellertid inte kunde säkerställas statistiskt går det inte att dra några slutsatser utifrån detta resultat och studien kan således inte påvisa att mer lättillgänglig information leder till en mer informerad marknad. / The relationship between public media and capital markets is a subject that has been studied for a long time. Some argue that mass media is an important factor in understanding the financial markets because the media has the ability to generate irrational reactions. On this basis a critique against the media has emerged which believe that the mass media does not publish valuable information. Some studies, however, have concluded that an easier access to new information leads to more efficient price adjustments within the financial markets.The purpose of this study is to explain how the historical media coverage preceding stock recommendations affects the entire stock market by studying the abnormal return that precede and follow the studied recommendations. The study is based on recommendations on Swedish shares listed on the Large-, Mid- and Small-Cap lists on the Nasdaq OMX Stockholm during a period of two years. Media coverage is based on articles from major Swedish magazines while stock recommendations are obtained from major analysts.Previous research has been done on the stock market's reaction to the publication of new recommendations, but this study takes an additional variable into account, the number of historical publications in the media, in an attempt to create further understanding in the field of subject.The results suggest that the degree of media coverage preceding the publication of a stock recommendation do not have an impact on the market's reception of the new information. The most noticeable difference between the recommendations that were preceded by high and low media coverage respectively was that the recommendation which was preceded by low media coverage showed a marginally larger abnormal return at the publication date. Since this observation, however, could not be confirmed statistically the study cannot draw any conclusions from this result and thus the study cannot prove that a larger amount of easily accessible information leads to a more informed market.

The three largest storms in Sweden in modern time (1954, 1969 and 2005) are in focus in this thesis. By doing a narrative analysis of the countries four leading newspapers, the aim is to find out what stories are constructed during and after big crises such as storms. And more specifically what those narratives say about Sweden, being looked at in a historical rearview window. The result shows that the people of Sweden are portrayed as gender conservatives and that they are all ethnic swedes. There are no room for immigrants in the narratives. The narrative concerning every storm differs though, depending how the inhabitants act. In 1954 Sweden is portraited as a nation where everybody do things together and helps out. During the storm 1969 ordinary peoples efforts are no longer requested. The state promises to take care of everything. When it can´t keep its promises voices from the media and the government are requesting an even stronger state. But in 2005 there have been an era of liberalisation and deregulation. Private companies are now in charge of the electric power supply. After the storm the power is out in many places and people behave differently. Some are passive and demands that the electricity works, other are doing the best of the situation. People are more active on the countryside than in the cities. All are however blaming the electricity companies. But what we see is a more fragmented country than before, where the biggest victims are the small foresters who in many cases have lost everything, they own. They were victims even in the earlier storms, but in 1969, when Sweden, in many ways, was a world leading country the foresters’ stories were not to be heard. In 2005 the forest farmers story are once again told, they who loses everything and, in some cases, commit suicide. They stand as reminders of the old and very poor Sweden, an outskirt in the world. This narrative can have its explanation in the assumption that when the times are uncertain, or changing, a nation looks at its history.