This study focuses on the ten most valued groups on the Nasdaq Stockholm exchange and their reported results for the period of 2009-2015. The purpose of the study was to investigate correlation between reported results on different levels and the progress of the share prices. Using Pearson’s correlation coefficient I was able to compare operating profit, net result and other comprehensive income to one another. I found that operating profit and net result came very close to each other, whilst other comprehensive income fell behind.  As it seems, share prices are affected by a numerous of variables, not only by reported results and earnings.

The purpose of this study is to examine a completely new phenomenon called the MIST, by two portfolios: the Goldman Sachs Next 11 equity fund, and the Goldman Sachs BRIC fund, in order to establish whether or not the MIST countries are a better investment decision in terms of risk, return and growth. Furthermore, the study examines in which form these emerging markets lies in terms of market efficiency, and if the random walk theory is present. The opportunities and challenges for Mexico, Indonesia, South Korea and Turkey are also brought upon to determine whether these countries have the potential to exhibit the same success as the BRIC countries did for a decade. Since the growth of the BRIC countries are slowing down, Jim O’Neill, the same founder of the term BRIC, coined the nations MIST. The BRIC countries are facing several difficulties and have led investors to draw out from these countries stocks. Investors that were pouring in money to the BRIC countries during the period 2001-2009, have from 2011, withdrawn 15 billion dollars from the BRIC stocks. Mexico, Indonesia, South Korea and Turkey. Derived from the next eleven countries, these countries have a major effect on the global economy due to their economical and political circumstances. For many investors, the MIST countries that are growing faster than the BRIC are regarded to be the new biggest emerging markets. Investing in BRIC funds are stated to be a disaster today, while on the other hand, the MIST countries are growing and outpacing the BRIC fund. The methodology used was to compare two different portfolios, Goldman Sachs N-11 equity fund in the period 2011-2013 against the Goldman Sachs BRIC fund in two different periods, 2011-2013 and 2006-2008 with S&P 500 as the market index. In addition, a hypothesis test was carried out for this period to observe whether or not to reject the null hypothesis. The results of this study shows that the null hypothesis was rejected and that the N-11 equity fund is a better investment decision, in terms of risk, return and growth today. These emerging markets are under the weak form market efficiency and the random walk theory is present in the N-11 equity fund. This makes the authors’ results more of a speculation than a definite conclusion about the future, as one cannot "beat the market".

Förvärv av företag sker till höger och vänster, i alla länder, branscher och kategorier. Motiven till förvärv må vara av varierande art, men det som är av betydelse för ett företag är vilket värde ett förvärv kan generera. Denna studie undersöker marknadsreaktioner vid olika typer och kombinationer av förvärv; däribland horisontella, vertikala och branschspecifika förvärv, med huvudsaklig inriktning på värdet som skapas vid gränsöverskridande och nationella förvärv. Detta görs i syfte att kartlägga eventuella överlägsna typer av förvärv. Klassiska teorier i form av effektiva marknadshypotesen och “random walk”-teorin i kombination med insiderhandel utgör den vetenskapliga utgångspunkten i studien. Metoden är en eventstudie, där den abnormala avkastningen vid dessa förvärv beräknas, för att kunna analyseras i förhållande till tidigare forskning. Vidare testas studiens hypoteser med hypotesprövning och samband analyseras med hjälp av enkla linjära regressioner som sedan tolkas. Resultatet visar på att gränsöverskridande förvärv ger den högsta genomsnittliga kumulativa abnormala avkastningen (CAAR), och vidare är horisontella förvärv att föredra över vertikala av samma anledning. Offentliga sektorn och tjänstesektorn ger de högsta CAAR sett till branscher. / Merger and acquisitions is happening everywhere; in all countries, industries and in all categories. The motives of acquiring other companies may differ, but what is truly meaningful is the value an acquisition can bring. This study deals with different types and combinations of acquisitions; amongst horizontal, vertical and industry specific acquisitions, with main focus on the value created in Cross Border and national acquisitions. The aim of the study is thereby to plot superior types of acquisitions. Classic theories like the Efficient market hypothesis and the Random walk theory will be used as a theoretical framework, along with the idea of Insider trading. The method used is an Event study, where the abnormal return is calculated at the announcement day of acquisition and is later analyzed in association to prior studies. Deduced hypothesis are then processed in hypothesis testing and correlations are being studied through simple linear regressions. The result show that Cross Border acquisitions give the highest value (CAAR) to acquirer and the horizontal acquisitions are superior to vertical ones for the same reason. The public sector and the service sector yield the highest CAAR when industries are being studied.

Insider trading has long been a controversial phenomenon in the financial world. Several studies have been conducted in the area where the studies have shown ambiguous results. In 2016, Finansipektionen amended the Insider Trading Act, namely that insiders need to report an insider transction within three days. Insiders ability to generate abnormal returns is considered to be in conflict with market efficiency.  This study examines insiders ability to generate abnormal returns on the First North Growth Market during the year 2020, where the sample consists of 47 observations. An eventstudy has been used to investigate the market reaction from the publication of insider trading. Multiple regression analysis has been applied to examine whether there is any difference in the abnormal return based on the position of the insider, the transactionsize of the insider tradingsize and the gender. The hypothesis tests have been answered with the help of a one-sided t-test and multiple regression analysis. A quantitative method and deductive approach have been used in the study where the researcher derived hypotheses based on previous research as well as theories such as the effective markethypothesis, the random-walk theory, the signalinghypothesis, behaviorbased financing and herdbehavior. This study shows that insiders generate abnormal returns during a short-term event window, but that there is no significant difference in the abnormal returns based on the insider’s position, transactionsize and gender. / Insynshandel har länge varit ett omdiskuterat fenomen inom finansvärlden. Flera studier har avlagts inom området som visat på tvetydiga resultat. År 2016 ändrade Finansinspektionen lagen om insynshandel, nämligen att insynspersoner behöver rapportera en insynstransaktion inom tre dagar. Insynspersoners möjlighet till att generera abnormal avkastning anses gå i strid mot marknadseffektiviteten. Denna studie undersöker insynspersoners möjlighet till att generera abnormal avkastning på First North Growth Market under året 2020 där urvalet består av 47 observationer. En eventstudie har använts för att undersöka marknadsreaktionen vid publiceringen av insynshandel. Multipel regressionsanalys har tillämpats för att undersöka ifall det finns någon skillnad i den abnormala avkastningen baserad på befattningen på insynspersonen, transaktionsstorleken av insynshandeln och kön. Hypotesprövningarna har besvarats med hjälp av ett ensidigt t-test samt multipel regressionsanalys. En kvantitativ metod och deduktiv ansats har använts i studien där forskaren härlett hypoteser utifrån tidigare forskning samt teorier som den effektiva marknadshypotesen, random-walk teorin, signaleringshypotesen, beteendebaserad finansiering och flockbeteende. Denna studie visar att insynspersoner genererar abnormal avkastning under ett kortsiktigt eventfönster men att det inte existerar någon signifikant skillnad på den abnormala avkastningen baserat på befattningen av insynspersonen, transaktionsstorleken och kön.