Huvudsyftet med uppsatsen är att se hur ett företags annonsering om återköp av aktier påverkar dess börskurs i Sverige. Som delsyfte kommer även en undersökning göras om huruvida reaktionen skiljer sig mellan olika branscher samt om Sveriges reaktion skiljer sig från den tidigare forskningen i USA och i Storbritannien. Undersökningen har genomförts med hjälp av en eventstudie där den abnormala avkastningen beräknas. En intervju utförs för att bekräfta resultatet. Resultatet gav en sammanlagd kumulativ avkastning på 0,57 %. Det visade även att det finns en skillnad mellan olika branschers reaktion på en annonsering av ett återköp. Sveriges reaktion jämförs bäst med Storbritanniens som har en abnormal avkastning på 1,14 % än med USA som har en abnormal avkastning på 3,5 %. / The purpose with this study is to examine how a company’s announcement of a repurchase of stocks affect the stock price in Sweden. There will also be an investigation about how the reaction differ between branches and if the reaction found here in Sweden is different than the ones that has been found in USA and the United Kingdom. The examination has been carried out with an event study where the abnormal return has been calculated. An interview has been performed to confirm the result. The result showed a cumulative abnormal return with 0,57 %. It also showed that there is a difference in reaction between branches. Sweden is more comparable with the United Kingdom who has an abnormal return with 1,14 % than it is with USA which has an abnormal return with 3,5 %.

Since the start of the financial crisis in 2008, the Federal Reserve has been engaging in quantitative easing. Quantitative easing is a form of open market operation in which the Federal Reserve buys long-term U.S. government and other securities, versus traditional open market operations that occur through the short-term Treasury bill market. At the same time, the shadow bank system, which is a system of financial intermediaries that perform unregulated credit intermediation outside of traditional banks, has contracted significantly. Some argue that this contraction is due to a collateral crunch induced by quantitative easing in the shadow bank system—a crunch that occurred when the Federal Reserve’s quantitative easing program took high-quality collateral off the market. I will focus specifically on repurchase agreements, an instrument within the shadow banking that uses the same types of securities that the Federal Reserve has been buying during quantitative easing as collateral, to determine whether quantitative easing has led to a contraction of the repurchase agreement market. I find that increases in Federal Reserve asset holdings from 2005-2013, and specifically during QE1, are associated with decreases in primary dealer repurchase agreements. This shows that under certain circumstances, Federal Reserve asset purchases lead to contractions in the shadow bank system. This paper aims to increase understanding of how monetary policy affects shadow banking and understanding of the unintended consequences of monetary policy, such as decreased shadow bank lending caused by quantitative easing.

Este trabalho tem por objetivo verificar se há diferença quanto ao nível de significância estatística no cálculo do retorno anormal realizado através de quatro modelos estatísticos utilizados em estudos de eventos, tendo como objeto de estudo empresas no mercado de ações no Brasil durante o período de março de 2003 até julho de 2010 na Bovespa. Considerando a importância do cálculo do retorno anormal nos estudos de eventos, bem como possíveis variações de resultados decorrentes da escolha do modelo de cálculo, este estudo utiliza um tema bastante conhecido, qual seja, o anúncio de recompra de ações feito pela própria companhia emissora dos títulos. A metodologia utilizada nesta pesquisa foi quantitativa, utilizando o estudo de corte transversal. Os resultados apontam que há diferença entre os níveis de significância encontrados. Ao analisar o gráfico dos modelos calculados no período da janela do evento, verificou-se que as empresas que recompraram ações a fizeram quando os papéis estavam com retorno anormal acumulado negativo e, após a recompra, os papéis tiveram retornos anormais acumulados positivos. Recalculou-se os dois modelos que utilizam o Ibovespa em sua fórmula de cálculo, através de um Ibovespa sem ponderação e conclui-se que os resultados apontam na direção de se evitar o uso de índices ponderados de mercado, preferindo a utilização de carteiras compostas apenas com uma ação para cada empresa componente da carteira de controle. Após este recálculo, verificou-se que o modelo que era menos próximo dos demais graficamente era o modelo de retorno ajustado ao mercado ponderado. Por fim, as evidências empíricas indicam que o mercado de capitais brasileiro ajusta tempestivamente os papéis das empresas que realizaram recompra de ações, em linha com o que prescreve a hipótese do mercado eficiente na sua forma semiforte. / The objetive of this study is to verify if there is any difference regarding the statistical significance level on the abnormal return calculation done through four statistical models used in event studies, having as the study object companies negotiated on the Bovespa Stock Exchange from March 2003 to July 2010. Considering the abnormal return calculation relevance in event studies, as well as the possible variations of results due to the calculation model of choice, this study uses an overly known theme, the stock repurchase announcement done by the own company. The methodology used in this research was quantitative, using the transversal cut study. The results demonstrated that there is difference among the significance levels found. When analyzing the graphs of the calculated models on the event window period, it was verified that the companies that repurchased the stocks done so when their shares were with abnormal accumulated negative returns and, after repurchasing, the shares had abnormal accumulated positive returns. The two models that uses the Ibovespa in its calculation formulae were recalculated, through an non-weighted Ibovespa and the conclusion pointed by the results is that the use of weighted market indexes must be avoided, giving preference to the use of portfolios composed by one share for each company that is comprised in the control portfolio. After this recalculation, it was verified that the models using the weighted market return models were graphically distant from all the other models. Lastly, the empirical evidences have demonstrated that the Brazilian capital market adjusts in a timely manner the shares of the companies that undergone the repurchase of their stocks, in line with what is expected by the efficient market hypothesis on its semi-strong form.

Através de estudo de evento este trabalho analisa o impacto provocado pelo anúncio de recompra de ações sobre os seus próprios preços, utilizando como referência, as empresas que anunciaram aquisição de ações de sua emissão, através de publicação de fato relevante na Comissão de Valores Mobiliário (CVM), nos exercícios de 2003 a 2009. O estudo pressupõe eficiência de mercado na sua forma semi-forte e identifica retorno anormal, estatisticamente significativo na data um do evento, ou seja, um dia após o anúncio. Os retornos acumulados de três dias são regredidos contra dados da recompra e os resultados reforçam a hipótese de sinalização, já sugerida pela análise do gráfico do retorno anormal acumulado, com os retornos indicando alta decorrente de pressão de preços. Os modelos de regressão utilizados, incluindo variáveis contábeis associadas a outras hipóteses explicativas, não encontram resultados significativos que dêem suporte a outras possíveis motivações propostas na literatura acadêmica. / Through event study this study examines the impact caused by the announcement of share repurchases on its own prices, using as reference, the companies announced the acquisition of shares issued through the publication of material fact in the Securities Exchanges Commission (CVM) in the years 2003 to 2009. The study assumes market efficiency in its semi-strong and identifies abnormal return is statistically significant at the time of an event, one day after the announcement. The cumulative returns for three days are regressed against the repurchase data and findings support the signaling hypothesis, already suggested by the analysis of the graph of cumulative abnormal return, with returns showing high due to price pressure. The regression models used, including accounting variables associated with other hypothes s, there are significant results that support other possible motives proposed in academic literature.

Este trabalho tem por objetivo verificar se há diferença quanto ao nível de significância estatística no cálculo do retorno anormal realizado através de quatro modelos estatísticos utilizados em estudos de eventos, tendo como objeto de estudo empresas no mercado de ações no Brasil durante o período de março de 2003 até julho de 2010 na Bovespa. Considerando a importância do cálculo do retorno anormal nos estudos de eventos, bem como possíveis variações de resultados decorrentes da escolha do modelo de cálculo, este estudo utiliza um tema bastante conhecido, qual seja, o anúncio de recompra de ações feito pela própria companhia emissora dos títulos. A metodologia utilizada nesta pesquisa foi quantitativa, utilizando o estudo de corte transversal. Os resultados apontam que há diferença entre os níveis de significância encontrados. Ao analisar o gráfico dos modelos calculados no período da janela do evento, verificou-se que as empresas que recompraram ações a fizeram quando os papéis estavam com retorno anormal acumulado negativo e, após a recompra, os papéis tiveram retornos anormais acumulados positivos. Recalculou-se os dois modelos que utilizam o Ibovespa em sua fórmula de cálculo, através de um Ibovespa sem ponderação e conclui-se que os resultados apontam na direção de se evitar o uso de índices ponderados de mercado, preferindo a utilização de carteiras compostas apenas com uma ação para cada empresa componente da carteira de controle. Após este recálculo, verificou-se que o modelo que era menos próximo dos demais graficamente era o modelo de retorno ajustado ao mercado ponderado. Por fim, as evidências empíricas indicam que o mercado de capitais brasileiro ajusta tempestivamente os papéis das empresas que realizaram recompra de ações, em linha com o que prescreve a hipótese do mercado eficiente na sua forma semiforte. / The objetive of this study is to verify if there is any difference regarding the statistical significance level on the abnormal return calculation done through four statistical models used in event studies, having as the study object companies negotiated on the Bovespa Stock Exchange from March 2003 to July 2010. Considering the abnormal return calculation relevance in event studies, as well as the possible variations of results due to the calculation model of choice, this study uses an overly known theme, the stock repurchase announcement done by the own company. The methodology used in this research was quantitative, using the transversal cut study. The results demonstrated that there is difference among the significance levels found. When analyzing the graphs of the calculated models on the event window period, it was verified that the companies that repurchased the stocks done so when their shares were with abnormal accumulated negative returns and, after repurchasing, the shares had abnormal accumulated positive returns. The two models that uses the Ibovespa in its calculation formulae were recalculated, through an non-weighted Ibovespa and the conclusion pointed by the results is that the use of weighted market indexes must be avoided, giving preference to the use of portfolios composed by one share for each company that is comprised in the control portfolio. After this recalculation, it was verified that the models using the weighted market return models were graphically distant from all the other models. Lastly, the empirical evidences have demonstrated that the Brazilian capital market adjusts in a timely manner the shares of the companies that undergone the repurchase of their stocks, in line with what is expected by the efficient market hypothesis on its semi-strong form.

Através de estudo de evento este trabalho analisa o impacto provocado pelo anúncio de recompra de ações sobre os seus próprios preços, utilizando como referência, as empresas que anunciaram aquisição de ações de sua emissão, através de publicação de fato relevante na Comissão de Valores Mobiliário (CVM), nos exercícios de 2003 a 2009. O estudo pressupõe eficiência de mercado na sua forma semi-forte e identifica retorno anormal, estatisticamente significativo na data um do evento, ou seja, um dia após o anúncio. Os retornos acumulados de três dias são regredidos contra dados da recompra e os resultados reforçam a hipótese de sinalização, já sugerida pela análise do gráfico do retorno anormal acumulado, com os retornos indicando alta decorrente de pressão de preços. Os modelos de regressão utilizados, incluindo variáveis contábeis associadas a outras hipóteses explicativas, não encontram resultados significativos que dêem suporte a outras possíveis motivações propostas na literatura acadêmica. / Through event study this study examines the impact caused by the announcement of share repurchases on its own prices, using as reference, the companies announced the acquisition of shares issued through the publication of material fact in the Securities Exchanges Commission (CVM) in the years 2003 to 2009. The study assumes market efficiency in its semi-strong and identifies abnormal return is statistically significant at the time of an event, one day after the announcement. The cumulative returns for three days are regressed against the repurchase data and findings support the signaling hypothesis, already suggested by the analysis of the graph of cumulative abnormal return, with returns showing high due to price pressure. The regression models used, including accounting variables associated with other hypothes s, there are significant results that support other possible motives proposed in academic literature.

M.Comm. / Under the previous accommodation system the monetary policy of the South African Reserve Bank failed to operate by means of open market transactions, and interest rate movements was solely the discretion of the South African Reserve Bank and was driven by means of the traditional Bank rate. The need for a more efficient and transparent accommodation system that is based on open market transactions and determined by demand and supply of liquidity was evident, and therefore the introduction of the repurchase agreement system in March 1998 was unavoidable. The ultimate objective of monetary policy is to achieve price stability, i.e. to ensure that the Reserve Bank has a goal of maintaining inflation at a level that would be more or less in line with the average rate of inflation in the economies of South Africa's major trading partners and international competitors. It is important that the Reserve Bank enhances transparency for the effective operation of an inflation-targeting framework. Transparency introduces predictability and helps to ensure that market expectations are consistent with the objective of price stability. The level of interest rates in a country can influence price stability directly. A transparent monetary policy will mean that changes in short-term interest rates should not surprise the market. Markets should anticipate decisions taken by the Reserve Bank and therefore transparency should promote the predictability of monetary policy. Since its implementation, the current accommodation system (repurchase agreement) has raised some concerns regarding transparency. The government's new monetary policy framework of inflation targeting also has some limitations that can influence the achieving of such targets. The one influences the other, and if interest rates and inflation is not managed transparently, it will have a severe impact on the overall efficiency of monetary policy in South Africa.

This study examines the market reactions to share repurchase announcements made by companies listed on the Johannesburg Stock Exchange from 2003 to 2012. We use an event study methodology and the Capital Asset Pricing Model to determine if there is an announcement effect when a share repurchase announcement is made. Our analysis show that consistent with signalling theory and the announcement effect, share repurchase announcements are associated with positive abnormal returns. The average abnormal return and cumulative average abnormal return noted was 0.46% and 3.81% respectively for the event period (t -20, t +20). There was an observable trend of declining share prices before the share repurchase announcement however the decline in the shares prices was not significant. We found some evidence of market timing ability in 2005 and 2010 however as a collective, we found no significant difference in timing a share repurchase announcement. / Dissertation (MBA)--University of Pretoria, 2012. / Gordon Institute of Business Science (GIBS) / unrestricted

El presente informe describe como los elementos de promoción influyen en la recompra en los sitios web de las tiendas por departamento en la categoría moda en mujeres de 25 a 35 años de edad en Lima Metropolitana. Esta investigación se desarrolló entorno al análisis que se hizo del tema previamente y a la información encontrada, donde se pudo detectar factores relevantes en la plataforma digital, que incentivan a la recompra en el comercio electrónico. Por ello, se hizo un análisis para identificar entre los factores más relevante para los consumidores cuando compraban en un sitio web, y porque esto generaba recompra en la plataforma digital. Además, de crear cercanía con el cliente, ya que no hay un contacto físico, por tanto, es necesario generar confianza en el usuario para que compre en el sitio web. Durante la investigación se analizaron dos factores importantes para el consumidor y para las tiendas por departamento como estrategia para que el cliente regrese a la plataforma a comprar. Hablamos de los elementos de promoción y la información brindada por mailing a los usuarios. Asimismo, se detectaron factores que no se habían considerado inicialmente en el estudio, pero que formaban parte importante en la recompra por internet; como el caso del servicio post venta. Para finalizar, se contrastan hallazgos encontrados en el campo cualitativo y cuantitativo de la investigación, más la información recopilada. Con esto se pudo profundizar y proponer estrategias para mejorar la compra en el canal virtual de las tiendas por departamento. / This report describes how the promotional elements influence the repurchase on the websites of the department stores in the fashion category for women between 25 and 35 years of age in Metropolitan Lima. This research was developed around the analysis that was made of the subject previously and the information found, where it was possible to detect relevant factors in the digital platform, which encourage re-purchase in electronic commerce. Therefore, an analysis was made to identify among the most relevant factors for consumers when they were shopping on a website, and because this generated a repurchase on the digital platform. In addition, to create closeness with the client, since there is no physical contact, therefore, it is necessary to generate trust in the user to buy on the website. During the investigation, two important factors were analyzed for the consumer and department stores as a strategy for the client to return to the platform to buy. We talk about the promotion elements and the information provided by mailing to the users. Also, factors that had not been considered initially in the study, but that were an important part of the online buyback, were detected; as the case of after sales service. Finally, we compare findings found in the qualitative and quantitative field of the research, plus the information collected. With this it was possible to deepen and propose strategies to improve the purchase in the virtual channel of department stores. / Trabajo de investigación

Harsh competition influence the profit margins of Swedish banks, where mortgages are some of the most profitable products. Unfortunately, mortgages also happen to be the most influential products when it comes to customers’ willingness to switch banks. Currently, the four largest banks in Sweden are losing both customers and mortgage market shares to smaller firms at an increasing rate. One of the big four face greater problems acquiring new credit market shares when compared to its three competitors. In this study, actions taken in order to keep existing customers are central and the bank finding it particularly troublesome to acquire new credit market shares out of the big four is therefore examined. Through a qualitative study, mortgage advisors at the bank in question are asked to explain how they handle theoretical concepts such as post-purchase feelings, repurchase behaviour and customer loyalty in practice. Answers from the interviews are then analysed and compared to existing theory, where the results show that practice is not always executed as expected from a theoretical perspective. The purpose of the study is to better understand how the advisors work with the theoretical concepts, in order to fathom why the customers are leaving. The results show that mortgage advisors at the bank in question worked inconsistently with customer’s post purchase feelings. This was due to the advisors having free reins over how to process their own customer base with a lack of system support. Consequently, some of the advisors worked with direct post purchase activities whilst some did not get in touch with their customers at all. In addition, loyalty was an aspect that customers often thought to be of great importance for the bank. However, loyalty was not a determining factor in the calculations made by the advisors in order to present the customers with interest offers. Though it could be of some importance for the small mandate every advisor had over the final interest discount, where satisfaction with a customer could grant a more generous proposition. / Den svenska bankmarknaden kännetecknas av en hård konkurrens, där bolån är en av de mest lönsamma produkterna. Dessvärre är bolån även den produkt som har störst inflytande när det kommer till kunders benägenhet att byta bankaktör, och länge har de fyra största aktörerna på den svenska bankmarknaden tappat kunder till mindre aktörer i en allt ökande omfattning. En av dessa storbanker har även visat sig ha det mer problematiskt än sina tre likar att ta nya marknadsandelar på kreditmarknaden vilken vidare undersöks i denna studie där åtgärder utförda i syfte för att behålla kunder är centrala. Genom en kvalitativ studie har bolånerådgivare vid banken i fråga ombetts förklara hur de arbetar med de teoretiska koncepten efterköpskänsla, återköpsbeteende och kundlojalitet i praktiken. Svaren har sedan analyserats och jämförts ur ett teoretiskt perspektiv, där resultatet visar att arbetssätt och teori inte alltid överensstämmer med varandra. Syftet med denna studie är att bättre förstå hur bolånerådgivare arbetar i förhållande till teoretiska koncept, för att skapa en bättre förståelse för varför det sker ett så kontinuerligt och tilltagande kundtapp. Resultatet av studien visar att bolånerådgivarna på banken i fråga arbetade på ett inkonsekvent sätt med kundernas efterköpskänsla. Något som var till följd av att arbetssättet med den egna kundstocken var individuellt konstruerat av varje rådgivare och att en avsaknad av systemstöd förelåg. Som en konsekvens, gjorde vissa rådgivare direkta efterköpsutskick, när andra inte hörde av sig till sina kunder över huvud taget. Vidare var lojalitet en aspekt som kunderna kunde tro var av stor vikt för banken. Men i själva verket var detta inte en variabel alls i de kalkyler som rådgivarna nyttjade för att ge ett så rättvist erbjudande som möjligt. Däremot kunde lojalitet ha en liten betydelse för det mandat varje rådgivare hade över den slutliga ränterabatten, där en bra kund kunde få ett mer generöst förslag.