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Antalet styrelseuppdrag och dess inverkan på aktieavkastningen - En studie kring bolag noterade på OMX Stockholm Mid Cap lista

Olsson, Erik LU and Widenfelt, Sam LU (2013) NEKH01 20131
Department of Economics
Abstract (Swedish)
Sammanfattning

Titel: Antalet styrelseuppdrag och dess inverkan på aktieavkastningen – en studie kring bolag noterade på OMX Stockholm Mid Cap lista

Författare: Erik Olsson & Sam Widenfelt

Handledare: Erik Norrman

Kurs: NEKH01, kandidatuppsats Nationalekonomi C, 15 hp, VT-2013

Nyckelord: CAPM, Fama & French, aktieavkastning, styrelseuppdrag, Sharpe-kvot

Syfte: Denna studie syftar till att undersöka om det finns ett samband mellan företag vars styrelseledamöter innehar flera styrelseuppdrag och dess aktieavkastning.

Metod: I denna studie används kvantitativ metod med insamling av kvantitativ data från börsnoterade företag på OMX Stockholm Mid Cap. Primärdata insamlas från årsredovisningar och Thomson Reuters Datastream.... (More)
Sammanfattning

Titel: Antalet styrelseuppdrag och dess inverkan på aktieavkastningen – en studie kring bolag noterade på OMX Stockholm Mid Cap lista

Författare: Erik Olsson & Sam Widenfelt

Handledare: Erik Norrman

Kurs: NEKH01, kandidatuppsats Nationalekonomi C, 15 hp, VT-2013

Nyckelord: CAPM, Fama & French, aktieavkastning, styrelseuppdrag, Sharpe-kvot

Syfte: Denna studie syftar till att undersöka om det finns ett samband mellan företag vars styrelseledamöter innehar flera styrelseuppdrag och dess aktieavkastning.

Metod: I denna studie används kvantitativ metod med insamling av kvantitativ data från börsnoterade företag på OMX Stockholm Mid Cap. Primärdata insamlas från årsredovisningar och Thomson Reuters Datastream.

Teori: CAPM och Fama & French ligger till grund för den teoretiska referensam som används i studien där även ett mått som Sharpe-kvot används.

Slutsats: Studien visar att det inte föreligger ett statistiskt signifikant samband mellan ett företags aktieavkastning och antalet styrelseuppdrag en styrelse i snitt innehar. Koefficienterna för antalet styrelseuppdrag är dock positiva och vi finner därför inga bevis för att det skulle vara negativt med många styrelseuppdrag. Däremot tyder Sharpe-kvoterna på att det råder ett icke-linjärt samband mellan antalet styrelseuppdrag och aktieavkastningen. (Less)
Abstract
Abstract

Title: The number of directorships and its impact on stock returns – a study of companies listed on the OMX Stockholm Mid Cap list.

Author: Erik Olsson & Sam Widenfelt

Advisor: Erik Norrman

Course: NEKH01, Bachelor thesis in Economics, finance, 15 hp, spring 2013

Keywords: CAPM, Fama & French, stock returns, directorships, Sharpe-ratio

Purpose: This study aims to investigate whether there is a correlation between companies whose directors holding multiple directorships and its stock returns.

Method: This study is using a quantitative approach with data from listed companies on the OMX Stockholm Mid Cap. Primary data is collected from annual reports and Thomson Reuters Datastream.

Theory: In order to find... (More)
Abstract

Title: The number of directorships and its impact on stock returns – a study of companies listed on the OMX Stockholm Mid Cap list.

Author: Erik Olsson & Sam Widenfelt

Advisor: Erik Norrman

Course: NEKH01, Bachelor thesis in Economics, finance, 15 hp, spring 2013

Keywords: CAPM, Fama & French, stock returns, directorships, Sharpe-ratio

Purpose: This study aims to investigate whether there is a correlation between companies whose directors holding multiple directorships and its stock returns.

Method: This study is using a quantitative approach with data from listed companies on the OMX Stockholm Mid Cap. Primary data is collected from annual reports and Thomson Reuters Datastream.

Theory: In order to find out the relationship between the companies equity returns and number of directorships, CAPM and Fama & French are used. The authors use Sharpe-ratios as well to further investigate the relationship
between equity returns and number of directorships.

Conclusion: The study shows that there is not a statistically significant relationship between a firm's stock returns and the number of directorships. The coefficients for the number of directorships is positive and we therefore find no evidence that it would be negative with many directorships. However the Sharpe-ratios suggests that there is a non-linear relationship between the number of directorships and equity returns. (Less)
Please use this url to cite or link to this publication:
author
Olsson, Erik LU and Widenfelt, Sam LU
supervisor
organization
course
NEKH01 20131
year
type
M2 - Bachelor Degree
subject
keywords
CAPM, Fama & French trefaktormodell, aktieavkastning, styrelseuppdrag, Sharpe-kvot
language
Swedish
id
4022262
date added to LUP
2013-09-17 14:01:35
date last changed
2013-09-17 14:01:35
@misc{4022262,
  abstract     = {Abstract

Title: The number of directorships and its impact on stock returns – a study of companies listed on the OMX Stockholm Mid Cap list.

Author: Erik Olsson & Sam Widenfelt

Advisor: Erik Norrman

Course: NEKH01, Bachelor thesis in Economics, finance, 15 hp, spring 2013 

Keywords: CAPM, Fama & French, stock returns, directorships, Sharpe-ratio

Purpose: This study aims to investigate whether there is a correlation between companies whose directors holding multiple directorships and its stock returns.

Method: This study is using a quantitative approach with data from listed companies on the OMX Stockholm Mid Cap. Primary data is collected from annual reports and Thomson Reuters Datastream.

Theory: In order to find out the relationship between the companies equity returns and number of directorships, CAPM and Fama & French are used. The authors use Sharpe-ratios as well to further investigate the relationship
between equity returns and number of directorships.

Conclusion: The study shows that there is not a statistically significant relationship between a firm's stock returns and the number of directorships. The coefficients for the number of directorships is positive and we therefore find no evidence that it would be negative with many directorships. However the Sharpe-ratios suggests that there is a non-linear relationship between the number of directorships and equity returns.},
  author       = {Olsson, Erik and Widenfelt, Sam},
  keyword      = {CAPM,Fama & French trefaktormodell,aktieavkastning,styrelseuppdrag,Sharpe-kvot},
  language     = {swe},
  note         = {Student Paper},
  title        = {Antalet styrelseuppdrag och dess inverkan på aktieavkastningen - En studie kring bolag noterade på OMX Stockholm Mid Cap lista},
  year         = {2013},
}