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Tillförlitlighet eller tillfällighet - En studie om aktierekommendationer

Bergström, Philip LU ; Karlsson, Mattias and Olsson, Christoffer (2015) FEKH89 20142
Department of Business Administration
Abstract (Swedish)
Syfte: Undersöka hur stor andel av de aktierekommendationer som utfärdas för svenska aktiebolag som visar sig vara goda råd, ett år efter publiceringsdatum. Vidare analyseras ifall det råder någon specifik skillnad mellan köp- och säljrekommendationer.

Metod: Kvantitativ studie med deduktiv ansats. Insamlade aktierekommendationer analyseras för att beräkna en eventuell abnormal avkastning. Resultaten testas genom statistiskt z-test och binärvalsregressionsanalys, för att utreda vilka faktorer som påverkar sannolikheten för att rekommendationen är ett gott råd.

Teoretiska perspektiv: Studien utgår från den effektiva marknadshypotesen, CAPM samt tidigare forskning.

Empiri: Kvantitativ data har samlats in för att undersöka... (More)
Syfte: Undersöka hur stor andel av de aktierekommendationer som utfärdas för svenska aktiebolag som visar sig vara goda råd, ett år efter publiceringsdatum. Vidare analyseras ifall det råder någon specifik skillnad mellan köp- och säljrekommendationer.

Metod: Kvantitativ studie med deduktiv ansats. Insamlade aktierekommendationer analyseras för att beräkna en eventuell abnormal avkastning. Resultaten testas genom statistiskt z-test och binärvalsregressionsanalys, för att utreda vilka faktorer som påverkar sannolikheten för att rekommendationen är ett gott råd.

Teoretiska perspektiv: Studien utgår från den effektiva marknadshypotesen, CAPM samt tidigare forskning.

Empiri: Kvantitativ data har samlats in för att undersöka aktiekurser och aktierekommandationer för aktiebolag noterade på NASDAQ OMX Large Cap och Mid Cap.

Slutsats: Det går inte att bevisa att aktierekommendationer är goda råd i mer än hälften av fallen. Avseende köp- och säljrekommendationer påvisades skillnader, där köprekommendationer oftast visade sig vara goda råd, medan säljrekommendationer inte visade sig vara det. Bolag som handlas på Mid Cap är, likt köprekommendationer, även de oftast vara goda råd. (Less)
Abstract
Purpose: Examining the proportion of the stock recommendations issued for Swedish limited liability company that turns out to be good advice , a year after the publication date. It also analyzes whether there is any specific difference between buy and sell recommendations.

Methodology: Quantitative study with a deductive approach. Collected stock recommendations are  analyzed and calculated to examine whether or not they yield a possible abnormal return. The results are tested by a statistical z-test and a binary choice model, to examine which variables that affetct the likelihood of the recommendation being seen as a good advice or not.

Theoretical perspective: The study is based on the efficient market hypothesis, CAPM and previous... (More)
Purpose: Examining the proportion of the stock recommendations issued for Swedish limited liability company that turns out to be good advice , a year after the publication date. It also analyzes whether there is any specific difference between buy and sell recommendations.

Methodology: Quantitative study with a deductive approach. Collected stock recommendations are  analyzed and calculated to examine whether or not they yield a possible abnormal return. The results are tested by a statistical z-test and a binary choice model, to examine which variables that affetct the likelihood of the recommendation being seen as a good advice or not.

Theoretical perspective: The study is based on the efficient market hypothesis, CAPM and previous research.

Empirical foundation: Quantitative data has been collected to investigate share prices and stock recommendations of companies listed on the NASDAQ OMX Large and Mid Cap.

Conclusions: There is no  proof  that stock recommendations are good advices in more than half of the recommendations. Regarding buy and sell recommendations differences were found, where buy recommendations usually turned out to be good advice, while sell recommendations weren’t. Company listed on Mid Cap are, just like buy recommendations, usually good advice. (Less)
Please use this url to cite or link to this publication:
author
Bergström, Philip LU ; Karlsson, Mattias and Olsson, Christoffer
supervisor
organization
alternative title
Reliability or Coincidence - A study of stock recommendations
course
FEKH89 20142
year
type
M2 - Bachelor Degree
subject
language
Swedish
id
5048101
date added to LUP
2015-02-25 13:25:11
date last changed
2015-02-25 13:25:11
@misc{5048101,
  abstract     = {{Purpose: Examining the proportion of the stock recommendations issued for Swedish limited liability company that turns out to be good advice , a year after the publication date. It also analyzes whether there is any specific difference between buy and sell recommendations.

Methodology: Quantitative study with a deductive approach. Collected stock recommendations are  analyzed and calculated to examine whether or not they yield a possible abnormal return. The results are tested by a statistical z-test and a binary choice model, to examine which variables that affetct the likelihood of the recommendation being seen as a good advice or not.

Theoretical perspective: The study is based on the efficient market hypothesis, CAPM and previous research.

Empirical foundation: Quantitative data has been collected to investigate share prices and stock recommendations of companies listed on the NASDAQ OMX Large and Mid Cap.

Conclusions: There is no  proof  that stock recommendations are good advices in more than half of the recommendations. Regarding buy and sell recommendations differences were found, where buy recommendations usually turned out to be good advice, while sell recommendations weren’t. Company listed on Mid Cap are, just like buy recommendations, usually good advice.}},
  author       = {{Bergström, Philip and Karlsson, Mattias and Olsson, Christoffer}},
  language     = {{swe}},
  note         = {{Student Paper}},
  title        = {{Tillförlitlighet eller tillfällighet - En studie om aktierekommendationer}},
  year         = {{2015}},
}