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Regulated Booked Values or Macroeconomics?

Karabelas, Nikolaos LU ; Vindehall, Tim LU and Wallin, Simon LU (2021) FEKH69 20211
Department of Business Administration
Abstract
Title: Regulated Booked Values or Macroeconomics?
Seminar date: 02/06/2021
Course: FEKH69, Degree Project Undergraduate Level, Business Administration, 15 University Credits Points (UPC)
Authors: Nikolaos Karabelas, Tim Vindehall, Simon Wallin
Supervisor: Karin Jonnergård
Key words: Value Relevance, IFRS, OMXS30, Booked Values, Ohlson model

Research question: Which factors had an effect on the market value of companies listed on the OMX Stockholm 30 Index during the period of 2005-2020?

Purpose: The purpose of this study is to investigate the potential effects of IFRS implementations on the value relevance of booked values over time, and furthermore study if macroeconomic factors are better than booked values in predicting stock... (More)
Title: Regulated Booked Values or Macroeconomics?
Seminar date: 02/06/2021
Course: FEKH69, Degree Project Undergraduate Level, Business Administration, 15 University Credits Points (UPC)
Authors: Nikolaos Karabelas, Tim Vindehall, Simon Wallin
Supervisor: Karin Jonnergård
Key words: Value Relevance, IFRS, OMXS30, Booked Values, Ohlson model

Research question: Which factors had an effect on the market value of companies listed on the OMX Stockholm 30 Index during the period of 2005-2020?

Purpose: The purpose of this study is to investigate the potential effects of IFRS implementations on the value relevance of booked values over time, and furthermore study if macroeconomic factors are better than booked values in predicting stock market values, on the OMXS30.

Methodology: Quantitative Research based on 432 annual reports as well as financial and macroeconomic data.

Theoretical approach: The theoretical approach is based on previous research within the value relevance field. Complementing theories regarding the Efficient Market Hypothesis (EMH) and information asymmetry which capital market research relies on.

Empirical approach: 27 Swedish companies listed on the OMXS30 were studied during the period 2005-2020. Data was collected from Business Retriever, Nasdaq Nordic and Riksbanken.

Conclusions: Based on the results in this thesis, no significant increase in value relevance post-introduction of IFRS 9, 13 & 16 in companies’ financial reports can be evidenced. Moreover, macroeconomic factors have a greater impact on stock market prices (OMXS30) of companies, compared to their booked values. (Less)
Abstract (Swedish)
Titel: Regulated Booked Values or Macroeconomics?
Seminariedatum: 02/06/2021
Kurs: FEKH69, Examensarbete i redovisning på kandidatnivå, Företagsekonomi, 15 högskolepoäng
Författare: Nikolaos Karabelas, Tim Vindehall, Simon Wallin
Handledare: Karin Jonnergård
Nyckelord: Värderelevans, IFRS, OMXS30, Bokförda värden, Ohlson-modellen

Frågeställning: Vilka faktorer har haft en effekt på marknadsvärdet of av företag noterade på OMX Stockholm 30 Indexet under perioden 2005-2020?

Syfte: Syftet med studien är att undersöka potentiella effekter IFRS implementeringar har haft på värderelevans av bokförda värden över tid, samt vidare studera om makroekonomiska faktorer är bättre än bokförda värden på att förutspå aktiernas marknadsvärde på... (More)
Titel: Regulated Booked Values or Macroeconomics?
Seminariedatum: 02/06/2021
Kurs: FEKH69, Examensarbete i redovisning på kandidatnivå, Företagsekonomi, 15 högskolepoäng
Författare: Nikolaos Karabelas, Tim Vindehall, Simon Wallin
Handledare: Karin Jonnergård
Nyckelord: Värderelevans, IFRS, OMXS30, Bokförda värden, Ohlson-modellen

Frågeställning: Vilka faktorer har haft en effekt på marknadsvärdet of av företag noterade på OMX Stockholm 30 Indexet under perioden 2005-2020?

Syfte: Syftet med studien är att undersöka potentiella effekter IFRS implementeringar har haft på värderelevans av bokförda värden över tid, samt vidare studera om makroekonomiska faktorer är bättre än bokförda värden på att förutspå aktiernas marknadsvärde på OMXS30.

Metod: Kvantitativ forskningsmetod baserad på 432 årsredovisningar samt finansiell och makroekonomisk data.

Teori: Teorin är baserad på tidigare forskning inom området värderelevans. Kompletterande teorier om den effektiva marknadshypotesen och informationsasymmetri, vilka kapitalmarkandsforskning bygger på.

Empiri: 27 svenska företag noterade på OMXS30 studerades under perioden 2005-2020. Data samlades in från Business Retriever, Nasdaq Nordic och Riksbanken.

Slutsats: Baserat på resultaten i denna uppsats, ingen signifikant ökning i värderelevans efter introduktionen av IFRS 9, 13 & 16 i företags finansiella rapporter kan bevisas. Dessutom så visar det sig att makroekonomiska faktorer har större påverkan på företagens aktievärde (OMXS30), jämfört med deras bokförda värden. (Less)
Please use this url to cite or link to this publication:
author
Karabelas, Nikolaos LU ; Vindehall, Tim LU and Wallin, Simon LU
supervisor
organization
alternative title
A study on factors affecting the stock market value of companies listed on the OMX Stockholm 30 Index during the period of 2005-2020.
course
FEKH69 20211
year
type
M2 - Bachelor Degree
subject
keywords
Value Relevance, IFRS, OMXS30, Booked Values, Ohlson model
language
English
id
9060926
date added to LUP
2021-08-30 14:26:43
date last changed
2021-08-30 14:26:43
@misc{9060926,
  abstract     = {{Title: Regulated Booked Values or Macroeconomics?
Seminar date: 02/06/2021
Course: FEKH69, Degree Project Undergraduate Level, Business Administration, 15 University Credits Points (UPC)
Authors: Nikolaos Karabelas, Tim Vindehall, Simon Wallin
Supervisor: Karin Jonnergård
Key words: Value Relevance, IFRS, OMXS30, Booked Values, Ohlson model

Research question: Which factors had an effect on the market value of companies listed on the OMX Stockholm 30 Index during the period of 2005-2020?

Purpose: The purpose of this study is to investigate the potential effects of IFRS implementations on the value relevance of booked values over time, and furthermore study if macroeconomic factors are better than booked values in predicting stock market values, on the OMXS30.

Methodology: Quantitative Research based on 432 annual reports as well as financial and macroeconomic data.

Theoretical approach: The theoretical approach is based on previous research within the value relevance field. Complementing theories regarding the Efficient Market Hypothesis (EMH) and information asymmetry which capital market research relies on.

Empirical approach: 27 Swedish companies listed on the OMXS30 were studied during the period 2005-2020. Data was collected from Business Retriever, Nasdaq Nordic and Riksbanken.

Conclusions: Based on the results in this thesis, no significant increase in value relevance post-introduction of IFRS 9, 13 & 16 in companies’ financial reports can be evidenced. Moreover, macroeconomic factors have a greater impact on stock market prices (OMXS30) of companies, compared to their booked values.}},
  author       = {{Karabelas, Nikolaos and Vindehall, Tim and Wallin, Simon}},
  language     = {{eng}},
  note         = {{Student Paper}},
  title        = {{Regulated Booked Values or Macroeconomics?}},
  year         = {{2021}},
}