När de som vet köper: Marknadens reaktion på insynshandel
(2025) FEKH89 20251Department of Business Administration
- Abstract (Swedish)
- Titel: När de som vet köper: Marknadens reaktion på insynshandel
Seminariedatum: 2025-06-05
Kurs: FEKH89, Examensarbete i finansiering på kandidatnivå, 15 HP
Författare: Marcus Brodin, Sebastian Dolk Persson, Carl Edlund
Handledare: Maria Gårdängen
Nyckelord: Insynshandel; Abnorm avkastning; Eventstudie; Befattningar; Transaktionsstorlek
Forskningsfrågor: Hur reagerar marknaden på insynshandel i bolag som ingår i OMXS30, och hur skiljer sig marknadsreaktionen beroende på insynspersoners befattning och transaktionens storlek?
Syfte: Syftet med uppsatsen är att undersöka hur marknaden reagerar på insynshandel i bolag som ingår i OMXS30. Vidare är syftet att undersöka om det finns en signifikant skillnad i marknadens... (More) - Titel: När de som vet köper: Marknadens reaktion på insynshandel
Seminariedatum: 2025-06-05
Kurs: FEKH89, Examensarbete i finansiering på kandidatnivå, 15 HP
Författare: Marcus Brodin, Sebastian Dolk Persson, Carl Edlund
Handledare: Maria Gårdängen
Nyckelord: Insynshandel; Abnorm avkastning; Eventstudie; Befattningar; Transaktionsstorlek
Forskningsfrågor: Hur reagerar marknaden på insynshandel i bolag som ingår i OMXS30, och hur skiljer sig marknadsreaktionen beroende på insynspersoners befattning och transaktionens storlek?
Syfte: Syftet med uppsatsen är att undersöka hur marknaden reagerar på insynshandel i bolag som ingår i OMXS30. Vidare är syftet att undersöka om det finns en signifikant skillnad i marknadens reaktion beroende på vilken roll som insynspersonen har och storleken på de aktuella förvärven.
Metod: Uppsatsen har en deduktiv ansats och är av kvantitativ natur. En eventstudie har genomförts och multipel linjär regression har applicerats på data från Finansinspektionen och Bloomberg. Kumulativ abnorm avkastning har beräknats via marknadsmodellen.
Teoretiska perspektiv: Som teoretisk grund används effektiva marknadshypotesen, signaleringsteorin och volymkritiken.
Resultat: Marknaden reagerar positivt på insynsköp i OMXS30-bolag, särskilt nära publiceringsdagen. Den tydligaste reaktionen sker direkt efter att transaktionen blivit offentlig i det kortare eventfönster. Transaktioner från CFO:n tolkas som mer informativa än andra. Varken övriga befattningar eller transaktionsstorlek visade någon tydlig påverkan på marknadsreaktionen.
Slutsats: Studien visar att marknaden reagerar positivt på insynsköp, men att reaktionen är kortvarig och begränsad till dagarna runt offentliggörandet. Resultaten tyder på att marknaden inte reagerar likartat på alla typer av insynspersoner, utan att särskilt CFO:ers köp uppfattas som mer informativa. Varken andra befattningar eller transaktionens storlek visar något signifikant samband med marknadsreaktionen. Det antyder att viss insynshandel tolkas som mer trovärdig, medan annan lämnas utan effekt. (Less) - Abstract
- Title: When Those Who Know Buy: The market’s reaction to insider trading
Seminar date: 2025-06-05
Course: FEKH89, Bachelor Degree Project in Financial Management, Undergraduate Level, 15 ECTS-Credits
Authors: Marcus Brodin, Sebastian Dolk Persson, Carl Edlund
Advisor: Maria Gårdängen
Key words: Insider trading; Abnormal return; Event study; Position; Transaction size
Research questions: How does the market react to insider trading in OMXS30 companies, and how is this reaction influenced by the insider's position and the size of the transaction?
Purpose: The purpose of this thesis is to examine how the market reacts to insider trading in companies listed on the OMXS30 index. Furthermore, the study aims to investigate... (More) - Title: When Those Who Know Buy: The market’s reaction to insider trading
Seminar date: 2025-06-05
Course: FEKH89, Bachelor Degree Project in Financial Management, Undergraduate Level, 15 ECTS-Credits
Authors: Marcus Brodin, Sebastian Dolk Persson, Carl Edlund
Advisor: Maria Gårdängen
Key words: Insider trading; Abnormal return; Event study; Position; Transaction size
Research questions: How does the market react to insider trading in OMXS30 companies, and how is this reaction influenced by the insider's position and the size of the transaction?
Purpose: The purpose of this thesis is to examine how the market reacts to insider trading in companies listed on the OMXS30 index. Furthermore, the study aims to investigate whether there is a significant difference in market reactions depending on the insider’s position and the size of the respective acquisitions.
Methodology: The thesis adopts a deductive approach and is quantitative in nature. An event study has been conducted, and a multiple linear regression has been applied using data from Finansinspektionen and Bloomberg. Cumulative abnormal return has been calculated using the market model.
Theoretical perspectives: The theoretical framework is based on the efficient market hypothesis, signaling theory and the volume critique.
Results: The market reacts positively to insider purchases in OMXS30 companies, particularly around the time of public disclosure. The clearest reaction occurs immediately after the transaction is made public in the shorter event window. Purchases made by CFOs are perceived as more informative than those by other insiders. Neither other positions nor transaction size showed any clear impact on the market reaction.
Conclusions: The study shows that the market reacts positively to insider purchases, but that the reaction is short-lived and limited to the days surrounding the disclosure. The results suggest that the market does not respond uniformly to all types of insiders, with purchases by CFOs being perceived as particularly informative. Neither other positions nor transaction size show any significant relationship with the market reaction. This indicates that certain insider trades are viewed as more credible, while others have no observable effect. (Less)
Please use this url to cite or link to this publication:
http://lup.lub.lu.se/student-papers/record/9203276
- author
- Brodin, Marcus LU ; Dolk Persson, Sebastian and Edlund, Carl
- supervisor
- organization
- course
- FEKH89 20251
- year
- 2025
- type
- M2 - Bachelor Degree
- subject
- keywords
- Insider trading, Abnormal return, Event study, Position, Transaction size
- language
- Swedish
- id
- 9203276
- date added to LUP
- 2025-09-16 10:24:51
- date last changed
- 2025-09-16 10:24:51
@misc{9203276,
abstract = {{Title: When Those Who Know Buy: The market’s reaction to insider trading
Seminar date: 2025-06-05
Course: FEKH89, Bachelor Degree Project in Financial Management, Undergraduate Level, 15 ECTS-Credits
Authors: Marcus Brodin, Sebastian Dolk Persson, Carl Edlund
Advisor: Maria Gårdängen
Key words: Insider trading; Abnormal return; Event study; Position; Transaction size
Research questions: How does the market react to insider trading in OMXS30 companies, and how is this reaction influenced by the insider's position and the size of the transaction?
Purpose: The purpose of this thesis is to examine how the market reacts to insider trading in companies listed on the OMXS30 index. Furthermore, the study aims to investigate whether there is a significant difference in market reactions depending on the insider’s position and the size of the respective acquisitions.
Methodology: The thesis adopts a deductive approach and is quantitative in nature. An event study has been conducted, and a multiple linear regression has been applied using data from Finansinspektionen and Bloomberg. Cumulative abnormal return has been calculated using the market model.
Theoretical perspectives: The theoretical framework is based on the efficient market hypothesis, signaling theory and the volume critique.
Results: The market reacts positively to insider purchases in OMXS30 companies, particularly around the time of public disclosure. The clearest reaction occurs immediately after the transaction is made public in the shorter event window. Purchases made by CFOs are perceived as more informative than those by other insiders. Neither other positions nor transaction size showed any clear impact on the market reaction.
Conclusions: The study shows that the market reacts positively to insider purchases, but that the reaction is short-lived and limited to the days surrounding the disclosure. The results suggest that the market does not respond uniformly to all types of insiders, with purchases by CFOs being perceived as particularly informative. Neither other positions nor transaction size show any significant relationship with the market reaction. This indicates that certain insider trades are viewed as more credible, while others have no observable effect.}},
author = {{Brodin, Marcus and Dolk Persson, Sebastian and Edlund, Carl}},
language = {{swe}},
note = {{Student Paper}},
title = {{När de som vet köper: Marknadens reaktion på insynshandel}},
year = {{2025}},
}