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Bakgrund: Pilotskolan är ett fenomen som tenderar att förbises vid aktieanalys. Fenomenet innebär att ledande befattningshavare, såsom VD, äger en betydande andel aktier i bolaget man arbetar för. Syftet med Pilotskolan är att det ska illustrera en bild av att piloten (VD) tar lika stor risk som passagerarna (aktieägarna), vilket då ska öka incitamentet att vilja arbeta för aktieägarnas intressen. Pilotskolan har tidigare studerats, men resultaten varierar då forskare har hittat positiva, negativa och icke-signifikanta samband mellan insiderägande och aktieavkastning. Trots att fenomenet har studerats internationellt har det ännu inte undersökts på den nordiska marknaden. Det bedöms därför vara av intresse att studera fenomenet Pilotskolan på den nordiska marknaden. Syfte: Syftet med denna studie är att undersöka och analysera sambandet mellan VD:s insiderägande och aktieavkastning för noterade nordiska bolag. Metod: I denna studie har en kvantitativ forskningsstrategi med en deduktiv ansats tillämpats. Datainsamlingen för urvalet genomfördes via databaserna Refinitiv och Holdings. Det slutgiltiga urvalet analyserades med hjälp av variabler som grundade sig i tidigare forskning om ämnet. I studien användes obalanserade paneldata för att ta fram regressionsmodeller, vars resultat sedan låg till grund för analysen. Resultat: Studiens andra regressionsmodell visade ett signifikant positivt samband mellan VD:s insiderägande och aktieavkastning. Resultatet visade därmed att ett större insiderägande hos VD resulterade i bättre aktieavkastning inom den valda tidsperioden. Resultatet är i linje med flera tidigare studier inom ämnet som har gjorts på andra marknader och med annorlunda tidsperioder. I och med detta anser författarna till studien att resultatet bör kunna appliceras i en nordisk kontext., Background: Pilot school is a phenomenon that tends to get overshadowed when analyzing stocks. The phenomenon means that senior executives, such as the CEO, own a significant share of the company they work for. The purpose is to illustrate an image that the pilot (CEO) takes as much risk as the passengers (shareholders), which should then increase the incentive to work for the shareholder’s interests. Pilot school has been studied before, but the results vary as researchers have found positive, negative, and non-significant relationships between insider ownership and stock returns. Although it has been studied internationally, it has not yet been investigated in the Nordic market. It is therefore considered to be of interest to study Pilot school in the Nordic market. Purpose: The purpose of this study is to investigate and analyze the relationship between the CEO’s insider ownership and stock returns for listed Nordic companies. Methodology: In this study, a quantitative research strategy with a deductive approach has been applied. The data collection for the sample was carried out via the databases Refinitiv and Holdings. The final sample was analyzed using variables based on previous research on the topic. In the study, unbalanced panel data was used to develop regressions models, the results of which then formed the basis of the analysis. Results: The second regression model showed a significant positive relationship between CEO’s insider ownership and stock returns. The result thus showed that greater insider ownership by the CEO resulted in better stock returns. The result is in line with several previous studies that have been done in other markets. With this, the authors of the study consider that the results should be able to be applied in a Nordic context.

The question of whether returns are predictable is fundamental and crucial to our understanding of equity markets, asset pricing models, and modern portfolio theory. In the absence of rational bubbles, the present value identity, introduced by Campbell and Shiller in 1988, suggests that dividend yield must either predict long-run stock returns or long-run dividend growth to justify current fluctuations in dividend yields. While there is a general consensus that dividend yield predicts long-run returns for the aggregate U.S. stock market, prior studies suggest that these findings may not extend to either a cross-section of the U.S. stock market or to international stock markets. This study aims to expand the current body of literature by examining a cross-section of Swedish stocks, segmented by different valuation metrics, and investigating the predictive power of dividend yield through a first-order vector autoregression and Monte Carlo simulations. The results suggest that dividend yield predicts long-run dividend growth for Swedish equities, without notable heterogeneity across the market cross-section., Frågan om huruvida avkastning kan förutsägas är fundamental och avgörande för vår förståelse av aktiemarknader, prissättningsmodeller och modern portföljteori. I avsaknad av rationella bubblor antyder nuvärdesidentiteten, som introducerades av Campbell och Shiller 1988, att direktavkastning måste kunna förutsäga antingen långsiktig aktieavkastning eller långsiktig utdelningstillväxt för att motivera nuvarande fluktuationer i direktavkastningen. Även om det råder en allmän konsensus om att direktavkastning förutsäger långsiktig aktieavkastning på den aggregerade amerikanska aktiemarknaden, har tidigare studier visat att dessa resultat inte nödvändigtvis är tillämpliga på olika segment av den amerikanska marknaden eller på internationella aktiemarknader. Denna studie syftar till att utvidga den befintliga litteraturen genom att undersöka ett tvärsnitt av svenska aktier, uppdelade efter olika värderingsmått, och utforska direktavkastningens prediktiva förmåga genom en första ordningens vektorautoregression och Monte Carlo-simuleringar. Resultaten indikerar att direktavkastning förutspår långsiktig utdelningstillväxt för svenska aktier, utan märkbar heterogenitet inom marknadens tvärsnitt.

This thesis investigates the complex dynamics of foreign exchange (FX) risk affecting Swedish multinational corporations and their financial performance, with a focus on the impact of company size and periods of economic crisis. Amidst global economic interdependencies, these entities encounter substantial FX risks, primarily due to the volatility of the Swedish Krona (SEK) against major currencies. Utilizing a comprehensive dataset spanning from 2004 to 2023, this study employs an empirical approach grounded in the International Capital Asset Pricing Model (ICAPM) and Purchasing Power Parity (PPP) to analyze the correlation between currency fluctuations and stock valuations. The analysis reveals that both company size and economic crises significantly modulate the effects of FX risks, with larger companies often better positioned to manage these risks through sophisticated hedging strategies. Smaller firms, conversely, show greater sensitivity to economic disruptions, particularly during crises which heighten the volatility of FX impacts. The findings indicate that FX risks significantly influence the financial outcomes of these firms, with both direct impacts on stock returns and indirect effects through operational strategies. The thesis underscores the importance of robust risk management strategies and the potential for policy adjustments to mitigate adverse effects from currency volatility. The insights derived from this research aims to contribute to a deeper understanding of the financial economics of foreign exchange, providing implications for investors and multinational corporations operating in global markets.

Companies spend trillions of dollars on mergers and acquisitions (M&A) every year, and tens of thousands of new M&A deals are announced every year. However, despite the huge costs, only 10% to 30% of the M&As announced, get finalized (Christensen et al., 2011).There is extensive research conducted on why M&As fail, and their implications for the companies involved in the transaction. However, these large deals do not only impact the firms directly involved in the deal. Microsoft, one of the world’s most influential companies, made on the 18th of January 2022 an acquisition announcement regarding its intent to acquire Activation Blizzard, one of the world’s largest game studios. The announcement made headlines all over the world and resulted in protests from competitors of the two companies. One of these competitors, Sony, experienced a 13% drop in stock price due to the acquisition announcement. This thesis investigates the effect of acquisition announcements on the stock return of competitors to the target company. The study is examining the competitors stock return during the month leading up to the announcement, as well as the stock return during the month following the announcement. The authors have taken inspiration from a previous study “Acquisitions: A curse or blessing for direct competitors? The impact of target ownership structure” conducted by Mataigne et al. (2021). By reviewing over 700 market reactions to acquisition announcements over a 10-year period, the authors were able to statistically test the differences in mean stock return. The authors were able to conclude that acquisition announcements have a negative impact on the stock return of competitors, and thereby answer the proposed research question: “What is the effect of acquisitions announcements on the stock returns of target company’s competitors in Sweden?”. Competitors to the target firm of an acquisition will experience the most significant change in their stock returns

The question of whether returns are predictable is fundamental and crucial to our understanding of equity markets, asset pricing models, and modern portfolio theory. In the absence of rational bubbles, the present value identity, introduced by Campbell and Shiller in 1988, suggests that dividend yield must either predict long-run stock returns or long-run dividend growth to justify current fluctuations in dividend yields. While there is a general consensus that dividend yield predicts long-run returns for the aggregate U.S. stock market, prior studies suggest that these findings may not extend to either a cross-section of the U.S. stock market or to international stock markets. This study aims to expand the current body of literature by examining a cross-section of Swedish stocks, segmented by different valuation metrics, and investigating the predictive power of dividend yield through a first-order vector autoregression and Monte Carlo simulations. The results suggest that dividend yield predicts long-run dividend growth for Swedish equities, without notable heterogeneity across the market cross-section., Frågan om huruvida avkastning kan förutsägas är fundamental och avgörande för vår förståelse av aktiemarknader, prissättningsmodeller och modern portföljteori. I avsaknad av rationella bubblor antyder nuvärdesidentiteten, som introducerades av Campbell och Shiller 1988, att direktavkastning måste kunna förutsäga antingen långsiktig aktieavkastning eller långsiktig utdelningstillväxt för att motivera nuvarande fluktuationer i direktavkastningen. Även om det råder en allmän konsensus om att direktavkastning förutsäger långsiktig aktieavkastning på den aggregerade amerikanska aktiemarknaden, har tidigare studier visat att dessa resultat inte nödvändigtvis är tillämpliga på olika segment av den amerikanska marknaden eller på internationella aktiemarknader. Denna studie syftar till att utvidga den befintliga litteraturen genom att undersöka ett tvärsnitt av svenska aktier, uppdelade efter olika värderingsmått, och utforska direktavkastningens prediktiva förmåga genom en första ordningens vektorautoregression och Monte Carlo-simuleringar. Resultaten indikerar att direktavkastning förutspår långsiktig utdelningstillväxt för svenska aktier, utan märkbar heterogenitet inom marknadens tvärsnitt.

This research aims to determine the influence of investment risk consisting of market risk (X1), business risk (X2), and financial risk (X3) on stock returns (Y) in automotive companies listed on the BEI in 2014-2023 simultaneously and Partial. This research data was obtained from the financial reports of automotive companies listed on the Indonesia Stock Exchange (BEI) and the finance.yahoo.com website. The research sample consisted of 10 automotive companies listed on the Indonesia Stock Exchange for 10 years, namely the 2014-2023 period. The data analysis technique used is descriptive statistical analysis and multiple linear regression analysis using the t test and F test methods. The results of the research show that the market risk variable has a significant negative influence on stock returns, business risk has a significant positive influence on stock returns and financial variables. risk has an insignificant negative effect on stock returns. Meanwhile, simultaneously (F test) the independent variables have a significant influence on the stock return variable. With a determinant coefficient (R2) of 0.111, it shows that 11.1% of the dependent variable on stock returns can be explained by independent variables consisting of market risk, business risk and financial risk and the remaining 88.9% is explained by other variables that are not researched.

This thesis investigates the complex dynamics of foreign exchange (FX) risk affecting Swedish multinational corporations and their financial performance, with a focus on the impact of company size and periods of economic crisis. Amidst global economic interdependencies, these entities encounter substantial FX risks, primarily due to the volatility of the Swedish Krona (SEK) against major currencies. Utilizing a comprehensive dataset spanning from 2004 to 2023, this study employs an empirical approach grounded in the International Capital Asset Pricing Model (ICAPM) and Purchasing Power Parity (PPP) to analyze the correlation between currency fluctuations and stock valuations. The analysis reveals that both company size and economic crises significantly modulate the effects of FX risks, with larger companies often better positioned to manage these risks through sophisticated hedging strategies. Smaller firms, conversely, show greater sensitivity to economic disruptions, particularly during crises which heighten the volatility of FX impacts. The findings indicate that FX risks significantly influence the financial outcomes of these firms, with both direct impacts on stock returns and indirect effects through operational strategies. The thesis underscores the importance of robust risk management strategies and the potential for policy adjustments to mitigate adverse effects from currency volatility. The insights derived from this research aims to contribute to a deeper understanding of the financial economics of foreign exchange, providing implications for investors and multinational corporations operating in global markets.

Companies spend trillions of dollars on mergers and acquisitions (M&A) every year, and tens of thousands of new M&A deals are announced every year. However, despite the huge costs, only 10% to 30% of the M&As announced, get finalized (Christensen et al., 2011).There is extensive research conducted on why M&As fail, and their implications for the companies involved in the transaction. However, these large deals do not only impact the firms directly involved in the deal. Microsoft, one of the world’s most influential companies, made on the 18th of January 2022 an acquisition announcement regarding its intent to acquire Activation Blizzard, one of the world’s largest game studios. The announcement made headlines all over the world and resulted in protests from competitors of the two companies. One of these competitors, Sony, experienced a 13% drop in stock price due to the acquisition announcement. This thesis investigates the effect of acquisition announcements on the stock return of competitors to the target company. The study is examining the competitors stock return during the month leading up to the announcement, as well as the stock return during the month following the announcement. The authors have taken inspiration from a previous study “Acquisitions: A curse or blessing for direct competitors? The impact of target ownership structure” conducted by Mataigne et al. (2021). By reviewing over 700 market reactions to acquisition announcements over a 10-year period, the authors were able to statistically test the differences in mean stock return. The authors were able to conclude that acquisition announcements have a negative impact on the stock return of competitors, and thereby answer the proposed research question: “What is the effect of acquisitions announcements on the stock returns of target company’s competitors in Sweden?”. Competitors to the target firm of an acquisition will experience the most significant change in their stock returns

The purpose of this study was to analyze the effect of stock prices, stock trading volume and market capitalization on stock returns of health sector companies listed on the Indonesia Stock Exchange (IDX) during the Covid 19 period (2020-2022 period). The capital market is a place where investors can provide a portion of their capital to invest in a company issuer to gain profit. The type of research used in this study uses quantitative research, namely research conducted using numbers as objects in conducting analysis. The data used is secondary data in the form of quarterly data over a period of 3 years. The samples used in this study were 17 health sector companies listed on the Indonesia Stock Exchange. As for the data collection method by means of documentation and sampling using purposive sampling method. The results of this study indicate that the stock price variable has a significant level of value on stock returns with the results of the t test which is worth 0.000 so it can be interpreted that the stock price variable has a significant effect on stock returns. The stock trading volume variable has a significant effect on stock returns, this can be seen by the significance value of the t test results of 0.042. The market capitalization variable has no significant effect on stock returns, this can be proven by the significance value of the t-test results of 0.212.

This thesis explores the mechanisms that connect market microstructure frictions and stock return dynamics. It contains one literature review and two essays. The literature review provides a systematic introduction of the most important theoretical models and empirical methods in market microstructure literature, with a particular focus on their relations to the traditional asset pricing literature and implications for the stock price dynamics. It aims at providing the background information for the two essays and connecting them under a unified theme. The first essay documents the closing price premium (negative overnight return at individual stock level) in China’s A-share market, which reflects the preference of buying at the close for liquidity reasons induced by the unique T+1 settlement rule that requires stocks bought can only be settled and sold on the next trading day. Liquidity providers can use short-selling to circumvent the T+1 settlement rule and facilitate intraday round-trip trade. This study provides causal evidence showing that the closing price premium is reduced when the short-selling constraint gets relaxed. It shows that the bid-ask spread gets smaller with the closing premium reduction, a sign of liquidity improvement. This study enriches the short-selling literature and understanding of China's capital market microstructure by emphasizing how short-selling can aid in inventory management and mitigate mispricing due to regulatory frictions, such as the T+1 settlement rule. The second essay studies the stock return predictability from lagged order imbalance (OI) and its causes. It shows that the direction of the OI-based return predictability is time-varying instead of always being positive, as documented in Chordia and Subrahmanyam (2004). Two offsetting forces affect the predictability. First, a negative “inventory effect” in which the stock price reverses current price pressure as compensation for the liquidity provider's inventory

We study the effects of monetary policy surprises on stock returns under low and high monetary policy uncertainty in the U.S. using the Panel Smooth Transition Regression (PSTR) model to identify the uncertainty regimes. Monetary policy surprises are unexpected changes in the Federal Funds Rate (FFR) on Federal Open Market Committee (FOMC) announcement days, where the mimicking portfolio method is used to obtain a regular time series with surprises since the an-nouncements occur on an irregular basis. Using data for the period 1994-2008, we find a negative relationship between monetary policy surprises and stock returns under both uncertainty regimes but a less pronounced relationship between surprises and returns when uncertainty is low. Hence, it is more important to hedge against unexpected stock market volatility when the uncertainty in monetary policy is high compared to when uncertainty is low.

Med bakgrund till det ökade intresset för aktier och dagens ekonomiska läge är det högst aktuellt att undersöka relationen mellan makroekonomiska svängningar och aktiepriserna på den svenska börsen. Det finns flera teorier som försöker förklara hur aktiepriser förändras, en allmän slutsats är att externa faktorer påverkar priset genom oförväntade händelser. Chen, Roll och Ross konstruerade en tidsseriemodell för att studera hur oförväntade makroekonomiska faktorer påverkar aktieavkastningen på New York-börsen. Deras slutsatser landade i att oförväntade förändringar i samtliga variabler har en signifikant relation till aktieprisavkastningen. Med detta i åtanke är syftet med uppsatsen att undersöka om avkastningen på olika branscher på den svenska börsen påverkas av oförväntade månatliga förändringar i inflation (KPI), konjunkturläget (BNP), avkastningskurvan, riskpremien samt växelkursen under tidsperioden 2000-2023. Det genomförs även en jämförande analys mellan de europeiska länderna Sverige, Tyskland, Danmark och Finland. De branschindex som studeras är finans, industri, teknologi, sjukvård och detaljhandel för respektive land. Genom en multipel regressionsmodell har få signifikanta samband påvisats, däremot finner vi ett mönster i negativa respektive positiva relationer mellan oförväntade makroekonomiska händelser och aktieavkastningen för samtliga länder. Sammanfattningsvis finner vi inga tydliga skillnader i vilka branscher som påverkas av respektive riskfaktor, däremot finns en skillnad i antal signifikanta värden mellan länderna. Nationella makroekonomiska händelser påvisar flest signifikanta samband till tyska branschindex, följt av danska och finska. Minst signifikanta samband påvisas för de svenska branschindexen. En förklaring bakom resultatet kan vara att ländernas aktiemarknader är mer eller mindre effektiva och investerare på respektive marknad är olika mottagliga till ny information. Avslutningsvis ser vi det vara rimligt att både branscher och länder, Considering the increased interest in the stock market and the current economic situation, it is highly relevant to examine the relationship between macroeconomic fluctuations and share prices on the Swedish stock exchange. There are several theories that try to explain how stock prices change, a general conclusion is that external factors affect the price through unexpected events. Chen, Roll, and Ross constructed a time series model in order to study how unexpected macroeconomic factors affect stock returns on the New York Stock Exchange. Their conclusions resulted in that unexpected changes in all variables have a significant relationship to share price returns. With this in mind, the purpose of the essay is to investigate whether the return on various sector indexes on the Swedish stock exchange is affected by unexpected monthly changes in inflation (CPI), economic state (GNP), the term structure, the risk premium and the exchange rate during the time period 2000-2023. A comparative analysis is also carried out between the European countries Sweden, Germany, Denmark and Finland. The examined sector indexes are finance, industry, technology, healthcare and retail for each country. Through a multiple regression model, the result shows that few macroeconomic variables are significant in explaining stock returns. However, we find a pattern in negative as well as positive relationships between unexpected risk factors and stock returns for all countries. We find no significant differences in which sectors are affected by each risk factor but there is a difference in the number of significant values ​​between the countries. National macroeconomic events show the most significant relations to German sector indexes, followed by Danish and Finnish. Least significant relationships are found for the Swedish sector indexes. An explanation behind the result could be that the countries stock markets are more or less efficient and investors in each market are differently recept

Under det senaste decenniet har antalet förvärv ökat kraftigt. Medan världen har blivit mer globaliserad, är vikten av att komma in på nya marknader och skapa konkurrensfördelar nyckeln till ett företags förmåga att växa. Att utveckla konkurrensfördelar kan visa sig vara utmanande, vilket gör förvärv av andra konkurrerande företag till ett lukrativt och smidigt sätt att vinna marknadsandelar. Börsen har stigit till nya nivåer, där den svenska aktiemarknaden är en av de utmärkande aktörerna i världen. Detta har gjort aktiemarknadsinvesteringar mer attraktiva, vilket gör det lättare för börsbolag att skaffa kapital. Denna studie undersöker hur antalet förvärv påverkar aktieavkastningen för ett förvärvande företag under en nioårsperiod. Studien undersöker om det finns ett statistiskt samband mellan antalet förvärv och den sammansatta årliga tillväxttakten för aktien, även kallad CAGR-aktieavkastning. Att identifiera ett samband kommer att bidra till svaret på frågan om förvärv är en pålitlig strategi för en tillväxt i aktieavkastning. Det råder oenighet i tidigare studier om huruvida förvärv är rätt strategi eller inte, för ett företag som vill öka aktieavkastningen. Studien hoppas kunna bidra till diskussionen om fusioner och förvärv. Studien delade upp urvalet i tre grupper utifrån antalet förvärv, för att nå ett tydligare resultat. Resultaten visar att antalet gjorda förvärv har en korrelation med bolagets CAGR-aktieavkastning. Resultaten visade att företag som förvärvade mindre frekvent under den givna tidsperioden överpresterade i CAGR-aktieavkastning jämfört med företag som gjorde ett större antal förvärv. Om man tittar på medelvärdet av aktiens CAGR har dock alla tre grupperna överpresterat Stockholm Large Cap-index. Eftersom resultaten tyder på att färre förvärv var den föredragna strategin för bästa möjliga börsutveckling, finns det sannolikt andra motiv som driver företag mot förvärv., During the last decade the number of acquisitions has increased substantially. While the world has become more globalized, the importance of entering new markets and creating competitive advantages is key to a company’s ability to grow. Developing competitive advantages can prove to be truly challenging, making acquisitions of other competing businesses a lucrative and smooth way of gaining market shares. The stock market has risen to new levels, with the Swedish stock market being one of the stand out performers in the world. This has made stock market investing more attractive, making it easier for listed companies to obtain capital. This study investigates how the number of acquisitions affect the stock return for an acquiring company over a nine-year period. This examines whether there is a statistical connection between the number of acquisitions and the compounded annual growth rate of the stock, also called the stock CAGR. Identifying a connection will contribute to the answer to the question of whether acquisitions is a reliable strategy for a growth in stock return. There is disagreement across previous studies whether acquisitions is the right strategy or not for a company wanting to grow the stock return. The study hopes to contribute to the discussion about mergers and acquisitions. The study divided the selection into three groups based on the number of acquisitions, in order to achieve a clearer result. The results produced show that the number of acquisitions made has a correlation with the stock CAGR of the company. Evidence showed that companies who acquired less frequently during the given time period overperformed on stock CAGR compared companies that made a larger number of acquisitions. However, looking at the mean value of the stock CAGR all three groups have overperformed the Stockholm Large Cap-index. Since the results indicate that making fewer acquisitions was the preferred strategy for the best possible stock market performance, there is l

We study the effects of monetary policy surprises on stock returns under low and high monetary policy uncertainty in the U.S. using the Panel Smooth Transition Regression (PSTR) model to identify the uncertainty regimes. Monetary policy surprises are unexpected changes in the Federal Funds Rate (FFR) on Federal Open Market Committee (FOMC) announcement days, where the mimicking portfolio method is used to obtain a regular time series with surprises since the an-nouncements occur on an irregular basis. Using data for the period 1994-2008, we find a negative relationship between monetary policy surprises and stock returns under both uncertainty regimes but a less pronounced relationship between surprises and returns when uncertainty is low. Hence, it is more important to hedge against unexpected stock market volatility when the uncertainty in monetary policy is high compared to when uncertainty is low.

We study the effects of monetary policy surprises on stock returns under low and high monetary policy uncertainty in the U.S. using the Panel Smooth Transition Regression (PSTR) model to identify the uncertainty regimes. Monetary policy surprises are unexpected changes in the Federal Funds Rate (FFR) on Federal Open Market Committee (FOMC) announcement days, where the mimicking portfolio method is used to obtain a regular time series with surprises since the an-nouncements occur on an irregular basis. Using data for the period 1994-2008, we find a negative relationship between monetary policy surprises and stock returns under both uncertainty regimes but a less pronounced relationship between surprises and returns when uncertainty is low. Hence, it is more important to hedge against unexpected stock market volatility when the uncertainty in monetary policy is high compared to when uncertainty is low.

We study the effects of monetary policy surprises on stock returns under low and high monetary policy uncertainty in the U.S. using the Panel Smooth Transition Regression (PSTR) model to identify the uncertainty regimes. Monetary policy surprises are unexpected changes in the Federal Funds Rate (FFR) on Federal Open Market Committee (FOMC) announcement days, where the mimicking portfolio method is used to obtain a regular time series with surprises since the an-nouncements occur on an irregular basis. Using data for the period 1994-2008, we find a negative relationship between monetary policy surprises and stock returns under both uncertainty regimes but a less pronounced relationship between surprises and returns when uncertainty is low. Hence, it is more important to hedge against unexpected stock market volatility when the uncertainty in monetary policy is high compared to when uncertainty is low.

This study aims to investigate investor sentiment and its effect on the industrial sector in Indonesia. In the study, investor sentiment was extracted from data obtained from search engines. Then the data were used to see how the sentiment affected the stock return in each listed industrial company. Fifteen industrial sector companies listed on the stock exchange were selected; each was analyzed for their search volume and the effect on stock returns using panel data regression from March 2020 to April 2022. The result shows that investor sentiment affects the level of stock returns in the industrial sector in Indonesia. This result indicates that with the increase in search volume on search engines, which reflects positive sentiment, there will be an increase in stock trading transactions and vice versa. This study's findings will help investors make investment decisions, especially in the industrial sector.

This thesis investigates the influence of social media, with a specific focus on Twitter posts, on the returns of financial assets, including stocks. The research aims to address the following key questions: How do Twitter posts by influential individuals, like Tim Cook, impact the short-term returns of specific financial assets, such as Apple's stock? How do these posts influence the formation of asset price bubbles and herd behavior among investors? By analyzing available scientific literature and conducting a combination of sentiment analysis on Twitter posts and statistical analysis of financial market data, this research seeks to provide an academic analysis of the interplay between social media content and financial asset returns. The findings are expected to contribute to the field of behavioral finance theory, shedding light on the role of social media in shaping market dynamics.

This thesis investigates the influence of social media, with a specific focus on Twitter posts, on the returns of financial assets, including stocks. The research aims to address the following key questions: How do Twitter posts by influential individuals, like Tim Cook, impact the short-term returns of specific financial assets, such as Apple's stock? How do these posts influence the formation of asset price bubbles and herd behavior among investors? By analyzing available scientific literature and conducting a combination of sentiment analysis on Twitter posts and statistical analysis of financial market data, this research seeks to provide an academic analysis of the interplay between social media content and financial asset returns. The findings are expected to contribute to the field of behavioral finance theory, shedding light on the role of social media in shaping market dynamics.

Med bakgrund till det ökade intresset för aktier och dagens ekonomiska läge är det högst aktuellt att undersöka relationen mellan makroekonomiska svängningar och aktiepriserna på den svenska börsen. Det finns flera teorier som försöker förklara hur aktiepriser förändras, en allmän slutsats är att externa faktorer påverkar priset genom oförväntade händelser. Chen, Roll och Ross konstruerade en tidsseriemodell för att studera hur oförväntade makroekonomiska faktorer påverkar aktieavkastningen på New York-börsen. Deras slutsatser landade i att oförväntade förändringar i samtliga variabler har en signifikant relation till aktieprisavkastningen. Med detta i åtanke är syftet med uppsatsen att undersöka om avkastningen på olika branscher på den svenska börsen påverkas av oförväntade månatliga förändringar i inflation (KPI), konjunkturläget (BNP), avkastningskurvan, riskpremien samt växelkursen under tidsperioden 2000-2023. Det genomförs även en jämförande analys mellan de europeiska länderna Sverige, Tyskland, Danmark och Finland. De branschindex som studeras är finans, industri, teknologi, sjukvård och detaljhandel för respektive land. Genom en multipel regressionsmodell har få signifikanta samband påvisats, däremot finner vi ett mönster i negativa respektive positiva relationer mellan oförväntade makroekonomiska händelser och aktieavkastningen för samtliga länder. Sammanfattningsvis finner vi inga tydliga skillnader i vilka branscher som påverkas av respektive riskfaktor, däremot finns en skillnad i antal signifikanta värden mellan länderna. Nationella makroekonomiska händelser påvisar flest signifikanta samband till tyska branschindex, följt av danska och finska. Minst signifikanta samband påvisas för de svenska branschindexen. En förklaring bakom resultatet kan vara att ländernas aktiemarknader är mer eller mindre effektiva och investerare på respektive marknad är olika mottagliga till ny information. Avslutningsvis ser vi det vara rimligt att både branscher och länder, Considering the increased interest in the stock market and the current economic situation, it is highly relevant to examine the relationship between macroeconomic fluctuations and share prices on the Swedish stock exchange. There are several theories that try to explain how stock prices change, a general conclusion is that external factors affect the price through unexpected events. Chen, Roll, and Ross constructed a time series model in order to study how unexpected macroeconomic factors affect stock returns on the New York Stock Exchange. Their conclusions resulted in that unexpected changes in all variables have a significant relationship to share price returns. With this in mind, the purpose of the essay is to investigate whether the return on various sector indexes on the Swedish stock exchange is affected by unexpected monthly changes in inflation (CPI), economic state (GNP), the term structure, the risk premium and the exchange rate during the time period 2000-2023. A comparative analysis is also carried out between the European countries Sweden, Germany, Denmark and Finland. The examined sector indexes are finance, industry, technology, healthcare and retail for each country. Through a multiple regression model, the result shows that few macroeconomic variables are significant in explaining stock returns. However, we find a pattern in negative as well as positive relationships between unexpected risk factors and stock returns for all countries. We find no significant differences in which sectors are affected by each risk factor but there is a difference in the number of significant values ​​between the countries. National macroeconomic events show the most significant relations to German sector indexes, followed by Danish and Finnish. Least significant relationships are found for the Swedish sector indexes. An explanation behind the result could be that the countries stock markets are more or less efficient and investors in each market are differently recept

This study aims to investigate investor sentiment and its effect on the industrial sector in Indonesia. In the study, investor sentiment was extracted from data obtained from search engines. Then the data were used to see how the sentiment affected the stock return in each listed industrial company. Fifteen industrial sector companies listed on the stock exchange were selected; each was analyzed for their search volume and the effect on stock returns using panel data regression from March 2020 to April 2022. The result shows that investor sentiment affects the level of stock returns in the industrial sector in Indonesia. This result indicates that with the increase in search volume on search engines, which reflects positive sentiment, there will be an increase in stock trading transactions and vice versa. This study's findings will help investors make investment decisions, especially in the industrial sector.

Under det senaste decenniet har antalet förvärv ökat kraftigt. Medan världen har blivit mer globaliserad, är vikten av att komma in på nya marknader och skapa konkurrensfördelar nyckeln till ett företags förmåga att växa. Att utveckla konkurrensfördelar kan visa sig vara utmanande, vilket gör förvärv av andra konkurrerande företag till ett lukrativt och smidigt sätt att vinna marknadsandelar. Börsen har stigit till nya nivåer, där den svenska aktiemarknaden är en av de utmärkande aktörerna i världen. Detta har gjort aktiemarknadsinvesteringar mer attraktiva, vilket gör det lättare för börsbolag att skaffa kapital. Denna studie undersöker hur antalet förvärv påverkar aktieavkastningen för ett förvärvande företag under en nioårsperiod. Studien undersöker om det finns ett statistiskt samband mellan antalet förvärv och den sammansatta årliga tillväxttakten för aktien, även kallad CAGR-aktieavkastning. Att identifiera ett samband kommer att bidra till svaret på frågan om förvärv är en pålitlig strategi för en tillväxt i aktieavkastning. Det råder oenighet i tidigare studier om huruvida förvärv är rätt strategi eller inte, för ett företag som vill öka aktieavkastningen. Studien hoppas kunna bidra till diskussionen om fusioner och förvärv. Studien delade upp urvalet i tre grupper utifrån antalet förvärv, för att nå ett tydligare resultat. Resultaten visar att antalet gjorda förvärv har en korrelation med bolagets CAGR-aktieavkastning. Resultaten visade att företag som förvärvade mindre frekvent under den givna tidsperioden överpresterade i CAGR-aktieavkastning jämfört med företag som gjorde ett större antal förvärv. Om man tittar på medelvärdet av aktiens CAGR har dock alla tre grupperna överpresterat Stockholm Large Cap-index. Eftersom resultaten tyder på att färre förvärv var den föredragna strategin för bästa möjliga börsutveckling, finns det sannolikt andra motiv som driver företag mot förvärv., During the last decade the number of acquisitions has increased substantially. While the world has become more globalized, the importance of entering new markets and creating competitive advantages is key to a company’s ability to grow. Developing competitive advantages can prove to be truly challenging, making acquisitions of other competing businesses a lucrative and smooth way of gaining market shares. The stock market has risen to new levels, with the Swedish stock market being one of the stand out performers in the world. This has made stock market investing more attractive, making it easier for listed companies to obtain capital. This study investigates how the number of acquisitions affect the stock return for an acquiring company over a nine-year period. This examines whether there is a statistical connection between the number of acquisitions and the compounded annual growth rate of the stock, also called the stock CAGR. Identifying a connection will contribute to the answer to the question of whether acquisitions is a reliable strategy for a growth in stock return. There is disagreement across previous studies whether acquisitions is the right strategy or not for a company wanting to grow the stock return. The study hopes to contribute to the discussion about mergers and acquisitions. The study divided the selection into three groups based on the number of acquisitions, in order to achieve a clearer result. The results produced show that the number of acquisitions made has a correlation with the stock CAGR of the company. Evidence showed that companies who acquired less frequently during the given time period overperformed on stock CAGR compared companies that made a larger number of acquisitions. However, looking at the mean value of the stock CAGR all three groups have overperformed the Stockholm Large Cap-index. Since the results indicate that making fewer acquisitions was the preferred strategy for the best possible stock market performance, there is l

We study the effects of monetary policy surprises on stock returns under low and high monetary policy uncertainty in the U.S. using the Panel Smooth Transition Regression (PSTR) model to identify the uncertainty regimes. Monetary policy surprises are unexpected changes in the Federal Funds Rate (FFR) on Federal Open Market Committee (FOMC) announcement days, where the mimicking portfolio method is used to obtain a regular time series with surprises since the an-nouncements occur on an irregular basis. Using data for the period 1994-2008, we find a negative relationship between monetary policy surprises and stock returns under both uncertainty regimes but a less pronounced relationship between surprises and returns when uncertainty is low. Hence, it is more important to hedge against unexpected stock market volatility when the uncertainty in monetary policy is high compared to when uncertainty is low.

Research questions: Is there significant change in the stock return on option expiration dates in the underlying stock? Does the net open interest have an effect on the return of the underlying stock on option expiration day? Purpose: The purpose of the bachelor's thesis is to study whether there is a significant difference in the stock returns on option expiration dates in relation to the net open interest of the underlying stocks within the OMXS30 index. Methodology: A quantitative study using a deductive approach to statistically describe the relationship between the daily stock return with open interest and traded volume. Theoretical perspective: The theoretical framework consists of option theory and empirical research on the impact of option expiration on traded volume and stock return, together with the relationship between stock returns during the expiration week and the option volume. Result: Regression results show that months with high net open interest showed statistically significant results. November, which had low net open interest, showed no statistical significance. The null hypothesis could be rejected. The T-test also showed that the daily return on expiration day differs significantly from the average daily return during months except November. Conclusions: Since the regression results show an R-squared above 0.1, we can conclude that there is statistical significance that a larger volume of open option contracts corresponds to a stronger correlation. We also saw the opposite in November, when a low net open interest showed low correlation. However, the correlation shows that traded volume and number of open contracts are not sufficient variables on their own to predict future returns., Forskningsfrågor: Är det statistiskt signifikant att det finns en förändringar i aktieavkastning på optionens förfallodag i den underliggande aktien? har de öppna options kontrakten en påverkan på aktieavkastningen på optionens förfallodag? Syfte: Syftet med examensarbetet är att undersöka om det finns en signifikant skillnad i aktieavkastningen vid optionens förfallodag i relation till de öppna options kontrakten i de underliggande aktierna inom OMXS30-indexet. Metod: En kvantitativ studie som använder en deduktiv ansats för att statistiskt beskriva relationen mellan den dagliga aktieavkastningen med open interest och handlad volym. Teoretiska perspektiv: Det teoretiska ramverket består av optionsteori och empirisk forskning om förfallodagens påverkan på handlad volym och aktieavkastning, samt relationen mellan aktieavkastning under förfalloveckan och optionsvolymen. Resultat: Regressionsresultaten visar att månader med hög net open interest visade statistiskt signifikanta resultat. November, som hade låg netto open interest, visade ingen statistisk signifikans. Nollhypotesen kunde förkastas. T-testet visade också att den dagliga avkastningen på förfallodagen skiljer sig signifikant från den genomsnittliga dagliga avkastningen under månader förutom November. Slutsats: Eftersom regressionsresultatet visar en R-squared över 0.1 kan vi dra slutsatsen att det finns en statistisk signifikans för att en större volym av öppna optionskontrakt ger en starkare korrelation. Vi ser också motsatsen i November, då en låg net open interest visade låg korrelation. Korrelationen visar dock att handlad volym och antalet öppna kontrakt inte är tillräckliga variabler för att prognostisera framtida avkastning på egen hand.

This study aims to analyze the impact of investment, debt, and dividend policies on the stock return of the companies listed in the Indonesia Sharia Stock Index (ISSI) from 2016 up to 2020. The sample stocks used in this study covers all the shariah compliant companies that were consistently listed during the study period, involving 158 companies with 790 observations. The proxies of stock return are annualized stock return, Sharpe ratio, and Treynor ratio. Investment policy is represented by price earnings ratio (PER), debt policy by debt to asset ratio (DAR), and dividend policy by dividend yield (DY). The generalized method of moment (GMM) is a regression technique that is employed in this study. The regression model should pass the AR(2) and Hansen tests to avoid autocorrelation and validity issues. This study provides important evidence that investment policy positively affects stock return (annualized stock return and Treynor ratio). In contrast, investment policy negatively affects the Sharpe ratio. Furthermore, there is a significant negative relationship between debt policy and the Sharpe ratio. Lastly, dividend policy is reported to significantly influence stock return, positive with Treynor ratio, while negative with stock return (annualized). The study relates its findings to the relevant theories involving the trade-off, signalling, and the bird in the hand theories.

Maksud kepenelitian tersebut guna menysaksikan dampak Rasio Pasar serta Rasio Profitabilitas diReturn Saham dalam Industri Perhotelan diBursa Efek Indonesia periode 2015-2019. Jenis kepenelitian yang dipakai yakni kepenelitian Asosiatif Kausal yang bermaksud guna menganalisa ikatan antara satu variabel dalam variabel lainya ataupun bagaimana satu variabel memberi pengaruhvariabel lainya. Populasi dikepenelitian tersebut yakni semua pelaporan keuangan dalam Industri Perhotelan totalnya 15 jenis industri. Sampel yang dipakai seniali 9 perindustrian. Tekhnik analisa data kepenelitian memakai regresi linier berganda, uji asumsi klasik serta uji hipotesis. Sesuai perolehan uji t, rasio pasar mempunyai poin signifikansi 0,027 ? 0,05 serta mempunyai koefisien regresi senilai 0,085 yang yakni bahwasanya rasio pasar mempunyai pengaruh yang signifikan direturn saham. Sedangkan rasio profitabilitasmempunyai poin signifikansi 0,039 ? 0,05 serta mempunyai koefisien regresi 0,042 yang yakni bahwasanya rasio profitabilitas memiliki pengaruh yang signifikan dalam return saham. Secara simultan rasio pasar serta rasio profitabilitas memiliki pengaruh dalam returnsaham. Poin koefisien determinasi (R2) senilai 0,403. Akhirnya bisa diambil kesimpulan bahwasanya senilai 40,3% return saham dibuat pengaruh oleh rasio pasar serta rasio profitabilitas serta sisanya 59,7% dipengaruhi oleh variabel lainya yang enggan diteliti dikepenelitian tersebut. Kata Kunci: Rasio Pasar, Rasio Profitabilitas, Return Saham

Maksud kepenelitian tersebut guna menysaksikan dampak Rasio Pasar serta Rasio Profitabilitas diReturn Saham dalam Industri Perhotelan diBursa Efek Indonesia periode 2015-2019. Jenis kepenelitian yang dipakai yakni kepenelitian Asosiatif Kausal yang bermaksud guna menganalisa ikatan antara satu variabel dalam variabel lainya ataupun bagaimana satu variabel memberi pengaruhvariabel lainya. Populasi dikepenelitian tersebut yakni semua pelaporan keuangan dalam Industri Perhotelan totalnya 15 jenis industri. Sampel yang dipakai seniali 9 perindustrian. Tekhnik analisa data kepenelitian memakai regresi linier berganda, uji asumsi klasik serta uji hipotesis. Sesuai perolehan uji t, rasio pasar mempunyai poin signifikansi 0,027 ? 0,05 serta mempunyai koefisien regresi senilai 0,085 yang yakni bahwasanya rasio pasar mempunyai pengaruh yang signifikan direturn saham. Sedangkan rasio profitabilitasmempunyai poin signifikansi 0,039 ? 0,05 serta mempunyai koefisien regresi 0,042 yang yakni bahwasanya rasio profitabilitas memiliki pengaruh yang signifikan dalam return saham. Secara simultan rasio pasar serta rasio profitabilitas memiliki pengaruh dalam returnsaham. Poin koefisien determinasi (R2) senilai 0,403. Akhirnya bisa diambil kesimpulan bahwasanya senilai 40,3% return saham dibuat pengaruh oleh rasio pasar serta rasio profitabilitas serta sisanya 59,7% dipengaruhi oleh variabel lainya yang enggan diteliti dikepenelitian tersebut. Kata Kunci: Rasio Pasar, Rasio Profitabilitas, Return Saham

This paper studies the relationship between accounting information reflected in financial statements and stock return in Vietnam Stock Market. The authors propose a research model to define the relationship. Besides, machine learning algorithms are used in researching and forecasting, with data obtained from observed firms during the period from 2009 to 2020. Research results show that gradient boosting algorithm has the best self-reporting performance and finan-cial ratios also have great impact on stock returns, including operating income growth, stock earnings volatility, dividend yield, earnings before tax-to-equity ratio, cash holding ratio, and accrual quality. Based on the research results, the authors make some recommendations for investors, firms, and policy makers., Este artigo estuda a relação entre as informações contábeis refletidas nas demonstrações financeiras e o retorno das ações no mercado de ações do Vietnã. Os autores propõem um modelo de pesquisa para definir a relação. Além disso, algoritmos de aprendizado de máquina são usados em pesquisas e previsões, com dados obtidos de empresas observadas durante o período de 2009 a 2020. Os resultados da pesquisa mostram que o algoritmo gradient boosting tem o melhor desempenho de autorrelato e os índices financeiros também têm grande impacto nos retornos das ações, incluindo crescimento da receita operacional, volatilidade do lucro das ações, rendimento de dividendos, lucro antes do índice de impostos sobre o patrimônio líquido, índice de retenção de caixa e qualidade de acumulação. Com base nos resultados da pesquisa, os autores fazem algumas recomendações para investidores, empresas e formuladores de políticas., Este artículo estudia la relación entre la información contable reflejada en los estados financieros y el rendimiento de las acciones en el mercado de valores de Vietnam. Se propone un modelo de investigación para definir la relación. Además, los algoritmos de aprendizaje automático se utilizan en la investigación y la previsión, con datos obtenidos de empresas observadas durante el período de 2009 a 2020. Los resultados de la investigación muestran que el algoritmo gradient boosting tiene el mejor rendimiento de autoinforme y los índices financieros también tienen un gran impacto en la rentabilidad de las acciones, al incluir el crecimiento de los ingresos operativos, la volatilidad de las ganancias de las acciones, el rendimiento de los dividendos, la relación entre las ganancias antes de impuestos y el capital, la relación de tenencia de efectivo, y la calidad de la acumulación. Sobre la base de los resultados de la investigación, se hacen algunas recomendaciones para inversionistas, empresas y formuladores de políticas.

This study investigates the effect of leverage on stock returns on Swedishlisted firms (Large and Mid-cap). Stock returns have been calculated, andleverage ratios have been collected through Datastream. The results contradictfundamental theories on capital structure. According to the fundamentaltheories there should be a positive relationship, but the result of this studysuggests that the relationship is negative.

The significance of ensuring a consistent return on stocks for publicly traded companies cannot be overstated. This is due to the fact that returns inform investors about managerial and market performance and enable them to forecast the company's future earnings. However, global corporate scandals at the turn of the century, as well as the global financial crisis, eroded investor confidence. Seven firms were dropped from the study, which included all 23 consumer goods firms, during the filtration process. Data was extracted from the annual reports of the sampled companies (2010 to 2019) as well as the Nigerian Stock Exchange as of 2020. The ex-post facto approach with agency theory was chosen because the event under consideration has already occurred. Stock returns are the profits or gains made by investors in the stock market. Managers may view the payment of investor returns as a positive indicator of the company's market prospects. The significance of ensuring a consistent return on stocks for publicly traded companies cannot be overstated. The purpose of this research is to look into the effects of three corporate properties on the stock returns of publicly traded consumer goods firms in Nigeria. It was discovered that concentration of ownership, institutional ownership, and ownership all have a significant impact on Nigerian stock returns. It also implies that the SEC should provide an incentive to firms that disclose accounting information in the form of a commendation.

Profitability shows the managerial ability to generate profits for the company. A high level of profitability gives a signal to investors about the company's better prospects in the future, thereby attracting investors and ultimately increasing stock prices. Managerial ownership also shows investors that managers are concerned about the company's development, so investors will assume that managers will work better if they are also shareholders. Meanwhile, the audit committee is in charge of internal supervision for the company. This study analyses profitability, managerial ownership, and audit committee to stock return in Indonesian commercial banks during the Covid-19 pandemic. The population of this study is companies in the banking sector listed on the Indonesia Stock Exchange from 2018 to 2020. Sampling was done through the purposive sampling technique, thus obtaining 44 companies as research samples. The analysis technique used multiple linear analyses. The results of this study indicate that profitability has a significant negative effect on stock returns. It could have happened due to the COVID-19 pandemic in 2020, which caused all stocks to drop drastically. In contrast, managerial ownership and the audit committee have no partial effect on stock returns because managerial ownership has a minimal influence. So, it is considered less effective in influencing administrative actions in decision making and the audit committee, which does not affect whichever several auditors will not affect the company's performance through the total assets or profits that the company will obtain. This study implies that, during the COVID-19 pandemic, the variables studied have a minimal effect on stock returns because psychological factors influence stock prices in the form of investor panic, which makes banking sector stocks have low and even negative returns. CITE THIS PAPER: Zaman, Masrurahtul A.; Ady, Sri U. (2022). "Profitability, Managerial Ownership, and Audit Committ

This paper studies the relationship between accounting information reflected in financial statements and stock return in Vietnam Stock Market. The authors propose a research model to define the relationship. Besides, machine learning algorithms are used in researching and forecasting, with data obtained from observed firms during the period from 2009 to 2020. Research results show that gradient boosting algorithm has the best self-reporting performance and finan-cial ratios also have great impact on stock returns, including operating income growth, stock earnings volatility, dividend yield, earnings before tax-to-equity ratio, cash holding ratio, and accrual quality. Based on the research results, the authors make some recommendations for investors, firms, and policy makers., Este artigo estuda a relação entre as informações contábeis refletidas nas demonstrações financeiras e o retorno das ações no mercado de ações do Vietnã. Os autores propõem um modelo de pesquisa para definir a relação. Além disso, algoritmos de aprendizado de máquina são usados em pesquisas e previsões, com dados obtidos de empresas observadas durante o período de 2009 a 2020. Os resultados da pesquisa mostram que o algoritmo gradient boosting tem o melhor desempenho de autorrelato e os índices financeiros também têm grande impacto nos retornos das ações, incluindo crescimento da receita operacional, volatilidade do lucro das ações, rendimento de dividendos, lucro antes do índice de impostos sobre o patrimônio líquido, índice de retenção de caixa e qualidade de acumulação. Com base nos resultados da pesquisa, os autores fazem algumas recomendações para investidores, empresas e formuladores de políticas., Este artículo estudia la relación entre la información contable reflejada en los estados financieros y el rendimiento de las acciones en el mercado de valores de Vietnam. Se propone un modelo de investigación para definir la relación. Además, los algoritmos de aprendizaje automático se utilizan en la investigación y la previsión, con datos obtenidos de empresas observadas durante el período de 2009 a 2020. Los resultados de la investigación muestran que el algoritmo gradient boosting tiene el mejor rendimiento de autoinforme y los índices financieros también tienen un gran impacto en la rentabilidad de las acciones, al incluir el crecimiento de los ingresos operativos, la volatilidad de las ganancias de las acciones, el rendimiento de los dividendos, la relación entre las ganancias antes de impuestos y el capital, la relación de tenencia de efectivo, y la calidad de la acumulación. Sobre la base de los resultados de la investigación, se hacen algunas recomendaciones para inversionistas, empresas y formuladores de políticas.

type:Article, Amid the concern over detrimental effects of rapid aging in East Asia, estimations of the impacts of the region’s demography on macroeconomic variables have been conducted since the early 2000s. A recent example is IMF (2017), which estimated several macroeconomic variables using panel data of demographic variables and a number of newly introduced explanatory variables, such as “financial openness” and expected “aging speed.” IMF (2017), however, defines the range of ages in the “working age population” differently from those commonly used. In this chapter, we estimate macroeconomic and financial variables by using explanatory variables similar to those of IMF (2017), but with commonly used demographic definitions, and with an increased number of countries during extended periods. The results of the estimations are different from those of IMF (2017) but similar to those of previous literature. “Youth dependency ratio,” “old-age dependency ratio” and “expected aging speed” have significant impacts on interest rates and stock return, the impacts of which, however, can be mitigated by increased “financial openness.” Empirically revealed relationships between “aging speed” and savings as well as financial variables is a “conundrum” which is not consistent with the Life Cycle/Permanent Income hypothesis, but can be explained using “behavioral economics.” The resulting shortage of savings after retirement can be rectified by introducing “Saving More Tomorrow” type pension plans which incorporate behavioral economics and are widely available in the United States. Similar plans may provide solutions against the expected shortage of savings in East Asia, including Japan.

This thesis investigates if the announcement of lockdown had a significant impact on stock market return in Denmark. The research approach used is quantitative and deductive and the sample consists of ​​daily adjusted close prices of stock from the 20 largest listed companies in Denmark, according to market capitalization rate. The time period studied is 28th of February 2020 till 27th of March 2020. Lockdown's effect on stock market return is studied using a Difference-in-Difference model, where daily adjusted close prices of stocks from the 20 largest companies in Sweden are used as a control group. The COVID-19 pandemic has for the past two years had a huge impact on societies globally. At the beginning of the COVID-19 outbreak, to try and stop the spread of the virus, governments around the world implemented lockdowns of varying degrees. Denmark was one of the first countries to implement lockdown. However, the culturally and market similar Sweden, opted for a different approach and did not implement a lockdown at all. It is therefore of interest to investigate whether lockdown announcements had a measurable impact on stock returns at the beginning of the COVID-19 outbreak. Previous research conducted by Vasileiou (2020), Baker (2020), Ichev and Marnič (2018), Hassing Nielsen & Lindvall (2021) and Ashraf (2020) on the subject have found that COVID-19 generally contributed to market uncertainty. This uncertainty in turn affected the stock market significantly, both positively and negatively. The major findings of this thesis suggest that the lockdown implemented in Denmark had no significant effect on stock returns during the investigated sample period.

Maksud kepenelitian tersebut guna menysaksikan dampak Rasio Pasar serta Rasio Profitabilitas diReturn Saham dalam Industri Perhotelan diBursa Efek Indonesia periode 2015-2019. Jenis kepenelitian yang dipakai yakni kepenelitian Asosiatif Kausal yang bermaksud guna menganalisa ikatan antara satu variabel dalam variabel lainya ataupun bagaimana satu variabel memberi pengaruhvariabel lainya. Populasi dikepenelitian tersebut yakni semua pelaporan keuangan dalam Industri Perhotelan totalnya 15 jenis industri. Sampel yang dipakai seniali 9 perindustrian. Tekhnik analisa data kepenelitian memakai regresi linier berganda, uji asumsi klasik serta uji hipotesis. Sesuai perolehan uji t, rasio pasar mempunyai poin signifikansi 0,027 ? 0,05 serta mempunyai koefisien regresi senilai 0,085 yang yakni bahwasanya rasio pasar mempunyai pengaruh yang signifikan direturn saham. Sedangkan rasio profitabilitasmempunyai poin signifikansi 0,039 ? 0,05 serta mempunyai koefisien regresi 0,042 yang yakni bahwasanya rasio profitabilitas memiliki pengaruh yang signifikan dalam return saham. Secara simultan rasio pasar serta rasio profitabilitas memiliki pengaruh dalam returnsaham. Poin koefisien determinasi (R2) senilai 0,403. Akhirnya bisa diambil kesimpulan bahwasanya senilai 40,3% return saham dibuat pengaruh oleh rasio pasar serta rasio profitabilitas serta sisanya 59,7% dipengaruhi oleh variabel lainya yang enggan diteliti dikepenelitian tersebut. Kata Kunci: Rasio Pasar, Rasio Profitabilitas, Return Saham

type:Article, Amid the concern over detrimental effects of rapid aging in East Asia, estimations of the impacts of the region’s demography on macroeconomic variables have been conducted since the early 2000s. A recent example is IMF (2017), which estimated several macroeconomic variables using panel data of demographic variables and a number of newly introduced explanatory variables, such as “financial openness” and expected “aging speed.” IMF (2017), however, defines the range of ages in the “working age population” differently from those commonly used. In this chapter, we estimate macroeconomic and financial variables by using explanatory variables similar to those of IMF (2017), but with commonly used demographic definitions, and with an increased number of countries during extended periods. The results of the estimations are different from those of IMF (2017) but similar to those of previous literature. “Youth dependency ratio,” “old-age dependency ratio” and “expected aging speed” have significant impacts on interest rates and stock return, the impacts of which, however, can be mitigated by increased “financial openness.” Empirically revealed relationships between “aging speed” and savings as well as financial variables is a “conundrum” which is not consistent with the Life Cycle/Permanent Income hypothesis, but can be explained using “behavioral economics.” The resulting shortage of savings after retirement can be rectified by introducing “Saving More Tomorrow” type pension plans which incorporate behavioral economics and are widely available in the United States. Similar plans may provide solutions against the expected shortage of savings in East Asia, including Japan.

Purpose: This study aims to hypothesize the companies that apply income smoothing to Industry trade, services, and investment on Indonesia Stock Exchange. Theoretical framework: Theoretical basis of the income smoothing hypothesis was used to examine the differences in stock returns between the trading, service, and investment industries that apply income smoothing on the Indonesia Stock Exchange. Test differences in stock risk between the trading, service, and investment industries that apply income smoothing and the trading, service, and investment industries do not determine income smoothing on the Indonesia Stock Exchange. Design/methodology/approach: The0 1method0 1used0 1in0 1this0 1study0 1is0 1a0 1comparative0 1descriptive0 1method.0 1The0 1analysis0 1used0 1is0 1descriptive0 1analysis,0 1normality0 1test,0 1and0 1t-test0 1to0 1conclude0 1whether0 1there0 1are0 1differences0 1in0 1the0 1treatment0 1of0 1these0 1variables.0 1In0 1addition,0 1it0 1also0 1calculates0 1the0 1actual0 1return0 1and0 1risk0 1of0 1the0 1issuer’s0 1shares0 1in0 1the0 1trading,0 1service,0 1and0 1investment0 1industries0 1on0 1the0 1Indonesia0 1Stock0 1Exchange. Findings: There is no significant difference between company returns and profits and returns of non-profit companies in trading, service, and investment sector companies listed on the Indonesia Stock Exchange. In addition, there is no significant difference between the shares of risk separator companies and the risk returns of non-company shares in trading, service, and investment companies listed on the Indonesia Stock Exchange. Research, Practical & Social implications: The average risk level of companies that do income smoothing is lower than the average risk level of companies that do not. The level of risk in shares is a description of the volatility of share prices. The higher the variation in stock prices, the higher the risk investors face. Originality/value: The study highlighted that changes in the informat

This thesis investigates if the announcement of lockdown had a significant impact on stock market return in Denmark. The research approach used is quantitative and deductive and the sample consists of ​​daily adjusted close prices of stock from the 20 largest listed companies in Denmark, according to market capitalization rate. The time period studied is 28th of February 2020 till 27th of March 2020. Lockdown's effect on stock market return is studied using a Difference-in-Difference model, where daily adjusted close prices of stocks from the 20 largest companies in Sweden are used as a control group. The COVID-19 pandemic has for the past two years had a huge impact on societies globally. At the beginning of the COVID-19 outbreak, to try and stop the spread of the virus, governments around the world implemented lockdowns of varying degrees. Denmark was one of the first countries to implement lockdown. However, the culturally and market similar Sweden, opted for a different approach and did not implement a lockdown at all. It is therefore of interest to investigate whether lockdown announcements had a measurable impact on stock returns at the beginning of the COVID-19 outbreak. Previous research conducted by Vasileiou (2020), Baker (2020), Ichev and Marnič (2018), Hassing Nielsen & Lindvall (2021) and Ashraf (2020) on the subject have found that COVID-19 generally contributed to market uncertainty. This uncertainty in turn affected the stock market significantly, both positively and negatively. The major findings of this thesis suggest that the lockdown implemented in Denmark had no significant effect on stock returns during the investigated sample period.

The significance of ensuring a consistent return on stocks for publicly traded companies cannot be overstated. This is due to the fact that returns inform investors about managerial and market performance and enable them to forecast the company's future earnings. However, global corporate scandals at the turn of the century, as well as the global financial crisis, eroded investor confidence. Seven firms were dropped from the study, which included all 23 consumer goods firms, during the filtration process. Data was extracted from the annual reports of the sampled companies (2010 to 2019) as well as the Nigerian Stock Exchange as of 2020. The ex-post facto approach with agency theory was chosen because the event under consideration has already occurred. Stock returns are the profits or gains made by investors in the stock market. Managers may view the payment of investor returns as a positive indicator of the company's market prospects. The significance of ensuring a consistent return on stocks for publicly traded companies cannot be overstated. The purpose of this research is to look into the effects of three corporate properties on the stock returns of publicly traded consumer goods firms in Nigeria. It was discovered that concentration of ownership, institutional ownership, and ownership all have a significant impact on Nigerian stock returns. It also implies that the SEC should provide an incentive to firms that disclose accounting information in the form of a commendation.

Purpose of the study: This study aims to examine the key drivers for the effect of selected commodity ratios and the exchange rate that haveinfluenced the return on investment of agriculture and animal feed companies in Indonesia. Methodology: This study uses the GARCH methodology. Using GARCH and IGARCH for monthly and daily data from 2014 until 2021, we also have a different timeline between before COVID and after COVID-19. Main Findings: According to the results of the study, there are generally significant effects of commodity prices and exchange rates on stock return, as for the COVID timeline, there are several companies that have been affected. Research limitation: There is a problem with finding the parameter estimates for the error distribution both in GED and Student’s t when finding the best GARCH (1,1) model. The best model finding may not present the best probability due to distributions that affect the tail distribution. Novelty/Originality of the study: This study suggests to look for more details on the effect of commodity ratio in daily data and monthly data, as thetransaction is mostly using USD rate with IDR rate. There are great possibilities that their movement will impact the return on the investment and people who like to invest in a certain company can use this study as a reference.

This study investigates the effect of leverage on stock returns on Swedishlisted firms (Large and Mid-cap). Stock returns have been calculated, andleverage ratios have been collected through Datastream. The results contradictfundamental theories on capital structure. According to the fundamentaltheories there should be a positive relationship, but the result of this studysuggests that the relationship is negative.

We investigate whether climate transition risk is reflected in the financial performance and cross-section pricing of publicly-traded European and US firms. Using a firm-level carbon risk score (CRS) that assesses the vulnerability of a firm's value to transition to a low-carbon economy, we find that firms with the lowest transition risk exposures perform better financially, and that European firms are more sensitive to transition risks than US firms. We also find that stocks with low exposure to transition risk offer greater returns to investors, consistent with the fact that stock prices of firms do not adequately reflect underlying climate transition risk. Relative financial performance of less vulnerable firms and underreaction effects to transition risk decreased after COP21.

The goal of this study was to examine the influence of trading volume, market value added, dividend payment ratio and systematic risk on stock return of businesses listed on the Indonesia Stock Exchange in the construction and building sub-sector. Purposive sampling was used, with 35 samples drawn from financial reports covering the years 2011-2017. The analytical approach used was panel data regression analysis. trading volume and market value added have a substantial impact on stock returns. Meanwhile, dividend payment ratio and systematic risk have no effect on stock returns. Construction and building industry sub-sector businesses were chosen as a sample in this study. Furthermore, there are few comparable studies that employ samples from industrial construction and building sub-sector businesses. The sample was chosen because it is seen as a constant contributor to the country's economic success. This is evident in the long-term development of government infrastructure, such as toll roads, airports, public housing, and other public amenities. According to Central Statistics Agency (BPS) study, the construction sector is one of the three key contributors to Indonesia's economic development. This is what makes this study interesting. Researchers should find the research useful in broadening their knowledge and skills on the subject issue, debating the research item, and applying principles learnt in lectures. Companies are required to provide information that would assist them in developing strategic plans and making decisions that will improve their performance. a limited number of samples and a short time period (just 2011 to 2017), which is most likely leading the data computation findings to be less than optimal Furthermore, not all firms provide dividends on a yearly basis.

Maksud kepenelitian tersebut guna menysaksikan dampak Rasio Pasar serta Rasio Profitabilitas diReturn Saham dalam Industri Perhotelan diBursa Efek Indonesia periode 2015-2019. Jenis kepenelitian yang dipakai yakni kepenelitian Asosiatif Kausal yang bermaksud guna menganalisa ikatan antara satu variabel dalam variabel lainya ataupun bagaimana satu variabel memberi pengaruhvariabel lainya. Populasi dikepenelitian tersebut yakni semua pelaporan keuangan dalam Industri Perhotelan totalnya 15 jenis industri. Sampel yang dipakai seniali 9 perindustrian. Tekhnik analisa data kepenelitian memakai regresi linier berganda, uji asumsi klasik serta uji hipotesis. Sesuai perolehan uji t, rasio pasar mempunyai poin signifikansi 0,027 ? 0,05 serta mempunyai koefisien regresi senilai 0,085 yang yakni bahwasanya rasio pasar mempunyai pengaruh yang signifikan direturn saham. Sedangkan rasio profitabilitasmempunyai poin signifikansi 0,039 ? 0,05 serta mempunyai koefisien regresi 0,042 yang yakni bahwasanya rasio profitabilitas memiliki pengaruh yang signifikan dalam return saham. Secara simultan rasio pasar serta rasio profitabilitas memiliki pengaruh dalam returnsaham. Poin koefisien determinasi (R2) senilai 0,403. Akhirnya bisa diambil kesimpulan bahwasanya senilai 40,3% return saham dibuat pengaruh oleh rasio pasar serta rasio profitabilitas serta sisanya 59,7% dipengaruhi oleh variabel lainya yang enggan diteliti dikepenelitian tersebut. Kata Kunci: Rasio Pasar, Rasio Profitabilitas, Return Saham

This research aims to examine how much impact social media channels have on stock returns during unusual market events. We do this by measuring the sentiment and activity on the Reddit forum wallstreetbets (WSB) regarding some of the six most mentioned companies during the first four months of 2021 and connect this to their relative stock returns. The sentiment is derived through a sentiment analysis using financial dictionary analysis, capturing the sarcastic and sometimes difficult to interpret language used by the community. The sentiment is derived utilizing two financial dictionary analysis, VADER, a sentiment analysis tool designed specifically for social media, as well as our own constructed dictionary EMOJI, which is created to better analyze the emotions expressed on WSB. We collect the sentiment using Python, a high-level programming language, and empirically examine WSB effective predicting power on individual stock returns using a panel data regression. We come to the conclusion that we do not have enough significant values to draw any conclusions about how WSB influences the stock return. We, on the other hand, are capable of determining that our strategies of extracting the sentiment work differently, where EMOJI appears to be better at capturing the mood on WSB. We believe this strengthens our preconceptions about the tone on WSB and leave it for further research to proceed upon this.

The aim of this paper is to analyze the relationship between different types of uncertainty and stock returns of the renewable energy and the oil & gas sectors. We use the quantile regression approach developed by Koenker and d’Orey (1987; 1994) to assess which uncertainties are the potential drivers of stock returns under different market conditions. We find that the bioenergy and the oil & gas sectors are most sensitive to uncertainties. Both sectors are affected by financial, euro currency, geopolitical and economic policy uncertainties. Our results have several policy implications. Climate policy makers can prioritize policies that support bioenergy in order to reduce the potentially negative effects of uncertainties on bioenergy investment. Investors aiming to diversify their portfolio should be aware that many uncertainties are common drivers of bioenergy and oil & gas returns, the connectedness between assets of these energy types could therefore increase when uncertainty increases.

The purpose of this study is to identify what company specific parameters prior to an IPO have significant impact on share price performance one year after listing. This is done by analysing listings on the Stockholm Stock Exchange in the period 2014-2019. The method which has been used is a multiple linear regression with adjusted share price as response variable and 7 specific company data points as independent variables. The share price development of companies is adjusted to the SIX Return Index and the 7 company variables cover size, growth, profitability and ownership. The results from the study imply that the independent variables covering size and profitability have the highest impact on share price performance after listing and that ownership had the least impact. The final model with the independent variables that had the highest relevance still only display a small significant correlation with an adjusted R2 = 0.09, which is understandable due to the nature of share prices not being able to be predicted one year into the future. Furthermore, the stock market is a large and complex system of many unknowns, which aggravates the process of simplifying and quantifying data of only one source into a regression model with high predictability., Syftet med denna studie är att identifiera vilka företagsspecifika parametrar före en börsintroduktion som har en betydande inverkan på aktiekursutvecklingen ett år efter notering. Detta görs genom att analysera noteringar på Stockholmsbörsen från 2014 till 2019. Metoden som har använts är en multipel linjär regression med justerad \\ aktiekursutveckling som responsvariabel och 7 specifika företagsdatapunkter som regressorer. Aktiekursutvecklingen i företag anpassas till SIX Return Index och de sju företagsvariablerna täcker storlek, tillväxt, lönsamhet och ägande. Resultaten från studien antyder att regressorer som täcker storlek och lönsamhet har störst inverkan på aktiekursutvecklingen efter notering och att ägandet hade minst påverkan. Den slutliga modellen med de regressorer som hade störst relevans visar fortfarande endast en liten signifikant korrelation med en justerad R2 = 0,09, vilket är förståeligt på grund av att aktiekursernas karaktär inte kan förutses ett år in i framtiden. Dessutom är aktiemarknaden ett stort och komplext system med många okända faktorer, vilket förvärrar processen att förenkla och kvantifiera data från endast en källa till en regressionsmodell med hög förutsägbarhet.

Riset ini bermaksud mencoba empiris akibat EVA, MVA serta CVA kepada return saham. Ilustrasi dalam riset ini memakai metode purposive sampling dengan jumlah ilustrasi 13 BUMN yang tertera di LQ45dan listing di Pasar uang Dampak Indonesia( BEI) tahun 2016- 2019. Tata cara yang dipakai dalam riset ini merupakan tata cara kuantitatif. Sebaliknya perlengkapan analisa memakai E- views 10 serta percobaan tingkatan signifikasi ialah 5% dengan tata cara analisa informasi ialah percobaan statistik deskriptif, percobaan anggapan klasik, analisa linier berganda, percobaan simultan( percobaan F), percobaan penting patokan perseorangan( percobaan t) serta koefisien pemastian dan analisa informasi panel. Hasil riset membuktikan kalau elastis independen EVA, MVA serta CVA dengan cara bersama– serupa mempengaruhi kepada elastis terbatas ataupun return saham. Elastis EVA serta MVA dengan cara parsial mempunyai akibat kepada return saham. Sebaliknya Elastis CVA tidak mempunyai akibat kepada return saham.

Bakgrund: Offentlig information som finns tillgänglig visar att det är en stark majoritet män i bolagsstyrelser. I takt med att mångfald diskuteras i samhället och allt fler yrken blir mer jämställda, har styrelserummens könsdiversifiering inte omvandlats på samma sätt jämfört med andra yrken. Vissa skandinaviska länder har vidtagit åtgärder för att öka jämställdheten i företagens styrelser. Det kan berika att veta om de vidtagna åtgärderna ger det förväntade resultatet. Syfte: Syftet med studien är att undersöka om det finns något samband mellan avkastningen och könsfördelningen bland styrelseledamöterna i nyintroducerade bolag på Stockholmsbörsens, Large Cap, Mid Cap och Small Cap. Metod: Studien utgår från en kvantitativ metod med multipel regressionsanalys för olika oberoende variabler för att undersöka korrelationen mellan lönsamhet och könsdiversifiering inom bolagsstyrelser på kort sikt samt lång sikt. Därtill utfördes t-tester för att pröva om skillnader mellan genomsnittlig avkastning finns. Slutsats: Resultaten från denna studie finner inga evidens på statistiska samband mellan könsdiversifiering i styrelsen och lönsamhet i avkastning över durationen på ett år från att börsnotering skett., Background: Public information that is available indicates that there is a strong majority of males ruling in the board rooms. As diversity is becoming widely debated in society and different occupations are becoming more gender equal, the boardrooms do not convert in the same past as other occupations. Some Scandinavian countries have gone to long measures to increase gender diversity in the corporate boardrooms. Furthermore, it can enrich to know if the measures taken give the anticipated outcome. Purpose: The purpose of the study is to investigate whether there is any relationship between the profitability and the gender distribution among the board members of newly listed companies on the Stockholm Stock Exchange, Large Cap, Mid Cap and Small Cap. Methodology: The study approaches a quantitative method with multiple regressions analyses with separate control variables to examine the correlation between profitability and gender diversity in corporate boards on short-term and long-term. In addition, t-tests were performed to investigate differences between average returns. Conclusion: The results of this study indicate that there is no statistically determined relationship between the gender diversity of the board and the stock return over the duration of a year from going public.

Riset ini bermaksud mencoba empiris akibat EVA, MVA serta CVA kepada return saham. Ilustrasi dalam riset ini memakai metode purposive sampling dengan jumlah ilustrasi 13 BUMN yang tertera di LQ45dan listing di Pasar uang Dampak Indonesia( BEI) tahun 2016- 2019. Tata cara yang dipakai dalam riset ini merupakan tata cara kuantitatif. Sebaliknya perlengkapan analisa memakai E- views 10 serta percobaan tingkatan signifikasi ialah 5% dengan tata cara analisa informasi ialah percobaan statistik deskriptif, percobaan anggapan klasik, analisa linier berganda, percobaan simultan( percobaan F), percobaan penting patokan perseorangan( percobaan t) serta koefisien pemastian dan analisa informasi panel. Hasil riset membuktikan kalau elastis independen EVA, MVA serta CVA dengan cara bersama– serupa mempengaruhi kepada elastis terbatas ataupun return saham. Elastis EVA serta MVA dengan cara parsial mempunyai akibat kepada return saham. Sebaliknya Elastis CVA tidak mempunyai akibat kepada return saham.