Dissertations / Theses on the topic 'Abnormal position'

Abstract   Purpose The purpose of this thesis is; “To find out whether a strategy based on accumulated stock recommendations are able to outperform mutual funds and/or index funds with similar holdings over time”. Background During the past 30 years the interest for the financial market has been ever increasing. With the increased interest for the financial market, also an increased interest for the different investment alternatives have developed, thus also the amount of various financial products. Further there has been a discussion whether the different investment products actually add value to the investors. Method To be able to reach our purpose we have constructed a portfolio containing stocks based on recommendations. We have also come up with a method in order to decide the weights of the individual stocks in our portfolio. Further, we have used existing theories in order to estimate the return and the standard deviation. We have also benchmarked our portfolio against popular funds on the market. Conclusion We have seen that our portfolio during the six years running have performed better than the existing funds and also resulted in a lower standard deviation i.e. risk. Thus the results are applicable on our specific data, more research is needed in order to make any statements of statistical significance.

Problem: An efficient market fully reflects all available information about a company in its share price. Furthermore any new information presented about a company will lead to an instant adaptation in the share price. Henceforth an investor can not reach abnormal returns on an efficient market. The Stockholm stock exchange is afairly large stock exchange with a turnover of SEK 14000 millions per day. Prior studies conducted regarding the efficiency of the Stockholm stock exchange have stated that the stock exchange was efficient on a semistrong level. However these studies were conducted with a time frame of several weeks and therefore the authors distinguished a need for a study aiming at short term efficiency. Furthermore this thesis aims to investigate the effects of the presentation of positive annual and interim reports. A positive report is defined as a report that leads to an increase in share price the day it is presented and consequently includes all events on the day of the presentation, e.g. the press conference. The thesis was written from an investors’ perspective, who is about to buy shares.

Purpose: The purpose of this thesis was to describe and analyze the Stockholm stock exchange market’s efficiency. This was done during the days surrounding the presentation of annual and interim reports rendering an increase in share price. Furthermore the possibilities of making abnormal returns by buying shares during this period were investigated.

Method: To investigate the efficiency of the Stockholm stock exchange an event study was carried out. Data regarding the performance of the shares of the fifteen most traded com-panies on the Stockholm stock exchange were collected from the OMX groups’ homepage. The chosen companies together represented more than fifty percent of the turnover of the OMXS 30 index. The index was used as a benchmark for measuring the efficiency. The share price movement was analyzed with a quantitative approach through a statistical T-test with the assistance of the SPSS 13.0.

Result: The authors claim that the Stockholm stock exchange is not efficient on a semistrong level the day after the presentation of a positive report, as the shares displayed a negative abnormal deviation from the OMXS 30 index. The deviation was statistically verified. However the authors state that no abnormal returns can be reached by buying shares during this period since the deviation was negative. The period as a whole and the other tested days came out as efficient on a semi-strong level.

Syfte: Studien har utrett om aktiesplit genomförda på Stockholmsbörsen under åren 2004-2008 genererat överavkastning och i sådana fall om det har funnits några skillnader i överavkastning beroende på företagens storlek. Teori: Den effektiva marknadshypotesen, framförallt i dess semistarka form, har utgjort en teoretisk referensram för arbetet. Metod: En kvantitativ deduktiv forskningsansats har tillämpats med eventstudiemetodik som grund. Undersökningen behandlar en femårsperiod mellan 2004-2008 där ett urval av 56 stycken splitar mötte uppsatta kriterier. Dessa delades in i tre undergrupper beroende på bolagens kapitalstorlek vid splitgenomförandet. Kursdata för 250 dagar innan spliten och 250 dagar efter har samlats in för berörda bolag med hänsyn till splitdagen. OMXSPI har använts som jämförelseindex. Resultat: Resultatet tillsammans med hypotesprövning visar att överavkastning i samband med aktiesplit har påträffats för hela populationen under mätperioden. Ett möjligt samband mellan storleken på bolag och omfattningen överavkastning har även upptäckts. Den enskilt största överavkastningen uppmättes på splitdagen. Analys: En analys av resultaten pekar på att marknaden uppfattat aktiesplit som en positiv nyhet och i linje med tidigare forskning har det funnits överavkastning i tiden runt en aktiesplit. Vid uteslutande av en undergrupp som inte klarat hypotestestet kunde sambandet mellan företagsstorlek och omfattningen överavkastning till viss del bekräftas som negativt. Slutsats: Investerare har kunnat generera överavkastning i samband med aktiesplit på Stockholmsbörsen mellan 2004-2008. Resultatet tyder på ett negativt samband mellan företagsstorlek och överavkastning, däremot kan inte sambandet bekräftas tillfullo.
Purpose: The study has investigated whether or not stock splits on the Stockholm Stock Exchange during the years 2004-2008 generated positive abnormal return and in such case, has there been any difference in the positive abnormal return depending on firm size. Theory: The efficient market hypothesis, especially in its semi-strong form, has provided a theoretical framework for the essay. Method: A quantitative deductive research approach is applied with event study methodology used as basis. The study concerns a five-year period 2004-2008, where a selection of 56 splits met set criteria. These were divided into three groups depending on their capital size at the split date. The price data for 250 days before the split, and 250 days after were collected for the companies with regard to split day. The same data was collected for OMXSPI that was used as a benchmark. Results: The result together with hypothesis testing shows that positive abnormal return associated with stock split has been found in the overall population. A possible correlation between the firm size and the extent of positive abnormal returns has also been discovered. The single greatest positive abnormal return was measured on the split date. Analysis: An analysis of the results indicates that the market perceived stock split as positive news. There has been a positive abnormal return around the time of a stock split in line with previous research. The exclusion of a subgroup that failed hypothesis test revealed a partly confirmed negative relationship between firm size and the amount of positive abnormal returns. Conclusion: Investors have been able to generate positive abnormal returns in association with stock split on the Stockholm Stock Exchange from 2004 to 2008. The results suggest a negative correlation between firm size and positive abnormal returns, however, the correlation is not fully confirmed.

Denna studie undersöker den initiala abnormala avkastningen som uppstår av positiva vinstvarningar på den svenska och finska marknaden mellan åren 2017-2020. Studien undersöker om företags arbete med CSR-relaterade frågor, mätt utifrån ett ESG-poäng, påverkar den abnormala avkastningen som uppstår vid en positiv vinstvarning. Studien tillämpar en eventstudie med 66 observationer för att studera den abnormala avkastningen runt dagen för publiceringen. En regressionsanalys används för att undersöka sambandet mellan den abnormala avkastningen och företagens ESG-poäng. Studien finner en signifikant initial abnormal avkastning vid en positiv vinstvarning. Studien finner däremot inte att ESG-poäng har en signifikant negativ effekt på den abnormala avkastningen vid positiva vinstvarningar. Studien kan därmed inte visa att företag som har en högre ESG-poäng och jobbar mer med CSR-relaterade frågor får en lägre abnormal avkastning när de publicerar en positiv vinstvarning.

Den svenska riksdagen röstade 2018-06-07 ja till regeringens förslag om en ny spellag. Den nya spellagen innebär bland annat införandet av ett licenssystem för spelbolag verksamma på den svenska spelmarknaden. Denna studie undersöker huruvida nyheter om beviljade licenser leder till positiv avkastning hos spelbolagens aktier. För att undersöka effekten av nyheterna utförs en eventstudie med licensierade spelbolag på den svenska och norska aktiemarknaden. Eventstudien undersöker eventfönster som består av en, fem, tio och tjugo dagar där signifikansen testas genom ett t-test. Resultaten visar att den kumulativa genomsnittliga abnormala avkastningen är signifikant för eventfönster med längd av en dag, men icke-signifikant för eventfönster med längd av fem, tio och tjugo dagar.

Investors are constantly searching for new ways to obtain a higher return on the market. This study examines if the stock prices for the companies within the market index OMXS30 changes more than expected when an earnings announcement is published and if it is possible to benefit from it in order to obtain a higher return. The study investigates how well the traditional theories, such as the efficient market hypothesis and random walk, can explain the market today by performing two event studies that represent different investment strategies. Event study 1 examine how the stock price changes before earnings announcement. Event study 2 examine how the stock price changes if you own the stock when the earnings announcement is published and sells it afterwards. The results from the event studies show that the null hypothesis are rejected at a 5 percent significance level, where event study 1 had an abnormal return of 0.84 percent and event study 2 had an abnormal return of 5.46 percent. Based on the results of the study the conclusion is that it is possible to obtain an abnormal return using the two investment strategies.
Investerare letar ständigt efter nya sätt att erhålla en överavkastning. Denna studie kommer att undersöka om aktiepriset för bolagen inom indexet OMXS30 förändras mer än förväntat i samband med att kvartalsrapporten publiceras och om det går att dra nytta av detta för att erhålla en överavkastning. Studien testar hur väl de traditionella finansiella teorierna såsom den effektiva marknadshypotesen och random walk förklarar marknaden idag genom att genomföra två eventstudier som representerar två alternativa investeringsstrategier. Eventstudie 1 undersöker hur aktiepriset förändras inför en kvartalsrapport. Eventstudie 2 undersöker hur aktiepriset förändras när en aktie ägs vid publiceringen av kvartalsrapporten och säljs efteråt. Resultatet från eventstudierna visade att båda nollhypoteserna kan förkastas på 5 procents signifikansnivå, där eventstudie 1 visade en abnormal avkastning på 0,84 procent och eventstudie 2 visade en abnormal avkastning på 5,46 procent. Utifrån studiens resultat dras slutsatsen att det går att erhålla en abnormal avkastning vid de båda alternativa investeringsstrategierna.

This study aims to investigate if an outside investor can gain positive return from investing in company stocks on the Swedish stock market following published announcements of insider stock purchases done through the Swedish financial regulatory authority Finansinspektionen’s public insider transaction registry. Studying a total of 5 966 announced stock purchases during the period 2014 – 2018, the study finds significant positive abnormal return over all studied time periods following the announcement date, regardless of differences in company size. Highest return was found in smaller companies, at the cost of accepting a higher degree of risk. Despite significant results showing informational value of the announced purchases, economic gain from following insider behavior could be inhibited by the cost of investment and would require the outside investor to pick the right stock, which could prove difficult.

Titel: En studie av den positiva marknadsreaktionen vid VD-byten i norden. Nivå: Examensarbete på Grundnivå (Kandidatexamen) i ämnet företagsekonomi Författare: Malin Ahlqvist och Niklas Örn Handledare: Jan Svanberg Datum: 2019 – juni Syfte: Syftet med denna studie var att analysera hur den nordiska marknaden reagerar på tillkännagivandet av en ny VD samt att analysera hur faktorerna; kön, ålder samt rekryteringskrets kan påverka denna reaktion. Metod: Studien har en positivistisk forskningsfilosofi med en deduktiv utgångspunkt. Studien tillämpar en eventstudie, vilket således förknippas med en kvantitativ forskningsmetod. Resultat & slutsats: Studiens resultat visade en positiv marknadsreaktion i Norden i samband med tillkännagivandet av ett VD-byte. Studien visade även en positiv marknadsreaktion för både kvinnor och män. Vidare tyder studien på att marknadsreaktionen är positiv i Sverige och Finland respektive negativ i Danmark och Norge. Marknadsreaktionen för män under medianålder var positiv medans reaktionen för män över medianåldern var negativ, marknadsreaktionen för kvinnor baserat på ålder är motsatta. Studien visade även att det fanns en positiv reaktion då den tillträdande VD:n är internt rekryterad samt en negativ reaktion då den tillträdande VD:n är externt rekryterad. Vissa delar av resultatet var dock inte signifikanta, det gick därför inte att utesluta att vissa delar av resultatet är slumpmässigt. Examensarbetets bidrag: Detta examensarbete bidrog till att fylla det forskningsgap som fanns gällande marknadens reaktion vid VD-byten relaterade till ålder, kön, rekryteringskrets samt ett jämförande nordiskt perspektiv. Förslag till fortsatt forskning: Studien visade vid flera tillfällen en signifikant reaktion dagen före själva tillkännagivandet av VD-bytet, detta ansåg vi vore ett intressant att fortsätta undersöka. Vi skulle med intresse ta del av en studie vilken presenterar en förklaring till denna signifikanta reaktion. Ytterligare tre förslag på fortsatt forskning presenteras i studien.
Title: A study of the positive market reaction to CEO changes in the Nordic region. Level: Student thesis, final assignment for Bachelor Degree in Business Administration  Authors: Malin Ahlqvist and Niklas Örn Supervisor: Jan Svanberg Date: 2019 - June Aim: The purpose of this study is to analyze how the Scandinavian market reacts to the announcement of a new CEO and to analyze how the factors gender, age and recruitment method can affect this reaction. Method: The study has a positivistic research philosophy with a deductive basis. The study applies an Event study and is thus associated with a quantitative research method. Result & Conclusions: The results of the study indicate a positive market reaction in Scandinavia at the announcement of a CEO change. The study also indicates a positive market reaction for both women and men. Furthermore, the study indicate that the market reaction is positive in Sweden and Finland as well as negative in Denmark and Norway. The market reaction for men under median age is positive while the reaction for men over median age is negative, the market reaction for women based on age is opposite to men. The study indicates that there is a positive reaction when the incoming CEO is internally recruited and a negative reaction when the incoming CEO is externally recruited. However, some parts of the results are not significant, therefore it cannot be ruled out that certain parts of the results are random. Contribution of the thesis: This thesis contributes to fill the research gap that exists regarding the market reaction to CEO changes related to age, gender, recruitment method and a comparative Scandinavian perspective. Suggestions for future research: This study shows on several occasions a significant market reaction the day before the actual announcement date of the CEO change, we believe a study to further study the reason behind this result would be of interest. Two more suggestions for further research are presented in the study.

Ziel der Untersuchung war die Klärung, wie das Outcome von Geminischwangerschaften und von Einlingen in Beckenendlage im Vergleich zu Einlingen in Schädellage ist. Des Weiteren galt zu klären, welche Änderungen des prä- und perinatalen Managements das Outcome verbessern könnten. Im Zeitraum von Februar 2007 bis April 2007 wurden im Orotta Hospital in Asmara/Eritrea prospektiv bei 813 Entbindungen und retrospektiv bei 1200 Entbindungen Daten erhoben. Anamnese und Geburtsverläufe wurden ausgewertet. Beckenendlage: Bei 64 (3,6%) von 1772 Einlingen lag eine Beckenendlage vor. Im Vergleich zur SL hat ein Kind mit BEL ein 5,6-fach (OR) erhöhtes Risiko, einen 5-Minuten-APGAR < 8 zu bekommen und ein 13-fach (OR) erhöhtes Risiko, einen 10-Minuten-APGAR < 8 zu bekommen. Querlage: Insgesamt waren 9 (0,5%) Patientinnen vorhanden, bei denen eine Querlage des Kindes zu verzeichnen war. Ein Kind in QL hat im Vergleich zur SL ein 7-fach erhöhtes Risiko (OR), einen 5-Minuten APGAR < 8 zu bekommen und ein 4-fach erhöhtes Risiko, einen 10-Minuten APGAR < 8 zu bekommen. Gemini: 33 Mal (1,6%) bestand eine Geminigravidität mit Fetus 1/ Fetus 2 SL/SL 18 Mal (55%), SL/BEL siebenmal (21%), BEL/SL viermal (12%), BEL/BEL dreimal (9%) und BEL/QL einmal (3%). Es haben sich anhand der Korrelation sowohl höchst signifikante 5-Minuten-APGAR Werte als auch 10-Minuten-APGAR Werte im Vergleich von Einlingen und Zwillingen gezeigt. Es war deutlich zu erkennen, dass die APGAR-Werte bei Einlingen besser ausfielen als bei Zwillingen. Bei Anwesenheit versierten akademischen Personals könnte die Morbiditäts- und Mortalitätsrate gesenkt werden. Regelmäßige Voruntersuchungen und Gerätediagnostik könnten bei der Diagnose von Risikogeburten helfen und so das Outcome von Risikogeburten positiv beeinflussen.

碩士
國立中正大學
財務金融系研究所
105
This paper use stochastic frontier analysis (SFA) to estimate the cost efficiency as the determinant of synergy to investigate the relationship between the efficiency and valuation effect of M&A. We analysis all M&A activities in America from 1980 to 2015. We find that the acquirers gain the higher stock reaction from their better prior year efficiency in M&A activities. Moreover, the shape of acquirer efficiency and change of Tobin’s Q is an inverted u-curve pattern. The post-merge value improvement in America is being led by the acquirer with appropriate efficiency level. There seems to exist an optimal efficiency level that can help to maximize the acquirer’s value after M&A transactions.

碩士
國立雲林科技大學
健康產業管理研究所碩士班
100
Urine analysis is a fast, cheap and important test for clinical medicine diagnosis. It can assist in diagnosing occult blood in urine. The general test is a semi-qualitative way of showing the valence, with a normal report as negative (-), and positive being from 1 valence to 4 valence. A common clinical reaction was hematuria,hemoglobinuria, myoglobinuria, or renal disease. The purpose of this study was to better understand abnormal causes for false positive occult blood findings on urine biochemical dipsticks. This study looked at 97th year subjects’ medical check-up results to explore the false positive rate of positive urine dipstick test results. There were 34 pretest cases and 82 second stage cases. Results were obtained from the medical staffs’ advanced health examinations and their general physical examinations. The tests used two different companies’ instruments and examination strips (CLINITEK 500 & SIEMENS Multistix SG and ARKRAY AE4020 & Aution sticks 10EA). Professionally trained medical technologists did microscopic examinations to understand the differences. Our results show that doing the testing with different instruments did not make any difference, and that when microscopic testing was done with a trained medical technologists, the concordance rate was more than 90%. Thus, we can exclude the instruments as the cause of false positive results. Of the eight cases with discrepancies, seven were cases with bacteria and white blood cell interference. Another example was a case of a single instrument detection of high sensitivity. Thus, we can also rule out problems with the original equipment at the hospitals.

碩士
國立中山大學
電機工程學系研究所
106
Tunnel field-effect thin-film transistors (TFETs) based on band-to-band tunneling (BTBT) as the carrier transport mechanism, has been known that exhibit higher on/off current ratio, steeper subthreshold slope (S.S.) and lower leakage current than conventional field-effect thin-film transistors. In this thesis, we will apply positive bias stress voltage on gate of poly-Si tunnel thin-film transistors (TFTs) from 10 V to 25 V, and the stress time is 1000 second, and then we will discuss on the abnormal positive stress instability (PBS) of the poly-Si tunnel TFTs. In this experiment, when we measure the PBS of poly-Si tunnel TFTs, we found that the vertical electrical field of positive gate stress bias would induce electrons to impact the weaker bonding in the interface between gate oxide and poly-Si active layer, and the trap state would continuously increase. Therefore, when the transistor is turning on, the possibility of the carrier trapped will increase during transmission, and the electrical characteristics of tunnel-TFTs would degrade gradually. Concurrently, electrons induced by vertical electrical field would fill and fix the lattice defects of poly-Si channel, so the possibility of carrier trapped will decrease during transmission, and the electrical characteristics of tunnel-TFTs would be optimized. When we apply the lower positive gate stress bias, the rate of the trap state increasing is higher than the electrical passivation rate of lattice defects, thus the electrical characteristics of the transistors degrade gradually, subthreshold swing decreases, threshold voltage (Vth) increases and on-state current decreases. However, when we increase the positive gate stress bias and the stress time, the degradation of the tunnel TFTs would be saturated, thus the rate of trap state increasing is lower than the electrical passivation rate of lattice defects, and the electrical characteristics would be optimized, and subthreshold slope becomes steeper. It’s a brand new phenomenon.

碩士
國立中正大學
企業管理所
97
The motive of the research is to promote the sustainability report for companies in Taiwan. We explore whether positive ARs exist at zero event period when companies publish sustainability reports by GRI and attend “2008 Taiwan Corporate Sustainability Report Award”, and use mean-adjusted returns model, market-adjusted returns model and risk-adjusted return model to calculate ARs, CARs, SARs, SCARs, and five methods, traditional method, ordinary cross-sectional method, standardized residual method, and standardized residual cross-sectional method, and sign test to examine them. Finally, three models all can detect ARs, CARs, SARs, SCARs at zero event period, and only the values by mean-adjusted return model are significant.

碩士
銘傳大學
風險管理與保險學系碩士在職專班
99
Early August 2007,The impact of American subprime mortgage crisis, triggering a global stock market is tanking, its effect spread to 2008, March 17, 2008 with 85-year history, the nation''s fifth-largest investment bank Bear Stearns Group share $ 2 sold to JPMorgan Chase & Co., then in the September 15, 2008 Lehman Brothers declared bankruptcy. Taiwan''s financial markets in the subprime financial crisis, has not survived, The global stock market crash, triggering hedge demand, making foreign investors have to sell Taiwan stock. Although this financial crisis resulted in Taiwan stocks fell, even the growth rate of -10.13% (first quarter of 2009). In this study, in the event study model to explore the market for foreign investment in Lehman Brothers as an index of whether the domestic stock market. This selected event date September 15, 2008, and estimated period of 130 trading days before the election in the event to the event has 10 trading days, a total of 120 days; event period for the event before and after 10 trading days, a total of 20 trading days. To September 15, 2008, the collapse of investment bank Lehman Brothers as the event date, estimated period of 12 March 2008 to 29 August 2008; event period September 1, 2008 to September 2008 30; a total of 20 trading days. The empirical results show that foreign investors buy the stock over the top twenty, and not necessarily produce positiveCumulative Abnormal Returns, foreign net selling in the top twenty stocks are not necessarily produce negative Cumulative Abnormal Returns, only in the window period [1 , 10] and after 15 September, the sale of foreign capital over return on the more obvious.