Academic literature on the topic 'Nasdaq OMX'
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Journal articles on the topic "Nasdaq OMX"
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Xie, Wenjing, João Paulo Vieito, Ephraim Clark, and Wing-Keung Wong. "Could Mergers Become More Sustainable? A Study of the Stock Exchange Mergers of NASDAQ and OMX." Sustainability 12, no. 20 (October 16, 2020): 8581. http://dx.doi.org/10.3390/su12208581.
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This study investigates whether the merger of NASDAQ and OMX could reduce the portfolio diversification possibilities for stock market investors and whether it is necessary to implement national policies and international treaties for the sustainable development of financial markets. Our study is very important because some players in the stock markets have not yet realized that stock exchanges, during the last decades, have moved from government-owned or mutually-owned organizations to private companies, and, with several mergers having occurred, the market is tending gradually to behave like a monopoly. From our analysis, we conclude that increased volatility and reduced diversification opportunities are the results of an increase in the long-run comovement between each pair of indices in Nordic and Baltic stock markets (Denmark, Sweden, Finland, Estonia, Latvia, and Lithuania) and NASDAQ after the merger. We also find that the merger tends to improve the error-correction mechanism for NASDAQ so that it Granger-causes OMX, but OMX loses predictive power on NASDAQ after the merger. We conclude that the merger of NASDAQ and OMX reduces the diversification possibilities for stock market investors and our findings provide evidence to support the argument that it is important to implement national policies and international treaties for the sustainable development of financial markets.
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Kocabıyık, Turan, and Türker Teker. "Borsa Birleşmelerinin Endeksler Üzerine Etkisi: Nasdaq Omx Örneği (The Impact of Stock Market Integration on Indices: Nasdaq Omx Case)." Journal of Business Research - Turk 12, no. 2 (June 24, 2020): 1459–74. http://dx.doi.org/10.20491/isarder.2020.923.
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Arshinova, Tatyana. "Construction of Equity Portfolio on the Basis of Data Envelopment Analysis Approach." Scientific Journal of Riga Technical University. Computer Sciences 45, no. 1 (January 1, 2011): 104–8. http://dx.doi.org/10.2478/v10143-011-0050-1.
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Construction of Equity Portfolio on the Basis of Data Envelopment Analysis ApproachThe research focus of the scientific paper is on the problem of equity portfolio construction. The author recommends applying frontier analysis technique such as Data Envelopment Analysis to the performance measurement of emitters. Using modern computer technologies, the author has calculated efficiency score of twenty Baltic companies which are quoted at NASDAQ OMX Riga and NASDAQ OMX Tallinn stock exchanges on the basis of DEA CCR approach and elaborated proposals for effective asset allocation.
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Stankevičienė, Jelena, and Natalija Gembickaja. "MARKET BEHAVIOUR: CASE STUDIES OF NASDAQ OMX BALTIC." Business, Management and Education 10, no. 1 (June 4, 2012): 110–27. http://dx.doi.org/10.3846/bme.2012.09.
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The paper examines market behaviour, defines the concept of behavioural finance and exhaustively analyzes the varying behaviour of market participants and occurring examples. The article deals with the issues of possible anomalies describing their main features. The conducted research is aimed at investigating two anomalies in the Baltic Stock Exchanges, including branches in Tallinn, Riga and Vilnius. The publication selects specific stocks listed in the equity market and analyzes their features. The obtained results are compared to discuss differences and characteristics of the markets. The paper also presents an original examination of the practical aspects of momentum and contrarian anomalies, underlies recommendations and helps financial market participants with a better understanding of the influence of anomalies from an economic perspective and with improving their competitiveness thus helping them to make appropriate decisions.
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Jakučionytė, Eglė. "THE IMPACT OF THE EURO ADOPTION ON NASDAQ OM X BALTIC STOCK EXCHANGE. ANALYSIS BY STRUCTURAL BREAK TESTS." Ekonomika 90, no. 3 (January 1, 2011): 73–92. http://dx.doi.org/10.15388/ekon.2011.0.934.
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Although the euro adoption in Estonia in 2011 and changing the trading and clearing currency at the NASDAQ OMX Vilnius for euro on 22 November 2010 were foreseen as a possibility to attract more foreign investors, last year the Baltic stock exchange underwent some extreme fluctuations, both positive and negative.In this paper, shown are statistically significant euro adoption-caused trend breaks underlying the data set of NASDAQ OMX stock exchanges in Tallinn and Vilnius. Also, the possible factors that may have been driving them are discussed. The assessment is carried out using three different structural break tests.
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Paškevičius, Arvydas, and Rūta Mickevičiūtė. "APPLICABILITY OF CONTRARIAN INVESTMENT STRATEGIES IN SMALL CAPITALIZATION MARKETS: EVIDENCE FROM NASDAQ OMX VILNIUS." Ekonomika 90, no. 1 (January 1, 2011): 101–14. http://dx.doi.org/10.15388/ekon.2011.0.953.
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This study reviews previous research on the contrarian investment strategy as first analyzed by De Bondt and Thaler (1985), and aims at deepening and complementing the existing research on the subject. The paper analyses the results of applying the strategy to NASDAQ OMX Vilnius stocks over the period 2003–2010, dividing the testing into two groups: prior to the economic crisis and the crisis periods, based on the movement of the OMXV index. The method uses holding period returns in evaluating the standard contrarian investment strategy. The paper explains the methodology in detail and presents the findings which show no considerable holding period returns from the strategy in NASDAQ OMX Vilnius during the decline period; however, contrarian strategy seems to be a better option than a standard market index based portfolio during the periods of rapid growth when stocks are overrated.
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Nikkinen, Jussi, and Timo Rothovius. "Market specific seasonal trading behavior in NASDAQ OMX electricity options." Journal of Commodity Markets 13 (March 2019): 16–29. http://dx.doi.org/10.1016/j.jcomm.2018.05.002.
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Ramanauskaitė, Agnė, and Marija Rita Laginauskaitė. "DISCLOSURE ON INTELLECTUAL CAPITAL IN ANNUAL REPORTS OF NASDAQ OMX BALTIC-LISTED COMPANIES." Ekonomika 93, no. 4 (January 1, 2015): 135–56. http://dx.doi.org/10.15388/ekon.2014.93.5044.
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According to the current accounting standards, only a minor part of intellectual capital is presented in financial statements. Nevertheless, more and more companies in Lithuania and abroad reveal information about their intellectual capital in their annual statements. Therefore, the object of this paper is the disclosure of information on intellectual capital, and the aim is to reveal the trends of disclosure of information on intellectual capital based on annual reports by Nasdaq OMX Baltic-listed companies in the years 2010 to 2012. The main method applied in the present article is content analysis. Results. On the grounds of the described research methodology, the content analysis of annual reports dated from 2010 to 2012 by Nasdaq OMX Baltic-listed companies was performed. By applying the “QDA Miner” software, intellectual capital-related terms were calculated and distributed into three categories (human, relational, and organizational) in terms of the assets and liabilities. The obtained results of the three countries were compared in order to reveal the trends of development; furthermore, a correlation analysis was conducted to reveal the relationship between the market capitalization of a specific country and the level of disclosure on the intellectual capital of enterprises. Conclusions. The present research reveals that the total disclosed information on the intellectual capital of the Nasdaq OMX Baltic-listed companies was increasing each year from 2010 to 2012. On the other hand, the research shows that the trends and the structure of the disclosed information on the intellectual capital are different in each Baltic country. The highest amount of information was revealed by Lithuanian enterprises and the lowest amount is shared by Estonian enterprises. The best-covered information on the intellectual capital presents the employees as an asset while the most scantily revealed information describes intellectual liabilities.
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Legenzova, Renata, and Lauryna Girdzevičiūtė. "Nasdaq omx baltic listinguojamų įmonių audito mokesčio atskleidimo masto ir dydį lemiančių veiksnių tyrimas." Applied Economics: Systematic Research 10, no. 1 (2016): 107–28. http://dx.doi.org/10.7220/aesr.2335.8742.2016.10.1.6.
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Vaarmets, Tarvo, Kristjan Liivamägi, and Tõnn Talpsepp. "How Does Learning and Education Help to Overcome the Disposition Effect?*." Review of Finance 23, no. 4 (March 6, 2018): 801–30. http://dx.doi.org/10.1093/rof/rfy006.
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Abstract The paper assesses how intelligence, education, and learning affect the disposition effect using our exhaustive NASDAQ OMX Tallinn dataset. We employ survival analysis to show that higher intelligence and stronger learning abilities as measured by education level and the type of education lessen the disposition effect. More highly educated and intelligent investors also learn faster by trading. We find that mathematical abilities are beneficial for overcoming the disposition effect and propose that learning ability is one of the most important components of intelligence in affecting the disposition effect.
Dissertations / Theses on the topic "Nasdaq OMX"
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Gudynaitė, Jurgita. "Nasdaq OMX Baltijos ir Nasdaq OMX Šiaurės akcijų rinkų likvidumo atsparumą globaliam finansiniam nuosmukiui lemiančių veiksnių vertinimas." Master's thesis, Lithuanian Academic Libraries Network (LABT), 2011. http://vddb.laba.lt/obj/LT-eLABa-0001:E.02~2011~D_20110614_104548-06253.
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Darbe yra analizuojamos Nasdaq OMX Baltijos ir Nasdaq OMX Šiaurės rinkos, siekiant nustatyti, kurios rinkos likvidumas yra atsparesnis globaliam finansiniam nuosmukiui ir kokie įmonių lygio veiksniai nulemia didesnį likvidumo atsparumą. Teorinėje dalyje apžvelgiamos rinkos likvidumo sąsajos su rinkos, įmonių lygio ir makroekonominiais veiksniais. Antroje darbo dalyje pateikiama tyrimo metodologija, susidedanti iš dviejų tyrimo etapų. Pirmame etape rinkų likvidumo kitimas skaičiuojamas 2005 – 2010 m. ir lyginamas jo vidurkis prieš ir po globalaus finansinio nuosmukio, įvertinant finansinio nuosmukio mastą rinkas sudarančiose šalyse. Antrame tyrimo etape nustatoma, kurie įmonių lygio veiksniai turi įtakos likvidumui ir kaip jie paveikia likvidumo atsparumą globaliam finansiniam nuosmukiui. Trečioje dalyje pateikiami empirinio tyrimo rezultatai, jog Nasdaq OMX Šiaurės rinka, pagal prašomos-siūlomos kainos skirtumo likvidumo rodiklį, yra atsparesnė globaliam finansiniam nuosmukiui, o tai nulemia didesnis listinguojamų įmonių dydis rinkoje, didesnis skaičius įmonių vykdančių mokslinius tyrimus ir plėtrą, bei nuosmukio laikotarpiu žymiai mažiau kritęs įmonių pelnas, kapitalo išlaidos, akcijų rinkos ir balansinės vertės santykis, lyginant su Nasdaq OMX Baltijos rinka.In this paper are analyzing Nasdaq OMX Baltic and Nasdaq OMX Nordic markets on purpose to find out, which market has bigger resistance of liquidity to the global financial crisis and which factors weighted it. In the theoretic part is analyzing interface between liquidity and factors of the markets, firms and macroeconomic. In the second part of paper is represented research methodology. First of all, is calculating resistance of liquidity through 2005 – 2010 years and compare resistance of market liquidity before and after global financial crisis, evaluating the extent of crisis in the countries, of which consisted the Baltic and Nordic markets. Next it is find out which firm’s level indicators influence firm’s liquidity and how these indicators influence the resistance of market liquidity to global financial crisis. In the third part are represented results of empirical research. It is find out that by the bid-ask spread indicator the Nasdaq OMX Nordic market’s liquidity is more resistance to global financial crises, because the firms are bigger, more firms engage in research and development activity and had considerably higher profit, capital expenditures and market-balance value of stocks through crisis, compare with Nasdaq OMX Baltic market.
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Huila, Anton, and Ludvig Bergman. "Det förbryllande sambandet mellan risk och avkastning : En studie av de nordiska finansiella marknaderna." Thesis, Södertörns högskola, Institutionen för samhällsvetenskaper, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-27806.
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Purpose: The purpose of the study is to in a comparative and causal way explore whether there is a relationship between risk and return and also how it is perceived on the Nordic financial markets. Theory: The theoretical frame of reference applied in the thesis is considered relevant inthe perspective of the study’s purpose and research questions. We have among other theories used The Capital Asset Pricing Model, The Efficient Market Hypothesis and various Behavioural finance theories. Method: The study has its starting point in a quantitative approach with a quantitative data analysis supported by secondary data extracted from Thomson Reuters. Empirics: The empirics contains regression analyses made from calculated secondary data of 240 randomly chosen companies from Nasdaq OMX Stockholm, NasdaqOMX Copenhagen, Nasdaq OMX Helsinki and Oslo Bors. Conclusion: The study conclusions show that there are both a negative and positive relationship between volatility and actual return on the investigated markets. Considering this prior statement we can conclude that the Capital Asset Pricing Model can’t correctly describe the actual relationship between the parameters investigated on the current sample. The Capital Asset Pricing Model’s unclear compatibility regarding the relationship makes it impossible to make conclusions about the Efficient Market Hypothesis on any other ground than the observed abnormal return.Syfte: Syftet med arbetet är att på ett komparativt och kausalt sätt ta reda på om ett samband mellan risk och avkastning existerar samt hur det i sådana fall urskiljs på de nordiska marknaderna. Teorier: Den teoretiska referensramen som appliceras i uppsatsen finner vi vara relevantför studiens syfte och frågeställningar. Vi har bland annat använt oss av teorier som Capital Asset Pricing Model, den Effektiva marknadshypotesen samt olika Behavioural finance teorier. Metod: Studien har sin utgångspunkt i en kvantitativ ansats med en kvantitativ dataanalys stödd av sekundärdata från Thomson Reuters. Empiri: Empirin innefattar regressionsanalyser med kalkylerad sekundärdata från 240 slumpmässigt valda bolag från Nasdaq OMX Stockholm, Nasdaq OMX Köpenhamn, Nasdaq OMX Helsingfors samt Oslo Börs. Slutsatser: Studiens slutsatser visar på både ett negativt och positivt samband mellan volatilitet och faktisk avkastning på de undersökta marknaderna. Med detta som grund dras slutsatsen att Capital Asset Pricing Model inte förmår korrekt beskriva det samband som råder på urvalet. Capital Asset Pricing Model:s otydliga kompatibilitet gör det omöjligt att dra slutsatser kring den Effektiva marknadshypotesens giltighet på andra grunder än observerade tillgångars överavkastning.
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Urniežius, Tomas. "NASDAQ OMX Vilnius likvidumo rizikos ir laukiamos akcijų grąžos sąveikos vertinimas." Bachelor's thesis, Lithuanian Academic Libraries Network (LABT), 2013. http://vddb.laba.lt/obj/LT-eLABa-0001:E.02~2013~D_20130731_142451-90494.
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Bakalauro baigiamajame darbe artlikta akcijų, kuriomis prekiauta Vilniaus vertybinių popierių biržoje (NASDAQ OMX Vilnius) 2000-2012 metais, ir rinkos likvidumo analizė. Teorinėje dalyje sukaupta, susisteminta ir apibendrinta mokslinė literatūra apie vertybinių popierių biržų svarbą, jų įtaką šalies ekonomikos augimui ir rinkos likvidumo svarbą vertybinių popierių biržoms. Tiriamojoje dalyje baziniu akcijų įkainojimo modeliu pasirinktas kapitalinių aktyvių įkainojimo modelis (CAPM). Naudojant NASDAQ OMX Vilnius akcijų prekybos duomenis 2000-2012 metais, vertinama rinkos likvidumo, taikant skirtingus jo matavimus, poveikį akcijų grąžai, išreiškiamai CAPM modeliu. Be to, sudarant skirtingo jautrumo rinkos likvidumo rizikai portfelius apskačiuojama NASDAQ OMX Vilnius likvidumo rizikos premija (kompensacija, kurią gauna investuotojai laikydami nelikvidžias akcijas).In this bachelor thesis analysis of stocks, which were traded in Vilnius stock market (NASDAQ OMX Vilnius) from 2000 till 2012, and market liquidity risk is carried out. Theoretical part accumulates, systemizes, and summarizes scientific literature about the importance of stock markets, their influence to the country’s economic development and the importance of the market liquidity to the stock markets. In the empirical part capital asset pricing model (CAPM) is chosen as a basic model for stock pricing. While using the trading data from NASDAQ OMX Vilnius from 2000 till 2012 the influence of the market liquidity, which is estimated using various measurements, on the stock returns, which are predicted by CAPM, is analyzed. In addition, through the construction of portfolios with different sensitivity to the market liquidity risk NASDAQ OMX Vilnius liquidity risk premium (compensation to the investors who hold illiquid stocks) is calculated.
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Edling, Josefine, and Malin Sundman. "God bestyrkandesed: Bestyrkanden av hållbarhetsrapporter vid Nasdaq OMX Stockholm." Thesis, Högskolan i Gävle, Avdelningen för ekonomi, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:hig:diva-21152.
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The aim of this paper is partly to determine the proportion of the listed companies that have chosen to report sustainability, assure them, and furthermore to explain whether if there is a correlation between certain factors and the companies chosen to provide a sustainability report and to assure and also the extent of the assurance and furthermore to develop a concept to describe the praxis of assurance.
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Källsten, Patrik. "Börsnotering på Nasdaq OMX Stockholm : Motiv, lagstiftning och noteringskrav." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-274533.
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För bolag som är i behov av kapital är en vanlig väg att vända sig till aktiemarknaden. Genom att börsnotera bolaget på någon av de olika marknadsplatserna utökas möjligheterna till önskat kapital genom diverse investerare. Den svenska värdepappersmarknaden är en av de mest reglerade marknaderna och har traditionellt sett haft ett stort inslag av självreglering. Det dominerande motivet med den starka regleringen är att marknaderna ska upplevas ha en kvalitetsstämpel och att allmänhetens förtroende för värdepappersmarknaden ska upprätthållas. Samtidigt som antalet börsnoteringar har ökat de senaste åren var det vid utgången av 2014 endast 269 bolag som var noterade på den största marknaden, Stockholmsbörsen. Uppsatsen undersöker därför genom ett fiktivt företag motiv, fördelar och nackdelar med en börsnotering samt vad som krävs innan ett bolag kan bli noterat på Stockholmsbörsen. Vidare analyseras hur kraven fungerar samt vilka problem de eventuellt medför för bolaget. Uppsatsen presenterar lagstiftning, självreglering och föreskrifter som bolaget måste uppfylla för att ges möjlighet till en notering på Stockholmsbörsen. Kraven som ställs på bolaget är av olika karaktär och omfattning med en övergripande inriktning på bolagets organisation och deras aktier. Noteringskraven kan sammanfattas att bolaget ska vara tillräckligt förberedda för en notering genom att vara organisatoriskt- och finansiellt starka. Om bolaget inte uppfyller kraven behöver de därför inom organisationen ändra sig vilket sker genom den noteringsprocess bolaget genomgår innan noteringen. Uppsatsen fastslår att en notering på Stockholmsbörsen således inte kan bli aktuell om en tillräcklig organisation eller finansiell styrka saknas. En börsnotering på Stockholmsbörsen är endast för starka aktörer, vilket ska upprätthålla allmänhetens förtroende för värdepappersmarknaden.
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Armonas, Arūnas. "NASDAQ OMX Baltic listinguojamų įmonių kapitalo struktūros tyrimas." Master's thesis, Lithuanian Academic Libraries Network (LABT), 2011. http://vddb.laba.lt/obj/LT-eLABa-0001:E.02~2011~D_20110614_103713-61195.
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Darbo tikslas – išanalizuoti NASDAQ OMX Baltic listinguojamų įmonių kapitalo struktūrą pasirinktose sektoriuose(energetika, finansai, gamyba). Baigiamojo darbo pagrindinis uždavinys - išsiaiškinti esamus kapitalo struktūros skirtumus tarp sektorių - energetika, finansai, gamyba. Kapitalo struktūros tyrimas apima: atskirų sektorių analizę, veiksnių, lemiančių kapitalo struktūros pasirinkimą, nustatymas, pastarosios finansų krizės įtakos įmonių skolinimuisi įvertinimą. Tyrimą sudaro trys dalys: kapitalo struktūros teoriniai aspektai, NASDAQ OMX Baltic listinguojamų įmonių (energetika, finansai, gamyba) kapitalo struktūros tyrimo metodologija ir tyrimo rezultatai. Atliktas tyrimas patvirtino 2 iš 3 išsikeltų hipotezių. Pirma, nustatyta, kad tarp skolinto kapitalo dydžio ir termino egzistuoja koreliacija. Antra, veiksniai susiję su skolos-turto santykiu buvo turto materialumas ir turto nusidėvėjimas. Trečia, pasaulinė krizė neturėjo įtakos įmonių skolinimuisi, priešingai – skolos dydis įmonių kapitalo struktūroje išaugo. Empirinio tyrimo rezultatai patvirtino, kad egzistuoja kapitalo struktūros skirtumai tarp pasirinktų sektorių.The aim is to examine whether the NASDAQ OMX Baltic capital structure of listed firms is different in sectors (energy, finance, manufacture) and determine the factors leading to the level of debt. Final working key task is to find out the current capital structure differences across sectors (energy, finance, manufacture).Capital structure analysis of individual sectors includes analysis of the determinants of capital structure choice, as well as assess the latter's financial crisis on corporate borrowing. The study consists of three parts: the capital structure theoretical aspects, survey methodology and results. Study carried out by two of three set in the hypotheses. First, the amount of leverage and maturity there is a correlation. Secondly, factors related to the debt-asset materiality of the assets and asset depreciation. Thirdly, the global crisis did not affect the borrowing companies. Empirical study has confirmed the existence of capital structure differences among the selected sectors.
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Lyrebrant, John, and Adam Mallick. "Nyintroduktioner på Nasdaq OMX Stockholm : En studie om underprissättning och risk." Thesis, Högskolan i Borås, Institutionen Handels- och IT-högskolan, 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:hb:diva-19937.
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I takt med att företag växer och etableras på marknaden brukar förr eller senarefrågan om en börsnotering bli aktuell. Primärt torde detta vara ett tillvägagångssättför anskaffning av kapital vilket får till följd att nya investeringar kan genomförasoch tillväxtmöjligheter öppnas. En börsintroduktion är dock en svår ochomfattande process där det emitterande bolaget ställs inför en rad kompliceradeoch svåra val. Ett sådant val är vilken marknadsplats bolaget ska noteras på, enbörs eller en handelsplattform. Vidare behöver en rad samarbetspartners anlitasför att introduktionen ska bli verklighet. En av dessa samarbetspartners ärvärdepappersinstitutet vilket bland annat har som uppgift att i samråd medemittenten bestämma vilket pris aktien ska ha när den erbjuds till allmänheten.Priset kan sedermera sättas i relation till kursutvecklingen under förstahandelsdagen för att avgöra hur väl teckningspriset föll ut i förhållande tillmarknadens värdering. Det är vad denna uppsats fokuserar på.Uppsatsen ämnar besvara hur den initiala kursförändringen för aktier som nyintroduceradespå Nasdaq OMX Stockholm under 2000-03-09 till 2010-03-24utvecklar sig under första handelsdagen. Resultatet av detta har sedan använts föratt avgöra om det förelåg underprissättning på Nasdaq OMX Stockholm vidundersökningsperioden. Vidare har underprissättningen kategoriserats utifrån deolika sektorer som finns representerade på Nasdaq OMX Stockholm för att utrönaom det finns skillnader mellan sektorerna. Undersökningen syftar också till attbesvara om en eventuell skillnad kan hänföras till den risk som förknippas medvarje sektor, mätt som volatiliteten på årsbasis.Vid genomförandet av studien har en kvantitativ ansats tillämpats. Problemformuleringenhar undersökts empiriskt samtidigt som tidigare teorier inom ämnethar studerats. Empirin omfattar samtliga nyintroduktioner som genomfördes påNasdaq OMX Stockholm sedan millenniumskiftet vilket resulterat i att 46 bolagundersökts och analyserats. Teorin är primärt inhämtad från vetenskapliga artiklari kombination med mer allmän information vi anser nödvändig för att skapa enhelhetsbild av problemområdet. Analys och slutsatser bygger sedan på resultatetav den empiriska undersökningen med beaktande av den teoretiska referensramen.Avslutningsvis kommer vi fram till att nyintroduktionerna i genomsnitt ärunderprissatta med 6,26 procent vilket är en lägre siffra än tidigare studier visat.Underprissättningen skiljer sig också mellan de olika sektorer som finnsrepresenterade på Nasdaq OMX Stockholm. Däremot har vi inte med säkerhetkunnat fastslå att risken inom den enskilda sektorn har en avgörande betydelse förunderpriset. Emellertid visar det sig att introduktionerna ökar i tider när börsindexstiger och faller när motsatt förhållande råder.
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Melin, Jens, and Aldina Hoso. "Småbolagseffekten och investeringsstrategier i småbolagsaktier på Nasdaq OMX Stockholm." Thesis, Linköpings universitet, Företagsekonomi, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-70989.
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Bakgrund: Småbolagseffekten påvisades först av Banz (1981) och Reinganum (1981) som kom fram tillatt småbolag genererade högre avkastning än stora bolag under samma period. Effekten syntes även stabil över tiden vilket ej är förenligt med Capital Asset Pricing Model (CAPM) och den effektiva marknadshypotesen (EMH). Syfte: Syftet med denna uppsats är att undersöka om det finns någon påvisbar småbolagseffekt påNasdaq OMX Stockholm och huruvida den i så fall har varit konstant under studieperioden. Vidare syftar studien till att undersöka huruvida relativvärdering av småbolagsaktier framgångsrikt kan användas för att generera överavkastning. Metod: Studien baseras på en kvantitativ metodansats med ett deduktivt angreppssätt. Behövd datasamlas in och sammanställs för att sedan användas för att skapa portföljer som studeras och analyseras baserat på prestation. Slutsats: Studien har ej kunnat påvisa en småbolagseffekt under hela studieperioden. Underhögkonjunktur har dock en småbolagseffekt kunnat påvisas. Vidare har studien kunnat visa att relativvärdering av småbolagsaktier genererar både absolut och riskjusterad överavkastning jämfört med studiens småbolagsportfölj och marknadsindex (AFGX). Så kallade värdebolag, det vill säga bolag med låga värden på P/BV-, P/E- och P/S-talen, är de som genererat högstavkastning.Background: The small firm-effect was first demonstrated by Banz (1981) and Reinganum (1981) who found that small caps generated higher returns than large companies during the same period. The effect also seemed stable over time, which is not compatible with the Capital Asset Pricing Model (CAPM) and the efficient market hypothesis (EMH). Aim: The purpose of this study is to examine whether there is any evidence of a small firm-effect on Nasdaq OMX Stockholm and whether it in such case has been constant over the study period. Furthermore, the study aims to examine whether relative valuation of small caps can be successfully used to generate excess returns. Methodology: The study is based on a quantitative method with a deductive approach. The required data is collected and compiled and then used to create portfolios which are then studied and analyzed based on their respective performance. Results: The study has not been able to detect a small firm-effect throughout the study period. During the boom, however, a small firm-effect could be detected. Furthermore, this study has shown that relative valuation of small caps generates both absolute and risk adjusted excess returns compared to the market index (AFGX). So called value stocks, companies with low values on the P/BV, P/E and P/S multiples, are the ones that generated the highest returns.
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Leffler, Fredrik, and Nylander Adam Dworsky. "A liquidity study on the Nasdaq OMX Stockholm exchange." Thesis, KTH, Industriell ekonomi och organisation (Avd.), 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-100935.
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As the demand for liquidity risk management has increased, the importance of comprehensive liquidity assessments of exchanges has been highlighted. This thesis investigates the liquidity on the Nasdaq OMX Stockholm exchange by using daily end of day data. The transaction cost is evaluated using the Holden model and the price impact from trading is evaluated using the Illiq model. Considering the three segments; small cap, mid cap, and large cap, the results suggest that both the transaction cost and price impact is highest for small cap stocks and lowest for large cap stocks. It is also shown that the transaction cost has decreased between 2002-03-20 and 2012-01-06 for all three segments although the cost is increasing for the small cap segment again. No decrease in price impact over this time period could be found. The data behind the results has then been used to create a combined liquidity measure with the purpose of indicating the liquidity condition of a mutual fund. The combined measure can also be used to assess whether it is price impact or transaction cost that contributes most to the liquidity cost when liquidating stocks or reveal what stocks in a portfolio that are the most illiquid. It is hence suggested as a tool for assessing large portfolios.
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Šukys, Nedas. "NASDAQ OMX Baltic biržos akcijų portfelio sudarymas ir optimizavimas." Bachelor's thesis, Lithuanian Academic Libraries Network (LABT), 2011. http://vddb.laba.lt/obj/LT-eLABa-0001:E.02~2011~D_20110804_092454-80231.
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Bakalauro baigiamajame darbe buvo formuojamas optimalus NASDAQ OMX Baltic biržoje kotiruojamų akcijų portfelis remiantis Markowitz portfelio sudarymo modeliu. Darbą sudaro teorinė ir praktinė dalis. Teorinėje dalyje analizuojama investicijų samprata, susisteminami vertybiniai popieriai, pateikiama vertybinių popierių teorijos raida, pateikiama rizikos, pelningumo samprata, apibendrinama diversifikacijos ir optimizavimo svarba. Praktinėje dalyje fundamentinės analizės ir AB „Swedbank“ analitikų pateiktų duomenų sintezės pagalba analizuojama Pabaltijo rinka, nustatoma jos ekonominė būklė. Apibendrinant pelningumo rodiklius nustatomi efektyviausiai veiklą vykdantys pramonės sektoriai. Vėliau šių sektorių įmonės analizuojamos taikant fundamentinę analizę įmonės lygiu ir formuojamas optimalus akcijų portfelis įvedant rizikos ir pelningumo sąvokas.This bachelor thesis is about forming investment portfolio from NASDAQ OMX Baltic stocks using Markowitz portfolio theory. Theses have two main parts theoretical and empirical. In theoretical part theses analyses the meaning of investment, securities and evolution of portfolio theory. This part also includes the meaning of risks and return, as well as the importance of diversification and optimization. Theses empirical part contains fundamental analysis and interpretation of „Swedbank“ researchers data on the Baltic market, followed by return index analysis of Baltic markets industry sectors in order to name the most efficient of them. After that, companies working in those sectors were analyzed and using constrains of return and risks portfolios were created.
Conference papers on the topic "Nasdaq OMX"
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Freinats, Lauris, and Irina Voronova. "World Top Investment Strategies Adaptation to the NASDAQ OMX RIGA." In The 7th International Scientific Conference "Business and Management 2012". Vilnius, Lithuania: Vilnius Gediminas Technical University Publishing House Technika, 2012. http://dx.doi.org/10.3846/bm.2012.008.
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Lapinskaite, Indre, Algita Miecinskiene, and Ausra Michejeva. "Research on Impact of Listed Companies Sustainable Development on Company’s Value." In Contemporary Issues in Business, Management and Education. Vilnius Gediminas Technical University, 2017. http://dx.doi.org/10.3846/cbme.2017.064.
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In the paper, based on theoretical sources and empirical research data analysis, was studied sustainable development and its impact on the value created of listed companies. It is likely that the companies involved in sustainable development will increase the company's value by improving operating efficiency, competing in both Lithuanian and international markets and contributing to improving people’s quality of life. Main purpose of this paper is to evaluate what impact sustainable development has to the value of listed companies. Thesis theoretical part analyses listed companies’ sustainable development impact for enterprises value theoretic aspects, investigates sustainable development and value-creating relations. According to analysis results, hypotheses were raised. Methodological paper part analyses EVA, company value and EBITDA ratio, market capitalization and ROE rate theoretical aspects. The practical part of this paper evaluates sustainable development companies which are in listed NASDAQ OMX BALTIC stock exchange and joined UN Global Compact organization. Analysis covers what impact sustainable development has to the value of listed companies in 2011-2015 period. The results are interpreted, summarized and conclusions with recommendations are presented.
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Sellitto, Pasquale, Fabio Del Frate, Domenico Solimini, Christian Retscher, Bojan Bojkov, and Pawan K. Bhartia. "Neural Network Algorithms for Ozone Profile Retrieval from ESA-Envisat SCIAMACHY and NASA-Aura OMI Satellite Data." In IGARSS 2008 - 2008 IEEE International Geoscience and Remote Sensing Symposium. IEEE, 2008. http://dx.doi.org/10.1109/igarss.2008.4779310.
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Pivniouk, V., J. A. Gimenes Jr, P. Ezeh, A. N. Michael, O. Pivniouk, A. Abidov, J. Gozdz, A. DeVries, C. Pasquali, and D. Vercelli. "Intra-Nasal Administration of the OM-85 Bacterial Lysate Strongly Protects from Experimental Asthma by Targeting Multiple Innate and Adaptive Immune Processes." In American Thoracic Society 2020 International Conference, May 15-20, 2020 - Philadelphia, PA. American Thoracic Society, 2020. http://dx.doi.org/10.1164/ajrccm-conference.2020.201.1_meetingabstracts.a1058.
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