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  • 1.
    Ericsson, Emilie
    et al.
    Södertörn University, School of Business Studies.
    Eriksson, Erik
    Södertörn University, School of Business Studies.
    Bryr vi oss egentligen?: Finansiella rapporters avtryck på svenska aktiemarknaden2009Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Purpose: The aim of this study is to investigate the significance of financial reports through stock market reactions when financial reports become public. This is broken down into two part purposes; do annual reports create reactions on the Swedish stock market OMX for the date of public enunciation? and does the reaction on the Swedish stock market follow the nature of the financial report?

    Methods: The study has two methodological aspects. The first one consists of a ratio analysis, of 81 financial reports between 1991-2009, in order to determine the report's status. The second one is an event study that deals with share developments for the time of annual reports public enunciation. The study has a quantitative approach where the empirical data consists of information from annual reports, interim reports and share price index.

    Theoretical: This paper relies on the efficient market hypothesis, signal theory and the theory perspectives of insider information.

    Empirical: Out of 81 examined annual reports 32 had a strong approach, 27 had weak and 22 had neutral. All the reports event windows for time of public enunciation had either a positive or negative AAR. The years 1991, -99, -07, -08 and -09 had a positive AAR while the years 1992, -93, -00 and -01 had a negative AAR. Every natures AAR become, 0,123 for the strong, -0,124 for the weak and 0,011 for the neutral.

    Conclusion

    • When a financial report is published and becomes available to stakeholders a reaction on the stock market tends to occur.
    • In the majority of cases the report provides positive reactions on the stock market when the underlying report is of a strong nature, negative reactions when the report is weak and no significant reaction when it is neutral.
    • There is, however, no immediate correlation between the market reaction and the nature of the report.  This may be due to the number of research objects that can have been too few and there for have gotten an excessive influence on the overall result.
    • Overall, the study does not contradict the efficient market hypothesis, reactions do accrue but to determine the correlation between the nature of the report and the effects on stock direction it require a deeper and wider study then this.
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