The value investing philosophy, which can be traced at least to the teaching of Graham and Dodd in the 1930?s, entails identifying and investing in potentially under valued Stocks with a potential for extraordinary returns. The focus of this thesis is to identify patterns and characteristics in financial accounting data preceding creation of shareholder value. The authors of this thesis utilize a multivariate discriminant analysis in order to identify indicators of value creation and subsequent extraordinary returns in value Stocks. A discriminant function is derived which successfully identifies which value Stocks will eventually become growth Stocks.

On Nasdaq OMX Nordic Stockholm there has been a large increase in issues of preferred Stocks since the financial crisis 2008. Aiming to explain whether preferred Stocks have most of their characteristics relating to debt or equity, we answer four sub questions. Do all preferred Stocks share the same features, or do they differ from each other? Our population is similar in characteristics, except for the preferred stock of Swedbank which is convertible and deviates when it comes to participation in dividends - instead of convertible the others are limited and redeemable. Further, the second sub question treats preferred stock in relation to the common stock quantitatively, in market data.

PurposeThe purpose of this paper is to assess whether the overreaction found in ?Does the Stock Market Overreact?? by DeBondt and Thaler still persists today, and by equivalence test if a trading strategy based upon these assumptions would generate abnormal returns. MethodThe research has been carried out by studies of the Stocks that for a prior period of one year has over or underperformed their benchmark. The Stocks used in my study are all part of S&P500 index, and the period of study runs from three to five overlapping years over the last twenty years. ResultsMy tests indicate that the type of overreaction proposed by DeBondt & Thaler still is present, at least considering the Stocks that during the formation period were winners..

Syfte/Purpose Syftet med uppsatsen är att undersöka sambandet mellan aktiens omsättningsvolym och dess avkastning under olika marknadsförutsättningar./The purpose with this essay is to observe the correlation between the stock turnover volume and the return under different situations on the market. Metod/Method Den metod som jag har använt mig av är en kvantitativ undersökning. Genom att utföra en kvantitativ undersökning har jag gjort det möjligt att undersöka ett stort antal aktier. Jag har jämfört utvecklingen av 60 stycken, slumpmässigt utvalda, aktier vid både en positiv samt negativ trend av index./The method that I have used is a quantitative study. By execute a quantitative investigation I have been able to study a large amount of different Stocks.

This paper investigates the compensation for risk in the context of the Swedish stock market with a special focus on downside risk. Using daily market data collected from the A-list of the Stockholm Stock Exchange between the years 1983 and 2005 the purpose is to answer the question whether Swedish investors are compensated for holding Stocks with high downside risk, measured as downside beta. Using panel data analysis it is shown, in accordance with most previous evidence in international research, firstly that Stocks with high beta values on average experience higher returns than Stocks with low beta values, and secondly that Stocks with high downside beta values experience higher returns than Stocks with high beta values in general. On the other hand, cross-sectional regression methodology using a bivariate regression approach shows that downside beta does not explain excess returns very well. Instead, regression analysis suggest that high upside beta does a much better job in explaining excess return over this time period compared to downside beta.

It is easy to see that oil has a big part in our economy, by looking at the repeated news from the media and at the stock market, where they follow the oil price very closely. Behavioral finance is about investors making small or big mistakes in the stock market. Behavioral finance describes the importance of understanding your own faults, as well as others investor?s faults. Behavioral finance emphases the importance of not assuming that the financial market is a flawless environment, but to understand the psychology behind investment decisions.

Syfte/Purpose Syftet med uppsatsen är att undersöka sambandet mellan aktiens omsättningsvolym och dess avkastning under olika marknadsförutsättningar./The purpose with this essay is to observe the correlation between the stock turnover volume and the return under different situations on the market. Metod/Method Den metod som jag har använt mig av är en kvantitativ undersökning. Genom att utföra en kvantitativ undersökning har jag gjort det möjligt att undersöka ett stort antal aktier. Jag har jämfört utvecklingen av 60 stycken, slumpmässigt utvalda, aktier vid både en positiv samt negativ trend av index./The method that I have used is a quantitative study. By execute a quantitative investigation I have been able to study a large amount of different Stocks.

Purpose The purpose of our study was to investigate the changing nature of volatility during the last 80 years. Like in an American study, we tried to find some trends in the risk of Stocks and bonds that would have an impact on the balance of a portfolio of Stocks and bonds. At the same time we investigated the influence of inflation on the choice of portfolio. Methods We have used standard statistic tools and formulas to obtain our results. In most cases it was a matter of calculating average and standard deviation.

The report is a comparative study between spruce plantations where 4 plants are treated with deer repellents and 4 plantations are untreated. The study aims to provide a base for the Forest Society's future decisions regarding the use of wildlife-repellents.  The report indicates that wildlife-repellents work reasonably well for its purpose, the treated Stocks were virtually untouched during the planting year and next year while the untreated Stocks have been heavily grazed during these years.  Growth difference between grazed plants and ungrazed plants found to be virtually non-existent (0, 01 m) of the treated Stocks and 0, 07 m in the untreated plants. Because of the growth differences are so small between grazed and no grazed plants, it seems like the treatment of deer-repellent are unnecessary. Unless you know in particularly that the area has a specific problem whit severe deer-grazing..

Stock lending is primarily a professional activity. The supply of Stocks in the lending market comes mainly from pension funds and insurance companies, while intermediaries provide valuable services by taking positions as borrowers as well as lenders. Borrowers use stock lending for various reasons. For instance, hedge funds usually borrow Stocks to cover a short position. There has been a lot of controversy in the stock lending industry and the debate has mainly concerned its effects for the stock markets.

Stock lending is primarily a professional activity. The supply of Stocks in the lending market comes mainly from pension funds and insurance companies, while intermediaries provide valuable services by taking positions as borrowers as well as lenders. Borrowers use stock lending for various reasons. For instance, hedge funds usually borrow Stocks to cover a short position. There has been a lot of controversy in the stock lending industry and the debate has mainly concerned its effects for the stock markets.

In light of the current debate on gender equality and behavioral finance, the study aims to describe whether gender differences in financial stock picking can be explained by the different multiples found within the Value Investing Theory. Furthermore, the study aims to determine which of the four portfolios, value, growth, male or female, that has had the strongest return. The results suggest that there is an association between female and value Stocks as well as between male and growth Stocks. Out of the four portfolios, the value and female portfolio were on average the best performers with abnormal returns..

This paper investigates the relation between stock performance and owner share retention in Swedish public equity listings during 2009 to 2013. The listings during the period are studied and divided into binary groups of "exits" and "non-exits", which are used in a statistical regression model to determine if there is a significant difference in average stock performance. The study finds that Stocks of exit-companies on average significantly underperformed Stocks of non-exit-companies during 2009 to 2013. Nevertheless, due to the limited number of observations available and the unusual market conditions, caution is required in interpreting these results..

This study tests two financial valuation models empirically by valuing three Stocks from three industries, with the purpose of studying how well valuation models work empirically and to make a forecast. The models which will be tested are residual income valuation and discounted cash flow. Nine Stocks will be picked strategically from the Swedish stock market and additional analysis will follow in the analysis chapter.Based on analysis and valuation, the commodities industry has decent valuation as the healthcare industry is undervalued thanks to the high valuation of AZN. The energy industry has low value due to the capital intensive nature of the industry. When it comes to the models and their practical implementation, DCF has been the most problematic to apply empirically whereas RIV was better but it still shows extreme values, which teaches the student the clear difference between theory and empiri..

Objective: The objective of this study is to examine the extent to which the London stock exchange and the US stock exchange Nasdaq respectively contributes to the price discovery of Swedish Stocks listed on the Stockholm stock exchange, the London stock exchange and the US stock exchange Nasdaq.Method: The study is a replicate study of the studies by Grammig, Melvin and Schlag (2000) and Eun and Sabherwal (2003). The methodology is based on the methodology of the latter study. The data material consisting of quoted stock prices for three Swedish Stocks on the three stock exchanges at five-minute intervals during a 49-day-period in 2003 has been run through different statistical tests in a five-step process.Conclusion: The evidence of this study shows that prices on SSE, LSE and NASD are cointegrated and mutually adjusting. The evidence suggests that in all three cases, price discovery takes place on the home stock exchange SSE. Moreover, LSE contributes more to price discovery than Nasdaq.