Finansiella rapporters påverkan på aktiekursen
- Ett bidrag till debatten om slopandet av kvartalsrapporter på Stockholmsbörsen.
Financial ReportsStockholm Stock ExchangeStock priceCMRERCFinansiella rapporterStockholmsbörsenAktiekursCMRERC
This study is based on an ongoing debate regarding the Stockholm Stock Exchange, which centers around the possible abolition of quarterly reports. The purpose of this paper is to contribute to this debate by examining how the relationship between financial reports and stock price correlates. The study's methodological approach is based on the Capital Market Research frame-work in which an ERC model and an extended model are used to measure the relationship. Three hypotheses were formed to categorize the direction of the study, these categorizations treats the differences in impact between quarterly and annual reports on stock price, as well as differences in impact as a casual effect of company size and seasonal sensitivity. The results of the study show that quarterly reports have a stronger impact on the share price than annual reports. Financial reports from smaller companies have greater impact on share price than financial reports from larger companies. The study also shows that there is a seasonality trend in the consumer industry's fourth quarter.