Likviditetsgaranti ur ett företagsperspektiv
The aim of this paper is to investigate the underlying motifs leading to the decision to appoint a supplemental liquidity provider and how they vary between companies. As the first study of its kind to take on an internal company perspective, the goal was to broaden the knowledge base of the field and lay ground for further studies. The study has been conducted by interviewing companies providing the service, their customers and the stock exchanges which they are traded on. The results show that there are two main motifs for appointing a liquidity provider, 1) Creating conditions for increased trade and 2) Improving the pricing of the stock. There was also a supplemental group 3) Other motifs consisting of the observations that would not fit in any of the main categories. These were an interest for the liquidity provider's other services, that NGM demands and pays for the service and a hypothetical opportunistic behavior. Regarding the comparison between companies the strongest conclusion was that companies could be grouped into two categories with distinctive motifs depending on whether they appointed their liquidity provider in connection to their IPO or later. Other conclusions were that companies with clear motifs also are more satisfied with the service and that the company which had terminated the contract had no clear motif to begin with.