Marknadens implicita värde på det permanenta mätfelet på Stockholmsbörsen
This study investigates whether the permanent measurement bias (PMB) has changed over time for Swedish companies listed on the Stockholm Stock exchange at least one year during 1996-2000 or 2005-2010. By using the Residual Income Valuation-model the markets' implicit value on PMB is generated through reversed engineering, as values for all variables except PMB are entered such as the market perceived them at the specific valuation date each year. This implicit value is classified into industries and then sorted by their median. Statistical tests are performed to see if there is a difference between the industry median and the accounting-based values on PMB. The difference from period one to period two is also statistically tested for.The study finds that the implicit values on PMB have changed somewhat between the periods; however the fluctuations are not statistically significant. The median values differ in both a positive and a negative direction when compared to accounting-based figures. Neither these fluctuations are statistically significant. As a result, the accounting-based values on PMB can continue to be applied when using the RIV-model. In an attempt to explain the observed differences between the medians, IFRS, which was fully introduced in Sweden in 2005 and the business cycle during the periods are discussed.