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Ett test av Börsveckan aktierekommendationer: Kan Börsveckans köprekommendationer användas som en investeringsstrategi för att ge överavkastning mot index?
University West, School of Business, Economics and IT, Divison of Informatics.
2021 (Swedish)Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
Abstract [en]

This paper analyses stock recommendations from a Swedish fund manager called Börsveckan and comparing it with the results from the benchmark index OMXSPI. The subject is a well-researched area with many different topics. The reason why it is a well-researched is that everyone is interested to know what strategy is the best to be able to predict the future of the stock market and to be able to generate an abnormal return. The study is an event study that uses yearly data between the years January 2005 and January 2021. Autocorrelation, OLS regression and the BHAR-model, among others, are used to show the results. The results then show that fund managers stock picking ability are less profitable in comparison with the benchmark index. The stock recommendations underperform OMXSPI with almost 170% and states clear that the risk management is even better for the benchmark index in comparison to the recommendations. Studies with the same alignment has been made which indicates results that correspond with the results of this study and concludes that the recommendations underperform, even though they have a positive predicted future. The result shows that even though the stock picking analysts are positively picking the stocks with good predictions they underperform the index. 

Abstract [sv]

Syftet med uppsatsen är att analysera analytikers förmåga att överavkasta aktiemarknaden med positivt laddade köprekommendationer som investeringsstrategi. Denna uppsats analyserar fondförvaltares köprekommendationer och om överavkastning uppstår under tidsperioden januari 2005 till januari 2021 i jämförelse med index. Metoden som används är regression. Regressionen utförs på aktieindexet OMXSPI och de aktierekommendationer som insamlats. Resultaten av regressionerna tyder på att fondförvaltarnas förmåga att välja aktier är mindre lönsam än avkastningen hos index. Detta resultat bekräftar resultaten från liknande studier och slutsatsen att Börsveckans köprekommendationer, även med en positiv förutsägelse, underpresterar jämfört med index.

Place, publisher, year, edition, pages
2021. , p. 28
Keywords [en]
EHM, Effective marketanalysis, Eugene Fama, BHAR, Abnormal stock return, OMXSPI
Keywords [sv]
Den effektiva marknadshypotesen, Eugene Fama, BHAR, överavkastning, OMXSPI
National Category
Economics
Identifiers
URN: urn:nbn:se:hv:diva-17336Local ID: EXC513OAI: oai:DiVA.org:hv-17336DiVA, id: diva2:1586967
Subject / course
Nationalekonomi
Educational program
Mäklarekonomprogrammet, fastighet och finans
Supervisors
Examiners
Available from: 2021-08-23 Created: 2021-08-23 Last updated: 2021-08-23Bibliographically approved

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