: hur reagerar marknaden vid tillkännagivandet om ett revisorbyte

  • Samih El-borchali
  • Sophie Nilsson

    Student thesis: Bachelor


    The study is an event study aimed to investigate whether the announcement of a change of auditor has any effect on the market. The essay thus examine whether it is possible to note a change in corporate stock prices in connection with the notice of the change. Furthermore, the paper aims to answer whether there is any connection in some switching that takes place between different sectors of business, the Large and Small Cap. And whether there is any connection in some switching between different industries index in trade, manufacturing and service companies. All of the 33 companies covered by the study, are listed on Nasdaq Omx Stockholm 30. The results have been studied both individually for each company and for all the companies in a merger.

    Event window has been defined for the period to be investigated. Event window extends from three days before and three days after the announcement. In the calculation of the normal yields, the market model has been used as calculation and to produce the expected return, the Omx Stockholm 30 index and historical stock prices for each company used.

    The study's theoretical framework is based on a combination of different theories to thus obtain a deeper understanding of the auditor's role and how it is linked to the market. Where the role of the auditor as assurance, improvement and insurance and agent theory coupled with the efficient market hypothesis. The study is also supported by previous research and studies on the subject.

    The study cannot prove that there is no significant relationship at the announcement of a change of auditor in the market. The study has also chosen to test two additional levels to ensure the response further and exclude its possible impact. While these hypotheses shows the same response. There is therefore no significant difference in terms of the two business sectors Large and Small Cap indices or industry, commercial manufacturing and service companies. In terms of the cumulative returns varied that some of the companies the days before and after the event date. The biggest change could be seen in the majority of companies on the last day of the event window, day three.

    Date of Award2015-Sep-17
    Original languageSwedish
    SupervisorEmil Numminen (Supervisor) & Håkan Jankensgård (Examiner)

    Educational program

    • Degree of Bachelor of Science in Business and Economics

    University credits

    • 15 HE credits

    Swedish Standard Keywords

    • Economics and Business (502)

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