Substansrabatt i investmentbolag
: sambandet med onoterat innehav

  • Gustav Erwing
  • Björn Svensson

    Student thesis: Bachelor

    Abstract

    The discount to NAV has been a debatable topic in the corporate world and the scientific field for a long period of time. Even though the underlying factors associated with the discount to NAV has been well documented and widely discussed, scientist remains divided on the topic. A factor that has been determined to have an effect on the discount to NAV is unquoted holdings which also is the starting point for this thesis.

    The purpose of this thesis is to analyze the relationship between Swedish investment companies discount to NAV and the companies’ unquoted holdings by studying key performance indicators regarding the companies ‘unquoted holdings. The thesis was based on quarterly observations of the discount to NAV, the quota of unquoted holdings, level of diversification and financial key figures. To answer the hypothesis of the thesis we used Pearson`s test of correlation and linear regression.

    The thesis result indicates that there is a positive relationship between the discount to NAV and the quota of unquoted growth companies. The results also showed a negative relationship between profitability in unquoted holdings and the discount to NAV. 

    Date of Award2015-Nov-17
    Original languageSwedish
    SupervisorEmil Numminen (Supervisor), Ola Olsson (Supervisor) & Håkan Jankensgård (Examiner)

    Educational program

    • Degree of Bachelor of Science in Business and Economics

    University credits

    • 15 HE credits

    Swedish Standard Keywords

    • Business Administration (50202)

    Keywords

    • discount to nav
    • unquoted holdings
    • diversification
    • profitability
    • growth firms
    • cef

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