Vinstvarningars påverkan på företag i Large och Small Cap?

Translated title of the thesis: The effects of profit warnings on companies in Large and Small Cap?
  • Agon Maliqi
  • Henric Persson

    Student thesis: Master, one year


    This paper studies how profit warnings affect largeand small companies. The efficient market hypothesis and behavioral finance was used in orderto explain the affect of the profit warnings on the companies’ stocks. The boundary wasdetermined to be the Stockholm OMX since no previous studies had been performed in this particular fashion. The data demostrates that companies within Large Cap are affected with an average of -4,63% and the companies in Small Cap with -8,42%. Large Cap showed significantabnormal returns during the event date and the day after while Small Cap only showed significance during the event date. A portfolio comparison between the two lists reveals results that are in line with the efficient market hypothesis. However when using detailed data of thecompanies stocks some anomalies can be found, which can be explained by psychological phenomena within behavioral finance.

    Date of Award2013-Aug-28
    Original languageSwedish
    SupervisorEmil Numminen (Supervisor) & Bengt Igelström (Examiner)

    Educational program

    • Degree of Bachelor of Science in Business and Economics

    University credits

    • 15 HE credits

    Swedish Standard Keywords

    • Business Administration (50202)


    • profit warning
    • market efficiency hypothesis
    • behavioral finance

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