Effekten av information vid vinstvarningar - En studie på den svenska aktiemarknaden

Abstract

This thesis investigates how the difference in information affects the firm’s stock prices when the firm announces a profit warning, based on the Swedish stock market during the period 2014-2018. The thesis uses a quantitative method by calculating the Sharpe ratio and the weighted average for each firm that has announced a profit warning and testing their differences in Sharpe ratio and weighted average. All the firm’s that have announced a profit warning during the period, 2014-2018, and are listed on the Swedish Stock Exchange, are divided into three groups based on what type of information they give when announcing the profit warning. The first group has given good information and includes future earnings, the second group gives quite good information but leaves out important information such as future earnings or what they believe the net earning will be at the end of the year. The third group leaves out any information about the future. This grouping provides a base for the tests by comparing differences between the groups. The thesis finds a statistically significant difference between the three groups in both the test including the weighted average and the Sharpe-ratio. This lead to the conclusion that the information content from firms affects on the market response when the firm announced a profit warning. More detailed information gives a less negative market response