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Köper studenten köprekommendationen?: En studie om aktierekommendationer
Linköping University, Department of Management and Engineering. Linköping University, Faculty of Arts and Sciences.
Linköping University, Department of Management and Engineering. Linköping University, Faculty of Arts and Sciences.
2011 (Swedish)Independent thesis Advanced level (degree of Master (One Year)), 20 credits / 30 HE creditsStudent thesisAlternative title
Do students buy the buy recommendation? : A study of share price recommendations (English)
Abstract [sv]

Bakgrund: Aktierekommendationer är vanligt förekommande i finansiell media samtidigt som teorier säger att man inte systematiskt kan över- eller undervärdera en aktie. Trots detta visar studier att finansmarknaden influeras av aktierekommendationer då handeln ökar efter en annonsering, vilket innebär att de finansiella kunskaperna en student har lärt sig under sin utbildning inte påverkar lika starkt när den sedan väljer att följa en aktierekommendation.

Syfte: Syftet med denna studie är att undersöka vilka faktorer som påverkar ekonomistudenters uppfattning av aktierekommendationer och hur stor påverkan valet av utbildningslinje har för hur studenten bedömer aktierekommendationer.

Referensram: Referensramen kommer ge en förförståelse samt behandla de teorier som är väsentliga för att utreda studien. Referensramen innefattar prisbildning, EMH, behavioural finance, risk, kulturella influenser, utbildningens influenser och skolornas bakgrund.

Metod: För att bäst kunna besvara och undersöka syftet genomförs studien som en förklarande surveyundersökning med en kvantitativ ansats. Undersökningen utförs genom en elektronisk enkät som skickas ut till studenter.

Empiri: Det empiriska materialet består av enkätsvar från studenter från fyra olika ekonomiska utbildningslinjer som bearbetats med stistiska metoder.

Slutsats: Valet av utbildningslinje påverkar studentens uppfattning om aktierekommendationer. De faktorer som påverkar är tron på den effektiva marknadshypotesen, studentens finansiella intresse, kön, riskbenägenhet, teoretisk kunskap samt kultur. Dessa faktorer påverkar utbildningslinjerna olika starkt.

Abstract [en]

Background: Share price recommendations are a common feature in the financial media. At the same time the financial theories argue that an asset can't systematically be over- or under valued. In spite of this, former studies show that share price recommendations do influence the financial market since the trade increases after an announcement. This means that the financial knowledge the student obtain during its education won’t matter when he or she chooses to follow a share price recommendation.

Purpose: The purpose of this study is to investigate which factors influence students’ opinions about share price recommendations, and how big effect the students’ business education has on that opinion.

Theory: The frame of reference will give the reader a deeper knowledge beyond the theory and also theoretical perspectives essential for analysing the study. The frame of reference will consist of asset pricing, the effective market hypothesis, behavioural finance, cultural influences, educational influences as well as the schools backgrounds.

Methodology: For best being able to answer to the purpose of this study, an explanatory survey investigation with a quantitative method is being made. The study will be investigated through an electronic questionnaire that will be sent to students.

Empirical findings: The empirical material consits of the answers of students from four different business educations.

Conclusions: The business educations affect the students’ opinion about share price recommendations in differing ways. The influencing factors are whether the student believes in effective market hypothesis, the students’ personal interest in finance, gender, risk appetite, theoretical knowledge, and culture.

Place, publisher, year, edition, pages
2011. , 114 p.
Keyword [en]
Share price recommendations, asset pricing, behavioural finance, the effective market hypothesis
Keyword [sv]
Aktierekommendationer, Prisbildning, Behavioural finance, den effektiva marknadshypotesen
National Category
Economics and Business
Identifiers
URN: urn:nbn:se:liu:diva-72881ISRN: LIU-IEI-FIL-A—11/010701-SEOAI: oai:DiVA.org:liu-72881DiVA: diva2:463450
Subject / course
Master Thesis in Business Administration (Magisteruppsats i Företagsekonomi)
Uppsok
Social and Behavioural Science, Law
Supervisors
Available from: 2011-12-09 Created: 2011-12-09 Last updated: 2011-12-09Bibliographically approved

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  • apa
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