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Insynspersoners motiv till transaktioner i eget bolag: Varför tenderar insynspersoner att överavkasta?
Linköping University, Department of Management and Engineering, Business Administration. Linköping University, Faculty of Arts and Sciences.
Linköping University, Department of Management and Engineering, Business Administration. Linköping University, Faculty of Arts and Sciences.
2013 (Swedish)Independent thesis Advanced level (degree of Master (One Year)), 20 credits / 30 HE creditsStudent thesisAlternative title
Insider trades : Why do insiders tend to achieve excess returns on investments in own companies? (English)
Abstract [sv]

Bakgrund: Tidigare forskning har visat att insynspersoner tenderar att överavkasta på

investeringar i eget bolag. Det råder dock delade meningar kring varför insynspersoner

tenderar att överavkasta. Vid genomgång av tidigare studier påträffades ingen kvalitativ

studie, varav vi ansåg det vara av intresse att studera fenomenet genom intervjuer med

insynspersoner.

Syfte: Uppsatsen syftar till att studera och kartlägga motiven bakom insynspersoners

köp- och säljtransaktioner i eget bolag. Med hjälp av tidigare forskning samt en ny infallsvinkel

i form av teorier inom behavioural finance analyseras varför insynspersoner

tenderar att uppnå överavkastning på investeringar i eget bolag.

Genomförande: Studien har genomförts med utgångspunkt i åtta intervjuer med insynspersoner.

Resultat från tidigare studier på området låg till grund för vilken information

vi med intervjuerna ville uppnå djupare förståelse kring. Den insamlade empirin

har analyserats utifrån empirisk forskning och teorier inom behavioural finance.

Slutsats: I studien presenteras en ny hypotes vilken förklarar insynspersoners överavkastning

som en följd av befintlig lagstiftning. Vi menar att lagstiftningen förhindrar

ofördelaktiga handlingar, vilket i sin tur leder till att insynspersoner i större utsträckning

än övriga investerare tenderar att undvika psykologiska fallgropar.

Abstract [en]

Background: Previous researches have shown that insiders tend to achieve excess returns

on investments in own companies. However there are still disagreements regarding

possible explanations for this phenomenon. In our review of previous research we

did not discover any qualitative studies in the area and therefore we found it interesting

to study the phenomenon by interviews with insiders.

Aim: The purpose of this paper is to study and identify the motives behind insider buy

and sell transactions in own companies. By using previous research and also create a

new approach through apply theories within behavioural finance we aim to analyze why

insiders tend to achieve excess returns on investments in own companies.

Completion: This study was conducted based on eight interviews with insiders. Results

from previous research formed the basis of what information we wanted to achieve a

deeper understanding of through our interviews. The empirical data has been analyzed

based on empirical research in the area and theories within behavioural finance.

Conclusion: In this paper a new hypothesis is formed which try to explain insiders excess

return as an indirect result from the regulations of insider transactions. Thanks to

the regulations, impulsive actions are prevented and insiders thereby tend to avoid psychological pitfalls to a greater extent than other investors.

Place, publisher, year, edition, pages
2013. , 82 p.
Keyword [en]
Insider trading, excess return, insider regulation, behavioural finance
Keyword [sv]
Insynshandel, överavkastning, insynslagstiftning, behavioural finance
National Category
Business Administration
Identifiers
URN: urn:nbn:se:liu:diva-103977ISRN: LIU-IEI-FIL-A--13/01470--SEOAI: oai:DiVA.org:liu-103977DiVA: diva2:693457
Subject / course
Master Thesis in Business Administration (Magisteruppsats i Företagsekonomi)
Supervisors
Examiners
Available from: 2014-02-04 Created: 2014-02-04 Last updated: 2014-02-04Bibliographically approved

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