Menu : Hotelli Seurahuone 3.2.1928

Käsin merkitty: tilintarkastuspäivälliset. Käsin piirretty pöytäkartta.

Effects of stock splits on stock returns: An event study of Finnish companies

Tämän kandidaatintyön tavoitteena on tutkia osakkeen nimellisarvon jakamisen vaikutusta osakkeen markkina-arvoon Suomessa vuosina 1996-2007. Ilmiötä tarkastellaan tapahtumatutkimusmenetelmän avulla ja lopullinen tutkittavien osakesplittien määrä on 38. Tutkimuksessa ei löydetty epänormaaleja tuottoja splittien julkistushetkellä, joten tämän aineiston mukaan sijoittajat eivät pitäneet sitä johdolta tulevana positiivisena signaalina. Sitä vastoin tutkimuksessa löydettiin positiivinen kurssimuutos niiden osakkeiden kohdalla, jolloin pörssiyhtiö ilmoitti splitin ohella myös osingonjaostaan.

The Effect of Dividend Yield to Stocks’ Performance on Bullish and Bearish Finnish Stock Market

This study examines the relationship between dividend yield and stock return over bullish and bearish Finnish stock market by testing for alpha and beta shifts across bull and bear markets. In addition, this study examines if various factors, such as a standard deviation of dividends, firm size and profitability have an effect on the size, of the firms’ dividends and systematic risk of the stocks. We divide stocks into five portfolios on the basis of their past average dividend yields and investigate if the highest yielding portfolios outperform the lowest yielding portfolios during the different market conditions. As a result, high yielding stocks were most stable during the examination period and offered downside protection on bear markets. However, a strategy of forming portfolios with past dividend yields led to negative alphas even in bull markets. Standard deviation of dividends, firm size and profitability were found to have no effect on the size of dividends and systematic risk of the stocks.

Added Value of Combining Value and Momentum Indicators in the Swiss Stock Market

The purpose of the thesis is to examine the added value of combining value and momentum indicators in the Swiss stock exchange. Value indicators employed are P/E, EV/EBITDA, P/CF, P/B ja P/S. Momentum indicators examined are 52-week high, acceleration rate, 12-month past return and 6-month past return. The thesis examines whether the composite value measures based on the above mentioned ratios can add value and whether the inclusion of momentum can further improve the risk return profile of the value portfolios. The data is gathered from the Swiss equity market during the sample period from May 2001 to May 2011. Previous studies have shown that composite value measures can somewhat add value to the value portfolio strategy. Similarly, recent academic literature have found evidence that momentum works well as a timing indicator for time to entry to value stocks. This study indicates that the added value of composite value measures exists. It also shows that momentum combined to acceleration rate can significantly improve the risk adjusted performance of value-only portfolios.

DYNAMICS OF LEAF FALL FROM RIPARIAN VEGETATION AND THE ACCUMULATION IN BENTHIC STOCK IN NEOTROPICAL STREAMS1

ABSTRACT Considering the importance of the riparian vegetation leaves as an energetic source to first order streams, the aim of the present study was to evaluate the leaf biomass contribution to the system and its temporal dynamics. With this purpose, monthly samples from July 2008 to June 2009 were collected using four sampling devices installed in three streams, in order to collect the vertical, lateral and terrestrial loads, and the benthic stock. We tested the following hypothesis: (1) leaf biomass input is higher after hydric stress periods; and (2) benthic stock biomass increase with higher loads from vertical and lateral entrances. Leaves represented 71.9% (on average) of all sampled allochthonous matter, with seasonal significant variation along the studied year. Peaks of leaf input were registered in September-October, after an increase in rainfall, and also in January, after a decrease in rainfall. Leaf input was higher in the lateral load.

SOIL ORGANIC CARBON, CARBON STOCK AND THEIR RELATIONSHIPS TO PHYSICAL ATTRIBUTES UNDER FOREST SOILS IN CENTRAL AMAZONIA

ABSTRACT The soil carbon under Amazonian forests has an important roles in global changing, making information on the soil content and depths of these stocks are considerable interest in efforts to quantify soil carbon emissions to the atmosphere.This study quantified the content and soil organic carbon stock under primary forest up to 2 m depth, at different topographic positions, at Cuieiras Biological Reserve, Manaus/ ZF2, km 34, in the Central Amazon, evaluating the soil attributes that may influence the permanence of soil carbon. Soil samples were collected along a transect of 850 m on topographic gradient Oxisol (plateau), Ultisol (slope) and Spodosol (valley). The stocks of soil carbon were obtained by multiplying the carbon content, soil bulk density and trickiness of soil layers. The watershed was delimited by using STRM and IKONOS images and the carbon contend obtained in the transects was extrapolated as a way to evaluate the potential for carbon stocks in an area of 2678.68 ha. The total SOC was greater in Oxisol followed by Spodosol and Ultisol. It was found direct correlations between the SOC and soil physical attributes. Among the clay soils (Oxisol and Ultisol), the largest stocks of carbon were observed in Oxisol at both the transect (90 to 175.5 Mg C ha-1) as the level of watershed (100.2 to 195.2 Mg C ha-1). The carbon stocks under sandy soil (Spodosol) was greater to clay soils along the transect (160-241 Mg C ha-1) and near them in the Watershed (96.90 to 146.01 Mg C ha-1).

Stock Repurchase Authorizations - Finnish Companies

The aim of this study is to examine the abnormal market reaction caused by share repurchase authorizations. We study this abnormal reaction from five different angles. First four concentrate on average abnormal returns while the fifth concentrates on cumulative abnormal return. Data consists of 508 share repurchase authorization from Finnish stock market. Event study methodology is used to examine the stock price reaction and regression analysis is used to find correlation between actual buybacks and abnormal returns. The empirical results show that markets do usually react positively to share repurchase authorizations. There are some differences depending which of the five angles the abnormal returns are being examined. Statistically we can confirm that some authorization give positive reaction while others do not. Also we didn’t find a statistically significant positive correlation between actual buybacks and abnormal returns.

Performance Comparison of Behavioral Finance -based Investment Strategies in the Finnish Stock Market 1996-2010

In this thesis traditional investment strategies (value and growth) are compared to modern investment strategies (momentum, contrarian and GARP) in terms of risk, performance and cumulative returns. Strategies are compared during time period reaching from 1996 to 2010 in the Finnish stock market. Used data includes all listed main list stocks, dividends and is adjusted in case of splits, and mergers and acquisitions. Strategies are tested using different holding periods (6, 12 and 36 months) and data is divided into tercile portfolios based on different ranking criteria. Contrarian and growth strategies are the only strategies with improved cumulative returns when longer holding periods are used. Momentum (52-week high price1) and GARP strategies based on short holding period have the best performance and contrarian and growth strategies the worst. Momentum strategies (52-week high price) along with short holding period contrarian strategies (52-week low price2) have the lowest risk. Strategies with the highest risk are both growth strategies and two momentum strategies (52-week low price). The empirical results support the efficiency of momentum, GARP and value strategies. The least efficient strategies are contrarian and growth strategies in terms of risk, performance and cumulative returns. Most strategies outperform the market portfolio in all three measures. 1 Stock ranking criterion (current price/52-week highest price) 2 Stock ranking criterion (current price/52-week lowest price)

Kansallis-Osake-Pankki : Juhla-ateriat : 11.2.1928 : Grand Hotel Fennia

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