| 1. |
- Abrahamson, Martin, 1977-, et al.
(författare)
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Aktier, obligationer och derivat : En introduktion till ekonomisk teori och finansmarknaden
- 2023
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Bok (övrigt vetenskapligt/konstnärligt)abstract
- Aktier, obligationer och derivat är värdepapper som handlas på den finansiella marknaden. Syftet med boken är att på ett enkelt sätt förklara marknaden där aktier, obligationer och derivat handlas. Anslaget i boken är tänkt att förklara för läsaren på ett sätt som möjliggör självstudier i ämnet, där vi inte förutsatt djupa ekonomiska eller matematiska förkunskaper för att kunna tillgodogöra sig innehållet.Boken utgår från den svenska marknaden och grundläggande finansiell teori. Vi sätter värdepappren i sitt sammanhang och belyser hur investerare kan använda sig av olika värdepapper i sin investeringsstrategi. Investerarperspektivet dominerar i den här boken för att maximera nyttan för dig som student även i livet efter studierna, både privat och i ditt arbetsliv. För att ge en djupare och mer rättvisande bild av investeringar och den finansiella marknaden generellt så tar boken också upp individens begränsningar och marknadens tendens att då och då inte fungera som det är tänkt. Tanken är därmed att boken berör flera aspekter av den finansiella marknaden även om tyngdpunkten ligger på aktier, obligationer och derivat.
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| 2. |
- Abrahamson, Martin, 1977-, et al.
(författare)
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Allocation of shares to foreign and domestic investors : Firm and ownership characteristics in Swedish IPOs
- 2015
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Ingår i: Research In International Business and Finance. - : Elsevier. - 0275-5319 .- 1878-3384. ; 34, s. 52-65
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Tidskriftsartikel (refereegranskat)abstract
- In this article, we analyze underpricing of initial public offerings (IPOs) and holdings following offerings in Sweden. By exploiting a unique hand-collected data set with information on the ultimate holdings by institutional and individual investors, as well as boards of directors, we find, as most prior studies, that IPOs on average are underpriced. IPOs with low (high) initial return have higher (lower) holdings by individual investors. Institutional investors are, to a greater extent than individual investors, also able to identify underpriced firms.
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| 3. |
- Abrahamson, Martin, 1977-
(författare)
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Birds of a Feather Flock Together : First Time Investors and IPOs
- 2015
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Ingår i: Proceedings of 10th Annual London Business Research Conference. - 9781922069818
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Konferensbidrag (refereegranskat)abstract
- Initial public offerings (IPOs) are firms entering the stock market, through offering shares to be publicly traded in the stock market for the first time. Similarly, first time stock investors (rookies) enter the stock market through buying shares. Investment decisions have been interesting to study both for academics and practitioners for decades. In this paper knowledge on IPOs and investment decisions of rookies are brought together. Moreover, rookies who chose to invest in initial public offerings (IPOs) as their entry to the stock market. The study is based on a hand-collected dataset of IPOs and of an ownership registry of all Swedish shareholders. The study shows that IPOs can serve as a first time investment for rookies, however, preferred together with other shares. Rookies investing in IPOs hold larger portfolios and have larger income than other rookies. IPOs attract rookies to larger extent than non-rookies. Thereby, through IPOs the stock market receives not only new firms but also new investors.
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| 4. |
- Abrahamson, Martin, 1977-
(författare)
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Birds of a feather flock together : A study of new shareholders and Swedish IPOs
- 2018
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Ingår i: Journal of Behavioral and Experimental Finance. - : Elsevier. - 2214-6350 .- 2214-6369. ; 18, s. 1-17
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Tidskriftsartikel (refereegranskat)abstract
- This paper analyzes new individual investors (rookies) and the importance of initial public offerings (IPOs)in attracting rookies to the stock market, which is an issue previous research has not focused on. The paperuses stock ownership records for publicly listed Swedish firms together with data on IPOs for the period2004–2010. We find the proportion of IPO investors among rookies to be larger than for non-rookies andthat rookies are more likely to invest in IPOs than non-rookies. Thus, IPOs appear to attract rookies to alarger extent than non-rookies. Moreover, rookies investing in IPOs have a higher income and hold largerstock portfolios, but they receive lower returns compared with other rookies. In addition, the results showthat even for rookies, sophisticated investors receive higher returns than less sophisticated investors.
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| 5. |
- Abrahamson, Martin, 1977-, et al.
(författare)
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Executive Compensation Contracts and Ownership Structure
- 2010
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Konferensbidrag (refereegranskat)abstract
- We study executive compensation packages and ownership structures for a sample of firms listed on the Stockholm Stock Exchange over the period 1999 to 2008. The basic question we raise is whether strong CEOs can set their own salaries and bonuses given the composition of group management and institutional ownership. With the use of exclusive ultimate ownership records we can identify the relationship between ownership and executive compensation. Collectively, we find a positive relationship between strong CEOs and compensation. Moreover, compensation is related to the composition of ownership and breadth of ownership. Firms with high foreign institutional ownership are associated with higher compensation to the CEO. These results affect the possibility of an all European compensation strategy.
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| 6. |
- Abrahamson, Martin, 1977-
(författare)
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Finansmarknaden fungerar inte som du tror
- 2021
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Ingår i: Organisation & Samhälle. - : Föreningen företagsekonomi i Sverige. - 2001-9114 .- 2002-0287. ; :2, s. 60-63
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Tidskriftsartikel (övrigt vetenskapligt/konstnärligt)abstract
- Flockbeteende, hybris, timing och brist på diversifiering gör att småsparare underpresterar på börsen.
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| 7. |
- Abrahamson, Martin, 1977-, et al.
(författare)
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Information Asymmetries among European Investors : Evidence from Swedish IPOs
- 2011
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Ingår i: 13th Annual SNEE (Swedish Network for European Economic Research) Conference, May 17-20, 2011 . Session F1: European Corporate Finance. ; , s. 1-16
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Konferensbidrag (refereegranskat)abstract
- We study underpricing and equity holdings following initial public offerings (IPOs) in Sweden over the sample period 2000 through 2009. We document, as most prior studies of IPOs, that they on average are underpriced (i.e., associated with a positive initial return). IPOs with a low (high) initial return have higher (lower) equity holdings by retail investors. Our analysis of domicile of institutional investors indicates that foreign institutional investors have preferences for holdings in IPOs characterized by a high initial return and large capitalization values. Analysis of overseas institutional holdings indicates existence of information asymmetries related to distance.
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| 8. |
- Abrahamson, Martin, 1977-
(författare)
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Offer Price and Ownership Structure : A Study of Shareholders in Swedish IPOs 2006–2016
- 2019
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Ingår i: Southwestern Finance Association Annual Meeting. - Houston.
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Konferensbidrag (refereegranskat)abstract
- This paper analyzes the relationship between initial public offerings (IPOs) and the post-IPO ownership structure of these firms. The study uses the stock ownership records of Swedish firms together with hand-collected IPO data to analyze the nominal offer prices of IPO shares and the relationship with their post-IPO ownership structure. The results show that for IPO stocks with low offer prices, individual investors hold a relatively large fraction of the shares compared with IPO stocks with higher offer prices. Furthermore, for low-priced IPOs, there is a negative relationship between offer price and breadth of ownership. However, there is also a size effect, with the breadth of ownership being higher for larger firms. Overall, this study shows that firms can affect their post-IPO ownership structure when setting their offer price.
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| 9. |
- Abrahamson, Martin, 1977-
(författare)
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Offer Price and Ownership Structure : A Study of Shareholders in Swedish IPOs 2006–2016
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Annan publikation (övrigt vetenskapligt/konstnärligt)abstract
- This study uses the stock ownership records of Swedish firms and hand-collected Initial Public Offerings (IPOs) data to analyze the offer prices and underpricing of IPO shares and the relationship with the post-IPO ownership structure. The results show that for IPO stocks with low offer prices, individual investors hold a relatively large fraction of shares compared with IPO stocks with higher offer prices. Furthermore, for low-priced IPOs, there is a negative relationship between offer price and breadth of ownership, showing that stocks with a low price can attract more investors than stocks with higher offer prices. However, there is also a size effect, with breadth of ownership being higher for larger firms. Overall, this study shows that the offer price of an IPO firm may have a moderate effect on its post-IPO ownership structure.
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| 10. |
- Abrahamson, Martin, 1977-
(författare)
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Offer price and ownership structure : A study of shareholders in Swedish IPOs 2006–2016
- 2019
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Ingår i: Southwestern Finance Association Annual Meeting / [ed] Prof. Thomas Thompson, Houston, 2019.
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Konferensbidrag (övrigt vetenskapligt/konstnärligt)abstract
- This study uses the stock ownership records of Swedish firms and hand-collected Initial Public Offerings (IPOs) data to analyze the offer prices and underpricing of IPO shares and the relationship with the post-IPO ownership structure. The results show that for IPO stocks with low offer prices, individual investors hold a relatively large fraction of shares compared with IPO stocks with higher offer prices. Furthermore, for low-priced IPOs, there is a negative relationship between offer price and breadth of ownership, showing that stocks with a low price can attract more investors than stocks with higher offer prices. However, there is also a size effect, with breadth of ownership being higher for larger firms. Overall, this study shows that the offer price of an IPO firm may have a moderate effect on its post-IPO ownership structure.
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