6. Slutsats
6.1 Förslag till vidare forskning
Det finns fortfarande frågetecken kring vilka faktorer som ligger bakom förekomsten av substansrabatter. Variabeln onoterat innehav skulle vara intressant att studera genom att göra en kombinerad studie där både kvalitativa och kvantitativa metoder används. Genom att göra en kvalitativ skulle det vara möjligt att undersöka om de privata investerarna tycker att onoterade innehav är mer riskfyllda och vill bli kompenserade för det eller om det är något som de premierar.
Vidare forskning skulle även behövas inom investor sentiments effekt på substansrabatter då tidigare studier på området menar att det har en effekt även om vi inte lyckats fånga denna i vår studie med estimatet CCI. Även om CCI har lyckats fånga investor sentiment på andra marknader (Schmeling, 2009), finns det kanske andra estimat som fångar effekten bättre på substansrabatter i Sverige. Tidigare forskare verkar trots problemen eniga om det finns en effekt av investor sentiment på substansrabatter. Det skulle därför vara intressant att undersöka detta vidare.
Det skulle även vara intressant att inkludera alla de variabler som Hjelström (2007) undersökte på den svenska marknaden tillsammans med de faktorer som denna studie undersökte för att se om dessa tillsammans kan ge ett förbättrat resultat i att förklara substansrabatter.
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Bilaga 1. Definition av Closely held shares
All Industries: CLOSELY HELD SHARES - CURRENT represents shares held by insiders. For companies with more than one class of common stock, closely held shares for each class is added together.
It includes but is not restricted to:
Shares held by officers, directors and their immediate families Shares held in trust
Shares of the company held by any other corporation (besides shares held in a fiduciary capacity by banks or other financial institutions)
Shares held by pension/benefit plans
Shares held by individuals who hold more than 5% or more of the outstanding shares
It excludes:
Shares under option exercisable within sixty days Shares held in a fiduciary capacity
Shares held by insurance companies
Preferred stock or debentures that are convertible into common shares
Footnotes:
A. Includes options exercisable within 60 days B. Minimum number of closely held shares C. Maximum number of closely held shares
D. Estimate based on listing of major shareholders F. No standard text
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Bilaga 2. Skevhet och kurtosis
37
Bilaga 3. Utskrift av Modell 1
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Bilaga 4. Utskrift av Modell 2
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Bilaga 5. Utskrift av Modell 3
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Bilaga 6. Studerade svenska investmentbolag
1. Bure Equity AB
2. Havsfrun Investment AB 3. Industrivärden
4. Investor AB 5. Kinnevik AB
6. Investment AB Latour 7. L E Lundbergföretagen AB 8. Melker Schörling AB 9. Midway Holding AB 10. Ratos AB
11. Svolder AB 12. Traction AB
13. Investment AB Öresund