• No results found

Den här studien har undersökt och analyserat hur två aktörer på de finansiella marknaderna upplever fenomenet uppdragsanalys. Det finns flera aspekter vi finner intressanta som den här studien inte har ämnat undersöka. Eftersom studien undersökt uppdragsanalys ur uppdragsanalytikers och de köpande företagens perspektiv anser vi att det vore intressant att undersöka fenomenet även ur ett mottagarperspektiv. Det kan genomföras utifrån ett investerarperspektiv där man intervjuar både privata och institutionella investerare om hur de upplever analysformen och om det skiljer sig från hur de upplever aktieanalys.

En annan aspekt är att med hjälp av en kvantitativ metod undersöka effekten uppdragsanalys. Effekten skulle exempelvis kunna mätas genom att undersöka förändringen i aktiekursen, antal investerare eller omsättning i aktien i samband med att uppdragsanalysen publiceras.

Ytterligare ett perspektiv är att undersöka uppdragsanalys ur ett normativt perspektiv. Eftersom uppdragsanalys uppenbarligen skiljer sig åt mellan olika aktörer och oberoendet har ifrågasatts kan det vara intressant att undersöka hur analysformen bör utformas och hur beroendeproblematiken kan minskas. Bör det till exempel vara tillåtet att köpa flera tjänster av analysföretaget samtidigt som man köper uppdragsanalys?

66

REFERENSER

Abarbanell, J. S., & Bernard, V. L. (1992) Test of analysts’ overreaction/underreaction to earnings information as an explanation for anomalous stock price behavior. Journal

of Finance, (47)3, 1181–1207.

Ahrne, G., & Svensson, P., (2015), Handbok i kvalitativa metoder. Stockholm: Liber. Akerlof, G., A. (1970) The Market for “Lemons”: Quality uncertainty and the market mechanism. Quarterly Journal of Economics, (84)3, 488–500.

Aktiespararna. (2018) Uppdragsanalys – en allt hetare marknad, tillgänglig via https://www.aktiespararna.se/nyheter/uppdragsanalys-en-allt-hetare-marknad (hämtad 2020-01-10).

Allen, F., & Faulhaber, G. (1989) Signaling by Underpricing in the IPO Market. Journal

of Financial Economics (23)2, 303–323.

Almgren, J. (2019) Börstrenden: Köpa analyser – ”oberoendet är borta”, Svenska Dagbladet, tillgänglig via http://www.svd.se/borstrenden-kopa-analyser-- oberoendet-ar- borta (hämtad 2020-01-09).

Alvesson, M., Sköldberg, K. (2017) Tolkning och reflektion: vetenskapsfilosofi och

kvalitativ metod. 3 uppl. Lund: Studentlitteratur.

Asquith, P., Mikhail, M. B., & Au, A. S. (2005) Information content of equity analyst reports. Journal of Financial Economics, (75)2, 245–282.

Barnes, D. E., & Bero, L. A. (1998) Why review articles on the health effects of passive smoking reach different conclusions. Jama, (279)19, 1566–1570.

Baron, D. P. (1982) A model of the demand for investment banking advising and distribution services for new issues. Journal of Finance (37)4, 955-976.

Barth, M. E., & Hutton, A. P. (2004) Analyst Earnings Forecast Revisions and the Pricing of Accruals. Review of Accounting Studies, (9)1, 59-96.

Beatty, R. P., & Ritter, J. R. (1986) Investment Banking, Reputation, and the Underpricing of Initial Public Offerings. Journal of Financial Economics (15), 213–232. Bell, E., Bryman, A. & Harley, B. (2015) Business Research Methods. 5 uppl. 5. Oxford, England: Oxford University Press.

67

Benson, P. (2018) Här knackar analysdöden på dörren, Svenska Dagbladet, tillgänglig via https://www.svd.se/har-knackar-analysdoden-pa-dorren (hämtad 2020-01-21). Bhushan, R. (1989) Firm Characteristics and Analyst Following, Journal of Accounting

and Economics, (11)2–3, 255–274.

Bjerring, J. H., Lakonishok, J., & Vermaelen, T. (1983) Stock Prices and Financial Analyst’s Recommendations. The Journal of Finance, (38)1, 187-204.

Black, F. (1986) Noise. The Journal of Finance, (41)3, 529–543.

Bosse, D. A., & Phillips, R. A. (2016) Agency Theory and Bounded Self-Interest.

Academy of Management Review, (41)2, 276–297.

Boulton, T. J., Smart, S. B., & Zutter, C. J. (2011) Earnings Quality and International IPO Underpricing. The Accounting Review, (86)2, 483-505

Bradshaw, M. T., Drake, M. S., Myers, J. N., & Myers, L. A. (2012) A re-examination of analysts’ superiority over time-series forecasts of annual earnings. Review of

Accounting Studies, (17)4, 944-968.

Brown, L. D., & Rozeff, M. S. (1978) The Superiority of Analyst Forecasts as Measures of Expectations: Evidence from Earnings. The Journal of Finance, (33)1, 1–16.

Brundin, S. (2019) Uppdragsanalys ökar snabbt, Realtid, tillgänglig via https://www.realtid.se/uppdragsanalys-okar-snabbt (hämtad 2020-01-09).

Bryman, A., & Bell, E. (2017) Företagsekonomiska Forskningsmetoder (B. Nilsson, övers.). Liber: Stockholm. (Originalarbete publicerat 2015).

Campbell, S. D., & Sharpe, S. A. (2009) Anchoring Bias in Consensus Forecasts and Its Effect on Market Prices. Journal of Financial and Quantatative Analysis, (44)2, 369- 390.

Cen, L., Hilary, G., & Wei, J. C. K. (2013) The Role of Anchoring Bias in the Equity Market: Evidence from Analysts’ Earnings Forecasts and Stock Returns. Journal of

Financial and Quantatative Analysis, (48)1, 47–76.

Chung, H. K., & Jo, H. (1996) The Impact of Security Analysts' Monitoring and Marketing Functions on the Market Value of Firms. Journal of Finanacial and

68

Clement, M. B. (1999) Analyst Forecast Accuracy: Do Ability, Resources, and Portfolio Complexity Matter? Journal of Accounting and Economics, (27)3, 285-303.

Clements, M. B., & Tse, S. Y. (2003) Do Investors Respond to Analysts’ Forecast Revisions as if Forecast Accuracy Is All That Matters? The Accounting Review, (78)1, 227-249.

Clements, M. B., & Tse, S. Y. (2005) Financial Analyst Characteristics and Herding Behavior in Forecasting. Journal of Finance, (60)1, 307-341.

Cornell, B., & Damodaran, A. (2020) The Big Market Delusion: Valuation and Investment Implications. Financial Analysts Journal, (76)2, 15-25

Damodaran, A. (2012). Investment Valuation: Tools and Techniques for Determining

the Value of Any Asset. Third Edition. Hoboken: John Wiley & Sons Inc.

DeBondt, W. F. M., & Thaler, R. M. (1990) Do Security Analysts Overreact? The

American Economic Review, (80)2, 52-57.

Dechow, P. M., Hutton, A. P., & Sloan, R. G. (2000) The Relation between Analysts’ Forecasts of Long-Term Earnings Growth and Stock Price Performance Following Equity Offerings. Contemporary Accounting Research (47)1, 1-32.

Deegan, C., & Unerman, J. (2011) Financial Accounting Theory. 2nd European Edition red. Maidenhead: McGraw-Hill Education.

Doukas, J. A., Kim, C., & Pantzalis, C. (2005) The Two Faces of Analyst Coverage.

Financial Management, (34)2, 99-125.

Du, N., & Budescu, D. V. (2018) How (Over) Confident Are Financial Analysts?

Journal of Behavioral Finance, (19)3, 308-318.

Du, N., & McEnroe, J. E. (2011) Are Multiple Analyst Earnings Forecasts Better Than the Single Forecast? Journal of Behavioral Finance, (12)1, 1-8.

Du, N., Budescu, D. V., Shelley, M., & Omer, T. (2011) The Appeal of Vague Financial Forecasts. Organizational Behavior and Human Decision Processes, 114(2), 179–189. Dugar, A., Nathan, S. (1995) The Effect of Investment Banking Relationships on Financial Analysts Earnings Forecasts and Investment Recommendations.

69

Duru, A., & Reeb, D. M. (2002). International Diversification and Analysts’ Forecast Accuracy and Bias. The Accounting Review (77)2, 415–433.

Easterwood, J. C., & Nutt, S. R. (1999) Inefficiency in Analysts’ Earnings Forecasts: Systematic Misreaction or Systematic Optimism. Journal of Finance, (54)5, 1777-1797. Ellul, A., & Panayides, M. (2018) Do Financial Analysts Restrain Insiders’ Information Advantage? Journal of Financial and Quantatative Analysis, (53)1, 203-241.

Fabbri, A., Holland, T. J., & Bero, L. A. (2018) Food Industry Sponsorship of Academic Research: Investigating Commercial Bias in the Research Agenda. Public

Health Nutrition, 21(18), 3422–3430.

Fama, E. F. (1965) Random Walks in the Stock Market Prices. Financial Analysts

Journal, (21)5, 55–59.

Fama, E. F. (1970) Efficient Capital Markets: A Review of Theory and Empirical Work.

The Journal of Finance, (24)3, 383–417.

Finansinspektionen (2019) Om Mifid/Mifir, tillgänglig via

https://www.fi.se/sv/marknad/vardepappersmarknad-mifidmifir/om-mifidmifir (hämtad 2020-01-09).

Finansinspektionen (2019) Reglerna i korthet, tillgänglig via

https://www.fi.se/sv/marknad/vardepappersmarknad-mifidmifir/reglerna-i-korthet/ (hämtad 2020-02-18).

Folkmar, C. (2019) Oönskade effekter med Mifid 2, Realtid, tillgänglig via

https://www.realtid.se/kronika/oonskade-effekter-med-mifid-2 (hämtad 2020-02-12). Ghoshal, S., & Moran, P. (1996) Bad for practice: A critique of the transaction cost theory. Academy of Management Review, (21)1, 13-47.

Gillham, B. (2008). Forskningsintervjun – tekniker och genomförande (E. Jamison Gromark, övers.). Malmö: Studentlitteratur. (Originalarbete publicerat 2005).

Healy, P. M., & Palepu, K. G. (2001) Information asymmetry, Corporate Disclosures, and the Capital Markets: A Review of the Empirical Disclosure Literature. Journal of

Accounting and Economics, (31)1-3, 405-440.

Heath, J. (2009) The Uses and Abuses of Agency Theory. Business Ethics Quarerly,

70

Hilary, G., & Menzly, L. (2006) Does past success lead analysts to become overconfident? Management Science, 52(4), 489-500.

Hodgkinson, L. (2001) Analysts’ Forecasts and the Broker Relationship. Journal of

Business and Finance & Accounting, (28)7–8, 943–961.

Hong, H., Kubik, J. D., & Solomon, A. (2000) Securty analysts’ career concerns and herding of earnings forecasts. The RAND Journal of Ecoonomics, (31)1, 121-144. Ibbotson, R. G. (1975) Price Performance of Common Stock New Issues. Journal of

Financial Economics (2), 235–272.

Irvine, P. J. (2002) The Incremental Impact of Analyst Initiation of Coverage. Journal

of Corporate Finance, (9)4, 431–451.

Jacobsen, D. I. (2017) Hur genomför man undersökningar: Introduktion till

samhällsvetenskapliga metoder (S. Andersson, övers.). Lund: Studentlitteratur

(Originalarbete publicerat 2015).

Jensen, M. C., & Meckling, H. W. (1976) Theory Of The Firm: Managerial Behavior, Agency Costs And Ownership Structure. Journal of Financial Economics, (3)4, 305-

360.

Justesen, L., Mik-Meyer, N., & Andersson, S. (2011). Kvalitativa metoder: Från vetenskapsteori till praktik. 1:a uppl. Lund: Studentlitteratur.

Kelly, B., & Ljungqvist, A. (2012) Testing Asymmetric-Information Asset Pricing Models. The Review of Financial Studies, (25)5, 1366-1413.

Kirk, M. (2011) Research for sale: Determinants and consequences of paid-for analyst research. Journal of Financial Economics, 100(1), 182–200.

Kvale, S., & Brinkman, S. (2014) Den kvalitativa forskningsintervjun. 3 uppl. (S-E. Thorhell, övers.) Lund: Studentlitteratur. (Originalarbete publicerat 2014).

Kyle, S. A. (1985) Continuous Action and Insider Trading, Econometrica, (53)6, 1315– 1335.

Mahmud, S. J., Scarth, N., Shah, N., & Molloy, P. (2016) The future of equity research.

Bloomberg Intelligence and Frost Consulting, tillgänglig via

https://www.bloomberg.com/professional/blog/future-equity-research/ (hämtad 2020- 01-09).

71

Michaely, R., & Womack, K. L. (1999) Conflict of interest and the credibility of underwriter analyst recommendations. The Review of Financial Studies Special, (12)4, 653–686.

Mikhail, M. B., Walther, B. R., & Willis, R. H. (2004) Do security analysts exhibit persistent differences in stock picking ability? Journal of Financial Economics, (74)1, 67–91.

Moyer, C. R., Chatfield, R. C., & Sisneros, P. M. (1989) Security Analyst Monitoring Activity: Agency costs and Information Demands. Journal of Financial and Quantative

Analysis, (24)4, 503–512.

NSD Register over vitenskapelige publiseringskanaler. Norska listan, tillgänglig via https://dbh.nsd.uib.no/publiseringskanaler/Forside

O’Brien, P. C. (1988) Analysts’ Forecast Earnings Expectations. Journal of Accounting

and Economics, (10)1, 53–83.

O'Brien, P. C. (1990) Forecast Accuracy of Individual Analysts in Nine Industries.

Journal of Accounting Research, (28)2, 286–304.

O’Brien, P. C., McNichols, M. F., & Lin, H-W. (2005) Analyst Impartiality and Investment Banking Relationships. Journal of Accounting Research, (43)4, 523–650. Palomino, F. (1996) Noise Trading In Small Markets. The Journal of Finance, (51)4, 1537-1550.

Phillips, D. J., & Zuckerman, W. E. (2001) Middle-Status Conformity: Theoretical Restatement and Emperical Demonstration in Two Markets. American Journal of

Sociology, (107)2, 379–429.

Redeye (2020) At a glance, tillgänglig via https://www.redeye.se/about/#/page/at-a- glance (hämtad 2020-01-09).

Regeringens proposition 2016/17:162. Nya regler om marknader för finansiella

instrument (MiFID II och MiFIR), tillgänglig via

https://www.regeringen.se/496172/contentassets/6e03c321ca034eb2b77fba180fbc6fb6/ nya-regler-om-marknader-for-finansiella-instrument-mifid-ii-och-mifir-del-1-av-2- prop.-201617162 (hämtad 2020-01-09).

Rienecker, L., & Jørgensen, S. P. (2017) Att skriva en bra uppsats (A. Lagerhammar, övers.). Stockholm: Liber (original publicerat 2012).

72

Ritter, J. R. (1984) The ‘Hot Issue’ Market of 1980. Journal of Business (57)2, 215– 240.

Scharfstein, D. S., & Stein, J. C. (1990) Herd Behavior and Investment. American

Economics Review, (80)3, 465-479.

Schutte, M., & Unlu, E. (2009) Do Security Analysts Reduce Noise? Financial Analysts

Journal, (65)3, 1-15.

Shannon, C. E. (1948) A Mathematical Theory of Communication. The Bell System

Technical Journal, (27)3, 379-423.

Spence, M. (1973) Job Market Signaling. The quarterly Journal of Economics, (87)3, 355-374.

Stickel, S. E. (1990) Predicting Individual Analyst Earnings Forecasts. Journal of

Accounting Research (28)2, 409–417.

Stickel, S. E. (1992) Reputation and Performance Among Security Analysts. The

Journal of Finance (47)5, 1811-1836.

Tversky, A. & Kahneman, D. (1974) Judgment under Uncertainty: Heuristics and Biases. Science, (185)4157, 1124–1131.

Womack, K. L. (1996) Do Brokerage Analysts' Recommendations Have Investment Value? The Journal of Finance, (51)1, 137–167.

Wason, P. (1960) On the Failure to Eliminate Hypotheses in a Conceptual Task. Quarterly Journal of Experimental Psychology, (12)3, 129–140.

Yin, R. K. (2007) Fallstudier: Design och genomförande (B. Nilsson, övers.). Stockholm: Liber. (Original publicerat 2006).

Zhang, Y., & Wiersema, M. F. (2009) Stock Market Reaction to CEO Certification: The Signaling Role of CEO Background. Strategic Management Journal (30)7, 693–710.

73

BILAGOR