Finansiella nyckeltalens samspel som investeringsstrategi : En kombinationsmodell för att uppnå riskjusterad överavkastning

Sammanfattning: This study is based on a statistical analysis of fundamental key ratios on the Stockholm Stock Exchange during the period 2004-2012. In total 35 financial ratios of 90 companies were tested, ultimately five ratios remained within the 5% significance level. These ratios were ROA, P/B, Total Yield, EV/EBIT and Operating Margin. A custom made investment model was created based on the purpose to achieve a risk-adjusted excess return. The results in general did not show any significant difference in return between the model's portfolio and index. However, the study also came to the conclusion that the model's portfolios successfully generated a risk-adjusted excess return that is statistically significant over the years the stock market had a negative return.