Market response to changes in the Swedish repo rate: A CapEx view of large cap companies
Sammanfattning: Previous research on the topic of equity prices and intrabank rates is extensive. However, no study has thus far been aimed to quantify the effect of changes to the Swedish repo rate conditional on the level of capital intensity of a firm. Drawing on previous literature by Ehrmann and Fratzscher among others, the study utilises data on investors' expectations on the repo rate to fit a fixed effects model with the aim of determining the conditional effect of the level of capital intensity. While the model indicated no significant effects of the level of capital intensity that would comply with the standard market view, it did yield significant results for firm's net debt coherent with the intuitive hypothesis.
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