Leder höga utdelningsförändringar till överavkastning? En empirisk studie på Stockholmsbörsens Large Cap-lista

Sammanfattning: The purpose of the thesis is to examine if it is possible to earn excess returns with a certain strategy at the Stockholm Stock Exchange. More in depth, our strategy observes whether or not there is a signalling effect of raising the dividends. We used two portfolios, one that implies that the signalling effect of raising dividends will have a direct positive effect of the stock the up-coming year, and one that implies that there is an inertia in the signalling effect which will have an effect the year after the up-coming year. We found quite positive results and support for our strategy but further studies would be necessary to find some more conclusive results.