Ledningens skådespel: Hur tolkar aktieanalytiker bolagsledningars framföranden?

Sammanfattning: There has been an increase in the importance and amount of information concerning publicly traded stocks in recent years. When analyzing and valuing stocks finding new ways of collecting information has therefore increased in importance. This thesis aims to explore how meetings with management can impact the stock valuation done by the security analysts. Furthermore the case study examines what kind of information analysts can receive by interpreting management at these meetings. This case study of ten Swedish security analysts show that the analyst’s stock valuation is directly or indirectly affected by the meetings. The study also shows that certain analysts work actively with analyzing management’s comments and actions during presentations in order to improve their valuation of the company. Some of them try to interpret the meaning of a presentation by studying management’s comments and body language to see how these traits change over time. In general it seems that more experienced analysts put more emphasis on interpreting management performance than their less experienced colleagues.