Är det en bra strategi att investera i företag som offentliggör återköpsprogram? : En Eventstudie av Stockholmsbörsen 2000-2006

Sammanfattning: Since the year of 2000 it has been legal for companies in Sweden to repurchases their own stocks. The purpose of this study is to examine if it has been possible to make a positive abnormal return in Stockholmsbörsen by buying stocks in companies that has announced a buyback program. Our study includes 59 companies that have accomplished a buyback program throw the years of 2000 to 2006. To calculate the abnormal return we use the BHAR method with Affärsvärldens generalindex and branchindex as benchmarks. The result shows a significant positive abnormal return of 23,56 percent the first 12 month after the announcement with Affärsvärldens generalindex as benchmark. When the branchindex is used as benchmark the result shows a positive abnormal return of 10,96 percent under the first 12 month. Furthermore we consider that our result support the Underreactionhypothesis because the positive abnormal return has a tendency to grow exponential.