Pengar växer inte på träd - Vad påverkar aktieavkastning på svenska börsnoterade skogsbolag?

Detta är en Kandidat-uppsats från Lunds universitet/Nationalekonomiska institutionen

Sammanfattning: The purpose of this paper is to investigate whether a multifactor approach can explain the weekly rate of return from Swedish stocks in the forest sector listed on the OMX Stockholm Large Cap stock exchange. Research on this subject in a Swedish context is scarce, with only a handful of previous studies conducted, primarily using the Capital Asset Pricing Model, CAPM. A regression model is conducted to estimate the variable parameters which are then analysed. The results from this study shows that a multifactor model incorporating a market index, exchange rate risk, saw log and pulpwood did not explain the returns for selected companies considerably better than the CAPM. Furthermore, the variables introduced to the multifactor model did not display broad significance. These results are not in line with previous research which has shown higher explanatory power and higher significance for similar variables.

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