Aktiemarknadens reaktion på annonsering av återköpsprogram : En komparativ analys av Large Cap och Mid cap bolag på Nasdaq Stockholm

Sammanfattning

This study examines the stock market's short term reaction to the announcement of share buyback programs and analyzes whether the reaction differs between Large Cap and Mid Cap companies on Nasdaq Stockholm during the period 2020-2025. Based on the efficient market hypothesis and signaling theory, an event study was conducted where abnormal returns were calculated using the market model and compiled as cumulative abnormal returns (CAR). The sample included 78 announcements from 53 companies. The results showed a positive price reaction from both segments, but a higher average CAR for Mid Cap (2.13%) than for Large Cap companies (0.48%). While the difference shows some statistical support, the study does not find suffienct evidence to reject the null hypothesis at a 5% significance level. A regression analysis with control variables was also conducted, confirming the initial results. Overall, the results indicate that the market reacts more strongly to buyback announcements from the Mid Cap segment.