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Fondförvaltare och investeringsbeslut: En fallstudie av fem fondbolag och en storbank
Örebro University, Swedish Business School at Örebro University.
Örebro University, Swedish Business School at Örebro University.
2008 (Swedish)Independent thesis Advanced level (degree of Master (One Year)), 20 credits / 30 HE creditsStudent thesis
Abstract [sv]

Isaac Newton lär en gång ha yttrat följande när han förlorade 20 000 pund på aktier; ”jag kan beräkna himlakroppars rörelser men inte folks galenskaper”. Ett uttalande som säger en hel del om svårigheten med att investera i aktier, men som också gör detta till ett intressant område att studera. Denna studie började dock mer som en tanke på i vilken utsträckning institutionella placerare arbetar enligt de metoder som finansieringsteorin erbjuder. Vår känsla var, efter att ha studerat finansiering, att många av de antaganden som ligger bakom traditionella finansieringsteorier och modeller gäller under alltför allmängiltiga förhållanden, vilket kan göra det svårt att applicera dem i praktiska sammanhang. Efter en litteraturgenomgång fann vi också en brist på, och därmed också ett behov av, empiriska studier som undersöker hur investerare arbetar. Fokus i denna studie ligger därför på att undersöka hur fondförvaltare arbetar för att fattar investeringsbeslut. Genom att intervjua aktörer på värdepappersmarknader, hoppas vi få en inblick i och förståelse för hur en specifik typ av institutionella organisationer arbetar fram sina investeringsbeslut. Syftet är således att beskriva interna processer för analys och beslutsfattande för fondförvaltare, samt att undersöka huruvida och i sådana fall vilka aspekt utöver traditionell finansieringsteori som beaktas i dessa processer. Några intressanta slutsatser vi kunde urskilja var att fondförvaltarnas i överraskande stor utsträckning fokuserade på mjuka faktorer och privat information i värderingsprocessen, samt att processen runt säljbeslut involverar en större del abstraktion jämfört med processen runt ett köpbeslut.

Abstract [en]

Isaac Newton, after loosing 20 000 pounds, supposedly once said; ”I can calculate the movements of the celestial bodies, but i can not foresee peoples insanities”. This statement says something about the difficulties of investing in shares, but at the same time it reveals something about what makes this area of research interesting. This study though, started more as a reaction to the description of institutional investor’s ways of working that the traditional finance research offers. After studying finance we were a bit skeptical to some of the assumption that the traditional finance research build there theories and models on, because they seem hard to apply in practice. After a literature review of this field of research we also found a further need for studies that concentrate on the practical area of institutional investment and the investors in this field of praxis. The focus of this study is therefore fund managers and their ways of working. Through interviews with the actors on the security investment markets we hope to get an increasing insight and understanding about the ways these particular institutional organizations work to make there investment decisions. The purpose of this study thus is to describe the internal processes for analysis and decision making for fund managers. We also aim to investigate whether and in such case which aspects, beyond those considered bye the traditional finance theories, which are considered in these processes. Some of the interesting conclusions that we were able to distinguish were that fund manager’s to a surprisingly great extent focused on non-quantifiable factors in there work and that non-public information were very important. We were also surprised to find that the process surrounding decisions to sell a share, compare to the decision to buy, involved a greater deal of abstraction.

Place, publisher, year, edition, pages
2008. , 65 p.
Keyword [sv]
Aktievärdering, fondförvaltning, aktieanalys, institutionell förvaltning, köp- och säljbeslut
National Category
Business Administration
Identifiers
URN: urn:nbn:se:oru:diva-4918ISRN: ORU-HHS/FEK-AG-2009/0012--SEOAI: oai:DiVA.org:oru-4918DiVA: diva2:139221
Presentation
(English)
Uppsok
Social and Behavioural Science, Law
Supervisors
Examiners
Available from: 2009-10-07 Created: 2009-10-07Bibliographically approved

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Citation style
  • apa
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Output format
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