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1 juli 2018 lanserades bonus-malus-systemet i Sverige i syfte att öka andelen miljöbilar i den svenska fordonsflottan. Den 8 november 2022, valde regeringen att avskaffa bonusen i systemet, då man menade att marknaden nu hade åtgärdat de problem som systemet var till för att lösa. Den här studien ämnar att undersöka om avskaffandet av bonusen i bonus-malus-systemet har påverkat konsumtionen av miljöbilar. Detta genom att använda sig av en Event study-metodik där en dynamisk paneldataanalys genomförs för att skatta hur andelen miljöbilar har förändrats över tid för att sedermera predicera för hur denna andel hade sett ut om bonusen kvarblivit. Resultatet visar att den faktiska andelen miljöbilar har minskat efter bonusens avskaffande med 15.5 procent. Storleken av effekten bör undersökas vidare av framtida studier då förlängda leveranstider påverkat resultaten och med all sannolikhet dämpat effekten. Däremot bedömer studien att regeringen högst troligt hade fel i sitt uttalande att slopningen av bonusen inte skulle ge några effekter på bilmarknaden., On July 1, 2018, the bonus-malus system was implemented in Sweden to promote the use of environmentally friendly vehicles. However, on November 8, 2022, the government decided to abolish the bonus, arguing that the market had resolved the issues the systems intended to address. This study investigates the impact of removing the bonus on the consumption of environmentally friendly vehicles. Employing an Event Study Methodology, a dynamic panel data analysis was conducted to assess the change in the vehicle share over time and predict its size if the bonus had remained. The findings reveal a 15.5 percent decrease in the share of environmentally friendly vehicles following the abolition of the bonus. The magnitude of the effect could be further examined in future studies as delivery times have influenced the results and likely dampened the effect. In contrast to the government's claim that the bonus's elimination would not affect the car market, the study concludes that they most likely were mistaken.

(English) This thesis provides empirical evidence, with an unprecedented sample size, that sustainability news moves the stock market, particularly positive news related to fossil fuels. The findings confirm that there is a business case for greenwashing. The thesis is divided into four chapters. The first chapter is a bibliometric study and an economic impact analysis of the literature, which helped define the hypotheses of the thesis. The second and third chapters analyze the impact of sustainability news on the stock market of major European and American energy companies between 2017 and 2019, respectively. The fourth chapter compares the market reactions before and during the COVID-19 pandemic. The first chapter presents a state-of-the-art study on the economic impact of corporate sustainability. The bibliometric analysis of the 200 most cited peer-reviewed articles on "Corporate Sustainability Performance" shows that 70% of companies that implement sustainability measures have a positive economic impact on their operating or financial results. The second chapter investigates how shareholders of major European energy companies value sustainability narratives. Using the Global Database of Events, Language, and Tone (GDELT) news, the chapter analyzes the cumulative average abnormal returns (CAAR) and abnormal volatility (AV) through the event study methodology. The extensive data analysis and segmentation of news by tone, type of energy generation, and environmental consequences help understand the investment decisions of shareholders. The chapter finds that sustainability narratives significantly impact shareholder value, although there is no consensus on their interpretation. The third chapter investigates how shareholders of major US energy companies value sustainability narratives. The analysis of news from the GDELT database shows a clear negative bias in sustainability news, impacting the market negatively. Positive news about fossil fuels has a much more si, (Español) Esta tesis aporta evidencia empírica, con un tamaño muestral sin precedentes, de que las noticias de sostenibilidad mueven el mercado de valores, en especial las noticias positivas relacionadas con los combustibles fósiles. Los hallazgos confirman que existe un caso comercial para el lavado verde. La tesis se divide en cuatro capítulos. El primer capítulo es un estudio bibliométrico y un análisis de impacto económico de la sostenibilidad encontrado por la literatura previa, que ayudó a definir las hipótesis de la tesis. El segundo y tercer capítulo analizan el impacto de las noticias de sostenibilidad en el mercado de valores de las principales compañías energéticas europeas y americanas entre 2017 y 2019, respectivamente. El cuarto capítulo compara las reacciones del mercado antes y durante la pandemia de COVID-19. El primer capítulo presenta un estudio de estado del arte sobre el impacto económico de la sostenibilidad empresarial. El análisis bibliométrico de los 200 artículos revisados por pares más citados sobre "Desempeño de sostenibilidad corporativa" muestra que el 70% de las empresas que implementan medidas de sostenibilidad tienen un impacto económico positivo en sus resultados operativos o financieros. El segundo capítulo investiga cómo los accionistas de las principales empresas energéticas europeas valoran las narrativas de sostenibilidad. Usando las noticias de la base de datos global de eventos, idioma y tono (GDELT), el capítulo analiza los rendimientos anormales promedio acumulados (CAAR) y la volatilidad anormal (AV) a través de la metodología de estudio de eventos. El extenso análisis de datos y la segmentación de noticias por tono, tipo de generación de energía y consecuencias ambientales ayudan a comprender las decisiones de inversión de los accionistas. El capítulo encuentra que las narrativas de sostenibilidad impactan significativamente el valor para los accionistas, aunque no hay consenso sobre su interpretación. El tercer capítulo, Postprint (published version)

1 juli 2018 lanserades bonus-malus-systemet i Sverige i syfte att öka andelen miljöbilar i den svenska fordonsflottan. Den 8 november 2022, valde regeringen att avskaffa bonusen i systemet, då man menade att marknaden nu hade åtgärdat de problem som systemet var till för att lösa. Den här studien ämnar att undersöka om avskaffandet av bonusen i bonus-malus-systemet har påverkat konsumtionen av miljöbilar. Detta genom att använda sig av en Event study-metodik där en dynamisk paneldataanalys genomförs för att skatta hur andelen miljöbilar har förändrats över tid för att sedermera predicera för hur denna andel hade sett ut om bonusen kvarblivit. Resultatet visar att den faktiska andelen miljöbilar har minskat efter bonusens avskaffande med 15.5 procent. Storleken av effekten bör undersökas vidare av framtida studier då förlängda leveranstider påverkat resultaten och med all sannolikhet dämpat effekten. Däremot bedömer studien att regeringen högst troligt hade fel i sitt uttalande att slopningen av bonusen inte skulle ge några effekter på bilmarknaden., On July 1, 2018, the bonus-malus system was implemented in Sweden to promote the use of environmentally friendly vehicles. However, on November 8, 2022, the government decided to abolish the bonus, arguing that the market had resolved the issues the systems intended to address. This study investigates the impact of removing the bonus on the consumption of environmentally friendly vehicles. Employing an Event Study Methodology, a dynamic panel data analysis was conducted to assess the change in the vehicle share over time and predict its size if the bonus had remained. The findings reveal a 15.5 percent decrease in the share of environmentally friendly vehicles following the abolition of the bonus. The magnitude of the effect could be further examined in future studies as delivery times have influenced the results and likely dampened the effect. In contrast to the government's claim that the bonus's elimination would not affect the car market, the study concludes that they most likely were mistaken.

Management decision assessment is fundamental for the future development of the market value of tourism and hospitality businesses. This article conducts a review of the literature on the event study methodology applied to tourism and hospitality—wherein we identify trends and categorize the main topics analyzed; and seeks to stimulate the use of this methodology to examine the drivers of firm value by outlining its key advantages and providing a step-by-step practical guidance. The article also launches the Annals of Tourism Research Curated Collection on drivers of firm value through event studies in tourism and hospitality. The Collection contains all past articles published in Annals of Tourism Research on the topic, and continues to grow as new articles are added.

Purpose: The purpose of this study is to examine the efficiency of the Indian stock market of the Nifty IT index over the dividend announcement for five years from 2016 to 2020. Theoretical framework: A reward procured by the shareholders on their equities is, of course, the dividend. A leading area of concern is the dividend announcement. According to the theory of efficient markets, stock prices accurately reflect all available information. This demonstrates that the prices are correct and fair. The market should therefore respond immediately to an event in this instance the dividend announcement. Therefore, depending on publicly available information will not provide investors with the possibility to consistently generate extraordinary returns. Design/ methodology/ approach: The study attempts to validate the event study approach while investigating the semi-strong form of efficiency. Daily share prices of five companies out of ten of the Nifty IT index were observed to test the Efficient Market Hypothesis. 31 days event window has been employed to calculate the abnormal returns of the selected sample around dividend issue announcements also t-test was applied to assess the level of significance. Findings: The study found that the stock market was efficient in its semi strong form and the investors could not make excess returns over the dividend announcement of the Nifty IT index. Research, Practical & social implications: This study eliminates the possibility for investors to beat the average market returns. It is significant since it affects stock market investment choices. Originality/ Values: The majority of studies are only able to analyse the overall average abnormal return and cumulative average abnormal return of chosen companies; it is difficult to locate studies that focus on the abnormal return for each individual company. The t test for each company-wise abnormal returns, overall average abnormal returns, and cumulative average abnormal retu

Due to the rapid evolution of technology, IT software has become incredibly complex. However the human factor still has a very important role on the application of it, since people are responsible to create software. Consequently, software vulnerabilities represent inevitable drawbacks, found to cost extremely large amounts of money to the companies. “Heartbleed” is a recently discovered vulnerability with no prior investigation that answers questions about the impact it has to the companies affected. This paper focuses on the impact of it on the market value of the companies who participated in the vulnerability disclosure process with the help of an event study methodology. Furthermore our analysis investigates if there is a different affection to the value of the company based on the roles those companies had in the process. Our results suggest that the market did not punish the companies about the existence of vulnerability. However the general negative reaction of the market to the incident reflects the importance of a strategic vulnerability disclosure plan for such cases.

Due to the rapid evolution of technology, IT software has become incredibly complex. However the human factor still has a very important role on the application of it, since people are responsible to create software. Consequently, software vulnerabilities represent inevitable drawbacks, found to cost extremely large amounts of money to the companies. “Heartbleed” is a recently discovered vulnerability with no prior investigation that answers questions about the impact it has to the companies affected. This paper focuses on the impact of it on the market value of the companies who participated in the vulnerability disclosure process with the help of an event study methodology. Furthermore our analysis investigates if there is a different affection to the value of the company based on the roles those companies had in the process. Our results suggest that the market did not punish the companies about the existence of vulnerability. However the general negative reaction of the market to the incident reflects the importance of a strategic vulnerability disclosure plan for such cases.

Syfte: Studien har utrett om aktiesplit genomförda på Stockholmsbörsen under åren 2004-2008 genererat överavkastning och i sådana fall om det har funnits några skillnader i överavkastning beroende på företagens storlek. Teori: Den effektiva marknadshypotesen, framförallt i dess semistarka form, har utgjort en teoretisk referensram för arbetet. Metod: En kvantitativ deduktiv forskningsansats har tillämpats med eventstudiemetodik som grund. Undersökningen behandlar en femårsperiod mellan 2004-2008 där ett urval av 56 stycken splitar mötte uppsatta kriterier. Dessa delades in i tre undergrupper beroende på bolagens kapitalstorlek vid splitgenomförandet. Kursdata för 250 dagar innan spliten och 250 dagar efter har samlats in för berörda bolag med hänsyn till splitdagen. OMXSPI har använts som jämförelseindex. Resultat: Resultatet tillsammans med hypotesprövning visar att överavkastning i samband med aktiesplit har påträffats för hela populationen under mätperioden. Ett möjligt samband mellan storleken på bolag och omfattningen överavkastning har även upptäckts. Den enskilt största överavkastningen uppmättes på splitdagen. Analys: En analys av resultaten pekar på att marknaden uppfattat aktiesplit som en positiv nyhet och i linje med tidigare forskning har det funnits överavkastning i tiden runt en aktiesplit. Vid uteslutande av en undergrupp som inte klarat hypotestestet kunde sambandet mellan företagsstorlek och omfattningen överavkastning till viss del bekräftas som negativt. Slutsats: Investerare har kunnat generera överavkastning i samband med aktiesplit på Stockholmsbörsen mellan 2004-2008. Resultatet tyder på ett negativt samband mellan företagsstorlek och överavkastning, däremot kan inte sambandet bekräftas tillfullo., Purpose: The study has investigated whether or not stock splits on the Stockholm Stock Exchange during the years 2004-2008 generated positive abnormal return and in such case, has there been any difference in the positive abnormal return depending on firm size. Theory: The efficient market hypothesis, especially in its semi-strong form, has provided a theoretical framework for the essay. Method: A quantitative deductive research approach is applied with event study methodology used as basis. The study concerns a five-year period 2004-2008, where a selection of 56 splits met set criteria. These were divided into three groups depending on their capital size at the split date. The price data for 250 days before the split, and 250 days after were collected for the companies with regard to split day. The same data was collected for OMXSPI that was used as a benchmark. Results: The result together with hypothesis testing shows that positive abnormal return associated with stock split has been found in the overall population. A possible correlation between the firm size and the extent of positive abnormal returns has also been discovered. The single greatest positive abnormal return was measured on the split date. Analysis: An analysis of the results indicates that the market perceived stock split as positive news. There has been a positive abnormal return around the time of a stock split in line with previous research. The exclusion of a subgroup that failed hypothesis test revealed a partly confirmed negative relationship between firm size and the amount of positive abnormal returns. Conclusion: Investors have been able to generate positive abnormal returns in association with stock split on the Stockholm Stock Exchange from 2004 to 2008. The results suggest a negative correlation between firm size and positive abnormal returns, however, the correlation is not fully confirmed.

Syfte: Studien har utrett om aktiesplit genomförda på Stockholmsbörsen under åren 2004-2008 genererat överavkastning och i sådana fall om det har funnits några skillnader i överavkastning beroende på företagens storlek. Teori: Den effektiva marknadshypotesen, framförallt i dess semistarka form, har utgjort en teoretisk referensram för arbetet. Metod: En kvantitativ deduktiv forskningsansats har tillämpats med eventstudiemetodik som grund. Undersökningen behandlar en femårsperiod mellan 2004-2008 där ett urval av 56 stycken splitar mötte uppsatta kriterier. Dessa delades in i tre undergrupper beroende på bolagens kapitalstorlek vid splitgenomförandet. Kursdata för 250 dagar innan spliten och 250 dagar efter har samlats in för berörda bolag med hänsyn till splitdagen. OMXSPI har använts som jämförelseindex. Resultat: Resultatet tillsammans med hypotesprövning visar att överavkastning i samband med aktiesplit har påträffats för hela populationen under mätperioden. Ett möjligt samband mellan storleken på bolag och omfattningen överavkastning har även upptäckts. Den enskilt största överavkastningen uppmättes på splitdagen. Analys: En analys av resultaten pekar på att marknaden uppfattat aktiesplit som en positiv nyhet och i linje med tidigare forskning har det funnits överavkastning i tiden runt en aktiesplit. Vid uteslutande av en undergrupp som inte klarat hypotestestet kunde sambandet mellan företagsstorlek och omfattningen överavkastning till viss del bekräftas som negativt. Slutsats: Investerare har kunnat generera överavkastning i samband med aktiesplit på Stockholmsbörsen mellan 2004-2008. Resultatet tyder på ett negativt samband mellan företagsstorlek och överavkastning, däremot kan inte sambandet bekräftas tillfullo., Purpose: The study has investigated whether or not stock splits on the Stockholm Stock Exchange during the years 2004-2008 generated positive abnormal return and in such case, has there been any difference in the positive abnormal return depending on firm size. Theory: The efficient market hypothesis, especially in its semi-strong form, has provided a theoretical framework for the essay. Method: A quantitative deductive research approach is applied with event study methodology used as basis. The study concerns a five-year period 2004-2008, where a selection of 56 splits met set criteria. These were divided into three groups depending on their capital size at the split date. The price data for 250 days before the split, and 250 days after were collected for the companies with regard to split day. The same data was collected for OMXSPI that was used as a benchmark. Results: The result together with hypothesis testing shows that positive abnormal return associated with stock split has been found in the overall population. A possible correlation between the firm size and the extent of positive abnormal returns has also been discovered. The single greatest positive abnormal return was measured on the split date. Analysis: An analysis of the results indicates that the market perceived stock split as positive news. There has been a positive abnormal return around the time of a stock split in line with previous research. The exclusion of a subgroup that failed hypothesis test revealed a partly confirmed negative relationship between firm size and the amount of positive abnormal returns. Conclusion: Investors have been able to generate positive abnormal returns in association with stock split on the Stockholm Stock Exchange from 2004 to 2008. The results suggest a negative correlation between firm size and positive abnormal returns, however, the correlation is not fully confirmed.

Este trabajo ha sido realizado bajo el marco de objetivos del Grupo de Investigación de Excelencia CREVALOR reconocido por la Diputación General de Aragón., [ES] Este trabajo contrasta empíricamente la influencia que tiene el anuncio de certificación ISO 14001 por parte de una empresa en su valor de mercado. El análisis se realiza sobre una muestra de 80 observaciones de certificación de calidad medioambiental de los sistemas o procesos de planta de grandes empresas españolas que cotizaron en el mercado contínuo de la Bolsa de Madrid durante el periodo 1996-2002. Los resultados son obtenidos a través de la metodología de estudio de eventos y revelan que la certificación ISO 14001 no representa una señal de proactividad medioambiental lo suficientemente clara como para generar en el mercado de capitales expectativas de eficiencia y rentabilidad a largo plazo., [EN] This study is an empirical contrast on the effect that the announcement of the gaining of ISO 14001 certification by a firm has on its market value. The analysis is based on a sample of 80 observations of environmental quality certification of the shop-floor systems or processes of large Spanish companies listed on the continuous trading market of the Madrid Stock Exchange in the period from 1996-2002. Results were obtained by use of Event Study methodology and they showed that ISO 14001 certification does not represent a sufficiently clear sign of environmental proactivity to generate expectations of long-term efficiency and profits in the capital market.

Este trabajo ha sido realizado bajo el marco de objetivos del Grupo de Investigación de Excelencia CREVALOR reconocido por la Diputación General de Aragón., [ES] Este trabajo contrasta empíricamente la influencia que tiene el anuncio de certificación ISO 14001 por parte de una empresa en su valor de mercado. El análisis se realiza sobre una muestra de 80 observaciones de certificación de calidad medioambiental de los sistemas o procesos de planta de grandes empresas españolas que cotizaron en el mercado contínuo de la Bolsa de Madrid durante el periodo 1996-2002. Los resultados son obtenidos a través de la metodología de estudio de eventos y revelan que la certificación ISO 14001 no representa una señal de proactividad medioambiental lo suficientemente clara como para generar en el mercado de capitales expectativas de eficiencia y rentabilidad a largo plazo., [EN] This study is an empirical contrast on the effect that the announcement of the gaining of ISO 14001 certification by a firm has on its market value. The analysis is based on a sample of 80 observations of environmental quality certification of the shop-floor systems or processes of large Spanish companies listed on the continuous trading market of the Madrid Stock Exchange in the period from 1996-2002. Results were obtained by use of Event Study methodology and they showed that ISO 14001 certification does not represent a sufficiently clear sign of environmental proactivity to generate expectations of long-term efficiency and profits in the capital market.

Este trabajo ha sido realizado bajo el marco de objetivos del Grupo de Investigación de Excelencia CREVALOR reconocido por la Diputación General de Aragón., [ES] Este trabajo contrasta empíricamente la influencia que tiene el anuncio de certificación ISO 14001 por parte de una empresa en su valor de mercado. El análisis se realiza sobre una muestra de 80 observaciones de certificación de calidad medioambiental de los sistemas o procesos de planta de grandes empresas españolas que cotizaron en el mercado contínuo de la Bolsa de Madrid durante el periodo 1996-2002. Los resultados son obtenidos a través de la metodología de estudio de eventos y revelan que la certificación ISO 14001 no representa una señal de proactividad medioambiental lo suficientemente clara como para generar en el mercado de capitales expectativas de eficiencia y rentabilidad a largo plazo., [EN] This study is an empirical contrast on the effect that the announcement of the gaining of ISO 14001 certification by a firm has on its market value. The analysis is based on a sample of 80 observations of environmental quality certification of the shop-floor systems or processes of large Spanish companies listed on the continuous trading market of the Madrid Stock Exchange in the period from 1996-2002. Results were obtained by use of Event Study methodology and they showed that ISO 14001 certification does not represent a sufficiently clear sign of environmental proactivity to generate expectations of long-term efficiency and profits in the capital market.

Die studie ondersoek die inligtingswaarde van dividende as 'n moontlike verldaring van die waargenome aandeleprysreaksie op dividendaankondigings. Twee algemene hipoteses is getoets, naamlik dat 'n betekenisvolle verandering in 'n maatskappy se dividendbeleid inligting oor daardie maatskappy se toekomstige verdienste per aandeel bevat, en tweedens dat hierdie inligting in die reaksie van aandelepryse na die aankondiging van die verandering gereflekteer word. Die belangrikste bevindinge is soos volg: • Die inligting vervat in huidige dividendaankondigings kan nie deur beleggers gebruik word om die volgende jaar se verdienste per aandeel van 'n maatskappy te voorspel nie. Die aandeleprysreaksie op positiewe, negatiewe en neutrale nuus is statisties beduidend, maar vind hoofsaaklik in dieselfde rigting plaas. Beleggers sou dus nie die inligting vervat in dividendaankondigings kan gebruik om bogemiddelde opbrengskoerse te genereer nie. • Die inligtingswaarde van dividende is dus 'n onwaarskynlike verldaring van die invloed van 'n maatskappy se dividendbeleid op die waarde van sy gewone aandele., This research investigates the information content of dividends as a possible explanation for the observed share price reaction to dividend announcements. Two hypotheses were tested, namely that a significant change in a company's dividend policy contains information on that company's future earnings per share, and secondly, that this information is reflected in the share price reaction after the announcement of the change. The most important findings are as follows: • Investors cannot use the information contained in current dividend announcements to predict a company's earnings per share for the next year. • Share price reactions to positive, negative and neutral news are statistically significant, but will be in the same direction. Hence investors cannot use this information to generate above-normal returns. The information content of dividends is therefore an unlikely explanation of the influence a company's dividend policy has on the value of its ordinary shares.

96 Tex. L. Rev. 553 (2018)

11 Harv. Bus. L. Rev. 55 (2021)