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Relationen mellan växelkurser och avkastningar på börsen: En kvantitativ studie av svenska branschindex och växelkurser
Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
2016 (Swedish)Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
Abstract [sv]

Volatiliteten hos växelkurser har ökat markant sedan införandet av flytande växelkurser. Den ökade volatiliteten har ökat risken för företag som genomför internationella investeringar, vilket indirekt påverkar investerare på den inhemska aktiebörsen. Syftet med denna studie har varit att undersöka förhållandet mellan förändringar i växelkurserna för kinesiska yuan, danska kronan, euron, brittiska pund, norska kronan, amerikanska dollarn och ryska rubeln mot svenska kronan och avkastningar hos de svenska branschindexen Energi, Finans & Fastighet, Fordon & reservdelar, Hälsovård, Industrivaror, Konsumenttjänster, Konsumentvaror, Kraftförsörjning, Livsmedel, Material, Resor & fritid, Teknologi samt Telekom.En kvantitativ analys har genomförts för att se om det fanns några samband mellan förändringar i växelkurserna och förändringarna hos branschindexen under perioden 2005-01-01 till 2014-12-31. Resultaten påvisar signifikanta samband mellan växelkurserna och branschindexen i 46 av 91 möjliga kombinationer, där effekten varierar i storlek och riktning, positiv eller negativ.Resultatet överensstämmer med flera tidigare studier, och påvisar vikten av förståelse för de förhållanden som finns mellan växelkurser och aktiepriser vid investeringar på den svenska börsen.

Abstract [en]

The volatility of exchange rates has increased significantly since the introduction of floating exchange rates. The increased volatility has increased the risk for companies making international investments, which also affects investors in the domestic stock market. The purpose of this study was to investigate the relationship between changes in the Chinese yuan, the Danish krone, the euro, British pound, the Norwegian krone, US dollar and Russian ruble against the Swedish krona and returns in the Swedish industry indices Energy, Financial Services & Real Estate, Vehicles & spare parts, Health Care, Industrials, Consumer Services, Consumer Goods, Utilities, Food, Materials, Travel & Leisure, Technology and Telecoms.A quantitative analysis was conducted of the changes in exchange rates and changes in industry indices during the period 2005-01-01 to 2014-12-3. The results showed that there is a significant relationship between exchange rates and the industry indices in 46 of 91 possible combinations, where the effect differs in size and direction, positive or negative.The results are consistent with several previous studies, and demonstrate the importance of understanding the relationships existing between exchange rates and share prices when investing in the Swedish stock market.

Place, publisher, year, edition, pages
2016. , p. 40
Keywords [en]
Exchange rates, Industry indices, Exposure, Stock valuation, Currency risk, Investment
Keywords [sv]
Växelkurser, Branschindex, Exponering, Aktievärdering, Valutarisk, Investering
National Category
Business Administration
Identifiers
URN: urn:nbn:se:miun:diva-27615OAI: oai:DiVA.org:miun-27615DiVA, id: diva2:926962
Subject / course
Business Administration FE1
Supervisors
Examiners
Available from: 2016-05-10 Created: 2016-05-10 Last updated: 2016-05-10Bibliographically approved

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Hallström, RichardWigenborg, Gustav
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CiteExportLink to record
Permanent link

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Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
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  • en-US
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  • nn-NO
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Output format
  • html
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  • asciidoc
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