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Do following celebrity investors earn abnormal returns? : A study from Oslo Stock Exchange (OSE)

Røyset, Joachim; Rishaug, Georg
Master thesis
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1760170.pdf (1.507Mb)
Preliminary-Thesis-report final.pdf (1.250Mb)
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http://hdl.handle.net/11250/2487346
Utgivelsesdato
2017
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Samlinger
  • Master of Science [1116]
Sammendrag
The main purpose of this thesis is to study the possibility of earning abnormal

returns by following celebrity investor transactions. It could appear through the

media that there is a general consensus that financial celebrities have an impact on

stock prices. We address this issue by studying a handpicked selection of celebrity

investor transactions on the Oslo Stock Exchange in the period from 2006 to

2016. We find that stocks that are traded by celebrity investors earn abnormal

returns in the short-term. However, our results are not significant. Thus, our

results can only imply that there exist a possible celebrity premium and that the

celebrity trading, because of a market under reaction, affect stock prices. The

market under reaction may be caused by a number of possible factors. We have in

our study chosen to address the following potential factors to explain the possible

market under reaction: Price drift, insider trading, investor overconfidence,

herding and media.
Beskrivelse
Masteroppgave(MSc) in Master of Science in Business, Finance - Handelshøyskolen BI, 2017
Utgiver
BI Norwegian Business School

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