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Nilsson, Henrik
Publications (10 of 15) Show all publications
Hassel, L. G., Kallunki, J.-P. & Nilsson, H. (2015). Do personal traits matter?: CEO's and directors' risk taking and environmental firm performance. In: Marc Fetscherin (Ed.), CEO branding: theory and practice (pp. 137-154). Routledge
Open this publication in new window or tab >>Do personal traits matter?: CEO's and directors' risk taking and environmental firm performance
2015 (English)In: CEO branding: theory and practice / [ed] Marc Fetscherin, Routledge, 2015, p. 137-154Chapter in book (Refereed)
Place, publisher, year, edition, pages
Routledge, 2015
National Category
Economics and Business
Identifiers
urn:nbn:se:umu:diva-105983 (URN)9781138013728 (ISBN)
Funder
Mistra - The Swedish Foundation for Strategic Environmental Research
Note

USBESDA  

Available from: 2015-07-02 Created: 2015-07-02 Last updated: 2018-06-07Bibliographically approved
Sundgren, S., Nilsson, H. & Nilsson, S. (2013). Internationell redovisning: teori och praxis (3ed.). Lund: Studentlitteratur
Open this publication in new window or tab >>Internationell redovisning: teori och praxis
2013 (Swedish)Book (Other academic)
Place, publisher, year, edition, pages
Lund: Studentlitteratur, 2013. p. 330 Edition: 3
Keywords
extern redovisning, internationella redovisningsstandarder
National Category
Business Administration
Identifiers
urn:nbn:se:umu:diva-8636 (URN)978-91-44-08329-2 (ISBN)
Available from: 2008-02-01 Created: 2008-02-01 Last updated: 2018-06-09Bibliographically approved
Nilsson, H. (2011). Hållbar ägarstyrning (1ed.). In: Lars Hassel (Ed.), Hållbar utveckling: från risk till värde (pp. 21-30). Lund: Studentlitteratur
Open this publication in new window or tab >>Hållbar ägarstyrning
2011 (Swedish)In: Hållbar utveckling: från risk till värde / [ed] Lars Hassel, Lund: Studentlitteratur , 2011, 1, p. 21-30Chapter in book (Other academic)
Place, publisher, year, edition, pages
Lund: Studentlitteratur, 2011 Edition: 1
National Category
Business Administration
Research subject
Business Studies
Identifiers
urn:nbn:se:umu:diva-41820 (URN)91-44-07532-4 (ISBN)
Projects
Sustainable Investment Research Platform
Available from: 2011-04-01 Created: 2011-04-01 Last updated: 2018-06-08Bibliographically approved
Semenova, N., Hassel, L. & Nilsson, H. (2010). The value relevance of environmental and social performance: evidence from Swedish SIX 300 companies. The Finnish Journal of Business Economics, 3(10), 265-292
Open this publication in new window or tab >>The value relevance of environmental and social performance: evidence from Swedish SIX 300 companies
2010 (English)In: The Finnish Journal of Business Economics, ISSN 0024-3469, E-ISSN 2242-4296, Vol. 3, no 10, p. 265-292Article in journal (Refereed) Published
Abstract [en]

Environmental, social, and governance performance has attracted close attention around the world and is becoming a focus of many companies, investors, financial analysts, and accounting policy makers.This paper provides insight into how environmental and social performance is reflected in the market value of listed SIX 300 companies on OMX Stockholm. Applying the Ohlson valuation model, we express the market value of equity as a function of the book value of equity, accounting earnings, and environmental and social performance, where the last two variables are the proxies for other valuerelevant information. We test this model with data from the GES Investment Services® risk ratings that enable us to create a holistic view on the long-term extra-financial performance and to disaggregate the effects of various dimensions of environmental and social performance on stock prices. The evidence presented in this study finds support for the value relevance of environmental performance at both aggregated and sub-aggregated levels. In the social dimension, support is found for community and supplier relations. We contribute empirical findings to the current debate on the relations between environmental and social performance and shareholder value, and demonstrate the extra-financial value of environmental and social performance.

Keywords
Environmental performance, social performance, equity valuation, financial accounting
National Category
Economics and Business
Research subject
Business Studies
Identifiers
urn:nbn:se:umu:diva-92185 (URN)
Note

USBESDA

Available from: 2014-08-22 Created: 2014-08-22 Last updated: 2018-06-07
Nilsson, S., Sundgren, S. & Nilsson, H. (2009). Internationell redovisning, teori och praxis (2ed.). Lund: Studentlitteratur
Open this publication in new window or tab >>Internationell redovisning, teori och praxis
2009 (Swedish)Book (Other academic)
Place, publisher, year, edition, pages
Lund: Studentlitteratur, 2009. p. 352 Edition: 2
Keywords
IFRS, IAS, Internationell redovisning, redovisningsteori, redovisningsstandarder
National Category
Business Administration
Research subject
Business Studies
Identifiers
urn:nbn:se:umu:diva-44816 (URN)ISBN 978-91-44-05745-3 (ISBN)
Available from: 2011-06-10 Created: 2011-06-10 Last updated: 2018-06-08Bibliographically approved
Kallunki, J.-P., Nilsson, H. & Peltoniemi, J. (2009). Regulated and unregulated insider trading around earnings announcements. European Journal of Law and Economics, 27(3), 285-308
Open this publication in new window or tab >>Regulated and unregulated insider trading around earnings announcements
2009 (English)In: European Journal of Law and Economics, ISSN 0929-1261, E-ISSN 1572-9990, Vol. 27, no 3, p. 285-308Article in journal (Refereed) Published
Abstract [en]

This paper analyses insider trading behaviour around annual and interim earnings announcements during changing legislative environments in Sweden from 1980 to 2003. Using a unique data set, we are able to explore the nature of insider trading patterns from unregulated to strongly regulated insider trading markets. We find limited evidence of opportunistic insider trading. Insiders seem to be reluctant to sell stocks before positive earnings announcements. They also tend to time their trades in conjunction with an immediate post-announcement period, i.e. "safety trading", which becomes more evident within stronger legislation environments. Some support for contrarian trading behaviour is also found.

Place, publisher, year, edition, pages
Springer-Verlag New York, 2009
Keywords
Insider trading, Earnings announcements, Legislation
National Category
Economics and Business Law
Identifiers
urn:nbn:se:umu:diva-115999 (URN)10.1007/s10657-008-9089-z (DOI)000264810200005 ()
Available from: 2016-02-25 Created: 2016-02-08 Last updated: 2018-06-07Bibliographically approved
Kallunki, J.-P., Nilsson, H. & Hellström, J. (2009). Why do insiders trade?: Evidence based on unique data on Swedish insiders. Journal of Accounting & Economics, 48(1), 37-53
Open this publication in new window or tab >>Why do insiders trade?: Evidence based on unique data on Swedish insiders
2009 (English)In: Journal of Accounting & Economics, ISSN 0165-4101, E-ISSN 1879-1980, Vol. 48, no 1, p. 37-53Article in journal (Refereed) Published
Abstract [en]

In this paper, we examine if corporate insiders have other motives for trading besides exploitation of private information. Our results show that insiders’ portfolio re- balancing objectives, tax considerations and behavioral biases play the most important role in their trading decisions. We also find that insiders who have allocated a great (small) proportion of their wealth to insider stock sell more (less) before bad news earnings disclosures. Finally, insider selling is informative for future returns among those insiders who have the greatest proportion of wealth allocated to insider stocks.

Place, publisher, year, edition, pages
Elsevier, 2009
Keywords
Insider trading, Behavioral finance, Stock market
National Category
Business Administration Economics
Research subject
Economics; Business Studies
Identifiers
urn:nbn:se:umu:diva-44236 (URN)10.1016/j.jacceco.2009.06.002 (DOI)
Available from: 2011-05-27 Created: 2011-05-27 Last updated: 2018-06-08Bibliographically approved
Nilsson, H., Cunningham, G. & Hassel, L. (2008). A study of the provision of environmental information in financial analysts' research reports. Sustainable Development, 16(3), 180-194
Open this publication in new window or tab >>A study of the provision of environmental information in financial analysts' research reports
2008 (English)In: Sustainable Development, ISSN 0968-0602, Vol. 16, no 3, p. 180-194Article in journal (Refereed) Published
Abstract [en]

Reporting of environmental information along with financial information has become an important research topic. Research to date has focused on the nature of the information reported by companies. This study extends prior research by examining the inclusion of environmental information by financial analysts in their research reports on companies in the chemical and in the oil and gas industries. Both companies and financial analysts are divided into subsets by geographic region, Europe and North America. Results show that only 35 per cent of financial analysts' reports have environmental information. Those reports that do have such information have more environmental information for North American companies than for European companies and analysts tend to report more information for companies in their regions. The chemical industry receives more attention, especially for downside information. Copyright © 2008 John Wiley & Sons, Ltd and ERP Environment.

Place, publisher, year, edition, pages
John Wiley & Sons, 2008
Keywords
environmental information, financial analysts' reports, equity valuation, content analysis
National Category
Economics and Business
Identifiers
urn:nbn:se:umu:diva-10572 (URN)10.1002/sd.363 (DOI)
Note

USBESDA

Available from: 2008-10-01 Created: 2008-10-01 Last updated: 2018-06-09
Nilsson, H. (2008). Exploring environmental information in sell side analysts' research reports. Progress in Industrial Ecology, An International Journal, 5(2), 213-235
Open this publication in new window or tab >>Exploring environmental information in sell side analysts' research reports
2008 (English)In: Progress in Industrial Ecology, An International Journal, ISSN 1476-8917, Vol. 5, no 2, p. 213-235Article in journal (Refereed) Published
Abstract [en]

This study shows how environmental information is used by financial analysts when valuing companies. Unlike the previous studies on analysts' perceptions, we use content analysis to examine the actual use of environmental information in valuations. Research reports from large investment banks in the USA and Europe are collected. The sample consists of reports from two industries, oil and chemicals, where the operations have a considerable impact on the environment. The results show that analysts do use environmental information in 35% of the valuations. Most of the information utilised is for environmental expenditures and risk assessment. For instance, the information about environmental provisions and emissions is of relative importance. We also find that analysts use environmental information not only for the evaluations of risk, but also for the assessment of the future upside potential when valuing chemical companies. They make use of this information to motivate the relative valuations.

Keywords
environmental information, financial analysts, equity valuation, content analysis, investment banks, oil industry, chemical industry, environmental impact, environmental expenditure, risk assessment, industrial ecology.
Identifiers
urn:nbn:se:umu:diva-10571 (URN)doi:10.1504/PIE.2008.019126 (DOI)
Available from: 2008-10-01 Created: 2008-10-01 Last updated: 2018-06-09Bibliographically approved
Andersson, H., Isaksson, A., Larsson, C.-G., Lindbergh, L., Nilsson, H. & Peterson, C. (2008). Företagets finanser. : Studentlitteratur, Lund
Open this publication in new window or tab >>Företagets finanser
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2008 (Swedish)Book (Other academic)
Place, publisher, year, edition, pages
Studentlitteratur, Lund, 2008
Identifiers
urn:nbn:se:umu:diva-7462 (URN)978-91-44-01525-5 (ISBN)
Available from: 2008-01-10 Created: 2008-01-10 Last updated: 2018-06-09Bibliographically approved
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