This study aims to examine the impact of certain determinants of stock prices on the capital market in development, with a special focus on companies in the Financial and Insurance Activities
Сажетак: Мерење перформанси берза представља како теоријски тако и практични изазов. Ефикасно финансијско тржиште сматра се главним предусловом економског раста и развоја како за земље у развоју, тако и за развијене земље. Циљ студије је указати на ниво развијености и заједничке карактеристике тржишта капитала у земљама у региону. У раду су примењене технике дескриптивне статистике и корелационе анализе како би се дошло до кључних резултата. Истраживање обухвата једанаест берзанских индекса, три берзанска индекса(SP500,DJI,Nikkei225) представљају индикаторе промена светског тржишта капитала док преосталих осам представљају индикаторе промена тржишта капитала у региону(Србија-BelexLine,Црна Гора-Monex, Босна и Херцеговина -Birs и Sasx, Хрватска-Crobex, Македонија-МВI-10, Румунија-BET, Бугарска-Sofix). Анализа резултата посматраних земаља у региону сведочи о чињеници да су тржишта капитала у земљама у региону претежно мала и недовољно развијана. Кључне речи: финансијске берзе, капитализација, промет, бруто домаћи производ, дескриптивна статистика, корелациона анализа Аbstract: Measuring performance of stock market presents both a theoretical and practical challenge. Efficient financial markets considered the main condition for economic growth and development in developing countries and for developed countries. The aim of the study is to show the level of development and common features of capital markets in the countries in the region. The paper applied the techniques of descriptive statistics and correlation analysis in order to reach key results. The study covers eleven stock indices, three stock exchange indices (SP500, DJI, NIKKEI225) are indicators of changes in global capital markets while the remaining eight are indicators of changes in capital markets in the region (Serbia-BelexLine, ).Analysis of the results observed countries in the region confirms the fact thат capital markets in the countries in the region, mainly small and under-developed.
This research examines calendar anomalies (day-of-the-week effect) on stock exchanges in the region. The main objective of the study is to examine the effect of days of the week on stock exchanges in the region in the period from 2008 to 2014, and whether there are differences in relation to the effects that occur during the crisis period from 2008 to 2011 and postcrisis period from 2012 to 2014. The subsample of the analysis shows different results due to an increase in the maturity of the capital market, the financial crisis, accession to the European Union and other important events for the financial markets in the region. The purpose of this paper is to determine whether the relationships between the average stock returns in emerging markets are the same or different across different days of the week. The study includes a quantitative analysis of the yield of stock exchange indices on a certain day that uses daily data from 01.
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