Укључивање акција у индекс
Inclusion of stocks in the index
Author(s): Natko Blagojević, Silvije OrsagSubject(s): National Economy, Supranational / Global Economy, Business Economy / Management, Financial Markets, Socio-Economic Research
Published by: Економски факултет Универзитета у Бањој Луци
Keywords: behavioral finance; technical anomalies; the inclusion in the index; the rise in stock prices after the inclusion in the index;
Summary/Abstract: Index inclusion is one of a technical anomaly in the focus of behavioral finance which cannot be explained from the viewpoint of traditional finance. Starting from globalization of world financial markets and the fact that Croatian capital market is well integrated within developed European capital markets we are investigate existence of significant changes in prices of stock after theirs inclusion in index Crobex . As result of performing researches we find significant change in stock price caused by theirs including in stock market index without significant change in theirs trading volumes in situation where are no index funds specialized for investing in Crobex and where inclusion is transparent and autonomous from discreet decisions.
Journal: Acta Economica
- Issue Year: 11/2013
- Issue No: 18
- Page Range: 51-66
- Page Count: 16
- Language: Croatian