Tracking stockPetra Šunko
, 2009, undergraduate thesis
Abstract: Tracking stock so posebna vrsta delnic, ki so razvite oziroma razširjene predvsem v Združenih državah Amerike, pri nas ta vrsta delnic ni poznana. Delnice predstavljajo določen obrat družbe ali hčerinsko družbo. Te vrste delnic omogočajo upravi, da obdrži nadzor nad posameznim obratom ali hčerinsko družbo. Če družba izda tracking stock, lahko odloča med prodajo na trgu (to je, prek začetne javne ponudba ali IPO) ali za distribucijo novih delnic obstoječim delničarjem.
Imetniki tracking stock nimajo enakih pravic kot imetniki navadnih delnic oziroma delničarji, ki imajo v lasti delnice matične družbe. Za razliko od navadnih delnic ali delnic z glasovalno pravico vsebujejo tracking stock zgolj ½ ali Â¼ pravico do glasovanja, v nekaterih primerih pa sploh ne vsebujejo glasovalne pravice.
Najbolj priljubljena tracking stock v Združenih državah Amerike je QQQQ, katera kotira na trgu skladov in odraža donose Nasdaq 100 index. Druga najbolj znana tracking stock je Standard & Poor's (SPDRs), ki zrcali vrnitev S & P 500 index na trg vrednostnih papirjev.
Keywords: tracking stock, glasovalna pravica, obrat družbe, hčerinska družba, matična družba, delničarji
Published: 15.12.2009; Views: 1784; Downloads: 236
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TESTING PROCYCLICALITY OF STOCK MARKET INDICES IN SOUTH EASTERN EUROPEAN COUNTRIES IN TRANSITION AS COMPARED TO WORLD STOCK EXCHANGE CENTRESAnita Peša
, 2011, dissertation
Abstract: We tested the hypothesis of procyclicality for economic activity and the stock exchanges of southeastern European countries relative to the main world Stock Exchange Centers, with a particular emphasis on Croatia (as a country preparing for EU accession) in order to demonstrate the dependence of small financial markets on large ones and to investigate the spillover effect, i.e., the degree and pace of integration of 'new' financial markets into larger ones. Our estimates for the southeastern countries individually and together support the hypothesis of an increase in stock exchange indices in the period of transition, due to the opening of the market economy followed by large capital inflows. Our results for Croatia provided us with evidence that EU accession is a trigger for the better financial integration of a candidate country. The observed countries that are already in the EU wing (Bulgaria, Romania and Slovenia) or those in the process of joining (Croatia and Montenegro) were found to be more dependent on the global financial markets and more exposed to adverse co-movements than other transitional southeastern countries (e.g. Bosnia and Herzegovina and Serbia).
Keywords: Stock Exchange, South-East Europe, financial integration, EU accession
Published: 17.02.2012; Views: 2060; Downloads: 95
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Bullwhip effect problem in supply chainsBorut Buchmeister
, Jože Pavlinjek
, Iztok Palčič
, Andrej Polajnar
, 2008, original scientific article
Abstract: In Supply Chain Management, a phenomenon called the "Bullwhip Effect" has attracted considerable attention. Overall supply chain evaluation needs to include the Bullwhip Effect. The Bullwhip Effect shows how small changes at the demand end of a supply chain are progressively amplified for operations further back in the chain. It is understood that demand forecast variance contributes to that effect in the chain. With this understanding, the authorsexperimented with two cases: stable demand with a single 5 % change in demand, and changing demand in periodic 10 % increases and later in the same decreases. Two stock keeping policies for all stages in the chain have been studied: to keep in stock i) one, and ü) two periods' demand. Results are shown in tables and charts. Increasing variability of production orders and stocks up the supply chain is evident. The effect indicates a lack of synchronization among supply chain members because of corrupt key information about actual demand. When we understand the nature of supply chain dynamics, there are several actions concerned with coordinating the activities of the operations in the chain, which is discussed in the last part of the paper.
Keywords: supply chain, demand fluctuation, bullwhip effect, production rate variability, stock level variability
Published: 01.06.2012; Views: 1154; Downloads: 19
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Technical analysis of the financial markets : a comprehensive guide to trading methods and applicationsJohn J. Murphy
Keywords: financial market, finances, financial systems, securities, stock market, indicators, derivatives, futures, options, interests, cycles, trading, financial management, methods, application, technical analysis, financial analysis, exchange, trends, guidebooks
Published: 01.06.2012; Views: 1600; Downloads: 111
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UPORABNOST PRISTOPA GVERILSKEGA MARKETINGA V PODJETJU WOOD STOCKSamo Pušnik
, 2013, undergraduate thesis
Abstract: Podjetje Wood Stock je podjetje, ki je v fazi prodiranja na trg in ustvarjanja teže svojega imena. Gre za povsem pristni slovenski produkt, za katerim stoji 6-članska ekipa.
V teoretičnem delu naloge sem predstavil, kaj gverilski marketing je, kako je nastal in kje se uporablja. Omenil sem tudi glavna imena tega področja. Predstavil sem nekaj že izpeljanih gverilskih akcij manjših in tudi večjih podjetij. Na podlagi teoretičnega dela sem lahko ocenil primernost gverilskega marketinga za podjetje Wood Stock.
V praktičnem delu pa je prvotno opisano podjetje Wood Stock in njihova ročno izdelana lesena očala. In kratka tržna raziskava o ponudnikih lesenih očal in cenovnem razredu v katerem se nahajajo. Sledi opis v praksi izpeljane Wood Stock gverilske akcije, ki je bila realizirana avgusta 2013 v Ljubljani. Ocenil sem uspešnost teakcije in možnost njene uporabe na avstrijskem trgu. Opisana pa je tudi ideja za še nerealizirano gverilsko akcijo, ki bi bila primerna za podjetje Wood Stock.
V sklepnem delu so strnjena vsa dejstva in ugotovitve, ali je isti gverilski pristop podjetja Wood Stock primeren tudi za avstrijski trg ali ne.
Keywords: gverilski marketing, prodor na trg, promocija, »start-up« podjetje, lesena očala, Wood Stock.
Published: 12.11.2013; Views: 883; Downloads: 100
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Nonlinear spillovers between euro area sovereign bond marketsSilvo Dajčman
, 2015, original scientific article
Abstract: This paper examines nonlinear spillover effects between sovereign bond markets of six euro area countries (France, Ireland, Italy, Germany, Portugal, and Spain), four of which were among the hardest hit by the sovereign debt crisis, by applying a nonlinear Granger causality test of Diks and Panchenko (2006). The test is applied on the sovereign bond yield dynamics (i.e. yield changes) time series for the time period from 3 January 2000 - 31 August 2011. We also test for ˝pure˝ spillovers between sovereign bond yield dynamics, i.e. the spillovers after controlling for common and regional factors that impact the sovereign bond yield changes of all countries simultaneously. To verify if the nature of spillovers has changed after the start of the euro are sovereign debt crisis, we test for the nonlinear spillovers for the whole observed period and separately for the period be fore and after the start of the euro area sovereign debt crisis (period from the start of April 2010 until the end of our sample, i.e. 31 August 2011). The results of our study show that strong bi-directional Granger causality exists between the investigated sovereign bond markets. Very similar results are obtained whether the regional and world factors are or are not controlled for. We find strong bi-directional non-linear Granger causality for the investigated euro area countries prior the euro area sovereign debt crisis. After the start of the euro area sovereign debt crisis the interdependence be- tween the markets has reduced. We can no longer detect non-linear spillovers running from Germany and France to the ˝periphery˝ euro area countries. The findings of this study have important implications for the policymakers as they show that shocks spill-over quickly across the sovereign bond markets and the intensity and nature of spillovers can change throughout time. The sovereign bond markets of the ˝core˝ euro area decoupled from the ˝periphery˝ euro area sovereign bond markets after the start of euro are debt crisis. The findings are also of relevance for individual investors in the sovereign bond markets for the purpose of portfolio diversification.
Keywords: stock exchanges, bonds, financial crisis, econometric models, EU, sovereign bond markets, spillovers, non-linear Granger causality
Published: 07.08.2017; Views: 315; Downloads: 161
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Dependence between Croatian and European stock marketsSilvo Dajčman
, 2013, original scientific article
Abstract: The objective of this paper is to analyze dependence structure between the returns of Croatian and five European stock markets (Austrian, French, German, Italian, and the U.K.ʼs). We propose a copula GARCH approach, where the return series are modeled as univariate GARCH processes and the dependence structure between the return series is defined by a copula function. Four different copulas are fitted - a constant and conditional normal and symmetric Joe-Clayton (SJC) copulas - and estimated by a semi-parametric method. We found that the time-varying normal copula yields the best fit for CROBEX-CAC40, CROBEX-DAX, and CROBEX-FTSE-MIB stock indices pairs, while the time-varying SJC copula is the best fit for CROBEX-ATX and CROBEX-FTSE100. Further, we found that the probability of simultaneous extreme positive and negative returns in Croatian and other European stock markets can increase to 0.77 during turbulent times. The lower and upper tail dependence dynamics between Croatian and other European stock markets is similar in pattern, differing only in scale. The basic conclusion of the research is that the dependence between the stock markets of Croatia and five major European stock markets is dynamic and can be properly captured by either a dynamic normal or symmetrized Joe-Clayton copula GARCH models.
Keywords: stock market, stock companies, econometric models, Croatia, EU, dependence, copula GARCH
Published: 17.07.2017; Views: 255; Downloads: 66
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Long memory in the Croatian and Hungarian stock market returnsMejra Festić
, Alenka Kavkler
, Silvo Dajčman
, 2012, original scientific article
Abstract: The objective of this paper is to analyze and compare the fractal structure of the Croatian and Hungarian stock market returns. The presence of long memory components in asset returns provides evidence against the weak-form of stock market effi ciency. The starting working hypothesis that there is no long memory in the Croatian and Hungarian stock market returns is tested by applying the Kwiatkowski-Phillips-Schmidt-Shin (KPSS) (1992) test, Loʼs (1991) modified rescaled range (R/S) test, and the wavelet ordinary least squares (WOLS) estimator of Jensen (1999). The research showed that the WOLS estimator may lead to different conclusions regarding long memory presence in the stock returns from the KPSS and unit root tests or Loʼs R/S test. Furthermore, it proved that the fractal structure of individual stock returns may be masked in aggregated stock market returns (i.e. in returns of stock index). The main finding of the paper is that both the Croatian stock index Crobex and individual stocks in this index exhibit long memory. Long memory is identified for some stocks in the Hungarian stock market as well, but not for the stock market index BUX. Based on the results of the long memory tests, it can be concluded that while the Hungarian stock market is weak form efficient, the Croatian stock market is not.
Keywords: stock market, long memory, efficient-market hypothesis, Croatia, Hungary
Published: 18.07.2017; Views: 259; Downloads: 42
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Is technology sector in a bubble?Tadej Kelc
, 2017, undergraduate thesis
Abstract: The thesis is dealing with the question if the U.S. technology sector is in the bubble. Besides the main aim of this thesis, we are also interested in what the changes are in recent stock market bubbles. The analysis of the sector is key to the investors, because with the early identification of a bubble, they can allocate their funds to other less risky investments. On the other hand, the investors can with the analysis of the sector find out if specific sector is undervalued and thus make above average revenue.
Our analysis is based on the study of relative indicators, such as: P/E, P/B, CAPE, P/B, P/S and MarketCap/GDP. We studied the last two historic bubbles and analyzed the current state on the U.S. stock markets. The analysis is focused on the last part of the thesis, where we evaluated what is the current market sentiment in the U.S. stock market, especially in the technology sector. The results are compared to the technology bubble of 2000. In the analysis, we are using U.S. stock market indices as well as the global ones.
U.S. stock market is overvalued, which can be argued with high values of the relative indicators compared to the historical average. Some of them show, that market was valued higher only during the Great Depression in 1929 and during the technological bubble in 2000. Remarkably high values are the result of low interest rates and quantitative easing of central banks. The current expansive monetary politics is encouraging risky businesses and increasing credit businesses. The indicator, showing this kind of operations, is the value of investment financed with credit, which is constantly rising in the U.S. since 2009. As a result, stocks and stock indices are increasing as well. With potential abatement of tax rates and other measures of expansive fiscal politics, stock markets could reach even higher values.
Currently, we are in the ninth year of bull trend, which is close to the record of 1991, which lasted for nearly a decade. Since 2009, there is optimism prevailing in U.S. stock market, which is reflecting in above average revenue. The feature of the stock market bubble is that it is developing slowly and persistently, thus the main question arises, when will this optimism turn into fear and pessimism, or better said, when will the stock market bubble burst. Still, no one has the answer to that yet.
Keywords: stock market bubble, technology sector, overvalued, stock market, stock market index, dot.com bubble, housing bubble
Published: 08.12.2017; Views: 479; Downloads: 51
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What is it worth?Petra Gsodam
, Heinrich Stigler
, published scientific conference contribution
Abstract: High lifetimes and high capital intensities characterize fixed assets of electric utilities. The historical cost concept implicate that long-lasting fixed assets are shown too low in balance sheets of electric utilities: the real value of long-lasting assets is not shown because of nominal price increases. An alternative to show the real value of longterm assets represents the capital stock concept based on replacement values less depreciations (net capital stock). To calculate the capital stock, information regarding the level of investment in each power plant at the time of construction (historical acquisition values) and with regard to a common base year (replacement values) is necessary. This paper shows how the not-standardized investments in hydropower plants can be estimated and how the capital stock of run-of-river and threshold hydropower plants can be calculated. Long-term assets in the form of run-of-river and threshold hydropower plants are compared based on historic costs and replacement values. The paper concludes that given nominal price increases for replacement investments, as is the case with long-lasting hydropower plants, only depreciations based on replacement values can ensure preservation of the company’s assets.
Keywords: fixed assets, electric utilities, balance sheet, capital stock, depreciation
Published: 11.10.2017; Views: 365; Downloads: 103
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