Attractiveness of the Bosnian stock market : comparing Bosnian, Croatian, Macedonian and German stock markets; focusing on size, diversity, volume, liquidity, risk and return
CitationAvdagic, Mirza. (2017). Attractiveness of the Bosnian stock market : comparing Bosnian, Croatian, Macedonian and German stock markets; focusing on size, diversity, volume, liquidity, risk and return . (Yayımlanmamış yüksek lisans tezi). Istanbul Commerce University, Institute Of Social Sciences, Business Administration, İstanbul
The study seeks to evaluate the attractiveness of Bosnian stock markets and determine whether consolidation of SASE and BLSE would increase the overall attractiveness of the Bosnian stock market. The current studies on capital markets of Bosnia and Herzegovina are very limited. Most studies focus on comparing the performance of Bosnian stock markets to large international stock markets from the United States, Germany and the United Kingdom. Research studies that focus on Bosnian stock markets are shallow and focus on the functionality of the stock exchanges in general. The aim of this study is to assess the attractiveness of stock markets in Bosnia and find whether consolidating Sarajevo and Banja Luka stock exchanges would make the Bosnian stock market more attractive. Knowing that investors have the opportunity to invest in more than one market, it is important to have a fair understanding of the assessment criteria for the stock market. Listing standards, fees and regulatory environment are important factors to consider when selecting a stock exchange. However, as important, if not more so, are factors such as size, diversity, volume, liquidity, risk and return (or together "Attractiveness Factors"). Stock market's Attractiveness Factors are essential part in determining company's valuation and play an important role in investors' decision-making process. To determine the attractiveness, using the stock market Attractiveness Factors (i.e. size, diversity, volume, liquidity, risk and return), the study compares Bosnian stock markets with Croatian, German and Macedonian (or the "Focus Markets"). The study analyzes the composition of the Focus Markets and their main indexes providing the support for Sarajevo and Banja Luka stock exchange consolidation. The outcome of the study contributes to the understanding of Bosnian capital market and stock exchange Attractiveness Factors. Moreover, it emphasizes on the benefits of larger stock markets, ultimately providing support for stock market consolidation of the small exchanges.Çalışma Bosna Hersek borsasının cazipliğini ve Saraybosna ve Banja Luka borsalarının birleşmesi durumunda Bosna borsasının daha çekici olabilirliği sorunu değerlendirmektedir. Borsa seçiminde listeleme standardı, ücretler ve mevzuat önemli faktörlerdir. Ancak, bunlar kadar önemli diğer faktörler de boyut, çeşitlilik, hacim, likitide, risk ve geri dönüş (veya birlikte "Caziplik Faktorleri"). Caziplik Faktorleri şirket değerlendirmesinin temel parçasıdır ve yatırımcının karar verme sürecinde önemli rol oynamaktadır. Borsanın ne kadar cazip olduğuna karar vermek için, Caziplik Faktörünü kullanarak, çalışma Bosna Hersek Borsasını Hırvatistan ("ZTE"), Almanya ("FSE") ve Makedonya ("MES) (veya "Odak Marketler") ile karşılaştırmaktadır. Çalışma Odak Marketlerin yapısını ve ana indekslerini kullanarak Bosna Hersek borsasını analiz etmektedir.