Efekat dana u nedelji na berzama u regionu
Sažetak
Ovo istraživanje preispituje kalendarske anomalije (dan u nedelji) na berzama u regionu. Glavni cilj istraživanja predstavlja ispitivanje postojanja efekata dana u nedelji na berzama u regionu u periodu od 2008. do 2014. godine, i da li postoje razlike u odnosu na efekte koje se javljaju u kriznom periodu od 2008. do 2011. godine i posle kriznom periodu od 2012. do 2014. godine. Poduzorak analize daje različite rezultate zbog povećanja stepena zrelosti tržišta kapitala, finansijske krize, pristupanja Evropskoj uniji i drugih bitnih događaja za finansijska tržišta u regionu. Svrha ovog rada je da odredi da li su odnosi između prosečnih prinosa akcija na tržištima u razvoju isti ili različiti tokom različitih dana u nedelji. Istraživanje obuhvata kvantitativnu analizu prinosa berzanskih indeksa na određeni dan koji koristi dnevne podatke od 01.01.2008. do 31.12.2014. godine za tržišta kapitala u Bosni i Hercegovini, Bugarskoj, Crnoj Gori, Hrvatskoj, Makedoniji, Rumuniji i Srbiji. Rezultati istraživanja ukazuju na prisustvo efekta dana u nedelji na svim posmatranim tržištima akcija u regionu izuzev tržišta akcija u Bugarskoj. Panel dobijenih rezultata podržava ranije studije koje su sprovedene na berzama u nastajanju i koje pružaju dokaz o neefikasnosti berzi.
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