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2012, vol. 41, iss. 1, pp. 12-35
Some relevant aspects of investment in securities
Fakultet za menadžment u saobraćaju i komunikacijama, Berane, Crna Gora
Keywords: securities; evaluation; investor protection; financial reports and prospectus; trading principles; general evaluation forms; international standards; intuition
In an environment of young portfolio markets, and especially in the presence of an unenlightened public, it is very important to evaluate securities correctly. In doing this, in every valuation concept, the priority is to be vested on the investor protection liability. The quality of financial reporting, i.e. business indicators of the securities issuers, and also the findings of auditing institutions, have an outstanding and definite authority and importance in the procedures of decision making on investment in securities. On the level of that same 'in depth' responsibility are to be found the instruments, mechanisms and institutions which are regulating securities trading. Actually, an adequate securities evaluation implies application of rational elements in an efficient and equitable trading system, but also the use of objective information schemes and computer technologies. If the flow of reliable market information is disrupted, i.e. if the market transparency is at a low level, it will be the quality of investment decision always to suffer. In this context, the main trading principles and the movement of stock market prices, will have a direct impact on the pattern and setting up of general forms for the securities solvency rating, and thus for the assessment of significant elements in the securities buying or selling decision. Mindful of the fact that all the analytic grounds are mainly based on past information and that securities market is susceptible to impacts of multiple factors, it must always be borne in mind that what is expected or predicted may, but also may not, materialise. Thus for making sound decision on investment in securities, in addition to the mentioned structure of the relevant elements, what is needed are fair auditing reports, corporate social responsibility of issuers, i.e. a reliable application of ethical trading principles, but also experience, intuition and intelligence of investment and portfolio managers.
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article language: Serbian
document type: Original Scientific Paper
published in SCIndeks: 22/03/2013

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