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2019, vol. 16, br. 1, str. 41-58
Zlato u portfolio investicijama iz ugla evropskog ulagača
Central Bank of Bosnia and Herzegovina, Sarajevo, Bosnia and Herzegovina

e-adresatijana_soja@yahoo.com
Ključne reči: zlato; investicije; portfolio; kriza
Sažetak
Zlato je jedinstven vid imovine, velike vrednosti, ali, u isto vreme, vid kojeg nema dovoljno na raspolaganju. U pitanju je imovina luksuzne prirode, koja se može smatrati sjajnom prilikom za ulaganje. Takođe, zlato je imovina koja ne nosi rizik druge strane - odnosno, ne uključuje povezani kreditni rizik. Upravo zbog ovih osobina, zlato predstavlja značajan oblik imovine i ima izuzetno važnu ulogu u portfolio investicijama. Navedene okolnosti uvećavaju interese ulagača da uvrste zlato u portfolio investicije, posebno tokom perioda finansijskih kriza. Ukoliko ulagač odluči da to učini, neophodno je proceniti udeo zlata u portfoliju, uzimajući u obzir apskte rizika, povraćaja i diversifikacije. U ovom radu, testirana je, i potvrđena hipoteza na osnovu koje zlato omogućava diversifikaciju za portfolio investicije, što implicira da je zlato poželjan oblik imovine u ovom kontekstu. Istraživanje se fokusiralo na razvoj optimalnog portfolija, koji kombinuje indeks obveznica Evrozone sa investicionim rejtingom 1-10 godina (EG 05), indeks Euro Stoxx 50 i zlato, uz upotrebu metodologije autora Markowitz. Rezultati su pokazali da optimalan portfolio treba da uključuje zlato sa udelom 1-9%, u zavisnosti od rizika koji je ulagač spreman da prihvati.
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O članku

jezik rada: engleski
vrsta rada: izvorni naučni članak
DOI: 10.5937/EJAE15-19652
objavljen u SCIndeksu: 18.04.2019.
metod recenzije: dvostruko anoniman
Creative Commons License 4.0

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