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2017, vol. 46, br. 3, str. 52-73
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Determinante tržišnih cena akcija na tržištu kapitala Bosne i Hercegovine
Determinants of market prices of shares on the capital market of Bosnia and Herzegovina
Ključne reči: volatilnost tržišta; rubno tržište; zatvarajuća cena; promet
Sažetak
Tržišta akcija su efikasna ako cene u bilo kojem momentu reflektuju sve javno dostupne informacije. Cene akcija bi trebalo da se prilagode u momentima kada investitori pokušavaju da iskoriste nove informacije koje nisu bile predmetom računovodstvenog evidentiranja. Osnovni cilj ovog rada je da se utvrdi da li zaista finansijski izveštaji odabrane skupine preduzeća koja kotiraju na Sarajevskoj i Banjalučkoj berzi predstavljaju dobru baznu osnovu i odraz tržišnih cena ili naprosto služe kao zakonska obaveza i zahtev regulatornih agencija. U radu će biti sprovedena regresiona analiza zavisne i nezavisnih varijabli za period od 2011. do 2015. godine. Kao zavisna varijabla će biti tretirana zatvarajuća cena trgovanja na berzama, dok će se kao nezavisne varijable koristiti sledeće: odnos tržišne cene i zarade (PE racio), zarada po akciji (EPS), neto dobit nakon oporezivanja (ND), ostvareni profit na akcijski kapital (ROE), odnos tržišne i knjigovodstvene vrednosti (PB), i ukupan promet na berzama (PR).
Abstract
Stock markets are efficient if the prices at any time reflect all publicly available information. Share prices should be adjusted at those points when investors try to take advantage of the new information that was not subject to accounting recognition. The main goal of this paper will be to determine whether the financial statements of a selected group of companies listed on the Sarajevo and Banja Luka Stock Exchange represent a good basis and reflect the market price or simply follow the legal obligations and requirements by regulatory agencies. The paper is based on the regression analysis of dependent and independent variables in the period from 2011 to 2015. The dependent variable will be the closing trading price on the stock exchanges, whereas the independent variables will be: the market price and earnings (PE) ratio, earnings per share (EPS), net profit after tax (NP), return on equity (ROE), the market and book value (PB) ratio, and the total turnover on the stock exchanges (TR).
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