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2011, vol. 58, br. 2, str. 265-280
Međuzavisnost berzanske vrednosti akcija, motiva i obima otkupa sopstvenih akcija
aMegatrend Univerzitet, Fakultet za poslovne studije, Beograd
bJulon d.d., Ljubljana, Slovenija

e-adresavpavlovic@megatrend.edu.rs, sasa.muminovic@aquafil.com
Sažetak
Analiza međuzavisnosti berzanske vrednosti akcija i otkupa sopstvenih akcija u SAD pokazuje da su najobimniji otkupi sopstvenih akcija vršeni pri najvišim berzanskim vrednostima, pri čemu su akcije najverovatnije bile i precenjene, dok su otkupi bili daleko skromniji u uslovima jasne potcenjenosti vrednosti akcija, čak i pri visokim rezervama likvidnosti. Ispostavlja se, da se kompanije ponašaju upravo obrnuto od drugih investitora: kupuju akcije kada su najskuplje, umesto kada su najjeftinije. Sledeći zaključak analize je, da je u uslovima razornih kriza u najboljem interesu kompanije i postojanih investitora zainteresovanih za samu kompaniju, sačekati dok kriza ne dosegne dno i vrednost akcija ne dosegne svoj minimum, budući da se pokazalo da otkup sopstvenih akcija, ne samo da nije povećao vrednost akcija, nego nije uspeo da zaustavi ni pad njihove vrednosti.
Reference
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O članku

jezik rada: srpski
vrsta rada: izvorni naučni članak
objavljen u SCIndeksu: 11.10.2011.

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