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Nemzetközi részvény befektetési lehetőségek Közép- és Kelet-Európa új európai uniós tagállamainak szemszögéből
[Opportunities for investing in international stocks, seen from the viewpoint of the new Central and East European member-states of the European Union]

Author

Listed:
  • Bugár, Gyöngyi
  • Uzsoki, Máté

Abstract

Tanulmányunk célja, hogy az újonnan csatlakozott közép-kelet-európai EU-tagállamok befektetői számára a részvényportfóliók nemzetközi diverzifikálásával megnyíló lehetőségekre világítson rá. A régió országainak többségében folyamatos kamatcsökkenést figyelhetünk meg, ami nem meglepő, hiszen az euró bevezetéséhez a régió kamatlábainak az eurózóna átlagához közelítenie kell. A csökkenő kamatlábak pedig növelik a részvénypiacok jelentőségét, hiszen az alacsony kockázatú kötvények hozamcsökkenése egyre vonzóbbá teszi a részvénybefektetéseket. A kutatás alapjául egy 17 országot átfogó adatbázis szolgált. Az 1997-től 2003-ig terjedő időszakban elemeztük az egyes országok részvénypiaci hozamának és kockázatának sajátosságait, megvizsgáltuk a nemzetközileg diverzifikált portfóliók kockázatcsökkentési és hozamnövelési lehetőségeit. Három portfólióoptimalizálási stratégia és az úgynevezett naiv portfóliókiválasztási módszer teljesítményét értékeltük ex ante visszatesztelési eljárás segítségével. A közép-kelet-európai fejlődő részvénypiacokra kapott eredményeket összehasonlítottuk a fejlett piacokra vonatkozó eredményekkel, és feltártuk a fejlődő piacok portfólióinak megkülönböztető vonásait. Journal of Economic Literature (JEL) kód: F37, G11, G15.

Suggested Citation

  • Bugár, Gyöngyi & Uzsoki, Máté, 2005. "Nemzetközi részvény befektetési lehetőségek Közép- és Kelet-Európa új európai uniós tagállamainak szemszögéből [Opportunities for investing in international stocks, seen from the viewpoint of the n," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(6), pages 576-598.
    • Handle: RePEc:ksa:szemle:770
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    References listed on IDEAS

    as
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    More about this item

    JEL classification:

    • F37 - International Economics - - International Finance - - - International Finance Forecasting and Simulation: Models and Applications
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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