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Empirical Evidences on Systematic Risk for Central and Eastern European Shares


  • Anton Sorin Gabriel

    () („Alexandru Ioan Cuza” University of Ia?i, Faculty of Economics and Business Administration)


We analyzed the evolution of systematic risk (beta) for a sample of 436 non-financial companies from five Central and Eastern European countries for the period 2002- 2012. We found that Polish companies present the higher systematic risk, while Latvian companies, on average prove to be less risky. Our results suggest that high tech companies from Central and Eastern Europe have higher beta than utilities companies. We also identified a set of “defensive” shares in Czech Republic, Hungary and Latvia, and numerous “aggressive” shares in Poland.

Suggested Citation

  • Anton Sorin Gabriel, 2014. "Empirical Evidences on Systematic Risk for Central and Eastern European Shares," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(1), pages 77-80, May.
  • Handle: RePEc:ovi:oviste:v:xiv:y:2014:i:1:p:77-80

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    systematic risk; beta; Central and Eastern Europe; shares; financial risk management.;

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions


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