| Abstract [eng] |
85 pages, 21 charts, 19 pictures, 73 references. The main purpose of this master thesis is to analyze the perspective aspects of securities portfolio management during the pandemic period, to prepare perspective directions of securities portfolio management during the pandemic caused by COVID-19. The work consists of three main parts; the analysis of literature, the research and its results, conclusion and recommendations. Literature analysis identified when there are necessary preconditions to see the pound impact of the COVID-19 pandemic on changes in the stock market. A review of recent research shows that during the first wave, higher vertical paper prices declined, with asymmetric volatility. Pandemic responsed in key different sector. The decline in securities returns seen in the pandemic was less significant in those companies whose financial situation in 2020 before the pandemic was better. After the literature analysis the author has carried out the study about the basic indicators of the COVID-19 pandemic in the Baltic States (number of new cases, number of deaths and 14-day total morbidity rate). Changes in these indicators are linked to the Nasdaq Baltic indices. Correlation analysis showed that as the scale of the pandemic intensifies, so does the stock market index. The second part of analysis was to evaluate the activity of the Nasdaq Baltic stock exchange. It showed that trading on the stock exchange also increased during the pandemic period. The number of trade turnover, investors and trade transactions increased. The studies mentioned in the theoretical part also show that investors are more inclined to take risks. The last part of the practical research was to create optimal stock portfolios based on modern portfolio theory. Three securities portfolios were formed and real investment values were verified. The results show that due to changes in the investment environment, the optimal portfolios are not optimal and efficient – they lag far behind the planned return. As the study showed, although the portfolio did not reach the planned return, its return remained positive. The formation of the optimal portfolio meets the expectations of the investor in the second year of the pandemic, but the final assessment and approval should be confirmed in 2021 January. For further development of the research, the author suggests to expand the investment strategy by introducing technical analysis criteria, and to perform a more active review of the portfolio - twice a year, 4 times a year. It should be compared whether more active portfolio management of the Baltic Stock Exchange generates a higher investment value based on technical analysis during pandemic period. |
