| Abstract [eng] |
There are no inaccessible stock markets in these technology and globalization modern-days. Financial capital is very mobile, during several ours financial capital can be transferred from one market to another. Using information systems, new modern technologies, information is accessible for all users. Central and East Europe stock markets during five years were very attractive for investors, because the level risk of investments and profit was appropriate. Central Balkan stock markets are new area for investors and speculators. There is big positive influence from European Union to stabilize political and economical situation in Balkans. This is reason to trust that investments are safety and can be profitable. The mane purpose is to evaluate macro and micro environment for investments in stock market of Central Balkan region countries, Croatia, Serbia, Bosnia and Herzegovina and verify optimal stock portfolio theory (W. Sharpe) in practice, when market is in growing and downgrade trends. There are tasks to find the answers to the mane goal: • To make analysis for macro economical indicators of Central Balkan region countries; • To make business environmental review in macro level; • To evaluate opportunities and limitations to trade securities in stock markets; • To evaluate stock markets risk and profit; • To separate stocks for optimal stock portfolio construction using W. Sharpe model; • To make six stock portfolios when stock market is in growing and downgrade trends.; • To test portfolios in practice; The paper consists of 5 main parts; 1 The macro economical environmental in Balkans; 2 The stock market exchanges of Central Balkans; 3 The Capital market theories; 4 The stock portfolio construction using W. Sharpe model. The results of research shows, that optimal portfolio construction using W. Sharpe model is more effective in growing stock markets, but also in downgrade market portfolio profit (loss) was better then market results. W. Sharpe model is expedient in stock market were a lot of securities and market fluctuation is very weak. The model is not effective to make investment profit prognosis. |
