KALENDARSKI UČINCI U PRINOSIMA DIONICA

• Main Author: Škrinjarić, Tihana
• Format: Text
• Language: Croatian
• Published: Croatian Economic Association c/o Institute of Economics, Zagreb 2012
• Subjects: kalendarski učinci; učinak siječnja; učinak dana u tjednu; hipoteza efikasnog tržišta; tržišta kapitala; calendar effects; January effect; day-of-the-week effect; Efficient Market Hypothesis; capital markets; sami
• Online Access: http://hrcak.srce.hr/93448; http://hrcak.srce.hr/file/137556

Unatoč popularnosti hipoteze efikasnog tržišta, od njenog samog nastanka javljaju se radovi koji pronalaze različite anomalije u prinosima dionica koje ta hipoteza ne može objasniti. Kalendarske anomalije, odnosno učinci, izuzetno su popularni i zanimljivi u inozemnim istraživanjima, kako za razvijena tržišta, tako i za ona u razvoju. Ovaj rad daje sustava pregled definicija i dosadašnjih empirijskih istraživanja kalendarskih učinaka kako bi domaći investitori i ostali zainteresirani imati sažet uvid u iste. Na taj način i sami mogu provesti empirijska testiranja na hrvatsko tržište kapitala, koja su do sada ostala oskudna, i formirati trgovinske strategije kojima mogu pokušati pobijediti tržište. The Efficient Market Hypothesis (EMH) has been very popular since its formation. Nevertheless, over the years there have been arising some papers which have proved the existence of various anomalies in stock returns, which could not be explained by EHM. Calendar anomalies (effects) are one of the above mentioned anomalies, and they are very interesting to research, not only in developed markets, but also on emerging ones. This paper gives a systematic overview of definitions and previous empirical research of calendar effects. In that way investors can gain a concise insight into them. Some previous research of Zagreb Stock Exchange on these issues has been scarce. This paper should help investors to empirically evaluate various effects on the Croatian stock market in order to form trading strategies with the goal of beating the market.