[PDF] Drivers Of The Russian Stock Market eBook

Author : Rafael Hakl
Publisher :
Page : 65 pages
File Size : 14,9 MB
Release : 2020
Category :
ISBN :

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Russia is considered to be one of the four BRIC emerging markets and was, due to its history, one of the fastest growing economies during the last 20 years. To this day, Russia has been sought out by investors for its special market environment, the exceptional opportunities and attractive returns. The reasons for those high returns and the historically high volatility will be explained throughout this master thesis. Furthermore, various macroeconomic and financial market related factors will be examined and their influence on the returns of the Russian equity market, represented by the main indices, measured. A principal component analysis will be conducted to reduce the dimensionality of the data and increase the statistical significance of the models used. The main research question for this thesis is Which factors have a statistically significant influence on the returns of the RTSI and RTSTR?. The main findings are that the worldwide equity indices, oil and gas prices as well as the Russian rubble exchange rate are having a significant influence on the returns of the Russian equity indices. This leads to the conclusion that Russia is an attractive market for investors, who are willing to accept those risk factors and take them into account during their decision-making process. *****Russia is considered to be one of the four BRIC emerging markets and was, due to its history, one of the fastest growing economies during the last 20 years. To this day, Russia has been sought out by investors for its special market environment, the exceptional opportunities and attractive returns. The reasons for those high returns and the historically high volatility will be explained throughout this master thesis. Furthermore, various macroeconomic and financial market related factors will be examined and their influence on the returns of the Russian equity market, represented by the main indices, measured. A principal component analysis will be conducted to reduce the dimensional

Author : Alexander E. Abramov
Publisher :
Page : 11 pages
File Size : 48,47 MB
Release : 2016
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ISBN :

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In 2015, faced with declining oil prices, the weakening ruble and the outflow of funds of foreign portfolio investors, the Russian stock market found itself in a slump; in fact, this situation has started eight years ago, during the 2008 crisis. This negative trend was augmented by the continuing decline of the share market's liquidity in the Moscow Exchange. This was in part a reflection of the general downward trend in the investment attractiveness of the stock markets in the BRICS countries, but more specifically - the upshot of the troubles experienced by Russia's economy due to the low development level of domestic institutional investors. The conservative attitude towards investment in Russian shares displayed by foreign portfolio investors for a period of more than two years already is indicative of their doubts with regard to the prospects of economic growth in Russia. In view of such conditions, the economic growth and recovery in the Russian stock market can rely only on the domestic savings system.

Author : Svetlana Shirobakina
Publisher : GRIN Verlag
Page : 31 pages
File Size : 19,54 MB
Release : 2006-07-18
Category : Business & Economics
ISBN : 3638521877

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Seminar paper from the year 2006 in the subject Business economics - Investment and Finance, grade: 1,3, Anhalt University of Applied Sciences Köthen, course: International Banking ans Finance, language: English, abstract: The stock exchange market is one of the key mechanisms for attracting monetary ressources for investment, economy modernisation and stimulation of the production growth in a country. At the same time the world stock exchange markets can be a source of financial instability and even of macroeconomic and social shocks. Esspecialy volatible to economic shocks are the stock exchanges of transitional economies, such as Russia, which was characterised as a one of the most risky countries in early 90 ies. The transition of Russia from a plan to a market economy has caused increasing interest to stock exchanges as an important component of the stock market. Russian economists came to conclusion that stock exchange market is the nervous terminations of economy and of all spheres of the life of society. These nervous terminations react to the depth of the processes occuring in an organism, much earlier, than the organism itself. Therefore the stock exchange market is the lead indicator of what will occur in economy. But imperfection of the Russian legislation, absence of culture of corporate management, lacks in system of disclosing information and legal base demanding completion are the basic features of the exchange stock market in Russia. The purpose of my assigment, therefore, is to analyse the current competitive position of Russia on the world stock market, to reveal problems of modern Russian stock exchanges and to find out the reasons of their occurrence. The efficiency of the stock exchange in Russia will be assessed according to the models applied in the financial literature. In order to reach this target first we have to look at the theoretical aspects of the core essence and main functions of stock exchanges.

Author : Alexei Goriaev
Publisher :
Page : 26 pages
File Size : 16,42 MB
Release : 2006
Category :
ISBN :

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The modern history of the Russian stock market has mirrored ups and downs of the country's transition as well as swings in investor perceptions. In this paper, we describe the evolution of the Russian stock market over its first decade, with particular attention to the risk factors driving stock returns. First, we analyze the development of the institutional infrastructure and dynamics of the market's size and liquidity measured by the number of listed and traded stocks, depositary receipts and IPOs as well as trading volume in the local stock exchanges and abroad. Then, we examine major political and economic events, which influenced the investor perceptions of the country risk and were reflected in stock prices. Finally, we carry out quantitative analysis of risk factors explaining considerable time and cross-sectional variation in Russian stock returns. We document a significant role of corporate governance, political risk, and macroeconomic risk factors, such as global equity markets performance, oil prices, and exchange rates, whose relative importance varied a lot over time.

Author : Bruno S. Sergi
Publisher : Emerald Group Publishing
Page : 287 pages
File Size : 10,97 MB
Release : 2018-11-06
Category : Business & Economics
ISBN : 178769397X

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Based on the 2017 conference "'New Reality' and Russian Markets" held at Harvard University, this book brings together world-renowned thinkers to offer the latest empirical research on recent financial risks, institutional policies, and financial stability.

Author : Bruno S. Sergi
Publisher : Emerald Group Publishing
Page : 287 pages
File Size : 19,82 MB
Release : 2018-11-06
Category : Business & Economics
ISBN : 1787693988

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Based on the 2017 conference "'New Reality' and Russian Markets" held at Harvard University, this book brings together world-renowned thinkers to offer the latest empirical research on recent financial risks, institutional policies, and financial stability.

Author : Maxim Boycko
Publisher : MIT Press
Page : 180 pages
File Size : 27,17 MB
Release : 1997-01-22
Category : Business & Economics
ISBN : 9780262522281

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Privatizing Russia offers an inside look at one of the most remarkable reforms in recent history. Having started on the back burner of Russian politics in the fall of 1991, mass privatization was completed on July 1, 1994, with two thirds of the Russian industry privately owned, a rapidly rising stock market, and 40 million Russians owning company shares. The authors, all key participants in the reform effort, describe the events and the ideas driving privatization. They argue that successful reformers must recognize privatization as a process of depoliticizing firms in the face of massive opposition: making the firm responsive to market rather than political influences. The authors first review the economic theory of property rights, identifying the political influence on firms as the fundamental failure of property rights under socialism. They detail the process of coalition building and compromise that ultmately shaped privatization. The main elements of the Russian program -- corporatization, voucher use, and voucher auctions -- are described, as is the responsiveness of privatized firms to outside investors. Finally, the market values of privatized assets are assessed for indications of how much progress the country has made toward reforming its economy. In many respects, privatization has been a great success. Market concepts of property ownership and corporate management are shaking up Russian firms at a breathtaking pace, creating powerful economic and political stimuli for continuation of market reforms. At the same time, the authors caution, the political landscape remains treacherous as old-line politicians reluctantly cede their property rights and authority over firms.

Author : Marshall I. Goldman
Publisher : Routledge
Page : 348 pages
File Size : 38,43 MB
Release : 2003-04-10
Category : Business & Economics
ISBN : 1134376847

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In 1991, a small group of Russians emerged from the collapse of the Soviet Union and enjoyed one of the greatest transfers of wealth ever seen, claiming ownership of some of the most valuable petroleum, natural gas and metal deposits in the world. By 1997, five of those individuals were on Forbes Magazine's list of the world's richest billionaires.

Author : Michel Noël
Publisher : World Bank Publications
Page : 180 pages
File Size : 36,59 MB
Release : 2006
Category : Business & Economics
ISBN :

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This study reviews the recent developments in capital markets and institutional investors in Russia, and examines the policy challenges ahead for the development of the sector. The analysis covers key impediments for further development and policy challenges for securities markets, in particular legal and regulatory framework, market infrastructure, government bonds, sub-sovereign bonds, corporate bonds, and equities. The analysis also covers key impediments for furhter development and policy challenges for mutual funds, pension funds, and insurance companies.

Author : Michael Schröder
Publisher : Springer Science & Business Media
Page : 539 pages
File Size : 20,76 MB
Release : 2012-12-06
Category : Business & Economics
ISBN : 3642565204

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An excellent analyses of the effects of EU enlargement on capital markets in the most advanced countries of Central and Eastern Europe and Russia. It also investigates the EU's impact on the interactions between Eastern and Western capital markets. The study is particularly useful for financial analysts, institutional investors and academic researchers who are interested in the economic and institutional developments of capital markets in CEE countries.