engleski

Optimal portfolio choice in Croatian tourism sector for long‐term investors

Tourism sector has a significant importance on the Croatian economic development and it has played vital role in economic recovery after six-year long recession. The main idea of this research is to analyse stock liquidity in Croatian stock industry and to construct efficient frontier which consists of tourism stocks. Currently there are 31 stocks listed on Croatian capital market in the tourism sector. According to the market capitalization tourism sector is highly placed on the Croatian capital market with current market capitalization more than HRK 22 billion. Although the statistics show that tourism sector has large market capitalization, more detailed analysis suggests that only certain stocks are eligible to be included in the optimal portfolio on the Croatian capital market due to illiquidity problems. In order to find portfolio with the best risk/return performance, authors have calculated several portfolios with different risk/return profiles.

portfolio theory ; illiquidity ; stocks ; efficient frontier ; Croatian capital market

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