engleski

Analysis of investment approaches on Croatian equity market

This paper seeks to recognize different investment approaches employed by the investors on Croatian equity market and to asses their successfulness. In order to analyze successfulness of individual investor empirically, inefficiencies on Croatian equity market until October, 2007 were explored. Empirical analysis of institutional investors employs the Johansen cointegration procedure for period until October, 2007. Results of empirical study showed that four out of ten observed mutual funds replicated index developments. While results make it hard to determine the best investment approach in period prior to financial crisis, analysis showed that investors that had put their money in purely active managed funds were least affected by financial crisis.

investment approach; weak form efficiency; mutual funds; investment strategy; cointegration

nije evidentirano