Preliminary communication
Is Bucharest Stock Exchange under the Influence of the Five Traded Financial Investment Companies?
Cornelia Pop
Calin Vamos
Maria Craciun
Abstract
The present paper will try to determine if Bucharest Stock Exchange activity is under the influence of the five
traded Financial Investment Companies (called also ‘Societati de Investitii Financiare’ or SIFs). The Financial
Investment Companies were introduced at Bucharest Stock Exchange listing in November 1999 and since
November 2000 they have a dedicated index, BET-Fi. The direct observations made over the listing period
of above mentioned companies suggested the idea that the transactions in Financial Investment Companies
might have an important impact on Romanian capital market activity. Inside the current paper, authors will
analyze different series of data using regression analysis and Granger-causality tests in order to confirm or
reject the hypothesis formulated in the title.
Keywords
capital market; financial investment companies; Granger-causality; regression
Hrčak ID:
63249
URI
Publication date:
10.12.2010.
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