Enter the e-mail address associated with your account.
Click "send" to have your password e-mailed to you.

Email:
Institute of Public Finance

Creative Commons License
This work is licensed under a Creative Commons Attribution-NoDerivatives 4.0 International License
Archive
print

Stock Market Liquidity: Comparative Analysis of Croatian and Regional Markets


Vladimir Benić, Privredna banka Zagreb, Zagreb, Croatia
Ivna Franić, VIPnet usluge, Zagreb, Croatia


Abstract
On the Croatian stock market liquidity has never been in the focus of academic research, thus we find it necessary to observe liquidity at the aggregate level. This paper observes multi-dimensional liquidity through the impact of turnover on price change together with several one-dimensional measures. In our empirical research we applythe illiquidity measureto seven different stock markets. We focus on the Croatian stock market as compared to other markets in the Central and Eastern Europe and German market. The results of the research indicate a substantial level of illiquidity in the Croatian and other developing markets.

Keywords:  liquidity, stock market, Croatia, developing stock markets, Amihud's illiquidity ratio, liquidity measures

Year:  2008   |   Volume:  32   |   Issue:  4   |   Pages:  477 - 498

Full text (PDF)   |   E-mail this article   |   Download to citation manager
 December, 2008
IV / 2008
DOAJ
Hrčak
RePEc
CrossRef
CrossCheck
EBSCO Publishing
ISSN 1846-887X
e-ISSN 1845-9757
In order to give you a better user experience, cookies have been stored on your computer.
By accessing the website www.fintp.hr the user has given consent to using cookies. More information