STATE AND PERSPECTIVES OF THE CORPORATE BOND MARKET IN THE REPUBLIC OF SRPSKA
Journal Title: Acta Economica - Year 2017, Vol 15, Issue 27
Abstract
From a small number of corporate bonds issued since the founding of the Banja Luka Stock Exchange to date, it is obvious that the domestic corporate bond market is in the initial stage of its development. The subject of this paper is to define the assumptions and limitations, i.e. possibilities of the development of the corporate bond market in the Republic of Srpska. The successful development of the bond market, in addition to the institutional and legal assumptions, is largely conditioned by the willingness of companies to emit bonds. On the other hand, it is the obligation and commitment of investors to invest in these securities. The aim of the research is to examine the potential supply and (potential) demand in next three years. The research was conducted using a two-part sur-vey. In the first part, managers in institutional investors in the domestic market were interviewed: investment funds, insurance companies and banks, 42 of them. In the second part, we examined the most significant joint-stock companies on the Banja Luka Stock Exchange, those that were part of the BIRS index and those that paid dividend, 66 of them. The results of the survey show the number of companies willing to finance their operations by issuing bonds and the number of investors willing to invest in these instruments. In addition, we will point to obstacles to the development and deepening of the market and the actual number of institutional investors willing to invest in corporate bonds.
Authors and Affiliations
Goran Radivojac, Miloš Grujić
Keywords
Related Articles
- EP ID EP43862
- DOI https://doi.org/10.7251/ACE1727281R
- Views 284
- Downloads 0
SLOVENIAN EXPORT COMPANIES IN TIMES OF ECONOMIC CRISIS AND GOVERNMENT MEASURES AGAINST IT
The article analyses economic crisis from two perspectives, one is looking at expectations of Slovenian export companies in times of economic crisis and the other are government measures against the crisis, the so called...
Application of prudence in fnancial reporting – a habit or necessity?
For many centuries financial reporting has been rightfully labeled as conservative. The principle of prudence whose application generates conservatism, which is characterized by time asymmetry in the recognition of gains...
THE PROCESS OF GLOBALIZATION AND TRANSITION
This article deals with some open questions on globalization and transition processes. It is about positive as well as about negative effects of these processes. As for globalization, positive trends relate to the ins...
ETHICAL RESPONSIBILITY OF MANAGERS IN THE GLOBAL ECONOMIC CRISIS
Reconstruction of companies are imminent processes which Serbian managers use in the fight for achieving greater efficiency and competitiveness in the global economic crisis which has affected our organizations. However,...
Regionalization of Serbia and EU
The paper critically evaluates current regionalization and institutional framework for managing regional development policy in Serbia in the context of joining the European Union. Firstly, the current regionalization in...