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master's thesis
PREGLED I ANALIZA RAZVOJA TRŽIŠTA VRIJEDNOSNICA S FIKSNIM PRINOSOM U HRVATSKOJ
diplomski rad
Split: University of Split, Faculty of economics Split, 2016. urn:nbn:hr:124:475466
Vuleta, Tina
University of Split
Faculty of economics Split

Institutional repository: REFST

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Vuleta, T. (2016). PREGLED I ANALIZA RAZVOJA TRŽIŠTA VRIJEDNOSNICA S FIKSNIM PRINOSOM U HRVATSKOJ : diplomski rad (Master's thesis). Split: University of Split, Faculty of economics Split. Retrieved from https://urn.nsk.hr/urn:nbn:hr:124:475466

Vuleta, Tina. "PREGLED I ANALIZA RAZVOJA TRŽIŠTA VRIJEDNOSNICA S FIKSNIM PRINOSOM U HRVATSKOJ : diplomski rad." Master's thesis, University of Split, Faculty of economics Split, 2016. https://urn.nsk.hr/urn:nbn:hr:124:475466

Vuleta, Tina. "PREGLED I ANALIZA RAZVOJA TRŽIŠTA VRIJEDNOSNICA S FIKSNIM PRINOSOM U HRVATSKOJ : diplomski rad." Master's thesis, University of Split, Faculty of economics Split, 2016. https://urn.nsk.hr/urn:nbn:hr:124:475466

Vuleta, T. (2016). 'PREGLED I ANALIZA RAZVOJA TRŽIŠTA VRIJEDNOSNICA S FIKSNIM PRINOSOM U HRVATSKOJ : diplomski rad', Master's thesis, University of Split, Faculty of economics Split, accessed 10 January 2025, https://urn.nsk.hr/urn:nbn:hr:124:475466

Vuleta T. PREGLED I ANALIZA RAZVOJA TRŽIŠTA VRIJEDNOSNICA S FIKSNIM PRINOSOM U HRVATSKOJ : diplomski rad [Master's thesis]. Split: University of Split, Faculty of economics Split; 2016 [cited 2025 January 10] Available at: https://urn.nsk.hr/urn:nbn:hr:124:475466

T. Vuleta, "PREGLED I ANALIZA RAZVOJA TRŽIŠTA VRIJEDNOSNICA S FIKSNIM PRINOSOM U HRVATSKOJ : diplomski rad", Master's thesis, University of Split, Faculty of economics Split, Split, 2016. Available at: https://urn.nsk.hr/urn:nbn:hr:124:475466

Metadata
TitlePREGLED I ANALIZA RAZVOJA TRŽIŠTA VRIJEDNOSNICA S FIKSNIM PRINOSOM U HRVATSKOJ : diplomski rad
AuthorTina Vuleta
MentorZdravka Aljinović (mentor)
GranterUniversity of Split
Faculty of economics Split
Split
Defense date and country2016, Croatia
Scientific / art field,
discipline and subdiscipline		SOCIAL SCIENCES
Economics
Abstract
Predmet istraživanja ovog rada su vrijednosni papiri s fiksnim prinosom na hrvatskom tržištu kapitala. Prikazane su glavne vrste i karakteristike obveznica, prednosti te rizici koje nose; trenutno stanje i razvoj hrvatskog tržišta obveznica kroz povijest. Usporedbom hrvatskog i poljskog tržišta obveznica, zaključeno je da je hrvatsko sekundarno tržište znatno nerazvijenije. Hrvatsko tržište karakterizira mali broj izdavatelja te mali obujam trgovanja. Korištenjem koncepta trajanja se pokazala osjetljivost cijena domaćih obveznica na promjenu kamatne stope te provela imunizacija buduće obveze korištenjem obveznica s domaćeg tržišta. Uzeta su u obzir i svojstva konveksnosti obveznica koja u velikoj mjeri pomaže objašnjenju promjene vrijednosti obveznice ako na tržištu dođe do veće promjene kamatne stope. S ciljem dobivanja uvida u odnos prinosa i rizika koje nose obveznice na hrvatskom tržištu, korišten je Markowitzev model optimizacije portfelja, pronađeni su efikasni portfelji te formirana obveznička efikasna granica. Hrvatsko tržište obveznica i dalje nema ulogu kakvu bi trebalo imati na tržištu kapitala i njegov razvoj je nužan za daljnji razvoj cjelokupnog financijskog sustava.
Abstract (english)
Subject research in this paper are securities with fixed income on Croatian capital market. Main types and characteristics of bonds, advantages and risks they have; current situation and development of Croatian bond market through history are shown. By comparing Croatian and Polish bond market, it is concluded that Croatian secondary market is underdeveloped. Croatian market is characterised by a small number of issuers and a small turnover throughout the years. Using the concept of duration, volatility of prices of domestic bonds when the interest rates are changing was examined and immunization of a future debt using bonds from domestic market was performed. Abilities of convexity was also considered which is an important tool in explaining the change of bond value in case of a higher change of interest rate on the market. With the intention of getting an insight in relation between income and risk that characterise bonds on Croatian market, Markowitz model of portfolio optimization was used, efficient portfolios were found and efficient bond border was formed. Croatian bond market still does not have the role it is supposed to have on the capital market and its development is essential for further development of the entire financial system.
Keywords
Keywords (english)
Languagecroatian
URN:NBNurn:nbn:hr:124:475466
Study programmeTitle: Business Studies
Study programme type: university
Study level: graduate
Academic / professional title: magistar/magistra ekonomije (magistar/magistra ekonomije)
Type of resourceText
File originBorn digital
Access conditionsOpen access
Terms of useLicence In copyright icon
Created on2016-06-14 09:19:00