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THE PHENOMENON OF INCREASING VALUE OF STOCK CAPITAL ON ROMANIAN MARKET

Ioan Dolca and Mirela Nicolov

Revista Economica, 2012, vol. Supplement, issue 5, 66-74

Abstract: The purpose of this paper is to observe the influence of social capital on the Romanian stock market value. In this study was built a sample comprising 30 titles listed on the Bucharest Stock Exchange. The results obtained in this analysis is that social capital has a major influence on the value of the securities exchange. This can`t be, because of the informational efficiency of the market, because everything in this analysis, this hypothesis was rejected. A possible explanation is the lack of information asymmetry, but due to the existence of large investors involved in the management or directors sometimes facing firms. In the case of the second problems, that the effectiveness of market information, results, based on the 30 titles studied, can not be exploited across the Romanian markets. Limitations of the study are data while the sample size and frequency of calculation of profitableness.

Date: 2012
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