ANALYZING THE MARKET CONCENTRATION OF THE ROMANIAN CAPITAL MARKET

Dan Armeanu (), Sorin-Iulian Cioaca and Mihail Busu ()

Proceedings of the INTERNATIONAL MANAGEMENT CONFERENCE, 2015, vol. 9, issue 1, 548-554

Abstract: Designing and using measures for assessing the market concentration, these are the central elements of competition and sectoral authorities’s strategies, whose main objective is guarding a ballanced competition environment. In this article, we use monthly data from January, 2007-August, 2015, in order to analyse the market concentration of the Romanian capital market. By computing the concentration ratios for the first 4 and 8 largest intermediaries and the Herfindahl-Hirschmann index (HHI), we find that the Romanian capital market is not (yet) concentrated. But the recent trends show early phases of concentration, fact determined by the decrease of the number of intermediaries and the increased concentration of the trading activity at the level of the first 8 brokerage houses.

Keywords: capital market; market concentration. concentration risk; HHI index. (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:rom:mancon:v:9:y:2015:i:1:p:548-554

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