The premium for the shares of SPVs in Bulgaria

Mirena Trifonova ()
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Mirena Trifonova: Varna University of Economics

Business & Management Compass, 2011, issue 3, 140-154

Abstract: The article aims at establishing what determines the deviation of the prices of the shares of special purpose vehicles (SPVs/SPEs) in Bulgaria from their net asset value (NAV). The study is based on yearly data for the period 2006 - 2009. It turns out that for the period under study SPVs have been traded at an average premium of 1.66 per share. The results of the study show that the level of the premium is directly proportional to the size of the company and inversely proportional to the liquidity and the level of indebtedness. It turns out that companies specializing in investment in arable land have significant influence on the premium and it is lowest for them.

JEL-codes: G23 (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:vrn:journl:y:2011:i:3:p:140-154

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