ANALYSIS OF THE COMPANY AERODROM NIKOLA TESLA A.D. PERFORMANCE – INVESTMENT APPROACH
Keywords:
ratio analysis, return and risk trade-off, beta (???????? coefficient, investments, Belgrade Stock Exchange.Abstract
Business legal form of Aerodrome Nikola Tesla is a joint-stock company;
the company's shares are listed on the most liquid segment of the domestic
capital market. The aim of the paper is to conduct a comprehensive analysis
of the company’s business performance, as well as company stocks’ risk
and returns in the period from 2016 to 2020. The purpose of this research is
also to perform an analysis of the company’s returns before and during the
Covid-19 pandemic in comparison to the Belex15 stock market index. The
results of the analysis indicated the impact of the pandemic on the business
result, which was expected considering the limited movement of people. In
addition, the paper shows how the beta (???????? coefficient, as an appropriate
measure of systemic risk, has been changed depending on the observed
period.
References
Agencija za privredne registre:
https://pretraga3.apr.gov.rs/pretragaObveznikaFI
Beogradska berza, Informator o izdavaocu – AERO, 2022.
https://www.belex.rs/trgovanje/informator/AERO
Fama, E. F., „The Behaviour of Stock-Market Prices“, The Journal
of Business, 1965, Vol. 38, No. 1, pp. 34-105.
Karić, D., Poslovne finansije, Beogradska poslovna škola, Beograd,
Knežević, S., Mitrović, A., Vujić, M., Grgur, A., Analiza
finansijskih izveštaja, Samostalno izdanje autora, Beograd, 2019.
Mandelbrot, B., „The Variation of Certain Speculative Prices“, The
Journal of Business, No. 36, 1963, pp. 394-419.
Mirjanić, B., Finansijska tržišta, Beogradska akademija poslovnih i
umetničkih strukovnih studija, Beograd, 2021.
Jarque, C. M., Bera, A.K., „Efficient Tests for Normality,
Homoscedasticity and Serial Independence of Regression
Residuals“. Economics Letters, 1980, Vol. 6 (3), pp. 255–59.
Jarque, C. M., Bera, A.K., „A Test for Normality of Observations
and Regression Residuals“. International Statistical Review, 1987,
Vol. 55 (2), pp. 163–172.
Sharpe, F. W., „A Simplified Model for Porfolio Analysis“,
Management Science, 1963, Vol. 9, No. 2, pp. 277-293.
Sharpe, W. F., „Capital asset prices: A Theory of Market
Equilibrium Under Conditions of Risk“, Journal of Finance, 1964,
Vol. 19, No. 3, pp. 425-442.
Sharpe, F. W., „Portfolio Analysis“, The Journal of Financial and
Quantitative Analysis, 1967, Vol. 2, No. 1, pp. 76-84.
Sharpe, F. W., „Capital Asset Prices with and without Negative
Holding“, The Journal of Finance, 1992, Vol. 46, No. 2, pp. 489-
Ross, S. A., Westerfield, R. V, Jaffe, J., Corporate Finance,
McGraw-Hill, 2003, New York.
Downloads
Published
Issue
Section
License
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
