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001-es BibID:	BIBFORM072725
Első szerző:	Kulcsár Edina (közgazdász)
Cím:	The comparative analysis of Romanian and Hungarian stock market indices and exchange rates / Kulcsár Edina, Tarnóczi Tibor
Dátum:	2012
ISSN:	1222-569X 1582-5450
Megjegyzések:	Nowadays, when we are witnessing a serious macro-level changes, to deal with financial and economic indicators becomes more and more important in the economy, in particular to evaluate the changes of these indicators and especially their impact to the private sector. This paper aims to analyze in comparison for two countries, in what extent can explain the changes of the most important stock market indices with the fluctuations of those two countries national currency exchange rates in euro. To determinate the relationship between the macro indicators we've used traditional statistical methods, namely simple linear regression model and the Bayesian statistics. In case of both Romania and Hungary, the analyses show that there is a relationship between exchange rates and the changes of stock indices. If we compare the analysis results of the two countries, we can see that the relationship between the BET index and Lei/EUR exchange rate is much more stronger than between the BUX index and Ft/EUR exchange rate, in the latter case we can see a much weaker relationship.
Tárgyszavak:	Társadalomtudományok Közgazdaságtudományok idegen nyelvű folyóiratközlemény külföldi lapban stock indices exchange rate financial crisis macro-indicators Bayesian statistics
Megjelenés:	Analele Universitatii din Oradea : Stiinte Economice = Annals of University of Oradea. Economic science 1 : 2 (2012), p. 564-570. -
További szerzők:	Tarnóczi Tibor (1952-) (közgazdász)
Internet cím:	Szerző által megadott URL Intézményi repozitóriumban (DEA) tárolt változat
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001-es BibID:	BIBFORM072713
Első szerző:	Tarnóczi Tibor (közgazdász)
Cím:	Risk and Growth Analysis of Small and Medium Size Enterprises Between 2010 and 2012 / Tarnóczi Tibor, Kulcsár Edina, Droj Laurentiu
Dátum:	2015
ISSN:	2212-5671
Megjegyzések:	The paper is dealing with the analysis of the enterprise risk and growth of a selected number of anonymous small and medium size enterprises. The investigation is based on the enterprises' simplified annual financial reports. In the economic environment of our days, the principle of "no risk means no profit" is widely accepted and supported. It can also be added, if there is no profit, there is no successful growth. By using leverage ratios, below we intend to analyze two basic types of enterprise risk: financial risk and operational risk. Several publications dealing with enterprise growth are available, yet none have yet been able to offer a common approach to this problem. In our publication enterprise growth is considered as the effective growth of certain economic indicators. We investigate internal and sustainable growth rates in the period of 2010-2013 in a sample of enterprises registered in County Bihor and operating in different sectors of economy. In the second part of the study, the investigated firms are grouped by calculated indicators based on their 2012 year's results by the method of cluster analysis. The calculations were carried out by the R statistics program which is used in a variety of research fields and has the advantage of being an open source software system. The program can offer the modules that are required for our analysis. For our cluster analysis we applied module 'hclust'. The results of the analysis show that there are no significant changes in the internal and sustainable growth rates of the companies over the investigated period. The minor difference identified between the internal (IGR) and sustainable growth (SGR) rates can be considered as normal, since the investigated firms were using foreign sources as well in order to finance their activities. In terms of risk indicators, it was found that of the degree of operating leverage (DOL) and the degree of financial leverage (DFL) it is the degree of operating leverage that appears to be the major source of problems for the investigated firms. Thus, risk managers should be giving priority attention to minimizing it. Our analyses show that the majority (64%) of the enterprises have an acceptable level of risk.
Tárgyszavak:	Társadalomtudományok Közgazdaságtudományok idegen nyelvű folyóiratközlemény külföldi lapban risk uncertainty enterprise growth profitability leverage
Megjelenés:	Procedia Economics and Finance 32 (2015), p. 1323-1331. -
További szerzők:	Kulcsár Edina (1987-) (közgazdász) Laurentiu, Droj
Internet cím:	Szerző által megadott URL DOI Intézményi repozitóriumban (DEA) tárolt változat
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001-es BibID:	BIBFORM052298
Első szerző:	Tarnóczi Tibor (közgazdász)
Cím:	The comparative risk and performance analysis of Hungarian and Romanian exchange indices / Tibor Tarnóczi, Edina Kulcsár
Dátum:	2013
ISSN:	1222-569X 1582-5450
Megjegyzések:	Nowadays, the most dominant characteristics of the financialenvironment are instability, variability, riskiness and uncertainty. It is difficult to find a field where the decision making process is risk-free. This statement is especially true in case of financial investments according to which risk taking is rewarded. But it is also true that the financial market participants cannot be completely avoided risks, but there are many options for managing and minimizing them. One of the most well-known theories of financial instruments' risk minimization is the modern portfolio theory, which is the collection of tools and techniques by which a risk-averse investor may construct an optimal portfolio. In portfolio theory it is also known the possibility of risky assets diversification to obtain the optimal return/risk ratio. Consequently, this paper aims to examine the efficient portfolio alternatives by determination of performance ratios based on CAPM model and modern portfolio theory, such as Sharpe ratio, Jensen's alpha and Treynor ratio and risk measuring methods, such as Value at Risk, or Expected Shortfall. In present research we concentrate to a comparative analysis of portfolios consist in main stock indices shares of two neighboring countries from Central and Eastern Europe: Hungary and Romania. The analysis was performed on the Romanian BET and Hungarian BUX stock market indices using the six-month daily closingprices. Data of the analysis were downloaded from the official websites of Romanian and Hungarian stock exchanges.The statistical analysis was made in R statistical system. Using such tools to uncover information and ask betterquestions will support the investors to make better and better investment decisions. The results of present research show a greater performance level for Romanian portfolio, butalso a higher level of risk, with lower volatility towardmarket changes and major specific risk. For the Hungarian portfolio, the performance is more temperate, the level of risk is also smaller and the volatility to market factors is more relevant, so the specific risk is moderate in this case.
Tárgyszavak:	Társadalomtudományok Gazdálkodás- és szervezéstudományok idegen nyelvű folyóiratközlemény külföldi lapban diversification portfolio theory risk efficient portfolio return performance analysis
Megjelenés:	Analele Universitatii din Oradea : Stiinte Economice = Annals of University of Oradea. Economic science 22 : 2 (2013), p. 451-462. -
További szerzők:	Kulcsár Edina (1987-) (közgazdász)
Internet cím:	Szerző által megadott URL Intézményi repozitóriumban (DEA) tárolt változat
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