Suchergebnisse

As the global financial crisis is started, investors are trying to look for new investment methods. During the meltdown of most shares, share investments are becoming unattractive, it decreases the liquidity of the exchange itself. As bears are dominating in share markets, more and more investors choose various alternatives of investments. One of them is Exchange Traded Funds, therefore a closer acquaintance with the management, features and advantages of these funds is needed. In order to choose the best combination of ETF funds while forming an investment portfolio, analysis of ETF fund results and created risk is required, as well as determination of how these funds match in one portfolio and what result can be obtained. The object of research – Exchange Traded Funds, as means of risk decreasing. The purpose of this work – to perform evaluation of Exchange Traded Funds and different risks ETF portfolios that were formed according to the created model. To fulfill the purpose the following most important tasks were set: to discuss the features and types of ETF funds and to analyze advantages and disadvantages of the funds arising because of distinctive features of ETF, to distinguish the differences of ETF funds from traditional investment funds, to analyze possible ETF funds portfolio management methods, to analyze the dependence of risks and profitability as well as measuring of ETF funds and portfolio formed of them, to distinguish forming and management strategies of ETF funds investment portfolio and to create a ETF funds forming model according to the distinguished strategies, to analyze the results of ETF funds and to form investment portfolios of different risks according to the created model and to perform the evaluation of them. After analysis of profitability and risks of ETF funds it was determined that according to the results of the analyzed period the best one is the ETF of Latin America, as well as ETF depending on the price of gold. As the financial crisis is deepened, the main share indexes in many geographical regions dropped to great extent, but in the end of March of the year 2009 a period of sudden and constant rising started. This rising was influenced by the fact that economics of countries started to recover because of the economic stimulus package by governments, and investors directed the amount of money increased because of the economic stimulus to the financial instruments of higher risks. After analysis of the investment portfolios it was discovered that only the results of portfolio of aggressive risks were better than those of the comparative index. While analyzing the portfolios it was noticed that general risk of the portfolio depends not only on the instruments in the portfolio, it is also influenced by the investment period of the portfolio, because during the financial crisis the risks and profitability of ETF obligations was distorted to great extent. The market of obligations was highly instable because of the liquidity of obligations in market and share market that was later decreasing, therefore the risks of ETF obligations, even such as substantially non risky 10 – 20 years obligations of USA government, increased to great extent. It was noticed that it is difficult to choose the comparative index when forming the portfolio according to strategies of active distribution, block building or combined strategy of active distribution and block building, or by including the ETF funds of color metals and raw materials into the portfolio and later carrying out evaluation of it.

As the global financial crisis is started, investors are trying to look for new investment methods. During the meltdown of most shares, share investments are becoming unattractive, it decreases the liquidity of the exchange itself. As bears are dominating in share markets, more and more investors choose various alternatives of investments. One of them is Exchange Traded Funds, therefore a closer acquaintance with the management, features and advantages of these funds is needed. In order to choose the best combination of ETF funds while forming an investment portfolio, analysis of ETF fund results and created risk is required, as well as determination of how these funds match in one portfolio and what result can be obtained. The object of research – Exchange Traded Funds, as means of risk decreasing. The purpose of this work – to perform evaluation of Exchange Traded Funds and different risks ETF portfolios that were formed according to the created model. To fulfill the purpose the following most important tasks were set: to discuss the features and types of ETF funds and to analyze advantages and disadvantages of the funds arising because of distinctive features of ETF, to distinguish the differences of ETF funds from traditional investment funds, to analyze possible ETF funds portfolio management methods, to analyze the dependence of risks and profitability as well as measuring of ETF funds and portfolio formed of them, to distinguish forming and management strategies of ETF funds investment portfolio and to create a ETF funds forming model according to the distinguished strategies, to analyze the results of ETF funds and to form investment portfolios of different risks according to the created model and to perform the evaluation of them. After analysis of profitability and risks of ETF funds it was determined that according to the results of the analyzed period the best one is the ETF of Latin America, as well as ETF depending on the price of gold. As the financial crisis is deepened, the main share indexes in many geographical regions dropped to great extent, but in the end of March of the year 2009 a period of sudden and constant rising started. This rising was influenced by the fact that economics of countries started to recover because of the economic stimulus package by governments, and investors directed the amount of money increased because of the economic stimulus to the financial instruments of higher risks. After analysis of the investment portfolios it was discovered that only the results of portfolio of aggressive risks were better than those of the comparative index. While analyzing the portfolios it was noticed that general risk of the portfolio depends not only on the instruments in the portfolio, it is also influenced by the investment period of the portfolio, because during the financial crisis the risks and profitability of ETF obligations was distorted to great extent. The market of obligations was highly instable because of the liquidity of obligations in market and share market that was later decreasing, therefore the risks of ETF obligations, even such as substantially non risky 10 – 20 years obligations of USA government, increased to great extent. It was noticed that it is difficult to choose the comparative index when forming the portfolio according to strategies of active distribution, block building or combined strategy of active distribution and block building, or by including the ETF funds of color metals and raw materials into the portfolio and later carrying out evaluation of it.

Išsivysčiusiose šalyse tarp centrinių bankų reguliuojamų palūkanų normų ir akcijų rinkų dažniausiai egzistuoja neigiamas ir statistiškai reikšmingas ryšys. Tačiau šis ryšys gali pasikeisti ne tik nuo taikomų skirtingų pinigų politikos priemonių, rinkoje vyraujančių nuotaikų ar kitų veiksnių, bet ir nuo skirtingo šalių išsivystymo lygio. Siekiant nustatyti, ar Kinijos akcijų rinka teigiamai reaguoja priimant skatinamosios politikos sprendimus, o neigiamai – vykdant griežtinamąją pinigų politiką, buvo analizuojamas 2007–2016 metų laikotarpis ir taikomas įvykio analizės metodas. Tyrimo metu gauti rezultatai atskleidė, kad palūkanų normų didinimo ir privalomųjų rezervų mažinimo atvejais Kinijos akcijų rinka nereaguoja kaip išsivysčiusi rinka. Tačiau palūkanų normų mažinimo ir ypač privalomųjų rezervų didinimo metu Kinijos akcijų rinkai gali būti pritaikytas išsivysčiusių rinkų pavyzdys.

The relationship between the interest rate and the stock market most often is negative and statistically significant in developed countries. However, this relationship can be affected not only by various monetary policy instruments, the prevailing sentiments in the market or other factors but also by different development levels Seeking to find out whether China's stock market positively reacts to expantionary policy and negatively to contarctionary policy the author of the paper analyzed the period 2007-2016 using the event study as a research method. Research findings showed that when the interest rate is raised and the required reserve ratio is reduced China's stock market does not react as a developed market. However, when the interest rate is reduced and the required reserve ratio is raised China's stock market reacts as a developed market. ; Išsivysčiusiose šalyse tarp centrinių bankų reguliuojamų palūkanų normų ir akcijų rinkų dažniausiai egzistuoja neigiamas ir statistiškai reikšmingas ryšys. Tačiau šis ryšys gali pasikeisti ne tik nuo taikomų skirtingų pinigų politikos priemonių, rinkoje vyraujančių nuotaikų ar kitų veiksnių, bet ir nuo skirtingo šalių išsivystymo lygio. Siekiant nustatyti, ar Kinijos akcijų rinka teigiamai reaguoja priimant skatinamosios politikos sprendimus, o neigiamai – vykdant griežtinamąją pinigų politiką, buvo analizuojamas 2007–2016 metų laikotarpis ir taikomas įvykio analizės metodas. Tyrimo metu gauti rezultatai atskleidė, kad palūkanų normų didinimo ir privalomųjų rezervų mažinimo atvejais Kinijos akcijų rinka nereaguoja kaip išsivysčiusi rinka. Tačiau palūkanų normų mažinimo ir ypač privalomųjų rezervų didinimo metu Kinijos akcijų rinkai gali būti pritaikytas išsivysčiusių rinkų pavyzdys.

The COVID-19 pandemic crisis differs in nature from the previous financial crisis and therefore different solutions must be taken. In this context, governments are seeking to help businesses deal with the effects of the pandemic, which have had the greatest impact on corporate liquidity. The analysis of government support measures in the context of the COVID-19 pandemic has shown that EU governments use not only direct but also indirect financial support to business. However, the latter is not sufficiently analysed in scientific works. The aim of the study is to analyse the measures of indirect financial support for business applied by EU governments and to provide the classification of the measures described. In order to achieve the aim, the following methods of scientific research were used: analysis, synthesis, induction, deduction, abstraction, and analogy of scientific literature, normative documents, reports and reviews of international organisations, and support measures applied in governments' practice. The study developed an original structure of government indirect financial support measures for business, comprising three components of government support measures: (1) minimisation of legal norms related to corporate finance; (2) indirect financial assistance related to labour law; (3) strengthening the legal framework for corporate finance. The measures analysed are described in more detail by distinguishing them into separate groups. The structure developed is based on concrete examples of application in EU countries and could contribute to a more targeted approach to business support in the future. ; COVID-19 pandemijos sukelta krizė savo prigimtimi skiriasi nuo ankstesnės finansinės krizės, todėl reikalauja kitokių sprendimo priemonių. Šioje situacijoje vyriausybės siekia padėti verslui spręsti kilusias pandemijos poveikio problemas, kurios labiausiai turėjo įtakos įmonių likvidumui. Atlikus COVID-19 pandemijos metu praktikoje taikomų vyriausybių pagalbos priemonių analizę, nustatyta, kad ES valstybių vyriausybės taiko ne tik tiesiogines, bet ir netiesioginės finansinės pagalbos priemones verslui. Tačiau pastarosios mokslo darbuose analizuojamos nepakankamai. Tyrimo tikslas – išanalizuoti ES šalių vyriausybių taikomas netiesioginės finansinės pagalbos priemones verslui ir pateikti jų klasifikaciją. Siekiant užsibrėžto tikslo, naudoti šie bendramoksliniai tyrimo metodai — mokslinės literatūros šaltinių, norminių dokumentų, tarptautinių organizacijų ataskaitų ir apžvalgų, vyriausybių praktikoje taikomų pagalbos priemonių analizė, sintezė, indukcija, dedukcija, abstrahavimas, analogija. Tyrimo metu sukurta originali vyriausybių netiesioginės finansinės pagalbos priemonių verslui struktūra, apimanti tris vyriausybių pagalbos priemonių sudedamąsias dalis – (1) teisinių normų, susijusių su įmonių finansais, švelninimas; (2) netiesioginė finansinė pagalba, susijusi su darbo teise; (3) teisinių normų, susijusių su įmonių finansais, griežtinimas, kurios detalizuojamos, išskiriant atskiras grupes. Sukurta struktūra pagrįsta konkrečiais ES šalyse taikymo praktikoje pavyzdžiais ir ateityje galėtų prisidėti tikslingiau sprendžiant pagalbos verslui klausimus.

The COVID-19 pandemic crisis differs in nature from the previous financial crisis and therefore different solutions must be taken. In this context, governments are seeking to help businesses deal with the effects of the pandemic, which have had the greatest impact on corporate liquidity. The analysis of government support measures in the context of the COVID-19 pandemic has shown that EU governments use not only direct but also indirect financial support to business. However, the latter is not sufficiently analysed in scientific works. The aim of the study is to analyse the measures of indirect financial support for business applied by EU governments and to provide the classification of the measures described. In order to achieve the aim, the following methods of scientific research were used: analysis, synthesis, induction, deduction, abstraction, and analogy of scientific literature, normative documents, reports and reviews of international organisations, and support measures applied in governments' practice. The study developed an original structure of government indirect financial support measures for business, comprising three components of government support measures: (1) minimisation of legal norms related to corporate finance; (2) indirect financial assistance related to labour law; (3) strengthening the legal framework for corporate finance. The measures analysed are described in more detail by distinguishing them into separate groups. The structure developed is based on concrete examples of application in EU countries and could contribute to a more targeted approach to business support in the future.

The COVID-19 pandemic crisis differs in nature from the previous financial crisis and therefore different solutions must be taken. In this context, governments are seeking to help businesses deal with the effects of the pandemic, which have had the greatest impact on corporate liquidity. The analysis of government support measures in the context of the COVID-19 pandemic has shown that EU governments use not only direct but also indirect financial support to business. However, the latter is not sufficiently analysed in scientific works. The aim of the study is to analyse the measures of indirect financial support for business applied by EU governments and to provide the classification of the measures described. In order to achieve the aim, the following methods of scientific research were used: analysis, synthesis, induction, deduction, abstraction, and analogy of scientific literature, normative documents, reports and reviews of international organisations, and support measures applied in governments' practice. The study developed an original structure of government indirect financial support measures for business, comprising three components of government support measures: (1) minimisation of legal norms related to corporate finance; (2) indirect financial assistance related to labour law; (3) strengthening the legal framework for corporate finance. The measures analysed are described in more detail by distinguishing them into separate groups. The structure developed is based on concrete examples of application in EU countries and could contribute to a more targeted approach to business support in the future.

The COVID-19 pandemic crisis differs in nature from the previous financial crisis and therefore different solutions must be taken. In this context, governments are seeking to help businesses deal with the effects of the pandemic, which have had the greatest impact on corporate liquidity. The analysis of government support measures in the context of the COVID-19 pandemic has shown that EU governments use not only direct but also indirect financial support to business. However, the latter is not sufficiently analysed in scientific works. The aim of the study is to analyse the measures of indirect financial support for business applied by EU governments and to provide the classification of the measures described. In order to achieve the aim, the following methods of scientific research were used: analysis, synthesis, induction, deduction, abstraction, and analogy of scientific literature, normative documents, reports and reviews of international organisations, and support measures applied in governments' practice. The study developed an original structure of government indirect financial support measures for business, comprising three components of government support measures: (1) minimisation of legal norms related to corporate finance; (2) indirect financial assistance related to labour law; (3) strengthening the legal framework for corporate finance. The measures analysed are described in more detail by distinguishing them into separate groups. The structure developed is based on concrete examples of application in EU countries and could contribute to a more targeted approach to business support in the future.

The COVID-19 pandemic crisis differs in nature from the previous financial crisis and therefore different solutions must be taken. In this context, governments are seeking to help businesses deal with the effects of the pandemic, which have had the greatest impact on corporate liquidity. The analysis of government support measures in the context of the COVID-19 pandemic has shown that EU governments use not only direct but also indirect financial support to business. However, the latter is not sufficiently analysed in scientific works. The aim of the study is to analyse the measures of indirect financial support for business applied by EU governments and to provide the classification of the measures described. In order to achieve the aim, the following methods of scientific research were used: analysis, synthesis, induction, deduction, abstraction, and analogy of scientific literature, normative documents, reports and reviews of international organisations, and support measures applied in governments' practice. The study developed an original structure of government indirect financial support measures for business, comprising three components of government support measures: (1) minimisation of legal norms related to corporate finance; (2) indirect financial assistance related to labour law; (3) strengthening the legal framework for corporate finance. The measures analysed are described in more detail by distinguishing them into separate groups. The structure developed is based on concrete examples of application in EU countries and could contribute to a more targeted approach to business support in the future.