Open Access Article SciPap-776
A Comparison of the Stock Exchanges of the Central and Eastern Europe Stock Exchange Group
by Josef Novotný 1,*, František Sejkora 2 and Michal Hrneček 3

1 Faculty of Economics and Administration, Institute of Business Economics and Management, University of Pardubice, Studenská 84, Pardubice 53210, Czechia

2 Faculty of Economics and Administration, Institute of Business Economics and Management, University of Pardubice, Studenská 84, Pardubice 53210, Czechia

3 Faculty of Economics and Administration, Institute of Business Economics and Management, University of Pardubice, Studenská 84, Pardubice 53210, Czechia

* Authors to whom correspondence should be addressed.

Abstract: This article deals with an evaluation of the stock exchanges of the Central and Eastern Europe Stock Exchange Group (CEESEG), which comprises four stock exchanges. The individual stock exchanges of the CEESEG are characterized using the main stock indicators and we also compare their development and achievements. The stock exchanges are evaluated in terms of their market capitalization, liquidity and volatility. Correlation coefficients are used to express the dependence of the indices of the monitored stock exchanges with the Dow Jones Euro Stoxx 50, which is an important indicator of the European capital market. The obtained results complement the knowledge of this interesting segment of the European capital market and can be used by both retail and institutional investors.

Keywords: Risk, Securities, Share, Stock Exchange, CEESEG, Market Capitalization, Yield

JEL classification:   G12 - Asset Pricing • Trading Volume • Bond Interest Rates

SciPap 2015, 23(3), 776

Received: 31 August 2015 / Accepted: 17 December 2015 / Published: 21 December 2015