Ανάλυση χαρτοφυλακίου μετοχών στο χώρο της υγείας
Stock portfolio analysis in the health sector
This thesis deals with the theoretical and the empirical part of the stock portfolios, which are from the sector of health in Greece. The first chapter presents the portfolio theory, as formulated by Harry Markowitz in 1952 and shows the behavior of the interested investors, so that they make an important investment. This theory separates the excellent portfolio from the effective and sets some basic prerequisites for its validity. It refers to the return and the risk, which are concern all the investors, since all of them (investors) target to receive the maximum possible return with the minimum or even zero risk. It is also analyzed the condition, according to which, the efficient market operates. The theoretical part is completed with CAPM, which firstly created by William F. Sharpe in 1964, and later continued by John Lintner in 1965 and Jan Mossin in 1966. Following the thesis, we observe the closing price of four stocks for 15 years, we convert these prices into returns, for better analysis, restricting the differences and we check if there is correlation between the stock returns. Then, a vector autoregressive system is presented, which exports some results and it continues with a causality test, so we come to some conclusions. Finally, there is a graph representation of dynamic multipliers and it is presented the duration of the influence of the independent variable on the dependent variable. In the end of thesis, some general conclusions are presented.