Η μετοχική συμπεριφορά πριν και μετά την ένταξη στο Διεθνές Νομισματικό Ταμείο

Τσινορέμα, Σταυρούλα

The shareholder behavior before and after joining to the International Monetary Fund

Master Thesis

Author

Τσινορέμα, Σταυρούλα

Date

2015-10

Abstract

Stock market crash is the sudden drop of the asset price, mainly of shares which is followed by the sudden deterioration of all or of a large number of economic indicators and by some cases of companies' bankruptcy. It is probably the most important sign of rejecting the hypothesis of efficient markets((Kindleberger, 1978). Stock prices change endogenously as a result of the actions of thousands of investors that assess the information given and move on in many types of transactions. The investors are influenced by exogenous factors that affect the market such as a war, an important political fact or even the "adoption '' of an innovation that might lead to significant results. In Greece, stock market crashes start prior to the beginning of the stock market just like the one (chrash) concerning the shares of the Greek Company of Lavrio (town) in 1875 or the 1999's crisis and also the crisis that accompanied the country's incorporation in the I.M.F.(International Monetary Funds). Is the first chapter of this project, the theory of Efficient Markets is presented. The definition of efficient markets and the conditions that should be applied are also shown so as to have an existing efficient market. Moreover the forms of market(weak, semi-strong and strong effective market) and the disputes about the randomness of changes are presented too. In addition, here follows the analysis of the Athens Stock Exchange and its indicators from its establishment and a chronological presentation of all the phenomenon of the sharp declines of G.P.I (General Price Index) after the period of development together with the reason and the consequences that they caused in Greek economy and society. This project concludes with the presentation of study results of the behavior of a sample of the shares of the following banks: ALPHA BANK, NATIONAL BANK, EUROBANK, PIRAEOUS BANK. It also deals with the shares of blue chips companies such as ΔΕΗ, ΟΤΕ , ΟΠΑΠ, ΤΙΤK and the stocks of small capitalization companies such as ΚΑΘΗΜΕΡΙΝΗ, ΜΥΛΟΙ ΛΟΥΛΗ, FLEXOPACK and INFOQUEST. All the results of the samples above present the "before and after" the country's entry in the I.M.F(International Monetary Funds)

Postgraduate Studies Programme

Οικονομική και Επιχειρησιακή Στρατηγική

Department

Σχολή Οικονομικών, Επιχειρηματικών και Διεθνών Σπουδών. Τμήμα Οικονομικής Επιστήμης

Number of pages

Language

Greek

URI

https://dione.lib.unipi.gr/xmlui/handle/unipi/9197

Collections

Τμήμα Οικονομικής Επιστήμης

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