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• The impact of energy crisis on variance- and Gini-optimized portfolio structures – case of Hungary

  1-13

  Gergő Tömöri

  György Csontos

  Views:

  18

  Crises in the 2020s have shocked global stock markets with unprecedented sud- denness. This has had a particularly strong impact on the Central European countries outside the euro area and exposed to heightened geopolitical conflicts, and within them, Hungary, which has had a particular government response to the crisis. Our research objective was to investigate the impact of the energy crisis on the Hungarian stock market as a consequence of the combination of greening policies, the post-Covid reopening and the EU sanctions policy on Russian energy imports, focusing on the portfolio optimization of the Hungarian blue chips and the stocks of the biggest complex (renewable and non-renewable) energy producer and trader company in the Hungarian market. In this context, our aim is to determine the impact of the turbulent crisis phenomena in the period 2020-2023, with a focus on energy price inflation, on the structure of a portfolio of the 5 stocks mentioned above optimized based on mean-variance and mean-Gini model. Since based on both methods, although differently, significantly increased the portfolio weight of the same energy company stocks in the energy crisis, it can be concluded that the change in the composition of the diversified portfolio reflected the impact of macroeconomic conditions on the stock market.

• FINANCIAL ANALYSIS OF LISTED COMPANIES OF VISEGRAD COUNTRIES AND ROMANIA

  8-17

  Gabriella Koszorús

  Views:

  222

  In this study, listed companies of 5 countries (Hungary, Slovakia, Poland, Czech Republic, and Romania) were analyzed between 2014 and 2018. The data was downloaded from www.EMIS.com. Financial institutions and companies with too many missing data and those that were not full period listed on the stock exchange were removed from the dataset. The main aim of the research was to compare the performance of the listed companies on the stock exchanges of countries examined. First, there was analyzed performance indicators, then market indicators. Using variance analysis, there was investigated the differences between countries based on ROS, ROA, ROE ratios, which then was expanded to include some market ratios. Based on the results, it can be stated that due to the difference in the number of listed companies and the size of the companies, large variations can be observed both within and between countries. No best country can be determined because almost all of the indicators perform better in different countries during the period examined. It is important to note that earnings per unit capital are the highest in Hungary and the Czech Republic, so investors are likely to expect higher returns in these countries. During the analysis of variance, there could not be found in many ratios with significant differences between countries over the years investigated.

• The Typical Features of the Regional Specialization in Poultry-Farming in Hungary Today

  34-42

  Levente Komarek

  Views:

  141

  The territorial location issues of livestock in the European Union and also in our country have got into the focus over the past few years. There are different animal structures in the regions of our country and different animal species have become dominant. The location and the development of certain animal types are affected by a number of socio-economic factors (the history of breeding, ownership, labour and capital assets, etc.). In the case of the spatially differentiated species-structure we have to reckon with a variable profitability, human resources, technical standards, different risk factors and market opportunities in the different regions. The topicality of the research theme is enhanced by the fact that nowadays the spatial structure of animal production has become a key issue. That is why more and more research is needed in Hungary, primarily research studying and analysing the structural changes and principals of animal production (poultry production) in order to ensure that each region would have a rational and efficient breed-structure. In addition, it is expected in modern market economies that the various regions should specialize in animal species, for which they have the most favourable breeding conditions. In order to follow the poultry stock changes (spatial and structural) in the last decade, it was important to consider the spatial specialization of different species over time.

• Analysis of practice of sustainability reports

  43-52

  Edina Kulcsár

  Views:

  214

  The responsibility of companies to reduce the negative effects of climate change is obvious. The transition from a traditional linear economy to a circular economy means an increasing burden on companies. Besides the adequate financial performance, more and more emphasis is being placed on environmental performance. This study examines the non-financial sustainability reporting practices of 20 companies listed on the Bucharest Stock Exchange. The analysis used non-financial reports of companies with the highest market capitalization between 2020 and 2022. The analysis results support that the reports of environmentally sensitive companies are more extensive and detailed concerning investigated aspects. The details and length of the companies’ ESG (Environment, Social, Governance) reports increased during the three years examined. The environmental and social aspects of disclosed documents are more detailed for the banks, the oil extraction, and the telecommunication companies. In the company sample examined, it can be observed that most of the reports are prepared according to the GRI regulation. It can also be observed that the companies examined made more detailed and longer reports. The research results also support the fact that the aspects of the ESG report (E, S, G) also depend on the sector in which the companies operate.

• Profitability of exponential and simple moving average crossover strategy and the profitability of trend trading

  34-42

  Balázs Levente Tóth

  Balázs Fazekas

  Views:

  129

  The study focused on trading based on the signals of indicators, specifically examining a strategy using moving average crossovers. One of the main purposes of the paper was to analyse the efficiency differences between the simple and exponential moving average crossover strategies. Additionally, the study explored the impact of trend-following trading on the performance of indicators. The research tested the performance of indicators using the example of companies with the highest market capitalization. The main conclusion of the article is that there was no superior indicator in cases of the examined stocks. Furthermore, during periods of predominantly rising trends, the buy-and-hold strategy outperformed the active trading strategy based on indicators.