Pavle Dakić – Singidunum University, Danijelova 32, 11000 Belgrade, Serbia
Luka Filipović – EuroAudit llc, Bvld. despota Stefana 12, 11000 Belgrade, Serbia
Marko Starčević – Union-Nikola Tesla University, Knez Mihailova 33, 11000 Beograd, Serbia
DOI: https://doi.org/10.31410/ITEMA.S.P.2019.149
3rd International Scientific Conference on Recent Advances in Information Technology, Tourism, Economics, Management and Agriculture – ITEMA 2019 – Bratislava, Slovakia, October 24, 2019, SELECTED PAPERS published by the Association of Economists and Managers of the Balkans, Belgrade; Printed by: SKRIPTA International, Belgrade, ISBN 978-86-80194-24-0, ISSN 2683-5991, DOI: https://doi.org/10.31410/ITEMA.S.P.2019
Abstract
The subject of this research is to analyze the methods of fundamental investment analysis
on the example of stocks of a domestic company listed on the Belgrade Stock Exchange. The aim of the
research is to obtain concrete information on the possibilities of improving the effective management of
the portfolio of shares of this company with a special focus on the optimal selection of techniques and
methods of fundamental analysis that deals with the study of economic, political and social indicators of
the national economy in order to predict trends in the financial market into the future. The methodology
used in this paper includes exploratory technique methods as well as analysis and synthesis methods.
The results of the research will be useful to the academic community for further research in this area
as well as to future investors.
Keywords
Fundamental Analysis, Investments, Stocks, Belgrade Stock Exchange
References
Abarbanell, S., Bushee, J., (1998). Abnormal returns to Fundamental analysis strategy. The
analysis. Research Starters Business, 1-5. Accounting Review, 73(1), 19-45.
Anđelić, et. al. (2016). New development trends of commodity exchanges through the prism of
modern standards. Poslovna ekonomija, 10(2), 1–27.
Bauman, M., (1996). A review of Fundamental Analysis Research in Accounting. Journal of
Accounting Literature. 15, 1 – 33.
Bernard, L., (1994). Accounting-based valuation methods, determinants of market-to-book
ratios, and implications for financial statements analysis. Working paper. (University of
Michigan. Business School. Faculty Research). No. 9401.
Bettman, J., Sault, S., Schultz, E., (2009). Fundamental and Technical analysis: Substitutes or
complements. Accounting and finance. 49 1, 21 – 36.
Bodie, Z., Kan, A., Marcus, J., (2009). Investments. 8th Ed. McGraw-Hill Irwin.
Dzelatovic, M., Milosevic, M., (2017). Fundamentalna i tehnička analiza u funkciji efikasnog
upravljanja portfoliom HoV, Business Economics year 11 No 1, 47-68.
Fisher, E., Jordan, J., (1995). Security Analysis and Portfolio Management. 6th Ed. Prentice-Hall,
New York, N.Y.
Gould, M. (2016). Fundamental vs. technical financial analysis. Research Starters Business, 1-5.
Hou, W., Kho, K., Karolyi, G.A. (2011). What factors drive global stock returns? Review of
Financial Studies, 24(8), 2527-2574.
Jagongo, A., Mutswenje, S. (2014). A survey of the factors influencing investment decision:
The case of individual Investors at NSE, International Journal of Humanities and Social
Science, (4), 92-102.
Jones, P., (2007). Investment. 10th Ed. John Wiley & Sons, Inc.
Ou, J., Penman, H., (1989). Financial statement analysis and the prediction of stock returns,
Journal of Accounting and Economics 11, North-Holland 295-329.
Penman, H., 1991. An evaluation of accounting rate-of-return. Journal of Accounting, Auditing
& Finance. 6, 2, 233 – 255.
Reilly, F., Brown, K., 2002. Investment Analysis and Portfolio management. 7th Ed. South-Western.
Richard, P. еt al, Measuring Organizational Performance: Towards Methodological Best Practice,
Journal of Management, vol. 35, No. 3, 2009.
Steinberg, M. (2000), Guide to Investing, Third Edition, New York Institute of Finance, Prentice
Hall Press.
Sureshkumar, K., Elango, M. (2011). An efficient approach to forecast Indian stock market price
and their performance analysis. Int. Journal of Computer Application, 34 (5), 44-49.