Competitiveness in the Ukrainian stock market and local crisis of 2013–2015

  • 661 Views
  • 75 Downloads

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License

This paper investigates competitiveness in the Ukrainian stock market during local crisis of 2013–2015. The following hypothesis is tested: crisis decreases competitiveness in the stock market. The analysis is carried out for the most liquid stocks in the Ukrainian Exchange (UX) over the period from 2010 to 2017 using both traditional measurements of market concentration (Hirschman Index, Lerner Index, Comprehensive Concentration Index, Entropy Index, Gini coefficient, etc.) and some alternative methods like regression analysis with dummy variables and Kruskal-Wallis test. The results suggest that the current degradation of the Ukrainian stock market is closely related with significant changes in the market concentration which are caused by the local crisis.

view full abstract hide full abstract
    • Figure 1. Trade volumes in the Ukrainian Exchange during 2010–2017 (UAH)
    • Figure 2. Structure of trades in the Ukrainian Stock Exchange: case of issuers in 2011
    • Figure 3. Structure of trades in the Ukrainian Stock Exchange: case of issuers in 2017
    • Figure 4. Lorenz curve for 2017
    • Table 1. Structure of the Ukrainian stock market by organizers in 2008–2015, %
    • Table 2. Structure of the Ukrainian stock market by financial instruments in 2008–2016, % ї
    • Table 3. “Normality” test of the data
    • Table 4. Kruskal-Wallis test results
    • Table 5. Regression analysis results
    • Table 6. Indicators of market concentration, 2010–2017
    • Table 7. General results of concentration indicators analysis for the Ukrainian stock market (cases of 2011 and 2017)
    • Table A1. Structure of the trades in the Ukrainian Exchange during 2010–2017
    • Table В1. Transcription of the codes in listing (Ukrainian Exchange)