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dc.contributor.author
Qerama, Entela
en
dc.date.accessioned
2015-06-03T09:30:26Z
dc.date.available
2015-09-27T05:56:10Z
dc.date.issued
2015-06-03
dc.identifier.uri
https://repository.ihu.edu.gr//xmlui/handle/11544/164
dc.rights
Default License
dc.title
Tirana stock exchange
en
heal.type
masterThesis
heal.language
en
heal.access
free
el
heal.license
http://creativecommons.org/licenses/by-nc/4.0
heal.recordProvider
School of Economics, Business Administration and Legal Studies, Executive MBA
heal.publicationDate
2010-02-27
heal.bibliographicCitation
Entela Qerama, 2010 ,Tirana stock exchange , Master's Dissertation, International Hellenic University
en
heal.abstract
Even though more than a decade has passed, the Stock Exchange Market in Albania is still not functional. The Tirana Stock Exchange is still expecting its first company to be listed. The question that arises toward the Albanian economy and its financial system is: Will it ever be possible for the stock exchange and more specifically the capital markets to be functional in Albania? The objective of this study is to perform an analysis of the factors that assist or impede the development of the stock exchange in Albania and further more to give answers to the three main questions related to the functionality of the stock exchange: WHAT, WHY and HOW should the stock exchange be designed, in order to have it, by the end, functional. The conclusion and recommendation: The Tirana Stock Exchange as a multifunctional platform for financial instruments and non financial products is the most optimal model for a functional long term and permanent stock exchange in Albania.
en
heal.tableOfContents
List of Illustrations 7 Tables 7 Graphs 7 Methodology 8-9 Introduction 10 The Financial System and the securities market in Albania 11 Banking Sector 11-12 Non Banking Financial System 13 Insurance institutions 13-14 Investment funds 14-15 Pension Funds 15-16 The Center of Shares Registration (CSR) 16-17 Specialized intermediaries in the Tirana Stock Exchange 16-17 Securities clearing system in Stock Exchange 17 Tirana Stock Exchange – a theoritical practice 18 Tirana Stock Exchange (TSE) – Brief history 18-20 Organisation of TSE 20-22 Why the TSE does not function in Albania? – Factorial analysis of three dimensions 23 Unfavorable factors: 23 • Political stability 23-24 • Regulatory framework and law application 24 • The institutional environment 25 • Economical environment 25 The modest figures of the national economy 25 Lack of vision and global strategy of the economic development 25-26 The “Albanian” model in establishing the capital markert 27-29 Level of informality in Albania 29 Initial Public Offer (IPO) as a “forbitten apple” for the albanian economy 29  Legal status and the field of actitivities of large corporates in Albania 29-30 5  The process of establishing joint stock companies 30  The age relatively young of the private business 30-31  The orientation of the private business 31  Lack of the proper competition between businesses 31  Lack of specialized financial intermediates, such as investment banks, and the financial advisors 31-32  Main sources of financing 32  Interests and selection of companies for channeling new funds 32  Inability of companies to fulfill the “quality” criteria to be listed in stock market 32  Readiness of the Tirana Stock Exchange 33  “Complexity” of IPO 33  Institutional Environment 33-34  The culture in general and the financial one 34  Lack of fiscal facilities for joint stock companies aiming in being listed in TSE 34-35 Favorable factors 35  The satisfactory level of savings by the population 35  Satisfactory level of economic growth 35-36  Implementation of a reasonable monetary policy and achievement of a moderated inflation level 36  The presence of institutions of the capital markets and the regulatory framework for the functionality of the capitals market and other operators in this market 36-38  Legal framework on the accounting standards and financial reports 38  Legal framework for strategic privatization 38  Development of the middle class of the society 38-45 SWOT ANALYSIS 45  Strong points 45  Week points 46-47  Opportunities 47-48  Threats 48-50 6 Possibilities for the development of TSE 50-52 WHY? 52 WHAT? 53 HOW? 53-55 Conclusions and Recommendations 55 Conclusions 55-57 RECOMMENDATIONS 57-60 LAST 60 LIST OF REFERENCES 61-64
en
heal.advisorName
Prof Levis, Marios
en
heal.committeeMemberName
Prof Levis, Marios
en
heal.committeeMemberName
Anagnostopoulou, Dr Seraina
en
heal.committeeMemberName
Alexakis, Dr Christos
en
heal.academicPublisher
School of Economics and Business Administration, Executive MBA programme
en
heal.academicPublisherID
ihu
heal.numberOfPages
64
heal.fullTextAvailability
true


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