| Autor: |
І., Моргачов, Л., Костирко, Е., Чернодубова, А., Мартинов, М., Плєтньов |
| Předmět: |
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| Zdroj: |
Financial & Credit Activity: Problems of Theory & Practice; 2021, Vol. 5 Issue 40, p288-299, 12p |
| Abstrakt: |
It is determined that in investment processes, each percentage of returns is important. The hypothesis was considered that active management of the stock portfolio through intensive trading is a potential way of significantly improving the level of efficiency of investments in the stock market. The purpose of the work was to study the feasibility of using trading to increase the profitability of the securities portfolio and, in particular, for institutional investors. Trading of shares (intensive purchase and sale) is considered as a factor in increasing the profitability of investments in shares. The shortcomings of the intensification of trading are specified, which consists in an increase in taxes, brokerage commissions and lost profits due to the expectation of a better date for entering the transaction. As a research method, modeling based on the data of a three-year period of dynamics of Microsoft shares and hypothetical companies was used. The corresponding modeling made it possible to draw the following conclusions: the increase in trading intensity does not guarantee an increase in the level of investment efficiency; the increase in trading intensity leads to an increase in the tax burden and risk level, which ultimately neutralizes efforts on intensive trading. Investment funds which are actively managed and use intensive trading in activities do not have a significant advantage over funds that have passive management. The basis of the efficiency of investment funds is the minimization of overhead costs, including by minimizing taxes due to the reduction of the level of trading intensity to zero. It is important to preenvisage promising shares for purchase, and keep them in their own portfolio for a long period of time with a minimum level of portfolio balancing intensity. Rebalancing the stock portfolio on the principle of profit fixing leads to an increase in tax payments and neutralizes capital growth opportunities due to the sale of shares with high growth potential. [ABSTRACT FROM AUTHOR] |
| Databáze: |
Complementary Index |
| Externí odkaz: |
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