RASDAQ: The Final Curtain

Theoretical and Applied Economics Volume XXIII (2016), No. 3(608), Autumn, pp. 5-40

36 Pages Posted: 14 Jan 2017

See all articles by Cornelia Pop

Cornelia Pop

Babes-Bolyai University

Cristina Balint

Babes-Bolyai University

Maria-Andrada Georgescu

National University of Political Studies and Public Administration (NSPSPA)

Ioan Alin Nistor

Orpheus Capitals

Date Written: August 1, 2016

Abstract

The present paper continues the studies of Pop et al. (2014) and Pop et al. (2015) and completes the previous studies by presenting a brief survey of RASDAQ’s entire active life, the profile of RASDAQ indices, and focusing on the last 911 RASDAQ listed companies: their profile and their decision to be transferred on other market segments or to be delisted. The results of the present study confirms, from another viewpoint, the findings of Pop et al. (2014) and Pop et al. (2015): RASDAQ most important role was to assist the ownership concentration process, thus this role was fulfilled much later compared with the similar markets that existed within the former communist countries. The fulfillment of this role was confirmed by: a) no important trading activity for most of the listed companies between 2013 and 2015; b) weak January and weekend effects; c) low free float.

Furthermore, by choosing to put an end to RASDAQ, the Romanian authorities acknowledged the fulfillment of this role and the fact that a radical transformation of this controversial market was almost impossible.

Keywords: equity market, Granger causality, January effect, weekend effect, RASDAQ

JEL Classification: G14, G19

Suggested Citation

Pop, Cornelia and Balint, Cristina and Georgescu, Maria-Andrada and Nistor, Ioan Alin, RASDAQ: The Final Curtain (August 1, 2016). Theoretical and Applied Economics Volume XXIII (2016), No. 3(608), Autumn, pp. 5-40, Available at SSRN: https://ssrn.com/abstract=2898222

Cornelia Pop (Contact Author)

Babes-Bolyai University ( email )

Cluj-Napoca
Romania

Cristina Balint

Babes-Bolyai University ( email )

58-60 Teodor Maniu street, Cluj-Napoca
67 Iuliu Maniu street, Sighetu Marmatiei
RO-3400 Cluj-Napoca, Cluj 435500
Romania

Maria-Andrada Georgescu

National University of Political Studies and Public Administration (NSPSPA) ( email )

6 Povernei Street
Bucharest, 010643
Romania

Ioan Alin Nistor

Orpheus Capitals ( email )

13 Parang Street, No.20
Cluj Napoca, Cluj 400552
Romania

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