Inclusion of stocks in the index


  • Натко Благојевић Zagrebačka banka d.d.
  • Силвије Орсаг Faculty of Economics, University of Zagreb



behavioral finance, technical anomalies, the inclusion in the index, the rise in stock prices afer the inclusion in the index


Index inclusion is one of a technical anomaly in the focus of behavioral finance which cannot be explained from the viewpoint of traditional finance. Starting from globalization of world financial markets and the fact that Croatian capital market is well integrated within developed European capital markets we are investigate existence of significant changes in prices of stock after theirs inclusion in index Crobex . As result of performing researches we find significant change in stock price caused by theirs including in stock market index without significant change in theirs trading volumes in situation where are no index funds specialized for investing in Crobex and where inclusion is transparent and autonomous from discreet decisions.


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How to Cite

Благојевић, Н., & Орсаг, С. (2013). Inclusion of stocks in the index. Acta Economica, 11(18), 51–66.



Preliminary Communication