Romania Stock Exchange

The Bucharest Stock Exchange (Romanian: Bursa de Valori Bucureti, BVB) is the stock exchange of Romania located in Bucharest. In 2023, the BVB's market capitalization increased by 52.7% to $64.9 billion.[1] As of 2023[update], there were 85 companies listed on the BVB.[1]

The capitalization of the Romanian capital market in relation to GDP was of 17.9% at the end of 2019.[2] That same year, the stock exchange indices reached their highest level in the past 10 years.[3] The BET index went up 35% and the BET-TR rose more rapidly, by 47%, against the dividends distributed by the companies.[4]

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Beginnings of the history of the Bucharest Stock Exchange can be traced back to 1839, when the commodities-trade exchanges were established in Bucharest. It was nevertheless only on December 1, 1882, that the BVB was officially inaugurated. One week later, the first exchange rates begun being published in the Official Gazette. Throughout its early existence, the activities of the Bucharest Stock Exchange were affected by the socio-political events of the time, such as the Romanian Uprising of 1907 or the Balkan Wars that took place between 1912 and 1913. The stock exchange was moreover closed during the First World War. When BVB re-opened following the end of the war, it went through a period of 7 years of significant growth, followed by a period of 7 years of accelerated loss.

Subsequently, Bucharest Stock Exchange experienced continuous development and was established as the main stock exchange in Romania. In 2010, Bucharest Stock Exchange listed on its own spot regulated market under the symbol BVB. In 2010, the Alternative trading system was launched by BVB for SMEs and start-up companies wanting to raise capital from the market.[7] At the end of 2014, it was announced that the equities segment of the ATS market will be re-launched under a new name 'AeRO' which stands for Alternative Exchange in Romania. AeRO was officially relaunched on February 25, 2015, during an official opening of the trading session during which two companies debuted - Delivery Solutions (symbol: SDAY) and Carpathia Capital (CRPC). AeRO targets early stage companies, to finance their projects, growth stories, increase their visibility and contribute to the development of the business environment.[8]

On December 15, 2014, BVB has launched a new website, synchronized with all the channels used by BVB, including social media pages.[9] On March 27, 2015, BVB announced that it was joining the United Nations Sustainable Stock Exchanges initiative making it the 19th stock exchange to join.[10][11] The Bucharest Stock Exchange is a member of the Federation of Euro-Asian Stock Exchanges.

The SSE maintains a database of sustainability activities for all stock exchanges that are either members of the SSE initiative and/or members of the World Federation of Exchanges. This database is the most comprehensive database of stock exchanges worldwide and contains data on all main stock exchanges. The information in this database is intended to inform investors and other stakeholders on the work stock exchanges are undertaking to advance sustainability in their respective markets.

The information provided in this database is based on publicly available information prepared by the SSE Secretariat with input from stock exchanges in most instances. Sources and explanatory notes on sustainability information have been included in individual Stock Exchange Fact Sheets. The criteria for each category can be found below.

Intraday Data provided by FACTSET and subject to terms of use. Historical and current end-of-day data provided by FACTSET. All quotes are in local exchange time. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Intraday data delayed at least 15 minutes or per exchange requirements.

Victor Bostan, the company's CEO, said on February 15 that Purcari had raised $50 million after selling 49 percent of its shares ahead of the February 16 launch on the Bucharest stock exchange (BVB) -- less than the expected $71 million.

This resource provides information on the Bucharest Stock Exchange (BVB) with the aim of enabling investors with the information needed for successful investment in the stock exchange. The resource provides information on investor relations, trade statistics, companies, Romanian financial instruments, market indicators, and market data services.

Regarding the financial market, the pandemic has caused considerable and severe declines in share prices starting in China and, as the virus spread, all around the world. After the initial outbreak in Wuhan, Hubei Province, the Chinese authorities decided to restrict travel on 20 January 2020. The economic crisis created by COVID-19 negatively affected the stability of financial markets (Shehzad, Xiaoxing, et al., 2021). This caused a negative impact on the stock market in China (He et al., 2020; Liu et al., 2020). Once the virus spread worldwide, the negative impact of the new pandemic was felt on every stock market, developed, developing, or frontier markets (Cao et al., 2020; Heyden & Heyden, 2021; Phan & Narayan, 2020; B. Singh et al., 2020; Zhang et al., 2020).

The fourth and final contribution is the link between indices and sectors related to the abovementioned stock exchange. There was an important link between the energy sectors and the energy index and for the non-banking sector and the investment funds index. The transportation and storage (of fuel and other energy products) had a significant drop during the pandemic, followed by electricity production, transportation and distribution and crude oil and natural gas and services, as was the case for the energy index. The share of each sector in the overall index played an important part in the total return for each event window. The same significant link was observed for the investment funds index and non-banking sector, the trend moving in the same pattern.

For example, Hadi et al. (2019) investigate the effects of terrorist attacks on the stock performance of tourism, travel and leisure industries, and use the event study approach in order to examine the relationship between terrorism and tourism stock performance.

The recent pandemic has reignited the interest in researching the effect of events caused by healthcare issues and the effects on the economy. By examining how different asset returns (gold, crude oil, world equities, currencies, bonds) reacted to the shocks of the COVID-19, Bouri, Cepni, et al. (2021) concluded that there was a clear evidence for strong spillover effects in financial markets. The global financial system is unstable in relation to major shocks and provides an abrupt spike in its risk build-up due to the COVID-19 outbreak. They found that the pandemic has altered the network of connectedness across the five studied assets, by generating sudden increases in both the system overall connectedness and the cross-asset connectedness of various cases. Other two studies examining the return spillover among the US stock market sectors (Shahzad, Bouri, et al., 2021) and Chinese stock sector indices (Shahzad, Naeem, et al., 2021) indicating that the relationships between global risk aversion and the spillovers are not linear, but asymmetric, which strengthens significantly during the COVID-19 outbreak. Their findings were based on the evidence that risk aversion and sentiment dynamics are important contributing factors of risky assets like stock prices. A major event like the COVID-19 has a strong and asymmetric impact on the network of volatility spillovers among sector indices.

By examining systemic distress risk spillover between the global stock market and individual stock markets in the countries most affected by the COVID-19 pandemic, Abuzayed et al. (2021) revealed that the systemic risk contagion intensified due to this outbreak, concluding that developed stock markets in North America and Europe transmitted and received more marginal extreme risk to and from the global market than Asian stock markets. The overall results of their study showed a high degree of integration in the extreme downside risk of the stock market system during the COVID-19 outbreak period.

By locking down economic activity and introducing travel bans, stock prices in most of the countries reacted negatively. For 75% of the countries most affected by COVID-19, some sort of travel ban had supported the recovery of financial markets; for the countries where markets did not recover, the travel ban was applied too late. In part, the announcement of lockdown had a positive response compared to the pandemic declaration on 11 March 2020 and travel bans. The market reacted positively with significant positive returns during post-lockdown period; investors anticipated the lockdown and reacted positively, whereas in the pre-lockdown period investors panicked, as reflected by negative returns (Alam et al., 2020; Phan & Narayan, 2020).

The three main models used in an event study approach for calculating abnormal returns are the average adjusted return rate model, the market index adjusted return rate model, and the market model. The last one is widely used because of its efficiency and predictive power. The market model is used in this article for determining abnormal returns (ARs) and cumulative abnormal returns (CARs) for Romanian stock indices. For a sample of firms that are traded on the Bucharest Stock Exchange, we used the Fama and French three-factor model (Fama et al., 1993), an extension of the capital asset pricing model (CAPM) originating from the market model, which takes into account a size factor and a value factor. In an event study methodology, we have to establish some moments in time, represented by the estimation window, the event day, and the event window.

where Ri,t are the returns for the Romanian stock index i and Rm,t are the returns for the market on day t in the estimation window for each event day and i,t is the stochastic disturbance that has to satisfy the condition: ff782bc1db