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2.3.1.1 Dynamics of market indexes

29,5 %

itan

%

Dynamics of capitalisation are is stable the developing companies was considered on the basis of Dow Jones Sustainability Index.
The structure of the companies which have entered into an index, is presented in drawing (Drawing 29).


other; 14,9 %

T elekom; 4,6 % elektroenerge

F in ansy;

Holland;

2,2 %

Spain; 3,6 % Japan; 4,0 %

Australia;

5,9 %

the USA;

potrebitelsk ie services;

6,8 %

Oil and gas branch; 7,4 %

the Cores materily;

10,1 %

a tic and housing and communal services;

3,2 %

18,8 %

Zdravoohranen

ie; 13,4 %

France; 6,5 %

Germany;

7,1 %

Switzerland;

8,8 %

Velikobr

ija; 17,5

IT; 10,5 %

Are industrial e the goods;

12,4 %

potrebitelsk ie the goods;

12,8 %

Drawing 29. Structure of index Dow Jones Sustainability Index

For research of dynamics of capitalisation it is is stable the developing companies comparison of dynamics of two market indexes has been conducted: Dow Jones Sustainability World Composite Index

(the index includes 10 % of the companies characterised by the best level Ur in each of sectors from general sample Dow Jones Total Global Stock Market Index) and MSCI World Index as a classical indicator of growth of the world market (includes shares of 1600 international companies representing the basic branches of economy).

Drawing 30. Comparison of dynamics of indexes Dow Jones Sustainability World Composite Index and MSCI World

Index for 2011

In drawing (Drawing 30) is visible, that the index was stable the developing companies (a dark grey line) as a whole repeats dynamics of the market, however is characterised by higher volatilnostju. It is more visually presented on longer spaces of time (Drawing 31). In the general growth was stable the developing companies grow more fast the market, and in falling - fall to market level.

Drawing 31. Comparison of dynamics of indexes Dow Jones Sustainability World Composite Index and MSCI World

Index for 2009-2011

Most clearly described tendency is visible on the schedule displaying comparison of dynamics of index Dow Jones Sustainability World Composite Index and S& P 500 for 2007-2011 (Drawing 32). Prior to the beginning of an economic crisis of 2008 it is is stable the developing companies grew more fast the market, however after sharp falling in

2008 they and have not managed to type those growth rates of capitalisation which are characteristic for 500 largest companies of the USA entering into index S& P 500.

Drawing 32. With r avnenie d inamiki indexes Dow Jones Sustainability World Composite Index and S & P 500 for

2007-2011

the Additional illustration of that capitalisation was stable the developing companies grows and falls more fast the market, is resulted in drawing (Drawing 33).

Positive yield of index Dow Jones Sustainability on the average above yield of indexes Dow Jones Global Large-Cap Total Stock Market Index and MSCI World.

If there is a falling of indexes it is is stable the developing companies show the worst results. It can be connected that the investors focused on short-term profit, perceive expenses for Ur as unproductive and excessive in the conditions of crisis.

50 %

40 %

30 %

20 %

10 %

0 %

-10 %

-20 %

-30 %

-40 %

-50 %

2 0 0 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011


<

Regress of yield of index Dow Jones Sustainability on yield of two indexes taken earlier for comparison, confirms this conclusion: the factor at yield of the index which is display of yield of the market, is more than unit (regress is significant at level of 1 %), hence, the more market growth, the capitalisation was stable the developing companies more fast grows, but at falling of share indexes of the price of shares was stable

r azvivajushchihsja the companies fall more strongly the market (Drawing 34).


DJSI

World

50 %

40 %

30 %

20 %

10 %

0 %

y = 1,0159x - 0,0116

R? = 0,9878

DJSI

World

50 %

40 %

30 %

20 %

10 %

0 %

y = 1,0859x - 0,0022

R? = 0,986

-60 %-40 %-20 %

-10 % 0 % of 20 % of 40 %

-60 %-40 %-20 %

-10 % 0 % of 20 % of 40 %

-20 %

-30 %

-40 %

-50 %

DJTSM

GlblLrgT

-20 %

-30 %

-40 %

-50 %

MSCI The given assumption is fair at the general growth of the market, however in case of an adverse situation at exchange the market value of such companies falls more fast, than market indexes as a whole.

similar conclusions can be made on sample of the companies from Global 100: in drawing (Drawing 35) it is visible, that at growth of yield the index was stable the developing companies shows the best dynamics, but at a negative conjuncture falls more fast.

Drawing 35. Yield of indexes Global 100 and MSCI ACWI. A source: given Global 100

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A source: PERTSEVA Elena Jurevna. REALIZATION OF THE CONCEPT OF THE SUSTAINABLE DEVELOPMENT OF THE COMPANY ON THE BASIS OF DESIGN-PORTFELNOJ METHODOLOGY. 2013

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