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The Influence of Unobserved Demand Factors on the Pricing of the Securities Market

Student: Mikhail Lopatin

Supervisor: Alexander Osharin

Faculty: Faculty of Economics

Educational Programme: Economics (Bachelor)

Year of Graduation: 2018

In our time, the securities market is one of the most profitable areas of investment. The issue of securities is a good help for many companies and is a popular phenomenon. Today, many works are devoted to the calculation of the fair value of assets on the basis of an analysis of their macroeconomic and sectoral factors and individual statistical indicators. Despite this, very little attention is paid to the influence of the individual qualities of buyers on the price of shares on the market. The purpose of the work is to study the effect of unobserved demand factors on the pricing of the securities market and to show an example of its calculation on real data To achieve this goal, the following tasks were accomplished: - Consider the concepts of risk appetite, consumer heterogeneity and the propensity for diversity - Describe the function of market demand in the securities market - Analyze the group of shares issued by the metals and mining companies - calculate the coefficient of exposure of various unobservable factors on the demand and the price of the stock market The object of the study is pricing in the securities market. The subject of the study are data on the prices of shares of companies belonging to the industry "metals and mining." - calculate the coefficient of exposure of various unobservable factors on the demand and the price of the stock market The object of the study is pricing in the securities market. The subject of the study are data on the prices of shares of companies belonging to the industry "metals and mining." When writing the work, the system analysis method was used which enabled to generalize the material and to investigate in detail problem questions, as well as mathematical modeling methods for analyzing the system of equations of dynamics obtained in the course of solving the problem of the dynamic interaction of risk indicators, the propensity to diversity and the value of securities.

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