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Student
Title
Supervisor
Faculty
Educational Programme
Final Grade
Year of Graduation
Dariya Gurevich
Share Price Determinants of Mining Companies
Economics
(Bachelor’s programme)
2018
The Bachelor's thesis is dedicated to the analysis of the factors which affect the share price of gold mining companies. Investments in the gold sector are associated with investments in the commodity market (gold), but they have "leverage" to the price of this precious metal. However, gold mining companies are still a business, so they can be affected by other factors, (internal and external). Mostly the price of gold and other macroeconomic factors (GDPgrowth, Unemployment rate) influence on the share price of gold mining companies in the literature devoted to this topic.

However, it is not only macroeconomic and microeconomic factors are connected with financial or operating indicators that can influence the price of gold. During the last 10 years, there has been an increase in popularity of such factors as ESG (environment, social, governance ). There is a growing number of companies which implement ESG strategy in their business. In addition, pension funds, which are one of the major clients of investment banks, have shown an increasing interest in products with a high ESG rating like sustainable indexes, which consist of responsible companies

Thus, the goal of our work is to determine which factors can influence the share price of gold mining companies including non-financial factors. The structure of this work is the following.

In first chapter we discuss all previous literature connected to macroeconomic factors as well as microeconomic ones. In the second chapter we discuss the sustainable development and academic papers connected to it and relating to the company's share price. Conclusively, In the third chapter we construct the model itself and interpreted the coefficients.

The results include the following. The share price is positively affected by the price of gold, being included in MSCI WORLD ESG Leaders index, ore grade and governance.

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