Kvyetna I. Mechanisms of the stock assets' investment value determination in the international property titles' markets.

The dissertation is devoted to the important issues that are still not worked out completely - the analysis of shares' and depository's receipts investment value determination. The theoretical-methodical aspects of defining the investment value of assets' that are traded in the international property titles' markets are studied, and the basic stages of evolutional development of the varied approaches to their analysis and forecasting are considered. The author reviews general methods of market processes modeling and forecasting on the basis of regressive analysis, fuzzy logic and J. Soros' reflectivity theory. New methodological approaches which could be applied in the process of determining market prices' fluctuations of shares and ADRs at the international stock markets are offered.Given research allowed to improve the existent methodology of analysis and forecasting of the assets' investment value fluctuations at the international property titles' markets. A set of factors, which influence the investment value of shares and depository receipts, was explored. Basing upon the researches performed the author developed the economic model, which could be used to maximize the investor's profits.The basis of the offered approach lies in selection of a certain limited set of the so-called basic factors that are of primary importance for the viewed financial tool, qualitative rating of interactions between these factors and defining the resulting processes' development tendencies in view of the whole set of interactions between the factors. The most promising seems to be the approach based upon the integrated market analysis system, where the fundamental and technical analyses opportunities can be realized within the framework of a unified program complex. Within the complex the processes' dynamics in time (technical analysis) and the situation development analysis, caused by the processes interaction by external environment changes (fundamental analysis), can be analyzed. Thus we can take into account both dynamic processes, and static influence caused by the quantitative and qualitative factors, including those that can not be valued quantitatively (the fuzzy logic and Sоros' theory elements could be applied). Following the aforecited we can build a model retrogressive function that would help to forecast the stock asset dynamics and to support the investment decisions.