Tourism Sector on the Zagreb Stock Exchange (ZSE): What is the Value of Croatian Tourism?

In this paper the author investigates and analyzes the historical and current data on the shares of the tourism sector on the Zagreb Stock Exchange (ZSE), and on that basis he is trying to estimate the value of entire Croatian tourism. He also argues that the lack of transparency of the domestic capital market, and in particular its inefficiency, is directly reflected on the tourism sector as its significant component. Tourism represents about 15% of the total Croatian economy, with clear indications that it is one of the few segments in which Croatia has certain success, and has significant progress in this part of the national economy. Thereby tourism sector deserves special attention on the securities market, which has one of the fundamental tasks to find funds on the market for financing development projects