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The financial market in Serbia has achieved rapid growth after the social and political changes in 2000. At that time, began reviving of the stock market, what has prompted investors to trade securities in the domestic financial market. The favorable business conditions and increased market demand, have caused rapid growth of the share prices. This positive trend was abruptly interrupted in 2008, with the beginning of the global financial crisis, when a decline was recorded in the Serbian financial market. Therefore the main objective of this paper is to consider changes in the financial markets of Serbia in the global financial crisis, through the analysis of changes of BELEX 15, the Belgrade Stock Exchange index in 2008, 2009 and 2010. The emphasis is on changing the profitability of enterprises, whose shares are located in the index basket of Belex15, impact of financial leverage on profitability and hence the movement of share prices of these companies. Keywords—financial market, global financial crisis, ROA, ROE, BELEX 15, financial leverage.

THE IMPACT OF CAPITAL STRUCTURE ON STOCK PRICES IN SERBIA DURING THE GLOBAL FINANCIAL CRISIS