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Due to the global financial crisis the stock exchange indices of Southeastern   European (SEE) countries are stagnating or are slowly recovering. The issuers   of securities, namely banks that achieve good business results, may be in a   dilemma whether to buy back their shares so as to slow down the share price   decrease and manage capital. In this paper, the cointegration tests, Granger   causality test and equilibrium error correction model were applied to   examine: 1) interdependencies of stock exchange indexes in SEE countries   (Slovenia, Croatia, Serbia, Montenegro, Republic of Srpska, Macedonia - FYROM   and Bulgaria); 2) interdependencies of most actively traded shares in Serbia   and the representative index. The main conclusion is that it is not possible   to successfully use the share buyback to stop or reduce the share price fall   on a shallow capital market of SEE countries. This is opposite to what   successful banks can do on deep capital markets. In interpreting quantitative   results it is necessary to be cautious because of a small number of banks   from SEE which were able to use share repurchase. [Projekat Ministarstva   nauke Republike Srbije, br. 179065, br. 47009 i br. 179015

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Interdependencies of markets in southeastern Europe and buyback of shares on shallow capital markets: The application of cointegration and causality tests