Keywords
How to Cite
Abstract
This thesis explores ways to improve the methodological foundation and digital monitoring infrastructure for adjusting share valuation models for illiquidity and country risk in frontier markets, drawing on evidence from Uzbekistan. Based on an analysis of regulatory documents, Republican Stock Exchange "Toshkent" trading statistics, and sovereign risk data, it is shown that while valuation standards exist, cost-of-equity parameters are not substantively linked to sovereign spread dynamics and free-float concentration risks. A conditional sequence, the "single security code – single risk-liquidity parameter – single data source" principle, and five readiness indicators are substantiated.
References
Damodaran A. Investment Valuation: Tools and Techniques for Determining the Value of Any Asset. – Hoboken: John Wiley & Sons, 2012. – 992 p.
Cost of Capital: Applications and Examples: textbook / S.P. Pratt, R.J. Grabowski. – Hoboken: John Wiley & Sons, 2014. – 1280 p.
Amihud Y. Illiquidity and Stock Returns: Cross-Section and Time-Series Effects // Journal of Financial Markets. – 2002. – Vol. 5(1). – P. 31–56.
On Additional Measures for the Development of the Capital Market: Resolution of the President of the Republic of Uzbekistan No. PP-291 of September 2, 2023.
On Approving the Unified National Valuation Standard of the Republic of Uzbekistan: Order of the Director of the State Assets Management Agency Reg. No. 3487 of December 28, 2023.
Damodaran A. Country Default Spreads and Risk Premiums; Republican Stock Exchange «Toshkent» Market Data. URL: https://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/ctryprem.html (accessed: 24.10.2026).