20.500.12556/DKUM-94507 Primerjava dveh ključnih tržnih mehanizmov na trgu kripto imetij in delniškem trgu Comparison of two key market mechanisms of the crypto assets market and the stock market Diplomsko delo obravnava primerjalno analizo dveh ključnih tržnih mehanizmov – mehanizma ponudbe in povpraševanja ter mehanizma regulacije – v kontekstu dveh bistveno različnih finančnih trgov: klasičnega, reguliranega delniškega trga ter decentraliziranega in delno nereguliranega trga kripto imetij. Osrednji namen raziskave je bil analizirati, kako institucionalni okvir in raven regulacije vplivata na oblikovanje cen, stabilnost ter vedenje tržnih udeležencev v obeh okoljih. V teoretičnem delu so predstavljeni temeljni pojmi delovanja tržnih mehanizmov, posebnosti posameznih trgov, pomen regulacije ter ključna tveganja, ki spremljajo kripto trg – zlasti visoka volatilnost, omejena likvidnost in izpostavljenost manipulacijam. Rezultati empirične analize delno potrjujejo vse tri raziskovalne hipoteze. Ugotovljeno je, da ima mehanizem ponudbe in povpraševanja večji neposredni vpliv na oblikovanje cen na trgu kripto imetij kot na delniškem trgu, kjer so cene močneje vezane na fundamentalne dejavnike. Regulacija se je izkazala kot ključen stabilizacijski element delniškega trga, medtem ko njena odsotnost na kripto trgu vodi v večjo nepredvidljivost. Poleg tega so bila kripto imetja v analiziranem obdobju statistično bolj volatilne od delnic, kar je razvidno iz višjih standardnih odklonov dnevnih donosov ter izrazitejših odzivov na dogodke. Diplomsko delo s tem prispeva k boljšemu razumevanju razlik med urejenimi in neurejenimi trgi ter opozarja na potrebo po nadaljnjem razvoju globalno usklajenih regulativnih okvirov za digitalna sredstva. Obenem potrjuje, da zaupanje, transparentnost in institucionalna podpora predstavljajo ključno infrastrukturo stabilnih in učinkovitih finančnih trgov. This thesis presents a comparative analysis of two key market mechanisms – the mechanism of supply and demand and the mechanism of regulation – within the context of two fundamentally different financial markets: the traditional, regulated stock market and the decentralized and partially unregulated crypto asset market. The main objective of the research was to analyze how the institutional framework and the level of regulation influence price formation, market stability, and participant behavior in both environments. The theoretical part outlines the fundamental concepts of market mechanisms, the specific characteristics of each market, the role of regulation, and the key risks associated with the crypto market – particularly high volatility, limited liquidity, and exposure to manipulation. The results of the empirical analysis partially confirm all three research hypotheses. It was found that the supply and demand mechanism has a greater direct impact on price formation in the crypto market compared to the stock market, where prices are more closely tied to fundamental factors. Regulation proved to be a crucial stabilizing element in the stock market, whereas its absence in the crypto market leads to greater unpredictability. Moreover, cryptocurrencies were statistically more volatile than stocks during the analyzed period, as reflected in higher standard deviations of daily returns and more pronounced reactions to events. This thesis contributes to a deeper understanding of the differences between regulated and unregulated markets and highlights the need for further development of globally harmonized regulatory frameworks for digital assets. It also confirms that trust, transparency, and institutional support form the essential infrastructure of stable and efficient financial markets. finančni trgi kripto imetja regulacija povpraševanje in ponudba financial markets cryptocurrency regulation supply and demand true true false D. Lukacs] Slovenski jezik Angleški jezik Diplomsko delo/naloga 2025-08-19 20:44:23 2025-10-22 13:41:14 2025-10-23 03:14:54 0000-00-00 00:00:00 2025 0 Maribor 0 0000-00-00 NiDoloceno NiDoloceno NiDoloceno 0000-00-00 0000-00-00 0000-00-00 336.76 254311171 UN_Lukacs_Domen_2025.pdf UN_Lukacs_Domen_2025.pdf 1 6BC43F255C0BCCD53ECB49EA10541C0D 93da4f9861b6bb62bbbdae285f1920040ad6ee95bb68c3cde8a1b77ec45b0a60 974957fa-a4f1-11f0-9896-00155d000105 https://dk.um.si/Dokument.php?lang=slv&id=199742 Ekonomsko-poslovna fakulteta 0 0 0