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"Лошите кредити": институционални и финансови аспекти, 1994

Author(s): Christina Vutcheva / Language(s): Bulgarian / Publication Year: 1994

Since the beginning of 1991 Bulgaria has been living through a period of transition from centralized totalitarian control to free market economy. Year 1990 can be said to mark the political liberation of the people with the adoption of the new Constitution. The economic liberalization, however, is a reality yet to be brought to life since private ownership is not prevalent in the economy. The prime aim of the transition is to substitute an absurd and inefficient economic system for a new one to rely on the free initiative, private ownership and competition.

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(Нео)протекционизам и светска економска криза

Author(s): Branislav M. Pelevic,Vladimir M. Ristanovic / Language(s): Serbian / Issue: 4/2011

The collapse of international trade is aftermath of global economic crisis in 2008. Decline in trade was even higher compared with the period of the Great Depression and, moreover, international trade has recorded a much greater decline than the world’s gross domestic product. Previous causality has been confirmed in Serbia and global crisis hit the economy of Serbia with the lag of one quarter. Initial fall in output and trade was smaller in the world than in Serbia. Growingprotectionism is not among the main causes of the collapse of the trade, but it is its essential companion. Protectionism, however, can provide positive effects only in short term. It leads to a decrease in exports, employment and income in other countries, but will invariably have feedback - leading to the fall for products imported from countries that increased protection. Opening the market undoubtedly contributes to more efficient and dynamic growth.

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2008 Küresel Finans Krizinin Sektörel Bazda Şirket Mali Tablolarına Etkilerinin Analizi

Author(s): Fatih B. Gümüs,Levet Aydemir / Language(s): Turkish / Issue: 1/2014

The aim of this paper is to analyse the effects of 2008financial crisis on financial tables of firms consolidating and comparing some of the company statements sectorally which are quoted on BIST before and after 2008 crisis.The distinctions was made by taking into account the connections between sectors withthe features and work–segments of firms. The non-continuous firms in the period of 2005-2012 with their extreme values which also affect financial ratios significantly, are excluded from the study. In this context, balance sheets of 59 firms from Food Industry, Metal Industry, sectors depending on Construction, Cement Sector which distinguish from Construction sector with its balance sheet size and financial structure, and Automotive & Supplier Industry are investigated. The data is interpreted by considering features of sector and conditions of our country. As results of analysis, almost all sectors are negatively affected in varying degrees and operating worsefinancial structure in post-crisis period than pre-crisis period. Especially increasing use of foreign sources and costs of financing with decreasing equity have negative effects on profitability

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21. YÜZYIL ENERJİ SAVAŞLARINDA TÜRK CUMHURİYETLERİ’NİN YERİ ve ÖNEMİ

Author(s): Çagri Kürsat Yüce / Language(s): Turkish / Issue: 17/2013

Energy consumption and the need to continue on a global scale, as in the past and in recent years. Oil and natural gas will continue to be the primary energy source until 2030 despite all the alternatives to meet this need. As a result of this situation, energy resources will continue to be one of the most important determinants of the twenty-first century. In addition, at least a half century, dominance of oil in the field of energy will continue to. Energy experts frequently reported that the “cheap oil” era has ended and price volatility in the oil market will continue to today.The Caucasus and Turkestan (Central Asia) regions including the Turkish Republics maintained its importance throughout history due to various reasons. Today, however, due to the rich energy resources, especially oil and natural gas, they took part in the world’s agenda. In this study, the important actors of the energy wars and reserve status of the energy resources of the Turkish Republics in the Caucasus and Turkestan regions were briefly described. In addition, as well as importance of energy resources for the region and the world’s nations, beginning in the late twentieth century and growing competition over energy resources of the Caspian Sea were discussed today.

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A benefit-based approach for increasing the effectiveness of promotions

Author(s): Marusya Ivanova / Language(s): English / Issue: 2/2012

The purpose of this paper is to reveal some insights for increasing the effectiveness of promotions. To achieve this purpose, first, the existence of multiple customer benefits of promotions is proved. It is empirically validated that promotions deliver three utilitarian (monetary savings, higher quality and shopping convenience) and two hedonic (variety and pleasure) benefits to the customers. Second, a structural equation model is estimated to measure the relative contribution of these benefits on the customers’ overall evaluation of promotions. The research suggests that in order to increase their effectiveness, promotions must be framed by focusing not only on their primary benefits but also on all other benefits with a significant contribution to customers’ attitudes towards promotions. Finally, a benefit-based segmentation is conducted. Four market clusters are identified (none-benefit, allbenefit, utilitarian-benefit and hedonic-benefit customer segments). Further, these clusters are profiled using demographic and psychographic variables.

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A COMPARATIVE EMPIRICAL ANALYSIS OF FINANCIAL DEVELOPMENT INDICATORS BETWEEN TRANSITION ECONOMIES AND DEVELOPED ONES

Author(s): Amanda Karapici,Elton Karapici / Language(s): English / Issue: 4/2016

This paper carries out a comparative analysis of the degree of financial development between transition economies and developed ones based on variables that indicate the direct and indirect degree of financial development. To determine the way the financial systems works and the level of its development, the authors have taken into account four general characteristics of financial institutions and financial markets which were measured for the financial institutions (mainly banks, which are the most important financial institutions in most economies in transition, insurance companies and other financial institutions) as well as for the financial markets, thus leading to a 4x2 matrix of the main characteristics of the financial system. The analysis was developed based on the data found on the Global Financial Development database of the World Bank. Empirical data and authors’ analysis were used to characterize and compare financial systems between countries with economies in transition and developed countries for the years 2008 – 2011. The year 2011 was the last year of available qualitative data for many countries in the Balkan Region such as Albania, Kosovo and Macedonia.

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A Comparison of k-means and Fuzzy c-means Clustering Methods for a Sample of Gulf Cooperation Council Stock Markets

Author(s): Salam Al-Augby,Sebastian Majewski,Agnieszka Majewska,Kesra Nermend / Language(s): English / Issue: 2/2014

The main goal of this article is to compare data-mining clustering methods (k-means and fuzzy c-means) based on a sample of banking and energy companies on the Gulf Cooperation Council (GCC) stock markets. We examined these companies for a pattern that reflected the effect of news on the bank sector’s stocks throughout October, November, and December 2012. Correlation coefficients and t-statistics for the good news indicator (GNI) and the bad news indicator (BNI) and financial factors, such as PER, PBV, DY and rate of return, were used as diagnostic variables for the clustering methods.

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A Comparison of Tail Behaviour of Stock Market Returns

Author(s): Krzysztof Echaust / Language(s): English / Issue: 1/2014

Most investors believe that left tails of the stock returns distribution are heavier than the right ones. It is a natural consequence of crashes perception as much more turbulent than the booms. Crashes develop in shorter time intervals than booms and changes of prices are significantly bigger. This paper focuses on the extreme behavior of stock market returns. The differences in the tails thickness of distribution are negligible. Its main result is that the differences between tails have been found in the clustering of extremes, especially during the crash of 2007–2009.

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A Comparison of TOPSIS and ELECTRE Methods: An Application on the Factoring Industry

Author(s): Deger Alper,Canan Basdar / Language(s): English / Issue: 3/2017

One of the most important factors in national economic development is the vigorous operation of financial markets. The vigorous function of financial markets depends on the operations of financial institutions such as stock exchange, banks, leasing and factoring companies in these markets. In recent years, the status and significance of factoring companies as non-bank financial institutions have been increased, especially in providing financing for the SMEs. In the present study, the financial performance of factoring companies in Istanbul Stock Exchange was assessed and multi-criteria decision making techniques ELECTRE and TOPSIS, were implemented. More objective and accurate assessments could be achieved with multi-criteria decision making techniques, ELECTRE and TOPSIS, which are used when multiple evaluation factors are present. For this purpose, six factoring companies were selected and the financial statement ratios for each company were used as evaluation criteria. The calculated financial ratios and financial ratio weights were included in analyses conducted with both methods and Yapı Kredi Factoring was determined as the factoring company with the best performance as a result of conducted ELECTRE and TOPSIS analyses.

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A cross-industry analysis of investors’ reaction to unexpected market surprises: evidence from NASDAQ Sectorindices

Author(s): Peter J. Bush,Seyed MEHDIAN,Mark Perry / Language(s): English / Issue: Spec/2010

We use daily stock returns from the NASDAQ composite index and its eight composite indexes to investigate the reaction of investors to the arrival of unexpected information in framework of Efficient Market Hypothesis (EMH), the Overreaction Hypothesis (OH), and the Uncertain Information Hypothesis (UIH). Consistent with the prediction of the UIH regarding investor behavior, we find strong statistical evidence of a corrective process of significantly positive cumulative abnormal returns following the arrival of both unexpected favorable and unfavorable information for the NASDAQ Composite and four of the sub-indexes. For the Computer and Insurance sub-indices, we observe downward trends in the CARs following the arrival of favorable market surprises and upward trends in response to the arrival of unfavorable surprises, a result consistent with the predictions of the OH. For the Industrials and Transportation sectors, the pattern of investors reaction is not strongly consistent with any of the theories of investor reaction presented here, although the trendless pattern of returns following market surprises for the Transportation index could be explained by the EMH. One main implication of these mixed empirical results is that investor ‘s reaction varies significantly by sector, highlighting the value of analyzing investor reaction in different segments of the security markets in addition to investigating composite indexes.

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A historical retrospective and the essence of strategic financial planning

Author(s): Olha Nestor / Language(s): English / Issue: 13/2016

The author has reviewed the historical retrospective of strategic financial planning, distinguished the concepts of “strategic financial planning”, “long-term financial planning” and “perspective financial planning” and determined that their use as synonyms is incorrect. The correctness of three-tier financial planning has been justified. The difference between financial planning, financial forecasting and budgeting has been explained. The problem of strategic financial planning, its advantages and disadvantages, has been considered.

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A Hybrid Approach to Predicting Foreign Exchange Rates

Author(s): Sorin-Manuel Delureanu / Language(s): English / Issue: 26/2016

Independent Component Analysis (ICA) and Singular Spectrum Analysis (SSA) are two nonparametric methods, based upon a matrix spectral decomposition. In this paper, a hybrid ICA-SSA approach is used for predicting foreign exchange rates. The primarily role of ICA is to reveal certain fundamental factors behind several parallel series of foreign exchange rates. More accurate predictions can be performed via these independent components, after their separation. MSSA is employed to compute forecasts of independent factors. Afterwards, these forecasts of underlying factors are remixed into the forecasts of observable foreign exchange rates.

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A lender of last resort on trial: Remarks on the controversy surrounding the role of the European Central Bank in the financial crisis

Author(s): Detlev Ehrig / Language(s): English / Issue: 2/2016

The recent European debt crisis has generated a growing importance of the European Central Bank (ECB). The ECB was forced to take measures far beyond its traditional role to stabilize monetary markets and inflation. The ECB has adopted a new function as a lender of last resort, providing banks and governments with almost unlimited liquidity and purchasing government bondswithin Outright Monetary Transactions (OMT). This new role of the ECB has been hotly debated.In Germany, the debate even reached the Constitutional Court. The article will give a survey ofthe fundamentals of a lender of last resort and of the debate referring to the arguments of the ECBand Bundesbank. It is indeed questionable whether the ECB has a mandate for its new monetaryand nolens volens fiscal role. Regardless of whether the arguments are convincing, new steps towardsnew fiscal arrangements and a banking union are needed to stabilize the euro area.

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A model for predicting Inactivity in the European Banking Sector

Author(s): Themistokles Lazarides / Language(s): English / Issue: 1/2015

Purpose – The paper will addresses the issue of inactivity and will try to detect its causes using econometric models. The Banking sector of Europe has been under transformation or restructuring for almost half a century. Design/methodology/approach – Probit models and descriptive statistics have been used to create a system that predicts inactivity. The data was collected from Bankscope. Findings – The results of the econometric models show that from the six groups of indicators, four have been found to be statistically important (performance, size, ownership, corporate governance). These findings are consistent with the theory. Research limitations/implications – The limitation is that Bankscope does not provide any longitudinal data regarding ownership, management structure and there are some many missing values before 2007 for some of the financial ratios and data. Originality/value – The paper's value and innovation is that it has given a systemic approach to find indicators of inactivity.

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A NEW APPROACH TO FINANCIAL REGULATION AT THE EUROPEAN LEVEL

Author(s): Ioana Laura Valeanu / Language(s): English / Issue: 4/2015

With the recent financial and economic crisis onset, a fragility of the financial system became apparent, under the form of a series of vulnerabilities and failures with a strong destabilizing impact on the economy. In this context, a new approach to financial stability has outlined itself, pleading for a more extensive financial regulation and macro-prudential supervision, complementary to the micro-prudential one. The objectives of this article are to highlight the context and need for a new financial regulatory framework and underline the main problems of the banking system the new European regulations addresses.

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A Note on Credit Spread Forwards

Author(s): Markus HERTRICH / Language(s): English / Issue: 1(13)/2016

This note presents the most commonly used definition of credit spread forwards, discusses two alternative definitions and proposes one of these three definitions as the standardized version that should be used in the future to prevent confusion. In addition, this note gives an overview on the definition of this credit derivative contract in the most relevant hand-and textbooks in banking and credit risk management that include topics on credit derivatives. It also exemplifies by means of one textbook that although being a standard textbook in banking and financial institutions management for years and read by thousands of practitioners and students, there are still books that erroneously mix definitions, which motivates the present note.

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A REVIEW OF ESTIMATION OF SOFTWARE PRODUCTS DEVELOPMENT COSTS

Author(s): Edin Osmanbegovic,Mirza Suljic,Haris Agic / Language(s): English / Issue: 1/2017

In the modern business and management of business processes, the standardization of procedures allows the creation of added value, increasing competitiveness and success in the business of an organization. Evaluation of the budget for software development is crucial to the success of an IT project, because the inability to make a realistic assessment leads to inadequate project plans, customer dissatisfaction, poor quality of software products, and reduced profits. In order to minimize such situations, making accurate and reliable software cost estimation should be carried out at all stages of the project life cycle. Although hundreds of research articles focusing on the application of different methods of budget estimates of the software product have been published so far, there is no comprehensive review of the current situation or review of research trends in the budget estimates of the software product. This paper aims to create a framework for estimation of costs of development of software products by providing an overview of the most influential researchers, the most influential articles published in the WoS database, the most used keywords for searching the articles, as well as a review of the estimation techniques used in budget estimates of the software product.

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A SOCIAL MARKETING FRAMEWORK FOR INNOVATION AND TECHNOLOGY ADOPTION: THE CASE OF AGRICULTURAL EXTENSION IN INDIA

Author(s): SHUBHOMOY BANERJEE,Vanita Yadav,SOUMI CHATTERJEE BANERJEE / Language(s): English / Issue: 2/2016

Agriculture is the mainstay in developing economies and is a major source of livelihood for a large portion of the world’s population. The field of agriculture and agribusiness has moved towards diversification, commercialization and sustainability. There is a crying need to protect the environment while improving global food security and building social capital in rural areas. As a result, it has become significant that new technologies and innovations in agriculture be disseminated to farmers so that they gain knowledge about innovations while ensuring their use in the ways originally intended. Agricultural Extension has an important role to play in this changing scenario of agriculture, business and policy. The objective of the paper is to propose a framework for new technology adoption in the context of agricultural extension using the lens of the theory of planned behavior and concepts of social marketing. The paper first presents a review of literature on the Training and Visit System and the Private system of agricultural extension and uncovers its drawbacks. As a potential solution to the existing inefficient systems, a social marketing framework for new technology adoption in agricultural extension is proposed using a case study of Agricultural Technology Management Agency in India. Findings from the case suggest that inclusion of a marketing component along with the existing educational approach to extension is likely to increase adoption of new technology and helps farmers overcome factors like input or market unavailability. It also helps in need based targeting rather than adopting a one-size fits all approach.

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A Software Tool of Technical and Financial-Economic Analysis for Acquistion of Broadband Radio PPDR Networks

Author(s): Henryk Gierszal,Karina Pawlina,Piotr Tyczka,Krzysztof Romanowski,Maria Urbanska / Language(s): English / Issue: 1/2016

In this paper, we present a software tool that allows preparing econometric analyses aiming at selection of optimal business models for acquisition of broadband mobile networks by PPDR organizations. Such agencies often and often need broadband services to improve operational activities in order to increase the safety, security, and their effectiveness in day-to-day and crisis situations. Upgrade or migration to broadband networks needs careful decisions so as to find a justified trade-off between CAPEX and OPEX. The network evolution can be based on different business models but any approach cannot degrade the reliability, security, and resilience required by PSC.

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A Specific Solution to Decrease the Credit Risk at a Non-Banking Financial Institution

Author(s): Jenica Popescu,Mihaela Simionescu,Loredana Nela Caraba,Bogdan Popa / Language(s): English / Issue: 27/2016

The main aim of this research is to assess the credit risk for a non-banking financial institution using empirical data. The results based on a sample of 800 clients indicated, using binary logistic regressions, that higher income category, higher education and age are, lower the chances are for a client with these characteristics of not refunding the credit. For people with high number of PNC validations the chances of default credit are higher. The characteristics related to social status (income category and education) had the greatest influence in explaining the clients’ behaviour, according to principal component analysis.

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