"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.

(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.

1980 Sonrası Ülkemiz Ekonomisinde Yaşanan Krizlerin İktisadi Yapıya Etkisi

Author(s): Zübeyir TURAN / Language(s): Turkish / Issue: 2/2018

Financial crisis is defined as sharp fluctuations of prices and quantities, occurring in financial markets reflecting as drastic economic problems with payments defaults in the banking sector, which in no way is impendent from each other. Crisis in one sector contaminates other sectors within small time intervals, which initially seems to be in periods. Many financial crises have occurred in the world since the 1970s. Although, a turning point like 1990‟s affected most countries leading to economic instability. Like in the past, most developing countries are not similar in terms of their socio-economic structure, on the other hand financial crises witnessed show several similarities. These financial crises, enlarged with the panic observed in the international investment markets, complemented with speculative attacks has diverged the financial capital flow among countries. Unemployment figures of the world have risen at the point of crisis in the end of 2008. As a result of the contraction in the foreign trade due to the crisis, the Gross Domestic Product of our country has been declining in great proportions. The effect of the crises on our country's economy has been examined in the study.

2005-2015 Yillari İtibariyle Seçilmiş Gelişmekte Olan Ülkeler Çerçevesinde Doğrudan Yabanci Yatirim-Ekonomik Büyüme İlişkisinin Panel Veri Analizi

Author(s): Selin Ayaz / Language(s): Turkish / Issue: 35/2017

The world has entered a period of intense globalization, especially after the 1980s. After this process, international economic, political and cultural relationships have increased. The biggest impact of globalization on the economy has been the increase in foreign direct investments. In this study, the effects of foreign direct investment on developing country economies were tried to be analyzed by panel data analysis. Economic growth has been affected foreign direct investments in the negative direction, foreign direct investments have been affected fixed capital investments in the positive direction have been achieved by this study for the base period.

2008 Finansal Krizinin BİST 100 Endeksindeki Firmalarının Temettü Dağıtım Politikalarına Etkisi

Author(s): Hazal Tasci,Turhan Korkmaz / Language(s): Turkish / Issue: 3/2018

In this study, both the factors affecting the dividend policy and the effect of the financial crises on the dividend policy of the companies were examined based on the 2008 Crisis. For this purpose, the analysis period is divided into three parts as whole period; 2004-2016, pre-crisis period; 2004-2008 and post-crisis period; 2009-2016 and the analysis has been performed by exercising panel data method as using financial data of 43 firms listed in ISE 100 Index. Consequently, a positive relation has been detected among dividend payout ratio being a dependent variable, firm profitability, growth opportunities, retain earning/equity ratio and cash ratio. Contrary to expectations, a positive relationship was found between growth opportunities and dividend payout ratio. On the other hand, it is identified that the factors influencing dividend policy of the firms change and cash ratio increase substantially at crisis periods. Due to the current liquidity problem, many companies have reduced dividend payout ratios in 2009-2010, but continue to pay. This proves that the information content and signaling effect of the dividend is valid even in times of crisis.

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

2013-2015 Yılları Katılım Ve Geleneksel Bankacılık Karşılaştırması: Türkiye Örneği

Author(s): Selçuk Bakan / Language(s): Turkish / Issue: 36/2017

The fact that the interest, which is a must in the banking sector, is forbidden in the Islamic religion directs individuals to interest-free banking in Muslim societies. This case leads to an increased interest in the Islamic finance and Islamic banking in the world economy. In Turkey, the participation banking sector, which is the manifestation of interest-free banking, has demonstrated a rapid growth in recent years. This study provides information about Islamic finance, Islamic banking and participation banking, analyses some financial titles about the participation banking sector in Turkey between 2013 and 2015, compares and contrasts between general banking and participation banking, and analyses the state of participation banking sector. Findings show that while there was a decline in the participation banking sector in 2015 compared to 2013, there was a development in the traditional banking data in the same years. It is believed that the transfer of Bank Asya, one of the participation banks, from the Bank to the Savings Deposit Insurance Fund by the Banking Regulation and Supervision Agency and the subsequent process has an important effect in this decline. If necessary measures are taken for the participation banking sector and if the negative issues are not repeated, it can be said that this sector which is developing all over the world can continue its development in Turkey as well.

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.

30 godina Konvencije UN o ugovorima o međunarodnoj prodaji robe

Author(s): Katarina Jovicic,Slobodan Vukadinovic / Language(s): Serbian / Issue: 1/2011

The article discusses the importance and scope of the UN Convention on Contracts for the International Sale of Goods (Vienna Convention) and its contribution to the unification of the Law of international sale of goods. Although it does not regulate all matters relating to international sale of goods, the Vienna Convention is undoubtedly the most frequently used source of law for contracts for the international sale of goods. Containing substantive rules to regulate this, the most common, legal operation in international business, the CISG, 30 years after being signed, confirms its successful implementation throughout the world. The paper analyses parts of the Vienna Convention, as chapters of this article, through the prism of the views of leading international scientists, which were presented at the International Conference held at the University of Belgrade Faculty of Law in November 2010. The paper underlines current and outstanding issues regarding the application and interpretation of the CISG, and the solutions to these problems proposed by different authors. This article pays particular attention to issues of content and conclusion of the sales contracts, lack of conformity of delivered goods, and remedies for non-performance of the contract and the exclusion of contractual liability. In addition, the paper analyses the advantages and disadvantages of international conventions as a source of uniform rules governing contracts for the international sale of goods, as well as the relation of the Vienna Convention and other (especially newer) instruments of unification, which may be applied to regulate this most common legal operation in international business.

4th INTERNATIONAL CONFERENCE ON GOVERNANCE AND STRATEGIC MANAGEMENT "ICGSM"

The circular Economy. BFU. Burgas, 11 - 12 may 2017

Author(s): / Language(s): English / Publication Year: 2017

The conference proceedings “ 4th INTERNATIONAL CONFERENCE ON GOVERNANCE AND STRATEGIC MANAGEMENT “ICGSM” are a collection of the papers presented by the lecturers and PhD students – participants in the 4-th International Conference on Governance and Strategic Management (ICGSM).

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.

A Challenge for the Financial Market

Author(s): Jacek Binda / Language(s): English / Issue: 3/2017

The money is a widely accepted commodity, by means of which it is possible to determine the economic value of purchased goods and services and make payments.Over the centuries, "money" has evolved many times. Their constantly changing character, generates questions on their future aspect. In the reference to the cryptocurrencies questions are focused on their nature and compliance with the definition of money.

A comparative analysis of stock market volatility depending on investment time horizon

Author(s): Oleksii Zakharkin,Lyudmyl? Zakharkina,Nataliia Antoniuk / Language(s): English / Issue: 9-10/2017

Introduction. It is of topical importance today to study the ratio between the returns and risk of the Ukrainian stock market depending on the duration of the investment period. The relevant analysis should be conducted with regard to the markets of European post-socialist countries that have common features of development. Purpose. The purpose of the research is to define the influence of time factors on the returns and risk of financial assets through the numbers of stock indices (Ukrainian PFTS index, Polish stock index WIG, Czech stock index PX), the analysis of volatility of Ukrainian and European stock markets and the identification of patterns of their development. Methods. To conduct the research, the authors use the analysis of dynamic series, statistical, structural analysis, comparative analysis and correlation-and-regression analysis. Results. In the article, a comparative analysis of the volatility of the Ukrainian and European stock markets was conducted based on statistical research of temporal changes of stock indices. Their common development trends and differences, which can be explained by the peculiarity and specificity of the Ukrainian stock market, are revealed. The results of the analysis show that, with the increasing investment time horizon, the spread between maximum and minimum income returns is reduced, and the minimal income return itself becomes extremely positive. As the research shows, the peculiarity of the Ukrainian stock market is its significantly higher income return, which, however, is accompanied by a much higher risk, especially during the seven to nine year investment period. Conclusion. The Ukrainian stock market involves high risks, which does not make it attractive for conservative investors. However, it is considered to be a very attractive investment destination for risky investors, especially for a medium-term period of 7-12 years, since they may expect returns several times higher than at Polish and Czech markets under investigation.

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.

A Comparative Study About Commercial Banks and Non-Commercial Banks Savings Schemes

Author(s): Arturo Córdova-Rangel,Arturo García-Santillán,Karen Ochoa-Vela,Jacaranda Denisse Maya-Parra,María Fernanda Valenzuela-Fernández / Language(s): English / Issue: 1/2017

Even though profits can be positively related to savings, when this is measured in monetary terms, there is no relation whatsoever with savings rates. In this research paper savings schemes in Mexico are compared and analyzed using data from Mexican savings and first-tier banks. One of the main reasons Mexico has a low savings rate is because of the country’s slow growth, whereas inflation is incrementing at an accelerated pace. People who save, which are considered as investors in banks, assume all the risks when they take their savings to any number of different renowned banks in the country. In contrast to banking institutions, who always end up having a benefit even when their investors suffer a monetary loss related to value of money.

A comparison of global financial market recovery after the 2008 global financial crisis

Author(s): Jennifer Foo,Dorota Witkowska / Language(s): English / Issue: 1/2017

The Financial Crisis of 2007–2009 plunged countries into a Great Recession and focused the world’s attention on the global stock markets. The global contagion has a major impact on global stock markets, with the U.S. DJIA falling to 6,547.05 on March 9, 2009 from a high of 14,164.53 on October 9, 2007, with a loss of more than 54%. Other stock markets also had a precipitous drop during the financial crisis. However, some equity markets have recovered while others have not. This paper looks at how global markets compared in their recovery. This paper also investigates the advanced countries’ recovery relative to the emerging and developing countries in the aftermath of the financial crisis and their ability to climb back to the pre-financial crisis levels. Analysis is provided for 31 stock indexes from January 2005 to March 2013. In 2013 the majority of analysed stock markets recovered from the crises regardless of if they belong to the group of developed or emerging markets.

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.

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.

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.

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.