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„EFEKT UKĄSZENIA WĘŻA” JAKO PRZYCZYNA OBJAŚNIANIA ANOMALII W DZIAŁANIU INWESTORÓW. PRZEGLĄD BADAŃ

Author(s): Anna Przyszewska,Anna Przytula,Mateusz Szymanski / Language(s): Polish / Issue: 1/2014

This article examines research of the „snake bite effect” as one of the irrational behaviors occurring on the capital market. The presented considerations are based on the literature on behavioral finance, although the present publications devote little interest to this subject. In the article there are elaborated the scientific experiments which show only signs of behavior defined as „snake bite effect” because it is often omitted in more serious studies or it is indirectly presented with regards to other aspects of behavioral finance. This article confirms the existence of „snake bite effect” and emphasizes its influence on investorsʼ decisions

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„THE-CASTLES-IN-THE AIR” INVESTMENT THEORY: AN EMPIRICAL STUDY

Author(s): Boryana Bogdanova / Language(s): English / Issue: IX/2016

The goal of this paper is to study empirically the Malkiel’s „castles in the air theory”. The research framework builds up on two hypotheses. The first one considers the Greenspan’s „irrational exuberance” as being the core driver behind boosted stock prices, which eventually results into a blown-off bubble. The other one views the bubble occurrence as a superimposition of several cyclical waves reaching their peaks (or possibly bottoms) simultaneously.

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Усъвършенстване на капиталовата структура на банката

Author(s): Velichko Adamov / Language(s): Bulgarian / Issue: 2/2014

This study examines the possibilities for improving the capital structure of banks through analysis of various combinations of long-term debt and equity. The theoretical thesis that banks should maintain a positive capital structure has not been ignored for a single moment in the reflections below. Yet, applied techniques and methods indicate that contemporary banking is predominantly based on negative capital structure in which a single unit of equity attracts multiple units of loan capital until reaching maximum levels beyond which the regulatory proportions for funding of banking business are violated. Quite logically, attention is paid to banking risk with reference to banks performance and the efficiency of capital utilisation. In parallel, financial leverage is applied to maximize bank earnings. Through the DuPont model, the capital management of banks develops a systematic tool for measuring the efficiency of decisions related to the development of the financial leverage effect. Based on this a model for the optimization of commercial banks is designed to facilitate bank managers in making efficient financial decisions, which take into consideration market capitalization and the cost of long-term capital resources.

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УТИЦАЈ БЕРЗАНСКИХ МАНИПУЛАЦИЈА НА УСПЕШНОСТ ПОСЛОВАЊА ПРИВРЕДЕ У УСЛОВИМА СВЕТСКЕ ЕКОНОМСКЕ КРИЗЕ

Author(s): Stanimir Ðukic / Language(s): Serbian / Issue: 04/2012

Stock manipulation in modern financial markets, greatly influence the performance of the companies. Both in the theoretical and practical terms, a series of shareholders interest have always caused successful performance of the company. Therefore, the analysis of indicators in individual areas (which are thought to indicate the success of the business), use the following: data from financial statements of the firm being analyzed, general information (serving as an empirical measure) and finally, external data that include other companies in the related group as the company being analyzed. The economies of all countries in the world are generally faced with the harsh financial and economic crisis that struck the world economy (not experienced since the Great Depression of the thirties of the 20th century). The condition of business and public sector in Serbia, are part of the problems that the current way of doing business produced as consequences, and the global economic crisis, which is generally spread throughout the world. The biggest problem that equally affects public companies and other forms of property in Serbia, is a high level of indebtedness, current liquidity, lack of investment and made or announced layoffs. We could say that the problem of unemployment is the biggest problem in Serbia, in addition to the lack of investment. Investment and ultimately growth and consumption, development of local economy, the construction business, agriculture, energy and infrastructure are some of possible industries that could trigger reduction of unemployment. Although some statistics are showing the end of the crisis in Serbia, some economists believe that only once the unemployment trend is stopped, the economy entered a period out of the recession.

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УТИЦАЈ ДЕПРЕСИЈАЦИЈЕ НАЦИОНАЛНЕ ВАЛУТЕ НА ТРГОВИНСКИ БИЛАНС РЕПУБЛИКЕ СРБИЈЕ

Author(s): Miloš Todorovic,Milan Markovic / Language(s): Serbian / Issue: 1/2016

Many empirical studies don’t confirm, or, put in the second plan, the positive impact of the increase in the exchange rate (direct notation – European convention) on the balance of trade of the developing countries. Therefore, this paper examines the effect of the national currency depreciation on exports, imports and, in general, the balance of trade of the Republic of Serbia. This excludes the impact of inflation, which more or less cancels out the positive effect of the national currency depreciation. The methodology applied in the study highlights the correlation analysis and analysis of the elasticity of imports and exports in the context of the MarshallLerner condition. The research results show that the increase in the real effective exchange rate has a small positive effect on the trade balance, thanks to the relatively high elasticity of the domestic demand on imports. On the other hand, a distinct lack in the elasticity of exports to the stimulus through a reduction in the value of the national currency is noticeable, which is a problem of a structural nature, as well as the high import dependence on the largest export sectors of the Republic of Serbia.

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Утицај међународних финансијских институција у БиХ на јавни сектор, структуру и политику дуга

Author(s): Miroljub Krunic / Language(s): Serbian / Issue: 2/2012

On the basis of membership in the International Monetary Fund, BiH realized memberships in the IBRD and EBRD, and has reached a comprehensive and intensive level of financial cooperation with these two international institutions as well as with the European Investment Bank. The deployment of international financial resources in the past period for the current funding of public infrastructure and other project needs was predominantly related to the World Bank, the EBRD, the EIB and the IMF in terms of the budget adjustments needs. Obligations to the EIB during the last six-year period were approximately tripled where the share in the overall debt doubled and changed from 5.46% to 10.58%. The commitments to the EBRD in the same period increased by 4.3 times and they nearly tripled from 2.58% to 7.23% in relation to the structure of the total foreign debt. In view of the World Bank, the financing of domestic project needs was mainly focused on the IDA component sources and during this period the debt under this source increased by 18.6%. At the same time, the share of commitments towards the WB decreased from 53.42 to 37.45% in the foreign debt structure. High-changing commitments to the IMF indicate the difficulties in correcting the budget deficit and the presence of balance of payments disequilibrium Bosnia and Herzegovina. Although the financial activities of the three dominant banks dominantly opt for the amount of sovereign BiH debt, their transition impact on BiH is moderate and weak especially with the key infrastructure projects. Insufficient transition effects, delays in reforms, lack of medium-term planning in the creation of sovereign debt suggest the need to review the system of debt management in BiH.

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УТИЦАЈ МОДЕЛА ПРИВАТИЗАЦИЈЕ НА ДРУШТВО У ТРАНЗИЦИЈИ

Author(s): Danijel Cveticanin / Language(s): Serbian / Issue: 1-2/2004

The goal of the paper is to explain the influence of privatization to the transition in Serbia. At the same time, it will be shown that the absence of the results of development of small and medium enterprises influenced the continuous pointing out the results of privatization. The influence of privatization to performance of enterprises will be especially discussed. The process of privatization of the public sector in the countries of developed market economy will be compared with the privatization in the former socialist countries. The specificity of the latter consists, above all, in huge offer of capital for sale in relatively short time. Inevitable consequence is the low price of this capital, which is very interesting for analysis.

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Утицај финансијског криминалитета на политички амбијент

Author(s): Goran B. Miloševic,Dragan M. Cvetkovic / Language(s): Serbian / Issue: 3/2012

Financial crime is a range of criminal activities, with major consequences on the economic, political, and social security plan. This type of crime not only undermines the economic and monetary system, but it undermines political stability and security of the country, and makes an impact on social relations at the national and international level. This leads to the spread of economic inequality, reducing the chances of entering the country in foreign direct investment, reduces the rate of economic growth and hinders the creation of a democratic society, rule of law and market economy, there is less trust in the state and its institutions and in general there a crisis of values of the normative system. The aim of this paper is to present the main features of this type of crime and the effects that occur due to the whole society, with special emphasis on the political environment.

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ФАКТОРИНГ – СА ПОСЕБНИМ ПОГЛЕДОМ НА ЗАКОНСКО РЕШЕЊЕ У РЕПУБЛИЦИ СРБИЈИ

Author(s): Miroslav Milosavljevic / Language(s): Serbian / Issue: 07/2014

Last year, in 2013., The Assembly of the Republic of Serbia adopted the Law on factoring, which is defined by the concept and the case of factoring, identified as participants in the factoring, and the conditions and manner of factoring, factoring kind, the rights and obligations of participants in the factoring contract factoring, reverse factoring and supervision over factoring. Factoring Agreement, which creates business factoring, is one of the new contract created by modern business practices. Since the enactment of the Act, factoring is not a regulated one of our current regulation, except that as an activity of banks in the Banking Act, it belonged to the category of unnamed contract. The adoption of the above law, this agreement became appointed, therefore, whose contract at the conclusion of the contracting parties have to agree on the essential elements of a contract, as the other elements of the contract are regulated by law. In addition to good solutions, in the law, there are inconsistencies and shortcomings of each type. For these reasons the author chose to study the factoring, critically analyzing, first of all, the latest solutions given in the Factoring Law of the Republic of Serbia.

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Факторинг в Україні: стан та перспективи розвитку

Author(s): Ludmila Levaieva / Language(s): Ukrainian / Issue: 23/2014

The subject of research is financial relations that arising in the process of factoring transactions connected with indulgence. The purpose of scientific problem is an assessment of the current state of factoring in Ukraine, its trends, causes and consequences of macroeconomic imbalances. Methodology work is the general scientific methods of cognition, conceptual principles of modern economic theories. Results of work. The development of factoring in Ukraine is researched, its activity is analyzed, prospects and trends for its future development are determined. Conclusions. In Ukraine factoring has important means however the needs of the national economy and population in quality factoring services are dissatisfied. In our opinion, successful development of factoring services will depend on the formation of financially stable financial institutions, from activation the role of the state and its agencies in consolidation and development of nonbanking financial and credit market, and the development of legislation base.

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Финансиране на веригата на стойността в земеделието – възможност за подобряване на достъпа до финанси на българските агрофирми

Author(s): Damyan Kirechev / Language(s): Bulgarian / Issue: 3/2018

The article focuses on funding opportunities for the value chain in agriculture. Students are studying the financial instruments of the value chain in agriculture. The idea is that adopting innovative solutions to finance agriculture will improve access to agribusiness finances, create higher value in agribusiness, stabilize incomes and increase competitiveness. Financing the value chain in agriculture implies focusing on the use of an integrated and strategic approach, including: integration into the finance supply chain (financial institutions); structural aid from the government to strengthen the supply chain; enhancing information systems for protection against risks; enhancing cooperation and co-operation, etc. Achieving long-term economic benefits and fair value distribution in agriculture implies focusing on raising the role of different stakeholders such as government, financial institutions, processors, traders, and others.

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Финансов анализ на дружествата със специална инвестиционна цел

Author(s): Marin Galabov / Language(s): Bulgarian / Publication Year: 0

The report presents some guidelines of the financial analysis of the special purpose vehicles securitizing real estate. The analyses of the net income, costs and financial results of the real estates, and also and the analysis of liquidity and financial autonomy are a prerequisite for optimizing the activity of these companies.

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ФИНАНСОВ КОНТРОЛ В СФЕРАТА НА ПУБЛИЧНИТЕ ФИНАНСИ

Author(s): Valentina Aleksandrova / Language(s): Bulgarian / Issue: 3/2005

Control in the sphere of public finance is outer (supervision) or inner (audit) depending on whether it is done for the purposes of the legislative or the executive power. The system of state organs entitled to do the two types of financial control includes the organs of the executive power and those under the direction of the People’s Assembly. The Audit Council and the Agency for State Control are of major importance. The organs of the executive power carry out state audit on the grounds of their being part of the controlled system. This type of control has been studied in detail and a great number of research works are dedicated to it. Of particular interest for our study is the functioning of the organs of financial control which are not part of the system of the executive power since they are comparatively new organs with a new legal regulations of its status, competences and organization of their functions. This research attempts at giving a brief normative characteristic of the functioning of the Audit Council, the Committee for Financial Supervision and of the Bulgarian People’s Bank as main organs of the outside financial control.

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ФИНАНСОВА ДЕЦЕНТРАЛИЗАЦИЯ В БЪЛГАРИЯ: ПОСТИЖЕНИЯ, ПРОБЛЕМИ, ПЕРСПЕКТИВИ

Author(s): Desislava Stoilova / Language(s): Bulgarian / Issue: 1/2005

The paper is intended to study the relationship between the fiscal decentralization in Bulgaria and the current financial position of local governments. The main purpose is to present the status, tendencies, and fundamental problems of the municipal budgets as a base for further analysis, conclusions, Assessments, and recommendations.

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ФИНАНСОВАТА КРИЗА И НЕЙНОТО ОТРАЖЕНИЕ ВЪРХУ ИКОНОМИЧЕСКИЯ РАСТЕЖ В РЕПУБЛИКА БЪЛГАРИЯ

Author(s): Maria Vidolova,Grigor Sariyski / Language(s): Bulgarian / Issue: 1/2014

The study focuses on aspects related to the manifestation of the financial crisis in the world and its impact on economic growth in our country. Special attention is given to areas of expression on economic development in the country, the state budget and debt markets and employment. Analyzed the prospects for recovery of the Bulgarian economy from the crisis, including prospects of the real and financial sectors.

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Финансови кризи и странови риск на нововъзникващите пазари

Author(s): Veniamin Todorov / Language(s): Bulgarian / Issue: 1/2010

The present study examines the connection between the financial crises and the country risk of emerging markets. In time of financial crises there is an increase in country risk, a rise in the price of external financing and a decrease in the net volume of capital flows. Through an analysis of the change in interest rates and the amount of external financing of emerging markets, the work outlines the specificity of country risk and its manifestation during financial crises of systemic significance in the past 16 years, which started from a particular country. The study shows that in time of a crisis that begins in a developed country, the investors on the global financial markets get a different sense of the country risk of the emerging markets in comparison with contemporary crises, which begin from a particular country, belonging to the group of the emerging markets. The level of the country risk during the American crisis is lowest in comparison with the rest, the crisis was least anticipated, i.е. the country risk of emerging markets increases fastest of all, and the volume of the net capital flows turns out to be times bigger compared to the rest of the crises.

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Финансовый контроль как инструмент обеспечения экономической безопасности туристического предприятия

Author(s): M. M. Zaitseva / Language(s): Russian / Issue: 24/2016

In the article the questions of ensuring economic security of tourism enterprises in the process of implementation of financial control. Described internal and external threats of economic security. This opens the concept of financial control, forms of control and its instruments, especially solve problems when carrying out preliminary, current and subsequent control.

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ФИНТЕК В МОДЕРНАТА БАНКОВА ИНДУСТРИЯ

Author(s): Aleksandra Stankovska,Savica Dimitrieska,Elizabeta Stamevska / Language(s): English / Issue: 2/2018

In this research paper we will explore the current wave of Artificial Intelligence and FinTech in modern banking industry. FinTech is the new gold rush for investors, growing from 10% in 2016, to a staggering $23.2 billion, with China and USA leading the market. This boost is powered by the growing capabilities of machine learning and artificial intelligence. It is an idea whose time has come, as the computational and storing capabilities available today can record and process the impressive quantities of big data necessary to fuel the algorithms. The future of banking industry will be heavily influenced by emerging FinTech companies and artificial intelligence technology applications setting the stage for increasing competitiveness among the industry’s leading giants. In the next decade, artificial intelligence will help financial services companies maximize resources, decrease risk, and generate more revenue, in the trading, investing, banking, lending, and FinTech verticals. In the news, financial technology is described as “disruptive”, “revolutionary”, and armed with “digital weapons” that will “tear down” barriers and traditional financial institutions (World Economic Forum 2017).

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ФИСКАЛНИТЕ ЦЕЛИ НА АЛБАНИЯ

Author(s): Ardian Durmishi / Language(s): Bulgarian / Issue: 2/2013

The purpose of this paper is to mark the main problems of the management of government debt in the Republic of Albania. A review of the actual state of the debt is made. The analysis attempts to develop the main approaches for a debt reduction to an acceptable ratio. Fiscal rules for effective debt management are considered as the macroeconomic characteristics of the country are taken into account.

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Фінансова політика України на сучасному етапі

Author(s): Vitalina Malyshko,Anna Puchko / Language(s): Ukrainian / Issue: 1/2017

The article investigates and analyzes the financial policy of Ukraine today. The problem of financial policy and defined its basic types. Some measures to improve the financial situation in Ukraine

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