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Сучасні технології як основа інноваційної моделі розвитку банківського бізнесу

Author(s): Yu. V. TKACHENKO,L. A. Zveruk / Language(s): Ukrainian Issue: 33/2018

The article explores the main aspects of the foundations of innovative development of banking business in Ukraine. The authors determined the key characteristics of innovative models of banking business based on the use of modern payment technologies, applications and services, and outlined the prospects for building models based on blockchain technology and biometric technologies.The article explores the main aspects of the foundations of innovative development of banking business in Ukraine. The authors determined the key characteristics of innovative models of banking business based on the use of modern payment technologies, applications and services, and outlined the prospects for building models based on blockchain technology and biometric technologies.

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Differential advantages of Serbia – internal and external perspective

Author(s): Branka Novcic,Bransilav Miletić / Language(s): English Issue: 2/2018

Research question: This study examines differences and similarities in internal and external perception of differential advantages of Serbia, seen through the eyes of internal (Serbian nationals) and the most important external stakeholders – business class in Italy, Austria and Slovenia. Motivation: The purpose of the paper is to discuss the concept of place and nation brand, and to analyse attributes which make the place unique and differentiate it from rivals. Idea: The core idea is thus to gain, from internal and external perception, the list of unique attributes that distinguish Serbia from other countries in the region. Tools: Qualitative and quantitative research combined with semantic and sentiment analysis revealed the existence of certain similarities and differences in both perceptions. Findings: People and unique Serbian mentality were recognized as the greatest differential advantage of Serbia, but also some negative attributes appeared such as war legacy in external perception and internal problems in internal perception. Contribution: Empirical evidence proved the presence of matching differential advantages in both perceptions and pointed to the necessity of applying a strategic approach in managing perception of Serbia.

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Zastosowanie taksonomii do aktualizacji wartości zabezpieczenia hipotecznego nieruchomości mieszkaniowych w bankach na przykładzie Wrocławia

Author(s): Magdalena Bywalec,Anita Makowska / Language(s): Polish Issue: 3/2018

The Polish Financial Supervision Authority̛s regulations on credit risk management in bank portfolios require banks to update the value of real estate that provides collateral for mortgages. Using statistical analysis to determine the value of real estate on the Polish market, scientists and market practitioners are working on other methods of determining the value of real estate, as specified in the Regulation of the Council of Ministers of 21 September 2004 on the Real Estate Valuation and Appraisal Report.The paper explains the uses and consequences of taxonomy to update the value of mortgage collateral in banks. It presents a comparison of a traditional real estate valuation method, paired comparison, with the effects of the valuation of the taxonomic method pattern. As a result of updating the value of residential property portfolios held by banks, done at the end of 2016, there were 50 valuations corrected in minus and 47 in plus. Updating the value of the real estate portfolio using based on taxonomic analysis indicated 29 corrections in minus and 68 corrections in plus in variant I and 32 in minus and 65 in plus in variant II. There was a noticeable increase in value, which results in a higher value of the portfolio, which in variant I reached PLN 33 742 098.85 in variant II PLN 33 754 650.85. In both variants, the value of the real estate portfolio increased after the pattern update.

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Cooperative banks’ social responsibility: The lending activities of a group of cooperative banks in Poland

Author(s): Maria Magdalena Golec / Language(s): English Issue: 3/2018

Cooperative banks are traditionally regarded as socialeconomy entities. Their social responsibility includesfinancing the needs of local communities by means of varioustypes of lending activities. The aim of this article is toexamine the lending activities of cooperative banks and todiagnose the factors affecting the structure of lending activitiesbased on a group of 75 cooperative banks in Poland.The Pearson correlation coefficient was used to establishthe relationship between the variables studied. The greaterfocus of credit cooperatives on lending and the significanceof farmers and SMEs in the loan portfolio were found, witha marginal share of large enterprises. As the activity ofa cooperative bank grows, credit activity increases; however,the share of loans to farmers is decreasing in terms ofthe overall portfolio.

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CONSIDERAȚII PRACTICE PRIVIND DISFUNCȚIONALITĂȚILE CONTRACTELOR DE ÎMPRUMUT ALE BĂNCII GENERATE DE COMISIOANELE BANCARE

Author(s): Mariana Rodica Țârlea / Language(s): Romanian Issue: 26/2016

The banking system is a source of economic growth both at individual, microeconomic, macroeconomic and at European and international level. This is under constant change due to frequent changes in legislation, the harmonics required by European legislation, globalization and internationalization. In the sphere of banking activities, the bank lending activity has a particular importance representing a large share in total income of banks. We note that in recent years the orientation towards loans and granting loans has declined a lot, motivated sometimes with too severe lending rules, lack of guarantees, insufficient revenues, currency risk, country risk of malfunctions caused by imprecise clauses inserted in contracts of bank lending and that lead to unfair terms.

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UNELE CONSIDERAȚII FINANCIARE CU PRIVIRE LA REFERENDUL UK PENTRU PĂRĂSIREA UNIUNII EUROPENE

Author(s): Alina Buzăianu / Language(s): English Issue: 26/2016

The UK will hold a referendum on June 23rd to decide if it will stay in or leave the European Union. Should the U.K. remain in or leave the European Union? That's the question the British public will decide in the above mentioned referendum. Europe is especially vulnerable. Britain has been among the best performing of the major European economies in recent years, and many economists say a vote to leave the EU would hit investment hard—and possibly deliver a shock to consumption and growth overall. It is widely assumed that Britain’s aristocracy of large, global businesses would suffer in the event of a Brexit vote. Skepticism toward European integration is rising across the continent. A median of 51% across 10 member countries surveyed have a favorable view of the EU, compared with 61% a year ago, according to a new study by the Pew Research Center, while 70% of those surveyed said they think it a U.K. exit would be bad for the EU. Meanwhile, the closeness in polls of the U.K.’s coming vote on whether to leave or stay in the European Union is causing jitters in Asian markets and making investors all over the world pretty nervous.

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ANALIZA ECHILIBRULUI FINANCIAR AL ÎNTREPRINDERII STUDIU DE CAZ: ANALIZA ECHILIBRULUI FINANCIAR AL FIRMEI SC FARM LAND SRL BOTOŞANI

Author(s): I. Gabriel Năstase,Sorin Adrian Ciupitu,Elena-Georgiana Epure / Language(s): Romanian Issue: 25/2016

The evolution of economic phenomena must be assimilated to development of general framework of Romanian society. In developing strategies of existing enterprises must to start from the exact knowledge of the economic and financial situation.

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INTOCMIREA BUGETULUI DE TREZORERIE AL ÎNTREPRINDERII STUDIU DE CAZ: ÎNTOCMIREA BUGETULUI DE VENITURI ŞI CHELTUIELI LA S.C. LEMN S.R.L.

Author(s): I. Gabriel Năstase,Sorin Adrian Ciupitu,Lionela Valentina Militaru / Language(s): Romanian Issue: 25/2016

Through budgets operation is established affecting resources and responsibilities for each activity center. The budget is projected figures of resource allocation and insurance responsibility to achieve business objectives in profitable condition.

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REGLEMENTAREA ȘI SUPRAVEGHEREA BANCARĂ

Author(s): Nicoleta Diana Roșioru / Language(s): Romanian Issue: 23/2015

The market will always be one step ahead of supervisors, but must adapt quickly to developments in banking and as a result of the monitoring must be reached in the development of prudential regulations to fade negative externalities banking activity, allowing adequate monitoring financial innovations, mitigate systemic risk both in size and in size structurală.Până time a few years ago wrongly believed that monetary policy is sufficient combining micro banking supervision to ensure financial stability, however, proved that missing an earring. This missing link is macroprudenială supervision. Although macro-level surveillance activity involves monitoring the entire banking systems macroprudenială policy is not independent.

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TÜRKİYE’DE TASARRUF TERCİHLERİNİ ETKİLEYEN DEĞİŞKENLERİN KANONİK KORELASYON ANALİZİ İLE BELİRLENMESİ

Author(s): Bahattin HAMARAT,Ercan Özen / Language(s): Turkish Issue: 1/2015

In this study, saving choices and the relationships between factors affecting these choices were investigated. In order to reveal these relationships, data matrixes relating 25 variables on Turkish provinces were considered. In analysing the data, Canonical Correlation Analysis as a multivariate statistical method was conducted. The results of the analysis showed variables such as the population density, income, banks number and business number firms which are the indicators of a vigorous economy have important effects on saving choices. Besides; the amount of stock investment per person, the amount of deposit investment in Turkish Lira per person and the amount of deposit investment in Turkish Lira per account are highly influential on savings choices. According to canonical correlation coefficients, it was found the foreign exchange choices and gold choices were leastly affected as compared to other choices. This finding shows Turkish people consider the foreign exchange and gold investments as the traditional investment tools, whereas stock investment and Turkish Lira deposit investments are speculative investments.

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SIGNALING, BIRD IN THE HAND, AND CATERING EFFECT IN INDONESIA

Author(s): Winston Pontoh / Language(s): English Issue: 3/2015

It had been known that the presence of dividend will affect the value of shares in the stock market, but since the dividend payers also belief that, their stock price will increase by paying dividend to investors, then it seems these phenomenon are becoming very complex to explain. The objective of this study is want to give an empirical evidence whether dividend plays the main role for fluctuation of stock price or vice versa in the stock market. The results show that, dividend has significant effect to stock price, and conversely, stock price also has significant effect to dividend. The implications of this study are fit for signaling effect, bird in the hand effect, and catering effect which is dominated by dividend payers who paying dividend continuously. In further analysis, this study find, the most specific characteristics for dividend payers who paying dividend continuously compared to other dividend payers are larger number of shares, larger fixed assets, largest total assets, largest total debt, largest retained earnings, largest revenue, and largest net income.

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The evolution of the concept of supervision over bank activities against the background of experiences of selected European countries

Author(s): Michał Chajda / Language(s): English Issue: 2/2018

The subject of considerations is the legal issue of the optimal model of supervision over the functioning of credit institutions. Normative regulation models in selected European countries have been presented with particular reference to the solutions applied in German legislation. Two basic banking supervision systems were identified: institutional type and functional type. Institutional type supervision is exercised by one supervisory institution which deals with irregularities in the functioning of all entities performing bank activities. It has been adopted in Switzerland and in Poland. In this system, the supervision is entrusted to one entity. Functional supervision is exercised, by several supervisory institutions acting jointly, each has their unique statutory competences. The experience of the recent financial crisis indicates a greater effectiveness of the first type of supervision and the need to deepen further the cooperation between national supervision in cross-border activities.

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Tesla Motors: A Potentially Disruptive Force in a Mature Industry

Author(s): Nicholas Ingram / Language(s): English Issue: 1/2018

The purpose of this paper is to analyse Tesla’s strategy for ensuring own sustainable future growth, while acting as a catalyst of change in the automotive industry. The paper utilises the document analysis as a main method, with the presentation of the results in a case study format. It was realised that Tesla has managed to create a product that has a rather unique positioning in a highly competitive industry. However, Tesla was unable to capitalise on the potential demand regardless of superiority of its products, as the current market leaders have a considerably lower price and are competing with a different class of vehicles altogether. The implications for industry development are discussed in connection with competition in Hybrid Electric Vehicle and Battery Electric Vehicle categories.

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Neoliberalna ekonomska politika i ekstraktivne institucije u Srbiji

Author(s): Dušan Pavlović / Language(s): Serbian Issue: 19/2018

is the increasing inefficiency of the public institutions a consequence of a neoliberal economic policy of austerity or of an extractive institutional de sign? i begin by discussing if neoliberal economic policy was pursued in the post-communist Europe and Serbia after 1990 and 2008, respectively. i look into extractive institutions that enable money wasting, thus showing that the argument from the austerity policy is weak. The Serbian government cut public expenditures, on the one hand, only to be able to continue with extraction, on the other hand.

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BORSA İSTANBUL ENDEKSLERİNİN BİRBİRİYLE BAĞININ KEŞFİ

Author(s): Turan KOCABIYIK,Türker TEKER / Language(s): Turkish Issue: 4/2018

Causality analysis in finance and economic areas are frequently used to measure the long-term relationship between variables. Both in the World and in Turkey, there are many studies about the power of interdependence among stock markets. In these studies, it was tried to measure the relation between important indices of different countries’ stock markets. In this study, it has been tried to determine whether the stock market indices within the Istanbul Stock Exchange have interdependence and which indice shave opposite direction or which indices have same direction. 192ort his reason, it is thought that this research will contribute to the literature. The purpose of this study is to discover whether there is a causal relationship between the important indices in the Istanbul Stock Exchange. Istanbul Stock Exchange 100 index (XU100)and some other stock indices such as; BIST All Shares Index(XUTUM), Istanbul Stock Exchange 30 Index(XU030), Financial Index(XUMAL), Industrial Index(XUSIN)and Services Index(XUHIZ)were included in the survey.Daily closing data between the years 2010-2017 of Istanbul Stock Exchange indices were used in the study.Firstly, unit root tests were applied to 6 time series data.First differences became stationary when all of the series were not stationary at level values.Hence, Johansen cointegration methodology was applied to the series. Thelagorder of the model was found 3 and Johansen Cointegration test was performed.1 cointegrated vector is encountered. The relationship between indices has been examined in detail by Vector Error Correction Model.

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УЛОГА И ЗНАЧАЈ МЕЂУНАРОДНИХ УГОВОРА У РЕГУЛИСАЊУ МЕЂУНАРОДНИХ ОДНОСА У САВРЕМЕНИМ УСЛОВИМА

Author(s): Dragana Nešović,Dušan Jerotijevic / Language(s): English Issue: 3/2018

All international subjects acting on the international scene are obliged to respect generally accepted norms and basic principles of international law. The basic acts containing these norms on which the international legal system primarily relies are international agreements, whether contracts concluded between states and / or international organizations, bilateral or multilateral. In that respect, starting from the position of international agreements in the generally accepted hierarchy of international law sources, this paper analyses the role of international agreements and the importance that they, as the basic instruments of regulating international relations and cooperation among contemporary subjects of international law, have in the international legal system. The aim of this paper is to highlight the manner and consequences of the influence on the legal process in this field, given the legal nature of the international agreements impact in the context of varying international relations, under the influence of a omnipresent globalisation.

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ПРЕПОЗНАВАЊА И ТУМАЧЕЊЕ ИНФОРМАЦИЈА СА ТРЖИШТА ПРИЛИКОМ ДОНОШЕЊА ПОСЛОВНИХ ОДЛУКА

Author(s): Saša Stamenković,Milan Stamatović / Language(s): English Issue: 3/2018

This paper makes reference to the identification, origin, and method of creation of market information which, in its short life, represents market signals of different values and the manner in which it is perceived by the companies’ managements. The impacts of globalisation, the development of transport, and IT technologies have given a multidimensional line to the market signals and their complexity. The paper presents some of the challenges arising from the growing amounts of information available and exhausting the managements when defining the direction of future development of a company. Actually, the paper aims at making closer the understanding of the difference between data and information, from today’s point of view, the interpretation of market signals and their further use in making business decisions, looking through the prism of the constant increase in the quantity of information available in the light of globalisation and IT technologies, as well as possible challenges posed by the increasing amount of information. Finally, the paper presents a part of research that was used for the preparation of a doctoral thesis on information and its role in business decision-making.

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Normal Distribution of Returns of Warsaw Stock Exchange Indexes

Author(s): Krzysztof Borowski / Language(s): English,Polish Issue: 2 (74)/2018

The paper verified the hypothesis regarding a normal distribution of returns of Warsaw Stock Exchange indexes for the following time intervals: daily, weekly, monthly, quarterly and yearly. The analyzed rates of return were calculated in the following outlines: closing-closing, opening-opening, opening-closing and overnight. The verification of statistical hypotheses was conducted with the use of the following seven statistical tests: Kolmogorov-Smirnov, Lilliefors, Shapiro-Wilk, Chi-squared, Cramer von Mises, Watson, Anderson-Darling. The analyzed indexes were ranked due to the convergence of their return to the normal distribution with the use of the following tests: Jarque-Bera, Shapiro-Wilk and D’Agostino-Pearson.

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Sensitivity of the Central and Eastern European Stock Market to Credit Rating Changes

Author(s): Patrycja Chodnicka-Jaworska / Language(s): English,Polish Issue: 2 (74)/2018

The aim of the paper is to verify the influence of credit rating changes on the rates of return on shares taking into account the size of the credit rating agency. A review of literature about the mentioned relationship by type of sector has been prepared. The following hypothesis is proposed: The banks’ share prices show a weaker reaction to credit rating changes than the entities outside the banking sector. The strongest impact of credit rating changes is observed for a downgrade. This hypothesis has been verified by using event study methods on data collected from Thomson Reuters Database through the years 1980 to 2015. The unobserved variables are long term issuer credit ratings given to banks and institutions outside the financial institutions. Rates of return on shares are used as observed variables.

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Zastosowanie statystyki wielowymiarowej do badania kryzysu subprime

Author(s): Eliza Buszkowska / Language(s): Polish Issue: 4/2015

The author uses data clustering methods derived from multivariate statistics to investigate the latest financial crisis. In compliance with these algorithms, the paper groups stock market indexes and stock exchange rates from the periods of their higher correlation and higher volatility. The author discusses the possibility to apply this method to generate time frames on the stock market. Cluster analysis has made it possible to make some new observations concerning the subprime crisis.

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