European Journal of Applied Economics最新文献

{"title":"The explanatory factors of sovereign credit default swaps spreads: A quantile regression approach","authors":"Radhia Zemirl, Mohand Chitti","doi":"10.5937/ejae17-26097","DOIUrl":"https://doi.org/10.5937/ejae17-26097","url":null,"abstract":"This article aims to analyze the main risk factors that explain the manifestation and the aggravation of sovereign risk, particularly through the dynamics of sovereign CDS spreads in euro area member countries. The explanatory factors that will be analyzed are related to general risk aversion, which is explained by the volatility of the stock markets, liquidity risk perceived by the flight to quality phenomenon, idiosyncratic risk, which is explained by the deterioration of the state of macroeconomic fundamentals. We will adopt an econometric approach with the quantile regression method applied to panel data developed by Canay (2011), because it allows to estimate the effect of the independent variables on the different regions of the distribution, of the dependent variable and also makes it possible to overcome the problem of the presence of extreme values. Finally, our model has made it possible to identify, over time and different countries, the factors which significantly explain a sovereign risk, and whose deteriorated situation is likely to lead to payment defaults, which is very important to know, especially in the current unfavorable macroeconomic context. These include the volatility of the stock markets, which shows investor mistrust, the drying up of liquidity in the bond markets, which explains the phenomenon of flight to quality, the budgetary factor, which is explained by the unsustainable debt, and the economic factor, perceived by the level of wealth of a country.","PeriodicalId":341851,"journal":{"name":"European Journal of Applied Economics","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125143912","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The impact of certain psychological factors of investors and managers on the capital structure","authors":"Mirko Babanić","doi":"10.5937/EJAE15-15647","DOIUrl":"https://doi.org/10.5937/EJAE15-15647","url":null,"abstract":"Psychology represents the basic requirement for the emergence of disciplines such as behavioral finance and behavioral economics. It has contributed to a better understanding of the behavior of economic actors under conditions of risk arising from the imperfections of cognitive abilities of human beings. Consequently, it is necessary to change the economic models based on mathematical laws in favor of descriptive models that consider the cognitive abilities of the human mind. The most common decisions that are being studied in the field of behavioral finance are the decisions regarding capital structure in companies. The methodology in this paper is based on the net operating income approach. This approach is analyzing the financial section of income statement that refers to the financial expenses of the companies. Financial expenses are assumed to be fixed, determining financial break even, as a consequence of use of financial leverage. The main task of this paper is to determine the impact of some psychological factors in the terms of capital structure and financial leverage, through two case studies of comparative analysis of income statements of the companies Puma and Adidas that will consequently affect the achievement of financial breakevens well as the profitability of the companies. Therefore it is possible to conclude that some analyzed psychological aspects in the process of financial decision making of investors and managers can influence the capital structure decisions, which can be a subject of further researches.","PeriodicalId":341851,"journal":{"name":"European Journal of Applied Economics","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115278371","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The dialogue between religion and science: Truths, ideas and beliefs","authors":"Đuro Šušnjić","doi":"10.5937/SJAS1201095S","DOIUrl":"https://doi.org/10.5937/SJAS1201095S","url":null,"abstract":"Science and religion are two distinct but not two hostile paths: two ever valuable efforts of human spirit! Science and religion would have less intellectual disputes and social conflicts if only both of them would explicate their principles, and then in even dialogue, espy and evaluate possibilities and frontiers of their principles and sorts of enabled questions and answers. Religion might be interesting for science as it opens new and unknown fields of human experience. Frontiers of science and religion are historically changeable, which does not mean that they can escape. Religion is not a sort of less developed science, but an independent way of thinking, beliefs and actions, offering to believer a solution of some problems otherwise unsolvable, even by assistance of science and its methods.","PeriodicalId":341851,"journal":{"name":"European Journal of Applied Economics","volume":"113 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133593202","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"ROLE OF SOCIAL MEDIA IN SERBIA","authors":"Ivan Bauer","doi":"10.5937/SJAS1202001B","DOIUrl":"https://doi.org/10.5937/SJAS1202001B","url":null,"abstract":"The era of one-way marketing communication is slowly coming to an end and traditional marketing techniques are being replaced by modern techniques which have two-way communication with incorporated target groups. This happens most frequently with explicit approval given by customers. Traditional-to-digital media shift was mainly driven by technological breakthroughs which have made communication possible “anywhere”. “Big screen” (television) has been replaced by “little screen” (mobile phone), while newspapers, radio, libraries, cinemas and tete-a-tete communication have been replaced by computers, Internet, and, eventually, the social media. Marketers’ primary task has always been to be in the same place as their consumers, which is why they have been forced to adjust their techniques to modern times and circumstances. A newly arisen marketing technique, which stands out particularly for its present and expected future importance, is Social Media marketing. Marketers around the world have recognized Social Media marketing as an important part of their marketing communication portfolio. Although marketing experts in small markets recognize the importance of new technologies and marketing techniques, they are facing severe problems in their implementation, most frequently, due to inferior technical capabilities, as well as different cultural and educational barriers. The aim of this paper is to highlight the global importance of the aforementioned technique, as well as to assess the position of Serbia in terms of its implementation at the present time, and where we can expect it to be tomorrow. Obtaining answers to these questions creates foundation and space for further future analyses, together with the rise in implementation of marketing techniques in social media in Serbia. Also, it provides more information about understanding and implementation, as well as about different perceptions of the importance of implementation and about various perspectives concerning marketing techniques in social media in Serbia. In order to accomplish those objectives, diverse research methods have been used – from observation and case study method to interviews and surveys.","PeriodicalId":341851,"journal":{"name":"European Journal of Applied Economics","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115872825","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Forensic investigation of trojan defense in virtual environment","authors":"Gojko Grubor, N. Ivaniš","doi":"10.5937/SJAS1202014G","DOIUrl":"https://doi.org/10.5937/SJAS1202014G","url":null,"abstract":"This paper presents an example of a malware attack on a virtual computer. Human factor and social engineering techniques are believed to play a major role in malware attacks. Insufficient education of the user regarding the information safety facilitates further action of the attacker. The attacker writes the malware code if necessary - as a key logger, downloader, etc. Every attack includes good preparation, port scanning, collecting infor mation about antivirus software and target computer usage, considering the scenario of the attack, and choosing the best timing and method of the attack. The paper discusses anti-forensic role of Trojans in a corrupt virtual computer from which the abuse was committed, without the owner’s knowledge. Furthermore, the paper provides more information about the experimental verification of forensic activities aimed to prove the so called “Trojan Defense” in virtual environments.","PeriodicalId":341851,"journal":{"name":"European Journal of Applied Economics","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127903139","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Capital structure in emerging markets: Evidence from Nigeria","authors":"Yinusa Olumuyiwa-Ganiyu, I. Adelopo, Yulia Rodionova, Olawale Luqman-Samuel","doi":"10.5937/EJAE15-17631","DOIUrl":"https://doi.org/10.5937/EJAE15-17631","url":null,"abstract":"This paper examines the impact of firm specific factors as determinants of capital structure choice of Nigerian firms based on the data of 115 non-financial firms listed on the Nigerian stock exchange, for the period 1998-2016.The study employed two-step system generalized method of moment in a dynamic panel framework. The findings of the study reveal positive relationship between profitability, firm risk, firm dividend and leverage. Asset tangibility, growth opportunities, size and age are found to be negatively related to leverage. The study therefore concludes that variables identified in the agency cost theory that provide explanations for capital structure of firms in the developed and some emerging countries, are relevant but not fully applicable in the Nigerian context. This study shows that managers tend to use more debt as they prefer higher free cashflow because it facilitates the consumptions of perks. The use of long-term debt may reduce the opportunistic behaviour of managers. Managers may strive to ensure debt repayment promptly to avoid bankruptcy which can be very costly for the firm, and managers may lose their job and reputation. Managers would prefer the use of less debt in firms where there are high growth opportunities. Managers of firms may prefer to employ less debt when they see that debt can restrict them to explore future opportunities because of the commitment and covenants associated with debt.","PeriodicalId":341851,"journal":{"name":"European Journal of Applied Economics","volume":"61 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127431208","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Structural-dimensional concept of tourism service quality.","authors":"Vukan Vujović","doi":"10.5937/SJAS10-4263","DOIUrl":"https://doi.org/10.5937/SJAS10-4263","url":null,"abstract":"The difficulties of delivering a consistently satisfactory quality of tourism services emerge as a result of the discrepancies between the productive structures and corresponding dimensional features of delivering values during their cycle of consumption. Organizational enterprise system is the primary responsible for the above mentioned phenomenon, and it consists of production (working) units and departments in charge of quality management as well as control and monitoring of the production processes, that is, the flow of delivery. This paper discusses the current models of structural complexity, dimensional observations of quality as well as the phases of user participation throughout the life cycle of tourism services. The possibility of identifying several typical levels in the complex tourism product provides the groundwork for a more meaningful comparison between “projected and actual quality”, as well as achieving greater organizational performances in the domain of market-delivered value of the resulting service. The main objective of this paper is to provide a theoretical basis for the implementation of deeper organizational and functional analysis models and continuous monitoring of the achieved quality. The effects of such systematic approach would be manifested to the ultimate degree of fulfillment of expectations and the overall customer or user satisfaction with tourism service.","PeriodicalId":341851,"journal":{"name":"European Journal of Applied Economics","volume":"7 4","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114037344","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The potential effects of cryptocurrencies on monetary policy","authors":"Nenad Tomić, Violeta. Todorovic, Božidar Čakajac","doi":"10.5937/ejae17-21873","DOIUrl":"https://doi.org/10.5937/ejae17-21873","url":null,"abstract":"All current cryptocurrencies are controlled by private entities, so that the issue of impact on monetary system becomes very important. Autonomous decisions by private entities concerning the money supply could diminish the ability of central banks to implement monetary policy effectively. The subject of this paper is the influence of alternative cryptocurrency forms on the monetary system. The aim of this paper is to determine the ability of central banks to conduct monetary policy successfully in conditions of widespread use of cryptocurrencies in payment transactions. The situation in the cryptocurrency market is compared with the phases of Internet development and the current situation on other markets of electronic payment systems. It is concluded that cryptocurrencies do not have the capacity to endanger the traditional monetary system at the current level. Bearing in mind the early maturity of this market, certain predictions of possible future trends have been made. In the case of private cryptocurrency usage growth, central banks could partially or completely lose influence over monetary policy. The proposed solution is the development of national cryptocurrencies that would ensure the retention of seigniorage to central banks and the prevention of further use of private cryptocurrencies in criminal activities.","PeriodicalId":341851,"journal":{"name":"European Journal of Applied Economics","volume":"915 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132937229","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}