Ekonomika Vilniaus Universitetas最新文献_第7页

Trade off between simplicity and precision of index models 在索引模型的简单性和精确性之间进行权衡

Ekonomika Vilniaus Universitetas Pub Date : 2022-01-01 DOI: 10.5937/ekonomika2201043l

M. Lekovič, Tanja Stanišić, Nemanja Pantić

{"title":"Trade off between simplicity and precision of index models","authors":"M. Lekovič, Tanja Stanišić, Nemanja Pantić","doi":"10.5937/ekonomika2201043l","DOIUrl":"https://doi.org/10.5937/ekonomika2201043l","url":null,"abstract":"In the basis of contemporary portfolio theory is Markowitz model of portfolio analysis which accurately defines a set of efficient portfolios for a relatively small number of securities in its composition. With the increase in the number of securities in the portfolio, the application of the Markowitz's model becomes complex, so financial theory found the solution of the problem in the single-index Sharpe's model. The later emergence of multi-index models, which better reflect reality, increased precision in determining a set of efficient portfolios, but at the cost of greater complexity of the model. The aim of the research is to analyze a kind of substitution between the simplicity and precision of the model, and to search answer to the question of what is the optimal number of explanatory factors of the model. Using qualitative economic analysis method, it was concluded that the number of factors (indexes) in the model should be increased until marginal benefits in the form of increased precision are equalized with marginal costs in the form of increased complexity, reduced applicability and associated costs of obtaining informations. In striving for greater precision of models, financial analysts must not overlook that the index models emerged from the practical necessity of simplifying the original Markowitz's model.","PeriodicalId":36306,"journal":{"name":"Ekonomika Vilniaus Universitetas","volume":"11 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71211503","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}

引用次数: 2

Effects of financial inclusion to GDP growth: The case of North Macedonia 普惠金融对GDP增长的影响:以北马其顿为例

Ekonomika Vilniaus Universitetas Pub Date : 2022-01-01 DOI: 10.5937/ekonomika2201057e

N. Eftimovska, Sandra Laurent

引用次数: 1

Application of the principle of conservatism against the application of the fair value concept: An example of the Serbian capital market 保守主义原则与公允价值概念的应用:以塞尔维亚资本市场为例

Ekonomika Vilniaus Universitetas Pub Date : 2022-01-01 DOI: 10.5937/ekonomika2201093a

Aleksandra Arsenijević

{"title":"Application of the principle of conservatism against the application of the fair value concept: An example of the Serbian capital market","authors":"Aleksandra Arsenijević","doi":"10.5937/ekonomika2201093a","DOIUrl":"https://doi.org/10.5937/ekonomika2201093a","url":null,"abstract":"The characteristic of striving towards the application of the new valuation concept, as opposed to the application of traditional accounting principles, modern financial reporting prompted the authors of this paper to address the importance of the application of traditional accounting principles, especially the principle of prudence (conservatism), and the concept of fair value for the accounting information relevance. The most important business decisions in the entity are made on the basis of information produced by the accounting information system, based on which we see how important it is for this information to be up to date. The relevance of the information of the accounting system of first-class importance is the basis of evaluation, which is the subject of research in this paper. More precisely, the paper examines the methods of measurement after initial recognition of fixed assets on the example of a group of business entities operating on the Serbian capital market. The results of empirical research are of a twofold nature. Namely, for measurement after initial recognition of intangible assets, plant and equipment, as well as other property, plant and equipment, the concept of historical cost and the traditional accounting principles immanent to it are primarily used. For measurement after initial recognition of buildings, land, investment property and biological assets, the concept of fair value is more often used. In other words, using a practical example, we have shown that the combined basis of financial reporting is the dominant feature of modern financial reporting of entities operating in the Serbian capital market.","PeriodicalId":36306,"journal":{"name":"Ekonomika Vilniaus Universitetas","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71211559","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}

引用次数: 2

The role of Industry 4.0 in digitalization of production and supply chains 工业4.0在生产和供应链数字化中的作用

Ekonomika Vilniaus Universitetas Pub Date : 2022-01-01 DOI: 10.5937/ekonomika2202001m

Goran Milovanović, Slavoljub Milovanović, G. Popović

{"title":"The role of Industry 4.0 in digitalization of production and supply chains","authors":"Goran Milovanović, Slavoljub Milovanović, G. Popović","doi":"10.5937/ekonomika2202001m","DOIUrl":"https://doi.org/10.5937/ekonomika2202001m","url":null,"abstract":"Industry 4.0 enables intelligent manufacturing that focuses on designing, creating and delivering products and services tailored to individual customer requirements. This industry encourages the integration of various intelligent manufacturing systems and advanced information technologies, such as cyberphysical systems, the Internet of Things and the Internet of Services. The aim of this paper is to prove, on the basis of analysis of selected academic sources and examples from business practice, that Industry 4.0, as a global transformation of production and other business segments based on digitalization and the Internet, increasingly transforms existing supply chains into supply chains 4.0 and affects their business performance. There are three key parts of this paper. The first part presents the conceptual and business framework of Industry 4.0, as well as its dependence on certain digital technologies. The second part points to the business relevance of supply chains 4.0 and the technological conditionality of their adaptation to customer expectations. The last part proves the fact that Industry 4.0 enables the company to be transformed into a digital supply chain (supply chain 4.0) that can successfully respond to changes in the environment.","PeriodicalId":36306,"journal":{"name":"Ekonomika Vilniaus Universitetas","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71211576","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}

引用次数: 0

The European Union convergence in the achieved levels of human development 欧洲联盟在人类发展水平上的趋同

Ekonomika Vilniaus Universitetas Pub Date : 2022-01-01 DOI: 10.5937/ekonomika2202031m

Sonja Milutinović

引用次数: 1

Post-sales services: A significant performance of organizations' competitive advantage 售后服务:组织竞争优势的重要表现

Ekonomika Vilniaus Universitetas Pub Date : 2022-01-01 DOI: 10.5937/ekonomika2202043m

Vuk Miletić, A. Grubor, N. Ćurčić

{"title":"Post-sales services: A significant performance of organizations' competitive advantage","authors":"Vuk Miletić, A. Grubor, N. Ćurčić","doi":"10.5937/ekonomika2202043m","DOIUrl":"https://doi.org/10.5937/ekonomika2202043m","url":null,"abstract":"The majority of organizations not only aspire to sell their product(s), but they also aspire to solve the problems clients are faced with in that process. In other words, goods have to be amended and encompassed by a set of additional post-sales services. The research conducted in this paper was done with the aim of rating and ranking the post-sales services rendered by domestic organizations as the characteristic that influences their successful operation on the market. The primary goal is to further deepen the knowledge and evaluate the basic features of the post-sales service markets, given the fact that the knowledge of that market that has been acquired so far is quite limited. The starting premise implies that to achieve maximum organizational effects, it is necessary for the organization to successfully create post-sales services which appear to be the key to competitive maneuvering in the conditions in which products are being more and more similar to each other and when there is the need to find the other elements which will make buyers differ them from one another. In this research study, the following methods are used: the comparative statistics methods (ch2 Test, ANOVA), the hypothetical-deductive methods, the analytic-deductive and comparative methods, the historical and statistical-descriptive methods.","PeriodicalId":36306,"journal":{"name":"Ekonomika Vilniaus Universitetas","volume":"195 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71211637","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}

引用次数: 1

Selection of variables in the function of improving the bankruptcy prediction model 选取变量中的函数，改进破产预测模型

Ekonomika Vilniaus Universitetas Pub Date : 2022-01-01 DOI: 10.5937/ekonomika2203045v

Sanja Vlaović-Begović, Stevan Tomašević, D. Ercegovac

{"title":"Selection of variables in the function of improving the bankruptcy prediction model","authors":"Sanja Vlaović-Begović, Stevan Tomašević, D. Ercegovac","doi":"10.5937/ekonomika2203045v","DOIUrl":"https://doi.org/10.5937/ekonomika2203045v","url":null,"abstract":"The significance of early disclosure of the probability of launching a bankruptcy proceeding leads the authors to develop a model of high prediction power. In this way, the authors use different variables and statistical tools, and techniques. The impact of the economic environment and data availability limits the introduction of certain variables in bankruptcy prediction models. The paper aims to explore attitudes in existing literature regarding the selection of variables used to develop models for predicting bankruptcy, their characteristics, limitations, and impact on the power of predictions. The labor findings show that the historical character of the data and the conservative approach to financial reporting have turned authors to the use of non-financial and market variables. For the most part, efficient markets absorb all external and internal information and future predictions, which are read through market prices. However, this assumption does not apply to less developed markets, and the use of market variables is questionable. In conditions of increased systemic risk, macroeconomic variables can be good indicators for predicting the likelihood of bankruptcy. Developing a model for predicting bankruptcy requires looking at the economic environment and choosing variables that correspond to existing business conditions. With the changing economic environment, adjustment of the model needs to be made so that the accuracy of the forecast does not decrease.","PeriodicalId":36306,"journal":{"name":"Ekonomika Vilniaus Universitetas","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71211762","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}

引用次数: 0

Development trends of the Textile industry of the Republic of Serbia in labyrinths neoliberal growth model 新自由主义增长模式迷宫中塞尔维亚共和国纺织业的发展趋势

Ekonomika Vilniaus Universitetas Pub Date : 2022-01-01 DOI: 10.5937/ekonomika2201001g

Živorad Gligorijević, Enes Ćorović

{"title":"Development trends of the Textile industry of the Republic of Serbia in labyrinths neoliberal growth model","authors":"Živorad Gligorijević, Enes Ćorović","doi":"10.5937/ekonomika2201001g","DOIUrl":"https://doi.org/10.5937/ekonomika2201001g","url":null,"abstract":"The textile industry of the Republic of Serbia, for a long time, has been one of the key drivers of economic growth, the mainstay of exports, demographic change and the bearers of social policy. However, in the period from 2000 to 2008, that is, in the period of application of the neoliberal model of growth, it was treated by the creators of economic policy as a relic of the past and the socialist model of growth and continuously recorded negative production results. In accordance with the above, the main goal of the research in this paper is to analyze the key macroeconomic indicators to consider the development trends of this industry in this period. The analysis used the method of induction, while the analysis of competitiveness of the textile industry of Serbia used the following indicators: market share analysis and RCA index (revealed competitive advantage index). The results of the research clearly indicate the disastrous consequences of the application: first, shock therapy in the liberalization of trade flows, second, the wrong model of privatization and third, inadequate economic policy measures, but also the fact that the textile industry has maintained a significant share in exports Republic of Serbia.","PeriodicalId":36306,"journal":{"name":"Ekonomika Vilniaus Universitetas","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71211443","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}

引用次数: 0

Day of the week effect in the South African equity market: A garch analysis 一周中的一天对南非股票市场的影响:一个粗略的分析

Ekonomika Vilniaus Universitetas Pub Date : 2022-01-01 DOI: 10.5937/ekonomika2201015m

B. Mazviona, Gisele Mah, I. Choga

{"title":"Day of the week effect in the South African equity market: A garch analysis","authors":"B. Mazviona, Gisele Mah, I. Choga","doi":"10.5937/ekonomika2201015m","DOIUrl":"https://doi.org/10.5937/ekonomika2201015m","url":null,"abstract":"Understanding dynamics of daily stock returns provide insight in trading opportunities available in stock markets. The purpose of the study was to examine whether day of the week effect exists in the South African equity market. Daily data from Top 40, All Shares, Basic Materials, Industrials, Consumer Goods, Health Care, Consumer Services, Telecommunications, Financials and Technology indices were collected for period 1995 to 2018. Exponential and threshold generalized auto regressive conditional heteroskedasticity models were employed to analyse day of the week anomaly. Findings of the day of the week for the mean equation revealed a positive Monday effect for aggregate indices namely Top 40 and All shares whilst the sectorial analysis showed a positive Monday effect for Basic materials, Consumer goods, Health care and Telecommunication. Furthermore, the mean equation for day of the week depicted a positive Tuesday effect for Financials sector, positive Wednesday effect for Consumer services sector and Thursday effect for Industrials and Technology sectors. The variance equation highlighted negative Monday effect for Top 40 and All shares as well as Basic materials, Consumer goods, Health care, Consumer services, Telecommunication and Financials sectors. However, Industrials sector indicated a negative Friday effect. The existence of day of the week effect nullifies the efficient market hypothesis in its weak form. In practice, it is recommended that for Mondays investors should invest in Top 40 and All shares, for Tuesday and Wednesday it would be prudent for investors to invest in Financial and Consumer services sectors respectively. Returns for Thursdays are attractive to an investor investing in the Industrial sector. An investor can reduce exposure by diversifying in the Health sector on Monday and in the by Industrial sector on Friday. Unlike previous studies that focussed on aggregate market indices, this study extended the analysis to sectors that constitute the market index.","PeriodicalId":36306,"journal":{"name":"Ekonomika Vilniaus Universitetas","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71211454","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}

引用次数: 0

Effects of climate change on sustainable tourism development in the Republic of Serbia: A case study of Vrnjačka Banja 气候变化对塞尔维亚共和国旅游业可持续发展的影响:以vrnja<e:1> ka Banja为例

Ekonomika Vilniaus Universitetas Pub Date : 2022-01-01 DOI: 10.5937/ekonomika2201081l

Marija Lakićević, Marija Kostić, Danijela Pantović, Milica Žarevac-Bošković

引用次数: 4