Vuk Bevanda, Rui Dias, Catarina Revez, N. Horta, Paulo Alexandre, Paula Heliodoro
{"title":"Financial Contagion in Central and Eastern European Capital Markets: The Case of Russia’s Invasion of Ukraine","authors":"Vuk Bevanda, Rui Dias, Catarina Revez, N. Horta, Paulo Alexandre, Paula Heliodoro","doi":"10.31410/eraz.2022.57","DOIUrl":"https://doi.org/10.31410/eraz.2022.57","url":null,"abstract":"Russia invaded Ukraine on February 24th, 2022, marking a steep escalation of the Russo-Ukrainian War, which began in 2014 after the Ukrainian Dignity Revolution. The invasion caused Europe’s largest refugee crisis since World War II, with more than 5.5 million Ukrainians leaving the country and a quarter of the population displaced. At the outbreak of war in 2014, Russia annexed Crimea and Russian-backed separatists who participated in the south-eastern Donbas region of Ukraine, starting a regional war there. Considering these events, it is relevant for policymakers and regulators to understand how contagious crises are to take appropriate measures to prevent or contain the side effects. To verify the levels of contagion or interdependencies we use Pindyck and Rotemberg’s t-statistic, as well as Forbes and Rigobon’s t-test, which suggests that we are facing extreme volatility in the capital markets analysed, and financial contagion is very significant. In conclusion, the capital markets analysed mostly show that correlations have increased in this period of uncertainty in the global economy (Russian invasion in Ukraine), evidencing that investors will find it difficult to diversify risk in these markets. The authors believe that the results achieved represent interest for investors seeking opportunities in these stock markets, and for policymakers to undertake institutional reforms to increase stock market efficiency and promote sustainable growth in financial markets. These findings also open room for market regulators to take steps to ensure better information in these regional markets","PeriodicalId":410143,"journal":{"name":"International Scientific Conference ERAZ - Knowledge Based Sustainable Development","volume":"53 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":"126479889","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":"Building Information Modelling (BIM) and Engineering Evolution in a Digital World","authors":"Vuk Bevanda, Grecu Andreea","doi":"10.31410/eraz.2022.153","DOIUrl":"https://doi.org/10.31410/eraz.2022.153","url":null,"abstract":"Building Information Modelling (BIM) is the foundation of digital transformation in the architecture, engineering, and construction (AEC) industry. This is an instrument helping professionals and students to gain an understanding of technologies that will be crucial to the future industry. In addition, BIM is a tool that improves the efficiency and integration of building designs by integrating architectural knowledge with technical processes. Contractors, architects, and engineers are increasingly utilising virtual technology for long-distance communication. According to Reuters, the worldwide BIM industry is anticipated to grow at a CAGR of 14.9 percent from 2018 to 2023. Government mandates for the development and implementation of BIM to improve project efficiency and reduce operations costs are the driving force behind it. BIM was portrayed in specialised literature as a component of the solution for an industry beset by cost and schedule overruns, enabling owners and stakeholders to make knowledgeable decisions based on the real-time information the digital models provide.","PeriodicalId":410143,"journal":{"name":"International Scientific Conference ERAZ - Knowledge Based Sustainable Development","volume":"87 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":"122657334","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":"Information Efficiency in Small and Underdeveloped Financial Market","authors":"Vuk Bevanda, Kiril Jovanovski, Hristina Tanevska","doi":"10.31410/eraz.2022.95","DOIUrl":"https://doi.org/10.31410/eraz.2022.95","url":null,"abstract":"Testing the efficient market hypothesis can always bring interesting points regarding the functions of the financial markets. Every investor wants to beat the market, and therefore he is trying to find information that will gain him some privileges. On the other side, the stock exchanges and regulatory agencies are striving to eliminate those information privileges. This is where market efficiency, its theory, and its forms come into question. Until today one can find research on testing the efficiency of different developed markets. However, there are still a lot of gaps in research involving small and underdeveloped markets. This research may put the developing markets on the investment opportunities map of international investors. The purpose of this paper is to show how information efficiency relates to the Macedonian stock market by testing the weak form efficiency, using the augmented Dickey-Fuller (ADF) test to observe whether they contain a unit root or not. The results will be used to show the opportunities for adopting a profitable investment strategy using the technical analysis of the Macedonian stock exchange. Additionally, the results show that by using the mouthy price differences one cannot beat the market as the prices are moving with a random walk, which is not the case if investors are analyzing daily price differences.","PeriodicalId":410143,"journal":{"name":"International Scientific Conference ERAZ - Knowledge Based Sustainable Development","volume":"554 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":"124751408","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 Right to the Personality of Older Persons and Their Freedom in Relation to the Administration","authors":"Vuk Bevanda, Vanesa Sánchez Ballesteros","doi":"10.31410/eraz.2022.277","DOIUrl":"https://doi.org/10.31410/eraz.2022.277","url":null,"abstract":"New technologies offer a world of possibilities in all areas of citizens’ lives, so the Administration, therefore, has not been excluded from their integration. However, the implementation of ICTs poses a great challenge caused by the inexcusable need to provide technological, economic, and training resources (digital skills) that are required for their effective operation. That is why the rights of citizens must remain unscathed before its implementation, overcoming any obstacle that arises and even maintaining the freedom to use or not, and much more so if they are vulnerable citizens, either due to their age or lack of means.","PeriodicalId":410143,"journal":{"name":"International Scientific Conference ERAZ - Knowledge Based Sustainable Development","volume":"114 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":"121514303","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}
Vuk Bevanda, Jelena Đurkin Badurina, Manuela Klapan
{"title":"Barriers to the Development of Tourism Product Based on Authentic Gastronomy in Rural Areas","authors":"Vuk Bevanda, Jelena Đurkin Badurina, Manuela Klapan","doi":"10.31410/eraz.2022.235","DOIUrl":"https://doi.org/10.31410/eraz.2022.235","url":null,"abstract":"Food tourism in rural areas can be considered a sustainable source of benefits for the local community, but only if it is developed in line with the potentials, interests and capacities of respective host community. Authentic gastronomy of rural areas is considered highly desirable by tourism demand, but there are some barriers to its development that need to be taken into account. This paper is conceptually examining the main challenges of establishing efficient local food networks in rural areas, for the purpose of the development of authentic gastronomy tourism offer. Barriers, identified from the analysis of scientific literature, are elaborated and discussed within the framework of rural areas. Findings, apart from general challenges of tourism development in rural areas, specially emphasise the importance of careful alignment of interests and expectations of all direct and indirect stakeholders in the process of development of authentic gastronomy in rural areas.","PeriodicalId":410143,"journal":{"name":"International Scientific Conference ERAZ - Knowledge Based Sustainable Development","volume":"64 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":"131077807","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":"Improve Sustainability Reporting through Integrated Reporting: Evidence from Italy","authors":"Vuk Bevanda, A. Baldissera","doi":"10.31410/eraz.2022.109","DOIUrl":"https://doi.org/10.31410/eraz.2022.109","url":null,"abstract":"This study aims to analyze the connections between integrated reporting (IR) and sustainability reporting (SR), in order to verify whether the IR can contribute to improving the SR prepared according to the Global Reporting Initiative (GRI) standards. In particular, this study considers the topic from the point of view of the SR to understand the benefits that it could obtain from the information disclosed through the IR. To this end, the study analyzes the integrated reports relating to the 2021 financial year of two listed Italian companies operating in the financial sector. The research has highlighted that some areas of sustainability, especially relating to the economic and environmental dimensions, are actually enhanced by integrated reporting, while the information benefits regarding the social dimension are less evident. The study can help indicate the advantages and possible improvements of the connections between SR and IR.","PeriodicalId":410143,"journal":{"name":"International Scientific Conference ERAZ - Knowledge Based Sustainable Development","volume":"307 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":"114524578","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":"Changes in the Electricity Market in the Republic of North Macedonia and Its Compliance with European Regulations, Characteristics and Official Data on the Macedonian Regulated Market for the Period 2019-2021","authors":"Vuk Bevanda, S. Markov","doi":"10.31410/eraz.2022.289","DOIUrl":"https://doi.org/10.31410/eraz.2022.289","url":null,"abstract":"First and foremost, the main inspiration for the specific problem in this paper are the changes in the electricity market of the Republic of North Macedonia (in the text as – “RSM”) and its compliance with European regulations, elaborating the characteristics and official data on the Macedonian regulated market. By summarizing all the theoretical and empirical aspects, the answers to the arising questions are provided through the analysis of the legal framework, the condition and the participants in the electricity-regulated market in the country in the analyzed period of three years (2019-2021). Also, the results and conclusions of the research shall be achieved via comprehensive analysis and by finding the answers to the posed questions through the theoretical analysis, the inductive and deductive methods, whereas the techniques utilized shall be: official data and reports of the Regulatory Commission of energetic and water services of RSM, questionnaires, interviews and observations as well. The main conclusion is that the changes in the regulated market are under the influence of the changed Macedonian regulations, the process of harmonization with the European regulations and the current developments related to the energy market globally. In this paper, the goal is achieved through the elaboration of changes in the legislation in the Republic of North Macedonia and its implementation in the past few years, emphasizing the effects on the liberalization of the electricity market.","PeriodicalId":410143,"journal":{"name":"International Scientific Conference ERAZ - Knowledge Based Sustainable Development","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":"127850054","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":"Development of 21st Century Skills in Croatia’s Higher Education System","authors":"Vuk Bevanda, Dinka Dedukić","doi":"10.31410/eraz.2022.191","DOIUrl":"https://doi.org/10.31410/eraz.2022.191","url":null,"abstract":"Social and economic developments of the 21st century require education systems that enable young people to acquire knowledge, skills, and competencies which, upon completion of their studies, would work in their favour and allow them to actively participate in the globalised and competitive labour market. Although the low employment rate is often caused by economic factors, one should also account for the interpersonal factors that may help individuals increase their chances of finding a job. Job seekers nowadays need to possess competencies known as 21st-century skills. This study included an assessment of the 21st-century skills acquired during academic studies. Creativity, innovation, communication in foreign languages, and practical application of knowledge were found to be the most poorly developed competencies, whereas the ability to work in a team, learn, and manage information were among the best-developed competencies.","PeriodicalId":410143,"journal":{"name":"International Scientific Conference ERAZ - Knowledge Based Sustainable Development","volume":"38 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":"132317007","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 Famous Dealu Mare – Wine Route","authors":"Vuk Bevanda, C. Slave, C. Man","doi":"10.31410/eraz.2022.263","DOIUrl":"https://doi.org/10.31410/eraz.2022.263","url":null,"abstract":"Wine tourism in the local vineyards is a new notion today. This tourism is starting to become an alternative to the late autumn holidays – you visit wineries, cellars, churches, everything is concentrated on a distance of only 60 kilometers. In the middle of the road between Bucharest and Brasov, on the border between Prahova and Buzau counties lies the homeland of red wine – “Dealu Mare”/ “Big Hill” vineyards. It has thousands of hectares of vineyards, eight famous wineries, and mansions that belonged to the old boyar families, some renovated and recently entered the tourist circuit, others in ruins, but just as spectacular. There are also 17th-century monasteries and themed museums that recreate the atmosphere of the houses in the area.","PeriodicalId":410143,"journal":{"name":"International Scientific Conference ERAZ - Knowledge Based Sustainable Development","volume":"199 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":"132684458","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}