Zbornik Radova Ekonomskog Fakulteta u Rijeci-Proceedings of Rijeka Faculty of Economics最新文献_第3页

Scrutinizing the Smart City Index: a multivariate statistical approach 审视智慧城市指数:一种多元统计方法

IF 1.2

Zbornik Radova Ekonomskog Fakulteta u Rijeci-Proceedings of Rijeka Faculty of Economics Pub Date : 2019-12-27 DOI: 10.18045/ZBEFRI.2019.2.777

Olga Bogdanov, V. Jeremic, Sandra Jednak, Mladen Čudanov

{"title":"Scrutinizing the Smart City Index: a multivariate statistical approach","authors":"Olga Bogdanov, V. Jeremic, Sandra Jednak, Mladen Čudanov","doi":"10.18045/ZBEFRI.2019.2.777","DOIUrl":"https://doi.org/10.18045/ZBEFRI.2019.2.777","url":null,"abstract":"The smart city represents a frequently elaborated concept which however comes short in delivering a consistent definition. Nevertheless, almost every description has always been oriented to its technological component, sustainable development policies, and enabling high capacities for learning and innovation. Moreover, the smart city aims at connecting people, information and other city elements using state-of-the-art technologies. As a result, it creates a sustainable, greener city, pushes forward competitive and innovative commerce, and increases overall life quality. The integrated view of a smart city underlines it does not operate in isolation, which is why every subsystem of a city needs to develop its smart component. A wide range of rankings is used to determine the smartness of cities by mapping out the pros and cons of each analysed city. As the way to integrate various indicators into one value which will represent the rank, a composite index approach is most frequently used. Still, composite indexes are usually formed using the equal weight approach, which is heavily criticised in current literature. In this paper, we try to provide added value to the Smart City Index by implementing the statistical post hoc I-distance approach. The procedure enables us to shed some additional light on the issue of sensitivity of cities’ rank. The application of post hoc I-distance defines indicators which are most significant for the ranking process. It consequently empowers city decision-makers to improve their performance, with a focus on those particular indicators.","PeriodicalId":44594,"journal":{"name":"Zbornik Radova Ekonomskog Fakulteta u Rijeci-Proceedings of Rijeka Faculty of Economics","volume":"37 1","pages":"777-799"},"PeriodicalIF":1.2,"publicationDate":"2019-12-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.18045/ZBEFRI.2019.2.777","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67569244","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: 3

Investor sentiment and foreign financial flows: Evidence from South Africa 投资者情绪和外国资金流动:来自南非的证据

IF 1.2

Zbornik Radova Ekonomskog Fakulteta u Rijeci-Proceedings of Rijeka Faculty of Economics Pub Date : 2019-12-27 DOI: 10.18045/ZBEFRI.2019.2.473

Hilary Tinotenda Muguto, Lorraine Rupande, P. Muzindutsi

{"title":"Investor sentiment and foreign financial flows: Evidence from South Africa","authors":"Hilary Tinotenda Muguto, Lorraine Rupande, P. Muzindutsi","doi":"10.18045/ZBEFRI.2019.2.473","DOIUrl":"https://doi.org/10.18045/ZBEFRI.2019.2.473","url":null,"abstract":"Foreign financial flows to emerging markets have increasingly become important following the opening of financial markets globally. These financial flows are a function of a country’s fundamentals related to future productivity. However, macroeconomic fundamentals cannot explain some of the patterns in these financial flows, especially in emerging markets. In this study, we tested whether investor sentiment can be used as an alternative explanation for the foreign financial flows in South Africa. We employed net foreign purchases of shares and bonds, and we constructed a composite investor sentiment measure using a set of proxies. We then estimated autoregressive distributed lag models – linear and non-linear – to determine the relationship between sentiment and foreign financial flows in both the long and short run. The results showed that investor sentiment does influence foreign financial flows into South Africa. Therefore, it can be concluded that besides economic performance and stability of a country, it is of crucial importance to improve the perceived outlook for the country as to attract foreign financial flows. This finding is relevant for South Africa as a country that depends significantly on foreign capital flows to fill its widening gap between the savings and the investment needed to support enough economic growth.","PeriodicalId":44594,"journal":{"name":"Zbornik Radova Ekonomskog Fakulteta u Rijeci-Proceedings of Rijeka Faculty of Economics","volume":"37 1","pages":"473-498"},"PeriodicalIF":1.2,"publicationDate":"2019-12-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.18045/ZBEFRI.2019.2.473","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48911963","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: 4

International financial inclusion: Multidimensional determinants of access to saving and credit 国际金融普惠:获得储蓄和信贷的多维决定因素

IF 1.2

Zbornik Radova Ekonomskog Fakulteta u Rijeci-Proceedings of Rijeka Faculty of Economics Pub Date : 2019-12-27 DOI: 10.18045/ZBEFRI.2019.2.401

P. Cuéllar, Lilianne Isabel

{"title":"International financial inclusion: Multidimensional determinants of access to saving and credit","authors":"P. Cuéllar, Lilianne Isabel","doi":"10.18045/ZBEFRI.2019.2.401","DOIUrl":"https://doi.org/10.18045/ZBEFRI.2019.2.401","url":null,"abstract":"This work assesses quantitatively the determinants of two of the main indicators of financial inclusion: savings account ownership and credit access. Through the use of a dynamic panel, this work verifies that on the supply side, formal saving requires an infrastructure to access these services, as well as palliatives to the asymmetric information in the financial sector, while on the demand side, the education and the stability of income sources of its potential users are crucial. In order to move to a more comprehensive financial inclusion by taking a formal loan, even though access to this infrastructure is still relevant, its effect is decreasing. Therefore the national educational level and Credit Information Societies acquire relevance, as well as the employment vulnerability, which affects eligibility and the commitment that indebtedness entails. The significance of certain cultural traits in the credit static panel warns that, although financial inclusion can be promoted through standards vetted internationally, its effectiveness cannot be separated from the social context where they are implemented.","PeriodicalId":44594,"journal":{"name":"Zbornik Radova Ekonomskog Fakulteta u Rijeci-Proceedings of Rijeka Faculty of Economics","volume":"37 1","pages":"401-425"},"PeriodicalIF":1.2,"publicationDate":"2019-12-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.18045/ZBEFRI.2019.2.401","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67568930","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

Challenges of integrated variance estimation in emerging stock markets 新兴股票市场综合方差估计的挑战

IF 1.2

Zbornik Radova Ekonomskog Fakulteta u Rijeci-Proceedings of Rijeka Faculty of Economics Pub Date : 2019-12-27 DOI: 10.18045/ZBEFRI.2019.2.713

Josip Arnerić, M. Matković

{"title":"Challenges of integrated variance estimation in emerging stock markets","authors":"Josip Arnerić, M. Matković","doi":"10.18045/ZBEFRI.2019.2.713","DOIUrl":"https://doi.org/10.18045/ZBEFRI.2019.2.713","url":null,"abstract":"Estimating integrated variance, using high frequency data, requires modelling experience and data crunching skills. Although intraday returns have attracted much attention in recent years, handling these data is challenging because of their unique characteristics. When dealing with ultra-high frequency or tick-by-tick observations the enormous amount of data needs to be processed prior to estimation of integrated variance for two reasons: eliminating microstructure noise and finding appropriate unbiased estimator. This paper contributes to the existing literature in a two ways. First, we propose how to handle quality issues of the high frequency data due to non-frequent trading and lower liquidity of emerging markets. Second, we find the optimal sampling frequency at slow time scale that should be used to obtain two-time scale estimator of integrated variance for each emerging market under consideration: Romania, Hungary, Bulgaria and Croatia. Empirical results indicate that intraday returns should be sampled every 7 to 10 minutes at slow time scale while the fast time scale should be fixed at the highest possible frequency. Realized variance estimator at the fast time scale mostly overestimates the integrated variance on all stock markets except Bulgaria; on average between 70% and 90% of the time. Moreover, the robustness of the results with respect to the price jumps has been verified for Romania and Hungary, unlike Croatia and Bulgaria, for which we recommend a robust version of two-time scale estimator of integrated variance within truncation technique. It is additionally found that intraday returns should be sampled more frequently in a highly volatile periods. These findings offer valuable information to market participants, as they are able to apply the most accurate ex-post volatility measure, as unbiased and consistent estimate of integrated variance.","PeriodicalId":44594,"journal":{"name":"Zbornik Radova Ekonomskog Fakulteta u Rijeci-Proceedings of Rijeka Faculty of Economics","volume":"37 1","pages":"713-739"},"PeriodicalIF":1.2,"publicationDate":"2019-12-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67569111","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: 3

Smart city label: past, present, and future 智慧城市标签:过去、现在和未来

IF 1.2

Zbornik Radova Ekonomskog Fakulteta u Rijeci-Proceedings of Rijeka Faculty of Economics Pub Date : 2019-12-27 DOI: 10.18045/ZBEFRI.2019.2.801

Primož Pevcin

引用次数: 1

Mjerenje kreditnog rizika na primjeru izloženosti riziku koncentracije poljskih banaka 信贷风险计量，例如，农业银行集中风险敞口

IF 1.2

Zbornik Radova Ekonomskog Fakulteta u Rijeci-Proceedings of Rijeka Faculty of Economics Pub Date : 2019-12-27 DOI: 10.18045/ZBEFRI.2019.2.681

Natalia Nehrebecka

引用次数: 3

Odrednice pojave pretjeranog optimizma među analitičarimaVaršavske burze 华沙市场分析师的分歧显示出过度乐观

IF 1.2

Zbornik Radova Ekonomskog Fakulteta u Rijeci-Proceedings of Rijeka Faculty of Economics Pub Date : 2019-06-28 DOI: 10.18045/ZBEFRI.2019.1.259

R. Pastusiak, Jakub Keller

{"title":"Odrednice pojave pretjeranog optimizma među analitičarimaVaršavske burze","authors":"R. Pastusiak, Jakub Keller","doi":"10.18045/ZBEFRI.2019.1.259","DOIUrl":"https://doi.org/10.18045/ZBEFRI.2019.1.259","url":null,"abstract":"This paper deals with the phenomenon of excessive optimism in brokerage valuations, which is manifested by one-sided errors in the valuation of securities in reference to the real price achieved by the particular stock in the horizon of one year. The phenomenon of over-optimism is complex both from the perspective of the individual characteristics of stock market analysts as well as the psychological aspects of market functioning and the mechanisms that determine the volatility of stock prices. Due to the wide range of factors affecting the occurrence of the examined phenomenon, the authors focus only on the market aspects influencing the occurrence of excessive optimism in brokerage recommendations. The research examines over 10,000 recommendations for companies from the Warsaw Stock Exchange and from more than 40 financial institutions which evaluated companies in the period 2000-2014. For the purposes of analyzes, over-optimism in valuations is defined as an overestimation of the target price in the case of positive recommendations and as an underestimation of the price decline in the case of negative ones. The results confirmed the hypotheses of the heterogeneity of the phenomenon of excessive optimism both for different economic sectors and individual financial institutions. The authors see it as a good result considering the fact that regression uses only variables related to market characteristics of the recommendations issued, omitting other spheres influencing the occurrence of excessive optimism among analysts.","PeriodicalId":44594,"journal":{"name":"Zbornik Radova Ekonomskog Fakulteta u Rijeci-Proceedings of Rijeka Faculty of Economics","volume":"37 1","pages":"259-275"},"PeriodicalIF":1.2,"publicationDate":"2019-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47990202","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

Brand i karakteristike potrošača kao pokretača ponašanja prema globalnim i lokalnim brandovima 作为全球和本地品牌运动的品牌和消费者特征

IF 1.2

Zbornik Radova Ekonomskog Fakulteta u Rijeci-Proceedings of Rijeka Faculty of Economics Pub Date : 2018-12-28 DOI: 10.18045/ZBEFRI.2018.2.619

Srđan Šapić, Milan Kocic, J. Filipović

引用次数: 3

Odabir lokacije za novu poslovnu jedinicu u ICT industriji 为新的信通技术业务部门选择地点

IF 1.2

Zbornik Radova Ekonomskog Fakulteta u Rijeci-Proceedings of Rijeka Faculty of Economics Pub Date : 2018-12-28 DOI: 10.18045/ZBEFRI.2018.2.801

Sanja Marinković, Ilija Nikolić, Jovana Rakicevic

引用次数: 10

Averzija prema sigurnom gubitku: pretvaranje ulagača u kockare 证券损失规避：博彩投资者转换