{"title":"The January effect in the aftermath of financial crisis of 2008","authors":"Anica Tkalcevic, Iskra Kalodera-Schmiedecke","doi":"10.32910/EP.71.6.1","DOIUrl":"https://doi.org/10.32910/EP.71.6.1","url":null,"abstract":"The January effect is one of the most researched seasonal anomalies on the financial market. However, very few authors have looked into the January effect after the financial crisis of 2008 and even fewer have used data of individual companies instead of indexes in doing so. This paper intends to fill this void by analyzing returns of individual micro-cap companies on the three biggest stock markets New York Stock Exchange, London Stock Exchange and Tokyo Stock Exchange for a time period January 2010 to January 2017. Analysis of each individual company using simple averages and regression analysis documented that abnormally high rates of return on micro-capitalization stocks are no longer present in the stock market in the aftermath of the financial crisis of 2008. Further confirmation of disappearance of January effect is conditional on new longer datasets as they become available.","PeriodicalId":53985,"journal":{"name":"Ekonomski Pregled","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69443897","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":"Panel Granger causality analysis of relationships between tourism and economic growth in the top eight tourist destinations","authors":"Özgür Bayram Soylu","doi":"10.32910/ep.71.4.5","DOIUrl":"https://doi.org/10.32910/ep.71.4.5","url":null,"abstract":"The tourism has economic, social and political effects and contributes to the economic development of many countries. Interaction levels of national economies increase with tourism through globalization. This study aims to test the causality relationship between the components of the tourism and economic growth. The causality relationship between the components of the tourism and economic growth by using panel causality analysis method. The findings indicate a bi-directional causality relationship between growth and tourism expenditures and tourism revenues. Tourism expenditures, tourism receipts and number of international arrivals are parameters of the tourism. Real gross domestic product ratio is used as a growth indicator. The top eight tourist destinations are analyzed; Spain, Italy, Russia, Turkey, France, China, USA, UK. In this context; A panel dataset was created for the top eight tourism countries over the period 1995–2017. The arrivals of tourists, expenditure levels of tourists and tourism receipts are important indicators for the national economies. The positive effects of these indicators on the balance of payments, being a source of foreign exchange, employment creation, triggering investment in infrastructure and superstructure and creating a revitalizing effect in other sectors, have an important place in the region and country economy with their socio-cultural reflections.","PeriodicalId":53985,"journal":{"name":"Ekonomski Pregled","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69443882","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":"Dinamika promjena financijskog položaja i financijskih rezultata poduzeća i banaka u Hrvatskoj","authors":"Branko Krnić, Ivona Beljan","doi":"10.32910/ep.70.6.4","DOIUrl":"https://doi.org/10.32910/ep.70.6.4","url":null,"abstract":"Cilj ovog istraživanja je proširiti\u0000dosadašnje spoznaje o međuovisnosti funkcioniranja financijskog i realnog sektora\u0000u hrvatskoj ekonomiji. U tu se svrhu istražuje dinamika promjena financijskog\u0000položaja i financijskih rezultata njihovih ključnih sastavnica, tj. poduzeća i\u0000banaka. U usporedbi s ranijim istraživanjima prošireni su aspekti analiziranja\u0000i vremenski horizont analize, detaljnije se razmatra recesijsko razdoblje\u0000hrvatskog gospodarstva, a redefiniran je i obuhvat financijskih pokazatelja.\u0000Usporedbe se provode na temelju omjera, indeksa rasta i odnosa osnovnih stavki\u0000u okviru linearnih regresijskih modela te odabranih sektorskih financijskih\u0000pokazatelja. Utvrđene su razlike u kretanju dijela kategorija uspješnosti i\u0000financijskog položaja poduzeća i banaka u recesijskom razdoblju i prikazano\u0000kako se pogoršava kvaliteta plasmana i s određenim pomakom profitabilnost\u0000banaka u uvjetima pogoršanja pokazatelja likvidnosti i solventnosti poduzeća.\u0000Nalazi istraživanja mogu pridonijeti boljem razumijevanju međuovisnosti\u0000kretanja financijske i realne sfere ekonomije te spoznavanju potrebe da se, uz\u0000makroekonomske indikatore, za pravovremeno prepoznavanje i otklanjanje\u0000međusektorskih nesrazmjera, trebaju više koristiti komparativna sektorska\u0000analiza agregiranih podataka i pokazatelja iz financijskih izvještaja.","PeriodicalId":53985,"journal":{"name":"Ekonomski Pregled","volume":" ","pages":""},"PeriodicalIF":0.5,"publicationDate":"2019-12-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44606975","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":"Značaj udaljenosti u hedoničkom modelu određivanja cijena stanova u Zagrebu","authors":"Tanja Slišković, J. Tica","doi":"10.32910/ep.70.5.1","DOIUrl":"https://doi.org/10.32910/ep.70.5.1","url":null,"abstract":"Cilj\u0000ovog rada je procjena učinaka udaljenosti od središta grada na cijene stambenih\u0000nekretnina u Gradu Zagrebu unutar hedoničkog modela. Model prezentiran u radu\u0000je prvi u hrvatskoj literaturi hedoničkog modeliranja koji istovremeno obuhvaća\u0000varijable udaljenosti, druge lokacijske varijable, interne karakteristike\u0000nekretnina i efekt vremena prodaje stana na zagrebačkom tržištu. Razlika u\u0000odnosu na dosadašnju praksu u Hrvatskoj se sastoji u tome što se do sada\u0000lokacija stambene nekretnine uobičajeno opisivala širim područjima poput\u0000gradskih četvrti. Procjena efekata udaljenosti i drugih lokacijskih varijabli\u0000je provedena unutar hedoničkih modela traženih i postignutih cijena stambenih\u0000nekretnina, odnosno stanova. Dokazano je kako su udaljenost od središta grada i\u0000varijable kojima se opisuje smještaj nekretnine na pojedinim stranama svijeta\u0000statistički značajne za objašnjavanje traženih i stvarnih cijena stanova u\u0000Zagrebu. Nadalje, njihovo uključivanje u hedonički model poboljšava njegovu\u0000prilagođenost stvarnim podacima u odnosu na dosadašnje modele izrađene za\u0000hrvatska stambena tržišta.","PeriodicalId":53985,"journal":{"name":"Ekonomski Pregled","volume":" ","pages":""},"PeriodicalIF":0.5,"publicationDate":"2019-12-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.32910/ep.70.5.1","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45687544","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":"Export performance and competitiveness in wood products in the Czech Republic and Austria","authors":"N. Verter, L. Grega","doi":"10.32910/ep.70.5.4","DOIUrl":"https://doi.org/10.32910/ep.70.5.4","url":null,"abstract":"This article assesses the\u0000development of wood exports in the Czech\u0000Republic (Czechia) and Austria in recent years. Some approaches, such as revealed\u0000comparative advantage (RCA), relative trade balance index (RTB), and diversification\u0000ratios are used to assess the export performance and competitiveness\u0000indicators in these countries. The RCA result reveals that both Czechia and\u0000Austria have been competitive in the global wood markets, just as the countries\u0000have witnessed positive in RTB within the period under study. Market diversification\u0000results indicate that both countries concentrated in few markets (mainly within the EU single market) for exports\u0000of wood products. Also, the competitiveness based on the product structure\u0000shows that both countries, notably\u0000Austria wood product groups have been diversified and mostly processed before exports. In\u0000summary, both countries have performed impressively within the period\u0000under study even though the time series for the research was short. Nevertheless,\u0000there is a need for market export diversification beyond the EU’s single\u0000market.","PeriodicalId":53985,"journal":{"name":"Ekonomski Pregled","volume":" ","pages":""},"PeriodicalIF":0.5,"publicationDate":"2019-12-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44383638","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 changes in innovation in Polish industry","authors":"J. Zwolak","doi":"10.32910/ep.70.5.5","DOIUrl":"https://doi.org/10.32910/ep.70.5.5","url":null,"abstract":"As\u0000regards the relationship between changes in the structure of innovative\u0000marketed production and the structure of innovation expenditure, the efficiency\u0000of generating direct physical production capital and social capital in Polish\u0000industry has a decisive role. Since the rate (pace) of growth in innovative\u0000marketed production and the rate (pace) of growth in physical capital are\u0000determined by the milieu of a particular enterprise and are not dependent on\u0000enterprises, the only variable explaining the rate of innovation growth is the\u0000rate (pace) of growth (in the value) of expenditure on human capital in Polish\u0000industry in 2005–2013. The results of the survey show that the rate (pace) of\u0000growth (in the value) of expenditure on human capital was executed most extensively\u0000in Polish industry in 2010–2013, whereas in 2006–2009 this rate (pace) was\u0000shaped to a limited extent. As there was no uniform flow of expenditure on\u0000human capital, the total value of innovations created in Polish industry in the\u0000years analysed was limited.","PeriodicalId":53985,"journal":{"name":"Ekonomski Pregled","volume":" ","pages":""},"PeriodicalIF":0.5,"publicationDate":"2019-12-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44181489","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 deficit financing on economic stability","authors":"Hamad Kasasbeh, Marwan Alzoub","doi":"10.32910/ep.70.5.2","DOIUrl":"https://doi.org/10.32910/ep.70.5.2","url":null,"abstract":"This\u0000study examines the effect of deficit financing on economic stability in Jordan\u0000during the period 2005-2017, using quarterly data by employing the Vector Error\u0000Correction Model (VECM) after seasonally adjusting the variables. This paper is\u0000unique as it is the first of its kind that tackles the issue of stability in\u0000Jordan. It provides empirical evidence that external borrowing (EBDT) and\u0000domestic bank financing (BANK) negatively affect economic stability in Jordan.\u0000The bank effect is due to crowding out the private sector. External borrowing\u0000negative impact is driven by the current high level of outstanding public debt,\u000098 percent of GDP. Public debt is mainly channeled to finance current\u0000expenditures at the expense of capital expenditures, which has a minimal impact\u0000on growth. Interest rate (REPO) effect is in line with the finance theory as\u0000higher rates lead to lower growth. Non-bank financing (NonBank), although not\u0000statistically significant, exhibits the right sign as it has a positive effect.\u0000Future research may extend this work by including other macroeconomic variables\u0000such as current account deficit, money supply and direct foreign investment.","PeriodicalId":53985,"journal":{"name":"Ekonomski Pregled","volume":" ","pages":""},"PeriodicalIF":0.5,"publicationDate":"2019-12-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44647951","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}
M. Radonjić, Vladimir Đurišić, Sunčica Rogić, Andrija Đurović
{"title":"The impact of macroeconomic factors on real estate prices","authors":"M. Radonjić, Vladimir Đurišić, Sunčica Rogić, Andrija Đurović","doi":"10.32910/ep.70.4.2","DOIUrl":"https://doi.org/10.32910/ep.70.4.2","url":null,"abstract":"The real estate market,\u0000as one of the most volatile economic sectors, is a key research topic for many\u0000authors. Regardless the significance of this topic, no previous research has\u0000been conducted to evaluate the factors which influence the price of real estate\u0000in Montenegro. Therefore, the objective of this study is to clarify whether the\u0000trend in real estate prices in Montenegro can be explained by macroeconomic\u0000fundamentals such as GDP, the inflation rate, interest rates on mortgages,\u0000take-up of mortgages, the unemployment rate, the average net salary, the\u0000current account deficit and constructing activity and to determine which of\u0000them is the most important in explaining the price trend for this market. The\u0000applied methodology is based on the model averaging technique, which has not\u0000been used in previous research on this topic; it enables the research to focus\u0000on the relevant results despite the short time series and the large number of\u0000independent variables. The results obtained point to the fact that price trends\u0000in real estate are best described by and most closely align to GDP. Apart from\u0000GDP, net salary, the unemployment rate as well as the take-up of mortgages and\u0000their interest rates are shown to be significant as variables, which determine\u0000price trends within the real estate market.","PeriodicalId":53985,"journal":{"name":"Ekonomski Pregled","volume":" ","pages":""},"PeriodicalIF":0.5,"publicationDate":"2019-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48370556","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":"Analiza regionalne efikasnosti u Hrvatskoj korištenjem fiskalnih pokazatelja - neparametarski pristup","authors":"Danijela Rabar, Andrej Grbin","doi":"10.32910/ep.70.4.3","DOIUrl":"https://doi.org/10.32910/ep.70.4.3","url":null,"abstract":"Neravnomjeran\u0000gospodarski rast hrvatskih županija ukazuje na potrebu analize njihove\u0000usporedne (relativne) efikasnosti. Pritom bi, između ostaloga, istraživanje\u0000bilo zanimljivo usmjeriti na pokazatelje pod dominantnim utjecajem fiskalne\u0000politike. Upravo je to tema ovoga rada, a istraživanjem je obuhvaćeno razdoblje\u0000od 2002. do 2015. godine i uključeno šest pokazatelja u većem ili manjem opsegu\u0000povezanih s mjerama fiskalne politike. Dinamička je analiza provedena\u0000empirijski, korištenjem neparametarske metode analize omeđivanja podataka\u0000(AOMP), i to na županijskoj razini na kojoj su dane i smjernice za potrebna\u0000poboljšanja, što predstavlja novinu u odnosu na dosadašnje radove. Dobiveni\u0000rezultati efikasnosti 21 županije potvrdili su postavljene hipoteze o značajnim\u0000međužupanijskim nejednakostima i vodećoj poziciji Grada Zagreba u svjetlu\u0000odabranih pokazatelja, ukazujući ujedno na generatore neefikasnosti, među\u0000kojima je najizraženiji broj zaposlenih u jedinicama lokalnih i područnih samouprava.\u0000Rezultati bi trebali poslužiti kreatorima ekonomske politike u nastojanjima unapređenja\u0000fiskalnih odluka s ciljem smanjenja regionalnih razlika.","PeriodicalId":53985,"journal":{"name":"Ekonomski Pregled","volume":" ","pages":""},"PeriodicalIF":0.5,"publicationDate":"2019-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48676015","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":"Effects of the concentration of manufacturing industry on Croatian regional growth","authors":"Tomislav Sekur, K. Marošević","doi":"10.32910/ep.73.1.5","DOIUrl":"https://doi.org/10.32910/ep.73.1.5","url":null,"abstract":"Spatial concentration of economic activity is a phenomenon that has important implications for the development potential of the local, regional and national economy. This statement stems from two facts: first, there is a tendency of people and economic activity to concentrate in major cities and regions; and second, similar and connected companies sometimes agglomerate together at a particular location to take advantages of the external economies. This paper examines the effects of spatial concentration of manufacturing industry on Croatian regional growth. The industrial concentration (especially of the manufacturing sector) improves competitiveness among firms, enhances knowledge spillovers and increases the demand for labor and industrial products, leading ultimately to potentially higher growth rates. To examine the effects of concentration of manufacturing industry on Croatian regional growth, a panel analysis is conducted combining spatial (21 Croatian counties) and time (16 time periods) dimensions. The best way to measure concentration is by using the location formula to calculate location quotients weather on the basis of employment or gross value added. Therefore, the location quotients are independent variables of interest in the model whereas GDP, GDP p.c. and Gross value added of manufacturing put, regional economic prosperity and industrial output, respectively. Based on the results of the panel analysis it can be concluded that manufacturing industry is still an important factor of regional growth in Croatia, although its relative significance in Croatian economy is continuously declining over the last two decades.","PeriodicalId":53985,"journal":{"name":"Ekonomski Pregled","volume":" ","pages":""},"PeriodicalIF":0.5,"publicationDate":"2019-06-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49384265","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}