Some of the Unanswered Questions in Finance

A very dynamic development of finance in the last 50 years is inter alia probably due to experiments and innovations in this field. Previously, theoretical base could not explain and predict movements especially in volatile times. The new finance appeared 50 years ago (portfolio theory, CAPM, the efficient market theory, M&M theorem) and made substantial progress in understanding movements in globalised and internationalised financial markets. However, many questions remain open. The author tries to put emphasis on some of these questions, perfectly aware that these are not the only ones. Unresolved questions are related to company's aims, project's risks, degree of port-folio optimisation, importance of liquidity, dividend policy, as well as factors that deter-mine M&A. As the new finance is not able to predict and explain volatile movements, a question that should be posed is whether it is appropriate to add some non-economic factors as the behaviourist theory suggests. Although the behaviourist theory is an important part of new finance, it is unfortunately the only theory able to explain movements in volatile times. In conclusion, many questions still remain unanswered and wait for appropriate theoretical explanations.New Finance, Operational leverage, Risk, Portfolio optimisation, Rating agencies, Efficient market hypothesis, Quality of liquidity, Behaviorist theory

Insulin responses to acute glucose infusions in Buša and Holstein-Friesian cattle breed during the peripartum period: Comparative study

The aim of this study was to compare insulin responsevness to acute glucose infusion in cows of Holstein Friesian (HF) and Buša breeds during the peripartal period. Eight cows per each group (HF and Buša), were chosen. At day 7 prior to calving (ante partum) and day 14 after calving (post partum) animals were subjected to a glucose tolerance test (GTT). Blood samples were taken immediately before infusion and 15, 30, 60, 120 and 180 min thereafter. Glucose and insulin concentrations were measured in each blood sample, while BHBA and NEFA were measured only in samples taken before the infusion. QUICKY an indicator of insulin resistance in cows was calculated. Basal glycemia did not significantly differ between the breeds. Basal insulinemia was significantly higher in Buša than in HF cows in both examined periods (p<0.001, respectively). Basal NEFA levels tended (p=0.06) to be higher in Buša cows compared with those of HF ante partum, and was significantly higher (p<0.001) post partum. Basal BHBA was significantly lower in Buša than HF cows in both examined periods (p<0.01; p<0.001). QUICKI was significantly lower in Buša compared to HF cows both ante partum and post partum periods (p<0.001, respectively). Glycemia determined during GTT were higher in Buša than HF cows, both ante partum and post partum, but significantly starting from minute 15 ante partum i.e. minute 30 post partum. Insulinemia determined during GTT was significantly lower at min 15, and significantly higher starting from min 90 in Buša than HF cows, both ante partum and post partum. Results obtained in this study indicate on difference in insulin responsevness to acute glucose infusion between the examined breeds, which is probably a consequence of the difference in the degree of negative energy balance rather than of selection on high milk production. Namely, decreased insulin tissues sensitivity and decreased insulin responsiveness in Buša compared to HF cows is probably the consequence of inadequate energy intake from alimentary sources which leads to enhanced usage of energy from body reserves. [Projekat Ministarstva nauke Republike Srbije, br. 46002

The effects of training with different types of load on muscle mechanical properties

Pored toga što su od esencijalnog značaja za vršenje pokreta, mehaničke osobine mišića imaju veliki značaj za razumevanje funkcije i građe lokomotornog aparata čoveka. Poznavanje mehaničkih osobina mišića otvara nove mogućnosti za unapređenje efikasnosti različitih intervencija u rehabilitaciji i treningu. Iz tog razloga, metode treninga i testiranja koje se odnose na mišićne kapacitete da proizvedu silu, brzinu i snagu su u fokusu istraživanja decenijama unazad. Na osnovu predmeta istraživanja, planirana su i sprovedena 2 eksperimenta. Eksperiment 1 - Efekti treninga sa gravitacionom, inercionom i kombinovanom vrstom opterećenja na mišićnu snagu i silu Iako gravitaciona (težina) i inerciona vrsta opterećenja rezultuju vidno drugačijim obrascem i veličinom mišićne aktivnosti, njihovi specifični efekti u treningu su uglavnom zanemareni. Kako bi se istražili prirasti u mišićnoj snazi (P) i sili (1RM) specifični u odnosu na primenjeno opterećenje kod treninga izbačaja sa grudi, 48 studenata Fakulteta sporta i fizičkog vaspitanja muškog pola (starosti 20,5 ± 2,0 godina), slučajnim izborom raspoređeno je u gravitacionu, inercionu, kombinovanu ili kontrolnu grupu. Ispitanici su imali trening izbačaja sa grudi u trajanju 8 nedelja sa tri vrste opterećenja koje su odgovarale različitim efektima mase 40 kg (što je predstavljalo oko 50 % 1RM-a). Posmatrane varijable bile su srednja i maksimalna snaga (Pavg i Pmax), 1RM, apsolutni prirasti u Pavg i Pmax, relativni prirasti u Pavg, Pmax i 1RM. Rezultati su ukazali da su prirasti u Pavg, Pmax i 1RM bili značajni kod sve tri eksperimentalne grupe (p 0,1). Relativni prirasti u Pavg (26,3 ± 9,8 %) i Pmax (25,2 ± 9,8 %) bili su veći nego prirasti u 1RM-u (7,2 ± 6,9 %; oba p < 0,001). Apsolutni prirasti u Pavg (F4, 66 = 6,0; p < 0,01) i Pmax (F4, 66 = 4,7; p < 0,01) bili su veći kada su testirani pri opterećenjima pri kojima su sprovedeni treninzi, nego pri ostale dve vrste opterećenja. Razlike u 1RM-u između eksperimentalnih grupa nisu bile značajne (p = 0,092). Nalazi studije ukazuju da je trening sa umerenim opterećenjem doveo do značajnog prirasta u snazi, dok je prirast u sili bio relativno mali...Although they are essential for performing the movement, the muscle mechanical properties are of essential importance for understanding the function and structure of human locomotor apparatus. The knowledge regarding the muscle mechanical properties reveals new possibilities for improving efficancy of different interventions in rehabilitation and training. Therefore, both the training and testing methods related to muscle capacities to produce force, velocity and power, have been in focus of research for decades. Based on the research subject, we planned and conducted 2 experiments. Experiment 1 - Effects of constant, inertial, and combined resistance training on power and strength Although the constant (i.e., weight) and inertial resistance result in a prominently different pattern and magnitude of muscle activity, their specific training effects have been largely neglected. To investigate the resistance-specific gains in muscle power (P) and strength (1RM) following the training of maximum bench-press throws against constant, inertial, and combined resistance, 48 male physical education students (age= 20.5±2.0 years) were randomly assigned to either the constant, inertial, combined or control-group. Participants underwent 8 weeks of training of bench-press throws against the load originating from 3 resistive forces that corresponded to the different effects of mass of 40 kg (approximately 50% of 1RM). Observed variables were average and maximum power (Pavg & Pmax), strength (1RM), absolute gains in Pavg and Pmax, relative gain in Pavg, Pmax and 1RM. Results showed that the gains in Pavg, Pmax and 1RM were significant in all 3 experimental groups (p 0.1). Relative gains in Pavg (26.3 ± 9.8 %) and Pmax (25.2 ± 9.8 %) were larger than in 1RM (7.2 ± 6.9 %; both p < 0.001). The absolute gains in Pavg (F4, 66 = 6.0; p < 0.01) and Pmax (F4, 66 = 4.7; p < 0.01) were higher when tested against the training-specific resistance than when tested against the remaining 2 resistance types. Differences in 1RM among experimental groups were not significant (p = 0.092)..

Total Fatigue Life Estimation Of Aircraft Structural Components Using Strain Energy Density Method

This paper is aimed at developing a suitable computation method for estimating the fatigue life of structural elements exposed to the load spectrum. The total fatigue life can be divided into two parts, until the appearance of the initial damage and the other part represents the remaining life, i.e. until the effective fracture. The conventional approach to estimating the total life requires that low-cycle fatigue characteristics of the material be used until the initial damage occurs, and dynamic characteristics of the material for the remaining life. In order to obtain a more efficient method, the Strain Energy Density (SED) method was used in this paper. The essence of this approach is to use the same low - cycle fatigue characteristics of the material to estimate the life expectancy and the remaining life. This work is focused to developing efficient computation method and software for total fatigue life of metal aircraft structural components. To obtain efficient computation method, here the same fatigue low cyclic material properties for crack initiation and crack growth are used together with finite element method (FEM) for stress analyzes. To validate quality computation methods and in-house software for fatigue life estimations computation results are compared with experiments. The results show that the predicted results agree well with the test dat

Modernization of the 20th-century Serbian prose in relation to the creative reception of James Joyce's literary work ; Модернизация сербской прозы 20 века в связи с творческим восприятием литературных произведений Джеймса Джойса

Циљ овог истраживања јесте представљање и проблематизовање тока модернизације и постмодернизације српске прозе, а посебно романа 20. века, из перспективе стваралачке рецепције књижевног дела Џејмса Џојса у поетикама српских писаца 20. столећа. У раду се прати присуство и стваралачка рецепција књижевног опуса Џејмса Џојса у српској књижевноуметничкој, књижевно- научној и књижевно-критичкој сфери од првих превода и пропратних текстова до стваралачке рецепције Џојса у имплицитним и експлицитним поетикама српских писаца (нарочито Растка Петровића, Владана Деснице, Данила Киша и Борислава Пекића)...The aim of this research is to present and problematize the flow of modernization and postmodernization of Serbian prose, particularly of the 20th-century novel, from the perspective of the creative reception of James Joyce‟s literary work in the poetics of 20th-century Serbian writers. This research follows the presence and the creative reception of James Joyce‟s literary opus in Serbian literature, literary science and literary criticism from the first translations and reports on Joyce‟s novels, to the creative reception of Joyce in implicit and explicit poetics of Serbian writers (especially Rastko Petrović, Vladan Desnica, Danilo Kiš and Borislav Pekić)..

Association of meal timing with dietary quality in a Serbian population sample

Background: The world-wide adoption of Western lifestyles and eating patterns is associated with adverse effects on nutrient intakes. Here we evaluated the relationships between timing of meals and diet quality in Serbia, a Balkan country with a traditional eating pattern that includes the largest meal of the day as a late lunch. Methods: A dietary survey was done in the Republic of Serbia using a nationally-representative sample of 74 children and 260 non-pregnant adults. Nutrient intakes were calculated from two 24-h recalls. A Dietary Quality Score (DQS) enumerated how many European Union (EU) Science Hub recommendations were met for fruit and vegetables, fiber, saturated fat, sodium, and sugar. We evaluated whether the timing of dietary intakes is associated with DQS and body mass index. Results: The dietary intakes of children ages 10–17 and adults were similar and were high in total fat intake, with an average of 40% of energy from fat. Mean fruit and vegetable intakes of 473 g/day in adults exceeded the minimal EU recommendation. The most worrisome aspects of the Serbian diet were high intakes of saturated fat, sugar and sodium. Lunch was the meal with the highest mean content of energy, followed by breakfast and dinner, and the average time for lunch was 15:15. Consumption of a higher percentage of calories before 16:00 in adults was associated with higher fruit and vegetable intakes and with higher DQS. The subgroup of adults consuming their largest meal after 20:00 had a lower mean age, more men, and a larger percentage was employed outside of the home. There were no associations of meal timing with BMI, but the prevalence of obesity in this population sample was only 13%. Conclusions: These results indicate that an earlier meal pattern, and especially consuming the largest meal of the day earlier in the day, was associated with better quality diets. Public health efforts are needed to preserve nutrient intakes as the population shifts away from the traditional Serbian eating pattern. Long-term, deterioration of nutrient intakes could contribute to the increasing rates of obesity that have been observed in Serbia and world-wide

Blepisanis vittipennis (Reiche 1877) (Coleoptera: Cerambycidae), a new longhorn beetle for Serbia

A longhorn beetle species, Blepisanis vittipennis, known so far in Europe but only from Greece and Bulgaria, was recorded for the first time in the fauna of Serbia, increasing number of recorded longhorn beetle species to 238

Trichlorethilene poisoning

Autori prikazuju suvremene nazore o patologiji i klinici otrovanja trikloretilenom. Pritom se detaljno iznose najnoviji rezultati proučavanja metabolizma te izlučivanje pojedinih metabolita, a naročito trikloroctene kiseline.The authors discuss the modern concepts regarding pathology and clinical aspects of trichlorethylene poisoning. The results are given of the most recent investigations of the metabolism and the secretion of metabolites, especially of trichloroacetic acid

Study of electrochemical activity and transformations macrolides antibiotics

Cilj ove disertacije bio je da se ispitivanjem elektrohemijske aktivnosti makrolidnih antibiotika roksitromicina i midekamicina i poredjenjem dobijenih rezultata sa rezultatima ranije ispitanih azitromicina, klaritromicina i eritromicina izvede opšti zaključak o elektrohemijskom ponašanju ispitanih makrolidnih antibiotika, njihovim mogućim elektrohemijskim transformacijama kao i o mogućnosti njihovog kvalitativnog i kvantitativnog odredjivanja. Posebno je razmatrana mogućnost primene novih voltametrijskih metoda za odredjivanja makrolidnih antibiotika kao sastojaka komercijalnih i bioloških uzoraka. Na osnovu detaljnog ispitivanja elektrohemijskog ponašanja roksitromicina metodama ciklične voltametrije i diferencijalne pulsne voltametrije i midekamicina metodom ciklične voltametrije na elektrodi od zlata, simultano praćeno HPLC i LC/MS metodama kvalitativno i kvantitativno analitički su određene farmaceutske supstance roksitromicin i midekamicin, a roksitromicin i kao sastojak komercijalnog roksitromicina (Runac® tablete) i biološke tečnosti (humani urin). Poredjenjem sa ranije ispitivanim makrolidnim antibioticima pod istim uslovima, utvrdjeno je da su azitromicin, roksitromicin i midekamicin kvalitativno i kvantitativno analitički određeni. Eritromicin i klaritromicin su određeni kvalitativno a transformacije kojima podležu, za razliku od azitromicina, roksitromicina i midekamicina su praćene FTIR i HPLC metodama.The aim of the present PhD thesis was to examinate the electrochemical activity of macrolide antibiotics roxithromycin and midecamyin and to compare with the previously investigated azithromycin, clarithromycin and erithromycin in order to have general conclusion concerning electrochemical behavior of macrolide antibiotics. That means, their possible electrochemical transformations as well as the possibility of their quantitative and qualitative determination. Separetely was analysed the possibility of the new voltammetric methods application for the determination of macrolide antibiotics and as a content of commercial an biological samples. Taking into account the detailed investigation of the electrochemical behavior of roxithromycin by cyclic voltammetry and differential pulse voltammetry and a midecamyin by cyclic voltammetry on gold electrode by simultaneous detection of antibiotics by HPLC and LC/MS methods. Their standards were quantitatively and qualitatively were determined and roxithromycin was determined in the same manner and as a content of commercial tablets Runac® and as content of humane urine. The comparison with the previously investigated macrolide antibiotics under the identical experimental conditions, shown that azithromycin, roxithromycin and midecamyin are succesfully quantitatively and qualitatively determined. Clarithromycin and erithromycin undergo to the electrochemical transformations during the qualitative determination and these transformations were simultaneosly followed by HPLC and FTIR methods

Sprachwechselprozess und die durch den Kontakt der serbischen mit der deutschen Sprache induzierten Änderungen in der gesprochenen Sprache der Serben in der BR Deutschland

U disertaciji Proces zamene jezika i promene izazvane kontaktom srpskog sa nemačkim jezikom u govoru Srba u SR Nemačkoj za predmet naše analize izdvajamo neposredni jezički kontakt srpskog i nemačkog jezika u SR Nemačkoj na primeru etnolingvističke zajednice Srba u bavarskom gradu Ingolštatu. Predmetna disertacija predstavlja sinhrono istraživanje lingvističkih i sociolingvističkih faktora koji utiču na proces zamene/očuvanja kao i proces menjanja srpskog jezika u govoru Srba – radnih migranata od prve do treće generacije u SRN. U drugom poglavlju, pored prikaza trenutnog stanja u kontaktnoj lingvistici, takođe se razmatraju i razrađuju ključni pojmovi kontaktne lingvistike poput interferencije, transferencije, zamene jezika, preključivanja kodova. Priložena analiza ovih fenomena jezičkih kontakata je empirijsko induktivno istraživanje koje je obavljeno bazirajući se na metodama makrosociolingvistike, primenjujući tehnike sociolingvističkog intervjua sa elementima neposrednog posmatranja. U vrednovanju sociolingvističkih podataka primenjena je kombinatorika kvalitativne i kvantitativne metode istraživanja. Na osnovu sprovedene lingvističke analize govornog korpusa ispitanog uzorka došlo se do zaključka da je kod prve generacije radnih migranata, najviše zastupljena leksička transferencija, dok je srpski jezik predstavnika druge i treće generacije radnih migranata podlegao gramatičkim transferencijama. Stepen prisutnosti određenih transferencija svedoči o tome da se jezik prve generacije radnih migranata nemačkoj jeziku najviše približio na leksičkom planu, dok je jezik druge, a prvenstveno treće generacije, umnogome poprimio strukturalna obeležja nemačkog jezika U pogledu preključivanja kodova analiza je pokazala da pojava ovog fenomena i njegov stepen najpre zavisi od sagovornika i teme, stava sagovornika prema srpskom jeziku. Na osnovu prikazane analize može se zaključiti da je prva generacija radnih migranata najmanje podložna pojavi preključivanja kodova. U sociolingvističkoj analizi u pogledu procesa zamene/očuvanja srpskog jezika u nemačkoj dijaspori izdvojili su se sledeći bitni faktori: generacijska pripadnost, koja povlači za sobom način usvajanja jezika, način obavljanja sekundarne socijalizacije, stepen obrazovanja, kontakti sa maticom, faktor polne pripadnosti (sklapanje endogamnih/egzogamnih brakova), faktor društvenog uspeha u zemlji prijema, stav roditelja prema maternjem jeziku, stav migranata prema trajnom/privremenom boravku u Nemačkoj i institucionalna podrška. Prema sociolingvističkim i lingvističkim pokazateljima dobijenih sprovedenom analizom proizilazi da se istraživana etnolingvistička zajednica danas nalazi u trećoj fazi procesa zamene jezika. Rezultati sprovedene analize navode nas na pretpostavku da će srpski jezik i obeležja identiteta srpskog naroda izumreti za nekoliko decenija, ukoliko se ne preduzmu preventivne mere (i sa srpske i sa nemačke strane) u cilju očuvanja srpskog jezika u dijaspori. Isto tako primarni interes naučnika bi trebalo da bude identifikovanje stanja u kome se taj jezik nalazi, te da se uz saradnju sa srpskim i nemačkim institucijama i samom dijasporom potraže mogućnosti njegovog očuvanja. U ovom radu smo lingvističkom opisu pretpostavili opis sociokulturoloških uslova u kojima srpski jezik egzistira, te smo jednom sveobuhvatnom analizom kombinovanjem ova dva pristupa pokušali da damo presek aktuelnog stanja srpskog jezika u nemačkoj dijaspori.In der Dissertation Sprachwechselprozess und die durch den Kontakt der serbischen mit der deutschen Sprache induzierten Änderungen in der gesprochenen Sprache der Serben in der BR Deutschland wird der direkte Sprachkontakt der serbischen und deutschen Sprache in der Bundesrepublik Deutschland am Beispiel der ethnolinguistischen Gemeinschaft der Serben in der bayerischen Stadt Ingolstadt zum Gegenstand unserer Analyse. Die vorliegende Dissertation stellt eine synchrone Untersuchung linguistischer und soziolinguistischer Faktoren dar, die den Prozess des Sprachwechsels, bzw. der Spracherhaltung wie auch den Prozess der Änderung der serbischen gesprochenen Sprache der serbischen Arbeitsmigranten von der ersten bis zur dritten Generation in der BRD beeinflussen. Im zweiten Kapitel werden neben der Bewertung des aktuellen Forschungstandes in der Kontaktlinguistik auch Schlüsselbegriffe der Kontaktlinguistik wie Interferenz, Transferenz, Sprachwechsel, Code-Switching diskutiert und erarbeitet. Die vorliegende Analyse dieser Phänomene der Sprachkontakte ist eine empirische induktive Untersuchung, die auf den makrosoziolinguistischen Methoden gründet, unter Anwendung der Techniken des soziolinguistischen Interviews und der teilnehmenden Beobachtung. Bei der Auswertung der gewonnenen soziolinguistischen Daten wurden qualitative und quantitative Forschungsmethoden kombiniert. Auf der Grundlage der durchgeführten linguistischen Analyse des Sprachkorpus geht hervor, dass bei der ersten Generation der Arbeitsmigranten die lexikalischen Transferenzen am stärksten vertreten sind, während die serbische Sprache der Vertreter der zweiten und dritten Generation der Arbeitsmigranten den grammatischen Transferenezen erlagen. Der Grad des Auftretens bestimmter Transferenzen bezeugt, dass sich die Sprache der ersten Generation der Arbeitsmigranten dem Deutschen am meisten auf der lexikalischen Ebene genähert hat, während die Sprache der zweiten und vor allem der dritten Generation weitgehend strukturelle Merkmale der deutschen Sprache aufweist. In Bezug auf das Code-Switching zeigte die Analyse, dass das Auftreten und der Umfang dieses Phänomens in erster Linie von dem Gesprächspartner und –thema und von der Einstellung des Gesprächspartners gegenüber der serbischen Sprache abhängt. Aufgrund der vorgenommenen Analyse kann geschlossen werden, dass die erste Generation der Arbeitsmigranten gegenüber diesem Phänomen des Sprachkontaktes am wenigsten anfällig ist. Bei der soziolinguistischen Analyse kamen hinsichtlich des Prozesses des Sprachwechsels bzw. der Spracherhaltung der serbischen Sprache in der deutschen Diaspora folgende wichtige Faktoren heraus: Generationenzugehörigkeit, die die Art und Weise des Spracherwerbs mit sich zieht, ferner Durchführung der sekundären Sozialisation, Bildungsgrad, Kontakte mit dem Herkunftsland, Geschlecht (endogame/exogame Ehen), sozialer und beruflicher Erfolg im Aufnahmeland, Einstellung der Eltern gegenüber ihrer Muttersprache, Einstellung von Migranten hinsichtlich des temporären/permanenten Aufenthalts in Deutschland und institutionelle Unterstützung. Den in der durchgeführten Analyse gewonnenen soziolinguistischen und linguistischen Indikatoren zufolge ergibt sich, dass sich die untersuchte ethnolinguistische Gemeinschaft nun in der dritten Phase des Sprachwechselprozesses befindet