A review of the rationales for corporate risk management: fashion or the need?

This paper presents the extensive literature survey based both on theoretical rationales for hedging as well as the empirical evidence that support the implications of the theory regarding the arguments for the corporate risk management relevance and its influence on the company’s value. The survey of literature presented in this paper has revealed that there are two chief classes of rationales for corporate decision to hedge - maximisation of shareholder value or maximisation of managers’ private utility. If corporate hedging decisions are capable of increasing firm values, they can do so by reducing the volatility of cash flows. The literature survey presented in this paper has revealed that, by hedging financial risks firms can decrease cash flow volatility, what leads to a lower variance of firm value. This means that not only a firm value is moving less, but that the probability of occurring low values is smaller than without hedging. Reduced volatility of cash flows results in decreased costs of financial distress and expected taxes, thereby enhancing the present value of expected future cash flows. Additionally, it reduces the costs associated with information “asymmetries” by signalling management's view of the company's prospects to investors, or it reduces agency problems. In addition, reducing cash flow volatility can improve the probability of having sufficient internal funds for planned investments eliminating the need either to cut profitable projects or bear the transaction costs of obtaining external funding. However, it needs to be emphasised that there is no consensus as to what hedging rationale is the most important in explaining risk management as a corporate policy. It can be concluded that, the total benefit of hedging is the combination of all these motives and, if the costs of using corporate risk management instruments are less than the benefits provided via the avenues mentioned in this paper, or any other benefit perceived by the market, then risk management is a shareholder-value enhancing activity.corporate risks, rationales of risk management

The Premium/Discount Of Closed-End Funds As A Measure Of Investor Sentiment: Evidence From Greece

We examine the proposition that the premium/discount (PD) of Greek closed-end funds (CEFs) is an accurate proxy for the small-investor sentiment risk. We find that the average PD explains the returns of portfolios of large capitalization and low book-to-market ratio stocks. In this context, we are unable to confirm a link between the perceived PD anomaly and the small size effect. Moreover, we show that the explanatory power of the PD for portfolio returns depends on the form of the asset pricing model used in the regression analysis. Finally, in terms of predictive ability, we find evidence that the PD predicts the size and the book-to-market premiums but little evidence that the PD predicts individual portfolio returns

THE IMPACT OF ADVERTISING MESSAGES ON SCHOOL CHILDREN THROUGH AGE, BRANDED PRODUCTS AND TRUST

Advertising towards children confirms the importance of marketing communication, as they are important for companies that offer a range of products and services. We study the influence of advertising messages from traditional media on different children's age groups, via the observed branded products and the examined credibility of advertisements, seen through the children’s eyes. In total, 481 pupils from two primary schools, aged 9 - 12, participated in the research. We find that children over the age of ten recognise the persuasive influence of the media. Also, the findings indicate that the number of children who like to follow advertisements decreases with age. In addition, comparing the advertising message and real life can lead a child to overall dissatisfaction. An optimistic 75% of the answers favour the fact that children do not believe everything shown in the advertisement forwarded to them

A Review of the Rationales for Corporate Risk Management: Fashion or the Need?

This paper presents the extensive literature survey based both on theoretical rationales for hedging as well as the empirical evidence that support the implications of the theory regarding the arguments for the corporate risk management relevance and its influence on the company’s value. The survey of literature presented in this paper has revealed that there are two chief classes of rationales for corporate decision to hedge - maximisation of shareholder value or maximisation of managers’ private utility. The paper concludes that, the total benefit of hedging is the combination of all these motives and, if the costs of using corporate risk management instruments are less than the benefits provided via the avenues mentioned in this paper, or any other benefit perceived by the market, then risk management is a shareholder-value enhancing activity

A review of the rationales for corporate risk management: fashion or the need?

This paper presents the extensive literature survey based both on theoretical rationales for hedging as well as the empirical evidence that support the implications of the theory regarding the arguments for the corporate risk management relevance and its influence on the company’s value. The survey of literature presented in this paper has revealed that there are two chief classes of rationales for corporate decision to hedge - maximisation of shareholder value or maximisation of managers’ private utility. If corporate hedging decisions are capable of increasing firm values, they can do so by reducing the volatility of cash flows. The literature survey presented in this paper has revealed that, by hedging financial risks firms can decrease cash flow volatility, what leads to a lower variance of firm value. This means that not only a firm value is moving less, but that the probability of occurring low values is smaller than without hedging. Reduced volatility of cash flows results in decreased costs of financial distress and expected taxes, thereby enhancing the present value of expected future cash flows. Additionally, it reduces the costs associated with information “asymmetries” by signalling management\u27s view of the company\u27s prospects to investors, or it reduces agency problems. In addition, reducing cash flow volatility can improve the probability of having sufficient internal funds for planned investments eliminating the need either to cut profitable projects or bear the transaction costs of obtaining external funding. However, it needs to be emphasised that there is no consensus as to what hedging rationale is the most important in explaining risk management as a corporate policy. It can be concluded that, the total benefit of hedging is the combination of all these motives and, if the costs of using corporate risk management instruments are less than the benefits provided via the avenues mentioned in this paper, or any other benefit perceived by the market, then risk management is a shareholder-value enhancing activity

Recepcija književnog dela Branka Ćopića u nastavi

Предмет докторске дисертације је књижевно стваралаштво Бранка Ћопића у дискурсу интердисциплинарне примене савремених методичких и методолошких приступа у тумачењу и наставној интерпретацији уметничког текста. У истраживање су укључени наставни планови и програми за основну школу, припадника српске заједнице у Републици Хрватској, одобрени уџбеници као и библиотечки фондови (предвиђена лектирна дела). Обиман пишчев опус може се жанровски свести на неколико врста: приповетке (најбројније), лирске песме, романе и комедије. У првом плану је наставно проучавање Ћопићевог прозног и поетског стваралаштва и проблеми рецепције овог корпуса код ученика различитих старосних група у основној школи. Ћопићево дело у контексту српске књижевности и његово примање и деловање посматрано је у наставним околностима и тумачено на методички начин. Како се место и улога књижевног стваралаштва Бранка Ћопића у настави српског језика и књижевности у основној школи мењала током времена, у докторском раду истраживао се и опсег тих промена. Посебна пажња је посвећена испитивању начина на који је књижевно дело Бранка Ћопића методички обрађено у читанкама за основне школе. Истраживана је и функционална примена различитих облика и метода рада при наставној обради лектире (када се Ћопићево дело изучава у дискурсу домаће лектире). Снимљена је и опремљеност библиотека (школске, сеоске и градске) на које су упућени испитаници. Наставни пројекти својом методичком поставком и методолошком поузданошћу треба да афирмишу стваралачку, истраживачку и проблемску наставу књижевности и да, указујући на књижевне вредности Ћопићевих дела, потврде њихову погодност за остваривање читавог низа наставних циљева. У ту сврху извршено је анкетирање ученика основне школе у коме се кроз питања затвореног и отвореног типа испитало како данашњи ученици примају Ћопићево дело и у којој мери познају и уважавају његов, шири и ужи, књижевни и културни контекст. У закључку рада представљени су резултата до којих се дошло у истраживању са циљем да се понуде оригинални методички пројекти наставног проучавања књижевног дела Бранка Ћопића у школи и да се антиципирају нова гледишта на Ћопићево дело у будућим наставним плановима и програмима, пројектима рада и нивоима обраде.Predmet doktorske disertacije je književno stvaralaštvo Branka Ćopića u diskursu interdisciplinarne primene savremenih metodičkih i metodoloških pristupa u tumačenju i nastavnoj interpretaciji umetničkog teksta. U istraživanje su uključeni nastavni planovi i programi za osnovnu školu, pripadnika srpske zajednice u Republici Hrvatskoj, odobreni udžbenici kao i bibliotečki fondovi (predviđena lektirna dela). Obiman piščev opus može se žanrovski svesti na nekoliko vrsta: pripovetke (najbrojnije), lirske pesme, romane i komedije. U prvom planu je nastavno proučavanje Ćopićevog proznog i poetskog stvaralaštva i problemi recepcije ovog korpusa kod učenika različitih starosnih grupa u osnovnoj školi. Ćopićevo delo u kontekstu srpske književnosti i njegovo primanje i delovanje posmatrano je u nastavnim okolnostima i tumačeno na metodički način. Kako se mesto i uloga književnog stvaralaštva Branka Ćopića u nastavi srpskog jezika i književnosti u osnovnoj školi menjala tokom vremena, u doktorskom radu istraživao se i opseg tih promena. Posebna pažnja je posvećena ispitivanju načina na koji je književno delo Branka Ćopića metodički obrađeno u čitankama za osnovne škole. Istraživana je i funkcionalna primena različitih oblika i metoda rada pri nastavnoj obradi lektire (kada se Ćopićevo delo izučava u diskursu domaće lektire). Snimljena je i opremljenost biblioteka (školske, seoske i gradske) na koje su upućeni ispitanici. Nastavni projekti svojom metodičkom postavkom i metodološkom pouzdanošću treba da afirmišu stvaralačku, istraživačku i problemsku nastavu književnosti i da, ukazujući na književne vrednosti Ćopićevih dela, potvrde njihovu pogodnost za ostvarivanje čitavog niza nastavnih ciljeva. U tu svrhu izvršeno je anketiranje učenika osnovne škole u kome se kroz pitanja zatvorenog i otvorenog tipa ispitalo kako današnji učenici primaju Ćopićevo delo i u kojoj meri poznaju i uvažavaju njegov, širi i uži, književni i kulturni kontekst. U zaključku rada predstavljeni su rezultata do kojih se došlo u istraživanju sa ciljem da se ponude originalni metodički projekti nastavnog proučavanja književnog dela Branka Ćopića u školi i da se anticipiraju nova gledišta na Ćopićevo delo u budućim nastavnim planovima i programima, projektima rada i nivoima obrade

ALLELOPATHIC EFFECT OF THREE WEED SPECIES ON GERMINATION AND GROWTH OF ONION CULTIVARS

Cilj istraživanja bio je ispitati alelopatski potencijal korovnih vrsta oštrodlakavi šćir (Amaranthus retroflexus L.), crna pomoćnica (Solanum nigrum L. emend. Miller) i divlji sirak (Sorghum halepense (L.) Pers.) na klijavost i rast dva kultivara luka (Holandski žuti i Srebrenac majski). Utjecaj vodenih ekstrakata od suhe nadzemne mase korova u koncentracijama od 1, 5 i 10% (10, 50 i 100 g/l) ispitan je u laboratorijskim uvjetima u petrijevim zdjelicama. Rezultati su pokazali da su vodeni ekstrakti značajno smanjili klijavost, duljinu korijena i izdanka te svježu masu klijanaca luka. Ekstrakti A. retroflexus i S. nigrum imali su jači inhibitorni učinak te su smanjili rast klijanaca preko 50%. Ekstrakti viših koncentracija (5 i 10%) pokazali su veći inhibitorni učinak. Zabilježene su razlike u osjetljivosti kultivara luka na učinak ekstrakata, pa je kod kultivara Holandski žuti zabilježeno veće smanjenje klijavosti i svježe mase klijanaca.The aim of the research was to determine allelopathic potential of weed species redroot pigweed (Amaranthus retroflexus L.), black nightshade (Solanum nigrum L. emend. Miller) and johnsongrass (Sorghum halepense (L.) Pers.) on germination and growth of two onion cultivars (Holandski žuti and Srebrenac majski). Effect of water extracts from dry aboveground weed biomass in concentrations of 1, 5 and 10% (10, 50 and 100 g/l) was examined under laboratory conditions in petri dishes. The results showed that all extracts significantly decreased germination, root and shoot length and fresh weight of onion seedlings. A. retroflexus and S. nigrum extracts had greater inhibitory potential and reduced seedlings growth over 50%. Extracts in higher concentrations (5 and 10%) exhibited higher inhibitory effect. Differences in sensitivity among onion cultivars were recorded, and inhibition of germination and fresh weight of seedlings was greater in Holandski žuti cultiva

Relative importance of neuromarketing in support of banking service users

Neuromarketing is one of the newer tools that banks are increasingly using in their marketing in order to fight for a larger number of their clients. Responses provided by 99 entrepreneurs in the Summer of 2020 regarding the role of neuromarketing in banking are collected in the research study. In our study, the homogeneity of variances is examined, ANOVA and post hoc analyses applied to see any differences among respondents across age groups, gender, education, and firm size. However, there is no evidence that the perception significantly varies across these categories, although respondents are comparatively more positive than negative when discussing neuromarketing

Impact of social metrics in decentralized finance

In our study, we have evaluated the impact of tweets, social indicators, uncertainty, and attention indices on the selected variables calculated from a pool of 51 decentralised finance entities. In so doing, we have identified some evidence that returns are impacted by tweets, but not by social indicators that appear to be more relevant for volatility. We have further confirmed that the S&P500 Index negatively influences cryptocurrency returns, which means that these two asset classes are substitutes. Uncertainty and attention indices are relevant in determining returns and the alternative measurement of volatility. However, they remain insignificant for illiquidity and our initial volatility choiceS

The state of health of the pig meat breeds of mangulets and molasses between the race of mangulets and durok

Istraživanje je sprovedeno u cilju utvrđivanja uticaja ukrštanja mangulice sa durokom  na proizvodne i zdravstvene parametre, kao i na kvalitet mesa, a sve to uporedo sa jednom modernom plemenitom rasom svinja – veliki jorkšir. U tu svrhu formirane su tri grupe – genotipa svinja, čista rasa bela mangulica (BM), melezi duroka i bele mangulice (DBM), i čista rasa veliki jorkšir (VJ), koji su smešteni u iste uslove ishrane, nege i držanja. Svinje iz grupa DBM i VJ su znatno brže prirasle do ciljane telesne mase od 150 kg u odnosu na svinje BM. Tako je melezima duroka i bele mangulice trebalo u proseku 168 dana manje, a svinjama iz grupe VJ 288 dana manje kako bi dostigli ciljanu telesnu masu u odnosu na svinje bele mangulice u čistoj rasi. Po pitanju zdravstvenog stanja i nalaza na trupovima zaklanih svinja post mortem nisu utvrđene značajne razlike. Značajne razlike su utvrđene u hematološkim i biohemijskim parametrima i to između sve tri ispitivane grupe, ali i između različitih starosnih kategorija u okviru iste ispitivane grupe, što nam ukazuje na značaj tačnijeg utvrđivanja referentnih parametara normalnih fizioloških vrednosti hematoloških i biohemijskih parametara ne samo posebno za pojedine vrste životinja, već dakako i za različite starosne kategorije u okviru iste vrste. Meso poreklom od svinja iz grupe BM imalo je najveći sadržaj intramuskularne masnoće, i tamniju i crveniju boju, dok za njima odmah slede melezi sa značajnim razlikama između sva tri ispitivana genotipa. Nadalje, meso svinja rase bela mangulica je imalo značajno veću krajnju vrednost pH, bolju sposobnost vezivanja vode, veći sadržaj kalcijuma, cinka, gvožđa, bakra i mangana, u poređenju sa druga dva genotipa. Ukrštanje bele mangulice i duroka je imalo značajan uticaj na pojedinačni sastav masnih kiselina u mesu. Međutim, zbir zasićenih, mononezasićenih i polinezasićenih masnih kiselina je ostao nepromenjen. Meso svinja rase bela mangulica i meleza dobijenih ukrštanjem svinja rasa bela mangulica i durok značajno je nežnije – mekše. Mononezasićene masne kiseline su najzastupljenije u mesu poreklom od svih životinja, dok za njima slede zasićene i na kraju polinezasićene masne kiseline. Meso poreklom od BM i DBM je imalo značajno veći sadržaj mononezasićenih masnih kiselina, i značajno manji sadržaj zasićenih masnih kiselina u odnosu na VJ. Generalno, na osnovu svih ispitanih parametara kvaliteta polutki i mesa može se konstatovati da svinje rase bela mangulica karakteriše manja mesnatost polutki, ali i meso koje ima odličan senzorski, tehnološki i nutritivni kvalitet, dok meleze svinja dobijenih ukrštanjem svinja rasa bela mangulica i durok karakteriše veća mesnatost polutki i nešto slabiji, ali još uvek veoma dobar, kvalitet mesa, te su neophodna dodatna istraživanja kako bi smo dobili i podatake o kvalitetu suvomesnatih proizvoda. Takođe, potrebna su dodatna istraživanja, preciznijeg karaktera u pogledu kvaliteta i ekonomičnosti proizvodnje kod autohtonih rasa, kao i preispitivanje kriterijuma selekcije koji se primenjuju kod mangulice, te parametara genetskog progresa, tj. efekta selekcije, kako bi iako autohtona uhvatila korak za opstanak ili prestiž u odnosu na moderne rase svinja.The research was carried out in order to determine the effect of the cross-breeding of mangulets with durok on production and health parameters, as well as on the quality of meat, all along with a modern, noble breed of pigs - a large Yorkshire. For this purpose, three groups - pig genotypes, pure breeds of white mangulica (BM), meliaceae and white manguns (DBM), and pure breed, Yorkshire (VJ), were placed in the same conditions of nutrition, care and keeping. Pigs from the DBM and VJ groups increased significantly to a target bodyweight of 150 kg compared to BM pigs. Thus, mulberry and white mangulets were average 168 days less, and 288 days lower for pigs from the VJ group in order to reach their target body mass compared to white mangun pigs in a clean race. There are no significant differences in terms of health status and findings on carcases of slaughtered pigs post-mortem. Significant differences were established in the hematological and biochemical parameters, among all three groups studied, but also between different age categories within the same investigated group, which points to the importance of more precise determination of the reference parameters of normal physiological values of hematologic and biochemical parameters not only for individual species of animals, but also for different age categories within the same species. Meat originating from pigs from the BM group had the highest content of intramuscular fat, and the darker and redder color, followed by moles with significant differences between all three investigated genotypes. Furthermore, the pig meat of the white mangulce had a significantly higher end value of pH, better water binding capacity, higher content of calcium, zinc, iron, copper and manganese, compared to the other two genotypes. The crossing of white mangulce and durok had a significant effect on the individual composition of fatty acids in the meat. However, the sum of saturated, monounsaturated and polyunsaturated fatty acids remained unchanged. Meat of pig breeds white mangulica and molasses obtained by crossing the pig race white mangulica and durok is significantly more gentler - softer. Monounsaturated fatty acids are the most common in meat originating from all animals, followed by saturated and at the end of polyunsaturated fatty acids. Meat originating from BM and DBM had a significantly higher content of monounsaturated fatty acids, and significantly lower saturated fatty acid content than VJ. In general, on the basis of all the tested parameters of the quality of the halves and flesh, it can be concluded that the pig breeds of white mangulets are characterized by lower meatiness of the hemispheres, but also meat that has excellent sensory, technological and nutritive quality, while the piglets of pigs obtained by crossing the pig rasa white mangulica and durok are characterized by larger lean meat and slightly weaker but still very good quality of meat, and further research is needed in order to obtain data on the quality of the cream products. Also, additional ones are needed research, a more precise character in terms of quality and cost-effectiveness in autochthonous breeds, as well as the reconsideration of selection criteria applied to mangulas and parameters of genetic progress, i.e. the effect of the selection, in order to take an autochthonous step in survival or prestige in relation to modern pig breeds