Factoring In the Changing Environment: Legal and Financial Aspects

AbstractIn the changing financial environment characterized by the high level of credit, default and liquidity risks, factoring supports firms to manage the required level of liquidity and offers them the advantage of obtaining further price discounts from suppliers. This is particularly important in the service industry due to the particular risks inherent in this sector and because of the lack of sufficient security. The goal of the authors is financial and legal analysis of factoring in the changing environment. The authors analyze the main features, benefits and costs of factoring implementation by small and medium enterprises (with a particular emphasis on the use of factoring in the service sector), and show that the use of factoring can improve profitability, liquidity and cash-flow of business, management of time, credit and default risks. However, the use of factoring is limited because of many restrictions and hidden cost coming from the legal environment. The authors emphasize that the legal environment of factoring is the crucial for the saving of transaction cost and improvement of costs and safety determination process of factoring transaction of each country

The determinants of capital structure in emerging capital markets : evidence from Serbia

This paper explores the determinants of the capital structure of Serbian firms listed on the regulated market using panel data. We model the leverage ratio as a function of firm-specific characteristics. The findings indicate the emerging character of Serbian corporate environment. We document that Serbian firms tend to have much lower debt ratio and that they rely more heavily on short-term than long-term debt compared to firms coming from other transitional economies. The study shows that there is a significant negative impact of liquidity, tangibility, profitability and cash gap on the two debt ratios. Leverage level is significantly positively affected by the income volatility and growth opportunities of Serbian firms. Our results are consistent with the findings of previous empirical studies realized in emerging and transition economies, indicating that Serbian companies follow the modified pecking order theory.peer-reviewe

The Economics of the Name Change: Long-term Adjustments towards EU/NATO or Short-term Resolution of Political Uncertainty?

North Macedonia and Greece resolved the 27-year country name dispute and removed the main hurdle for North Macedonia to start the accession processes towards the EU and NATO. The paper analyzes the stock market movements around several events related to the name issue resolution to uncover whether Macedonian companies experienced stock price adjustments according to the long-term benefits/costs of joining the EU/NATO. The dynamics of the market reactions suggest that the investors reacted systematically to the short-term political uncertainty created around the referendum rather than to the long-term perspectives of the EU/NATO integration. We integrate the knowledge from the literature which explores stock market reactions to EU enlargement/exit and political elections and provide contributions for researchers and policymakers

Microreactor design and testing for a Lipase-based biocatalytic flow process

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Evaluation of Management System Effectiveness in the Preparation of the Aircraft for Flight in Faulty Conditions

"jats:p" Most flight delays in aviation enterprises are related to air traffic management and technical centers. This can happen for various reasons: untimely removal of defects, lack of spare parts, deficiencies in maintenance scheduling, etc. Another reason may be inefficient management in the system of preparing the aircraft for departure. The article suggests a possible option of such an assessment as well as the results obtained from the use of this methodology applied to a specific airline. Document type: Articl

Genome-wide association mapping: a case study in bread wheat (Triticum aestivum L.)

Association-based trait mapping is an innovative methodology based on linkage disequilibrium. Studies in plants, especially in cereals, are rare. A genome-wide association study of wheat is reported, in which a large number of diversity array technology markers was used to genotype a winter wheat core collection of 96 accessions. The germplasm was structured into two sub-populations. Twenty agronomic traits were measured in field trials conducted over up to eight growing seasons. Association analysis was performed with two different approaches, the general linear model incorporating the Q-matrix only and the mixed linear model including also the kinship-matrix. In total, 385 marker-trait associations significant in both models were detected. The intrachromosomal location of many of these coincided with those of known major genes or quantitative trait loci, but others were detected in regions where no known genes have been located to date. These latter presumptive loci provide opportunities for further wheat improvement, based on a marker approach

The emergence of non-secretory multiple myeloma during the non-cytotoxic treatment of essential thrombocythemia: A case report

Introduction. The emergence of multiple myeloma as a second malignancy in patients with essential thrombocythemia is extremely rare. Several cases have been published so far, pointing out the impact of a cytotoxic effect during treatment of essential thrombocythemia on the development of multiple myeloma. Case presentation. We report the case of a 52-year-old Caucasian man who presented to our hospital because of leukocytosis, a slightly decreased hemoglobin level and thrombocytosis. After a complete hematological work-up, essential thrombocythemia was diagnosed. The patient was included in a multicenter clinical study, treated with anagrelide and his platelet counts were maintained in the normal range for more than 3 years. A sudden drop in his hemoglobin level with normal leukocyte and platelet count occurred at the same time as a back pain. Magnetic resonance imaging of his spine revealed the existence of a pathological fracture of Th4, the collapse of the upper edge of Th7 and osteolytic lesions of multiple thoracic vertebrae. Repeated hematological examinations, including bone biopsy with immunohistochemistry, disclosed diagnosis of multiple myeloma of the non-secretory type. Conclusions: To the best of our knowledge this is the first published case in which multiple myeloma developed during the treatment of essential thrombocythemia with the non-cytotoxic drug anagrelide. Our attempts to find a common origin for the coexistence of multiple myeloma and essential thrombocythemia have not confirmed the genetic basis of their appearance. Further studies are needed to determine the biological impact of this coexistence