ANALYSIS OF SUSTAINABLE GROWTH RATES OF COMPANIES INCLUDED IN THE MIXED HOLDING POWER UTILITY OF REPUBLIC OF SRPSKA

This paper analyzes selected data on the performance of companies that are part of the power utility Elektroprivreda Republike Srpske with the aim of determining their sustainable growth rates. The energy sector was chosen because of its importance both for the Republic of Srpska capital market (measured by the participation in the total market capitalization of the Banja Luka Stock Exchange and the basic Stock Exchange index) and the entire Republic of Srpska economy (measured by the participation in gross domestic product). The analysis considered data from published financial statements for 2019, with an emphasis on the following: operating assets, liabilities, capital, operating income and net profit. The dividend policy was also considered, but it was concluded in the paper that none of the observed companies paid dividends from profit for 2019 by the end of this analysis. The research results show that the rate of sustainable growth exceeds 1% in only one case, while in several other cases there are negative rates of sustainable growth caused by the loss in the observed period. Such facts could raise concerns, but also indicate possible directions for future actions in order to improve the performance of the considered companies

CAPM MODEL – APLICATION IN CAPITAL MARKET OF REPUBLIC OF SRPSKA

The CAPM model was introduced by Jack Treynor, William Sharpe, John Lintner and Jan Mossin independently, building on the earlier work of Harry Markowitz on diversification and modern portfolio theory. The Capital Asset Pricing Model (CAPM) is used in finance to determine a theoretically appropriate required rate of return (and thus the price if expected cash flows can be estimated) of an asset, if that asset is to be added to an already well diversified portfolio, given that asset's non-diversifiable risk. The CAPM formula takes into account the asset's sensitivity to systematic risk or market risk, in a number often referred to as beta (?) in the financial industry, as well as the expected return of the market and the expected return of a theoretical risk-free asset. The CAPM is a model for pricing an individual asset or a portfolio

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The subject of this paper is to analyse utilization of cryptocurrencies in international business. The objectives of the research are to provide the scientific and professional public, researchers and practitioners with an overview of current research on blockchain technology in the economy and to determine the impact of the wider use of cryptocurrencies in international business and their impact on the future of financial markets. The research was carried out by using the method of description, literature analysis and research conducted. The selected examples present the possibility for earning, buying and storing cryptocurrencies, paying with crypto-money and investing in them. The research will offer an answer to the research question “What are the advantages and disadvantages of using cryptocurrencies in international payments and what are the security measures of using cryptocurrencies in the future?” In the answer, this paper will present the direction in which the use of crypts will develop in the future. The contribution of the paper is reflected in the presentation of the scope and restrictions on the use of cryptocurrencies in international business, banking and financial markets. Results have shown that blockchain technology has a bright perspective, even though it would not be known today if bitcoin had not gained in popularity. The conclusions suggest that, as long as the transaction costs are lower than the costs of payment transactions, the rational behaviour of legal and natural persons requires encouraging the use of cryptocurrencies in order to reduce the costs of transactions and to overcome the existence of an intermediary.??????? ???? ????? ??????? ???????? ???????????? ? ???????????? ?????????. ?????? ??????????? ?? ?? ?? ??????? ? ???????? ????????, ????????????? ? ????????????, ????? ??????? ????????? ??????????? ???????? ??????????? ? ?????????, ?? ?? ?????? ?????? ???? ???????? ???????????? ? ???????????? ????????? ? ????? ?????? ?? ????????? ???????????? ???????. ??????????? ?? ?????????? ??????? ?????????, ??????? ?????????? ? ??????????? ???????????. ?? ????????? ?????????? ????????? ?? ?????????? ?? ???????, ???????? ? ?????? ????????????, ??????? ?????????????? ? ??????? ? ???. ??????????? ?? ???????? ??????? ?? ???????????? ??????: „???? ?? ????????? ? ????????? ???????? ???????????? ? ???????????? ???????, ?? ????? ?? ????????? ???????? ???????????? ? ???????????” ??????? ?? ???????? ? ????? ?????? ?? ?? ????????? ????????? ????????????. ???????? ???? ?????? ?? ???? ???????????? ?????? ? ?????????? ????????? ???????????? ? ???????????? ?????????, ?????????? ? ?? ???????????? ?????????. ????????? ??????????? ???????? ?? ???????? ???????????, ???? ?? ?? ????? ?? ???????? ?? ??????? ???? ?????? ???????????, ??? ???????? ???????????. ???????? ??????? ?? ?? ??, ????? ??? ?? ???????? ??????????? ???? ?? ???????? ??????? ???????, ?????????? ???????? ??????? ? ???????? ???? ?????? ?? ?????? ???? ????? ?? ???????? ????????? ???????????? ? ????? ?? ???????? ??????? ????? ???????? ??????????? ? ????????? ????????? ??????????. ?????? ??????: ????????, ??????????? ???????, ???????????, ????????? ??????

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From a small number of corporate bonds issued since the founding of the Banja Luka Stock Exchange to date, it is obvious that the domestic corporate bond market is in the initial stage of its development. The subject of this paper is to define the assumptions and limitations, i.e. possibilities of the development of the corporate bond market in the Republic of Srpska. The successful development of the bond market, in addition to the institutional and legal assumptions, is largely conditioned by the willingness of companies to emit bonds. On the other hand, it is the obligation and commitment of investors to invest in these securities. The aim of the research is to examine the potential supply and (potential) demand in next three years. The research was conducted using a two-part sur-vey. In the first part, managers in institutional investors in the domestic market were interviewed: investment funds, insurance companies and banks, 42 of them. In the second part, we examined the most significant joint-stock companies on the Banja Luka Stock Exchange, those that were part of the BIRS index and those that paid dividend, 66 of them. The results of the survey show the number of companies willing to finance their operations by issuing bonds and the number of investors willing to invest in these instruments. In addition, we will point to obstacles to the development and deepening of the market and the actual number of institutional investors willing to invest in corporate bonds.?? ????? ????? ?????????? ????????????? ????????? ?? ???????? ????????? ????? ?? ?????, ????????? ?? ?? ?? ?????? ??????? ????????????? ????????? ? ???????? ???? ???????. ??????? ???? ???? ?? ?????????? ???????????? ? ??????????, ??????? ?????????? ??????? ??????? ????????????? ????????? ? ????????? ???????. ???????? ?????? ??????? ?????????, ???? ???????????????? ? ????????? ??????????????, ? ??????? ????? ?? ???????? ?????????? ?????????? ???????? ?? ??????? ?????????. ? ????? ??????, ????? ?? ? ?????????????? ??????????? ?? ????? ? ?? ??????? ?? ???????????. ??? ??????????? ?? ?? ???????? ???????????? ?????? ? (????????????) ???????? ? ??????? ?? ??????? ??? ??????. ??????????? ?? ????????? ??????? ???????? ?????????? ? ??? ??????. ? ????? ?????? ?????????? ?? ???????? ? ???????????????? ????????????? ?? ??????? ???????: ???????????? ???????, ????????????? ??????? ? ?????, ??? 42. ? ?????? ?????? ?????????? ??? ????????????? ??????????? ??????? ?? ?????????? ?????, ??? ???? ?? ???? ? ??????? ??????? BIRS ? ??? ???? ?? ??????????? ?????????, ??? 66. ????????? ??????????? ???????? ???? ???? ?????????? ???????? ?? ??????? ?? ????????? ????? ????????? ?????????? ?????????, ?? ???? ???? ??????????? ?? ?????? ? ?? ???????????. ???? ???? ????????? ?? ???????? ??????? ? ???????????? ??????? ?? ?? ??????? ???? ???????????????? ??????????? ???? ?? ?????? ? ???????????? ?????????

CAPM MODEL – APLICATION IN CAPITAL MARKET OF REPUBLIC OF SRPSKA

The CAPM model was introduced by Jack Treynor, William Sharpe, John Lintner and Jan Mossin independently, building on the earlier work of Harry Markowitz on diversification and modern portfolio theory. The Capital Asset Pricing Model (CAPM) is used in finance to determine a theoretically appropriate required rate of return (and thus the price if expected cash flows can be estimated) of an asset, if that asset is to be added to an already well diversified portfolio, given that asset's non-diversifiable risk. The CAPM formula takes into account the asset's sensitivity to systematic risk or market risk, in a number often referred to as beta (β) in the financial industry, as well as the expected return of the market and the expected return of a theoretical risk-free asset. The CAPM is a model for pricing an individual asset or a portfolio

Vrednovanje obveznica i ulaganje u njih korištenjem efektivnog prinosa do dospijeća

Pravilno vrednovanje obveznica je važno kako za emitente obveznica tako i za investitore u ove hartije od vrijednosti. Cilj ovog rada je daprikažemo karakteristike i vrste obveznica, terminologiju povezanu sa njima te proces vrednovanja različitih tipova obveznica na tržištuRepublike Srpske.Obveznice koje je emitovala Republika Srpska su za potrebe izmirenja stare devizne štednje, ratne štete i za servisiranje budžeta. Premanačinu plaćanja kamate, na tržištu kapitala Republike Srpske postoje dva tipa obveznica: obveznice koje se amortizuju anuitetski i kuponskeobveznice. U skladu sa tim, razradili smo model koji najjednostavnije iskazuje efektivni prinos do dopijeća na godišnjem nivou. Naosnovu tog modela olakšali smo vrednovanje obveznica investitorima, ali i emitentima, analizirajući trajanje (duraciju) obveznica

The modern paradigm of borrowing as a lesson learned during the global financial crisis

According to data published by the Statistical Office of the Republic of Srpska, Gross Domestic Product (GDP) of the Republic of Srpska recorded a negative growth rate of 0.9% in the third quarter of the year 2012. compared to the same period of the year 2011. This continued a decline in GDP, which is recorded in two quarters of the 2012. On the other hand, a report by the Statistical Office said that the greatest GDP growth occurred in financial intermediation by 7.6%, which is explained by increased public sector demand for money in order to finance the current budget deficit. Consequently, in practice, we often hear same question in context of the borrowing dilemma - where are the limits of borrowing? Simplified approach in seeking answers to the previous question suggests that the borrowing capacity depends on the estimated value of the collateral of credit arrangement. However, the answer to this question should be sought thorough the analysis of the borrowers cash flows (inflows and outflows), and on the basis of such results we have to do serious examination of the abilities of borrowers capacity to repay their loans from cash flows in the future period of time

FUTURE OF CRYPTOCURRENCIES AND BLOCKCHAIN TECHNOLOGY IN FINANCIAL MARKETS

In this paper we are presenting scopeand restrictions on the use of cryptocurrencies in internationalbusiness, banking and in financial marketsThe subject of this research is to analyzeutilization of cryptocurrencies in the internationalbusiness. The goals of the research are to provide tothe researchers and to practitioners and to the scientificand professional public, an overview of currentresearch on blockchain technology in the economyand to determine the impact of the wider use of cryptocurrenciesin international business and their impacton the future of financial markets..The researchwas realized by the method description, literatureanalysis and conducted research. The selected examplesare presenting the possibility of earning, buyingand storing cryptocurrencies, paying with cryptomoneyand invest in them. In the paper we aresearching for an answer to the question “What arethe advantages and disadvantages of using cryptocurrenciesin international payment and what is the securityof using cryptocurrencies in the future?” In theanswer, this paper will present in what direction theuse of crypts will develop in the future. Results arepresenting the blockchain technology, though backgroundtechnology, which would not be known thatcryptocurrencies did not gain popularity, has a brightperspective. Conclusion presents that as long as thetransaction costs are lower than the cost of paymenttransactions, the rational behavior of legal and naturalpersons requires that they should encourage the useof cryptocurrencies among themselves in order to reducethe costs of the transactions when paying and toovercome the existence of an intermediary