Analytical Profile of the Methods in Reactive Polymeric Solid Phase

This review is aimed at covering the recent advances and the present status of trace analysis methods based on in situ measurements in the reactive polymeric solid phase

Discount rate as a factor of valuation of capital

Diskontna stopa, pri ostalim nepromenjenim uslovima prinosnog modela procene, predstavlja presudan faktor u proceni vrednosti kapitala primenom metode diskontovanja projektovanih neto novčanih tokova. Metod diskontovanja je opšteprihvaćeni metod u najvećem broju zemalja. Nerazvijenost tržišta kapitala u Republici Srbiji, u prvi plan, stavlja obračun diskontne stope metodom „zidanja“, za razliku od razvijenih zemalja u kojima se, najčešće, primenjuje CAPM metod. U radu se analizira uticaj visine diskontne stope na procenjenu vrednost kapitala primenom metode „zidanja” diskontne stope, ali i uticaj različitih vrsta beta koeficijenata i premija za rizik na visinu diskontne stope i procenu vrednosti kapitala. Naime, primena CAPM metode ne podrazumeva napuštanje primene prinosne metode, ali se elementi diskontne stope utvrđuju na bazi tržišnih parametara: sistemskog rizika i visine tržišne premje za rizik. Na ovaj način, smanjuje se subjektivnost procenitelja prilikom izračunavanja diskontne stope, budući da CAPM model polazi od pretpostavke da se specifični rizik preduzeća može anulirati diversifikacijom porftolia. Potreba za procenom vrednosti kapitala korišćenjem diskontne stope „ne gasi se“ završetkom procesa privatizacije, budući da procena može biti zahtevana od strane samih menadžera u preduzeću, potencijalnih investitora, u slučajevima stvaranja poslovnih kombinacija, prilikom prodaje preduzeća i sl. . Raširena primena metode „zidanja“ diskontne stope u Republici Srbiji može dovesti do grešaka u proceni, bilo slučajnih, bilo namernih, što utiče na realnost procenjene vrednosti kapitala. Do grešaka dolazi usled primene neadekvatne stope prinosna na ulaganja bez rizika, premije za rizik ulaganja u zemlju i pogrešnog utvrđivanja specifičnog rizika preduzeća. Poboljšani poslovno-investicioni ambijent u Republici Srbiji zahteva izmenu visine premije za rizik ulaganja u Republiku Srbiju, smanjujući visinu diskontne stope, što rešava problem potcenjene vrednosti kapitala. Pomenuto poboljšanje dovodi do osnivanja sve većeg broja start-up preduzeća, pa se postavlja pitanje procene vrednosti njihovog kapitala, s obzirom na visok nivo rizika od bankrotstva i nelikvidnosti. Dodatni rizik smanjuje projektovane neto novčane tokove i uvećava tržišni rizik, što povećava visinu diskontne stope i smanjuje projektovanu vrednost kapitala mladih preduzeća.Discount rate, business valuation, discounting net cash flows valuation, method of “building” discount rate, beta coefficient, risk premium, country risk premium of Republic of Serbia, CAPM method, start up companies Abstract (or resume) in the language of the text: The discount rate, in the case of other unchanged conditions of the discounted net cash flow model valuation, is a crucial factor in the valuation of capital using the method of discounting projected net cash flows. The method of discounting is a widely accepted method in most countries. Undeveloped capital market in the Republic of Serbia primarily focuses on calculating the discount rate by the method of "building", as opposed to the developed countries in which the CAPM method is the most commonly applied . The paper analyzes the impact of the discount rate on the estimated value of capital using the method of "building” a discount rate, as well as the impact of different types of beta coefficients and premiums for the risk on the discount rate and capital valuationn. Namely, the CAPM method does not imply the abandonment of the discounting projected net cash flowmethod, but the elements of the discount rate are determined on the basis of market parameters: systematic risk and level of market risk. In this way, the subjectivity of the valuator decreases when calculating the discount rate, since the CAPM model assumes that the specific risk of an enterprise can be neutralized by the diversification of porftolio. The need to estimate the value of capital using the discount rate "do not terminated" by the end of the privatization process, since the evaluation may be required by the managers themselves in the enterprise, potential investors, in cases of creating business combinations, when selling the company, etc. . Expanded use of the method of "building" the discount rate in the Republic of Serbia can lead to estimation errors, whether accidental or intentional, which affects the reality of the estimated value of capital. The mistakes are due to the application of an inadequate risk- free rate, the country risk premimum and the incorrect determination of the specific risk of the enterprise. Improved business and investment environment in the Republic of Serbia requires a change in the amount of the country risk premium in the Republic of Serbia, reducing the discount rate, which solves the problem of underestimation of the value of capital. According to mentioned improving, an increasing number of startup companies are founded, so the question of valaution of their capital is raised, according to the high level of risk of bankruptcy and illiquidity. Additional risk reduces projected net cash flows, increases market risk and increases the discount rate, which reduces the projected value of the capital of the start up

Discount rate as a factor of valuation of capital

Diskontna stopa, pri ostalim nepromenjenim uslovima prinosnog modela procene, predstavlja presudan faktor u proceni vrednosti kapitala primenom metode diskontovanja projektovanih neto novčanih tokova. Metod diskontovanja je opšteprihvaćeni metod u najvećem broju zemalja. Nerazvijenost tržišta kapitala u Republici Srbiji, u prvi plan, stavlja obračun diskontne stope metodom „zidanja“, za razliku od razvijenih zemalja u kojima se, najčešće, primenjuje CAPM metod. U radu se analizira uticaj visine diskontne stope na procenjenu vrednost kapitala primenom metode „zidanja” diskontne stope, ali i uticaj različitih vrsta beta koeficijenata i premija za rizik na visinu diskontne stope i procenu vrednosti kapitala. Naime, primena CAPM metode ne podrazumeva napuštanje primene prinosne metode, ali se elementi diskontne stope utvrđuju na bazi tržišnih parametara: sistemskog rizika i visine tržišne premje za rizik. Na ovaj način, smanjuje se subjektivnost procenitelja prilikom izračunavanja diskontne stope, budući da CAPM model polazi od pretpostavke da se specifični rizik preduzeća može anulirati diversifikacijom porftolia. Potreba za procenom vrednosti kapitala korišćenjem diskontne stope „ne gasi se“ završetkom procesa privatizacije, budući da procena može biti zahtevana od strane samih menadžera u preduzeću, potencijalnih investitora, u slučajevima stvaranja poslovnih kombinacija, prilikom prodaje preduzeća i sl. . Raširena primena metode „zidanja“ diskontne stope u Republici Srbiji može dovesti do grešaka u proceni, bilo slučajnih, bilo namernih, što utiče na realnost procenjene vrednosti kapitala. Do grešaka dolazi usled primene neadekvatne stope prinosna na ulaganja bez rizika, premije za rizik ulaganja u zemlju i pogrešnog utvrđivanja specifičnog rizika preduzeća. Poboljšani poslovno-investicioni ambijent u Republici Srbiji zahteva izmenu visine premije za rizik ulaganja u Republiku Srbiju, smanjujući visinu diskontne stope, što rešava problem potcenjene vrednosti kapitala. Pomenuto poboljšanje dovodi do osnivanja sve većeg broja start-up preduzeća, pa se postavlja pitanje procene vrednosti njihovog kapitala, s obzirom na visok nivo rizika od bankrotstva i nelikvidnosti. Dodatni rizik smanjuje projektovane neto novčane tokove i uvećava tržišni rizik, što povećava visinu diskontne stope i smanjuje projektovanu vrednost kapitala mladih preduzeća.Discount rate, business valuation, discounting net cash flows valuation, method of “building” discount rate, beta coefficient, risk premium, country risk premium of Republic of Serbia, CAPM method, start up companies Abstract (or resume) in the language of the text: The discount rate, in the case of other unchanged conditions of the discounted net cash flow model valuation, is a crucial factor in the valuation of capital using the method of discounting projected net cash flows. The method of discounting is a widely accepted method in most countries. Undeveloped capital market in the Republic of Serbia primarily focuses on calculating the discount rate by the method of "building", as opposed to the developed countries in which the CAPM method is the most commonly applied . The paper analyzes the impact of the discount rate on the estimated value of capital using the method of "building” a discount rate, as well as the impact of different types of beta coefficients and premiums for the risk on the discount rate and capital valuationn. Namely, the CAPM method does not imply the abandonment of the discounting projected net cash flowmethod, but the elements of the discount rate are determined on the basis of market parameters: systematic risk and level of market risk. In this way, the subjectivity of the valuator decreases when calculating the discount rate, since the CAPM model assumes that the specific risk of an enterprise can be neutralized by the diversification of porftolio. The need to estimate the value of capital using the discount rate "do not terminated" by the end of the privatization process, since the evaluation may be required by the managers themselves in the enterprise, potential investors, in cases of creating business combinations, when selling the company, etc. . Expanded use of the method of "building" the discount rate in the Republic of Serbia can lead to estimation errors, whether accidental or intentional, which affects the reality of the estimated value of capital. The mistakes are due to the application of an inadequate risk- free rate, the country risk premimum and the incorrect determination of the specific risk of the enterprise. Improved business and investment environment in the Republic of Serbia requires a change in the amount of the country risk premium in the Republic of Serbia, reducing the discount rate, which solves the problem of underestimation of the value of capital. According to mentioned improving, an increasing number of startup companies are founded, so the question of valaution of their capital is raised, according to the high level of risk of bankruptcy and illiquidity. Additional risk reduces projected net cash flows, increases market risk and increases the discount rate, which reduces the projected value of the capital of the start up

Razvoj ljekarničke mreže u Zagrebu od 1874. do 1991. godine

Ljekarnička mreža u gradu Zagrebu počela se razvijati krajem 19. stoljeća, a u 20. stoljeću razvijala se usporedo sa širenjem grada. Razvoj ljekarničke mreže uvjetovan je geografskim (lokacijskim) i demografskim kriterijima te je cilj ovoga rada prikazati razvoj ljekarničke mreže u gradu Zagrebu u okviru zakonskih okvira, točnije geografskih (lokacijskih) i demografskih kriterija za osnivanje ljekarni, od pojave ljekarna u Zagrebu i početaka razvoja ljekarničke mreže pa sve do osamostaljenja Republike Hrvatske

REFLECTIONS OF PHARMACOGNOSY IN LALANGUE\u27S MEDICINA RURALIS ILLITI VRACHTVA LADANYSZKA

S farmakognozijskog motrišta izučavano je 28. poglavlje Lalangueove knjige Medicina ruralis Uliti Vrachtva ladanyszka, tiskane u Varaždinu 1776. godine. Proučavano poglavlje je aneksni botanički rječnik Od kazitela vrachtveneh trav ovde zadersaneh zkratkem preopominanyem {Kazalo ljekovitih trava ovdje sadržanih uz kratka objašnjenja), a predočuje abecedirani popis ljekovita bilja i drugih lijekova, uz oskudna objašnjenja. Grada za farmakognozijsku studiju obuhvaća 159 ljekovitih sredstava, od kojih su većina ljekovite biljke koje se mogu svrstati u 50 biljnih porodica. Ustanovili smo da se radi o 125 dobro poznatih biljnih vrsta i/ili droga, 13 slabo poznatih ili opsoletnih biljnih lijekova, 11 anorganskih droga i 10 ljekovitih tvari životinjskoga ili ljudskoga podrijetla. Farmakognozijsko proučavanje botaničke rječničke grade imalo je za svrhu pokazati koliko je farmakognozijska znanost prodrla u dotičnu narodnu sredinu. Težište izučavanja bilo je na svojevrsnim klasifikacijama rječničke grade i dopunama objašnjenja, posebice o ljekovitosti i terapijskoj primjeni pojedinih biljnih vrsta, s naglaskom na droge još i danas prisutne u suvremenoj terapiji. Ukratko se raspravlja o zastarjelim drogama i nekim tvarima koje se danas više ne rabe u ljekovite svrhe. Navedeni su i primjeri biljnih droga koje Lalangue ne spominje u svojoj knjizi, iako je njihova ljekovitost u doba sastavljanja toga djela bila ne samo dobro poznata, već i u znatnoj primjeni. Izučavanjem spomenute rječničke grade stječe se uvid u širinu Lalangueove predodžbe i prakse liječenja ljekovitim biljem, premda je zbog nepotpunih podataka o preporučenim lijekovima s farmakognozijskog gledišta više ili manje otežana vjerna rekonstrukcija zdravstveno-prosvjetiteljske i farmaceutsko-lječidbene uloge djela Medicina ruralis Uliti Vrachtva ladanyszka u Hrvatskoj u osamnaestom stoljeću.Pharmacognostical study of the 28^^^ chapter of the Lalangue\u27s book Medicina ruralis Uliti Vrachtva ladanyszka was performed. This chapter is a botanical dictionary named Od kazitela vrachtveneh trav ovde zadersaneh zkratkem preopominanyem {The register of the herbal remedies presented in the book with short explanations). The material for the pharmacognostical study comprised 159 remedies, mostly herbal, which belong to 50 herbal families. We established that there were 125 well known plants and/or drugs, 13 unknown or obsolete herbal drugs, 11 inorganic substances and 10 animal remedies. The lexical units of the plant dictionary were classified and explained, with certain supplements in therapeutical and pharmacognostical fields. We tried to find out the importance of herbal drugs in Croatian medicine of the 18^^ century. We also discussed about obsolete drugs as well as about remedies which are in medical use for centuries but somehow they are not mentioned in the Lalangue\u27s book. After investigation of Medicina ruralis Uliti Vrachtva ladanyszka we can conclude that Lalangue had a great influence and that he gave a large contribution to the medicine of that time. But also new questions have been opened which lead us to new investigations of Lalangue\u27s work

Razvoj ljekarničke mreže u Zagrebu od 1874. do 1991. godine

Ljekarnička mreža u gradu Zagrebu počela se razvijati krajem 19. stoljeća, a u 20. stoljeću razvijala se usporedo sa širenjem grada. Razvoj ljekarničke mreže uvjetovan je geografskim (lokacijskim) i demografskim kriterijima te je cilj ovoga rada prikazati razvoj ljekarničke mreže u gradu Zagrebu u okviru zakonskih okvira, točnije geografskih (lokacijskih) i demografskih kriterija za osnivanje ljekarni, od pojave ljekarna u Zagrebu i početaka razvoja ljekarničke mreže pa sve do osamostaljenja Republike Hrvatske

Prosudba kakvoće postupka za određivanje teških metala na reaktivnim nosačima

Quality control and validity check of the solid-phase spectrophotometric procedure (Me-SPS) for determination of heavy metals important in pharmaceutical practice: zinc (Zn-SPS), lead (Pb-SPS), and cobalt (Co-SPS) were performed using a very simple and informative prevalidation concept. Further, metrological characteristics of the Me-SPS procedure together with the diagnosis of particular prevalidation steps were evaluated. Favourable prevalidation characteristics, i.e., ideal analytical function, homogeneity of data material, low limit of quantitation, and acceptable accuracy verified the quality of the Me-SPS procedure and pointed to the limitations of some investigated systems.Koristeći jednostavnu i informativnu prevalidacijsku strategiju, provedena je kontrola kakvoće i provjera valjanosti postupka spektrofotometrije na krutoj fazi za određivanje teških metala (Me-SPS) važnih u farmaceutskoj praksi: cinka (Zn-SPS), olova (Pb-SPS) i kobalta (Co-SPS). Utvrđene su metrološke značajke Me-SPS postupka zajedno sa sustavom dijagnostike pojedinog prevalidacijskog koraka. Povoljne prevalidacijske značajke, kao što su idealna analitička funkcija, homogenost podataka, nizak prag određivanja i prihvatljiva točnost, potvrđuju kakvoću Me-SPS postupka i ukazuju na ograničenja nekih ispitivanih sustava

Construction of Road Safety Composite Indicator Using Grey Relational Analysis

Aggregation of different variables into one road safety performance index is a popular concept in evaluating road safety and comparing the performance of territories/entities. This paper presents the development of a novel and innovative weighting methodology using grey relational analysis. Based on the proposed model, ten hierarchical road safety indicators were selected in terms of a two-layered model with three categories related to behaviour, safety and system. Grey weights are assigned to the categorized indicators in each layer, and the grey road safety composite indicator for each entity (21 selected territories) is calculated by the weighted sum approach. With relatively high weights, this systematic methodology can serve the policy makers in targeting the risk domains where improvements are needed. The results clearly illustrate effectiveness in addressing a large number of indicators with hierarchical structures