DETERMINANTS OF RISK AND RETURN ON ALTERNATIVE INVESTMENTS FUNDS

Ovaj rad istražuje faktore i odrednice upravljanja rizikom alternativnih investicija. Alternativne investicije imaju velik i rastući ulagački potencijal u današnjem okruženju, što predstavlja važna istraživačka pitanja. Motivi ulaganja u alternativne fondove su ponajprije vezani uz veće stope povrata od drugih kategorija ulaganja kao i zbog diversifikacije ulaganja. Integracija alternativnih fondova u financijskom sustavu je važna u znanstvenom i aplikativnom smislu. U radu se razrađuju bitne odrednice rizika kod alternativnih fondova te mogućnosti za upravljanje tim rizicima. Analiza je obuhvatila važne pokazatelje rizika i njegova potencijala u kategorijama alternativnih investicija. Izloženo u radu daje poseban doprinos u nedovoljno poznatom i istraženom području alternativnih investicija, posebno u kontekstu financijskih tržišta u razvoju. Alternativne investicije u razvijenim financijskim tržištima postaju standardom, što implicira potrebu za većim poznavanjem bitnih odrednica rizika koje su podložne promjenama u suvremenom ekonomskom okruženju.This paper examines the factors and determinants of risk management of alternative investments. Alternative investments have a large and growing investment potential in today’s environment, and this is related to important research questions. Motives for investments into alternative funds are primarily related to higher rates of return than other investment categories, as well as to the diversification of investments. The integration of alternative funds in the financial system is important in a scientific and applicative sense. The paper sets out the essential determinants of the risk of alternative funds and possibilities for managing these risks. The analysis includes important indicators of risk and their potential in categories of alternative investments. The content of the paper gives a special contribution to the less-known and under-researched area of alternative investments, especially in the context of financial markets in developing countries. Alternative investments are becoming standard in developed financial markets, which implies the need for greater knowledge of the essential determinants of risk that are subject to change in the modern economic environment

Razvoj globalne financijske krize i utjecaj na promjene u financijskom sustavu i gospodarstvu

Učinci i sfere utjecaja financijske krize danas su važan interes mnogih znanstvenika, posebno u kontekstu da su posljedice krize i nedostatak adekvatnih rješenja i dalje aktualni. Financijskoj krizi je prethodio rast plasmana financijskih institucija iznad dosadašnjih razina u uvjetima kada pojedine ekonomije nisu imale dovoljnu razinu razvoja te je gospodarski rast bio financiran porastom zaduženja. Kriza se u najvećoj mjeri odrazila na likvidnost financijskog sustava i na stagnaciju ekonomske aktivnosti realnog sektora. Moguće mjere pomoći se razlikuju između pojedinih ekonomija i njihov učinak tek treba utvrditi. Članak prikazuje poveznice financijske krize s bankovnim sustavom, općom likvidnošću i realnom ekonomijom uz pregled novijih i relevantnih teorijskih i empirijskih istraživanja te relevantnih podataka

Odrednice međunarodnih tokova ulaganja i investicija fondova privatnih vlasničkih ulaganja i pothvatnog kapitala

U ovom radu se istražuju odrednice i faktori međunarodnih tokova fondova privatnih vlasničkih ulaganja i pothvatnog kapitala. Ovi fondovi predstavljaju nezaobilaznu kategoriju ulaganja na suvremenim financijskim tržištima. Obujam ulaganja u radu razmatranih fondova je u velikoj mjeri determiniran međunarodnim tokovima kapitala, posebice u Europi. Fondovi privatnih vlasničkih ulaganja i pothvatnog kapitala ostvaruju važne poveznice i integraciju sa realnom ekonomijom i financijskim sustavom, te su u značajnom porastu zbog diversifikacije ulaganja i mogućnosti ostvarenja prinosa. Odrednice tih tokova predstavljaju važno znanstveno pitanje, posebice u suvremeno doba porasta alternativnih investicija. U radu se razrađuju bitni faktori koji utječu na tokove tih fondova kao i time na konkurentnost zemalja u tim tokovima investicija. Analiza obuhvaća važne faktore međunarodne konkurentnosti za prihvaćanje međunarodnog privatnog vlasničkog kapitala kao i tradicijske razloge u ekonomskom sustavu koji uvjetuju razlike u prihvaćenosti investicija uz empirijsku analizu. Rad daje dodatan znanstveni doprinos manje istraženom području međunarodnih tokova alternativnog kapitala. Investicije alternativnih fondova mogu imati značajne pozitivne ekonomske učinke što ukazuje na potrebu boljeg razumijevanja njihovih tokova i konkurentnosti na svim razinama radi ostvarenja gospodarskog razvoja. Posebice u kontekstu promjena u okruženju i financijskom sustavu

“Nezačepljujuća” modifikacija pozicije konektora dvoslojne prolenske mrežice u hernioplastici muške ingvinalne hernije

The bilayer patch device (Ethicon, Prolen Hernia System®) for inguinal hernia repair has a connector that acts as a ‚plug‘ in the internal inguinal ring. The position of this ‚plug‘ component may be responsible for higher incidence of chronic pain and intestinal damage. We assumed that changing the position of the connector of a bilayer patch device (PHS®) and placing it medially in Hesselbach triangle would contribute to lower incidence of chronic pain and would not result in intestinal damage, with good clinical outcome following indirect inguinal hernioplasty. This retrospective study included 73 patients with 76 indirect inguinal hernias, who underwent the procedure of modifying the position of the bilayer patch device in the 2005-2015 period. The mean age of the patients was 57 years. Three patients had early postoperative complications (3.95%), two of which had postoperative seroma and one had postoperative pain. Three patients (3.95%) had late postoperative complications. One patient (1.32%) had chronic pain. There was one recurrence (1.32%) and one patient (1.32%) needed the mesh removed due to discomfort. The ‘plug free’ position of the connector of a bilayer patch device in patients with indirect inguinal hernioplasty is a safe procedure with low rate of chronic pain, no intestinal damage, and standard low recurrence.Dvoslojna mrežica (Ethicon, Prolen Hernia System®, PHS®) za reparaciju preponskih kila sadrži konektor koji ima ulogu “čepa” u unutarnjem preponskom prstenu. Pozicija ove “čep” komponente može biti odgovorna za kroničnu bol i oštećenja crijeva. Pretpostavili smo da će promjena položaja konektora dvoslojne mrežice (PHS®) i njegovo postavljanje medijalno u Hesselbachovu trokutu doprinijeti manjoj učestalosti kronične boli i da neće doći do oštećenja crijeva, s dobrim kliničkim ishodom nakon reparacije indirektne preponske kile. Ova retrospektivna studija je obuhvatila 73 bolesnika sa 76 indirektnih preponskih kila kod kojih je u razdoblju od 2005. do 2015. napravljena modifikacija postavljanja dvoslojne mrežice. Prosječna starost bolesnika bila je 57 godina. Tri bolesnika su imali rane poslijeoperacijske komplikacije (3,95%), dva serom i jedan ranu poslijeoperacijsku bol. Tri (3,95%) bolesnika su imali kasne poslijeoperacijske komplikacije: jedan (1,32%) s kroničnom boli, jedan (1,32%) s recidivom i jedan (1,32%) s ekstrakcijom mrežice zbog nepodnošenja. “Nezačepljujuća” pozicija konektora dvoslojne mrežice kod bolesnika s indirektnim ingvinalnim hernioplastikama je siguran postupak s niskim postotkom kronične boli, bez oštećenja crijeva i sa standardno malim brojem recidiva

Experimental investigations of the turbulent swirl flow in straight conical diffusers with various angles

Results of experimental investigations of the turbulent swirl flow in three straight conical diffusers with various diffuser total angles are presented in this paper. All three diffusers have the inlet diameter 0.4 m and total divergence angles 8.6 degrees, 10.5 degrees, and 12.6 degrees. The incompressible swirl flow field is generated by the axial fan impeller, and for each diffuser several regimes were achieved by changing rotation number. Original classical probes were used for measurements. The distributions of the average main swirl flow characteristics along the diffuser are shown. Distributions of the inlet Boussinesq number, outlet Coriolis coefficient, ratio of the swirl and completely axial flow loss coefficients at conical diffuser on the inlet swirl flow parameter are also presented

Experimental investigations of the turbulent swirl flow in straight conical diffusers with various angles

Results of experimental investigations of the turbulent swirl flow in three straight conical diffusers with various diffuser total angles are presented in this paper. All three diffusers have the inlet diameter 0.4 m and total divergence angles 8.6 degrees, 10.5 degrees, and 12.6 degrees. The incompressible swirl flow field is generated by the axial fan impeller, and for each diffuser several regimes were achieved by changing rotation number. Original classical probes were used for measurements. The distributions of the average main swirl flow characteristics along the diffuser are shown. Distributions of the inlet Boussinesq number, outlet Coriolis coefficient, ratio of the swirl and completely axial flow loss coefficients at conical diffuser on the inlet swirl flow parameter are also presented

New Design of the Reversible Jet Fan

This paper presents two designs of the axial reversible jet fan, with the special focus on the impeller. The intention was to develop a reversible axial jet fan which operates in the same way in both rotating directions while generating thrust as high as possible. The jet fan model with the outer diameter 499.2 +/- 0.1 mm and ten adjustable blades is the same, while it is in-built in two different casings. The first construction is a cylindrical casing, while the second one is profiled as a nozzle. Thrust, volume flow rate, consumed power and ambient conditions were measured after the international standard ISO 13350. Results for both constructions are presented for three impeller blade angles: 28 degrees, 31 degrees and 35 degrees, and rotation speed in the interval n = 400 to 2600 rpm. The smallest differences in thrust, depending on the fan rotation direction, as well as the highest thrust are achieved for the first design with the cylindrical casing and blade angle at the outer diameter of 35 degrees. Therefore, it was shown that fan casing significantly influences jet fan characteristics. In addition, the maximum thrust value and its independence of the flow direction is experimentally obtained for the angle of 39 degrees in the cylindrical casing