Capital market of Bulgaria: testing different CAPM corrections

The present study makes comparison in the usage and the level of accuracy of different methods for calculation of the expected return. The presented methods are based on CAPM, but with different corrections. We are going to test the traditional CAPM of Sharpe (1963) and Lintner (1964), the downside D-CAPM proposed by Estrada (2002), and three methods presented by the authors of this study. The first method uses combination of downside and upside beta to compute the risk in CAPM; the second uses the absolute deviation as a measure of risk; the third method integrates skewness in CAPM, but makes it by using different approach than familiar downside methods. The skewness is added as additional multiplier in the CAPM

Емпирично изследване на управлението на услугите на агроекосистемите в България

The study is a report from the second stage of the research project "Management of agro-ecosystem services", funded by the Agricultural Academy - https://maessbg.alle.bg The approach developed during the first stage for analysis, evaluation and improvement of the management system of the agro-ecosystem services in the country has been tested. A survey with agricultural producers identified the size and type of "produced" services of agro-ecosystems of different types, and the dominant forms, factors and efficiency of management of agro-ecosystem services. Primary micro-information was collected from managers of 162 "typical" farms of different legal type, size, production specialization, ecological and geographical location. The main agro-regions and basic agroecosystems (plain, mountainous, protected areas, non-favored areas, etc.) are covered, as well as 12 main specific agroecosystems and their agro-ecosystems - Western Stara Planina, Central Balkans, Danube Plain, Stara Planina, Northeast Fore-Balkans, Struma River Valley, Rhodopes, Pernik Basin, Radomir Field, Sredna Gora, Sub-Balkans, Thracian Lowland and Southeastern Bulgaria. By grouping and summarizing the collected primary information, the structure and volume of agro-ecosystem services in the country and in the main types of agro-ecosystems are identified - geographical, basic and specific ecosystems, subsectors of agricultural production, size and legal type of farming organization. Share of participating producers and degree of participation in storage and supply were used as proxy indicators for production volume of the respective types of holdings. The connection between the main characteristics of farm managers (gender, age, education, farming experience, etc.) and their knowledge and application of the concept of agro-ecosystem services has been established. The main domestic, market, contractual, collective, tripartite, etc. are identified. forms of management of agro-ecosystem services of different types in general and depending on the type of agro-ecosystem and the agricultural producer. An in-depth study of the predominant forms of management of basic agro-ecosystem services such as providing external access to the farm, biodiversity conservation, plant pollination, bioproduction, etc. has been established, and a link with specialization, location, etc. has been established. characteristics of holdings. The effectiveness of the various forms of management of agro-ecosystem services has been established by assessing the direct and additional costs associated with the supply and management of agro-ecosystem services, as well as the direct, additional and indirect effects of their supply. The main behavioral, economic, institutional, natural, etc. are identified. factors that stimulate or limit the "production" of agro-ecosystem services by farmers. The intentions of the agricultural producers related to the protection of ecosystems and ecosystem services in the near future have also been determined. An in-depth analysis of the development and efficiency of organic production as one of the main forms of supply of agro-ecosystem services by Bulgarian farms. A multifaceted analysis of soils has been made as part of Bulgaria's agri-environmental resource, on the example of rural areas in the South Central region. The possibilities for using the sludge from the wastewater treatment plants as a form of agro-eco-service in support of agriculture have been assessed. The use of the customer value category in the management of agro-ecosystem services is analyzed. Summarized conclusions and proposals for improving the approach to scientific analysis and guidelines for improving public policies and forms of public intervention, and individual, business and collective strategies and actions for effective management of agro-ecosystems and services of agro-ecosystems of different types have been prepared

Холистичен подход за дефиниране, оценяване и подобряване на конкурентоспособността на земеделските стопанства в България

The report presents the results of the first stage of the research project "Competitiveness of agricultural farms in Bulgaria" funded by the Agricultural Academy and implemented by a team from the Institute of Agrarian Economics, UNWE, NBU and IPAZR "N. Pushkarov ”in Sofia. A holistic framework for understanding, evaluating, and improving the competitiveness of agricultural holdings in Bulgaria has been elaborated. The achievements of the interdisciplinary New Institutional Economics, Theory of Economic Organizations, Theory of Competitiveness and other scientific methods such as: study of literature and experience, summary, synthesis, design, comparative and institutional analysis, multicriteria analysis, groupings, discrete structural analysis, value -measuring, qualitative analysis, expert evaluation, survey, Shift-share Analysis, VTOPSIS and statistical analysis, localization analysis, etc. Numerous publications and experience in the country and the world for understanding and assessing the competitiveness of agricultural holdings have been studied. On this basis, a (more) adequate definition of the competitiveness of the farm is given, it is justified that it has four equally important pillars (economic efficiency, financial capability, adaptability and sustainability), and a hierarchical system is developed to assess its level consisting of adequate criteria, indicators and reference values, and an approach to integration and interpretation. The new evaluation system is being experimented with, using survey information from managers of "typical" farms of different types, production specializations and geographical locations. The theoretical bases of business models are summarized and an innovative model of competitiveness of agricultural holdings is developed. An approach to assessing market and factor competitiveness has been adapted and tested in the dairy sector. The regional differences in the competitiveness of agriculture in the EU countries have been identified. The competitive positions and forms of management of alternative farms in the conditions of the Kovid pandemic are assessed. The peculiarities in determining the competitiveness of organic farms are highlighted. The advantages of strategic partnerships and network structures as a tool for increasing the competitiveness of small and medium farms were assessed. The possibilities of the "new" forms of marketing (green, niche, sustainable, etc.) and digitalization to increase the competitiveness of farms are assessed. A regional analysis of agricultural holdings and employees in the South Central region was made. Alternative forms of financing agriculture from banks and leasing companies to improve the competitiveness of farms have been assessed. Conclusions and recommendations for improving public policies and farming strategies have been prepared. The performed activity and the achieved results in terms of volume and quality fully correspond (and exceed) the planned for all tasks. More information can be obtained from the project website https://cfb.alle.bg

Methodological approach for farm typology construction in terms of soil health – the EU case

Soil health is a significant problem in agriculture which demands a tailor-made approach. The study aims to develop a methodological approach for farm typology construction in terms of soil health. TUdi project, under which was made this study, aims to transform unsustainable management of soils in key cropping systems in Europe and China, developing an integrated platform of alternatives to reverse soil degradation. Thus, the focus is on small, medium, and large EU farms, which produce in the three key cropping systems - grassland, cereal-based rotation, and tree crops. It was applied principal component analysis based on which it was constructed four factors, related to soil health. The results from this analysis was used to feed up the cluster analysis together with other significant variables. The developed farm typology consists of four farm types. From practical point of view was introduced a methodology which allow to determine the type of each farm according the TUdi typology

Методологичен подход за изграждане на типологията на ферми от гледна точка на здравето на почвата случаят на ЕС

[EN] Soil health is a significant problem in agriculture which demands a tailor-made approach. The study aims to develop a methodological approach for farm typology construction in terms of soil health. TUdi project, under which was made this study, aims to transform unsustainable management of soils in key cropping systems in Europe and China, developing an integrated platform of alternatives to reverse soil degradation. Thus, the focus is on small, medium, and large EU farms, which produce in the three key cropping systems – grassland, cereal-based rotation, and tree crops. It was applied principal component analysis based on which it was constructed four factors, related to soil health. The results from this analysis was used to feed up the cluster analysis together with other significant variables. The developed farm typology consists of four farm types. From practical point of view was introduced a methodology which allow to determine the type of each farm according the TUdi typology.[BG] Здравето на почвата е значим проблем в аграрната икономика, които изисква прилагането на индивидуален подход. Целта на настоящата разработка е да се предложи методология за конструиране на типология на ферми, свързана със здравето на почвата. Анализът е реализиран по проект „Tudi“, който цели трансформирането на неустойчивото управление на почвите в ключови системи в Европа и Китай, разработвайки интегрирана платформа за алтернативи за обръщане на деградацията на почвата. В тази връзка фокусът е насочен към малки, средни и големи ферми от страни, членки на ЕС, които произвеждат продукция в трите ключови системи на земеделието – зърнени култури, трайни насаждения и пасища. Използван е анализ на главните компоненти за конструирането на четири фактора, свързани със здравето на почвата. Тези фактори, заедно с други ключови променливи, са анализирани чрез клъстерен анализ за формирането на четири типа ферми. Предложен е подход за определяне на мястото на всяка една ферма в тази типология.The study was developed with the financial help of the European Union’s Horizon 2020 Research and Innovation action under the project “Transforming Unsustainable management of soils in key agricultural systems in EU and China. Developing an integrated platform of alternatives to reverse soil degradation” – TUdi with grant agreement No 101000224.Peer reviewe

САРМ MODIFICATIONS AND THEIR VERIFICATION

This study aims to present the results from the testing of five CAPM modifications through two different approaches using data from the Bulgarian Stock Exchange. The first model uses a regression analysis to look for and measure the relation between historical stock returns and the beta-coefficient of companies – a separate regression is started for each of the beta-coefficient modifications, the determination coefficient of which can be compared to the determination coefficient of the regressions of the rest of modifications. The second approach is backtesting. In order to overcome the usual data incompleteness of the emerging markets an easily applicable approach is proposed for comparing the validity of different beta-coefficient modifications and hence of CAPM