Accounting Policies of HEP d.d. Zagreb According to International Standards

The desire to meet the EU requirements in terms of accounting has resulted in a larger number of regulations pertaining to financial reporting of business entities in the Republic of Croatia. Although there are numerous regulations, they have to be respected in order to avoid adverse audit qualification. By adopting a new institutional framework for energy sector regulation in the Republic of Croatia, a good environment has been created for application of International Financial Reporting Standards, which are used for regulation of financial reporting within the HEP Group, as well as for the adjustment of accounting principles of HEP d.d. according to International Financial Reporting Standards, which is the subject of this paper.HEP d.d.; Accounting policies, International Financial Reporting Standards, International Accounting Standards

Financing and Importance of Banking in Investment Operations of HEP Plc

Owing to the importance of business activities related to electric-power supply and distribution system, ownership structure, the size of assets, infl uence on the supporting industry and development of the Croatian economy, the Croatian Electricity Company (HEP) has always been the subject of interest of its owners, the public, financial institutions – primarily domestic ones – but increasingly so in the international business scene. The development of fi nancial industry and appearance of competition in banking business made it possible for HEP to have an impact on cost reduction related to capital investment financing, so it is possible to choose among different products on the money and capital market. By adjusting the source of financing to the needs of a particular project, HEP actively manages its debt portfolio, respecting decisions of owners and applicable laws in the process (Company Act, Foreign Exchange Law, Public Procurement Act, etc).capital investments, capital structure, sources of finance, banks, investment funds, HEP Plc.

Management Of Building Projects

In this work we have shown the concept of logistic support in management in building production and in building of objects, which is realised in Enterprise resource Planning – ERP system ERPINSG, developed in Informatic firm Informatic engineering – ININ in Slavonski Brod, and in cooperation with scientists of catedra for informatics of Faculty of Mechanical Engineering and users from building firms.manufacturing logistic, management, ERP systems, ERPINSG

A Conceptual Model of Investor Behavior

Based on a survey of behavioral finance literature, this paper presents a descriptive model of individual investor behavior in which investment decisions are seen as an iterative process of interactions between the investor and the investment environment. This investment process is influenced by a number of interdependent variables and driven by dual mental systems, the interplay of which contributes to boundedly rational behavior where investors use various heuristics and may exhibit behavioral biases. In the modeling tradition of cognitive science and intelligent systems, the investor is seen as a learning, adapting, and evolving entity that perceives the environment, processes information, acts upon it, and updates his or her internal states. This conceptual model can be used to build stylized representations of (classes of) individual investors, and further studied using the paradigm of agent-based artificial financial markets. By allowing us to implement individual investor behavior, to choose various market mechanisms, and to analyze the obtained asset prices, agent-based models can bridge the gap between the micro level of individual investor behavior and the macro level of aggregate market phenomena. It has been recognized, yet not fully explored, that these models could be used as a tool to generate or test various behavioral hypothesis.behavioral finance;financial decision making;agent-based artificial financial markets;cognitive modeling;investor behavior

Tensions Between Mathematics and Science Disciplines: Creative Opportunities to Enrich Teaching Mathematics and Science

An application in mathematics is any context, within science or broader, which involves or requires some kind of quantitative thinking. For instance, arguments involving risk, chance, or uncertainty use probabilistic concepts. Every time we interpolate or extrapolate from a given set of data we employ functional relationships. In discussing dynamics of drug absorption, we use exponential or more complex mathematical models. Describing viruses infecting bacteria or studying interactions between species in an ecosystem requires that we use mathematics tools. In this paper I study certain teaching and learning situations, named tensions, which arise when the students, practitioners, or instructors engage with applications in mathematics that require modifications to our cognitive models. Tensions can be identified in the ways we formulate the problem of our inquiry, in defining the objects we study, in the implicit and explicit assumptions we make, in the interpretations of results of experiments and mathematical calculations, in visual interpretations, and in other situations. Using specific examples, I illustrate that these tensions could be viewed as living in a specific zone of proximal development. This concept provides a framework within which we contrast what a single discipline can achieve, compared to fresh new visions and insights generated when the diverse views of mathematics and other science disciplines are brought together

Implicit Prosody in Silent Reading: Relative Clause Attachment in Croatian

When a relative clause (RC) follows two nouns (N1, N2) in a complex noun phrase such as that contained in the example English sentence below, the preferred interpretation has been found to differ across languages. (1) Someone shot the servant [N1] of the actress [N2] who was on the balcony [RC]. In some languages (e.g., English), readers preferentially interpret the RC as attaching to (i.e., modifying) N2. In other languages (e.g., Spanish), there is a preference for attachment to N1. This cross-linguistic variation is the only known counterevidence to the claim that the human sentence processing routines are universal, and could therefore be innate. Five major explanations have been proposed in the literature to account for cross-linguistic differences in RC-attachment: the Construal/Gricean account, Attachment-Binding Dualism, the Predicate Proximity/Recency model, the Tuning Hypothesis, and the Implicit Prosody Hypothesis (IPH). This thesis examines RC-attachment preferences in Croatian. The data reported address four of the above proposals: they argue against the first three and support the fifth, the IPH. (The data do not bear on the Tuning Hypothesis, which holds that there is no principled parsing explanation for the cross-linguistic facts.) The IPH claims that a default prosodic pattern, which may differ across languages, is mentally computed during silent reading, influencing syntactic attachment decisions. Croatian has a distinctive pattern of prosodic phrasing in that in sentences comparable to (1), it favors a prosodic break before a long RC as compared with a short RC, and a prosodic break before the preposition in the complex NP construction as compared with the non-prepositional variant of the same construction. (Both variants of the construction, prepositional and non-prepositional, are acceptable in Croatian.) The experimental findings reported here document these prosodic characteristics, and show that they are reflected in syntactic attachment preferences in silent reading. This evidence is important because if the IPH is correct, then cross-language RC-attachment differences are attributable to independently demonstrable differences in the prosodic principles in the grammar. That is, they fall into line with other observed parsing preferences in that they do not reflect non-universal processing routines

On the Authentic Notion, Relevance, and Solution of the Jeffreys-Lindley Paradox in the Zettabyte Era

The Jeffreys-Lindley paradox is the most quoted divergence between the frequentist and Bayesian approaches to statistical inference. It is embedded in the very foundations of statistics and divides frequentist and Bayesian inference in an irreconcilable way. This paradox is the Gordian Knot of statistical inference and Data Science in the Zettabyte Era. If statistical science is ready for revolution confronted by the challenges of massive data sets analysis, the first step is to finally solve this anomaly. For more than sixty years, the Jeffreys-Lindley paradox has been under active discussion and debate. Many solutions have been proposed, none entirely satisfactory. The Jeffreys-Lindley paradox and its extent have been frequently misunderstood by many statisticians and non-statisticians. This paper aims to reassess this paradox, shed new light on it, and indicates how often it occurs in practice when dealing with Big data

Conflicts in Bayesian Statistics Between Inference Based on Credible Intervals and Bayes Factors

In frequentist statistics, point-null hypothesis testing based on significance tests and confidence intervals are harmonious procedures and lead to the same conclusion. This is not the case in the domain of the Bayesian framework. An inference made about the point-null hypothesis using Bayes factor may lead to an opposite conclusion if it is based on the Bayesian credible interval. Bayesian suggestions to test point-nulls using credible intervals are misleading and should be dismissed. A null hypothesized value may be outside a credible interval but supported by Bayes factor (a Type I conflict), or contrariwise, the null value may be inside a credible interval but not supported by the Bayes factor (Type II conflict). Two computer programs in R have been developed that confirm the existence of a countable infinite number of cases, for which Bayes credible intervals are not compatible with Bayesian hypothesis testing

Relationship Debt and Guarantees: Best Practice v Real Practice

Guarantee transactions have generated an enormous volume of litigation over the past 20 years in Australia and elsewhere. There have been numerous major reports referring to the problem of relationship debt in recent years as concern about guarantee transactions has grown. This article outlines the major findings of the first comprehensive Australian empirical research into the law and practices governing third party guarantees. The research was directed to finding out more about the experiences of the people who agree to guarantee the loans of others. Why do they sign on, how do they get into trouble in those transactions and what might have assisted them in avoiding such difficulties? Despite measures such as the Consumer Credit Code (1996) and the Code of Banking Practice (1993)(2003) , guarantee practice shows little evidence of what either the finance industry or consumer advocates would regard as best, or even adequate, practice