Croatian and Slovenian Mutual Funds and Bosnian Investments Funds (in English)

The paper provides a stock-market-performance analysis for three emerging European stock markets: Croatia, Slovenia, and Bosnia and Herzegovina. Using monthly observations we perform a detailed study of the performance of Croatian and Slovenian mutual funds and Bosnian investment funds. The risk-return measures of the funds are assessed using the Sharpe ratio, Treynor ratio, information ratio, Jensen’s alpha, and an appraisal ratio. Furthermore, we analyze the timing ability of the funds. Descriptive statistics for the returns are given and different statistic tests are calculated in order to test ordinary-least-squares assumptions in the data. The results are also estimated by applying the bootstrap method.stock market, mutual fund, investment fund, risk/return measures

Regularization of Brane Induced Gravity

We study the regularization of theories of ``brane induced'' gravity in codimension $N>1$. The brane can be interpreted as a thin dielectric with a large dielectric constant, embedded in a higher dimensional space. The kinetic term for the higher dimensional graviton is enhanced over the brane. A four dimensional gravitation is found on the brane at distances smaller than a critical distance $r<r_c$, and is due to the exchange of a massive resonant graviton. The crossover scale $r_c$ is determined by the mass of the resonance. The suppression of the couplings of light Kaluza-Klein modes to brane matter results in a higher dimensional force law at large distances. We show that the resulting theory is free of ghosts or tachyons.Comment: One reference added. To appear in PRD. 20 pages, 3 figure

Gravity induced over a smooth soliton

I consider gravity induced over a smooth (finite thickness) soliton. Graviton kinetic term is coupled to bulk scalar that develops solitonic vacuum expectation value. Couplings of Kaluza-Klein modes to soliton-localized matter are suppressed, giving rise to crossover distance $r_c=M_{P}^2/M_{*}^3$ between 4D and 5D behavior. This system can be viewed as a finite thickness brane regularization of the model of Dvali, Gabadadze and Porrati.Comment: 12 pages, 2 figure

Does the Efficient Market Hypothesis Hold?: Evidence from Six Transition Economies

In this paper, a wavelet analysis of long-range dependence (LRD) based on the Hurst exponent is presented. An estimator is used to perform an analysis of LRD in the capital markets of six transition economies. The results suggest that we can divide the stock markets into two groups: markets with strong LRD (the Czech Republic, Hungary, Russia, and Slovenia), and markets with no or only a weak form of LRD (Poland and Slovakia). Additionally, if the Hurst exponent is estimated on a sliding time window, the results show some additional properties, which we believe are representative for the markets in transition economies.