The impact of firm specific factors on the stock prices: Empirical evidence from Belgrade stock exchange

This study aims to examine the impact of certain determinants of stock prices on the capital market in development, with a special focus on companies in the Financial and Insurance Activities Sector whose shares are listed on the Belgrade Stock Exchange. The study uses data from individual companies from 2008 to 2014 and employed ordinary least squares method. Generally speaking, the study found that accounting information, in particular, return on assets, book value per share, trust rate and company size measured by market capitalization, are relevant for explaining the stocks prices in Serbia. This study contributes to the current discussion of specific factors affecting the price of stocks in the emerging market with a special focus on the Belgrade Stock Exchange. Cluster analysis of companies according to key determinants of share prices suggests to investors that there is the possibility of portfolio diversification. The reliability in the study is ensured by including nearly 95% of the companies listed on the Belgrade Stock Exchange, ie shares of companies classified in K - Financial and Insurance Activities Sector on the Belgrade Stock Exchange

Day-of-the-week effect on stock markets in the region

This research examines calendar anomalies (day-of-the-week effect) on stock exchanges in the region. The main objective of the study is to examine the effect of days of the week on stock exchanges in the region in the period from 2008 to 2014, and whether there are differences in relation to the effects that occur during the crisis period from 2008 to 2011 and postcrisis period from 2012 to 2014. The subsample of the analysis shows different results due to an increase in the maturity of the capital market, the financial crisis, accession to the European Union and other important events for the financial markets in the region. The purpose of this paper is to determine whether the relationships between the average stock returns in emerging markets are the same or different across different days of the week. The study includes a quantitative analysis of the yield of stock exchange indices on a certain day that uses daily data from 01.01.2008 to 31.12.2014 for capital markets in Bosnia and Herzegovina, Bulgaria, Montenegro, Croatia, Macedonia, Romania and Serbia. The results of the study indicate the effect of the days of the week on all observed stock markets in the region, except for the stock market in Bulgaria. Obtained panel results support earlier studies conducted on emerging markets and provide evidence of stock market inefficiency

Impact of firm specific factors on profitability of industrial grinding companies

In this paper, panel ordinary least squares model of industrial grinding companies listed on Belgrade Stock Exchange was used for examining the determinants of profitability. For this purpose, 62 observations of companies over the period of 2008 - 2014 were included. Return on equity considered as a measure for profitability is a dependent variable whereas size, leverage, years of firm existence, number of stock and book value per share are considered as independent variables. According to the findings, leverage, number of stock and book value per share are statistically significant of inverse relationship with profitability for selected listed industrial grinding companies in Serbia. Size (+) and age (-) indicate insignificant impacts on profitability. The results revealed that all independent variables explain 84.4% of the variance on return on equity. The results of Granger causality test indicated causality between profitability and leverage, profitability and number of stocks are bidirectional

Značaj izbora sorte u intenzivnoj proizvodnji lucerke

Alfalfa is an autotetraploid, perennial forage crop adapted to different environments and management systems. Trial with 12 alfalfa populations was established in spring of 2014. The research involved 9 commercial alfalfa varieties from IFVCNS, Serbia, and included 3 experimental populations in the final phase of breeding program. The main objectives of this paper were to examine the impact of variety selection on alfalfa yield and plant height in intensive cutting management in order to define harvesting strategies (using 6 and 5 cuts per season), with main goal to maximize profit on alfalfa farms in Serbia and Southeast Europe. Our study clearly demonstrates that there is genetic potential in some Serbian varieties (NS Sila, Nera, NS Jelena, and Banat VS) for use in intensive cutting systems with 6 cuts per year that can meet farmers' needs in conventional or organic type of alfalfa hay production.This research represents an initial guideline for the alfalfa variety selection in intensive cutting management systems in Serbia and Southeast Europe.Lucerka (Medicago sativa L.) je najznačajnija višegodišnja krmna biljka visokih prinosa krme, sena, senaže, odlične hranljive vrednosti. Sistem kosidbe predstavlja odlučujući faktor u determinaciji prinosa i kvaliteta lucerke. U cilju provere reakcije populacija lucerke stvorenih u Institutu za ratarstvo i povrtarstvo na intenzivan sistem kosidbe (sa primenjenih 6 otkosa u II i III godini života i 5 otkosa u IV godini trajanja useva) postavljen je ogled u Novom Sadu u 2014. godini, a rezultati su praćeni tokom 2015-2017. godine. U ispitivanje je uključeno 9 priznatih sorti i 3 eksperimentalne populacije lucerke stvorene u različitom vremenskom periodu, primenom različitih metoda oplemenjivanja i germplazme različitog porekla. Dobijeni rezultati pokazuju da režim kosidbe lucerke treba prilagoditi tipu/grupi sorti, načinu proizvodnje i rejonu gajenja. Najveći prinosi suve materije tokom perioda ispitivanja registrovani su kod sorti NS Sila (18,4 t/ha), Nera (18,2 t/ha), Banat VS (17,9 t/ha) i NS Jelena (17,7 t/ha) u intenzivnom sistemu kosidbe. Režim kosidbe sa 6 otkosa u Srbiji predstavlja realan način proizvodnje, ali prilagođavanje ovom sistemu kosidbe zavisi od cilja proizvodnje, sorte, rejona gajenja, starosti useva. Genetički potencijal NS sorti lucerke koji odgovara maksimalnom intenzitetu kosidbe sa 6 otkosa u godini ostvaren je sa sortama NS Sila, Nera, Banat VS i NS Jelena, a za sistem kosidbe sa 5 otkosa u godinama pune eksploatacije, a koji najviše odgovara farmerima u umereno-kontinentalnom klimatu Srbije, mogu se preporučiti i sorte NS Banat ZMS II, NS Mediana ZSM V. Ostvareni rezultati predstavljaju značajan doprinos razumevanju značaja primene intezivnog sistema kosidbe tokom godina iskorišćavanja a posebno kritičnoj fazi vezanoj za izbor sorte i različite rejone gajenja, načine iskorišćavanja, kao i potrebe različitih tržišta za senom lucerke

January effect on stock returns: Evidence from emerging Balkan equity markets

The motivation for testing anomalies in the selected financial markets in the region was primarily to help investors to devise a viable investment strategy. Taking into account the difficult circumstances faced by the capital markets in developing countries, their efficient operation is under question. While the calendar anomalies in the developed capital markets have been studied intensively, emerging stock markets have received less attention. The aim of this paper is to test historical data on movements of stock exchange indexes in the region, and in that way the possibility of gaining beyond average yields on capital in certain calendar months during the year, also known as the January effect. The paper aims to test the efficient market hypothesis (in terms of the presence or not of the 'January effect') in the financial markets in the region by using daily data of regional stock market indexes. Panel data analysis includes daily data during the period from 2008 to 2014 for the stock exchanges in the emergent economies of Serbia, Bosnia and Herzegovina, Macedonia, Montenegro, Croatia, Romania and Bulgaria. However, in this study it has been proven that the traditional January effect is present only on the stock market in Macedonia. The obtained results on capital markets in selected countries in the region indicate weak sustainability of the efficient market hypothesis in most of the observed countries in the region and the presence of calendar anomalies

Value differences as a challenge in intergenerational and intercultural learning

Svrha prezentovane studije bila je da se istraže razlike u vrednovanju ključnih životnih fenomena među pripadnicima različitih generacija i različitih kultura koji su bili učesnici zajedničkog, međunarodnog obrazovnog programa 'Aktivno starenje i međugeneracijsko učenje - kafe pričaonica' - razmena priča, asocijacija i sećanja u vezi sa važnim ličnostima, ličnim i društvenim događajima na Dunavu. Pretpostavke o razlikama u vrednovanju ključnih životnih fenomena među različitim generacijama i različitim kulturama, kao ulaznih pozicija za ovaj dijalog, učinile su da ovaj proces bude organizovan sa ciljem razvoja interkulturno-generacijske osetljivosti : kroz razmenu u kojoj učesnici uče zajedno, jedni sa drugima, jedni o drugima, razmenjuju svoja znanja, osećanja, sećanja, uverenja, stavove i vrednosti o svetu, ljudima i događajima. Istraživanje koje je sprovedeno na grupi mladih i starijih učesnika iz Nemačke i Srbije imalo je za cilj da utvrdi osnovanost pretpostavki o razlikama na kojima se i iz kojih se uči. Istraživanje je pokazalo da su razlike u vrednovanju ključnih životnih fenomena, kako među generacijama tako i među kulturama, podjednako izazovni i relevantni resursi i izvori za učenje za sve učesnike programa.The objective of this study was to investigate differences in the evaluation of key life phenomena among members of different generations and different cultures who took part in the joint international education programme 'Active Ageing and Intergenerational Learning - Coffee Chats' - exchange of stories, associations and memories about important personalities and personal and social events on the Danube. Assumptions about differences in the evaluation of key life phenomena between different generations and different cultures, as the starting positions for this dialogue, meant this intercultural and intergenerational learning was organized with the goal of developing intercultural and intergenerational sensitivity, through exchange where participants learnt together, with one another and about one another, and shared their knowledge, feelings, memories, beliefs, attitudes and values about the world, people and events. The study aimed to establish the merits of the assumptions about the differences from which people learn draw lessons. The study showed that differences in the evaluation of key life phenomena, both between generations and between cultures, are equally challenging and useful resources and sources for learning for all programme participants

Aquatic invertebrates of the Ribnica and Lepenica Rivers: Composition of the community and water quality

Results of investigating the community of aquatic invertebrates in the Ribnica and Lepenica Rivers (Kolubara River drainage area) are given in the present work. Forty-three taxa are recorded. In relation to other studied streams in Serbia, the investigated rivers are characterized by high diversity of macroinvertebrates. Cluster analysis indicates that the locality on the Lepenica stands apart from those on the Ribnica, which is a consequence of the difference of habitats found at them. Results of saprobiological analysis of the macrozoobenthos in the given rivers indicate that their waters belong to quality classes I and II.U radu se prikazuju rezultati istraživanja vodenih beskičmenjaka reka Ribnice i Lepenice (sliv reke Kolubare). Zabeleženo je ukupno 43 taksona. Istraživane reke odlikuju se visokim biodiverzitetom u poređenju sa drugim ispitivanim tekućicama Srbije. Prema rezultatima cluster analize, lokalitet na Lepenici izdvaja se u odnosu na lokalitete na Ribnici, što je posledica razlike u analiziranim staništima. Konstatovana zajednica makrozoobentosa ukazuje na dobar kvalitet vode koji je na granici I i II klase boniteta.nul

A new record of Haplotaxis gordioides (Hartmann, 1821) (Oligochaeta, annelida) in the benthocenoses of a potamon-type river (Sava river, Serbian sector)

The species Haplotaxis gordioides (Hartmann, 1821), from the family Haplotaxidae (Oligochaeta), was found for the first time in a lowland, potamon-type river (Sava River, Serbian sector) in 2002. This new record adds to our knowledge of the range and spreading of the given species.Cilj rada je prikaz novog nalaza vrste Haplotaxis gordioides (Hartmann, 1821), iz familije Haplotaxidae (Oligochaeta), koja je prvi put nađena 2002. u potamonu nizijske reke (reka Sava, sektor kroz Srbiju). Ovaj novi nalaz je posebno važan za razumevanje područja rasprostranjenja i širenja ove oligohetne vrste.nul

Discovery of polychaete species Manayunkia caspica (Annenkova, 1929) in the Serbian sector of the Danube

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