Towards and Effective Financial Management: Relevance of Dividend Discount Model in Stock Price Valuation

The aim of this paper is to analyze the relevance of dividend discount model, i.e. its specific form in stock price estimation known as Gordon growth model. The expected dividends can be a measure of cash flows returned to the stockholder. In this context, the model is useful for assessment of how risk factors, such as interest rates and changing inflation rates, affect stock returns. This is especially important in case when investors are value oriented, i.e. when expected dividends are their main investing drivers. We compared the estimated with the actual stock price values and tested the statistical significance of price differences in 199 publicly traded European companies for the period 2010-2013. Statistical difference between pairs of price series (actual and estimated) was tested using Wilcoxon and Kruskal-Wallis tests of median and distribution equality. The hypothesis that Gordon growth model cannot be reliable measure of stock price valuation on European equity market over period of 2010-2013 due to influence of the global financial crisis was rejected with 95% confidence. Gordon growth model has proven to be reliable measure of stock price valuation even over period of strong global financial crisis influence

Applying Marketing Concepts to Improve Cheese Production and Placing on the Market in the Republic of Serbia

ИЗ Производња и пласман сира заузимају једно од кључних места у стратегији развоја и раста агроиндустрије многих, економски најразвијенијих, земаља. Као финални производ сточарске производње, сир, као готов производ, резултат је ангажовања већег броја различитих привредних субјеката у ланцу стварања и испоруке вредности, због чега може бити значајан генератор прихода за  све учеснике и фактор економског развоја Републике Србије.  Основни циљ истраживања је да се на бази информација добијених обрадом података из  примарних и секундарних извора, креира  предлог функционалног маркетинг концепта, као услова за унапређење производње и пласмана сира из понуде произвођача Републике Србије, на домаћем и иностраним тржиштима. Резултати истраживања треба да укажу на факторе који су од значаја за повећање домаће производње, перспективе и могуће извозне дестинације, као и повећање извоза. Резултати истраживања указују на то да, у светским размерама, Република Србија није конкурент у сегменту индустријских сирева. Оно што, пре свега удружени, произвођачи сира Републике Србије могу да понуде све захтевнијим потрошачима на домаћем и међународном тржишту, јесу првенствено аутохтони сиреви који носе ознаку географског порекла, варијетети традиционалних, органских, као и сиреви са додатом вредношћу који могу да задовоље специфичне захтеве идентификоване тржишне тражње, како у погледу квалитета и осталих маркетинг обележја, тако и у погледу безбедности хране. Основни услов за креирање профитно оријентисаних пољопривредних газдинстава која се баве производњом сира, јесте континуирана аграрна политика којом се креирају услови извесности за привредне субјекте. Удруживање, успостављање акредитованих програма континуиране едукације из области маркетинга и производње сира, као и државни подстицаји у виду наменски опредељених финансијских средстава, представљају неке од примарних фактора развоја и јачања конкурентске позиције произвођача сира. ДатумIZ Proizvodnja i plasman sira zauzimaju jedno od ključnih mesta u strategiji razvoja i rasta agroindustrije mnogih, ekonomski najrazvijenijih, zemalja. Kao finalni proizvod stočarske proizvodnje, sir, kao gotov proizvod, rezultat je angažovanja većeg broja različitih privrednih subjekata u lancu stvaranja i isporuke vrednosti, zbog čega može biti značajan generator prihoda za  sve učesnike i faktor ekonomskog razvoja Republike Srbije.  Osnovni cilj istraživanja je da se na bazi informacija dobijenih obradom podataka iz  primarnih i sekundarnih izvora, kreira  predlog funkcionalnog marketing koncepta, kao uslova za unapređenje proizvodnje i plasmana sira iz ponude proizvođača Republike Srbije, na domaćem i inostranim tržištima. Rezultati istraživanja treba da ukažu na faktore koji su od značaja za povećanje domaće proizvodnje, perspektive i moguće izvozne destinacije, kao i povećanje izvoza. Rezultati istraživanja ukazuju na to da, u svetskim razmerama, Republika Srbija nije konkurent u segmentu industrijskih sireva. Ono što, pre svega udruženi, proizvođači sira Republike Srbije mogu da ponude sve zahtevnijim potrošačima na domaćem i međunarodnom tržištu, jesu prvenstveno autohtoni sirevi koji nose oznaku geografskog porekla, varijeteti tradicionalnih, organskih, kao i sirevi sa dodatom vrednošću koji mogu da zadovolje specifične zahteve identifikovane tržišne tražnje, kako u pogledu kvaliteta i ostalih marketing obeležja, tako i u pogledu bezbednosti hrane. Osnovni uslov za kreiranje profitno orijentisanih poljoprivrednih gazdinstava koja se bave proizvodnjom sira, jeste kontinuirana agrarna politika kojom se kreiraju uslovi izvesnosti za privredne subjekte. Udruživanje, uspostavljanje akreditovanih programa kontinuirane edukacije iz oblasti marketinga i proizvodnje sira, kao i državni podsticaji u vidu namenski opredeljenih finansijskih sredstava, predstavljaju neke od primarnih faktora razvoja i jačanja konkurentske pozicije proizvođača sira. DatumAB  Cheese production and placing on the market hold some of key positions of growth and development strategies in agricultural industry of numerous highly developed countries. As the final product of livestock production – cheese, as the finished product is a result of several different business entities participating in the creation cycle and value delivery. Hence, it could be a significant revenue generator for all participants and a factor in the economic development of the Republic of Serbia. Primary aim of the research is to create a functional marketing concept proposal on the basis of information obtained from data analysis received from primary and secondary sources as a condition for enhanced cheese production and placing on the market by Serbian manufacturers, both on domestic and international markets. Research results should indicate significant factors in increased domestic production, prospects and potential export destinations as well as increased export. Research results reveal that the Republic of Serbia is not a competitor in the field of industrial cheese on a global scale. Something that, above all, associated cheese manufacturers from the Republic of Serbia can offer to progressively demanding consumers on both domestic and international market are original varieties of cheese with designation of origin, varieties of traditional and organic cheese, value-added cheese which can meet the specific requirements of identified market demand. This refers to quality and other marketing features, including food safety as well. Elementary condition for creating profitoriented agricultural holdings for cheese production is the continuous agricultural policy which creates conditions of certainty for business entities. Creating associations and founding accredited programs of continuing education in the field of marketing and cheese production as well as state incentives in the form of dedicated funds represent some of primary factors in development and strengthening the competitive position among cheese manufacturers

Significance of proper oral hygiene for health condition of mouth and teeth

Background/Aim. Proper mouth and teeth hygiene has influence on the prevention of a great number of diseases and very often some of them are not related only to oral cavity. Most frequent diseases of mouth and teeth such as caries and periodontal diseases are caused, among other factors, by poor oral hygiene. They are also more frequent in young population. The aim of this study was to estimate the influence of sociodemographic characteristics and hygienic habit on oral health in children aged 11-15 years. Methods. This crosssectional study was conducted by the dental teams in dentist surgeries in Tivat Health Center between May and September 2009. The sample consisted of patients 11 to 15 years of age. A questionnaire and dental examination of mouth and teeth were used as research instruments. The examinations were conducted in accordance with the World Health Organization methodology and criteria. The data obtained from the interviews were correlated with those obtained from the clinical examinations. Results. The results show that the majority of respondents brush their teeth twice a day and visit the dentist once in every six months. The research also shows that 57% respondents have caries of deciduous teeth and over 63% respondents of permanent teeth. Gingivitis was found in 14% and orthodontic anomalies in 44.7% respondents. A half of respondents who brush their teeth rarely have problems with gingivitis. There is a highly statistically significant difference between the occurrence of gingivitis and the frequency of teeth brushing. Conclusion. There is a significant difference between mouth and oral hygiene and sex as well as other sociodemographic characteristics of respondents. The study showed the correlation between occurrence of caries and the gingivitis and frequency of teeth brushing and dental visits

Origin and characterization of Montenegrin grapevine varieties

Viticultural tradition in Montenegro dates back before the Roman period. Viticulture and winemaking of Montenegro is still mainly based on autochthonous grapevine varieties ('Vranac', 'Kratošija', 'Krstač' and 'Žižak'). Relevant historical data concerning the origin of Montenegrin grapevine varieties, as well as Montenegrin germplasm characterization reviews are reported in this paper. The available literature data indicate a long tradition and an important breeding history of grapevine evaluation in Montenegro, especially concerning 'Vranac' and 'Kratošija'. Through international projects, by ampelographic analysis and DNA profiles, the originality of 'Vranac', 'Žižak' and 'Krstač' varieties was confirmed, while it was found that 'Kratošija' has the same genetic profile as 'Primitivo', 'Zinfandel' and 'Crljenak Kaštelanski'. According to the literature and to the exploration in vine growing regions, it can be concluded that Montenegro has a very rich grapevine germplasm, yet not investigated enough. Further works on Montenegrin germplasm will contribute to the better evaluation of the grapevine genetic resources of Montenegro, and, therefore, to the enrichment of grapevine diversity in Europe

Crystal structure of 3-(4-bromophenyl)-5-methyl-1 H -pyrazole, C 10 H 9 BrN 2

C10H9BrN2, orthorhombic, P212121 (no. 19), a = 5.9070(3) Å, b = 9.2731(7) Å, c = 17.5641(14) Å, V = 962.09(12) Å3 , Z = 4, Rgt(F) = 0.0504, wRref(F2 ) = 0.0947, T = 293(2) K

Consumer attitudes towards goat milk and goat milk products in Vojvodina

This study presents the results of a survey conducted in the Province of Vojvodina, Serbia to investigate consumers’ attitudes towards goat milk and goat milk products. Furthermore, the factors affecting consumer perception and subjective norms with respect to purchase were examined. The quantitative random survey was conducted and the data were collected using a structured questionnaire. The findings from this study revealed significantly lower acceptance of goat milk and dairy products compared to bovine milk and dairy products. Of total 440 respondents, 24.2 % had never consumed goat milk with significant positive impact (p<0.05) of age on consumption was found. Among, respondents, mostly the young population (18-25 years) does not consume goat milk. The study identified the odour (42.3 %) and taste (22.5 %) as the main barriers for consuming goat milk. In regard to purchasing, more than half of interviewed respondents do not buy goat milk and dairy products (67 % and 70.5 %, respectively) while the rest respondents expressed very low purchasing frequency. Health benefits represent the most important reason for potential consuming goat milk and dairy products (66.5 %). On the other hand, the main motives for purchasing bovine milk and dairy products are taste and quality (55.5 %). In particular, the oldest surveyed population (40-55 years) seemed to be the most positive group toward goat milk and the most interested in the product’s nutritional value and its health impact. The main category of goat dairy products purchased among surveyed respondents was cheese. These findings suggest that for better positioning on the market and for producing price-competitive products goat milk and dairy products should be more clarified as either quality products or products with added value or as products with unique health benefits

HIV Risks among Female Sex Workers in Croatia and Montenegro

The study analyzed the prevalence and determinants of HIV-risks among female sex workers (FSWs) in Croatia and Montenegro. Face-to-face interviews were carried out in Zagreb, Split, and Podgorica during the 2006–2008 period. Croatian participants (n=154) reported fewer clients, more consistent condom use, higher rates of HIV testing, and greater HIV knowledge. The participants interviewed in Montenegro (n=119) were more likely to have injected drugs and to have experienced sexual abuse in the previous year. Although Montenegrin FSWs were more exposed to HIV-risks than Croatian FSWs, they reported lower HIV-risk self-assessment. Consistent condom use was significantly associated with education and HIV-risk self-assessment in the Croatian and the experience of physical/sexual abuse in the Montenegrin sample. In spite of a number of methodological limitations, the empirical insights provided by this study may assist in improving the existing HIV prevention initiatives

HIV– Related Knowledge, Attitudes and Practice among Health Care Workers in Montenegro

The objective of the present study was to assess HIV-related knowledge, attitudes and practice of health care workers (HCWs) in Montenegro. A cross-sectional study was conducted in the University Clinical Centre of Montenegro in Podgorica. A self-administered anonymous questionnaire was used for data collecting. Out of 526 HCWs, 422 were included in the survey and response rate was 80%. An insuffi cient level of knowledge on HIV transmission and the risk after exposure was observed generally, although the knowledge was better in physicians compared to other HCWs categories. A rather high proportion of HCWs showed inappropriate attitude regarding the need of HIV testing of all hospitalized patients (64.7%) and obligation of HIV+ patient to report his/her HIV status (88.9%) in order to practice universal precaution. Additionally, 6.2% HCWs would refuse to treat an HIV+ patient. More than a half (55.7%) of study participants were educated in HIV/AIDS and 15.9 % of them were HIV tested. Majority of HCWs (67.5%) always applied universal precautions during their daily work with patients. In spite of applying protective devices, number of accidents was great. A continuous education is necessary to increase the level of knowledge of HCWs about the risk of infection at the workplace. This would potentially infl uence the modifi cation of their attitudes regarding HIV patients and improve prevention at the workplace. Continuous research regarding the professional risk would provide better health and safety among medical staff

Procena rizika po zdravlje dece na osnovu sadržaja toksičnih metala Pb, Cd, Cu i Zn u gradskom zemljištu na teritoriji Podgorice, Crna Gora

Background/Aim. Due to their low tolerance to pollutants and hand-to-mouth pathways the health risk is very high in children's population. The aim of this study was to evaluate risk to children's health based on the content of heavy metals in urban soil samples from Podgorica, Montenegro. This study included the investigation of several toxic metals such as Pb, Cd, Cu and Zn in soil samples from public parks and playgrounds. Methods. Sampling was conducted in a period October-November, 2012. Based on cluster analysis, soil samples were divided into two groups related to similarity of metal content at examinated locations: the group I - near by recreational or residential areas of the city, and the group II - near traffic roads. Concentration of toxic metals, in urban soil samples were determined by a graphite furnace atomic absorption spectrometry (Pb and Cd) and by inductively coupled plasma optical emission spectrometry technique after microwave digestion. Due to exposure to urban soil, non-cancerogenic index hazardous index (HI) for children was estimated using 95th percentile values of total metal concentration. The value of the total (ingestion, dermal and inhalation) HI is calculated for maximum, minimum and the average concentration of metals for children. Results. Mean concentrations of Pb, Cd, Cu and Zn in the surface layer of the studied urban soils were 85.91 mg/kg, 2.8 mg/kg and 52.9 mg/kg and 112.5 mg/kg, respectively. Samples from group II showed higher metal content compared to group I. Urbanization and traffic are the main sources of pollution of the urban soils of Podgorica. Most of the samples (93.5%) had a high Pb content, 12.9% of the samples had a higher content of Cd, while Cu and Zn were within the limits prescribed by national legislation. At one location the level of security for lead is HI = 0.8 and very closed to maximum acceptable value of 1. It is probably the result of intensive traffic near by. Conclusion. All metals investigated showed relatively higher concentrations at sites that were close to industrial places and high ways. The mean concentrations of Pb and Zn and maximum concentrations of Pb, Cd, and Zn were higher than presented values in the National Regulation.Uvod/Cilj. Zbog niske tolerancije na zagađivače i puta prenošenja ruke-usta, rizik od narušenja zdravlja je veoma visok u dečjoj populaciji. Cilj ovog rada bio je da se izvrši procena rizika po zdravlje dece na osnovu sadržaja teških metala u uzorcima gradskog zemljišta u Podgorici, Crna Gora. Ovo istraživanje je obuhvatilo određivanje koncentracija nekoliko toksičnih metala kao što su Pb, Cd, Cu i Zn u uzorcima zemljišta javnih parkova i dečijih igrališta. Metode. Uzorkovanje je sprovedeno tokom oktobra i novembra 2012. godine. Klaster analizom uzorci zemljišta podeljeni su u dve grupe na osnovu sličnosti sadržaja metala na ispitivanim lokacijama: grupa I - uzorci sa mesta u rekreativnim ili stambenim delovima grada i grupa II - uzorci iz parkova i igralište blizu saobraćajnice. Koncentracija metala u uzorcima urbanog zemljišta određena je primenom atomske apsorpcione spektrometrije pomoću grafitne kivete (Pb i Cd) i tehnike optičke emisione spektroskopije sa induktivno kuplovanom plazmom (Cu i Zn) nakon mikrotalasne digestije. Na osnovu stepena izloženosti uticaju gradskog zemljišta, nekancerogeni indeks opasnosti (hazard index - HI) za decu izračunat je na 95. procentu vrednosti ukupne koncentracije metala. Vrednost za ukupni (ingestioni, dermalni i inhalacioni) HI izračunata je za maksimalne, minimalne i srednje koncentracije ispitivanih metala za decu. Rezultati. Srednja koncentracija toksičnih metala u uzorcima površinskog sloja zemljišta iznosila je 85,91 mg Pb/kg tla, 2,8 mg Cd/kg tla, 52,9 mg Cu/kg tla i 112,5 mg Zn/kg tla. Sadržaj metala bio je značajno veći u uzorcima zemljišta iz grupe II nego u uzorcima grupe I. Ovo jasno ukazuje na izražen i uočljiv uticaj urbanizacije, a naročito saobraćaja, na zagađenje zemljišta. Većina uzoraka (93,5%) imala je povećan sadržaj Pb, 12,9% uzoraka imalo je povećan sadržaj Cd, dok je sadržaj Cu i Zn bio u granicama propisanim nacionalnom regulativom. Na jednoj lokaciji vrednost za nivo bezbednosti za olovo bio je HI = 0,8, vrlo blizu maksimalne prihvatljive vrednosti koja iznosi 1, što je verovatno posledica intenzivnog saobraćaja u neposrednoj blizini ispitivane lokacije. Zaključak. Ispitivani metali imali su više koncentracije na mestima u blizini industrijske zone i autoputa. Prosečne koncentracije Pb i Zn, kao i maksimalne koncentracije Pb, Cd i Zn bile su više od vrednosti propisanih nacionalnom regulativom