ULOGA DIREKTORA U FINSKIM ŠKOLAMA

A change of the school principal’s role was marked as one of the most important catalysts in reforming Finnish educational system, the world leader in terms of learning results and students’ achievements. Two factors have influenced the change of principal’s role in schools in Finland: 1) rapid economic growth generated by technological innovation; and 2) the process of municipalization.Promena uloge direktora škole označena je kao jedna od najznačajnijih katalizatora refomre finskog obrazovnog sistema, koji je svetski lider kada su u pitanju rezultati učenja i postignuća učenika. Dva činioca su uticala na promenu uloga direktora u finskim školama: 1) rapidan ekonomski rast generisan tehnološkim inovacijama i 2) proces municipalizacije tj. opštinizacije

Problem of protection of original appearance of prefabricated concrete facades and energy improvement measures - example of New Belgrade

As a result of renewal of the Serbian capital after the World War II, a newly built residential settlement named New Belgrade was erected on the left bank of the river Sava. The most intensive time of its construction includes the period from 1950 to 1980, when prefabricated construction systems were omnipresent. As a manner and reflection of that time, diverse design solutions were applied on residential buildings from New Belgrade in which concrete was the main façade material. The most widespread finishes were: exposed concrete panels with different textures and reliefs; coated, i.e. painted concrete panels; concrete panels with ceramic tiles finishing; combined façades of exposed concrete and brick. Today, in many cases of New Belgrade residential blocks, there are serious damages of concrete façades that require extensive repair. At the same time, some of the blocks enjoy the status of previous protection as cultural monuments. On the other hand, referring to existing buildings, the question of energy efficiency as one of the imperatives of nowadays building practice implies the need for additional thermal insulation along the building’s thermal envelope. This type of intervention is, in most of the cases, applied externally, representing in this way a measure that might significantly change the original building appearance. In both cases, preservation of appearance of concrete façades is questionable, which raises the problem of protection of original appearance of analysed buildings. This paper strives to present the overview of the applied concrete façades and their present condition in selected residential blocks from New Belgrade in the light of energy performance of their facade envelopes in the present state. This review should point out potentials and limitations for their further improvement having in mind the need for preservation of authenticity of the analysed buildings

Upravljanje tržišnim rizicima na finansijskim tržištima u nastajanju primenom modela vrednosti pri riziku

U radu je izvršeno testiranje aplikativnosti modela VaR na tržištima kandidata i potencijalnih kandidata za članstvo u EU, kako bi se odgovorilo na pitanje da li modeli VaR, koji su razvijeni i prilagođeni razvijenim finansijskim tržišta, mogu pouzdano da se koriste za utvrđivanje kapitalnih zahteva za pokriće tržišnih rizika na volatilnim i nelikvidnim tržištima, u skladu sa pravilima Bazelskog komiteta za superviziju banaka. Kako bi se odgovorilo na ovo pitanje, u radu je testirana validnost osam modela VaR na tržištima kapitala Bosne i Hercegovine, Crne Gore, Makedonije, Srbije, Hrvatske i Turske. Testirani modeli su varijansa-kovarijansa, RiskMetrics, model istorijske simulacije, model istorijske simulacije ponderisan vremenom sa faktorom opadanja od 0,97 i 0,99, model istorijske simulacije ponderisan volatilnošću i normalin model Monte Carlo simulacije. Pored ovih modela, koji su razvijeni za razvijena finansijska tržišta, u radu je testirana aplikativnost hibridnog modela istorijske simulacije, koji je razvijen u radu i kalibriranog modela Monte Carlo simulacije, koji je podešen prema karakteristikama izabranih tržišta. Istraživanje nije obuhvatilo tržište kapitala u Albaniji, pošto, u suštinskom smislu, ono ne postoji u ovoj zemlji. Za testiranje validnosti modela korišćeni su dnevni logaritamski prinosi opštih berzanskih indeksa. Testirani indeksi su BIRS, MONEX20, MBI10, BELEXline, CROBEX i XU100. Podaci su prikupljeni sa Bloomberg-ovog veb sajta za period od 02.02.2009. do 02.02.2012. godine. Procene VaR tržišnih indeksa vršile su se dnevno za holding period od jednog dana, na uzorku od 500 dana podataka, za period od 02.02.2011. do 02.02.2012 godine i to za nivo poverenja od 95 i 99%. Validnost modela procenjena je za period od 253 dana. Za testiranje validnosti modela, korišćen je Kupiec-ov model bezuslovnog pokrića. Rezultati istraživanja ukazuju da modeli, koji su razvijeni i prilagođeni razvijenim finansijskim tržištima, ne pružaju pouzdane procene tržišnog rizika na nelikvidnim i volatilnim tržištima, kakva su tržišta u nastajanju kandidata i potencijalnih kandidata za članstvo u EU. Najbolje performanse, prema Kupiec-ovom testu bezuslovnog pokrića, postigli su hibridni model istorijske simulacije i kalibrirani model Monte Carlo simulacije.This paper tests the VaR model’s applicability to the emerging markets of candidate and potential candidate countries for EU membership, in order to answer the question whether VaR models created and suited for developed financial markets can reliably be used for calculating market risk capital requirements to the volatile and illiquid financial markets, under the Basel Committee on Banking Supervision’s rules. To answer this question, the paper tests the validity of eight VaR models in the capital markets of Bosnia and Herzegovina, Montenegro, Macedonia, Serbia, Croatia and Turkey. The tested VaR models are Variance–Covariance, RiskMetrics, Historical Simulation, time weighted Historical Simulation with decay factors of 0,97 and 0,99, volatility weighted Historical Simulation and normal Monte Carlo simulation. Beside these popular VaR models created for the developed financial markets, the paper tests the applicability of the Hybrid Historical Simulation model developed in the paper, and Calibrated Monte Carlo Simulation, adjusted in accordance with the characteristic. The research didn’t cover the capital market of Albania, because, strictly speaking, it does not exist. Daily logarithmic returns of stock indexes were used to test the model’s validity. The tested stock indexes are BIRS, MBI10, MONEX20, BELEXline, CROBEX and UX100. The returns were collected from the website Bloomberg for the period from 02.02.2009 to 02.02.2012. VaR figures were calculated daily, for a one-day ahead horizon, on a sample of 500 days of data, for the period from 02.02.2011. until 02.02.2012. at 95 and 99% confidence levels. The validity of the model was estimated for a period of 253 days. Kupiec’s unconditional coverage test was used for testing model validity. The results of the research indicate that VaR models, developed for and adjusted to developed financial markets, do not estimate market risks adequately in illiquid and volatile markets, those of EU candidates’ states and potential candidate states. According to Kupiec’s unconditional coverage test, Hybrid Historical Simulation and Calibrated Monte Carlo Simulation have the best performance

Quantifying extreme market risk in the selected Western Balkan countries

The purpose of this paper is to investigate the performance of unconditional and conditional Value at Risk (VaR) and Expected Shortfall (ES) models based on EVT. The application of one unconditional VaR and ES model based on EVT and three variants of conditional models of VaR and ES based on EVT in the capital markets of the selected WBC was tested in the paper. To test the VaR model, a conditional and unconditional cover test was used, with the note that their results were subject to verification using the Monte Carlo test procedure. The obtained results suggests that these models can be successfully used to quantify extreme market risk in selected markets, in the context of Basel standards. ES models have been tested and ranked using loss function. By using the Bootstrap simulation, these results are subject to verification. The obtained results does not reveal which model is most suitable for the selected markets, since they are differently ranked in different markets

Preservation of original appearance of exposed concrete facades, case study: residential Block 23, New Belgrade

Block 23, located in New Belgrade presents multifamily residential block constructed during 1970s. It was designed in the manner of the era of Brutalism. Consequently, exposed concrete was selected and applied as the main material for bearing structures and façade envelopes. This period was typical for the mass production of multifamily buildings and in the efforts to perform faster construction of buildings, prefabricated building systems were in use. Technique of prefabricated production enabled the production of specific shapes of façade elements. Therefore, architects of the buildings in the Block 23 designed different types of facade elements resulting with specific architectural expression of this urban complex. In general, facade elements can be classified in specific groups by their shapes and dimensions. In the analysed block, five main groups of elements are present such as: parapets, one storey panels, linear elements, panels between windows and decorative elements. After approximately 40 years of exploitation followed with different causes of damages and decay of exposed concrete, the condition of those elements deteriorated and they need to be reconstructed and renovated. Since these buildings do not fulfill the requirements of nowadays regulation regarding energy efficiency of buildings they also require energy rehabilitation. Having all this in mind, this paper strives to analyse potential solutions for reconstruction and energy renovation of these prefabricated concrete facades with respect to the need of preservation of their original appearence. This complex problem is supported by the fact that the block has the status of previous protection as the architectural and cultural heritage of one important period of Serbian architecture

Preservation of authentic expression of prefabricated concrete facades - case study: residential building in block 29, New Belgrade

Concrete and brick were typical materials of building fabric of multifamily residential buildings from Belgrade, from the 1960s until the 1980s. This was the period of intensive building construction, supported and financed by the state, when new parts of the Belgrade were erected, and New Belgrade was one of such new residential settlements. High intensity of construction that was typical for the period in question was followed by the application of various prefabricated construction systems that offered possibilities of creating diverse design solutions. Nowadays efforts to improve the quality of existing residential buildings through the implementation of energy rehabilitation measures, raises the question of the need for preservation of original appearance. When such need exists, usual energy renovation measures such as addition of external thermal insulation and finishing layers are not considered appropriate. Therefore, such buildings seek for other type of intervention on the existing building fabric. Having this in mind, this paper presents a case study of one of the residential buildings from the Block 29 in New Belgrade, designed by the Serbian architects Milosav Mitić and Mihailo Čanak during the 1960s.Thanks to its architectural values, today this blockhas the status of previous protection.Three main types of materialisation prevail on the building’s façade planes: concrete prefabricated elements with ceramic tiles as finishing, elements with exposed concrete and bricks applied on the walls. Today this building is approximately 50 years old, so the prefabricated facade elements are not in good condition and needs to be repaired, but the building as a whole also needs to be energy renovated. Taking it all into account, problems and potential solutions of energy renovation and repair of prefabricated concrete facades that preserve their original appearance are examined on the example of the selected residential building

Hull-White’s value at risk model: case study of Baltic equities market

Analysis of the applicability of the Hull and White (FHS) model on the Baltic equities market has not been the subject of significant research, especially not in the context of meeting the Basel Committee backtesting rules. The paper discusses the applicability of different variants of this model, in order to answer the question whether any variants (and which of them) of the model can be used in these markets in the context of the Basel II and III standards. The survey results show that 1) there isn’t an optimal variant of this model, but that risk managers have to keep in mind stylized facts of financial returns when they specify the FHS model; 2) according to different criteria of the validity of the model (Basel II and III standards) different variants of models are differently ranked, which suggests that selection of a suitable model implies the use of a large number of different criteria, the model validity and loss function, especially those who take care of the size of tail loss and ES

Empirijsko istraživanje determinanti NPL-a na tržištima u razvoju primenom metode fiksnih efekata - studija slučaja Srbije, Crne Gore i Bosne i Hercegovine

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The Crystal Structure of the Complex [Y(H20)s(N03)2] [Y(H20)2(N03)4]

The title compound was prepared by thermal d\u27ecomposition of crystals of Y (H20)4(N03)s · 2H20. The structure was solved by. Patterson and Fourier methods and isotropically refined to R=0.12. The unit cell is orthorhombic; the space group is C2221 The crystal contains two crystallographically and chemically different complex ions, with yttrium atoms as the center of the complexes. The coordination number of the ion Y (H20h(N08)4 is 10, while the ion Y (H20)5(N03)2 has coordination number 9