Main determinants of profitability of the largest banks in the Republic of Croatia

This paper presents profitability trends in the largest Croatian banks in the period from 2008 to 2012, as well as concentration index trends in the Croatian banking sector. The values of the concentration indices in the Croatian banking sector suggest that a high level of correlation and “similarity” between the concentration indices is indicative of a quality concentration analysis. This is demonstrated by the following indices: the concentration ratio, the Herfindahl-Hirschman index, the Hall-Tideman index, the Rosenbluth index, the Gini coefficient and the entropy measure. It is evident that in the observed period there was an increase in the concentration of the Croatian banking system as a result of a reduction in the absolute number of banks, as well as an increase in the market shares of banks following behind the two banks holding the largest market shares (Zagrebačka banka and Privredna banka). An increase in market shares of the two leading banks increased inequality on the market, thus intensifying market competition between them. The level of concentration on the banking market in Croatia is directly related to the financial performance of banks. Hence, the largest banks in Croatia, which hold 90% of the total market, have recorded very strong financial performance

The application of the CAPM model on selected shares on the Croatian capital market

The Capital Asset Pricing Model is a model that describes the relationship between risk, expected return and valuation of securities. The theoretical and practical value of this model has proved unquestionable, but under ideal circumstances. The theory has been utilized by numerous researchers and it confirms the linear relationship between risk and return under the CAPM (Capital Asset Pricing Model) model showing that greater exposure to risk provides higher returns. However, empirical research showed there were numerous factors that CAPM model did not take into account since it is based on assumptions which exist in reality, but are invisible. Therefore, it is very interesting to study the application of the CAPM model on selected shares on the Croatian capital market and analyze the possibilities of its application in discovering the misvalued shares. Share price changes on the Croatian capital market suggest there are some unknown factors that also influence share valuation. There is no doubt that the fundamental analysis of shares is not sufficient for evaluating the real share value in light of various invisible elements and all available information available which affect their value as well

Property value management aimed at promoting economic growth

Upravljanje rastom vrijednosti imovine na mikrorazini pojedinca, kućanstava, poduzeća i drugih tvrtki te države na makrorazini, ključni je čimbenik u ostvarivanju bržega rasta bruto domaćega proizvoda na makrorazini društva i približavanja visokorazvijenim zemljama. Prirodna bogatstva zemlje su bitna kao i struktura, dinamika, obrazovanje, kultura, tradicija, radne navike, navike potrošnje i štednja stanovništva, ali je odlučujući odnos prema imovini. Raspoloživa imovina u vlasništvu mora stalno donositi prihode. Zanemarivanje odnosa cjelokupnoga stanovništva prema imovini ima za posljedicu usporavanje razvoja. Ključnu ulogu u povećanju vrijednosti imovine ima država svojom ispravnom politikom, a jedna od aktivnosti trebala bi biti i uvođenje poreza na imovinu.Managing the property value at the micro level of individuals, households, businesses and other orga - nisations on one hand, and the government at the macro level is a key factor in achieving a faster GDP growth and getting closer to the developed countries. Natural resources of a country are important, as is the structure, dynamics, education and culture, traditions, working habits, consumption habits and savings of the population. A key factor, however, is the way in which property is treated. Available property must constantly generate revenue. Ignoring the way in which the population treats property might hold back the development. An adequate government policy plays a crucial role in increasing the value of property, and should include the introduction of property tax

The application of the CAPM model on selected shares on the Croatian capital market

The Capital Asset Pricing Model is a model that describes the relationship between risk, expected return and valuation of securities. The theoretical and practical value of this model has proved unquestionable, but under ideal circumstances. The theory has been utilized by numerous researchers and it confirms the linear relationship between risk and return under the CAPM (Capital Asset Pricing Model) model showing that greater exposure to risk provides higher returns. However, empirical research showed there were numerous factors that CAPM model did not take into account since it is based on assumptions which exist in reality, but are invisible. Therefore, it is very interesting to study the application of the CAPM model on selected shares on the Croatian capital market and analyze the possibilities of its application in discovering the misvalued shares. Share price changes on the Croatian capital market suggest there are some unknown factors that also influence share valuation. There is no doubt that the fundamental analysis of shares is not sufficient for evaluating the real share value in light of various invisible elements and all available information available which affect their value as well

The application of the CAPM model on selected shares on the Croatian capital market

The Capital Asset Pricing Model is a model that describes the relationship between risk, expected return and valuation of securities. The theoretical and practical value of this model has proved unquestionable, but under ideal circumstances. The theory has been utilized by numerous researchers and it confirms the linear relationship between risk and return under the CAPM (Capital Asset Pricing Model) model showing that greater exposure to risk provides higher returns. However, empirical research showed there were numerous factors that CAPM model did not take into account since it is based on assumptions which exist in reality, but are invisible. Therefore, it is very interesting to study the application of the CAPM model on selected shares on the Croatian capital market and analyze the possibilities of its application in discovering the misvalued shares. Share price changes on the Croatian capital market suggest there are some unknown factors that also influence share valuation. There is no doubt that the fundamental analysis of shares is not sufficient for evaluating the real share value in light of various invisible elements and all available information available which affect their value as well

Osnove financija: udžbenik za studij poslovne ekonomije

U udžbeniku Osnove financija, financije se promatraju i analiziraju kroz suodnos financija kao konkretne znanosti i financija kao praktične vještine.Financije se temelje i oslanjaju na ostala znanstvena područja: računovodstvo, financijsku matematiku, statistiku i zadnjih nekoliko desetljeća im se pridružuje i informatika, kao potporna znanstvena disciplina. U ovome se visokoškolskom udžbeniku obrađuju različita pitanja iz područja financija, npr. pitanja o poslovanju s novcem, novčanoj strani potrošnje i poduzetništva, novčanim transakcijama, prometu novca, ulaganju i zaradi i sl. Sustavno, praktično i primjereno potrebama studenata koji studiraju financije na studijima poslovne ekonomije, ali i zainteresiranoj javnosti, udžbenik obrađuje pitanja o temeljima financija, općim načelima i vrstama financija, osobnim financijama, poslovnim financijama, financijskim tržištima, javnim financijama, monetarnim financijama, međunarodnim financijama,a na kraju udžbenika priložene se i financijske tablice kao i pojmovnik s temeljnim pojmovima iz područja financija

Ekonomika projekta : udžbenik za studij poslovne ekonomije

Kako na praktičan način vrednovati neku vrstu imovine i u nju investirati; koji su to potrebni postupci; koje su posljedice najčešće? Na području financijskog odlučivanja postoji niz problema i dvojbi koje treba rješavati u praksi. Ovaj udžbenik doprinos je edukaciji studenata na tome području te donosi korisne primjere praktičnih rješenja problema financijskog odlučivanja na području investiranja u poduzeću

Osnove financija : udžbenik za studij poslovne ekonomije

U udžbeniku Osnove financija, financije se promatraju i analiziraju kroz suodnos financija kao konkretne znanosti i financija kao praktične vještine.Financije se temelje i oslanjaju na ostala znanstvena područja: računovodstvo, financijsku matematiku, statistiku i zadnjih nekoliko desetljeća im se pridružuje i informatika, kao potporna znanstvena disciplina. U ovome se visokoškolskom udžbeniku obrađuju različita pitanja iz područja financija, npr. pitanja o poslovanju s novcem, novčanoj strani potrošnje i poduzetništva, novčanim transakcijama, prometu novca, ulaganju i zaradi i sl. Sustavno, praktično i primjereno potrebama studenata koji studiraju financije na studijima poslovne ekonomije, ali i zainteresiranoj javnosti, udžbenik obrađuje pitanja o temeljima financija, općim načelima i vrstama financija, osobnim financijama, poslovnim financijama, financijskim tržištima, javnim financijama, monetarnim financijama, međunarodnim financijama,a na kraju udžbenika priložene se i financijske tablice kao i pojmovnik s temeljnim pojmovima iz područja financija

Property value management aimed at promoting economic growth

Upravljanje rastom vrijednosti imovine na mikrorazini pojedinca, kućanstava, poduzeća i drugih tvrtki te države na makrorazini, ključni je čimbenik u ostvarivanju bržega rasta bruto domaćega proizvoda na makrorazini društva i približavanja visokorazvijenim zemljama. Prirodna bogatstva zemlje su bitna kao i struktura, dinamika, obrazovanje, kultura, tradicija, radne navike, navike potrošnje i štednja stanovništva, ali je odlučujući odnos prema imovini. Raspoloživa imovina u vlasništvu mora stalno donositi prihode. Zanemarivanje odnosa cjelokupnoga stanovništva prema imovini ima za posljedicu usporavanje razvoja. Ključnu ulogu u povećanju vrijednosti imovine ima država svojom ispravnom politikom, a jedna od aktivnosti trebala bi biti i uvođenje poreza na imovinu.Managing the property value at the micro level of individuals, households, businesses and other orga - nisations on one hand, and the government at the macro level is a key factor in achieving a faster GDP growth and getting closer to the developed countries. Natural resources of a country are important, as is the structure, dynamics, education and culture, traditions, working habits, consumption habits and savings of the population. A key factor, however, is the way in which property is treated. Available property must constantly generate revenue. Ignoring the way in which the population treats property might hold back the development. An adequate government policy plays a crucial role in increasing the value of property, and should include the introduction of property tax