ANALIZA TURISTIČKIH KREDITA U PRAKSI HRVATSKIH BANAKA : Završni rad

Cilj ovoga rada bio je usporediti i analizirati ponude turističkih kredita u bankama u Republici Hrvatskoj. U tu svrhu korištene su metode sinteze, analize, dedukcije, deskripcije, komparacije, matematičke metode iz područja financijske matematike, te grafičko i tablično prikazivanje podataka. Banke obuhvaćene ovim radom bile su Hrvatska poštanska banka (HPB), Croatia banka, Erste banka, Raiffeisen banka te Zagrebačka banka (ZABA). Istraživanjem je utvrđeno kako se ponude banaka najviše razlikuju po ponuđenom maksimalnom iznosu kredita: naime, u Hrvatskoj poštanskoj banci je moguće dobiti kredit u iznosu dvadeset puta većem nego u Zagrebačkoj banci. Nadalje, u Hrvatskoj poštanskoj banci te Erste banci moguće je dobiti kredit u valutnoj klauzuli vezanoj za euro, uz nešto nižu kamatnu stopu, dok druge promatrane banke nude turističke kredite isključivo u kunama. Što se tiče kamatnih stopa, one variraju od 4,15% do 5,1%, osim u Zagrebačkoj banci te Croatia banci, gdje su nešto više (6,95% i 7,5%). Utvrđeno je kako bi turistički kredit u iznosu od 100.000,00 kn bio najpovoljniji u Hrvatskoj poštanskoj banci, a najmanje povoljan u Croatia banci, što nije iznenađujuće, budući da istaknute banke nude najnižu odnosno najvišu kamatnu stopu. Ipak, pri donošenju odluke o tome u kojoj banci uzeti kredit, potrebno je voditi računa i o specifičnostima pojedinca i njegovog kreditnog zahtjeva.The main aim of this paper was to compare and analyze tourism loans offered by five Croatian banks: Hrvatska poštanska banka (HPB),Croatia banka, Erste banka, Raiffeisen banka and Zagrebačka banka (ZABA). For this purpose, scientific methods such as analysis, deduction, description, comparison, as well as financial math were used. It has been found that the banks’ conditions mostly differ by the maximum amount of loan offered: namely, at HPB one can loan an amount twenty times higher than at ZABA bank. Furthermore, in HPB and Erste bank, a credit can be obtained in a euro-denominated currency clause at a slightly lower interest rate, while the other banks observed offer tourism loans exclusively in kunas. As for the interest rates, they range from 4.15% to 5.1%, except in Zagrebačka banka and Croatia banka, where they are slightly higher (6.95% and 7.5%). Finally, this study has determined that a 100.000,00 kunas tourism loan would be most favourable at HPB, and least favourable at Croatia banka, which is not surprising, considering that those bank offer the lowest and the highest interest rate respectively. Nevertheless, when making a decision on which bank to choose to take a tourism loan at, one must keep in mind the specifics of an individual’s loan application

ANALIZA TURISTIČKIH KREDITA U PRAKSI HRVATSKIH BANAKA : Završni rad

Cilj ovoga rada bio je usporediti i analizirati ponude turističkih kredita u bankama u Republici Hrvatskoj. U tu svrhu korištene su metode sinteze, analize, dedukcije, deskripcije, komparacije, matematičke metode iz područja financijske matematike, te grafičko i tablično prikazivanje podataka. Banke obuhvaćene ovim radom bile su Hrvatska poštanska banka (HPB), Croatia banka, Erste banka, Raiffeisen banka te Zagrebačka banka (ZABA). Istraživanjem je utvrđeno kako se ponude banaka najviše razlikuju po ponuđenom maksimalnom iznosu kredita: naime, u Hrvatskoj poštanskoj banci je moguće dobiti kredit u iznosu dvadeset puta većem nego u Zagrebačkoj banci. Nadalje, u Hrvatskoj poštanskoj banci te Erste banci moguće je dobiti kredit u valutnoj klauzuli vezanoj za euro, uz nešto nižu kamatnu stopu, dok druge promatrane banke nude turističke kredite isključivo u kunama. Što se tiče kamatnih stopa, one variraju od 4,15% do 5,1%, osim u Zagrebačkoj banci te Croatia banci, gdje su nešto više (6,95% i 7,5%). Utvrđeno je kako bi turistički kredit u iznosu od 100.000,00 kn bio najpovoljniji u Hrvatskoj poštanskoj banci, a najmanje povoljan u Croatia banci, što nije iznenađujuće, budući da istaknute banke nude najnižu odnosno najvišu kamatnu stopu. Ipak, pri donošenju odluke o tome u kojoj banci uzeti kredit, potrebno je voditi računa i o specifičnostima pojedinca i njegovog kreditnog zahtjeva.The main aim of this paper was to compare and analyze tourism loans offered by five Croatian banks: Hrvatska poštanska banka (HPB),Croatia banka, Erste banka, Raiffeisen banka and Zagrebačka banka (ZABA). For this purpose, scientific methods such as analysis, deduction, description, comparison, as well as financial math were used. It has been found that the banks’ conditions mostly differ by the maximum amount of loan offered: namely, at HPB one can loan an amount twenty times higher than at ZABA bank. Furthermore, in HPB and Erste bank, a credit can be obtained in a euro-denominated currency clause at a slightly lower interest rate, while the other banks observed offer tourism loans exclusively in kunas. As for the interest rates, they range from 4.15% to 5.1%, except in Zagrebačka banka and Croatia banka, where they are slightly higher (6.95% and 7.5%). Finally, this study has determined that a 100.000,00 kunas tourism loan would be most favourable at HPB, and least favourable at Croatia banka, which is not surprising, considering that those bank offer the lowest and the highest interest rate respectively. Nevertheless, when making a decision on which bank to choose to take a tourism loan at, one must keep in mind the specifics of an individual’s loan application

ANALIZA TURISTIČKIH KREDITA U PRAKSI HRVATSKIH BANAKA : Završni rad

Cilj ovoga rada bio je usporediti i analizirati ponude turističkih kredita u bankama u Republici Hrvatskoj. U tu svrhu korištene su metode sinteze, analize, dedukcije, deskripcije, komparacije, matematičke metode iz područja financijske matematike, te grafičko i tablično prikazivanje podataka. Banke obuhvaćene ovim radom bile su Hrvatska poštanska banka (HPB), Croatia banka, Erste banka, Raiffeisen banka te Zagrebačka banka (ZABA). Istraživanjem je utvrđeno kako se ponude banaka najviše razlikuju po ponuđenom maksimalnom iznosu kredita: naime, u Hrvatskoj poštanskoj banci je moguće dobiti kredit u iznosu dvadeset puta većem nego u Zagrebačkoj banci. Nadalje, u Hrvatskoj poštanskoj banci te Erste banci moguće je dobiti kredit u valutnoj klauzuli vezanoj za euro, uz nešto nižu kamatnu stopu, dok druge promatrane banke nude turističke kredite isključivo u kunama. Što se tiče kamatnih stopa, one variraju od 4,15% do 5,1%, osim u Zagrebačkoj banci te Croatia banci, gdje su nešto više (6,95% i 7,5%). Utvrđeno je kako bi turistički kredit u iznosu od 100.000,00 kn bio najpovoljniji u Hrvatskoj poštanskoj banci, a najmanje povoljan u Croatia banci, što nije iznenađujuće, budući da istaknute banke nude najnižu odnosno najvišu kamatnu stopu. Ipak, pri donošenju odluke o tome u kojoj banci uzeti kredit, potrebno je voditi računa i o specifičnostima pojedinca i njegovog kreditnog zahtjeva.The main aim of this paper was to compare and analyze tourism loans offered by five Croatian banks: Hrvatska poštanska banka (HPB),Croatia banka, Erste banka, Raiffeisen banka and Zagrebačka banka (ZABA). For this purpose, scientific methods such as analysis, deduction, description, comparison, as well as financial math were used. It has been found that the banks’ conditions mostly differ by the maximum amount of loan offered: namely, at HPB one can loan an amount twenty times higher than at ZABA bank. Furthermore, in HPB and Erste bank, a credit can be obtained in a euro-denominated currency clause at a slightly lower interest rate, while the other banks observed offer tourism loans exclusively in kunas. As for the interest rates, they range from 4.15% to 5.1%, except in Zagrebačka banka and Croatia banka, where they are slightly higher (6.95% and 7.5%). Finally, this study has determined that a 100.000,00 kunas tourism loan would be most favourable at HPB, and least favourable at Croatia banka, which is not surprising, considering that those bank offer the lowest and the highest interest rate respectively. Nevertheless, when making a decision on which bank to choose to take a tourism loan at, one must keep in mind the specifics of an individual’s loan application

OPTIMIZACIJA PORTFELJA NA TRŽIŠTU KRIPTOVALUTA : Diplomski rad

Cilj ovog istraživanja bio je utvrditi da diverzifikacija portfelja u različitim kriptovalutama može značajno poboljšati rezultate ulaganja. Pri tome je ispitano je li Markowitzev model optimizacije portfelja predstavlja i najbolji model prilikom investiranja. U analizi je tržište kriptovaluta uzeto kao uzorak. U teorijskom dijelu objašnjeno je tržište kriptovaluta, navedene su karakteristike kriptovaluta te je prezentirana moderna teorija portfelja, odnosno Markowitzev model optimizacije portfelja. Nadalje objašnjena je rizičnost vrijednosti – VaR i uvjetna rizičnost vrijednosti – CVaR, kao alternativne mjere rizika prilikom kreiranja portfelja. U emprijskom dijelu rada uzeto je devet kriptovaluta u uzorak, u promatranom razdoblju od 02.01.2017. godine do 11.02.2020. godine. Ispitana je normalnost distribucije prinosa kriptovaluta u promatranom razdoblju, kao osnovnom pretpostavkom Markowitzevog modela. Nakon izvršene analize, utvrđeno je kako prinosi nisu normalno distribuirani. Prema drugoj postavljenoj hipotezi kreirani su optimalni portfelji prema Markowitzevom modelu, kako bi se usporedili s modelom kriptovaluta jednakih udjela. Nakon analize donosi se zaključak kako Markowitzev model optimizacije daje bolje rezultate od portfelja kriptovaluta jednakih udjela, odnosno investiranjem u portfelj prema Markowitzevom modelu, investitor ostvaruje veće prinose. Nadalje prema trećoj hipotezi Markowitzev model je uspoređen s modelom temeljenim na CVaR-u, kako bi se utvrdilo uz primjenu koje mjere rizika investitor ostvaruje veće prinose. Prema rezultatima, model temeljen na CVaR-u daje bolje performase od Markowitzevog modela.The aim of this study was to determine that portfolio diversification in different cryptocurrencies can significantly improve investment performance. It was examined whether Markowitz's portfolio optimization model is the best model for investing. In the analysis, the cryptocurrency market was taken as a sample. In the theoretical part, the cryptocurrency market is explained, the characteristics of cryptocurrencies are stated, and the modern portfolio theory, ie Markowitz's model of portfolio optimization, is presented. Value risk - VaR and conditional value risk - CVaR are further explained as alternative risk measures when creating a portfolio. In the empirical part of the paper, nine cryptocurrencies were taken in the sample, in the observed period from 02.01.2017. until 11.02.2020. The normality of the distribution of cryptocurrency yields in the observed period was examined as a basic assumption of the Markowitz model. After analysis, it was found that the yields were not normally distributed. According to the second hypothesis, optimal portfolios were created according to the Markowitz model, in order to be compared with the cryptocurrency model of equal shares. After the analysis, it is concluded that Markowitz's optimization model gives better results than the cryptocurrency model of equal shares, ie by investing in the portfolio according to Markowitz's model, the investor achieves higher returns. Furthermore, according to the third hypothesis, Markowitz's model was compared with the CVaR-based model, in order to determine which risk measures the investor achieves higher returns. According to the results, the CVaR-based model gives better performances than the Markowitz model

OPTIMIZACIJA PORTFELJA NA TRŽIŠTU KRIPTOVALUTA : Diplomski rad

Cilj ovog istraživanja bio je utvrditi da diverzifikacija portfelja u različitim kriptovalutama može značajno poboljšati rezultate ulaganja. Pri tome je ispitano je li Markowitzev model optimizacije portfelja predstavlja i najbolji model prilikom investiranja. U analizi je tržište kriptovaluta uzeto kao uzorak. U teorijskom dijelu objašnjeno je tržište kriptovaluta, navedene su karakteristike kriptovaluta te je prezentirana moderna teorija portfelja, odnosno Markowitzev model optimizacije portfelja. Nadalje objašnjena je rizičnost vrijednosti – VaR i uvjetna rizičnost vrijednosti – CVaR, kao alternativne mjere rizika prilikom kreiranja portfelja. U emprijskom dijelu rada uzeto je devet kriptovaluta u uzorak, u promatranom razdoblju od 02.01.2017. godine do 11.02.2020. godine. Ispitana je normalnost distribucije prinosa kriptovaluta u promatranom razdoblju, kao osnovnom pretpostavkom Markowitzevog modela. Nakon izvršene analize, utvrđeno je kako prinosi nisu normalno distribuirani. Prema drugoj postavljenoj hipotezi kreirani su optimalni portfelji prema Markowitzevom modelu, kako bi se usporedili s modelom kriptovaluta jednakih udjela. Nakon analize donosi se zaključak kako Markowitzev model optimizacije daje bolje rezultate od portfelja kriptovaluta jednakih udjela, odnosno investiranjem u portfelj prema Markowitzevom modelu, investitor ostvaruje veće prinose. Nadalje prema trećoj hipotezi Markowitzev model je uspoređen s modelom temeljenim na CVaR-u, kako bi se utvrdilo uz primjenu koje mjere rizika investitor ostvaruje veće prinose. Prema rezultatima, model temeljen na CVaR-u daje bolje performase od Markowitzevog modela.The aim of this study was to determine that portfolio diversification in different cryptocurrencies can significantly improve investment performance. It was examined whether Markowitz's portfolio optimization model is the best model for investing. In the analysis, the cryptocurrency market was taken as a sample. In the theoretical part, the cryptocurrency market is explained, the characteristics of cryptocurrencies are stated, and the modern portfolio theory, ie Markowitz's model of portfolio optimization, is presented. Value risk - VaR and conditional value risk - CVaR are further explained as alternative risk measures when creating a portfolio. In the empirical part of the paper, nine cryptocurrencies were taken in the sample, in the observed period from 02.01.2017. until 11.02.2020. The normality of the distribution of cryptocurrency yields in the observed period was examined as a basic assumption of the Markowitz model. After analysis, it was found that the yields were not normally distributed. According to the second hypothesis, optimal portfolios were created according to the Markowitz model, in order to be compared with the cryptocurrency model of equal shares. After the analysis, it is concluded that Markowitz's optimization model gives better results than the cryptocurrency model of equal shares, ie by investing in the portfolio according to Markowitz's model, the investor achieves higher returns. Furthermore, according to the third hypothesis, Markowitz's model was compared with the CVaR-based model, in order to determine which risk measures the investor achieves higher returns. According to the results, the CVaR-based model gives better performances than the Markowitz model

Touch Perception Altered by Chronic Pain and by Opioid Blockade.

Touch plays a significant role in human social behavior and social communication, and its rewarding nature has been suggested to involve opioids. Opioid blockade in monkeys leads to increased solicitation and receipt of grooming, suggesting heightened enjoyment of touch. We sought to study the role of endogenous opioids in perception of affective touch in healthy adults and in patients with fibromyalgia, a chronic pain condition shown to involve reduced opioid receptor availability. The pleasantness of touch has been linked to the activation of C-tactile fibers, which respond maximally to slow gentle touch and correlate with ratings of pleasantness. We administered naloxone to patients and healthy controls to directly observe the consequences of µ-opioid blockade on the perceived pleasantness and intensity of touch. We found that at baseline chronic pain patients showed a blunted distinction between slow and fast brushing for both intensity and pleasantness, suggesting reduced C-tactile touch processing. In addition, we found a differential effect of opioid blockade on touch perception in healthy subjects and pain patients. In healthy individuals, opioid blockade showed a trend toward increased ratings of touch pleasantness, while in chronic pain patients it significantly decreased ratings of touch intensity. Further, in healthy individuals, naloxone-induced increase in touch pleasantness was associated with naloxone-induced decreased preference for slow touch, suggesting a possible effect of opioid levels on processing of C-tactile fiber input. These findings suggest a role for endogenous opioids in touch processing, and provide further evidence for altered opioid functioning in chronic pain patients

Challenges in obtaining high-quality data from a custom-made panel for the next generation sequencing (NGS) using Ion Torrent GeneStudio™ S5 platform

The goal of this part of the study was to optimize the sequencing procedure for 16 human genes and their regulatory regions that might be associated with differential immunological response to COVID-19. The study was performed on 60 COVID-19 patients from the General Hospital of Tešanj, Bosnia and Herzegovina, categorized into three groups of mild, moderate, and severe clinical manifestation, based on the diagnosis by the residential physician. Target coding sequences and their regulatory regions were amplified for the following genes: HLA-A, HLA-B, HLA-C, ACE2, IL-6, IL-4, TMPRSS2, IFITM3, IL-12, RIG-I/DDX58, IRF-7, IRF-9, IL-1B, IL-1A, CD55, and TNF-α. DNA was isolated from the whole blood samples stored at -20°C for six months using QIAamp® DNA Mini Kit according to manufacturer’s instructions. Since NGS analysis of target genomic regions was performed on the Ion Torrent GeneStudio™ S5 platforms, libraries were prepared using Ion AmpliSeq™ Library Kit Plus according to manufacturer’s instructions in a protocol optimized for low-quality DNA. Due to dissatisfactory sequencing results, further protocol optimization steps were employed through separating two primer pools, increasing the number of PCR cycles, and decreasing the annealing temperature for the primer pool which showed poorer amplification results. In the end, 36 samples produced optimal results, while the remaining 24 samples will be re-sequenced following repeated sample collection and DNA isolation, accompanied by additional protocol modifications