Illiquidity of Frontier Financial Market: Case of Serbia

The paper explores illiquidity of the Serbian financial market for the period of 2005-2009. The financial market in Serbia is, by its type, a frontier market. We used daily data from the BELEXline index, as well as all stocks within this index in examined timeframe, provided by the Belgrade Stock Exchange. Results of this paper suggest that level of market liquidity is low and persistent in Serbia. Additionally, results confirm that time-varying illiquidity and its volatility is highly unstable in this market. This is the first paper that analyses liquidity issues in case of Serbia. It identifies different periods and shows that, in most cases, ups and downs in foreign investors’ participation leads to dramatic falls and rises in market illiquidity and its volatility.Frontier market, Illiquidity, Volatility of illiquidity, Conditional standard deviation

CAPM augmented with liquidity and size premium in the Croatian stock market

This article examines the following models: Capital Asset Pricing Model (CAPM) (Sharpe, 1964), and Liquidity CAPM (Hearn, Piesse and Strange, 2009) in the Croatian stock market. We used daily data for the period 2005–2009. The goal of this article is to examine the impact of an overall market factor, factor related to the firm size, and factor of liquidity risk on expected asset returns in the Croatian stock market. We found that Liquidity Capital Asset Pricing Model (LCAPM) model performs better in explaining stock returns than the standard CAPM. Additionally, LCAPM may indeed be a good tool for realistic assessment of the expected asset returns. The combination of company size and illiquidity in asset pricing in the context of the Fama and French cross-sectional framework can improve the description of equilibrium in the Croatian stock market

Illiquidity of frontier financial market: Case of Serbia

The paper explores illiquidity of the Serbian financial market for the period of 2005-2009. The financial market in Serbia is, by its type, a frontier market. We used daily data from the BELEXline index, as well as all stocks within this index in examined timeframe, provided by the Belgrade Stock Exchange. Results of this paper suggest that level of market liquidity is low and persistent in Serbia. Additionally, results confirm that time-varying illiquidity and its volatility is highly unstable in this market. This is the first paper that analyses liquidity issues in case of Serbia. It identifies different periods and shows that, in most cases, ups and downs in foreign investors' participation leads to dramatic falls and rises in market illiquidity and its volatility

The Impact of Liquidity and Size Premium on Equity Price Formation in Serbia

The goal of this paper is to examine the impact of an overall market factor, the factor related to the firm size, the factor related to the ratio of book to market value of companies, and the factor of liquidity risk on expected asset returns in the Serbian market. For this market we estimated different factor models: Capital Asset Pricing Model (CAPM by Sharpe, 1964), Fama-French (FF) model (1992, 1993), Liquidity-augmented CAPM (LCAPM) by Liu (2006), and combination LCAPM with FF factors. We used daily data for the period from 2005 to 2009. Using a demanding methodology and complex dataset, we found that liquidity and firm size had a significant impact on equity price formation in Serbia. On the other hand, our results suggest that the factor related to the ratio of book to market value of companies does not have an important role in asset pricing in Serbia. We found that Liu’s twofactor LCAPM model performs better in explaining stock returns than the standard CAPM and the Fama-French threefactor model. Additionally, Liu’s LCAPM may indeed be a good tool for realistic assessment of the expected asset returns. The combination of the Fama-French model and the LCAPM could improve the understanding of equilibrium in the Serbian equity market. Even though previous papers have mostly dealt with examining different factor models of developed or emerging markets worldwide, none of them has tested factor models on the countries of former Yugoslavia. This paper is the first to test the FF model and LCAPM with FF factors in the case of Serbia and the area of ex-Yugoslavia

Serbian Financial Market in the Pre-Crisis and Post-Crisis Period

The paper analysis three important characteristics of financial market: level of (il)liquidity, liquidity risk premium and systematic risk in the pre-crises and the post-crises period, in case of Serbia. For this analysis, we used monthly data for BELEXline and BELEX15 indices as well as all stocks which these indices entailed in the period from October, 2005 to July, 2009, provided by the Belgrade Stock Exchange. Results of this paper suggest that Serbian market has low level of liquidity. Especially, the level of illiquidity for both indices increased in the post crises era in Serbia. Consequently, liquidity risk premium is decreased in the same period. Additionaly, results confirm that systematic risk which contained liquidity risk is increased even by 59% in the post crises period in Serbia

Leading dental journals availability through academic network of Serbia

In the last century a great progress was noted in all scientific disciplines. With the increasing number of scientific research, researchers and investment, the number of publications has grown exponentially. Besides, the development of information technologies and the emergence of the Internet, communication between scientists as well as the traditional roles assigned to the institutions responsible for information processing and provision has been changed. Due to the rapidly increasing subscription rates, libraries, although the primary participants in the scholarly communication process, lose their ability to meet user information needs. In order to overcome commercialization of scholarly publishing, libraries intensify use of different electronic resources, coordinate acquisition policy and form consortia. In November 2001, leading research libraries in Serbia launched an initiative to form the Consortium for Coordinated Acquisition of Serbian Libraries (KoBSON). Subscribed services, funded by the Ministry of Science and Technological Development of Serbia, currently include over 35,000 scientific journals, about 40,000 books and several citation databases. In the field of Dentistry, Oral Surgery and Medicine, 73.4% of total number of the most relevant dental journals is available in electronic form to Serbian academic community. This article presents a comprehensive overview of basic information about available journals: impact factor, productivity, publication continuity and frequency, language, services that they are available through, size of archives and existing formats. At present Serbian academic institutions have access to more than two thirds of the world’s most relevant dental journals, which justifies the Consortium founders’ initial idea of wide accessibility of scientific information and requires greater involvement of librarians in introducing available services to researchers in order to ensure their full utilization

Illiquidity of Frontier Financial Market: Case of Serbia

The paper explores illiquidity of the Serbian financial market for the period of 2005-2009. The financial market in Serbia is, by its type, a frontier market. We used daily data from the BELEXline index, as well as all stocks within this index in examined timeframe, provided by the Belgrade Stock Exchange. Results of this paper suggest that level of market liquidity is low and persistent in Serbia. Additionally, results confirm that time-varying illiquidity and its volatility is highly unstable in this market. This is the first paper that analyses liquidity issues in case of Serbia. It identifies different periods and shows that, in most cases, ups and downs in foreign investors’ participation leads to dramatic falls and rises in market illiquidity and its volatility

Bibliometrijska analiza radova objavljenih u Stomatološkom glasniku Srbije u periodu 2002-2009. godine

Introduction. Serbian Dental Journal (SDJ) is a major source of formal communication for dentists in this region. The purpose of this bibliometric study was to examine articles published in SDJ in period 2002-2009, in reference to journal productivity and nature of authorships, citation patterns, most frequently cited scientific journals and the role of self-citations. Material and Methods. Bibliographic data, as well as metadata for all articles were taken from the Serbian national citation index SCIndeks. Bibliometric analysis of source articles included the number and type of article, author characteristics and cited literature. For each citation the following data was recorded: author(s), article title, journal title, monographic title, publication type, publication year and language. Results. In this period 193 articles were published and most of them were original research articles. In this period a total of 314 national and international authors cooperated, responsible for 538 authorships. The mean number of authors per article was 2.8. Most cited items in terms of publication type were journal articles (83.5 %), while the most frequently cited journals were just those most relevant in the field of dentistry. Results also indicate that the age of the cited literature is below the norm for medical literature. Conclusion. Obtained numerical indicators do not differ significantly when compared to other scientific and professional journals. However, it can be concluded that it is necessary to increase journal productivity and self-citation rate, as well as citation of current literature, up to five years old. This analysis allows evaluating patterns of scientific communication among dentists in this region, as well as journal's current management strategies in order to define useful future directions for the inclusion into the international system of scientific information exchange.Uvod. Časopis Stomatološki glasnik Srbije (SGS) je glavni izvor formalne komunikacije stomatologa s ovih prostora. Cilj ovog rada je bio da se primenom bibliometrijskih pokazatelja provere osobenosti radova objavljenih u SGS, produktivnost časopisa, priroda autorstava, obrasci citiranja, najčešće citirani naučni časopisi i uloga autocitata u periodu 2002-2009. godine. Metode rada. Podaci o objavljenim radovima i metapodaci preuzeti su iz Srpskog citatnog indeksa (SCIndeks). Bibliometrijska analiza izvornih članaka uključila je broj i tip objavljenih radova, podatke o autorima i citiranu literaturu. Za svaki citat zabeleženi su sledeći podaci: autor(i), naslov rada, časopisa i monografske publikacije, tip dokumenta, godina objavljivanja i jezik. Rezultati. U posmatranom periodu u SGS su objavljena 193 članka, od kojih većinu čine originalni naučni radovi. Kooperiralo je ukupno 314 autora iz zemlje i inostranstva, odgovornih za 538 autorstava. Prosečan broj autora po radu bio je 2,8. Najčešće citirani tip literature su članci iz časopisa (83,5%), dok su najčešće citirani naučni časopisi upravo oni najcenjeniji na polju stomatologije uopšte. Podaci o starosti citirane literature ukazuju na citiranje koje je nešto ispod norme za medicinsku literaturu. Zaključak. Dobijeni podaci se ne razlikuju značajno od numeričkih pokazatelja za druge naučne i stručne časopise. Ipak se može zaključiti da je neophodno povećati produktivnost i autocitiranost časopisa, kao i korišćenje aktuelne literature stare do pet godina. Ova analiza omogućava valorizaciju naučne komunikacije stomatologa s ovih prostora, ali i evaluaciju aktuelne strategije vođenja ovoga časopisa, kako bi se definisale korisne smernice za uključivanje u međunarodni sistem razmene naučnih informacija

Distribution of heavy metals from tailings ponds and landfills into underground and surface waters

Heavy metals contaminate underground and surface waters from illegally constructed industrial and municipal landfills. Numerous papers on the subject contain undeniable evidence, and they have determined heavy metal migration into nature by measuring concentrations in underground and surface waters near tailings ponds and landfills. Heavy metal measured values exceed the WHO limit quota. The characteristics of heavy metals and their negative impact on the environment and people's health have prompted a large number of investigations into this global problem. This paper provides an overview of the literature on the subject, with the goal of emphasizing the anthropogenic influence of heavy metal pollution as a critical issue, particularly in developing countries

Open issues in testing liquidity in frontier financial markets: the case of Serbia

This paper examines the impact of illiquidity and liquidity risk on expected asset returns in the Serbian stock market. For this market we estimate the conditional Liquidity-adjusted Capital Asset Pricing Model (LCAPM) of Acharya and Pedersen (2005). We use daily data for the period from 2005-2009. While the method developed is applicable in other markets this is the first paper that tests the LCAPM model in the case of Serbia. Liquidity risks are allowed to be timevarying. We find that for the Serbian market as a frontier market illiquidity and liquidity risk significantly impact price formation. For such a market the LCAPM may indeed be a good tool for realistic assessment of the expected asset returns