Shaping Market Perceptions: An Investigation into Macedonian Bank Stock Prices and their Drivers

This research paper examines the effects of return on assets (ROA), earnings per share (EPS), and audit opinion as a control variable, on the stock prices of banks in North Macedonia. The main objective of this study is to investigate the impact of these financial indicators on the stock prices of banks in North Macedonia and to what degree. To analyze this relationship, a linear multiple regression model is employed. Data were collected from the financial statements and annual reports of all 12 banks in North Macedonia over a ten-year period from 2012 to 2021. The results of the study demonstrate that audit opinion and EPS have a statistically significant impact on the stock prices of banks in North Macedonia. Specifically, the positive coefficient of the audit opinion variable indicates that audit opinion influences stock prices. Similarly, the positive coefficient of the EPS variable indicates that higher EPS leads to an increase in stock prices. However, it is important to note that when audit opinion is excluded from the model, the results change, and ROA shows a statistically significant impact on stock prices. This suggests that the inclusion of audit opinion as a control variable affects the relationship between ROA and stock prices. These findings imply that investors in the banking sector in North Macedonia consider audit opinion and EPS as crucial indicators of a bank's financial health, influencing their investment decisions. Maintaining a positive audit opinion and increasing EPS are important factors for boosting stock prices, which is valuable information for bank managers and investors. The recent changes in the format of the audit report, including the reporting of Key Audit Matters (KAM), have not yet been implemented in the domestic audit practice. As a result, auditors do not report on KAM, which may have influenced the research results in a different way. Also the small sample size can be persived as an limitation of the research. With only 12 banks in the Macedonian banking sector, the generalizability of the findings may be restricted. Future research could consider expanding the sample to enhance the representativeness of the study

CLINICAL TESTING OF «ALBUFAN» AND «GLUCOFAN» - INDICATOR PAPERS FOR PROTEIN AND SUGAR DEMONSTRATION IN THE URINE

No abstract

INNOVATIVE CLAY-BASED MICRO-IRRIGATION SYSTEM “SLECI” (SELF -REGULATING, LOW ENERGY, CLAY-BASED IRRIGATION) PRELIMINARY RESULTS FROM CHERRY ORCHARD TRIALS

The “SLECI” technology (Self-regulating, Low Energy, Clay based Irrigation) is an innovative clay-based micro-irrigation system showing significant potential in providing plant roots with efficient water supply that increases crop production while saving on water and energy. It was developed by Prof. Dr. Harald Hansmann at the Institute for Polymer- and Produktionstechnologies (IPT) and patented by the Wismar University of Applied Sciences (HSW) in Germany (patent number: DE 102019005311.7). It is a self-regulating subsurface irrigation technique, that uses the actual suction force of the surrounding soil for regulation of the water release of the system. It is very simple in concept, production and installation and therefore fulfils all demands of irrigation systems in rural environments. A pilot installation at the Fruit Growing Institute – Plovdiv (FGI), Bulgaria had been created and tests are running since vegetation seasons 2019 and 2020, and continuing as part of EU Horizon 2020 project Grant agreement ID: 101000348 – DIVAGRI since 2021

Study on the red-leaf hybrid no. 9-205 as a rootstock for peach and nectarine cultivars

The aim of the present study was to establish the growth characteristics of the red-leaf peach hybrid No. 9-205, grown in a nursery, targeting its submission in future for recognition as a new vegetative rootstock for peach and nectarine cultivars. The traditional seedling rootstock 'Elberta' and the vegetative one GF-677 were included in the study. Hybrid No. 9-205 was selected from a population obtained at the Fruit- Growing Institute in Plovdiv by open pollination of Rutgers Red Leaf seedling rootstock for peach, used in the past. It is characterized by high drought resistance and good resistance to diseases and pests. It is easily propagated under in vitro conditions and shows weaker growth compared to GF-677 rootstock. 18 cultivar/rootstock combinations were studied, including two cultivars of each peach type: for fresh consumption, for processing and of the nectarine type. 'Laskava' cultivar for fresh consumption, the processing cultivar 'Spasena' and the cultivar 'Gergana', which is of the nectarine type, are newly established in result of the implementation of the breeding programme at the Fruit-Growing Institute - Plovdiv. They were officially recognized in the period 2009- 2012. The percentage of survival and of grafted bud shooting is high enough and meets the requirements of the production practices in nurseries. The planting material of the vegetative rootstock No. 9-205 is uniform in plant height and stem width and it fully complies with the quality standards

BIOMETRIC PARAMETERS OF FRUITS AND STONES OF NEWLY INTRODUCED FLAT FRUIT PEACH CULTIVARS - PRUNUS PERSICA (L.) BATSCH. F. COMPRESSA

In this paper, a comparative analysis is made of the basic biometric characteristics of fruits and stones from 4 newly introduced cultivars of peaches and one nectarine belonging to Prunus persica (L.) Batsch. (f. compressa) (Flat fruit peach), selected in France (‘Platibelle’ and ‘Mesembrine’), Italy (‘UFO-4’) and Spain (‘ASF-2-80’ and ‘Flat Queen’). In Bulgaria they were imported from Spain in 2009. They are being studied in a collection plantation of the Fruit Growing Institute - Plovdiv. The highest value of fruit weight is measured for the ‘Flat Queen’ fruits – 136.01 g, and the smallest of the fruits are of the nectarine cultivar ‘Mesembrine’ - 65,24 g. It is established that in cultivars with flat-shaped fruits, the largest size is the thickness of the fruit, and the smallest is the height. The stones are small and range from 2.44 g in ‘UFO-4’ fruit to 3.35 g in ‘Flat Queen’. The relative share of the stone compared to the total fruit weight is also low and ranges from 2.26% for ‘ASF-2-80’ to 4.91% for ‘Mesembrine’. The relationship between the three fruit sizes (coefficient or index) indicates how much the shape of the fruit is closer or different than the sphere. In the sample group of cultivars close to or equal to 1 is only the width / thickness index, since the two sizes are of similar size

Short fiber reinforced thermoplastic blends

The present thesis investigates the potential of short fiber reinforced thermoplastic blends, a combination of an immiscible polymer blend and a short fiber reinforced composite, to integrate the easy processing solutions available for short fiber reinforced composites with the high mechanical performance of continuous fiber reinforced composites. The focus of the thesis is to develop an understanding of the processes controlling the morphology and the performance of these complex, ternary systems. Depending on the aspect ratio of the filler particles and their compatibility to the polymeric components one can achieve different morphologies, e.g. filler contained within the dispersed phase, within the matrix phase or at the interface between the two phases. If the fibers are sufficiently long and are preferentially wetted by the dispersed phase an effectively continuous network comprised of fibers welded together by the dispersed phase can be created. In such manner a pseudo-continuous fibrous reinforcement is spontaneously formed during the processing step and a composite material with better mechanical performance can be obtained.Applied Science

Breeding programme for developing new sweet cherry cultivars in the Fruit Growing Institute, Plovdiv, Bulgaria

Abstract. Sweet cherry is a major structural species in Bulgaria. According to the Ministry of Agriculture and Food, in 2010 it occupied 21% of the fruit tree areas, which defined it as a leading fruit crop. It represents 16% of the total fruit production in the country, as is the relative share of peach, being surpassed only by apple and plum production. The increased interest in establishing new cherry plantations necessitates the provision of new market-oriented cultivars with a better sensory profile of the fruits, resistant to biotic and abiotic stress factors, suitable for creating modern intensive cherry plantations. The Bulgarian sweet cherry cultivars are chronologically discussed and a thorough description of the development of the sweet cherry breeding programme, launched at the Fruit Growing Institute in Plovdiv in 1987, is presented. Current objectives comply with the world's major breeding trends and the changing market requirements. The paper reflects the main objectives of the programme and the finalized products obtained in the last twenty years of the past century and first decade of the new millennium, i.e. the new cultivars 'Kossara', 'Rosita', 'Rozalina' and 'Thrakiiska hrushtyalka' and some promising hybrids