Fatih Burak Gümüş1 and Feyyaz Zeren2
The efficient market hypothesis is one of most important theories in finance and one of the most important research areas for both developed and developing stock markets. In this study, the random-walk hypothesis is tested for the main stock markets of the G-20 countries. The linearity of the series is determined in the first stage. In this context, 16 of 17 markets have a linear structure; therefore, the Fourier ADF unit root test that uses trigonometric functions in order to capture deviations greater than the average of the dependent variable and takes into account multiple structural breaks, is applied to these series. Furthermore, the Fourier KSS unit root test that has the same functions as the Fourier ADF unit root test is used for the Japanese stock market, being the only one market with a non-linear structure. As the result of these analyses, while the markets of the nine countries are observed as effective in the weak form, this hypothesis is not valid for the remaining eight countries. While the prediction of the future price of all of these nine markets will be impossible through a technical analysis, investors in the remaining eight markets can provide returns by carrying out the same analysis.
Mikica Drenovak i Vladimir Ranković
Upravljanje portfolijom hartija od vrednosti podrazumeva periodični rebalans portfolija, tj. promenu strukture portfolija sa ciljem prilagođavanja okolnostima na tržištu. Svrha rebalansa jeste da se poprave performanse portfolija prema zadatom kriterijumu. Cilj ovog istraživanja je testiranje dva nova pristupa rebalansu portfolija hartija od vrednosti, jednog zasnovanog na optimalnoj vrednosti tržišnog rizika, a drugog na optimalnom odnosu rizika i prinosa. Za inicijalnu alokaciju i rebalans u radu koristimo optimalnu volatilnost ili Sharpe-ov količnik. Kako bi ponuđena rešenja bila primenljiva u praksi, uvodimo okidače za rebalans i na taj način kontrolišemo obim rebalansa portfolija i, posredno, ukupne transakcione troškove. Rezultati ukazuju na to da je strategija periodične minimizacije volatilnosti portfolija odgovarajuća alternativa za investitore netolerantne na rizik jer, uz umereni obim i nisku dinamiku rebalansa, obezbeđuje portfolio sa boljim vrednostima rizika u poređenju sa referentnim S&P 100 tržišnim indeksom i 1/n portfolijom.
Jarosław Kaczmarek
The paper focuses on the phenomenon of a business failure and the assessment of the degree of the financial security of Polish companies, mainly industrial entities, during the period of the economic transformation (1990-2013), with special attention paid to the last economic crisis (2007-2013). With regard to the theoretical and cognitive aspects of the presented issues, attention is paid to corporate crises, the types of crises and their causes as well as the identification and quantification of the symptoms of deteriorating financial conditions. In its empirical dimension, the paper aims to measure the degree of the financial security of Polish industrial companies as well as the trends and dynamics of changes and the corresponding interdependencies. Additionally, the author presents the characteristics of industrial mezzo-structures from the perspective of their stability and the frequency of the movement of objects (changes to ranging positions). Finally, the paper confirms that the degree of financial security can be seen as a symptom of changes to macroeconomic business cycles.
Srđan M. Đinđić
U ovom radu valorizujemo efekte osnovnih instrumenata međunarodnog poreskog planiranja, koji se odnose na efekte odlaganja repatrijacije međunarodnog dohotka, efekte realokacije međunarodnog dohotka i efekte tekućih i perspektivnih reformskih tendencija u zemljama članicama Evropske unije (EU) na domete međunarodnog poreskog planiranja u Republici Srbiji (RS). Transnacionalna korporacija (TNK) može da, osmišljenim restrukturiranjem globalnih poslovnih transakcija, ostvari „ekstra” smanjenje efektivnog poreskog tereta, u komparaciji sa nivoom poreskog tereta koji je standardno predviđen u okviru oficijelno ustanovljene procedure međunarodnog oporezivanja (OECD). Sve dok postoje razlike u stopama poreza na dohodak korporacije između zemalja, postoji realan podsticaj za TNK da lociraju svoj dohodak u zemljama sa niskim porezima, a svoje troškove u zemljama sa visokim porezima. Aktuelne reformske tendencije u EU dvostrano utiču na domete poreskog planiranja u RS, u formi atraktiviziranja neporeskih instrumenata za unapređenje konkurentnosti privrede RS, i u formi prolongiranja međunarodnog pritiska na budžet RS.
Tran Quang Tuyen
This paper has reviewed recent empirical evidence on the link between nonfarm employment, land and rural livelihoods in the context of increasing a land loss to urbanization and industrialization in some developing countries and Vietnam. It was found that while land is of great importance to a number of countries, it seems to be less important to others. Land shortage can be a positive factor encouraging rural households’ participation in nonfarm activities and improving their welfare in countries in which non-farm job opportunities are available to a large part of the population. Nevertheless, this can negatively affect rural household livelihoods in countries lacking such nonfarm jobs. In Vietnam, nonfarm employment has gained increasing importance to rural livelihoods. In addition, in peri-urban areas where more and more farmland has been lost to rapid urbanization and industrialization, nonfarm employment was found to help households reduce their dependence on farmland and improve their welfare.
Jatinder P. Singh
This article provides an evaluation of translation accounting through a logical and deductive analysis of the concepts. The relationship between the inflation of constituent countries and the methods of translation is explored. It is established that only the Current Value (Purchasing Power Parity) (PPP) Method correctly reports the effects of the inflation of both countries. The Current Rate Method fails to correctly report the effect of the subsidiary country’s inflation and the temporal method does not correctly report the parent country’s inflation. The efficacy of FAS 52 (USA) and the functional currency concept is examined. Under FAS 52, the functional currency determines the method to be adopted for translation and hence the accounts of the subsidiary that are subject to an exchange rate risk. It is, however, argued that the exchange rate risk is related to violations of Purchasing Power Parity. The degree of such violations should, therefore, form the premise on which the functional currency and translation method should be selected.
Fan Yuxian, Yuan Xiaoling, He Songke
This paper represents a study on the dynamic influence of electricity investment on economic growth, which is based on the data from 1953 to 2012, by using the ADF test, the Granger test, the VAR model, the IRF (Impulse Response Function) model and the VEC model. In this research, other factors such as more fixed-asset investment and labor force are involved in the explanatory variables. The results are used to forecast the scenarios of economic growth on different electricity investment projects. The results indicated that electricity investment can strengthen economic growth in a short time when there is a steady equilibrium relationship in the long run. The positive impulse response of economic growth to electricity investment will last for four years. The contribution of electricity investment to economic development has been increasing year by year. The scenario analysis means that an S-shaped electricity investment is better than other investment projects in the promotion of economic growth.
Biljana Jovković
Nezavisni revizor iznosi mišljenje o finansijskim izveštajima čija je osnovna uloga u smanjenju asimetrije informacija između menadžmenta društava za osiguranje i postojećih i potencijalnih investitora. Smanjenjem informacionog rizika prezentovanih finansijskih izveštaja, revizija omogućuje sigurnije donošenje investicionih odluka korisnika ovih izveštaja. Da bi se ostvarila ova osnovna funkcija revizije, neophodno je da revizori prikupe dovoljno kompetentnih dokaza primenom adekvatnih i relevantnih tehnika ispitivanja. Cilj ovog rada je da ukaže na specifičan položaj revizije kada je klijent osiguravajuće društvo i, s tim u vezi, na potrebu diferenciranja prioritetnosti pojedinačnih revizorskih ciljeva, kao i neophodnosti prilagođavanja implementiranih tehnika prikupljanja dokaza u revizorskom angažmanu kod osiguravajućeg društva, uz istovremeno uvažavanje propisanih uobičajenih procedura koje nameće profesionalna regulativa. U radu je učinjen pokušaj sveobuhvatne analize delotvornosti pojedinačnih tehnika prikupljanja dokaza za potrebe dokazivanja ostvarenosti svakog pojedinačnog cilja revizije, kao i njihova različita primenljivost kod ispitivanja pojedinih bilansnih pozicija u finansijskim izveštajima osiguravajućih društava.
Milan Kostić
Pojam relevantnog tržišta je veoma značajan za politiku zaštite konkurencije. Od dimenzija relevantnog tržišta zavisi procena tržišne moći privrednih subjekata koji na njemu posluju. Relevantno tržište poseduje dve dimenzije: proizvodnu i geografsku, tako da postoji relevantno tržište proizvoda i relevantno geografsko tržište. Svrha rada je da na eksplicitan i sistematičan način prikaže moguće načine određivanja granica relevantnog tržišta primenom odgovarajućih testova, na primeru konkretnog tržišta u privredi Republike Srbije. U radu su primenjena dva značajna testa za određivanje granica tržišta: Test korelacije cena i Test fizičkog kretanja dobara (Elzinga-Hogarti test). Ovi testovi su izuzetno upotrebljivi u situacijama kada istraživači poseduju samo sekundarne podatke i žele na osnovu njih da odrede granice tržišta. Nedostaci testova, kojih, naravno, ima, ne umanjuju njihov značaj, tako da su oni veoma korisni i preporučljivi za određivanje opsega tržišta.
Katja Crnogaj, Karin Širec
High-growth companies, gazelles, are responsible for stimulating economic growth and development through extreme growth rates (employment, income, assets, value-added etc.). Consequently, exploring highgrowth companies may offer valuable insights into promoting dynamic entrepreneurship in contemporary society. In this paper, we are examining high-growth companies and their socio-economic contribution through a company’s size, because the size dimension is an important characteristic affecting the level of employment and making important contributions to employment growth. Based on the national ranking of the 500 fastest-growing companies, based on the income statement data (sales growth in the 5-year period), we compare the gazelles with the average of all Slovenian companies. The findings provide evidence of the gazelles’ considerable contribution to employment and the creation of an added (new) value. Company growth can also be measured on the basis of other parameters and therefore, in one part of our analysis, we limit the use of the measures to the relative employment growth – the DaBeg index. The results have shown that the growth patterns among the companies are very heterogeneous and that innovative fast-growing companies make a valuable socio-economic contribution. As such, gazelles require effective supportive measures of government policies, aimed at encouraging and promoting growth-oriented entrepreneurship.