Pub Date : 2022-01-01DOI: 10.5937/ekonomika2201043l
M. Lekovič, Tanja Stanišić, Nemanja Pantić
In the basis of contemporary portfolio theory is Markowitz model of portfolio analysis which accurately defines a set of efficient portfolios for a relatively small number of securities in its composition. With the increase in the number of securities in the portfolio, the application of the Markowitz's model becomes complex, so financial theory found the solution of the problem in the single-index Sharpe's model. The later emergence of multi-index models, which better reflect reality, increased precision in determining a set of efficient portfolios, but at the cost of greater complexity of the model. The aim of the research is to analyze a kind of substitution between the simplicity and precision of the model, and to search answer to the question of what is the optimal number of explanatory factors of the model. Using qualitative economic analysis method, it was concluded that the number of factors (indexes) in the model should be increased until marginal benefits in the form of increased precision are equalized with marginal costs in the form of increased complexity, reduced applicability and associated costs of obtaining informations. In striving for greater precision of models, financial analysts must not overlook that the index models emerged from the practical necessity of simplifying the original Markowitz's model.
{"title":"Trade off between simplicity and precision of index models","authors":"M. Lekovič, Tanja Stanišić, Nemanja Pantić","doi":"10.5937/ekonomika2201043l","DOIUrl":"https://doi.org/10.5937/ekonomika2201043l","url":null,"abstract":"In the basis of contemporary portfolio theory is Markowitz model of portfolio analysis which accurately defines a set of efficient portfolios for a relatively small number of securities in its composition. With the increase in the number of securities in the portfolio, the application of the Markowitz's model becomes complex, so financial theory found the solution of the problem in the single-index Sharpe's model. The later emergence of multi-index models, which better reflect reality, increased precision in determining a set of efficient portfolios, but at the cost of greater complexity of the model. The aim of the research is to analyze a kind of substitution between the simplicity and precision of the model, and to search answer to the question of what is the optimal number of explanatory factors of the model. Using qualitative economic analysis method, it was concluded that the number of factors (indexes) in the model should be increased until marginal benefits in the form of increased precision are equalized with marginal costs in the form of increased complexity, reduced applicability and associated costs of obtaining informations. In striving for greater precision of models, financial analysts must not overlook that the index models emerged from the practical necessity of simplifying the original Markowitz's model.","PeriodicalId":36306,"journal":{"name":"Ekonomika Vilniaus Universitetas","volume":"11 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71211503","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-01-01DOI: 10.5937/ekonomika2201057e
N. Eftimovska, Sandra Laurent
Achieving higher financial inclusion is a target for each government today, committed to build an economy where everyone has easily accessible financial services, leading to higher economic growth. The aim of this paper is examining the relationship between financial inclusion, measured through a selected set of quantitative indicators (encompassing the penetration, availability and usage dimensions) as independent variables, and the economic growth, measured through the GDP per capita, as dependent variable. The research model applied was the multivariate regression model performed through the Ordinary least squares (OLS) method. The data sample consists of several financial inclusion indicators for North Macedonia and GDP per capita for the period 2007-2019. Findings revealed valuable information for the future strategies, institutional arrangements and measures to strengthen national capacities in function of improving the indicators having significant contribution to GDP growth and achieving higher financial inclusion. Also, findings provided theoretical contribution to the current research database for the specific case of North Macedonia.
{"title":"Effects of financial inclusion to GDP growth: The case of North Macedonia","authors":"N. Eftimovska, Sandra Laurent","doi":"10.5937/ekonomika2201057e","DOIUrl":"https://doi.org/10.5937/ekonomika2201057e","url":null,"abstract":"Achieving higher financial inclusion is a target for each government today, committed to build an economy where everyone has easily accessible financial services, leading to higher economic growth. The aim of this paper is examining the relationship between financial inclusion, measured through a selected set of quantitative indicators (encompassing the penetration, availability and usage dimensions) as independent variables, and the economic growth, measured through the GDP per capita, as dependent variable. The research model applied was the multivariate regression model performed through the Ordinary least squares (OLS) method. The data sample consists of several financial inclusion indicators for North Macedonia and GDP per capita for the period 2007-2019. Findings revealed valuable information for the future strategies, institutional arrangements and measures to strengthen national capacities in function of improving the indicators having significant contribution to GDP growth and achieving higher financial inclusion. Also, findings provided theoretical contribution to the current research database for the specific case of North Macedonia.","PeriodicalId":36306,"journal":{"name":"Ekonomika Vilniaus Universitetas","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71211516","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-01-01DOI: 10.5937/ekonomika2201093a
Aleksandra Arsenijević
The characteristic of striving towards the application of the new valuation concept, as opposed to the application of traditional accounting principles, modern financial reporting prompted the authors of this paper to address the importance of the application of traditional accounting principles, especially the principle of prudence (conservatism), and the concept of fair value for the accounting information relevance. The most important business decisions in the entity are made on the basis of information produced by the accounting information system, based on which we see how important it is for this information to be up to date. The relevance of the information of the accounting system of first-class importance is the basis of evaluation, which is the subject of research in this paper. More precisely, the paper examines the methods of measurement after initial recognition of fixed assets on the example of a group of business entities operating on the Serbian capital market. The results of empirical research are of a twofold nature. Namely, for measurement after initial recognition of intangible assets, plant and equipment, as well as other property, plant and equipment, the concept of historical cost and the traditional accounting principles immanent to it are primarily used. For measurement after initial recognition of buildings, land, investment property and biological assets, the concept of fair value is more often used. In other words, using a practical example, we have shown that the combined basis of financial reporting is the dominant feature of modern financial reporting of entities operating in the Serbian capital market.
{"title":"Application of the principle of conservatism against the application of the fair value concept: An example of the Serbian capital market","authors":"Aleksandra Arsenijević","doi":"10.5937/ekonomika2201093a","DOIUrl":"https://doi.org/10.5937/ekonomika2201093a","url":null,"abstract":"The characteristic of striving towards the application of the new valuation concept, as opposed to the application of traditional accounting principles, modern financial reporting prompted the authors of this paper to address the importance of the application of traditional accounting principles, especially the principle of prudence (conservatism), and the concept of fair value for the accounting information relevance. The most important business decisions in the entity are made on the basis of information produced by the accounting information system, based on which we see how important it is for this information to be up to date. The relevance of the information of the accounting system of first-class importance is the basis of evaluation, which is the subject of research in this paper. More precisely, the paper examines the methods of measurement after initial recognition of fixed assets on the example of a group of business entities operating on the Serbian capital market. The results of empirical research are of a twofold nature. Namely, for measurement after initial recognition of intangible assets, plant and equipment, as well as other property, plant and equipment, the concept of historical cost and the traditional accounting principles immanent to it are primarily used. For measurement after initial recognition of buildings, land, investment property and biological assets, the concept of fair value is more often used. In other words, using a practical example, we have shown that the combined basis of financial reporting is the dominant feature of modern financial reporting of entities operating in the Serbian capital market.","PeriodicalId":36306,"journal":{"name":"Ekonomika Vilniaus Universitetas","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71211559","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-01-01DOI: 10.5937/ekonomika2202001m
Goran Milovanović, Slavoljub Milovanović, G. Popović
Industry 4.0 enables intelligent manufacturing that focuses on designing, creating and delivering products and services tailored to individual customer requirements. This industry encourages the integration of various intelligent manufacturing systems and advanced information technologies, such as cyberphysical systems, the Internet of Things and the Internet of Services. The aim of this paper is to prove, on the basis of analysis of selected academic sources and examples from business practice, that Industry 4.0, as a global transformation of production and other business segments based on digitalization and the Internet, increasingly transforms existing supply chains into supply chains 4.0 and affects their business performance. There are three key parts of this paper. The first part presents the conceptual and business framework of Industry 4.0, as well as its dependence on certain digital technologies. The second part points to the business relevance of supply chains 4.0 and the technological conditionality of their adaptation to customer expectations. The last part proves the fact that Industry 4.0 enables the company to be transformed into a digital supply chain (supply chain 4.0) that can successfully respond to changes in the environment.
{"title":"The role of Industry 4.0 in digitalization of production and supply chains","authors":"Goran Milovanović, Slavoljub Milovanović, G. Popović","doi":"10.5937/ekonomika2202001m","DOIUrl":"https://doi.org/10.5937/ekonomika2202001m","url":null,"abstract":"Industry 4.0 enables intelligent manufacturing that focuses on designing, creating and delivering products and services tailored to individual customer requirements. This industry encourages the integration of various intelligent manufacturing systems and advanced information technologies, such as cyberphysical systems, the Internet of Things and the Internet of Services. The aim of this paper is to prove, on the basis of analysis of selected academic sources and examples from business practice, that Industry 4.0, as a global transformation of production and other business segments based on digitalization and the Internet, increasingly transforms existing supply chains into supply chains 4.0 and affects their business performance. There are three key parts of this paper. The first part presents the conceptual and business framework of Industry 4.0, as well as its dependence on certain digital technologies. The second part points to the business relevance of supply chains 4.0 and the technological conditionality of their adaptation to customer expectations. The last part proves the fact that Industry 4.0 enables the company to be transformed into a digital supply chain (supply chain 4.0) that can successfully respond to changes in the environment.","PeriodicalId":36306,"journal":{"name":"Ekonomika Vilniaus Universitetas","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71211576","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-01-01DOI: 10.5937/ekonomika2202031m
Sonja Milutinović
The paper examines the existence of convergence in the achieved levels of human development among countries of the European Union in the period 1995-2018. The aim of the research is to test the hypothesis, There is convergence in the achieved levels of human development among the integrated countries of the European Union. The Human Development Index is used as a measure of human development. Using regression analysis and coefficient of variation, the existence of band s-convergence is tested in this paper. In addition to the entire European Union, convergence is being tested for a group of developed countries of the European Union, as well as among so-called "New Member States". The obtained results indicate the existence of convergence (both b and s) in the achieved levels of human development in the European Union, where it is more pronounced and stable in the group of "New Member States" compared to the group of developed countries of the European Union. The main contribution of this paper is to increase the number of papers in the field of convergence in terms of human development, given that so far, a small number of papers have explored this topic.
{"title":"The European Union convergence in the achieved levels of human development","authors":"Sonja Milutinović","doi":"10.5937/ekonomika2202031m","DOIUrl":"https://doi.org/10.5937/ekonomika2202031m","url":null,"abstract":"The paper examines the existence of convergence in the achieved levels of human development among countries of the European Union in the period 1995-2018. The aim of the research is to test the hypothesis, There is convergence in the achieved levels of human development among the integrated countries of the European Union. The Human Development Index is used as a measure of human development. Using regression analysis and coefficient of variation, the existence of band s-convergence is tested in this paper. In addition to the entire European Union, convergence is being tested for a group of developed countries of the European Union, as well as among so-called \"New Member States\". The obtained results indicate the existence of convergence (both b and s) in the achieved levels of human development in the European Union, where it is more pronounced and stable in the group of \"New Member States\" compared to the group of developed countries of the European Union. The main contribution of this paper is to increase the number of papers in the field of convergence in terms of human development, given that so far, a small number of papers have explored this topic.","PeriodicalId":36306,"journal":{"name":"Ekonomika Vilniaus Universitetas","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71211631","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-01-01DOI: 10.5937/ekonomika2202043m
Vuk Miletić, A. Grubor, N. Ćurčić
The majority of organizations not only aspire to sell their product(s), but they also aspire to solve the problems clients are faced with in that process. In other words, goods have to be amended and encompassed by a set of additional post-sales services. The research conducted in this paper was done with the aim of rating and ranking the post-sales services rendered by domestic organizations as the characteristic that influences their successful operation on the market. The primary goal is to further deepen the knowledge and evaluate the basic features of the post-sales service markets, given the fact that the knowledge of that market that has been acquired so far is quite limited. The starting premise implies that to achieve maximum organizational effects, it is necessary for the organization to successfully create post-sales services which appear to be the key to competitive maneuvering in the conditions in which products are being more and more similar to each other and when there is the need to find the other elements which will make buyers differ them from one another. In this research study, the following methods are used: the comparative statistics methods (ch2 Test, ANOVA), the hypothetical-deductive methods, the analytic-deductive and comparative methods, the historical and statistical-descriptive methods.
{"title":"Post-sales services: A significant performance of organizations' competitive advantage","authors":"Vuk Miletić, A. Grubor, N. Ćurčić","doi":"10.5937/ekonomika2202043m","DOIUrl":"https://doi.org/10.5937/ekonomika2202043m","url":null,"abstract":"The majority of organizations not only aspire to sell their product(s), but they also aspire to solve the problems clients are faced with in that process. In other words, goods have to be amended and encompassed by a set of additional post-sales services. The research conducted in this paper was done with the aim of rating and ranking the post-sales services rendered by domestic organizations as the characteristic that influences their successful operation on the market. The primary goal is to further deepen the knowledge and evaluate the basic features of the post-sales service markets, given the fact that the knowledge of that market that has been acquired so far is quite limited. The starting premise implies that to achieve maximum organizational effects, it is necessary for the organization to successfully create post-sales services which appear to be the key to competitive maneuvering in the conditions in which products are being more and more similar to each other and when there is the need to find the other elements which will make buyers differ them from one another. In this research study, the following methods are used: the comparative statistics methods (ch2 Test, ANOVA), the hypothetical-deductive methods, the analytic-deductive and comparative methods, the historical and statistical-descriptive methods.","PeriodicalId":36306,"journal":{"name":"Ekonomika Vilniaus Universitetas","volume":"195 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71211637","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-01-01DOI: 10.5937/ekonomika2203045v
Sanja Vlaović-Begović, Stevan Tomašević, D. Ercegovac
The significance of early disclosure of the probability of launching a bankruptcy proceeding leads the authors to develop a model of high prediction power. In this way, the authors use different variables and statistical tools, and techniques. The impact of the economic environment and data availability limits the introduction of certain variables in bankruptcy prediction models. The paper aims to explore attitudes in existing literature regarding the selection of variables used to develop models for predicting bankruptcy, their characteristics, limitations, and impact on the power of predictions. The labor findings show that the historical character of the data and the conservative approach to financial reporting have turned authors to the use of non-financial and market variables. For the most part, efficient markets absorb all external and internal information and future predictions, which are read through market prices. However, this assumption does not apply to less developed markets, and the use of market variables is questionable. In conditions of increased systemic risk, macroeconomic variables can be good indicators for predicting the likelihood of bankruptcy. Developing a model for predicting bankruptcy requires looking at the economic environment and choosing variables that correspond to existing business conditions. With the changing economic environment, adjustment of the model needs to be made so that the accuracy of the forecast does not decrease.
{"title":"Selection of variables in the function of improving the bankruptcy prediction model","authors":"Sanja Vlaović-Begović, Stevan Tomašević, D. Ercegovac","doi":"10.5937/ekonomika2203045v","DOIUrl":"https://doi.org/10.5937/ekonomika2203045v","url":null,"abstract":"The significance of early disclosure of the probability of launching a bankruptcy proceeding leads the authors to develop a model of high prediction power. In this way, the authors use different variables and statistical tools, and techniques. The impact of the economic environment and data availability limits the introduction of certain variables in bankruptcy prediction models. The paper aims to explore attitudes in existing literature regarding the selection of variables used to develop models for predicting bankruptcy, their characteristics, limitations, and impact on the power of predictions. The labor findings show that the historical character of the data and the conservative approach to financial reporting have turned authors to the use of non-financial and market variables. For the most part, efficient markets absorb all external and internal information and future predictions, which are read through market prices. However, this assumption does not apply to less developed markets, and the use of market variables is questionable. In conditions of increased systemic risk, macroeconomic variables can be good indicators for predicting the likelihood of bankruptcy. Developing a model for predicting bankruptcy requires looking at the economic environment and choosing variables that correspond to existing business conditions. With the changing economic environment, adjustment of the model needs to be made so that the accuracy of the forecast does not decrease.","PeriodicalId":36306,"journal":{"name":"Ekonomika Vilniaus Universitetas","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71211762","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-01-01DOI: 10.5937/ekonomika2201001g
Živorad Gligorijević, Enes Ćorović
The textile industry of the Republic of Serbia, for a long time, has been one of the key drivers of economic growth, the mainstay of exports, demographic change and the bearers of social policy. However, in the period from 2000 to 2008, that is, in the period of application of the neoliberal model of growth, it was treated by the creators of economic policy as a relic of the past and the socialist model of growth and continuously recorded negative production results. In accordance with the above, the main goal of the research in this paper is to analyze the key macroeconomic indicators to consider the development trends of this industry in this period. The analysis used the method of induction, while the analysis of competitiveness of the textile industry of Serbia used the following indicators: market share analysis and RCA index (revealed competitive advantage index). The results of the research clearly indicate the disastrous consequences of the application: first, shock therapy in the liberalization of trade flows, second, the wrong model of privatization and third, inadequate economic policy measures, but also the fact that the textile industry has maintained a significant share in exports Republic of Serbia.
{"title":"Development trends of the Textile industry of the Republic of Serbia in labyrinths neoliberal growth model","authors":"Živorad Gligorijević, Enes Ćorović","doi":"10.5937/ekonomika2201001g","DOIUrl":"https://doi.org/10.5937/ekonomika2201001g","url":null,"abstract":"The textile industry of the Republic of Serbia, for a long time, has been one of the key drivers of economic growth, the mainstay of exports, demographic change and the bearers of social policy. However, in the period from 2000 to 2008, that is, in the period of application of the neoliberal model of growth, it was treated by the creators of economic policy as a relic of the past and the socialist model of growth and continuously recorded negative production results. In accordance with the above, the main goal of the research in this paper is to analyze the key macroeconomic indicators to consider the development trends of this industry in this period. The analysis used the method of induction, while the analysis of competitiveness of the textile industry of Serbia used the following indicators: market share analysis and RCA index (revealed competitive advantage index). The results of the research clearly indicate the disastrous consequences of the application: first, shock therapy in the liberalization of trade flows, second, the wrong model of privatization and third, inadequate economic policy measures, but also the fact that the textile industry has maintained a significant share in exports Republic of Serbia.","PeriodicalId":36306,"journal":{"name":"Ekonomika Vilniaus Universitetas","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71211443","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-01-01DOI: 10.5937/ekonomika2201015m
B. Mazviona, Gisele Mah, I. Choga
Understanding dynamics of daily stock returns provide insight in trading opportunities available in stock markets. The purpose of the study was to examine whether day of the week effect exists in the South African equity market. Daily data from Top 40, All Shares, Basic Materials, Industrials, Consumer Goods, Health Care, Consumer Services, Telecommunications, Financials and Technology indices were collected for period 1995 to 2018. Exponential and threshold generalized auto regressive conditional heteroskedasticity models were employed to analyse day of the week anomaly. Findings of the day of the week for the mean equation revealed a positive Monday effect for aggregate indices namely Top 40 and All shares whilst the sectorial analysis showed a positive Monday effect for Basic materials, Consumer goods, Health care and Telecommunication. Furthermore, the mean equation for day of the week depicted a positive Tuesday effect for Financials sector, positive Wednesday effect for Consumer services sector and Thursday effect for Industrials and Technology sectors. The variance equation highlighted negative Monday effect for Top 40 and All shares as well as Basic materials, Consumer goods, Health care, Consumer services, Telecommunication and Financials sectors. However, Industrials sector indicated a negative Friday effect. The existence of day of the week effect nullifies the efficient market hypothesis in its weak form. In practice, it is recommended that for Mondays investors should invest in Top 40 and All shares, for Tuesday and Wednesday it would be prudent for investors to invest in Financial and Consumer services sectors respectively. Returns for Thursdays are attractive to an investor investing in the Industrial sector. An investor can reduce exposure by diversifying in the Health sector on Monday and in the by Industrial sector on Friday. Unlike previous studies that focussed on aggregate market indices, this study extended the analysis to sectors that constitute the market index.
{"title":"Day of the week effect in the South African equity market: A garch analysis","authors":"B. Mazviona, Gisele Mah, I. Choga","doi":"10.5937/ekonomika2201015m","DOIUrl":"https://doi.org/10.5937/ekonomika2201015m","url":null,"abstract":"Understanding dynamics of daily stock returns provide insight in trading opportunities available in stock markets. The purpose of the study was to examine whether day of the week effect exists in the South African equity market. Daily data from Top 40, All Shares, Basic Materials, Industrials, Consumer Goods, Health Care, Consumer Services, Telecommunications, Financials and Technology indices were collected for period 1995 to 2018. Exponential and threshold generalized auto regressive conditional heteroskedasticity models were employed to analyse day of the week anomaly. Findings of the day of the week for the mean equation revealed a positive Monday effect for aggregate indices namely Top 40 and All shares whilst the sectorial analysis showed a positive Monday effect for Basic materials, Consumer goods, Health care and Telecommunication. Furthermore, the mean equation for day of the week depicted a positive Tuesday effect for Financials sector, positive Wednesday effect for Consumer services sector and Thursday effect for Industrials and Technology sectors. The variance equation highlighted negative Monday effect for Top 40 and All shares as well as Basic materials, Consumer goods, Health care, Consumer services, Telecommunication and Financials sectors. However, Industrials sector indicated a negative Friday effect. The existence of day of the week effect nullifies the efficient market hypothesis in its weak form. In practice, it is recommended that for Mondays investors should invest in Top 40 and All shares, for Tuesday and Wednesday it would be prudent for investors to invest in Financial and Consumer services sectors respectively. Returns for Thursdays are attractive to an investor investing in the Industrial sector. An investor can reduce exposure by diversifying in the Health sector on Monday and in the by Industrial sector on Friday. Unlike previous studies that focussed on aggregate market indices, this study extended the analysis to sectors that constitute the market index.","PeriodicalId":36306,"journal":{"name":"Ekonomika Vilniaus Universitetas","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71211454","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-01-01DOI: 10.5937/ekonomika2201081l
Marija Lakićević, Marija Kostić, Danijela Pantović, Milica Žarevac-Bošković
The most common definition in the professional literature is that climate is a product of the climate system. The climate system is a complex dynamic system whose basic parts are: the atmosphere, hydrosphere, biosphere, cryosphere, and their mutual relations and actions. Climate change is one of the most frequently mentioned negative phenomena in recent years. The consequences they have for the entire environment are almost immeasurable and will remain for future generations. The aim of this paper is to examine the effects of climate change which affect the sustainable development of tourism, with especial reference to Vrnjačka Banja. This tourist destination was chosen as an example of research since it is the largest and most famous spa resort in the Republic of Serbia and is in second place in terms of tourist attendance. Therefore, it is exposed to a larger number of visitors, which also has an impact on changes in the environment of Vrnjačka Banja.
专业文献中最常见的定义是气候是气候系统的产物。气候系统是一个复杂的动力系统，其基本组成部分是:大气、水圈、生物圈、冰冻圈及其相互关系和作用。气候变化是近年来被提及最多的负面现象之一。它们对整个环境造成的后果几乎是无法估量的，并将继续影响子孙后代。本文的目的是研究气候变化对旅游业可持续发展的影响，特别是对vrnja ka Banja的影响。这个旅游目的地被选为研究的一个例子，因为它是塞尔维亚共和国最大和最著名的水疗胜地，在游客人数方面排名第二。因此，它暴露于大量的游客，这也对vrnja ka Banja环境的变化产生了影响。
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