Pub Date : 2021-12-20DOI: 10.52950/es.2021.10.2.003
E. Hromada
The paper deals with the issue of unavailability housing in the Czech Republic, which affects an increasing number of people. As a result of the covid-19 pandemic, there has been a significant increase in property prices and widening the price to income gap, which mainly affects young people. This paper describes the basic causes of this undesirable phenomenon in society and provides recommendations that should be quickly adopted by the state and municipalities to improve the situation as we see a risk of an increase in social tension in society and a deterioration in the availability of employment for low-income professions.
{"title":"FINANCIAL UNAVAILABILITY OF HOUSING IN THE CZECH REPUBLIC AND RECOMMENDATIONS FOR ITS SOLUTION","authors":"E. Hromada","doi":"10.52950/es.2021.10.2.003","DOIUrl":"https://doi.org/10.52950/es.2021.10.2.003","url":null,"abstract":"The paper deals with the issue of unavailability housing in the Czech Republic, which affects an increasing number of people. As a result of the covid-19 pandemic, there has been a significant increase in property prices and widening the price to income gap, which mainly affects young people. This paper describes the basic causes of this undesirable phenomenon in society and provides recommendations that should be quickly adopted by the state and municipalities to improve the situation as we see a risk of an increase in social tension in society and a deterioration in the availability of employment for low-income professions.","PeriodicalId":42415,"journal":{"name":"International Journal of Economic Sciences","volume":" ","pages":""},"PeriodicalIF":2.4,"publicationDate":"2021-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46750612","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 : 2021-01-01DOI: 10.52950/es.2021.10.1.004
Vojtěch Kotrba, R. Holman
Data collection for verification of economic models is often not easy. Data coming from laboratories can be distorted in comparison to data from the real environment. The sports environment offers an interesting source of data for research not only on the field of labour economics, thanks to its extensive records of performance, wages, and market prices of individual athletes. Sports betting and fantasy sports further extend this potential towards consumers. Data from this environment allow better recognition of the users? preferences, rational behaviour, or heuristics. This paper offers an outlining of the current state of economics focused on the use of the sports environment in research and shows some of the possibilities presented by sports betting and fantasy sports. As an example of that, the over-selection of athletes from the historically dominant teams in the fantasy league according to the Czech football competition in the season 2015-16 is investigated in the applied section. The results show the impact of this heuristic on the users? decision-making.
{"title":"SPORTS MARKET AS A DATA SOURCE FOR ECONOMICS: WITH SPECIAL EMPHASIS ON BETTING AND FANTASY SPORTS","authors":"Vojtěch Kotrba, R. Holman","doi":"10.52950/es.2021.10.1.004","DOIUrl":"https://doi.org/10.52950/es.2021.10.1.004","url":null,"abstract":"Data collection for verification of economic models is often not easy. Data coming from laboratories can be distorted in comparison to data from the real environment. The sports environment offers an interesting source of data for research not only on the field of labour economics, thanks to its extensive records of performance, wages, and market prices of individual athletes. Sports betting and fantasy sports further extend this potential towards consumers. Data from this environment allow better recognition of the users? preferences, rational behaviour, or heuristics. This paper offers an outlining of the current state of economics focused on the use of the sports environment in research and shows some of the possibilities presented by sports betting and fantasy sports. As an example of that, the over-selection of athletes from the historically dominant teams in the fantasy league according to the Czech football competition in the season 2015-16 is investigated in the applied section. The results show the impact of this heuristic on the users? decision-making.","PeriodicalId":42415,"journal":{"name":"International Journal of Economic Sciences","volume":"1 1","pages":""},"PeriodicalIF":2.4,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71166156","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 : 2021-01-01DOI: 10.52950/es.2021.10.1.007
Salhi Salah Eddine, Ritahi Oussama, Echaoui Abdellah
In the present work, we seek to empirically assess the effects of trade openness on the Moroccan tax structure. The estimations are covering the period between 1985 and 2019. The results of the modeling using the Two-Stage Least Squares (2SLS) method confirm that the reduction of customs duties has a negative impact on foreign trade revenues, and consequently, on total tax revenues. Also, the reduction in customs duties reduces domestic revenues, notably, value-added tax, and corporate tax. Additionally, it has been shown that not only do the other channels of transmission of trade openness, namely: the liberalization of imports, the promotion of exports, and the variability of the exchange rate, lead to a decrease in trade revenue, but they also bring about an increase in domestic revenue. Finally, the results of the stylized facts and economic modeling allowed us to deduce that the measures taken by Moroccan economic decision-makers to stimulate foreign trade have led to a loss of trade taxes and fiscal injustice.
{"title":"TRADE OPENNESS AND TAX STRUCTURE IN MOROCCO: EVALUATION AND IMPACTS","authors":"Salhi Salah Eddine, Ritahi Oussama, Echaoui Abdellah","doi":"10.52950/es.2021.10.1.007","DOIUrl":"https://doi.org/10.52950/es.2021.10.1.007","url":null,"abstract":"In the present work, we seek to empirically assess the effects of trade openness on the Moroccan tax structure. The estimations are covering the period between 1985 and 2019. The results of the modeling using the Two-Stage Least Squares (2SLS) method confirm that the reduction of customs duties has a negative impact on foreign trade revenues, and consequently, on total tax revenues. Also, the reduction in customs duties reduces domestic revenues, notably, value-added tax, and corporate tax. Additionally, it has been shown that not only do the other channels of transmission of trade openness, namely: the liberalization of imports, the promotion of exports, and the variability of the exchange rate, lead to a decrease in trade revenue, but they also bring about an increase in domestic revenue. Finally, the results of the stylized facts and economic modeling allowed us to deduce that the measures taken by Moroccan economic decision-makers to stimulate foreign trade have led to a loss of trade taxes and fiscal injustice.","PeriodicalId":42415,"journal":{"name":"International Journal of Economic Sciences","volume":"1 1","pages":""},"PeriodicalIF":2.4,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71166859","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 : 2021-01-01DOI: 10.52950/es.2021.10.1.003
P. Kliber, A. Rutkowska-Ziarko
: Classical models for the construction of an investment portfolio do not account for fundamental values of companies considered. In our approach, we extend the portfolio choice by adding a new criterion connected with the fundamental values of companies to the classical criteria of expected return and risk. It is assumed that an investor selects stocks according to their attractiveness, measured by some indicators of economic and financial situation of companies. In this approach, portfolios are assessed according to three criteria: their expected returns, risk (measured by variance of returns) and economic situation of the companies (measured by some indicators). In this article, we consider the book value to price ratio as a measure of the fundamental value of a company. We discuss an algorithm for constructing portfolios with this fundamental value criterion based on analytical solutions for relevant optimization problems. In the optimization problem, we consider minimizing variance with constrains on expected return and attractiveness of investment. We also present empirical examples of calculating effective portfolios of stocks listed on the Warsaw Stock Exchange and compare their performance with effective portfolios built according to the classical Markowitz approach. By adding an additional criterion of the book to market value, we received portfolios with a higher average realized rate of return compared with the classical Markowitz model. Thus, it can be useful for investors in the capital market to incorporate an additional criterion connected with fundamental values of companies when preparing a model of stock returns.
{"title":"PORTFOLIO CHOICE WITH A FUNDAMENTAL CRITERION – AN ALGORITHM AND PRACTICAL APPLICATIONON – A COMPUTATION METHODS AND EMPIRICAL ANALYSIS","authors":"P. Kliber, A. Rutkowska-Ziarko","doi":"10.52950/es.2021.10.1.003","DOIUrl":"https://doi.org/10.52950/es.2021.10.1.003","url":null,"abstract":": Classical models for the construction of an investment portfolio do not account for fundamental values of companies considered. In our approach, we extend the portfolio choice by adding a new criterion connected with the fundamental values of companies to the classical criteria of expected return and risk. It is assumed that an investor selects stocks according to their attractiveness, measured by some indicators of economic and financial situation of companies. In this approach, portfolios are assessed according to three criteria: their expected returns, risk (measured by variance of returns) and economic situation of the companies (measured by some indicators). In this article, we consider the book value to price ratio as a measure of the fundamental value of a company. We discuss an algorithm for constructing portfolios with this fundamental value criterion based on analytical solutions for relevant optimization problems. In the optimization problem, we consider minimizing variance with constrains on expected return and attractiveness of investment. We also present empirical examples of calculating effective portfolios of stocks listed on the Warsaw Stock Exchange and compare their performance with effective portfolios built according to the classical Markowitz approach. By adding an additional criterion of the book to market value, we received portfolios with a higher average realized rate of return compared with the classical Markowitz model. Thus, it can be useful for investors in the capital market to incorporate an additional criterion connected with fundamental values of companies when preparing a model of stock returns.","PeriodicalId":42415,"journal":{"name":"International Journal of Economic Sciences","volume":"1 1","pages":""},"PeriodicalIF":2.4,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71166136","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 : 2021-01-01DOI: 10.52950/es.2021.10.1.001
Vasif Abioglu, M. Hasanov
This study investigates the validity of the long-run PPP hypothesis for 60 economies using trade-weighted REER indices for the period 1994:01-2020:04. In addition to conventional tests, we also apply a battery of new unit root tests that allow for structural breaks and nonlinear adjustment. Our results suggest that test procedures that allow for both a structural break in the deterministic components of the series and nonlinearities in the adjustment towards equilibrium lead to a more frequent rejection of the unit root null hypothesis. In particular, after allowing for a temporary structural break in the series along with nonlinear adjustment towards the gradually changing equilibrium, we were able to reject the null hypothesis of unit root for all countries, thus providing some support for the PPP hypothesis.
{"title":"EMPIRICAL INVESTIGATION OF LONG RUN PPP HYPOTHESIS: THE CASE OF TEMPORARY STRUCTURAL BREAK AND ASYMMETRIC ADJUSTMENT","authors":"Vasif Abioglu, M. Hasanov","doi":"10.52950/es.2021.10.1.001","DOIUrl":"https://doi.org/10.52950/es.2021.10.1.001","url":null,"abstract":"This study investigates the validity of the long-run PPP hypothesis for 60 economies using trade-weighted REER indices for the period 1994:01-2020:04. In addition to conventional tests, we also apply a battery of new unit root tests that allow for structural breaks and nonlinear adjustment. Our results suggest that test procedures that allow for both a structural break in the deterministic components of the series and nonlinearities in the adjustment towards equilibrium lead to a more frequent rejection of the unit root null hypothesis. In particular, after allowing for a temporary structural break in the series along with nonlinear adjustment towards the gradually changing equilibrium, we were able to reject the null hypothesis of unit root for all countries, thus providing some support for the PPP hypothesis.","PeriodicalId":42415,"journal":{"name":"International Journal of Economic Sciences","volume":"1 1","pages":""},"PeriodicalIF":2.4,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71166420","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 : 2021-01-01DOI: 10.52950/es.2021.10.1.002
B. Albassam
Managing public debt efficiently and effectively requires good management of public finances and a high quality of performance by financial and non-financial institutions in a given country. Likewise, the quality of a nation?s economic and financial plans is an essential element in making the most of public debt and reducing the economic risk of default. This paper analyzes the levels of efficiency and effectiveness of public debt management in Saudi Arabia from 1991 to 2019 by looking at the relationship among the following variables: oil and non-oil revenues out of the total revenues, the current and capital expenditures of total expenditures, the ratio of deficit/surplus to GDP, and the general government?s gross debt percentage of GDP. The outcome of the study suggests that the current system of managing the state?s financial affairs and public debt might be not suitable for achieving the goals of the Saudi strategic plans. Therefore, the study calls for economic and financial policies to be developed to include all elements that affect the economy (e.g., governmental performance). The study also calls for the adoption of a long-term fiscal policy that does not change as state revenues increase and for the support of the implementation of the principles of good governance in the public finance system (e.g., strengthening public participation in the process of making the public budget and supporting the independence of the financial supervision agencies).
{"title":"MANAGING PUBLIC DEBT: THE CASE OF SAUDI ARABIA","authors":"B. Albassam","doi":"10.52950/es.2021.10.1.002","DOIUrl":"https://doi.org/10.52950/es.2021.10.1.002","url":null,"abstract":"Managing public debt efficiently and effectively requires good management of public finances and a high quality of performance by financial and non-financial institutions in a given country. Likewise, the quality of a nation?s economic and financial plans is an essential element in making the most of public debt and reducing the economic risk of default. This paper analyzes the levels of efficiency and effectiveness of public debt management in Saudi Arabia from 1991 to 2019 by looking at the relationship among the following variables: oil and non-oil revenues out of the total revenues, the current and capital expenditures of total expenditures, the ratio of deficit/surplus to GDP, and the general government?s gross debt percentage of GDP. The outcome of the study suggests that the current system of managing the state?s financial affairs and public debt might be not suitable for achieving the goals of the Saudi strategic plans. Therefore, the study calls for economic and financial policies to be developed to include all elements that affect the economy (e.g., governmental performance). The study also calls for the adoption of a long-term fiscal policy that does not change as state revenues increase and for the support of the implementation of the principles of good governance in the public finance system (e.g., strengthening public participation in the process of making the public budget and supporting the independence of the financial supervision agencies).","PeriodicalId":42415,"journal":{"name":"International Journal of Economic Sciences","volume":"1 1","pages":""},"PeriodicalIF":2.4,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71166054","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 : 2021-01-01DOI: 10.52950/es.2021.10.1.005
Leena Neethu, A. P. Helan
While considering employment migration around the world, the role of India cannot be unforgettable. Among the states in India, Kerala stands first in employment migration. Owing to the high literacy rate, migration from Kerala has become a natural phenomenon. Among those migrating to foreign countries in search of better employment and income, migration to the Gulf countries is more convenient and accessible to the general public. The migration does not necessarily have to be in favor of the immigrants at all times. They have to often work in adverse conditions and survive in crisis situations. Such adverse situations and crises lead the expatriates to ill health. This study seeks to analyse the health of expatriates who have returned to Kerala after a long stay in the Gulf. Using the multi-stage sampling technique, a comparative study was done to find the health condition between the return migrants and non-migrants in the homeland. The study found that expatriates, who had spent more years in exile, were more likely to have health problems when compared to non-migrants.
{"title":"THE HEALTH ISSUES AND PROBLEMS FACED BY RETURNEES FROM GULF COUNTRIES IN KERALA","authors":"Leena Neethu, A. P. Helan","doi":"10.52950/es.2021.10.1.005","DOIUrl":"https://doi.org/10.52950/es.2021.10.1.005","url":null,"abstract":"While considering employment migration around the world, the role of India cannot be unforgettable. Among the states in India, Kerala stands first in employment migration. Owing to the high literacy rate, migration from Kerala has become a natural phenomenon. Among those migrating to foreign countries in search of better employment and income, migration to the Gulf countries is more convenient and accessible to the general public. The migration does not necessarily have to be in favor of the immigrants at all times. They have to often work in adverse conditions and survive in crisis situations. Such adverse situations and crises lead the expatriates to ill health. This study seeks to analyse the health of expatriates who have returned to Kerala after a long stay in the Gulf. Using the multi-stage sampling technique, a comparative study was done to find the health condition between the return migrants and non-migrants in the homeland. The study found that expatriates, who had spent more years in exile, were more likely to have health problems when compared to non-migrants.","PeriodicalId":42415,"journal":{"name":"International Journal of Economic Sciences","volume":"1 1","pages":""},"PeriodicalIF":2.4,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71166313","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 : 2021-01-01DOI: 10.52950/es.2021.10.1.008
Anca Tamaș
: Purpose – The aim of this paper is to find out the macro determinants of the Romanian pharmaceutical imports and exports from 2001 to 2018. Design / Methodology / Approach – A gravity model and a panel data were used, the software was EViews 10. The data were collected from the World Bank and the International Trade Centre databases. Findings – The gravity model had a high explanatory power for the Romanian pharmaceutical imports and exports. The market size, the health expenditures of the partner countries, sharing a common border, the EU membership, as well as the former CMEA (Council for Mutual Economic Assistance), have a positive impact on import and export flows, while the geographical distance and the economic distance have a negative impact on the Romanian pharmaceutical trade. Practical implications – The profile of the major suppliers for the Romanian pharmaceutical imports and the profile of the major receiving countries for the Romanian pharmaceutical exports were realized. Originality / Value – The paper offers a valuable insight into the Romanian pharmaceutical trade. The major macro determinants for the Romanian pharmaceutical imports are the share of the pharmaceutical exports in all exports and the export market penetration index for the partner country. The major macro determinants of the Romanian pharmaceutical exports are the share of pharmaceutical imports in all imports and the trade openness for the partner country. Limitations – The paper addresses only the macro determinants of the Romanian pharmaceutical trade flows, therefore further research for the micro determinants is needed.
{"title":"THE MACRO DETERMINANTS OF THE ROMANIAN PHARMACEUTICAL IMPORTS AND EXPORTS IN 2001-2018 PERIOD USING THE GRAVITY MODEL","authors":"Anca Tamaș","doi":"10.52950/es.2021.10.1.008","DOIUrl":"https://doi.org/10.52950/es.2021.10.1.008","url":null,"abstract":": Purpose – The aim of this paper is to find out the macro determinants of the Romanian pharmaceutical imports and exports from 2001 to 2018. Design / Methodology / Approach – A gravity model and a panel data were used, the software was EViews 10. The data were collected from the World Bank and the International Trade Centre databases. Findings – The gravity model had a high explanatory power for the Romanian pharmaceutical imports and exports. The market size, the health expenditures of the partner countries, sharing a common border, the EU membership, as well as the former CMEA (Council for Mutual Economic Assistance), have a positive impact on import and export flows, while the geographical distance and the economic distance have a negative impact on the Romanian pharmaceutical trade. Practical implications – The profile of the major suppliers for the Romanian pharmaceutical imports and the profile of the major receiving countries for the Romanian pharmaceutical exports were realized. Originality / Value – The paper offers a valuable insight into the Romanian pharmaceutical trade. The major macro determinants for the Romanian pharmaceutical imports are the share of the pharmaceutical exports in all exports and the export market penetration index for the partner country. The major macro determinants of the Romanian pharmaceutical exports are the share of pharmaceutical imports in all imports and the trade openness for the partner country. Limitations – The paper addresses only the macro determinants of the Romanian pharmaceutical trade flows, therefore further research for the micro determinants is needed.","PeriodicalId":42415,"journal":{"name":"International Journal of Economic Sciences","volume":"1 1","pages":""},"PeriodicalIF":2.4,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71166923","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 : 2021-01-01DOI: 10.52950/es.2021.10.1.006
Ivana Ninčević Pašalić, I. Pavić
: The objective of this exploratory study was to investigate the present market concentration in the personal computer (PC) industry and compare it with the trends in other manufacturing industries. PC industry specific is that it operates on a global market. The results of the study show that the PC industry is increasingly concentrating. The market power of companies in the PC industry is growing due to merger and acquisition processes and the inability of some companies to maintain large economies of scale. Values of CR4 and HHI indicators for period from 2018-2020 indicate the oligopolistic structure of the PC market. However, due to technological innovations in PC and other competitive industries such as smartphone and tablet industries, PC vendors have less market power than manufacturers in other more stable oligopolistic industries. Moreover, comparison in concentration trends between the global PC industry and U.S. manufacturing industries points to differences in market concentration. Although the number of businesses in both industries is declining, market concentration trends differ as the PC industry shows a constant ascending trajectory of market concentration. Globalization processes that increase concentration and market power in industries characterized by large economies of scale are discussed as well, along with the results of the examination of relationships between market concentration rates and companies’ financials.
{"title":"MARKET CONCENTRATION IN THE PERSONAL COMPUTER INDUSTRY","authors":"Ivana Ninčević Pašalić, I. Pavić","doi":"10.52950/es.2021.10.1.006","DOIUrl":"https://doi.org/10.52950/es.2021.10.1.006","url":null,"abstract":": The objective of this exploratory study was to investigate the present market concentration in the personal computer (PC) industry and compare it with the trends in other manufacturing industries. PC industry specific is that it operates on a global market. The results of the study show that the PC industry is increasingly concentrating. The market power of companies in the PC industry is growing due to merger and acquisition processes and the inability of some companies to maintain large economies of scale. Values of CR4 and HHI indicators for period from 2018-2020 indicate the oligopolistic structure of the PC market. However, due to technological innovations in PC and other competitive industries such as smartphone and tablet industries, PC vendors have less market power than manufacturers in other more stable oligopolistic industries. Moreover, comparison in concentration trends between the global PC industry and U.S. manufacturing industries points to differences in market concentration. Although the number of businesses in both industries is declining, market concentration trends differ as the PC industry shows a constant ascending trajectory of market concentration. Globalization processes that increase concentration and market power in industries characterized by large economies of scale are discussed as well, along with the results of the examination of relationships between market concentration rates and companies’ financials.","PeriodicalId":42415,"journal":{"name":"International Journal of Economic Sciences","volume":"1 1","pages":""},"PeriodicalIF":2.4,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71166041","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 : 2020-01-01DOI: 10.20472/IAC.2018.041.006
Mihovil Anđelinović, A. Pavković, Livija Valentić
This paper examines the performance of equity funds relative to the diversification of their portfolios. The main objective of the research is to determine how the allocation of investment in individual sectors affects the yield of equity funds in the Republic of Croatia. Six equity funds which were selected, invested more than 50% of their assets in sectors in the Republic of Croatia. An unbalanced dynamic panel model is estimated for the period from January 2012 to August 2017. Investing in tourism and industry has proved to be the most significant investment and it has a positive effect on the fund yields, whereas significant negative impact has been discovered in consumer goods, funds and conglomerates and the state sector. The macroeconomic environment was studied in order to put the conclusions of econometric analysis into the actual context. The conducted empirical analysis suggests that portfolio managers should pay more attention to macroeconomic conditions and trends in economic sectors if they want to achieve higher returns.
{"title":"EQUITY FUND PERFORMANCE AND SECTOR DIVERSIFICATION","authors":"Mihovil Anđelinović, A. Pavković, Livija Valentić","doi":"10.20472/IAC.2018.041.006","DOIUrl":"https://doi.org/10.20472/IAC.2018.041.006","url":null,"abstract":"This paper examines the performance of equity funds relative to the diversification of their portfolios. The main objective of the research is to determine how the allocation of investment in individual sectors affects the yield of equity funds in the Republic of Croatia. Six equity funds which were selected, invested more than 50% of their assets in sectors in the Republic of Croatia. An unbalanced dynamic panel model is estimated for the period from January 2012 to August 2017. Investing in tourism and industry has proved to be the most significant investment and it has a positive effect on the fund yields, whereas significant negative impact has been discovered in consumer goods, funds and conglomerates and the state sector. The macroeconomic environment was studied in order to put the conclusions of econometric analysis into the actual context. The conducted empirical analysis suggests that portfolio managers should pay more attention to macroeconomic conditions and trends in economic sectors if they want to achieve higher returns.","PeriodicalId":42415,"journal":{"name":"International Journal of Economic Sciences","volume":"1 1","pages":""},"PeriodicalIF":2.4,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67598884","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}
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