The article aims to test the weak form of efficiency of a sample of public companies on the Bulgarian Stock Exchange (BSE) for the period from October 2000 to June 2020 on the basis of weekly returns. 9 companies and the SOFIX index meet the set criteria for inclusion in the sample. Descriptive characteristics of the weekly returns, autocorrelations and the extended Dickie and Fuller (ADF) stationary test are presented. The methodology of the Runs Test is considered. The Runs Test results reject the weak form of efficiency for the SOFIX index and some of the companies. Autocorrelations of returns further support the rejection of the weak form of efficiency.
本文旨在以周收益为基础，测试2000年10月至2020年6月期间保加利亚证券交易所(BSE)上市公司样本的弱形式效率。9家公司和SOFIX指数符合纳入样本的既定标准。给出了周收益的描述特征、自相关性和扩展的Dickie and Fuller (ADF)平稳性检验。考虑了运行测试的方法。运行测试的结果拒绝了SOFIX指数和一些公司的弱效率形式。收益的自相关进一步支持了对弱效率形式的否定。
{"title":"Weak Form Efficiency Evaluation at the Bulgarian Stock Exchange Using Runs Test","authors":"","doi":"10.37075/isa.2021.2.05","DOIUrl":"https://doi.org/10.37075/isa.2021.2.05","url":null,"abstract":"The article aims to test the weak form of efficiency of a sample of public companies on the Bulgarian Stock Exchange (BSE) for the period from October 2000 to June 2020 on the basis of weekly returns. 9 companies and the SOFIX index meet the set criteria for inclusion in the sample. Descriptive characteristics of the weekly returns, autocorrelations and the extended Dickie and Fuller (ADF) stationary test are presented. The methodology of the Runs Test is considered. The Runs Test results reject the weak form of efficiency for the SOFIX index and some of the companies. Autocorrelations of returns further support the rejection of the weak form of efficiency.","PeriodicalId":435790,"journal":{"name":"Economic and social alternatives","volume":"253 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114446091","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}
The global trends of increasing life expectancy, improving health state at retirement age as well as the general trends in the pension systems, technological advances and flexible work arrangements are all factors which stimulate the participation of the elderly population in the labor market. The number of working people in the 60+ age range in Bulgaria has increased significantly over the past two decades. The article presents some of the main results of examining the dynamics of working retirees during the 2009-2019 period – totals and by specific subgroups. A rising trend in both the total number of working retirees and in its proportion has been found. This is predominantly observed among women as well as in specific economic sectors. The forecast analysis predicts that this trend of growing post-retirement work participation will continue in the future.
{"title":"Work after Retirement – Trends in Bulgaria for the 2009-2019 Period","authors":"","doi":"10.37075/isa.2021.2.01","DOIUrl":"https://doi.org/10.37075/isa.2021.2.01","url":null,"abstract":"The global trends of increasing life expectancy, improving health state at retirement age as well as the general trends in the pension systems, technological advances and flexible work arrangements are all factors which stimulate the participation of the elderly population in the labor market. The number of working people in the 60+ age range in Bulgaria has increased significantly over the past two decades. The article presents some of the main results of examining the dynamics of working retirees during the 2009-2019 period – totals and by specific subgroups. A rising trend in both the total number of working retirees and in its proportion has been found. This is predominantly observed among women as well as in specific economic sectors. The forecast analysis predicts that this trend of growing post-retirement work participation will continue in the future.","PeriodicalId":435790,"journal":{"name":"Economic and social alternatives","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126835526","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}
The article presents the applicability, advantages and disadvantages of the methods of determinant factor analysis, which are employed most commonly in practice for the needs of financial and business analysis. The averaged chain substitution method is developed and tested for approval for all possible combinations of factor models comprising two, three, and four factor variables. Analytical expressions are derived for the quantitative determination of the individual factor influences of the participating factor variables over the variation of their result indicator. It is characterized by universality and eliminates the only significant disadvantage of the chain substitution method, namely the ambiguity (non-accuracy) of the results obtained thereby regarding the quantitative measurement of the individual factor influences of the participating factor variables exerted on the variation of the result indicator when changing the order of substitutions of the factor variables in the construction of factor chains. The objective of the present study is to reveal the applicability, advantages, and disadvantages of the methods of determined factor analysis and to present the results of the approbation of the averaged chain substitution method for all possible combinations of factor models composed of two, three, and four factor variables.
{"title":"Averaged Chain Substitution Method – Applicability, Advantages, and Disadvantages","authors":"","doi":"10.37075/isa.2021.2.08","DOIUrl":"https://doi.org/10.37075/isa.2021.2.08","url":null,"abstract":"The article presents the applicability, advantages and disadvantages of the methods of determinant factor analysis, which are employed most commonly in practice for the needs of financial and business analysis. The averaged chain substitution method is developed and tested for approval for all possible combinations of factor models comprising two, three, and four factor variables. Analytical expressions are derived for the quantitative determination of the individual factor influences of the participating factor variables over the variation of their result indicator. It is characterized by universality and eliminates the only significant disadvantage of the chain substitution method, namely the ambiguity (non-accuracy) of the results obtained thereby regarding the quantitative measurement of the individual factor influences of the participating factor variables exerted on the variation of the result indicator when changing the order of substitutions of the factor variables in the construction of factor chains. The objective of the present study is to reveal the applicability, advantages, and disadvantages of the methods of determined factor analysis and to present the results of the approbation of the averaged chain substitution method for all possible combinations of factor models composed of two, three, and four factor variables.","PeriodicalId":435790,"journal":{"name":"Economic and social alternatives","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124405288","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}
The article aims to analyze the structural changes in agricultural cooperatives in Bulgaria, in terms of the Common Agricultural Policy (CAP) of the European Union (EU) and, on this basis, outline the main trends in their development. The analysis is based on official statistical information from the Ministry of Agriculture and Food and Forestry (MAF) “Agrostatistics”, primary data “Agricultural and Accounting Information System” (FADN) National Strategic Institute (NSI). The trend of changing the following indicators is investigated: number of agricultural cooperatives in Bulgaria, changes in the utilized agricultural area (UAA,); changes in arable land, average size of UAA, labor force, dynamics of the production structure (crop and livestock) for the 2007-2016 period. The results show that, as a consequence of the implementation of the CAP for the 2007-2016 period, structural changes in agricultural cooperatives are reported. They are expressed in the lasting tendency to decrease both their number and the land they manage. The analysis shows that the incentives under the various CAP support schemes have positive effects on the diversification of crop production. In general, the areas with cereals and oilseeds have decreased over the years. In 2016, there was an increase in the production of fresh fruits and vegetables as a result of the implementation of CAP measures resulting from coupled payments. Despite the CAP subsidies to support the livestock sector, including the support of farms included in selection control schemes, at the end of the period the number of cooperatives developing cattle breeding was almost halved. Despite the negative results in general, at the level of the production unit the result is in the consolidation of production.
{"title":"Structural Changes in Agricultural Cooperatives Following Bulgaria’s European Union Integration","authors":"","doi":"10.37075/isa.2020.4.05","DOIUrl":"https://doi.org/10.37075/isa.2020.4.05","url":null,"abstract":"The article aims to analyze the structural changes in agricultural cooperatives in Bulgaria, in terms of the Common Agricultural Policy (CAP) of the European Union (EU) and, on this basis, outline the main trends in their development. The analysis is based on official statistical information from the Ministry of Agriculture and Food and Forestry (MAF) “Agrostatistics”, primary data “Agricultural and Accounting Information System” (FADN) National Strategic Institute (NSI). The trend of changing the following indicators is investigated: number of agricultural cooperatives in Bulgaria, changes in the utilized agricultural area (UAA,); changes in arable land, average size of UAA, labor force, dynamics of the production structure (crop and livestock) for the 2007-2016 period. The results show that, as a consequence of the implementation of the CAP for the 2007-2016 period, structural changes in agricultural cooperatives are reported. They are expressed in the lasting tendency to decrease both their number and the land they manage. The analysis shows that the incentives under the various CAP support schemes have positive effects on the diversification of crop production. In general, the areas with cereals and oilseeds have decreased over the years. In 2016, there was an increase in the production of fresh fruits and vegetables as a result of the implementation of CAP measures resulting from coupled payments. Despite the CAP subsidies to support the livestock sector, including the support of farms included in selection control schemes, at the end of the period the number of cooperatives developing cattle breeding was almost halved. Despite the negative results in general, at the level of the production unit the result is in the consolidation of production.","PeriodicalId":435790,"journal":{"name":"Economic and social alternatives","volume":"206 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127408244","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}
In the new digital environment and due to the need for competitive professional specialists, it has become increasingly necessary to create a modern educational model that is consistent with the digital development period. The need to combine training and work requires students to be evaluated in a virtual environment which involves the development of online testing and evaluation systems, as well as authorship verification, authentication of test subjects and support of the exam process with real student results. The EU-funded Horizon 2020 (TeSLA) project has a similar purpose: to develop and implement an online testing and evaluation system by identifying subjects with a group of combined parameters in terms of avoiding time limits for the authentication and verification of authorship.
{"title":"Digital Technology in Remote Training and the Perspectives in Identifying and Validating Knowledge and Skills","authors":"","doi":"10.37075/isa.2020.4.08","DOIUrl":"https://doi.org/10.37075/isa.2020.4.08","url":null,"abstract":"In the new digital environment and due to the need for competitive professional specialists, it has become increasingly necessary to create a modern educational model that is consistent with the digital development period. The need to combine training and work requires students to be evaluated in a virtual environment which involves the development of online testing and evaluation systems, as well as authorship verification, authentication of test subjects and support of the exam process with real student results. The EU-funded Horizon 2020 (TeSLA) project has a similar purpose: to develop and implement an online testing and evaluation system by identifying subjects with a group of combined parameters in terms of avoiding time limits for the authentication and verification of authorship.","PeriodicalId":435790,"journal":{"name":"Economic and social alternatives","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130195985","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}
Second part of the article discusses the change in scientific knowledge and its increasingly convergent nature; the convergence between technologies and humans, their increasing interconnectivity and interdependence; the emergence of digital ecosystems and new forms of value generation; and finally the consequences for politicoeconomic systems and the need for systematic changes in them, through which to respond to the challenges dictated by technological convergence, by its emergent and synergistic characteristics, and through them, to the exponential changes at all levels of societies.
{"title":"Convergence of the Technologies of the Fourth Industrial Revolution and the Systematic Consequences for the Economies and Societies (Part 2)","authors":"","doi":"10.37075/isa.2020.4.11","DOIUrl":"https://doi.org/10.37075/isa.2020.4.11","url":null,"abstract":"Second part of the article discusses the change in scientific knowledge and its increasingly convergent nature; the convergence between technologies and humans, their increasing interconnectivity and interdependence; the emergence of digital ecosystems and new forms of value generation; and finally the consequences for politicoeconomic systems and the need for systematic changes in them, through which to respond to the challenges dictated by technological convergence, by its emergent and synergistic characteristics, and through them, to the exponential changes at all levels of societies.","PeriodicalId":435790,"journal":{"name":"Economic and social alternatives","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131717537","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}
The article examines the problems and challenges that e-governments in the European Union’s member states face during the 2012-2020 period. In this regard, the possible sources of data for benchmarking are presented. The main methodological issues in the formation of indicators and indices for measurement and evaluation are presented. An analysis of the general e-government development index (EGDI), which is being developed by the UN, has been proposed. The analyses are divided into several parts: for countries worldwide, for EU countries and Bulgaria in particular. The respective average values and forecasts for the future period are presented. The main trends are shown, based on the analyzed data with an emphasis on the possibilities for expanding electronic services and digitalization.
{"title":"Comparative Analysis of e-Government Development in the European Union’s Member States","authors":"","doi":"10.37075/isa.2020.4.01","DOIUrl":"https://doi.org/10.37075/isa.2020.4.01","url":null,"abstract":"The article examines the problems and challenges that e-governments in the European Union’s member states face during the 2012-2020 period. In this regard, the possible sources of data for benchmarking are presented. The main methodological issues in the formation of indicators and indices for measurement and evaluation are presented. An analysis of the general e-government development index (EGDI), which is being developed by the UN, has been proposed. The analyses are divided into several parts: for countries worldwide, for EU countries and Bulgaria in particular. The respective average values and forecasts for the future period are presented. The main trends are shown, based on the analyzed data with an emphasis on the possibilities for expanding electronic services and digitalization.","PeriodicalId":435790,"journal":{"name":"Economic and social alternatives","volume":"56 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123096649","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}
The main questions in the article concern the digital transformation in lifelong learning, what we have to know and be able to do in order to carry it out, as well as the main pedagogical and socio-psychologic aspects. The premises of successful digitalization of the studying process in the Institute for Postgraduate Studies (IPS) at the UNWE are also included in the paper. The most important once include the use of the distance learning method and participation in many international projects and mobilities in the same area. The emphasis is put on the creative thinking and acting of lecturers and administrators in contemporary and effective studying in the IPS.
{"title":"Digital Transformation of the Processes in Lifelong Learning in the Institute for Postgraduate Studies at the UNWE","authors":"","doi":"10.37075/isa.2020.4.07","DOIUrl":"https://doi.org/10.37075/isa.2020.4.07","url":null,"abstract":"The main questions in the article concern the digital transformation in lifelong learning, what we have to know and be able to do in order to carry it out, as well as the main pedagogical and socio-psychologic aspects. The premises of successful digitalization of the studying process in the Institute for Postgraduate Studies (IPS) at the UNWE are also included in the paper. The most important once include the use of the distance learning method and participation in many international projects and mobilities in the same area. The emphasis is put on the creative thinking and acting of lecturers and administrators in contemporary and effective studying in the IPS.","PeriodicalId":435790,"journal":{"name":"Economic and social alternatives","volume":"193 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121275093","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}
The article examines the specifics of projects related to the use of natural resources for economic purposes. Up-to-date statistical information on their application in modern economy is presented, which reveals the trends in this regard. By reviewing the applicable regulatory framework, at constitutional and legal level, the article outlines the basic requirements for activities related to the use of natural resources, the relevant regulatory regimes, the procedures for granting rights of use, exploitation and extraction, the competent authorities, deadlines for implementation of granted rights, etc. The features of the different types of uses, which arise from the specifics of each natural resource, the different aspects of their management and the risks that accompany their life cycle are studied. Practical examples of the impact of some major risks on the use of natural resources for economic purposes are presented. The general framework for the management of projects related to the use of natural resources is examined, including: identification of project objectives and possible sources of funding; planning of the activities and the budget of the project; assessment and planning of the necessary resources for its implementation; specifics related to the completion of such projects. The main focus of the article is the risks for the implementation of such projects, whose specific features stem from the depletion of natural resources, the strong legal regulation in the sector and the strict environmental requirements of the applicable legislation. The main risks in the management of projects related to the use of natural resources have been identified: regulatory, political, financial, operational, etc., and the effect on their implementation has been studied.
{"title":"Risks for the Successful Implementation of Projects Related to the Use of Natural Resources","authors":"","doi":"10.37075/isa.2020.4.02","DOIUrl":"https://doi.org/10.37075/isa.2020.4.02","url":null,"abstract":"The article examines the specifics of projects related to the use of natural resources for economic purposes. Up-to-date statistical information on their application in modern economy is presented, which reveals the trends in this regard. By reviewing the applicable regulatory framework, at constitutional and legal level, the article outlines the basic requirements for activities related to the use of natural resources, the relevant regulatory regimes, the procedures for granting rights of use, exploitation and extraction, the competent authorities, deadlines for implementation of granted rights, etc. The features of the different types of uses, which arise from the specifics of each natural resource, the different aspects of their management and the risks that accompany their life cycle are studied. Practical examples of the impact of some major risks on the use of natural resources for economic purposes are presented. The general framework for the management of projects related to the use of natural resources is examined, including: identification of project objectives and possible sources of funding; planning of the activities and the budget of the project; assessment and planning of the necessary resources for its implementation; specifics related to the completion of such projects. The main focus of the article is the risks for the implementation of such projects, whose specific features stem from the depletion of natural resources, the strong legal regulation in the sector and the strict environmental requirements of the applicable legislation. The main risks in the management of projects related to the use of natural resources have been identified: regulatory, political, financial, operational, etc., and the effect on their implementation has been studied.","PeriodicalId":435790,"journal":{"name":"Economic and social alternatives","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123876426","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}
The entire established system of international legal protection of social rights is fulfilled by the idea of decent human existence. Its norms, defending at first glance the heterogeneous categories of social rights – labor, social, health and educational – are united by the unified principle of dignified life. Decent human existence justifies the unity and indivisibility of all social rights. It is the moral source of their protection under international law.
{"title":"International Legal Protection of Social Rights and the Principle of Dignified Existence","authors":"","doi":"10.37075/isa.2020.4.06","DOIUrl":"https://doi.org/10.37075/isa.2020.4.06","url":null,"abstract":"The entire established system of international legal protection of social rights is fulfilled by the idea of decent human existence. Its norms, defending at first glance the heterogeneous categories of social rights – labor, social, health and educational – are united by the unified principle of dignified life. Decent human existence justifies the unity and indivisibility of all social rights. It is the moral source of their protection under international law.","PeriodicalId":435790,"journal":{"name":"Economic and social alternatives","volume":"136 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131107721","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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