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Determinants of the Financing Obstacles Faced by SMEs: An Empirical Study of Emerging Economies
Get PDFAb stract: Small and medium sized enterprises (SMEs) play a crucial role
in the economic development of emerging countries. The lack of access to
finances is one of the important growth constraints the SMEs face. This
study investigates the firm and country specific determinants of the financial
constraint levels of SMEs in selected emerging Western Balkan economies.
The main determinants of the financing obstacles examined in the sampled
countries were: firm size, ownership type, and age, accounting information
transparency, the depth of credit information indexes, the banking sector
concentration, property registration costs; and per capita GDP. The findings
confirm that firm size is a significant determinant of the financial constraint
levels of SMEs in the selected economies. Moreover, we found that older firms
are financially more constrained in the region. The possible economic
implications of the positive association between firm age and financial
constraint are discussed. Banking sector concentration level plays crucial role
in the external financing of SMEs in developing countries. By closely
examining the firm characteristics and country-level factors that determine the
degree of the financing obstacles faced by SMEs, we observed that in
developing economies overall institutional and financial problems are more
important than firm-specifi
BOOK OF ABSTRACTS Publication Office (2015 – 2016), Sarajevo, BiH
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Publication Office (2015 – 2016), Sarajevo, Bi
Cyber Security Audit in Business Environments
Get PDFEveryday reports reveal numerous cyber security incidents, while many more are never uncovered due to the risk of jeopardising the reputation of the attacked systems. One definition of risk of this sort is:
“feasible determinable outcome of an activity or action subject to hazards” (Stamatelatos, 2000).
A more holistic and comprehensive definition, which is available in the NIST Special Publication 800-30 Revision 1 Guide for Conducting Risk Assessment, defines risk as:
„Adverse impact(s) that could occur... to organisational operations (including mission, functions, image, reputation), organisational assets, individuals, other organisations... due to the potential for unauthorized access, use, disclosure, disruption, modification, or destruction of information and/or information systems.“
As such, databases, as the active and passive components of computer networks and the building blocks of computer infrastructures, became a point of focus for every business in the world. Unlike 30 years ago, many households nowadays rely on Internet access and available services to support their everyday life. The Internet and World Wide Web (WWW) resources are accessible through various web browsers
Performance of Moving Average Investment Timing Strategy in UK Stock Market: Individual Stocks versus Portfolios
Get PDFAbstract: This paper aims to test whether moving average (MA) investment
timing strategy is applicable on individual stocks, portfolios formed from these
stocks, or both. Moreover, our objective is to compare the performance of MA
strategy with a buy-and-hold strategy. The data on individual stocks listed on
London Stock Exchange, United Kingdom (UK) is collected over the period
starting from December 31, 1999, through February 29, 2016. For the same
period, we use daily values of UK-DS Market-PRICE INDEX and 1-Month
Treasury bill rate. The paper follows Han et al. (2013) to peruse our
investigation. The study applies both MA and buy-and-hold strategies to
individual stocks and portfolios sorted by volatility. Since most results are
found insignificant, no evidence is found to support that one strategy is better
than the other when applied to individual stocks. However, trading behavior
and success ratios across groups provide mixed results, hinting slightly towards
the failure of MA strategy. The pervasive noise in daily stock return data is
the reason why MA strategy consistently produces insignificant results.
Moreover, when applied to volatility-sorted portfolios, MA strategy
substantially beats buy-and-hold strategy by yielding higher average return
and risk-adjusted returns, lower standard deviations, large-and-positive
skewness and Sharpe ratios, and much success ratios across portfolios. Both for
individual stocks and portfolios, dynamics of returns and especially trading
behavior suggest that the performance of MA strategy decreases with rising lag
lengths, meaning MA signal weakens for a longer history
Labour Market Transition Differences between Natives and Immigrants in EU Economies
Get PDFAbstract: The recent economic crisis has had an adverse effect on the
labour markets of European economies and certain population groups
have been disproportionally affected by it. Increased migration flows
may very well have created further pressures on the labour markets of
host countries. The focus of the analysis here is on differences in
transitions from unemployment to employment and vice versa
between native and immigrant populations in European economies
during the 1998-2015 period. The analysis reveals different
outcomes to transitions from unemployment to employment, where in
certain countries and years, the unemployed natives find
proportionally more jobs, while in other countries and years, it is the
immigrants. In most of the countries, however, employed immigrants
are more likely to lose a job than natives. In addition to identifying
the immigrant-native gap, the characteristics of individuals as
potential contributing factors to the gap have also been assessed. The
results of this analysis show that similar individual characteristics
exert a different influence on the immigrant-native gap in labour
market outcomes in different countries. Thus, similar individual
characteristics are rewarded differently in different countries, i.e.,
their labour markets
Semantic preference and semantic prosody-a theoretical overview
No full textAbstract: Semantic preference and semantic prosody are two notions that were carefully analysed in post-Firthian corpus linguistics and in the past few years there has been a growing interest in them. As corpora have become larger in size, and tools for extracting different lexical items for different purposes have been developed, the two terms have been addressed more frequently by linguists1. Throughout history, semantic preference and semantic prosody have sometimes been used for the same phenomenon but at other times the two were considered different but closely related. Previous corpus-based studies on the two terms have shown that they can be attached to many investigated lexical items. Therefore, this paper aims to present a detailed theoretical overview of the two terms in order to emphasise their immense importance for identifying the meaning of all the lexical items
Concrete Studies 2017
Get PDFThe first study is “Comparison of Fire Resistance of RC Slabs Determined according
to Different Methods“. We construct our buildings and facilities to last 50, 100 or
even 200 years. There is a high probability that fire will eventually occur during the
service life of practically every structure. Fire can happen anytime and anywhere.
This study explores fire resistance of RC slabs that are the most sensitive concrete
elements in fire situation. We compared the results of determination of fire resistance
according to four different methods. We got some conclusions, but also opened an
area for new research on fire resistance of some other concrete elements.
Concrete is principal construction material in Bosnia and Herzegovina. It is very
common. However, concrete of high compression strength is almost unknown in
Bosnia and Herzegovina. The study of “High-Strength Concrete (HSC) and
Possibilities for Production in Bosnia and Herzegovina“ discusses the recent history,
advantages and disadvantages, application and benefits of it, as well as the
constituent materials, mix design and proportioning and properties of high strength
concrete. Experimental part of this study proves that it is feasible to produce highstrength
concrete of slightly modified ordinary concrete mix improved by domestic
admixtures and additives at minimal cost. This study aims to encourage concrete
factories to produce it and engineers to apply it in their designs and actual
construction
5th International Student Symposium
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Faculty of Education and Humanities, International Burch Universit
FORENSIC GENETICS, THEORY AND APPLICATION
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The science of the 21st century has not given up on its rapid development. The pace
of evident progress in certain scientifc disciplines, especially those relying on applied
genetics, does not allow for a breakthrough in the collection, sorting and presentation
of the latest achievements made in hundreds of laboratories around the world. Continuous
education of scientists, professors, experts, and users of scientifc achievements
has never been this prominent and observable.
After a brief analysis of the development of forensic genetics in the past fve years, we
have decided that it would be wise to approach the complementation of existing material
available with, as we then thought, “some new information”. But when we included
everything we wanted to add onto the previous edition, we found that the new facts, hypotheses
and models have been generated, as well as a promising direction for potential
development established. Soon upon this realization, we had nothing left to do but to,
signifcantly infuenced by young and enthusiastic associates, “roll up our sleeves” and
prepare a new textbook. As a result, this book was created, which at the moment of its
creation is probably the only existing edition that includes the most up-to-date information,
especially related to the new multiplex STR systems, next-generation sequencing
platforms and lineage markers, as well as new approaches in forensic DNA analysis in
general. Two completely new chapters have been prepared, including the topics of food
forensics and microbiology in forensic investigations. We are especially proud of the
last chapter of this book that gives brief, understandable and highly applicable guidelines
for proper sample handling, collection and storage, and overall model of behavior
at the crime scene.
As in the previous editions of this material, we tried to present the basic molecular
biological, biochemical, statistical and technological knowledge, and other principles
that must be known in order to comprehend the application of fundamental scientifc
knowledge in forensic genetics. Also, we aimed at adding everything that is important
into this book, and also what is written within the best books of the world, and everything
that we have learnt from our practical work in the past decade. By preparing this
edition in English language, we have thought of potential international readers of our
book and tried our best to make this text as accessible worldwide as possible