The purpose of the paper is to present a cornucopia of approaches and ways of defining, measuring and using the concept of Economic Value Added (EVA). EVA is a financial performance measure that emphasizes the maximization of shareholder value, as opposed to mere maximization of net profit. The...

While risk management gained popularity during the last decades even some of the basic risk types are still far out of focus. One of these is path dependency that refers to the uncertainty of how we reach a certain level of total performance over time. While decision makers are careful in...

Accumulated imbalances in the economy and on the markets cause specific financial market dynamics that have formed characteristic patterns kept throughout long financial history. In 2008 Authors presented their expectations of key macroeconomic and selected asset class markets developments for...

The aim of this study is to examine the impact of financial crises on the short-term interaction between stock market returns of the Macedonian, Serbian and Croatian equity markets. Daily data sample spans from January 4th 2006 to March 31st 2017and based on detected Zivot-Andrews structural...

The assumption that equity returns follow the normal distribution, most commonly made in financial economics theory and applications, is strongly rejected by empirical evidence presented in this paper. As it was found in many other studies, we confirm that stock returns follow a leptokurtic...

This paper analyses value-added tax (VAT), with special emphasis on efficiency in the EU-28 Member States and Turkey, over the period from 2009 to 2013. From the results of the analysis, we concluded that, the highest efficiency ratio (50.8) was recorded in Croatia in 2013. This indicates that...

Unsystemic risks in financial markets may be reduced through diversification. Systemic risks relate to the overall economy, cannot be influenced by a single company, and require special attention. Empirical research on return distributions in the long-term shows that investing under the...

The main task of this paper is to determine accuracy of some of widely used technical analysis techniques for MBI-10 stocks price forecast at MSE. We are testing accuracy of several technical analysis techniques: MACD (Moving-Average Convergence/Divergence), RSI (Relative Strength Index),...

The aim of this paper is to point out the significance and role of factoring as an alternative financing model, and its role in overcoming liquidity problems of business entities due to difficult and late payments as well as long-term billing. Businesses face the challenge of addressing...

In recent years, there has been increased global awareness of Islamic finance. This topic is mainly opened with respect to the great financial crisis that mostly hit the banking system and the financial markets and caused many bank bankruptcies and state interventions. This paper analyzes the...