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Review on efficiency and anomalies in stock markets

Woo, Kai-yin; Mai, Chulin; McAleer, Michael; Wong, Wing … - In: Economies 8 (2020) 1, pp. 1-51

The efficient-market hypothesis (EMH) is one of the most important economic and financial hypotheses that have been tested over the past century. Due to many abnormal phenomena and conflicting evidence, otherwise known as anomalies against EMH, some academics have questioned whether EMH is...

Persistent link: https://www.econbiz.de/10013199649

The impact of tourism in economic sustainability of protected areas

Gjorgievski, Mijalce; Milenkovski, Ace; Nakovski, Dejan - In: UTMS Journal of Economics 8 (2017) 3, pp. 209-217

development for the area which will improve the competitiveness of the demanding tourism market and to keep the importance of the … current situation in terms of tourism development and the basis of the concepts of sustainable tourism development. This … development where tourism will be the main instigator. …

Persistent link: https://www.econbiz.de/10011994723

Contemporary challenges of tourism

Nakovski, Dejan; Milenkovski, Ace; Gjorgievski, Mijalce - In: UTMS Journal of Economics 12 (2021) 1, pp. 95-103

management and development. The authors aim in the paper to present the modern challenges of tourism in the country, and to …

Persistent link: https://www.econbiz.de/10014465767

Termal/mineral springs industry: Need for transformation in function of tourism

Milenkovski, Ace; Gjorgievski, Mijalce; Nakovski, Dejan - In: UTMS Journal of Economics 9 (2018) 2, pp. 181-187

Wellness tourism has now grown into a serious form of tourist movement and is an important part of the tourism industry with significant economic impact. Within the framework of wellness tourism it covers more sectors, among which are: Spa, Wellness Tourism, Thermal/Mineral Springs, Workplace...

Persistent link: https://www.econbiz.de/10014465779

Statistical data in the tourism research

Milenkovski, Ace; Gramatnikovski, Sashko; Nakovski, Dejan - In: UTMS Journal of Economics 10 (2019) 1, pp. 57-65

Tourism research in its content and methodology is based on numerous statistics. The type and nature of the statistical data used in tourism research can be different and it can relate to general statistical data such as demographics, economic, transport data etc. or they can apply it...

Persistent link: https://www.econbiz.de/10014465806

The impact of the traffic infrastructure on the tourist destination

Milenkovski, Ace; Gjorgievski, Mijalce; Nakovski, Dejan - In: UTMS Journal of Economics 11 (2020) 1, pp. 43-47

Tourism activity in the region depends on internal and external factors that affect the level of tourist development of … changes can directly affect negative or positive on development of the tourist destination. The authors of this paper aim to … transformation of the level of tourist development of the region, through the example of the new traffic infrastructure in the …

Persistent link: https://www.econbiz.de/10014465831

Analysis of tourism indicators in function of tourist offer enrichment in Mecedonia

Nakovski, Deja; Milenkovski, Ace; Gjorgievski, Mijalce - In: UTMS Journal of Economics 7 (2016) 1, pp. 97-108

The tourism in Macedonia according to relevant statistical indicators still is or is longer on low (unsatisfactory) level, which is expressed both by the number of tourists visiting the country and by the number of realized overnights by tourists. Another feature of tourism in Macedonia is its...

Persistent link: https://www.econbiz.de/10011787177

Level of adoption of tourism development in the region of Eastern Macedonia

Gjorgievski, Mijalce; Milenkovski, Ace; Nakovski, Dejan - In: UTMS Journal of Economics 6 (2015) 1, pp. 75-83

In the planning process of the tourism development in the region of Eastern Macedonia, for the locations with … conditions for development of alternative forms of tourism, it is necessary to take into account the current level of tourism … development as a basis for further planning of the time schedule for development of the tourism industry. The extent of the past …

Persistent link: https://www.econbiz.de/10011533017

Long run returns predictability and volatility with moving averages

Chang, Chia-Lin; Ilomäki, Jukka; Laurila, Hannu; … - In: Risks 6 (2018) 4, pp. 1-18

This paper examines how the size of the rolling window, and the frequency used in moving average (MA) trading strategies, affects financial performance when risk is measured. We use the MA rule for market timing, that is, for when to buy stocks and when to shift to the risk-free rate. The...

Persistent link: https://www.econbiz.de/10011996648

Modelling the effects of oil prices on global fertilizer prices and volatility

Chen, Ping-yu; Chang, Chia-lin; Chen, Chi-chung; … - In: Journal of Risk and Financial Management 5 (2012) 1, pp. 78-114

mean and volatility. The endogenous structural breakpoint unit root test, ARDL model, and alternative volatility models … price while the volatility of global fertilizer prices and crude oil price from March to December 2008 are higher than in …

Persistent link: https://www.econbiz.de/10011843234