In this paper, the subject of analysis is influence of certain macroeconomic and microeconomic variables on bank  net interest margins in Bosnia and Herzegovina (BH) for the period from 2008 to 2013 through a multiple linear regression models. The level and dynamics of NIM indicate the efficiency of financial intermediation. The observed period is characterized by the reduction in net interest margins of banks over the previous decade, which was characterized by high GDP growth, bank loans and high-interest rates and high profitability. Therefore, this study examines the factors that affect the level of net interest margins in the domestic banking industry. The main objective of this paper is to determine whether there is interdependence in the movement between the independent and dependent variables through a multiple linear regression. The net interest margin will be observed as a dependent variable, and liquidity risk, operating costs, credit risk, the index of market concentration, funding risk, the growth rate of gross domestic product and consumer price index will be used as independent variables.

U ovom radu se analizira kauzalnost između dostignutog stepena razvoja bankarskog sektora Republike Srbije i njenog ekonomskog razvoja, kroz analizu određenih parametara finansijskog zdravlja, zatim ekonomski rast koji se putem makroekonomskih parametara dovodi u vezu sa parametrima razvoja bankarskog sektora. Glavni cilj u ovom radu je da se utvrdi putem modela višestruke regresione analize da li postoji obostrana kauzalnost i uslovljenost performansi realnog i bankarskog sektora, odnosno da li performanse bankarskog sektora imaju uticaja na kvalitet performansi ekonomskog razvoja. Vremenski interval koji pokriva data analiza je period od Q4 2008. do Q1 2014. godine.

Abstract The main motive of business operations of any bank is to achieve the highest profit possible and utilise it to increase dividends to shareholders, as well as to create conditions to increase their financial and credit potential by reinvesting in shares. The most important quality indicator of a loan portfolio is the share of non-performing loans to total operating assets and liabilities. In the first quarter of 2013, a trend of increasing non-performing loans in the legal entities sector increased by 2.6%, while there was stagnation with the population, i.e. slight decrease. The main objective of this paper is to examine the impact of the global financial crisis on the movement tendency of non-performing loans in the banking market in B&H, and their interdependence with the movement of profitability indicators by a simple regression equation.

Abstract: In the first quarter of 2012, almost all of the observed indexes in regional capital markets registered an increase in value, except for the capital market in BH, i.e. index of the Sarajevo Stock Exchange (SASX - 10) and Banja Luka Stock Exchange securities (BIRS). Therefore, the highest growth was achieved by the Serbian regional index (BELEX 15) in the amount of 6.59%, followed by Croatian (CROBEX) with 5.36%, Macedonian (MBI-10) with 2.56%, Montenegrin (MONEX) with an increase of 2.17% and Slovenian (SBI TOP) with the yield of 1.64 %. The largest decline in the value was registered by the Banja Luka index (BIRS) of 4.69 % and Sarajevo (SASX -10) for 3.57%. In this paper, we analyse the effect of four independent variables through multiple linear regression on a dependent variable. The dependent variable is the stock market index of the Sarajevo Stock Exchange (SASX - 30), while the independent variables in the model are the total turnover of shares, total loans of commercial banks, market capitalization and stock exchange index of the New York Stock Exchange (S&P 500). The main objective of this paper is to determine whether there is interdependence in the movement between the independent and dependent variables in order to better understand the factors that influence the movement of the SASX – 30 stock index. Key words: Stock Index, Turnover, Market Capitalizatio, S&P 500, Regression Analysis, Total Loans, The Global Financial Crisis Normal 0 21 false false false BS-LATN-BA X-NONE X-NONE

Trajanje je glavna mjera cenovne osetljivosti koja se koristi na tržištu obveznica. Pokazuje koliko se menja cena obveznice pod uticajem promene tržišnih kamatnih stopa. Između cena i prinosa obveznica postoji inverzna veza preko kamatnih stopa. S porastom i padom kamatnih stopa vlasnici obveznica ostvaruju kapitalne dobitke i gubitke. Osnovni cilj ovog rada je da se utvrdi osetljivost pojedinih obveznica na finansijskom tržištu u BiH s promenom roka dospeća, kao i značaj obveznica kao alternativnog vida finansiranja.

Abstract The efficiency of a management team primarily depends on the level of improvement of enterprise performances, i.e. whether its market value has increased or whether it creates value for shareholders. The accounting net profit can provide a partial answer to this question because it covers only one portion of the cost of capital, i.e. the cost of debt capital, while the price and cost of equity are disregarded. The method of the economic value added takes into account an average cost of capital, i.e. it calculates the total costs of borrowed capital and own capital. This paper explores the possibility to calculate economic value added for an individual share within the share market index of BIRS. Rezime Efikasnost rada rukovodstva pre svega zavisi od toga koliko su poboljšane performanse preduzeća, tj. da li je povećana njegova tržišna vrednost, odnosno da li se stvara vrednost za deonićare. Računovodstvena neto dobit može da pruži delimićan odgovor na ovo pitanje zbog toga što računa sa samo jednim delom troškova kapitala, tj. sa troškovima pozajmljenog kapitala dok se cena i troškovi sopstvenog kapitala zanemaruju. Metod dodate ekonomske vrednosti uzima u obzir prosečnu cenu kapitala tj. kalkuliše sa ukupnim troškovima kako pozajmljenog tako i sopstvenog kapitala. U ovom radu se ispituje mogućnost proračuna dodate ekonomske vrednosti za pojedine akcije u okviru berzanskog indeksa Republike Srpske (BIRS).

It is always a problem to choose one or more indicators or to construct a model that reflects the achieved operating result. Companies all over the world have developed numerous models assessing excellence from various aspects in order to estimate the achieved operating result or overall business excellence. Applying most of the models requires data and estimation that are not available to investors. BEX model is primarily designed to assess business excellence enterprises in the capital market in Croatia. It is also possible to apply this model to all the other similar markets. This paper will be focused more on the possibility of applying the mentioned model in the capital market of Bosnia and Herzegovina, that is, to the most successful companies listed on the Sarajevo Stock Exchange but being a part of SASX - 10 index, and those listed on the Banja Luka Stock Exchange entering BIRS index.