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.

The fundamental business indicators are based on an analysis of previous incomes and financial research statements of companies. Unlike the fundamentals, a technical analysis (indicator) is based on the forms related to the movement of stock prices, and determines whether they are repetitive and whether they are predictable. In the capital market in BH, there is a common phenomenon that indicates that certain shares are not traded for more than one day, due to low liquidity, and because of the lack of information and high risk. Also, this paper will analyze one segment of the capital market in BH, i.e. shares of stock index BIRS (Banja Luka Stock Exchange of Securities). The main objective of this research is to determine whether there is a mutual dependence and interdependence in the movement of technical and fundamental analysis indicators, i.e. whether fundamental indicators can affect the movement of stock prices through a multiple linear regression. As independent variables will be used: return on average equity - ROAE, then earnings before interest, taxes, depreciation and amortization – EBITDA, the ratio of total debt to total assets (Leverage) and dividend per share. The price – earnings ratio will be observed as a dependent variable. This study covers the period from 2005 to 2013.

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

The analysis of economic trends in BH in 2012 recorded further weakening of economic activity. Primarily, this is a result of stagnant economies of the EU and the region. In the first trimester of 2013 year, exports grew in real terms by 19% and imports by 13%, which led to the real growth in the trade deficit to about 7%. The given deficit significantly reduced the earlier estimate of economic growth for the first trimester in which the strong export growth, coupled with an increase in industrial production represented a very important step forward compared to the previous year. The main objective of this paper is to discuss the global financial crisis, the movement of the budget deficit in BH for the period 200 - 2012, as well as monitor the constraints set by the Maastricht Treaty that the amount of the budget deficit should not exceed 3% of the GDP and the interdependence of imports of goods and nominal GDP.

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.

Generally, risk is an uncertainty associated with future outcomes or events. In economic terms, risk is an expected deviation from the planned return of real, financial and intangible assets, of loss or cash flows associated with the uncertain event. The most famous way of reducing the overall risk is diversification of assets. Thus, diversification is a process of investment in a number of unrelated or partially related assets or activities in order to achieve stable business operation, and it shows that portfolios are poor to the extent that they should be avoided in order to increase yields and reduce risk. The portfolio diversification works because prices of different shares do not move in the entirely same direction. Statisticians generally mean the same thing when they say that share price changes are nothing less than perfectly correlated. The main objective of this paper is to discuss the impact of the global financial crisis on the movement tendency of the stock exchange index in the Western Balkans, developed countries and individual EU member states, and determine the feasibility of implementing regional diversification in order to further reduce risk and establish the portfolio of share with the lowest coefficients of correlation.

The cost of capital is a discount rate, based on which discounted cash flow factor and residual value are determined. The cost of capital in literature is often found by the name of cost of capital or the opportunity cost of capital, which should provide a rate of return on capital that would be formed from an alternative investment capital. In order to achieve this, the cost of capital also includes a risk to achieve the rate of return. The Weighted Average Cost of Capital - WACC represents the average rate of return that a company must pay to shareholders and creditors. Most often, it is an adjusted discount rate, suitable for the risk of cash flows of companies. The cost of capital depends on the risk of cash flow businesses. In addition, the company is financed by borrowing or lending of funds, whether from banks, individuals or other sources. This paper explores the possibility to calculate weighted average cost of capital for individual shares within the share market indexes of SASX – 30 and BIRS.

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).

The Markets in Financial Instruments Directive - MiFID, is actually a document adopted by the European Parliament and Council of the European Union, establishing a single market and a regulatory framework for the so-called Investment Services. This paper examines the advantages and disadvantages in the implementation of The Markets in Financial Instruments Directive.

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.

Banking profit plays a very crucial role in terms of providing a base for internal growth as well as a signal for additional borrowing. Profit is also a source for dividend payments to shareholders and expectations for future dividend payments. This research includes all banks in Bosnia and Herzegovina and testing endogenous and exogenous variables on bank profitability indicators. In addition to credit risk, the profitability of banks in B&H is also influenced by the financial result of operations, which is determined by price and interest rate risk. The primary goal of this paper is to attempt to identifying and recognizing the factors affecting the profitability of banks operating in Bosnia and Herzegovina. Therefore, this research focuses on the determinants of banking sector profitability that can be divided into two groups, namely: internal and external factors. The research period covered the years from 2007q1-2019q4 on a quarterly database. The total number of observations was 52. The paper included the OLS regression model (FE model) and the random-effects GLS model. Both models were appropriate for the obtained results through the Hausman test. The results showed that the significant influence on the dependent variables were the return on asset (ROA) and return on equity (ROE), which has been achieved by the following independent variables, such as the growth rate of net profit/loss, cost to income ratio and the growth rate of gross domestic product.