Tržišta akcija su efikasna ako cene u bilo kojem momentu reflektuju sve javno dostupne informacije. Cene akcija bi trebalo da se prilagode u momentima kada investitori pokušavaju da iskoriste nove informacije koje nisu bile predmetom računovodstvenog evidentiranja. Osnovni cilj ovog rada je da se utvrdi da li zaista finansijski izveštaji odabrane skupine preduzeća koja kotiraju na Sarajevskoj i Banjalučkoj berzi predstavljaju dobru baznu osnovu i odraz tržišnih cena ili naprosto služe kao zakonska obaveza i zahtev regulatornih agencija. U radu će biti sprovedena regresiona analiza zavisne i nezavisnih varijabli za period od 2011. do 2015. godine. Kao zavisna varijabla će biti tretirana zatvarajuća cena trgovanja na berzama, dok će se kao nezavisne varijable koristiti sledeće: odnos tržišne cene i zarade (PE racio), zarada po akciji (EPS), neto dobit nakon oporezivanja (ND), ostvareni profit na akcijski kapital (ROE), odnos tržišne i knjigovodstvene vrednosti (PB), i ukupan promet na berzama (PR).

Foreign trade indicators change in response to the global financial crisis and ultimately have a major impact on fiscal sustainability. Likewise, the increase in the budget deficit and public debt affects the growth of long-term and short-term interest rates, and the overall fiscal stability. The main objective of this paper is to review the impact of the global financial crisis on the tendency of the public debt in Bosnia and Herzegovina and various Western Balkans countries. Specifically, as the Maastricht criteria established a 60% of GDP debt limit, the paper will analyse the given limit, and the interdependence of imports in Bosnia and Herzegovina and the public debt of the general government sector by a simple regression analysis for the period 2008–2012. Thus, the regression model will be used to assess the dependence of the public debt of the Government of Bosnia and Herzegovina due to the increase of imports and exports of goods, as well as well as conditionality of export of goods and income. Keywords: Indicators of foreign trade, imports, exports, public debt

Non-financial sector in B&H and the companies due to lack of its own funds for sustainable growth rely on financing its operations through bank loans. The dominant share of lending to banks in B&H is directed to the household sector while on the other hand the approval of bank loans to enterprises is on a smaller scale. Corporate sector due to underdeveloped capital markets is not able to borrow through the issuance of equity and debt securities. The main objective of this study is to determine which independent variables in the regression models have an impact on the amount of approved loans granted by banks to non-financial sector, i.e. companies. The loans growth rate will be observed as a dependent variable, and the growth rate of non-performing loans, the growth rate of operating costs, real GDP growth, consumer price index, deposit growth rate, deposit interest rate, interest rate (EURIBOR), and interest rate (LIBOR) will be used as independent variables.

The purpose of this paper is to relate the Danish concept of the “Balance Principle” to test the hypotheses of systemic liquidity risk in the banking sector.  In the paper, the major econometric method is to gauge the general applicability of theories of liquidity and to test the applicable validity of Bosnia and Herzegovina (BH).  A prime example for this study is taken from the first quarter of 2004 to the second quarter of 2014. Our intention here is to consider the identification of macroeconomic parameters that positively affect the growth of the banking sector. The parameter liquidity, i.e. liquid assets / total assets will be observed as a dependent variable, and nonperforming loans / total loans, average profitability on equity capital, non-interest expenses / total revenue, the average required reserve, total loans, the money supply in the wider sense, net capital / risk weighted assets and net performing assets / total assets will be used as independent variables. The purpose of the paper is to determine whether there is interdependence in the movement between the independent and dependent variables through a multiple linear regression. Keywords: Systemic liquidity risk, Danish balance principle, ANOVA test, macroeconomic parameters

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).