TY  - JOUR
AU  - Đaković, Vladimir
AU  - Ivetić, Jelena
AU  - Anđelić, Goran
PY  - 2021
UR  - https://redun.educons.edu.rs/handle/123456789/428
AB  - The subject of the research is to analyse and evaluate methods of investment risk modelling in dynamic, changing market circumstances, with a special focus on the assessment success of the expected effects of investment activities in 'extreme' return points. In that sense, different Value at Risk models were used: the Historical Simulation (HS VaR), the Delta Normal VaR (D VaR) and the Extreme Value Theory model (EVT). The research objective is to test the performance of these models in specific, volatile, market circumstances, in terms of estimating the maximum possible losses from these activities. The basic hypothesis of the research is that it is possible to successfully anticipate the maximum possible losses from the investment activities in the extreme points of the return function by applying different methods of investment risk modelling in volatile market circumstances. The analysed financial data comprise daily stock returns of the BELEX15 (Serbia), BUX (Hungary), CROBEX (Croatia) and SBITOP (Slovenia) stock exchange indices in the period 2012-2019, which is relatively long time period suitable for the sound analyses. The main findings of the research point to the superior application adequacy of the Extreme Value Theory model (EVT) for successful risk modelling, i.e. for making optimal investment decisions. The research results represent innovated, concrete knowledge in the field of understanding the behaviour of the return function in its extremes, and consequently are of great importance to both the academic and professional public in the process of generating decisions on investment activities in volatile market conditions.
PB  - KAUNAS UNIV TECHNOL, KAUNAS
T2  - Inzinerine Ekonomika-Engineering Economics
T1  - Modelling Risk under Volatile Conditions: Tail Index Estimation and Validation
EP  - 337
IS  - 4
SP  - 325
VL  - 32
DO  - 10.5755/j01.ee.32.4.29192
UR  - conv_1097
ER  - 

@article{
author = "Đaković, Vladimir and Ivetić, Jelena and Anđelić, Goran",
year = "2021",
abstract = "The subject of the research is to analyse and evaluate methods of investment risk modelling in dynamic, changing market circumstances, with a special focus on the assessment success of the expected effects of investment activities in 'extreme' return points. In that sense, different Value at Risk models were used: the Historical Simulation (HS VaR), the Delta Normal VaR (D VaR) and the Extreme Value Theory model (EVT). The research objective is to test the performance of these models in specific, volatile, market circumstances, in terms of estimating the maximum possible losses from these activities. The basic hypothesis of the research is that it is possible to successfully anticipate the maximum possible losses from the investment activities in the extreme points of the return function by applying different methods of investment risk modelling in volatile market circumstances. The analysed financial data comprise daily stock returns of the BELEX15 (Serbia), BUX (Hungary), CROBEX (Croatia) and SBITOP (Slovenia) stock exchange indices in the period 2012-2019, which is relatively long time period suitable for the sound analyses. The main findings of the research point to the superior application adequacy of the Extreme Value Theory model (EVT) for successful risk modelling, i.e. for making optimal investment decisions. The research results represent innovated, concrete knowledge in the field of understanding the behaviour of the return function in its extremes, and consequently are of great importance to both the academic and professional public in the process of generating decisions on investment activities in volatile market conditions.",
publisher = "KAUNAS UNIV TECHNOL, KAUNAS",
journal = "Inzinerine Ekonomika-Engineering Economics",
title = "Modelling Risk under Volatile Conditions: Tail Index Estimation and Validation",
pages = "337-325",
number = "4",
volume = "32",
doi = "10.5755/j01.ee.32.4.29192",
url = "conv_1097"
}

Đaković, V., Ivetić, J.,& Anđelić, G.. (2021). Modelling Risk under Volatile Conditions: Tail Index Estimation and Validation. in Inzinerine Ekonomika-Engineering Economics
KAUNAS UNIV TECHNOL, KAUNAS., 32(4), 325-337.
https://doi.org/10.5755/j01.ee.32.4.29192
conv_1097

Đaković V, Ivetić J, Anđelić G. Modelling Risk under Volatile Conditions: Tail Index Estimation and Validation. in Inzinerine Ekonomika-Engineering Economics. 2021;32(4):325-337.
doi:10.5755/j01.ee.32.4.29192
conv_1097 .

Đaković, Vladimir, Ivetić, Jelena, Anđelić, Goran, "Modelling Risk under Volatile Conditions: Tail Index Estimation and Validation" in Inzinerine Ekonomika-Engineering Economics, 32, no. 4 (2021):325-337,
https://doi.org/10.5755/j01.ee.32.4.29192 .,
conv_1097 .

TY  - JOUR
AU  - Penezić, Nenad
AU  - Anđelić, Goran
AU  - Milošević, Marko
AU  - Tot, Vilmoš
PY  - 2020
UR  - https://redun.educons.edu.rs/handle/123456789/404
AB  - Predmet ovog istraživanja je analiza i testiranje modifikovane GARCH metodologije u smislu kvantifikovanja uticaja stopa inflacije, kamatnih stopa na državne obveznice, referentnih kamatnih stopa i deviznih kurseva na dnevne stope prinosa na investicione aktivnosti na posmatranim finansijskim tržištima Severne Amerike, Srbije i Hrvatske. Cilj istraživanja, odnosno poseban fokus u istraživanju, je upoređivanje dobijenih rezultata između razvijenih finansijskih tržišta i finansijskih tržišta zemalja u razvoju, kao i testiranje modifikovane GARCH metodologije na posmatranim finansijskim tržištima. Ključni indikatori u istraživanju, za koje se pretpostavlja da utiču na dnevne stope povrata, bili su sledeći: stopa inflacije, kamatne stope na državne obveznice, referentna kamatna stopa i kurs. Vremenski period obuhvaćen istraživanjem je od 2005. do 2017. godine, gde širina vremenskog horizonta istraživanja omogućava testiranje modifikovane GARCH metodologije u periodima pre, tokom i posle globalne finansijske krize. Pored upotrebe modifikovanih ekonometrijskih modela GARCH, metodologija istraživanja uključuje upotrebu AIC, SIC i HQC (Akaike, Schwarz i Hannan-Quinn) kriterijuma za odabir najboljih modela, kao i odgovarajuće testove koji su pogodni i/ili prilagođeni specifičnim karakteristikama finansijskih tržišta, kako razvijenih, tako i zemalja u razvoju. Rezultati istraživanja potvrđuju ulogu i značaj modifikovane GARCH metodologije za efikasno kvantifikovanje investicionog rizika na razvijenim finansijskim tržištima naspram finansijskih tržišta zemalja u razvoju. U tom smislu, dobijeni rezultati istraživanja biće korisni i akademskoj zajednici i stručnoj javnosti u kontekstu donošenja odluka o ulaganju.
AB  - The subject of this research is to analyze and test the modified GARCH methodology in terms of quantifying the impact of inflation rates, interest rates on government bonds, reference interest rates, and exchange rates on daily rates of return on investment activities in the observed financial markets of North America, Serbia and Croatia. The aim of the research, i.e. a special focus in the research, is to compare the obtained results between the developed financial markets and the financial markets of developing countries, as well as to test the modified GARCH methodology in the observed financial markets. The key indicators in the research, presumed to affect the daily return rates, were the following: inflation rate, interest rates on government bonds, reference interest rate and exchange rate. The time period covered by the research is from 2005 to 2017, where the width of the research time horizon allows testing the modified GARCH methodology in the periods before, during and after the global financial crisis. In addition to the use of modified GARCH econometric models, the research methodology includes the use of AIC, SIC and HQC (Akaike, Schwarz and Hannan-Quinn) criteria for selecting the best models, as well as the appropriate tests that are suitable for and/or adapted to the specific characteristics of financial markets of both developed and developing countries. The research results confirm the role and importance of the modified GARCH methodology for effective investment risk quantification in developed financial markets versus the financial markets of developing countries. In this sense, the obtained research results will be useful to both the academic community and the professional public in the context of investment decision making.
PB  - Univerzitet u Beogradu - Tehnički fakultet u Boru, Beograd
T2  - Serbian Journal of Management
T1  - Primena modifikovane GARCH metodologije - razvijena finansijska tržišta protiv finansijskih tržišta u razvoju
T1  - Application of modified GARCH methodology: Developed financial markets versus emerging financial markets
EP  - 261
IS  - 2
SP  - 241
VL  - 15
DO  - 10.5937/sjm15-20566
UR  - conv_1057
ER  - 

@article{
author = "Penezić, Nenad and Anđelić, Goran and Milošević, Marko and Tot, Vilmoš",
year = "2020",
abstract = "Predmet ovog istraživanja je analiza i testiranje modifikovane GARCH metodologije u smislu kvantifikovanja uticaja stopa inflacije, kamatnih stopa na državne obveznice, referentnih kamatnih stopa i deviznih kurseva na dnevne stope prinosa na investicione aktivnosti na posmatranim finansijskim tržištima Severne Amerike, Srbije i Hrvatske. Cilj istraživanja, odnosno poseban fokus u istraživanju, je upoređivanje dobijenih rezultata između razvijenih finansijskih tržišta i finansijskih tržišta zemalja u razvoju, kao i testiranje modifikovane GARCH metodologije na posmatranim finansijskim tržištima. Ključni indikatori u istraživanju, za koje se pretpostavlja da utiču na dnevne stope povrata, bili su sledeći: stopa inflacije, kamatne stope na državne obveznice, referentna kamatna stopa i kurs. Vremenski period obuhvaćen istraživanjem je od 2005. do 2017. godine, gde širina vremenskog horizonta istraživanja omogućava testiranje modifikovane GARCH metodologije u periodima pre, tokom i posle globalne finansijske krize. Pored upotrebe modifikovanih ekonometrijskih modela GARCH, metodologija istraživanja uključuje upotrebu AIC, SIC i HQC (Akaike, Schwarz i Hannan-Quinn) kriterijuma za odabir najboljih modela, kao i odgovarajuće testove koji su pogodni i/ili prilagođeni specifičnim karakteristikama finansijskih tržišta, kako razvijenih, tako i zemalja u razvoju. Rezultati istraživanja potvrđuju ulogu i značaj modifikovane GARCH metodologije za efikasno kvantifikovanje investicionog rizika na razvijenim finansijskim tržištima naspram finansijskih tržišta zemalja u razvoju. U tom smislu, dobijeni rezultati istraživanja biće korisni i akademskoj zajednici i stručnoj javnosti u kontekstu donošenja odluka o ulaganju., The subject of this research is to analyze and test the modified GARCH methodology in terms of quantifying the impact of inflation rates, interest rates on government bonds, reference interest rates, and exchange rates on daily rates of return on investment activities in the observed financial markets of North America, Serbia and Croatia. The aim of the research, i.e. a special focus in the research, is to compare the obtained results between the developed financial markets and the financial markets of developing countries, as well as to test the modified GARCH methodology in the observed financial markets. The key indicators in the research, presumed to affect the daily return rates, were the following: inflation rate, interest rates on government bonds, reference interest rate and exchange rate. The time period covered by the research is from 2005 to 2017, where the width of the research time horizon allows testing the modified GARCH methodology in the periods before, during and after the global financial crisis. In addition to the use of modified GARCH econometric models, the research methodology includes the use of AIC, SIC and HQC (Akaike, Schwarz and Hannan-Quinn) criteria for selecting the best models, as well as the appropriate tests that are suitable for and/or adapted to the specific characteristics of financial markets of both developed and developing countries. The research results confirm the role and importance of the modified GARCH methodology for effective investment risk quantification in developed financial markets versus the financial markets of developing countries. In this sense, the obtained research results will be useful to both the academic community and the professional public in the context of investment decision making.",
publisher = "Univerzitet u Beogradu - Tehnički fakultet u Boru, Beograd",
journal = "Serbian Journal of Management",
title = "Primena modifikovane GARCH metodologije - razvijena finansijska tržišta protiv finansijskih tržišta u razvoju, Application of modified GARCH methodology: Developed financial markets versus emerging financial markets",
pages = "261-241",
number = "2",
volume = "15",
doi = "10.5937/sjm15-20566",
url = "conv_1057"
}

Penezić, N., Anđelić, G., Milošević, M.,& Tot, V.. (2020). Primena modifikovane GARCH metodologije - razvijena finansijska tržišta protiv finansijskih tržišta u razvoju. in Serbian Journal of Management
Univerzitet u Beogradu - Tehnički fakultet u Boru, Beograd., 15(2), 241-261.
https://doi.org/10.5937/sjm15-20566
conv_1057

Penezić N, Anđelić G, Milošević M, Tot V. Primena modifikovane GARCH metodologije - razvijena finansijska tržišta protiv finansijskih tržišta u razvoju. in Serbian Journal of Management. 2020;15(2):241-261.
doi:10.5937/sjm15-20566
conv_1057 .

Penezić, Nenad, Anđelić, Goran, Milošević, Marko, Tot, Vilmoš, "Primena modifikovane GARCH metodologije - razvijena finansijska tržišta protiv finansijskih tržišta u razvoju" in Serbian Journal of Management, 15, no. 2 (2020):241-261,
https://doi.org/10.5937/sjm15-20566 .,
conv_1057 .

TY  - JOUR
AU  - Milosević, Marko
AU  - Anđelić, Goran
AU  - Vidaković, Slobodan
AU  - Đaković, Vladimir
PY  - 2019
UR  - https://redun.educons.edu.rs/handle/123456789/393
AB  - Taking into account the current trends and opportunities in the financial markets of developing countries, the subject of the research is to analyse, test and quantify the impact of the holiday effect on the daily return rates from investing activities for the observed financial markets of Slovenia, Croatia and Hungary. The aim of the research is to gain a concrete, empirically tested and quantified knowledge of the capabilities and effectiveness of autoregressive conditional heteroscedasticity (A.R.C.H.) and generalized autoregressive conditional heteroscedasticity (G.A.R.C.H.) models, in order to quantify the impact of the holiday effect on the rates of return from investing activities in the observed financial markets. The time period covered by the research is 2003-2016, where the length of the research time horizon makes possible model effectiveness testing in the periods before, during and after the global financial crisis. The methodology also includes S.I.C.-A.I.C. (Schwarz and Akaike) model selection criteria and a number of tests suitable for or adapted to the specific characteristics of financial markets in developing countries. The research results confirm the role and importance of the application of econometric models in order to quantify the risks of investing activities in the financial markets of developing countries.
PB  - ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD, ABINGDON
T2  - Economic Research-Ekonomska Istrazivanja
T1  - The influence of holiday effect on the rate of return of emerging markets: a case study of Slovenia, Croatia and Hungary
EP  - 2376
IS  - 1
SP  - 2354
VL  - 32
DO  - 10.1080/1331677X.2019.1638281
UR  - conv_995
ER  - 

@article{
author = "Milosević, Marko and Anđelić, Goran and Vidaković, Slobodan and Đaković, Vladimir",
year = "2019",
abstract = "Taking into account the current trends and opportunities in the financial markets of developing countries, the subject of the research is to analyse, test and quantify the impact of the holiday effect on the daily return rates from investing activities for the observed financial markets of Slovenia, Croatia and Hungary. The aim of the research is to gain a concrete, empirically tested and quantified knowledge of the capabilities and effectiveness of autoregressive conditional heteroscedasticity (A.R.C.H.) and generalized autoregressive conditional heteroscedasticity (G.A.R.C.H.) models, in order to quantify the impact of the holiday effect on the rates of return from investing activities in the observed financial markets. The time period covered by the research is 2003-2016, where the length of the research time horizon makes possible model effectiveness testing in the periods before, during and after the global financial crisis. The methodology also includes S.I.C.-A.I.C. (Schwarz and Akaike) model selection criteria and a number of tests suitable for or adapted to the specific characteristics of financial markets in developing countries. The research results confirm the role and importance of the application of econometric models in order to quantify the risks of investing activities in the financial markets of developing countries.",
publisher = "ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD, ABINGDON",
journal = "Economic Research-Ekonomska Istrazivanja",
title = "The influence of holiday effect on the rate of return of emerging markets: a case study of Slovenia, Croatia and Hungary",
pages = "2376-2354",
number = "1",
volume = "32",
doi = "10.1080/1331677X.2019.1638281",
url = "conv_995"
}

Milosević, M., Anđelić, G., Vidaković, S.,& Đaković, V.. (2019). The influence of holiday effect on the rate of return of emerging markets: a case study of Slovenia, Croatia and Hungary. in Economic Research-Ekonomska Istrazivanja
ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD, ABINGDON., 32(1), 2354-2376.
https://doi.org/10.1080/1331677X.2019.1638281
conv_995

Milosević M, Anđelić G, Vidaković S, Đaković V. The influence of holiday effect on the rate of return of emerging markets: a case study of Slovenia, Croatia and Hungary. in Economic Research-Ekonomska Istrazivanja. 2019;32(1):2354-2376.
doi:10.1080/1331677X.2019.1638281
conv_995 .

Milosević, Marko, Anđelić, Goran, Vidaković, Slobodan, Đaković, Vladimir, "The influence of holiday effect on the rate of return of emerging markets: a case study of Slovenia, Croatia and Hungary" in Economic Research-Ekonomska Istrazivanja, 32, no. 1 (2019):2354-2376,
https://doi.org/10.1080/1331677X.2019.1638281 .,
conv_995 .

TY  - JOUR
AU  - Đaković, Vladimir
AU  - Anđelić, Goran
AU  - Petković, Aleksandar D.
PY  - 2019
UR  - https://redun.educons.edu.rs/handle/123456789/395
AB  - The research subject is the investment environment problem analysis and the evaluation of the developing countries, namely, the Republic of Serbia, Croatia, Slovenia, and Hungary. The research problem is to determine performance and adequacy of risk estimation models with special attention to the investment environment specificities of the markets in the developing countries. The analysis was carried out by testing and implementation of the Value-at-Risk models, i.e. the historical simulation (HS VaR), the delta-normal VaR (D VaR) and the extreme value theory model (EVT), with the confidence level of 95 % for 100, 200 and 300 days, in the period from 2012 to 2016. The research objective is to test the validity of VaR models and performance evaluation regarding determination of the maximum possible loss. The basic hypothesis of the research is that there is a relation between the successful application of the historical simulation (HS VaR), the delta-normal VaR (D VaR) and the extreme value theory model (EVT) and the conditions and opportunities of the investment environment of the developing countries. The research results provide concrete knowledge of the conditions and circumstances of the investment environment in the observed markets, with a simultaneous performance assessment of the tested VaR models. The main result of the study is that regarding investment activities in the markets of developing countries and number of failures of various VaR models, the investment policymakers cannot rely on the analysis of historical trends and on one of the basic postulates of portfolio analysis 'History Repeats Itself'. Recommendation for further research and for the local societies benefit is to emphasize the necessity of stable investment environment, thus enabling adequate capital allocation and risk estimation, while using the wide variety of approaches to Value-at-Risk modeling, especially for longer-horizon risk prediction.
PB  - KAUNAS UNIV TECHNOL, KAUNAS
T2  - Inzinerine Ekonomika-Engineering Economics
T1  - Investment Environment Problem Analysis and Evaluation: an Ex Post Empirical Analysis and Performance Implications
EP  - 433
IS  - 4
SP  - 422
VL  - 30
DO  - 10.5755/j01.ee.30.4.20838
UR  - conv_1008
ER  - 

@article{
author = "Đaković, Vladimir and Anđelić, Goran and Petković, Aleksandar D.",
year = "2019",
abstract = "The research subject is the investment environment problem analysis and the evaluation of the developing countries, namely, the Republic of Serbia, Croatia, Slovenia, and Hungary. The research problem is to determine performance and adequacy of risk estimation models with special attention to the investment environment specificities of the markets in the developing countries. The analysis was carried out by testing and implementation of the Value-at-Risk models, i.e. the historical simulation (HS VaR), the delta-normal VaR (D VaR) and the extreme value theory model (EVT), with the confidence level of 95 % for 100, 200 and 300 days, in the period from 2012 to 2016. The research objective is to test the validity of VaR models and performance evaluation regarding determination of the maximum possible loss. The basic hypothesis of the research is that there is a relation between the successful application of the historical simulation (HS VaR), the delta-normal VaR (D VaR) and the extreme value theory model (EVT) and the conditions and opportunities of the investment environment of the developing countries. The research results provide concrete knowledge of the conditions and circumstances of the investment environment in the observed markets, with a simultaneous performance assessment of the tested VaR models. The main result of the study is that regarding investment activities in the markets of developing countries and number of failures of various VaR models, the investment policymakers cannot rely on the analysis of historical trends and on one of the basic postulates of portfolio analysis 'History Repeats Itself'. Recommendation for further research and for the local societies benefit is to emphasize the necessity of stable investment environment, thus enabling adequate capital allocation and risk estimation, while using the wide variety of approaches to Value-at-Risk modeling, especially for longer-horizon risk prediction.",
publisher = "KAUNAS UNIV TECHNOL, KAUNAS",
journal = "Inzinerine Ekonomika-Engineering Economics",
title = "Investment Environment Problem Analysis and Evaluation: an Ex Post Empirical Analysis and Performance Implications",
pages = "433-422",
number = "4",
volume = "30",
doi = "10.5755/j01.ee.30.4.20838",
url = "conv_1008"
}

Đaković, V., Anđelić, G.,& Petković, A. D.. (2019). Investment Environment Problem Analysis and Evaluation: an Ex Post Empirical Analysis and Performance Implications. in Inzinerine Ekonomika-Engineering Economics
KAUNAS UNIV TECHNOL, KAUNAS., 30(4), 422-433.
https://doi.org/10.5755/j01.ee.30.4.20838
conv_1008

Đaković V, Anđelić G, Petković AD. Investment Environment Problem Analysis and Evaluation: an Ex Post Empirical Analysis and Performance Implications. in Inzinerine Ekonomika-Engineering Economics. 2019;30(4):422-433.
doi:10.5755/j01.ee.30.4.20838
conv_1008 .

Đaković, Vladimir, Anđelić, Goran, Petković, Aleksandar D., "Investment Environment Problem Analysis and Evaluation: an Ex Post Empirical Analysis and Performance Implications" in Inzinerine Ekonomika-Engineering Economics, 30, no. 4 (2019):422-433,
https://doi.org/10.5755/j01.ee.30.4.20838 .,
conv_1008 .

TY  - JOUR
AU  - Anđelić, Goran
AU  - Penezić, Nenad
AU  - Tot, Vilmoš
AU  - Milošević, Marko
PY  - 2018
UR  - https://redun.educons.edu.rs/handle/123456789/347
AB  - Uzimajući u obzir aktuelne trendove na domaćem finansijskom tržištu, predmet istraživanja u radu je analiziranje, testiranje i kvantifikacija uticaja stope inflacije na dnevne stope prinosa akcija kompanija realnog sektora AP Vojvodine. Cilj istraživanja jesu konkretna, u praksi testirana i kvantifikovana saznanja o mogućnostima i efikasnosti primene GARCH modela u funkciji kvantifikacije uticaja stope inflacije na stope prinosa akcija posmatranih kompanija. Vremenski period obuhvaćen istraživanjem je od 2006. do 2016-te godine i uključuje kompanije realnog sektora AP Vojvodine čije se akcije kotiraju u okviru berzanskog indeksa BELEXline. Rezultati istraživanja pokazuju tačnu korelacionu vezu između dnevnih stopa prinosa posmatranih kompanija i faktora finansijskog rizika - stope inflacije. Rezultati takođe pokazuju pozitivan uticaj varijable stope inflacije na prinose akcija kompanija NIS a.d (0.013876), Sojaprotein ad (0.019167) i Vital a.d (0.051056), a negativan uticaj na prinose akcija kompanije Veterinarski zavod a.d (-0.000183). Rezultati istraživanja potvrđuju ulogu i značaj primene ekonometrijskih modela u svetlu kvantifikacije faktora finansijskih rizika na prinose od aktivnosti investiranja u kompanije realnog sektora AP Vojvodine.
AB  - Taking into account the current trends in the domestic financial market, the subject of this research is the analysis, testing and quantification of the inflation rate impact on the daily share returns of the real sector companies in AP Vojvodina. The aim of the research is to generate concrete, practically tested and quantified knowledge about the possibilities and efficiency of the GARCH models application to quantify the inflation rate impact on the share returns of the observed companies. The period covered by the survey is from 2006 to 2016 and it includes the real sector companies of AP Vojvodina whose shares are quoted within the stock exchange index BELEXline. The research results show the exact correlation between the daily return rates of the observed companies and the financial risk factor - the inflation rate. The results also show a positive impact of the variable inflation rate on the returns of companies NIS a.d (0.013876), Sojaprotein a.d (0.019167) and Vital a.d (0.051056), and a negative impact on the returns of the company Veterinary Institute a.d (-0.000183). The research results confirm the role and significance of the application of econometric models in order to quantify financial risk factors of returns from investment activities in the real sector companies of AP Vojvodina.
PB  - Univerzitet Singidunum, Beograd
T2  - The European Journal of Applied Economics
T1  - Uticaj stope inflacije na prinose od akcija u kompanijama realnog sektora u AP Vojvodini
T1  - Inflation rate impact on the share returns of real sector companies in AP Vojvodina
EP  - 57
IS  - 2
SP  - 43
VL  - 15
DO  - 10.5937/EJAE15-17997
UR  - conv_669
ER  - 

@article{
author = "Anđelić, Goran and Penezić, Nenad and Tot, Vilmoš and Milošević, Marko",
year = "2018",
abstract = "Uzimajući u obzir aktuelne trendove na domaćem finansijskom tržištu, predmet istraživanja u radu je analiziranje, testiranje i kvantifikacija uticaja stope inflacije na dnevne stope prinosa akcija kompanija realnog sektora AP Vojvodine. Cilj istraživanja jesu konkretna, u praksi testirana i kvantifikovana saznanja o mogućnostima i efikasnosti primene GARCH modela u funkciji kvantifikacije uticaja stope inflacije na stope prinosa akcija posmatranih kompanija. Vremenski period obuhvaćen istraživanjem je od 2006. do 2016-te godine i uključuje kompanije realnog sektora AP Vojvodine čije se akcije kotiraju u okviru berzanskog indeksa BELEXline. Rezultati istraživanja pokazuju tačnu korelacionu vezu između dnevnih stopa prinosa posmatranih kompanija i faktora finansijskog rizika - stope inflacije. Rezultati takođe pokazuju pozitivan uticaj varijable stope inflacije na prinose akcija kompanija NIS a.d (0.013876), Sojaprotein ad (0.019167) i Vital a.d (0.051056), a negativan uticaj na prinose akcija kompanije Veterinarski zavod a.d (-0.000183). Rezultati istraživanja potvrđuju ulogu i značaj primene ekonometrijskih modela u svetlu kvantifikacije faktora finansijskih rizika na prinose od aktivnosti investiranja u kompanije realnog sektora AP Vojvodine., Taking into account the current trends in the domestic financial market, the subject of this research is the analysis, testing and quantification of the inflation rate impact on the daily share returns of the real sector companies in AP Vojvodina. The aim of the research is to generate concrete, practically tested and quantified knowledge about the possibilities and efficiency of the GARCH models application to quantify the inflation rate impact on the share returns of the observed companies. The period covered by the survey is from 2006 to 2016 and it includes the real sector companies of AP Vojvodina whose shares are quoted within the stock exchange index BELEXline. The research results show the exact correlation between the daily return rates of the observed companies and the financial risk factor - the inflation rate. The results also show a positive impact of the variable inflation rate on the returns of companies NIS a.d (0.013876), Sojaprotein a.d (0.019167) and Vital a.d (0.051056), and a negative impact on the returns of the company Veterinary Institute a.d (-0.000183). The research results confirm the role and significance of the application of econometric models in order to quantify financial risk factors of returns from investment activities in the real sector companies of AP Vojvodina.",
publisher = "Univerzitet Singidunum, Beograd",
journal = "The European Journal of Applied Economics",
title = "Uticaj stope inflacije na prinose od akcija u kompanijama realnog sektora u AP Vojvodini, Inflation rate impact on the share returns of real sector companies in AP Vojvodina",
pages = "57-43",
number = "2",
volume = "15",
doi = "10.5937/EJAE15-17997",
url = "conv_669"
}

Anđelić, G., Penezić, N., Tot, V.,& Milošević, M.. (2018). Uticaj stope inflacije na prinose od akcija u kompanijama realnog sektora u AP Vojvodini. in The European Journal of Applied Economics
Univerzitet Singidunum, Beograd., 15(2), 43-57.
https://doi.org/10.5937/EJAE15-17997
conv_669

Anđelić G, Penezić N, Tot V, Milošević M. Uticaj stope inflacije na prinose od akcija u kompanijama realnog sektora u AP Vojvodini. in The European Journal of Applied Economics. 2018;15(2):43-57.
doi:10.5937/EJAE15-17997
conv_669 .

Anđelić, Goran, Penezić, Nenad, Tot, Vilmoš, Milošević, Marko, "Uticaj stope inflacije na prinose od akcija u kompanijama realnog sektora u AP Vojvodini" in The European Journal of Applied Economics, 15, no. 2 (2018):43-57,
https://doi.org/10.5937/EJAE15-17997 .,
conv_669 .

TY  - JOUR
AU  - Đaković, Vladimir
AU  - Anđelić, Goran
PY  - 2017
UR  - https://redun.educons.edu.rs/handle/123456789/319
AB  - The subject of this research is to test the performances of the parametric and nonparametric VaR models in the markets of the countries of the Southeast European region. The research objective is to provide concrete results regarding the possibilities of application of aforementioned VaR models in the observed markets. The research hypothesis is that the application of both parametric and nonparametric VaR models can provide optimal results regarding investment optimization. The methodology used in this research includes the application of MANOVA analysis, discriminant analysis, and Roy's test in the case of selected regional countries. The research results indicate the significance of the analysed VaR models application in the analysed markets and expand the potential for further research in the subject field. The results obtained in the research (rolling windows 100 and 300 days) implicate that statistically significant differences exists in the application of both parametric and nonparametric VaR models. Also, these results have significant international importance having in mind that there are very few studies in this area with the focus on the markets of the Southeast European region, especially with so wide and systemic approach as in this research. Having this fact in mind, the results obtained in this research significantly expand both academic and practical knowledge about possibilities and limitations of different Value at Risk models in everyday business practice.
PB  - KAUNAS UNIV TECHNOL, KAUNAS
T2  - Inzinerine Ekonomika-Engineering Economics
T1  - The Possibilities of Application of the Parametric and Nonparametric VaR Daily Returns Estimation - Regional Perspective
EP  - 134
IS  - 2
SP  - 127
VL  - 28
DO  - 10.5755/j01.ee.28.2.14225
UR  - conv_896
ER  - 

@article{
author = "Đaković, Vladimir and Anđelić, Goran",
year = "2017",
abstract = "The subject of this research is to test the performances of the parametric and nonparametric VaR models in the markets of the countries of the Southeast European region. The research objective is to provide concrete results regarding the possibilities of application of aforementioned VaR models in the observed markets. The research hypothesis is that the application of both parametric and nonparametric VaR models can provide optimal results regarding investment optimization. The methodology used in this research includes the application of MANOVA analysis, discriminant analysis, and Roy's test in the case of selected regional countries. The research results indicate the significance of the analysed VaR models application in the analysed markets and expand the potential for further research in the subject field. The results obtained in the research (rolling windows 100 and 300 days) implicate that statistically significant differences exists in the application of both parametric and nonparametric VaR models. Also, these results have significant international importance having in mind that there are very few studies in this area with the focus on the markets of the Southeast European region, especially with so wide and systemic approach as in this research. Having this fact in mind, the results obtained in this research significantly expand both academic and practical knowledge about possibilities and limitations of different Value at Risk models in everyday business practice.",
publisher = "KAUNAS UNIV TECHNOL, KAUNAS",
journal = "Inzinerine Ekonomika-Engineering Economics",
title = "The Possibilities of Application of the Parametric and Nonparametric VaR Daily Returns Estimation - Regional Perspective",
pages = "134-127",
number = "2",
volume = "28",
doi = "10.5755/j01.ee.28.2.14225",
url = "conv_896"
}

Đaković, V.,& Anđelić, G.. (2017). The Possibilities of Application of the Parametric and Nonparametric VaR Daily Returns Estimation - Regional Perspective. in Inzinerine Ekonomika-Engineering Economics
KAUNAS UNIV TECHNOL, KAUNAS., 28(2), 127-134.
https://doi.org/10.5755/j01.ee.28.2.14225
conv_896

Đaković V, Anđelić G. The Possibilities of Application of the Parametric and Nonparametric VaR Daily Returns Estimation - Regional Perspective. in Inzinerine Ekonomika-Engineering Economics. 2017;28(2):127-134.
doi:10.5755/j01.ee.28.2.14225
conv_896 .

Đaković, Vladimir, Anđelić, Goran, "The Possibilities of Application of the Parametric and Nonparametric VaR Daily Returns Estimation - Regional Perspective" in Inzinerine Ekonomika-Engineering Economics, 28, no. 2 (2017):127-134,
https://doi.org/10.5755/j01.ee.28.2.14225 .,
conv_896 .

TY  - JOUR
AU  - Ralević, Nebojša
AU  - Glišović, Nataša
AU  - Đaković, Vladimir
AU  - Anđelić, Goran
PY  - 2017
UR  - https://redun.educons.edu.rs/handle/123456789/315
AB  - Predmet istraživanja u radu jeste kreiranje i testiranje poboljšanog fuzzy neural network backpropagation modela za predikciju berzanskih indeksa, uz poređenje sa tradicionalnim neural network backpropagation modelom. Cilj istraživanja jeste dolaženje do konkretnih saznanja o mogućnostima primene poboljšanog fuzzy neural network backpropagation modela za predikciju berzanskih indeksa, sa posebnim fokusom na tranzitorna tržišta. Metodologija korišćena u radu obuhvata integraciju fuzzy-fikovanih tezina u neuro mreži. Rezultati istraživanja biće korisni kako široj investicionoj javnosti, tako i akademskoj struci, u smislu korišćenja poboljšanog modela u donošenju odluka o investiranju i unapređenju znanja u predmetnoj oblasti.
AB  - The subject of this paper is the creation and testing of an enhanced fuzzy neural network backpropagation model for the prediction of stock market indexes, including the comparison with the traditional neural network backpropagation model. The objective of the research is to gather information concerning the possibilities of using the enhanced fuzzy neural network backpropagation model for the prediction of stock market indexes focusing on transitional markets. The methodology used involves the integration of fuzzified weights into the neural network. The research results will be beneficial both for the broader investment community and the academia, in terms of the application of the enhanced model in the investment decision-making, as well as in improving the knowledge in this subject matter.
PB  - Ekonomski institut, Beograd
T2  - Industrija
T1  - Prediktivni hibridni sistem za berzansko tržište - slučaj tranzitornih tržišta
T1  - Hybrid system prediction for the stock market: The case of transitional markets
EP  - 60
IS  - 1
SP  - 45
VL  - 45
DO  - 10.5937/industrija45-11052
UR  - conv_92
ER  - 

@article{
author = "Ralević, Nebojša and Glišović, Nataša and Đaković, Vladimir and Anđelić, Goran",
year = "2017",
abstract = "Predmet istraživanja u radu jeste kreiranje i testiranje poboljšanog fuzzy neural network backpropagation modela za predikciju berzanskih indeksa, uz poređenje sa tradicionalnim neural network backpropagation modelom. Cilj istraživanja jeste dolaženje do konkretnih saznanja o mogućnostima primene poboljšanog fuzzy neural network backpropagation modela za predikciju berzanskih indeksa, sa posebnim fokusom na tranzitorna tržišta. Metodologija korišćena u radu obuhvata integraciju fuzzy-fikovanih tezina u neuro mreži. Rezultati istraživanja biće korisni kako široj investicionoj javnosti, tako i akademskoj struci, u smislu korišćenja poboljšanog modela u donošenju odluka o investiranju i unapređenju znanja u predmetnoj oblasti., The subject of this paper is the creation and testing of an enhanced fuzzy neural network backpropagation model for the prediction of stock market indexes, including the comparison with the traditional neural network backpropagation model. The objective of the research is to gather information concerning the possibilities of using the enhanced fuzzy neural network backpropagation model for the prediction of stock market indexes focusing on transitional markets. The methodology used involves the integration of fuzzified weights into the neural network. The research results will be beneficial both for the broader investment community and the academia, in terms of the application of the enhanced model in the investment decision-making, as well as in improving the knowledge in this subject matter.",
publisher = "Ekonomski institut, Beograd",
journal = "Industrija",
title = "Prediktivni hibridni sistem za berzansko tržište - slučaj tranzitornih tržišta, Hybrid system prediction for the stock market: The case of transitional markets",
pages = "60-45",
number = "1",
volume = "45",
doi = "10.5937/industrija45-11052",
url = "conv_92"
}

Ralević, N., Glišović, N., Đaković, V.,& Anđelić, G.. (2017). Prediktivni hibridni sistem za berzansko tržište - slučaj tranzitornih tržišta. in Industrija
Ekonomski institut, Beograd., 45(1), 45-60.
https://doi.org/10.5937/industrija45-11052
conv_92

Ralević N, Glišović N, Đaković V, Anđelić G. Prediktivni hibridni sistem za berzansko tržište - slučaj tranzitornih tržišta. in Industrija. 2017;45(1):45-60.
doi:10.5937/industrija45-11052
conv_92 .

Ralević, Nebojša, Glišović, Nataša, Đaković, Vladimir, Anđelić, Goran, "Prediktivni hibridni sistem za berzansko tržište - slučaj tranzitornih tržišta" in Industrija, 45, no. 1 (2017):45-60,
https://doi.org/10.5937/industrija45-11052 .,
conv_92 .

TY  - JOUR
AU  - Anđelić, Goran
AU  - Đaković, Vladimir
AU  - Tot, Vilmoš
PY  - 2016
UR  - https://redun.educons.edu.rs/handle/123456789/267
AB  - Predmet istraživanja u radu jeste definisanje mesta, uloge i značaja novih koncepata standardizacije u funkciji razvoja robnih berzi, odnosno berzanskog trgovanja robama. Cilj istraživanja jeste dolaženje do niza konkretnih informacija, u praksi testiranih, o mogućnostima unapređenja berzanskog trgovanja robama, odnosno stvaranja uslova za dalju evoluciju robnih berzi, sa posebnim fokusom na stanja i prilike na domaćem tržištu Republike Srbije. Metodologija korišćena u istraživanju obuhvata metode analize, sinteze, eksplorativne i induktivno-deduktivne tehnike. Rezultati istraživanja biće korisni kako akademskoj zajednici za dalja istraživanja u oblasti, tako i kreatorima politika u funkciji kreiranja i implementacije seta mera i instrumenata usmerenih ka razvoju robnih berzi i robnog berzanskog trgovanja.
AB  - The subject of the research is to analyze and to define the place, role and significance of the new concepts of standardisation in function of commodity exchange evolution. The objective of the research is to provide concrete information, tested in practice, about possibilities for improving commodity exchange trading, that is, making conditions for further commodity exchanges evolution, with special focus on conditions and circumstances at the domestic market of the Republic of Serbia. Methodology used in the research comprises methods of analysis, synthesis, explorative and inductive-deductive techniques. The results of the research will be useful both for academic sector for further exploration in the area, and also for policy makers in function of creation and implementation instruments for further commodity exchanges and commodity exchange trading development.
PB  - Univerzitet Edukons - Fakultet poslovne ekonomije, Sremska Kamenica
T2  - Poslovna ekonomija
T1  - Novi pravci razvoja robnih berzi kroz 'prizmu' savremenih standarda
T1  - New development trends of commodity exchanges through 'the prism' of modern standards
EP  - 27
IS  - 2
SP  - 1
VL  - 10
DO  - 10.5937/poseko10-13066
UR  - conv_583
ER  - 

@article{
author = "Anđelić, Goran and Đaković, Vladimir and Tot, Vilmoš",
year = "2016",
abstract = "Predmet istraživanja u radu jeste definisanje mesta, uloge i značaja novih koncepata standardizacije u funkciji razvoja robnih berzi, odnosno berzanskog trgovanja robama. Cilj istraživanja jeste dolaženje do niza konkretnih informacija, u praksi testiranih, o mogućnostima unapređenja berzanskog trgovanja robama, odnosno stvaranja uslova za dalju evoluciju robnih berzi, sa posebnim fokusom na stanja i prilike na domaćem tržištu Republike Srbije. Metodologija korišćena u istraživanju obuhvata metode analize, sinteze, eksplorativne i induktivno-deduktivne tehnike. Rezultati istraživanja biće korisni kako akademskoj zajednici za dalja istraživanja u oblasti, tako i kreatorima politika u funkciji kreiranja i implementacije seta mera i instrumenata usmerenih ka razvoju robnih berzi i robnog berzanskog trgovanja., The subject of the research is to analyze and to define the place, role and significance of the new concepts of standardisation in function of commodity exchange evolution. The objective of the research is to provide concrete information, tested in practice, about possibilities for improving commodity exchange trading, that is, making conditions for further commodity exchanges evolution, with special focus on conditions and circumstances at the domestic market of the Republic of Serbia. Methodology used in the research comprises methods of analysis, synthesis, explorative and inductive-deductive techniques. The results of the research will be useful both for academic sector for further exploration in the area, and also for policy makers in function of creation and implementation instruments for further commodity exchanges and commodity exchange trading development.",
publisher = "Univerzitet Edukons - Fakultet poslovne ekonomije, Sremska Kamenica",
journal = "Poslovna ekonomija",
title = "Novi pravci razvoja robnih berzi kroz 'prizmu' savremenih standarda, New development trends of commodity exchanges through 'the prism' of modern standards",
pages = "27-1",
number = "2",
volume = "10",
doi = "10.5937/poseko10-13066",
url = "conv_583"
}

Anđelić, G., Đaković, V.,& Tot, V.. (2016). Novi pravci razvoja robnih berzi kroz 'prizmu' savremenih standarda. in Poslovna ekonomija
Univerzitet Edukons - Fakultet poslovne ekonomije, Sremska Kamenica., 10(2), 1-27.
https://doi.org/10.5937/poseko10-13066
conv_583

Anđelić G, Đaković V, Tot V. Novi pravci razvoja robnih berzi kroz 'prizmu' savremenih standarda. in Poslovna ekonomija. 2016;10(2):1-27.
doi:10.5937/poseko10-13066
conv_583 .

Anđelić, Goran, Đaković, Vladimir, Tot, Vilmoš, "Novi pravci razvoja robnih berzi kroz 'prizmu' savremenih standarda" in Poslovna ekonomija, 10, no. 2 (2016):1-27,
https://doi.org/10.5937/poseko10-13066 .,
conv_583 .

TY  - JOUR
AU  - Dimitrijević, Bojan S.
AU  - Đaković, Vladimir
AU  - Anđelić, Goran
AU  - Glišović, Nataša S.
PY  - 2016
UR  - https://redun.educons.edu.rs/handle/123456789/271
AB  - Ekonofizika je nova i narastajuća naučna disciplina koja nastoji da poveže i utvrdi međuzavisnost između fizičkih pojava i ekonomske aktivnosti ljudi. Sve je veći broj radova koji nastoje da dokažu empirijsku povezanost i uzročno-posledičnu međuzavisnost između sunčevih pega i ponašanja berzanskih indeksa. Teorijski osnov ove veze zasniva se na činjenici da sunčeve pege uzrokuju pojačanu geomagnetnu aktivnost Zemlje, a ova uzrokuje promene u psihologiji i ponašanju ljudi, dovodeći do talasa optimizma i pesimizma, što utiče na intenzitet investiranja na berzanskim tržištima, cene akcija i veličinu prinosa. Stoga, U radu se istražuje empirijska međuzavisnost između aktivnosti sunčevih pega i ponašanja berzanskih indeksa na četiri narastajuća tržišta doskorašnjih zemalja u tranziciji (Mađarska, Slovenija, Hrvatska i Srbija). Analiziran je period od sedam godina (2005-2012.), jer koincidira sa vremenom izbijanja globalne ekonomske krize (kraj 2008. godine). Rezultati istraživanja upućuju na zaključak da empirijska međuzavisnost i uzročnost postoji, u skladu sa teorijskim očekivanjima.
AB  - Econophysics is a new and growing discipline that strives to connect and establish the interdependence between natural phenomena and human economic activities. A growing number of studies attempts to prove empirical correlation and cause-effect interdependence between sunspots and the behaviour of stock market indices. This relationship is theoretically based on the fact that sunspots cause enhanced geomagnetic activity of the Earth, and it changes human psychology and behaviour, inducing waves of optimism and pessimism, which affect investment intensity in stock markets, stock prices and return size. Therefore, the article explores the empirical correlation between sunspot activity and behaviour of stock indices in four growing stock markets in former transition countries (Hungary, Slovenia, Croatia and Serbia). The period of seven years (2005 to 2012) is analyzed since it coincides with the outbreak of the global economic crisis (late 2008). The research results indicate that there exist empirical correlation and causality, in accordance with theoretical expectations.
PB  - Univerzitet Edukons - Fakultet poslovne ekonomije, Sremska Kamenica
T2  - Poslovna ekonomija
T1  - Sunčeve pege i berzanska tržišta - empirijski dokazi međuzavisnosti u zemljama u tranziciji
T1  - Sunspots and stock markets: Some empirical evidence of their interdependence in transition countries
EP  - 24
IS  - 1
SP  - 1
VL  - 10
DO  - 10.5937/PosEko1601001D
UR  - conv_576
ER  - 

@article{
author = "Dimitrijević, Bojan S. and Đaković, Vladimir and Anđelić, Goran and Glišović, Nataša S.",
year = "2016",
abstract = "Ekonofizika je nova i narastajuća naučna disciplina koja nastoji da poveže i utvrdi međuzavisnost između fizičkih pojava i ekonomske aktivnosti ljudi. Sve je veći broj radova koji nastoje da dokažu empirijsku povezanost i uzročno-posledičnu međuzavisnost između sunčevih pega i ponašanja berzanskih indeksa. Teorijski osnov ove veze zasniva se na činjenici da sunčeve pege uzrokuju pojačanu geomagnetnu aktivnost Zemlje, a ova uzrokuje promene u psihologiji i ponašanju ljudi, dovodeći do talasa optimizma i pesimizma, što utiče na intenzitet investiranja na berzanskim tržištima, cene akcija i veličinu prinosa. Stoga, U radu se istražuje empirijska međuzavisnost između aktivnosti sunčevih pega i ponašanja berzanskih indeksa na četiri narastajuća tržišta doskorašnjih zemalja u tranziciji (Mađarska, Slovenija, Hrvatska i Srbija). Analiziran je period od sedam godina (2005-2012.), jer koincidira sa vremenom izbijanja globalne ekonomske krize (kraj 2008. godine). Rezultati istraživanja upućuju na zaključak da empirijska međuzavisnost i uzročnost postoji, u skladu sa teorijskim očekivanjima., Econophysics is a new and growing discipline that strives to connect and establish the interdependence between natural phenomena and human economic activities. A growing number of studies attempts to prove empirical correlation and cause-effect interdependence between sunspots and the behaviour of stock market indices. This relationship is theoretically based on the fact that sunspots cause enhanced geomagnetic activity of the Earth, and it changes human psychology and behaviour, inducing waves of optimism and pessimism, which affect investment intensity in stock markets, stock prices and return size. Therefore, the article explores the empirical correlation between sunspot activity and behaviour of stock indices in four growing stock markets in former transition countries (Hungary, Slovenia, Croatia and Serbia). The period of seven years (2005 to 2012) is analyzed since it coincides with the outbreak of the global economic crisis (late 2008). The research results indicate that there exist empirical correlation and causality, in accordance with theoretical expectations.",
publisher = "Univerzitet Edukons - Fakultet poslovne ekonomije, Sremska Kamenica",
journal = "Poslovna ekonomija",
title = "Sunčeve pege i berzanska tržišta - empirijski dokazi međuzavisnosti u zemljama u tranziciji, Sunspots and stock markets: Some empirical evidence of their interdependence in transition countries",
pages = "24-1",
number = "1",
volume = "10",
doi = "10.5937/PosEko1601001D",
url = "conv_576"
}

Dimitrijević, B. S., Đaković, V., Anđelić, G.,& Glišović, N. S.. (2016). Sunčeve pege i berzanska tržišta - empirijski dokazi međuzavisnosti u zemljama u tranziciji. in Poslovna ekonomija
Univerzitet Edukons - Fakultet poslovne ekonomije, Sremska Kamenica., 10(1), 1-24.
https://doi.org/10.5937/PosEko1601001D
conv_576

Dimitrijević BS, Đaković V, Anđelić G, Glišović NS. Sunčeve pege i berzanska tržišta - empirijski dokazi međuzavisnosti u zemljama u tranziciji. in Poslovna ekonomija. 2016;10(1):1-24.
doi:10.5937/PosEko1601001D
conv_576 .

Dimitrijević, Bojan S., Đaković, Vladimir, Anđelić, Goran, Glišović, Nataša S., "Sunčeve pege i berzanska tržišta - empirijski dokazi međuzavisnosti u zemljama u tranziciji" in Poslovna ekonomija, 10, no. 1 (2016):1-24,
https://doi.org/10.5937/PosEko1601001D .,
conv_576 .

TY  - JOUR
AU  - Penezić, Nenad
AU  - Anđelić, Goran
AU  - Ješić, Jelena
AU  - Andrejević-Panić, Andrea
AU  - Vukadinović, Simonida
PY  - 2015
UR  - https://redun.educons.edu.rs/handle/123456789/250
AB  - U uslovima kada se regionalna ekonomija suočava sa izazovima nezaposlenosti, slabog ili negativnog privrednog rasta, brzo rastućim modelima digitalnog poslovanja, dramatičnim promenama u životnoj sredini uz međusobno preplitanje globalnih pojava (kretanja u ljudskom društvu, institucionalne promene, politički odnosi), neophodnost da obrazovni sistem sve više odražava potrebe privredne strukture postaje prioritet vladama u modeliranju javnih politika namenjenih blagostanju civilnog društva i savremenom ekonomskom razvoju. Koncept privrede zasnovane na znanju traži intenzivnije približavanje nauke potrebama tržišta, ali i svojevrsno 'mešanje' tržišta u svet nauke kroz nužnost sistemske primene i komercijalizacije znanja. Poseban značaj u aktuelnom razvojnom trenutku ima model četvorostrukih partnerstava (tzv. Quadruple Helix model) determinisan: (i)ključnom ulogom univerziteta i istraživačko-razvojnih organizacija u proizvodnji znanja i generisanju tehnoloških inovacija, u interakciji sa privrednim subjektima i državom, s ciljem poboljšanja produktivnosti društva zasnovanog na znanju, (ii) svojevrsnim 'zaokretom moći' u odnosima univerziteta, privrede, države i civilnog društva, pri čemu svaka inovacija doprinosi ekonomskom napretku i održivom razvoju, a implementacija inovacione politike rezultat je sinergije i interakcije ovih činilaca, kao i (iii) neophodnošću aktivnije uloge svakog pojedinačnog heliksa u razvojnom modelu ekonomija u tranziciji, kako bi se civilnom društvu donelo bogatstvo, korisnost i blagostanje. Otuda, rad ima za cilj da ukaže na vitalne (makro)ekonomske pokazatelje razvoja privredne strukture AP Vojvodine kao svojevrsnih indikatora mogućnosti i uslova za razvoj četvorostrukog heliks modela regionalne konkurentnosti.
AB  - Under conditions where the regional economy is faced with the challenges of unemployment, low or negative economic growth, rapidly growing digital business models, dramatic changes in the environment by the interweaving of global phenomena (movements in human society, institutional change, political relations), the necessity for the educational system to increasingly reflect the needs of the economic structure is becoming a priority to governments for modeling public policies aimed at the welfare of civil society and the modern economic development. The concept of knowledge-based economy is asking for more intense, 'closer to science' needs of the market, but also a kind of 'interference' of the market into the world of science, through the necessity of the system application and commercialization of knowledge. Particular importance in the current development stage is ascribed to the model of quadruple partnerships or 'Quadruple Helix model'. It is determined by: (i) the crucial role of universities and research and development organizations in knowledge production and generation of technological innovations, through the interaction with businesses and the state, with the aim of improving productivity of a knowledge-based society, (ii) a kind of 'power shift' in relations between universities, industry, government and civil society, in which each innovation contributes to the economic prosperity and sustainable development, therefore implementation of innovation policy is a result of synergy and interaction of these factors, as well as ( iii) the necessity of a more active role of each helix in the development model for economies in transition, in order to bring wealth, benefit and welfare to the civil society. Hence, the work aims to show the vital (macro) economic development indicators of economic structure of AP Vojvodina as specific indicators of opportunities and conditions for the development of quadruple helix model of regional competitiveness.
PB  - Univerzitet Edukons - Fakultet poslovne ekonomije, Sremska Kamenica
T2  - Poslovna ekonomija
T1  - Makroekonomski ambijent za razvoj Quadruple Helix modela regionalne konkurentnosti AP Vojvodine
T1  - Macroeconomic environment for development of Quadruple Helix model regional competitiveness of Vojvodina
EP  - 62
IS  - 2
SP  - 45
VL  - 9
DO  - 10.5937/PosEko1502045P
UR  - conv_570
ER  - 

@article{
author = "Penezić, Nenad and Anđelić, Goran and Ješić, Jelena and Andrejević-Panić, Andrea and Vukadinović, Simonida",
year = "2015",
abstract = "U uslovima kada se regionalna ekonomija suočava sa izazovima nezaposlenosti, slabog ili negativnog privrednog rasta, brzo rastućim modelima digitalnog poslovanja, dramatičnim promenama u životnoj sredini uz međusobno preplitanje globalnih pojava (kretanja u ljudskom društvu, institucionalne promene, politički odnosi), neophodnost da obrazovni sistem sve više odražava potrebe privredne strukture postaje prioritet vladama u modeliranju javnih politika namenjenih blagostanju civilnog društva i savremenom ekonomskom razvoju. Koncept privrede zasnovane na znanju traži intenzivnije približavanje nauke potrebama tržišta, ali i svojevrsno 'mešanje' tržišta u svet nauke kroz nužnost sistemske primene i komercijalizacije znanja. Poseban značaj u aktuelnom razvojnom trenutku ima model četvorostrukih partnerstava (tzv. Quadruple Helix model) determinisan: (i)ključnom ulogom univerziteta i istraživačko-razvojnih organizacija u proizvodnji znanja i generisanju tehnoloških inovacija, u interakciji sa privrednim subjektima i državom, s ciljem poboljšanja produktivnosti društva zasnovanog na znanju, (ii) svojevrsnim 'zaokretom moći' u odnosima univerziteta, privrede, države i civilnog društva, pri čemu svaka inovacija doprinosi ekonomskom napretku i održivom razvoju, a implementacija inovacione politike rezultat je sinergije i interakcije ovih činilaca, kao i (iii) neophodnošću aktivnije uloge svakog pojedinačnog heliksa u razvojnom modelu ekonomija u tranziciji, kako bi se civilnom društvu donelo bogatstvo, korisnost i blagostanje. Otuda, rad ima za cilj da ukaže na vitalne (makro)ekonomske pokazatelje razvoja privredne strukture AP Vojvodine kao svojevrsnih indikatora mogućnosti i uslova za razvoj četvorostrukog heliks modela regionalne konkurentnosti., Under conditions where the regional economy is faced with the challenges of unemployment, low or negative economic growth, rapidly growing digital business models, dramatic changes in the environment by the interweaving of global phenomena (movements in human society, institutional change, political relations), the necessity for the educational system to increasingly reflect the needs of the economic structure is becoming a priority to governments for modeling public policies aimed at the welfare of civil society and the modern economic development. The concept of knowledge-based economy is asking for more intense, 'closer to science' needs of the market, but also a kind of 'interference' of the market into the world of science, through the necessity of the system application and commercialization of knowledge. Particular importance in the current development stage is ascribed to the model of quadruple partnerships or 'Quadruple Helix model'. It is determined by: (i) the crucial role of universities and research and development organizations in knowledge production and generation of technological innovations, through the interaction with businesses and the state, with the aim of improving productivity of a knowledge-based society, (ii) a kind of 'power shift' in relations between universities, industry, government and civil society, in which each innovation contributes to the economic prosperity and sustainable development, therefore implementation of innovation policy is a result of synergy and interaction of these factors, as well as ( iii) the necessity of a more active role of each helix in the development model for economies in transition, in order to bring wealth, benefit and welfare to the civil society. Hence, the work aims to show the vital (macro) economic development indicators of economic structure of AP Vojvodina as specific indicators of opportunities and conditions for the development of quadruple helix model of regional competitiveness.",
publisher = "Univerzitet Edukons - Fakultet poslovne ekonomije, Sremska Kamenica",
journal = "Poslovna ekonomija",
title = "Makroekonomski ambijent za razvoj Quadruple Helix modela regionalne konkurentnosti AP Vojvodine, Macroeconomic environment for development of Quadruple Helix model regional competitiveness of Vojvodina",
pages = "62-45",
number = "2",
volume = "9",
doi = "10.5937/PosEko1502045P",
url = "conv_570"
}

Penezić, N., Anđelić, G., Ješić, J., Andrejević-Panić, A.,& Vukadinović, S.. (2015). Makroekonomski ambijent za razvoj Quadruple Helix modela regionalne konkurentnosti AP Vojvodine. in Poslovna ekonomija
Univerzitet Edukons - Fakultet poslovne ekonomije, Sremska Kamenica., 9(2), 45-62.
https://doi.org/10.5937/PosEko1502045P
conv_570

Penezić N, Anđelić G, Ješić J, Andrejević-Panić A, Vukadinović S. Makroekonomski ambijent za razvoj Quadruple Helix modela regionalne konkurentnosti AP Vojvodine. in Poslovna ekonomija. 2015;9(2):45-62.
doi:10.5937/PosEko1502045P
conv_570 .

Penezić, Nenad, Anđelić, Goran, Ješić, Jelena, Andrejević-Panić, Andrea, Vukadinović, Simonida, "Makroekonomski ambijent za razvoj Quadruple Helix modela regionalne konkurentnosti AP Vojvodine" in Poslovna ekonomija, 9, no. 2 (2015):45-62,
https://doi.org/10.5937/PosEko1502045P .,
conv_570 .

TY  - CONF
AU  - Ralević, Nebojša
AU  - Anđelić, Goran
AU  - Đaković, Vladimir
AU  - Glisović, Natasa S.
PY  - 2015
UR  - https://redun.educons.edu.rs/handle/123456789/257
AB  - The financial market is complex, evolving and dynamic system, which has an extremely non-linear movement. Thus, investment return prediction represents a significant challenge, especially because of its great diversity, unsteadiness and unstructured data with a high degree of instability and pronounced hidden connections. It is known that accurate prediction of the stock market indexes is very important for the development of effective trading strategies in investments. The main objective of the research is to perform the comparative analyses of different nonparametric methods, that is, fuzzy artificial neural networks (fuzzyANN) and genetic algorithm artificial neural networks (GAANN) for predicting the movements of the stock market indexes. The survey is conducted on the BELEX15, SBITOP, BUX and CROBEX stock market indexes. Model estimates were carried out through the prediction error MAE, MAPE and RMSE. The research results point to the adequacy of the nonparametric methods application in investments.
PB  - IEEE, NEW YORK
C3  - IEEE 13th International Symposium on Intelligent Systems and Informatics (Sisy)
T1  - The Comparative Analyses of the Nonparametric Methods for Investment Return Prediction
EP  - 115
SP  - 111
UR  - conv_874
ER  - 

@conference{
author = "Ralević, Nebojša and Anđelić, Goran and Đaković, Vladimir and Glisović, Natasa S.",
year = "2015",
abstract = "The financial market is complex, evolving and dynamic system, which has an extremely non-linear movement. Thus, investment return prediction represents a significant challenge, especially because of its great diversity, unsteadiness and unstructured data with a high degree of instability and pronounced hidden connections. It is known that accurate prediction of the stock market indexes is very important for the development of effective trading strategies in investments. The main objective of the research is to perform the comparative analyses of different nonparametric methods, that is, fuzzy artificial neural networks (fuzzyANN) and genetic algorithm artificial neural networks (GAANN) for predicting the movements of the stock market indexes. The survey is conducted on the BELEX15, SBITOP, BUX and CROBEX stock market indexes. Model estimates were carried out through the prediction error MAE, MAPE and RMSE. The research results point to the adequacy of the nonparametric methods application in investments.",
publisher = "IEEE, NEW YORK",
journal = "IEEE 13th International Symposium on Intelligent Systems and Informatics (Sisy)",
title = "The Comparative Analyses of the Nonparametric Methods for Investment Return Prediction",
pages = "115-111",
url = "conv_874"
}

Ralević, N., Anđelić, G., Đaković, V.,& Glisović, N. S.. (2015). The Comparative Analyses of the Nonparametric Methods for Investment Return Prediction. in IEEE 13th International Symposium on Intelligent Systems and Informatics (Sisy)
IEEE, NEW YORK., 111-115.
conv_874

Ralević N, Anđelić G, Đaković V, Glisović NS. The Comparative Analyses of the Nonparametric Methods for Investment Return Prediction. in IEEE 13th International Symposium on Intelligent Systems and Informatics (Sisy). 2015;:111-115.
conv_874 .

Ralević, Nebojša, Anđelić, Goran, Đaković, Vladimir, Glisović, Natasa S., "The Comparative Analyses of the Nonparametric Methods for Investment Return Prediction" in IEEE 13th International Symposium on Intelligent Systems and Informatics (Sisy) (2015):111-115,
conv_874 .

TY  - JOUR
AU  - Đaković, Vladimir
AU  - Mladenović, Igor
AU  - Anđelić, Goran
PY  - 2015
UR  - https://redun.educons.edu.rs/handle/123456789/247
AB  - The research presented in the study is the analysis and implementation of parametric and non-parametric Value at Risk (VaR) calculation models for predicting risk and determining the maximum potential loss from investment activities. The study sample includes stock indices of Serbian (BELEX15), Hungarian (BUX), Croatian (CROBEX) and Slovenian (SBITOP) markets, from 1st January 2006 to 31st December 2012. The methodology connotes the use of analysis and synthesis, as well as relevant statistical and mathematical methods. The study is based on the assumption that there is no statistically significant difference among the different models of risk management, in relation to the performance of investment risk prediction in the markets of the observed transition economies. The main aim of the study is to assess the performances of risk management models in practice, in order to operationally optimize investment decisions. The research results indicate the implementation adequacy of the tested models in the observed transitional markets, with full consideration of their specifics.
PB  - BUDAPEST TECH, BUDAPEST
T2  - Acta Polytechnica Hungarica
T1  - An Empirical Examination of Investment Risk Management Models for Serbia, Hungary, Croatia and Slovenia
EP  - 220
IS  - 4
SP  - 201
VL  - 12
UR  - conv_850
ER  - 

@article{
author = "Đaković, Vladimir and Mladenović, Igor and Anđelić, Goran",
year = "2015",
abstract = "The research presented in the study is the analysis and implementation of parametric and non-parametric Value at Risk (VaR) calculation models for predicting risk and determining the maximum potential loss from investment activities. The study sample includes stock indices of Serbian (BELEX15), Hungarian (BUX), Croatian (CROBEX) and Slovenian (SBITOP) markets, from 1st January 2006 to 31st December 2012. The methodology connotes the use of analysis and synthesis, as well as relevant statistical and mathematical methods. The study is based on the assumption that there is no statistically significant difference among the different models of risk management, in relation to the performance of investment risk prediction in the markets of the observed transition economies. The main aim of the study is to assess the performances of risk management models in practice, in order to operationally optimize investment decisions. The research results indicate the implementation adequacy of the tested models in the observed transitional markets, with full consideration of their specifics.",
publisher = "BUDAPEST TECH, BUDAPEST",
journal = "Acta Polytechnica Hungarica",
title = "An Empirical Examination of Investment Risk Management Models for Serbia, Hungary, Croatia and Slovenia",
pages = "220-201",
number = "4",
volume = "12",
url = "conv_850"
}

Đaković, V., Mladenović, I.,& Anđelić, G.. (2015). An Empirical Examination of Investment Risk Management Models for Serbia, Hungary, Croatia and Slovenia. in Acta Polytechnica Hungarica
BUDAPEST TECH, BUDAPEST., 12(4), 201-220.
conv_850

Đaković V, Mladenović I, Anđelić G. An Empirical Examination of Investment Risk Management Models for Serbia, Hungary, Croatia and Slovenia. in Acta Polytechnica Hungarica. 2015;12(4):201-220.
conv_850 .

Đaković, Vladimir, Mladenović, Igor, Anđelić, Goran, "An Empirical Examination of Investment Risk Management Models for Serbia, Hungary, Croatia and Slovenia" in Acta Polytechnica Hungarica, 12, no. 4 (2015):201-220,
conv_850 .

TY  - JOUR
AU  - Đaković, Vladimir
AU  - Anđelić, Goran
AU  - Ljumović, Isidora Lj.
PY  - 2014
UR  - https://redun.educons.edu.rs/handle/123456789/238
AB  - Uvažavajući aktuelne trendove i tržišne prilike na tranzitornim tržištima, predmet istraživanja u radu jeste analiziranje i kvantifikacija različitih modela merenja Value at Risk-a (VaR) u svetlu uspešnosti procene rizika od aktivnosti investiranja na domicilnom tržištu. Cilj koji se želi ostvariti istraživanjem jeste dolaženje do niza kvalitativnih i kvantitativnih informacija o mogućnostima uspešnosti primene različitih modela VaR-a u donošenju odluka o investiranju, a u funkciji minimiziranja rizika od aktivnosti investiranja. Istraživanje je fokusirano na domicilno finansijsko tržište i obuhvata period od 2006-2012 godine. Metodologija istraživanja podrazumeva primenu analize MANOVA, diskriminativne analize i Roy-evog testa, a prilagođena je specifičnostima tranzitornog tržišta Republike Srbije. Rezultati istraživanja potvrđuju istaknuto mesto, ulogu i značaj različitih modela VaR-a u svetlu kvantifikacije rizika od aktivnosti investiranja na domicilnom tržištu, uz ukazivanje na specifičnosti razlika između pojedinih modela VaR-a. U tom smislu, dobijeni rezultati će biti korisni kako akademskoj zajednici, tako i stručnoj javnosti u kontekstu uspešne primene različitih modela VaR-a prilikom donošenja odluka o aktivnostima investiranja.
AB  - Taking into account current trends and opportunities in the transitional markets, the subject of the research is to analyze and quantify the different Value at Risk (VaR) calculation models in the light of investment risk assessment performance in the domestic market. The research objective is to gain a series of qualitative and quantitative information about the possibilities of effective application of different VaR models in investment decision-making in order to minimize risks of investment activities. The research focuses on the domestic financial market and covers the period 2006-2012. The research methodology involves the use of MANOVA analysis, discriminant analysis, and Roy's test, and is adapted to the specific characteristics of the transitional market of the Republic of Serbia. The research results confirm the prominent place, role and importance of different VaR models in the light of the investment risk quantification in the domestic market, with reference to the specificities between particular VaR models. In this sense, the results will be useful both for academic and professional communities, in the context of the successful application of different VaR models in decision-making about investment activities.
PB  - Ekonomski institut, Beograd
T2  - Industrija
T1  - Parametarska i neparametarska VaR procena dnevnih prinosa
T1  - Parametric and nonparametric VaR daily returns estimation
EP  - 54
IS  - 4
SP  - 43
VL  - 42
DO  - 10.5937/industrija42-5983
UR  - conv_85
ER  - 

@article{
author = "Đaković, Vladimir and Anđelić, Goran and Ljumović, Isidora Lj.",
year = "2014",
abstract = "Uvažavajući aktuelne trendove i tržišne prilike na tranzitornim tržištima, predmet istraživanja u radu jeste analiziranje i kvantifikacija različitih modela merenja Value at Risk-a (VaR) u svetlu uspešnosti procene rizika od aktivnosti investiranja na domicilnom tržištu. Cilj koji se želi ostvariti istraživanjem jeste dolaženje do niza kvalitativnih i kvantitativnih informacija o mogućnostima uspešnosti primene različitih modela VaR-a u donošenju odluka o investiranju, a u funkciji minimiziranja rizika od aktivnosti investiranja. Istraživanje je fokusirano na domicilno finansijsko tržište i obuhvata period od 2006-2012 godine. Metodologija istraživanja podrazumeva primenu analize MANOVA, diskriminativne analize i Roy-evog testa, a prilagođena je specifičnostima tranzitornog tržišta Republike Srbije. Rezultati istraživanja potvrđuju istaknuto mesto, ulogu i značaj različitih modela VaR-a u svetlu kvantifikacije rizika od aktivnosti investiranja na domicilnom tržištu, uz ukazivanje na specifičnosti razlika između pojedinih modela VaR-a. U tom smislu, dobijeni rezultati će biti korisni kako akademskoj zajednici, tako i stručnoj javnosti u kontekstu uspešne primene različitih modela VaR-a prilikom donošenja odluka o aktivnostima investiranja., Taking into account current trends and opportunities in the transitional markets, the subject of the research is to analyze and quantify the different Value at Risk (VaR) calculation models in the light of investment risk assessment performance in the domestic market. The research objective is to gain a series of qualitative and quantitative information about the possibilities of effective application of different VaR models in investment decision-making in order to minimize risks of investment activities. The research focuses on the domestic financial market and covers the period 2006-2012. The research methodology involves the use of MANOVA analysis, discriminant analysis, and Roy's test, and is adapted to the specific characteristics of the transitional market of the Republic of Serbia. The research results confirm the prominent place, role and importance of different VaR models in the light of the investment risk quantification in the domestic market, with reference to the specificities between particular VaR models. In this sense, the results will be useful both for academic and professional communities, in the context of the successful application of different VaR models in decision-making about investment activities.",
publisher = "Ekonomski institut, Beograd",
journal = "Industrija",
title = "Parametarska i neparametarska VaR procena dnevnih prinosa, Parametric and nonparametric VaR daily returns estimation",
pages = "54-43",
number = "4",
volume = "42",
doi = "10.5937/industrija42-5983",
url = "conv_85"
}

Đaković, V., Anđelić, G.,& Ljumović, I. Lj.. (2014). Parametarska i neparametarska VaR procena dnevnih prinosa. in Industrija
Ekonomski institut, Beograd., 42(4), 43-54.
https://doi.org/10.5937/industrija42-5983
conv_85

Đaković V, Anđelić G, Ljumović IL. Parametarska i neparametarska VaR procena dnevnih prinosa. in Industrija. 2014;42(4):43-54.
doi:10.5937/industrija42-5983
conv_85 .

Đaković, Vladimir, Anđelić, Goran, Ljumović, Isidora Lj., "Parametarska i neparametarska VaR procena dnevnih prinosa" in Industrija, 42, no. 4 (2014):43-54,
https://doi.org/10.5937/industrija42-5983 .,
conv_85 .

TY  - CONF
AU  - Ralević, Nebojša
AU  - Glisović, Natasa S.
AU  - Đaković, Vladimir
AU  - Anđelić, Goran
PY  - 2014
UR  - https://redun.educons.edu.rs/handle/123456789/227
AB  - The market structure has been adjusted in order to be as simple as possible in sense of its economic components. The aim of the investment return prediction is constructing as good models of the market movement as possible. As for as the stock market is concerned, the price rise of some stocks indicate the good results of the management of that company, while the price fall shows the inadequate management. Prompt and accurate information of the market movement enable the managers to take some measures which lead to optimal investment decision. The Autoregressive Moving Average (ARIMA) model is one of the most frequently linear models of the time series used for the investment return prediction. The prediction researches in the last years from the areas of Artificial Neural Networks (ANNs) indicate that ANNs with a combination of other prediction models give better prediction results. This research aim is to introduce a hybrid model ARIMA fuzzy-neural network for the prediction of the stock market index BELEX15 values. The research results indicate that the linear model ARIMA and fuzzy ANNs exhibit more superior investment return prediction performances.
PB  - IEEE, NEW YORK
C3  - 2014 IEEE 12th International Symposium on Intelligent Systems and Informatics (Sisy)
T1  - The Performance of the Investment Return Prediction Models: Theory and Evidence
EP  - 225
SP  - 221
UR  - conv_848
ER  - 

@conference{
author = "Ralević, Nebojša and Glisović, Natasa S. and Đaković, Vladimir and Anđelić, Goran",
year = "2014",
abstract = "The market structure has been adjusted in order to be as simple as possible in sense of its economic components. The aim of the investment return prediction is constructing as good models of the market movement as possible. As for as the stock market is concerned, the price rise of some stocks indicate the good results of the management of that company, while the price fall shows the inadequate management. Prompt and accurate information of the market movement enable the managers to take some measures which lead to optimal investment decision. The Autoregressive Moving Average (ARIMA) model is one of the most frequently linear models of the time series used for the investment return prediction. The prediction researches in the last years from the areas of Artificial Neural Networks (ANNs) indicate that ANNs with a combination of other prediction models give better prediction results. This research aim is to introduce a hybrid model ARIMA fuzzy-neural network for the prediction of the stock market index BELEX15 values. The research results indicate that the linear model ARIMA and fuzzy ANNs exhibit more superior investment return prediction performances.",
publisher = "IEEE, NEW YORK",
journal = "2014 IEEE 12th International Symposium on Intelligent Systems and Informatics (Sisy)",
title = "The Performance of the Investment Return Prediction Models: Theory and Evidence",
pages = "225-221",
url = "conv_848"
}

Ralević, N., Glisović, N. S., Đaković, V.,& Anđelić, G.. (2014). The Performance of the Investment Return Prediction Models: Theory and Evidence. in 2014 IEEE 12th International Symposium on Intelligent Systems and Informatics (Sisy)
IEEE, NEW YORK., 221-225.
conv_848

Ralević N, Glisović NS, Đaković V, Anđelić G. The Performance of the Investment Return Prediction Models: Theory and Evidence. in 2014 IEEE 12th International Symposium on Intelligent Systems and Informatics (Sisy). 2014;:221-225.
conv_848 .

Ralević, Nebojša, Glisović, Natasa S., Đaković, Vladimir, Anđelić, Goran, "The Performance of the Investment Return Prediction Models: Theory and Evidence" in 2014 IEEE 12th International Symposium on Intelligent Systems and Informatics (Sisy) (2014):221-225,
conv_848 .

TY  - JOUR
AU  - Đaković, Vladimir
AU  - Anđelić, Goran
PY  - 2014
UR  - https://redun.educons.edu.rs/handle/123456789/226
AB  - Predmet istraživanja u radu jeste implementacija komparativne studije modela teorije ekstremnih vrednosti (EVT) u aktivnostima investiranja. Shodno tome, fokus istraživanja je na analiziranju performansi primene modela teorije ekstremnih vrednosti (EVT), delta normal VaR-a (D VaR) i istorijske simulacije (HS VaR) na tranzitornom tržištu Republike Srbije sa nivoom pouzdanosti od 95% za 100 i 300 dana. Cilj koji se želi ostvariti istraživanjem jeste dolaženje do kvalitetnih i pouzdanih informacija o mogućnostima primene različitih modela kalkulacije VaR-a u optimizaciji efekata od aktivnosti investiranja na domicilnom tržištu. Metodologija istraživanja korišćena u radu obuhvata analizu MANOVA, diskriminativnu analizu i Roy-ev test. Glavni rezultati istraživanja ukazuju da postoji statistička značajna razlika u performansama primene testiranih modela, odnosno uspešnosti predikcije rizika od aktivnosti investiranja. Rezultati istraživanja biće korisni kako akademskoj, tako i stručnoj javnosti, u smislu značajnog proširivanja kognitivne baze o mogućnostima primene različitih modela kalkulacije VaR-a u aktivnostima investiranja na tranzitornom tržištu Republike Srbije.
AB  - The subject of the research is the implementation of the comparative study of the Extreme Value Theory model (EVT) in investments. In that sense, the scope of the research is to analyze performances of the Extreme Value Theory model (EVT), Delta normal VaR (D VaR) and Historical Simulation (HS VaR) models on the transitional market of the Republic of Serbia with confidence level of 95% for 100 and 300 days. The aim of the research is to provide quality and reliable information about the implementation possibilities of different VaR calculation models in investments optimization on the domestic market. The methodology of the research comprises the MANOVA analyses, discriminant analysis and Roy's test. The main results of the research show that there is a statistically significant difference in the performance of the tested models; that is, in the accuracy of prediction of the risk from investment activities. The results of the research will be useful to both academic and practical communities regarding significant growth of the cognitive base of implementation possibilities of different VaR calculation models in the investment activities on the transitional market of the Republic of Serbia.
PB  - Univerzitet Edukons - Fakultet poslovne ekonomije, Sremska Kamenica
T2  - Poslovna ekonomija
T1  - Komparativna studija modela teorije ekstremnih vrednosti u investiranju
T1  - A comparative study of the extreme value theory model in investments
EP  - 22
IS  - 1
SP  - 9
VL  - 8
DO  - 10.5937/PosEko1401009D
UR  - conv_543
ER  - 

@article{
author = "Đaković, Vladimir and Anđelić, Goran",
year = "2014",
abstract = "Predmet istraživanja u radu jeste implementacija komparativne studije modela teorije ekstremnih vrednosti (EVT) u aktivnostima investiranja. Shodno tome, fokus istraživanja je na analiziranju performansi primene modela teorije ekstremnih vrednosti (EVT), delta normal VaR-a (D VaR) i istorijske simulacije (HS VaR) na tranzitornom tržištu Republike Srbije sa nivoom pouzdanosti od 95% za 100 i 300 dana. Cilj koji se želi ostvariti istraživanjem jeste dolaženje do kvalitetnih i pouzdanih informacija o mogućnostima primene različitih modela kalkulacije VaR-a u optimizaciji efekata od aktivnosti investiranja na domicilnom tržištu. Metodologija istraživanja korišćena u radu obuhvata analizu MANOVA, diskriminativnu analizu i Roy-ev test. Glavni rezultati istraživanja ukazuju da postoji statistička značajna razlika u performansama primene testiranih modela, odnosno uspešnosti predikcije rizika od aktivnosti investiranja. Rezultati istraživanja biće korisni kako akademskoj, tako i stručnoj javnosti, u smislu značajnog proširivanja kognitivne baze o mogućnostima primene različitih modela kalkulacije VaR-a u aktivnostima investiranja na tranzitornom tržištu Republike Srbije., The subject of the research is the implementation of the comparative study of the Extreme Value Theory model (EVT) in investments. In that sense, the scope of the research is to analyze performances of the Extreme Value Theory model (EVT), Delta normal VaR (D VaR) and Historical Simulation (HS VaR) models on the transitional market of the Republic of Serbia with confidence level of 95% for 100 and 300 days. The aim of the research is to provide quality and reliable information about the implementation possibilities of different VaR calculation models in investments optimization on the domestic market. The methodology of the research comprises the MANOVA analyses, discriminant analysis and Roy's test. The main results of the research show that there is a statistically significant difference in the performance of the tested models; that is, in the accuracy of prediction of the risk from investment activities. The results of the research will be useful to both academic and practical communities regarding significant growth of the cognitive base of implementation possibilities of different VaR calculation models in the investment activities on the transitional market of the Republic of Serbia.",
publisher = "Univerzitet Edukons - Fakultet poslovne ekonomije, Sremska Kamenica",
journal = "Poslovna ekonomija",
title = "Komparativna studija modela teorije ekstremnih vrednosti u investiranju, A comparative study of the extreme value theory model in investments",
pages = "22-9",
number = "1",
volume = "8",
doi = "10.5937/PosEko1401009D",
url = "conv_543"
}

Đaković, V.,& Anđelić, G.. (2014). Komparativna studija modela teorije ekstremnih vrednosti u investiranju. in Poslovna ekonomija
Univerzitet Edukons - Fakultet poslovne ekonomije, Sremska Kamenica., 8(1), 9-22.
https://doi.org/10.5937/PosEko1401009D
conv_543

Đaković V, Anđelić G. Komparativna studija modela teorije ekstremnih vrednosti u investiranju. in Poslovna ekonomija. 2014;8(1):9-22.
doi:10.5937/PosEko1401009D
conv_543 .

Đaković, Vladimir, Anđelić, Goran, "Komparativna studija modela teorije ekstremnih vrednosti u investiranju" in Poslovna ekonomija, 8, no. 1 (2014):9-22,
https://doi.org/10.5937/PosEko1401009D .,
conv_543 .

TY  - JOUR
AU  - Anđelić, Goran
AU  - Đaković, Vladimir
PY  - 2013
UR  - https://redun.educons.edu.rs/handle/123456789/200
AB  - Predmet istraživanja u radu jeste analiziranje trenutnog stanja i okolnosti u javnom sektoru Republike Srbije, sa ciljem da se na bazi tako prikupljenih informacija stvore realne pretpostavke za predlaganje niza konkretnih mera i instrumenata kojima će se započeti reforma javnog sektora u pravcu stabilizacije prilika i okolnosti na njemu. Polazna hipoteza istraživanja jeste da je javni sektor u Republici Srbiji nisko produktivan i efikasan, neracionalno postavljen, sa nizom problema koji su karakteristični za loše formulisane i upravljane poslovne sisteme. U kontekstu potvrđivanja ove hipoteze leži i izvedena hipoteza istraživanja koja pretpostavlja da stanja i prilike u javnom sektoru direktno utiču na stanja i prilike u celokupnom društveno-ekonomskom sistemu i da je ta veza istosmerna, u smislu da dobro koncipiran javni sektor doprinosi razvoju društveno-ekonomskog sistema u celosti, i obrnuto. Metodologija korišćena u istraživanju obuhvata metode analize i sinteze, dedukcije, indukcije i komparacije. Osnovni cilj istraživanja jeste dolaženje do niza saznanja o trenutnom stanju i prilikama u javnom sektoru, na bazi kojih će se predložiti konkretne mere i instrumenti u pravcu reforme i razvoja javnog sektora Republike Srbije. Rezultati istraživanja biće korisni kako akademskoj javnosti, tako i kreatorima ekonomskih politika, jer će pružiti čitav niz mehanizama i mera kojima će se jasno opredeliti pravac reforme javnog sektora Republike Srbije u smeru njegove racionalizacije.
AB  - Subject of this study is to analyze the current condition and circumstances in the public sector of the Republic of Serbia, in order, on the basis of gathered information, to create real preconditions for proposing a series of concrete measures and instruments that will initiate the reform of the public sector towards stabilizing the condition and circumstances on it. The basic hypothesis is that the public sector in the Republic of Serbia is low productive and efficient, irrational set, with a number of problems that are characteristic for poorly formulated and managed business systems. In the context of the confirmation of this hypothesis lies and derived hypothesis that assumes that the conditions and circumstances in the public sector directly affect the conditions and circumstances in the entire socio-economic system, and that the relationship is directly correlated, in the sense that well-designed public sector contributes to the development of socio-economic system as a whole and vice versa. The methodology used in the study includes methods of analysis and synthesis, deduction, induction and comparison. The main objective of the research is to acquire a series of information about the current condition and circumstances in the public sector, on the basis of which will concrete measures be proposed in direction to reform and develop the public sector of the Republic of Serbia. The results of the research will be useful to academics and economic policymakers, because it will provide a number of mechanisms and measures that will clearly determine the course of the reform of the public sector in the Republic of Serbia in the direction of its rationalization.
PB  - Univerzitet Edukons - Fakultet poslovne ekonomije, Sremska Kamenica
T2  - Poslovna ekonomija
T1  - Reforma javnog sektora Republike Srbije - pravci, trendovi, izazovi
T1  - Public sector reform of the Republic of Serbia: Directions, trends, challenges
EP  - 78
IS  - 1
SP  - 59
VL  - 7
UR  - conv_526
ER  - 

@article{
author = "Anđelić, Goran and Đaković, Vladimir",
year = "2013",
abstract = "Predmet istraživanja u radu jeste analiziranje trenutnog stanja i okolnosti u javnom sektoru Republike Srbije, sa ciljem da se na bazi tako prikupljenih informacija stvore realne pretpostavke za predlaganje niza konkretnih mera i instrumenata kojima će se započeti reforma javnog sektora u pravcu stabilizacije prilika i okolnosti na njemu. Polazna hipoteza istraživanja jeste da je javni sektor u Republici Srbiji nisko produktivan i efikasan, neracionalno postavljen, sa nizom problema koji su karakteristični za loše formulisane i upravljane poslovne sisteme. U kontekstu potvrđivanja ove hipoteze leži i izvedena hipoteza istraživanja koja pretpostavlja da stanja i prilike u javnom sektoru direktno utiču na stanja i prilike u celokupnom društveno-ekonomskom sistemu i da je ta veza istosmerna, u smislu da dobro koncipiran javni sektor doprinosi razvoju društveno-ekonomskog sistema u celosti, i obrnuto. Metodologija korišćena u istraživanju obuhvata metode analize i sinteze, dedukcije, indukcije i komparacije. Osnovni cilj istraživanja jeste dolaženje do niza saznanja o trenutnom stanju i prilikama u javnom sektoru, na bazi kojih će se predložiti konkretne mere i instrumenti u pravcu reforme i razvoja javnog sektora Republike Srbije. Rezultati istraživanja biće korisni kako akademskoj javnosti, tako i kreatorima ekonomskih politika, jer će pružiti čitav niz mehanizama i mera kojima će se jasno opredeliti pravac reforme javnog sektora Republike Srbije u smeru njegove racionalizacije., Subject of this study is to analyze the current condition and circumstances in the public sector of the Republic of Serbia, in order, on the basis of gathered information, to create real preconditions for proposing a series of concrete measures and instruments that will initiate the reform of the public sector towards stabilizing the condition and circumstances on it. The basic hypothesis is that the public sector in the Republic of Serbia is low productive and efficient, irrational set, with a number of problems that are characteristic for poorly formulated and managed business systems. In the context of the confirmation of this hypothesis lies and derived hypothesis that assumes that the conditions and circumstances in the public sector directly affect the conditions and circumstances in the entire socio-economic system, and that the relationship is directly correlated, in the sense that well-designed public sector contributes to the development of socio-economic system as a whole and vice versa. The methodology used in the study includes methods of analysis and synthesis, deduction, induction and comparison. The main objective of the research is to acquire a series of information about the current condition and circumstances in the public sector, on the basis of which will concrete measures be proposed in direction to reform and develop the public sector of the Republic of Serbia. The results of the research will be useful to academics and economic policymakers, because it will provide a number of mechanisms and measures that will clearly determine the course of the reform of the public sector in the Republic of Serbia in the direction of its rationalization.",
publisher = "Univerzitet Edukons - Fakultet poslovne ekonomije, Sremska Kamenica",
journal = "Poslovna ekonomija",
title = "Reforma javnog sektora Republike Srbije - pravci, trendovi, izazovi, Public sector reform of the Republic of Serbia: Directions, trends, challenges",
pages = "78-59",
number = "1",
volume = "7",
url = "conv_526"
}

Anđelić, G.,& Đaković, V.. (2013). Reforma javnog sektora Republike Srbije - pravci, trendovi, izazovi. in Poslovna ekonomija
Univerzitet Edukons - Fakultet poslovne ekonomije, Sremska Kamenica., 7(1), 59-78.
conv_526

Anđelić G, Đaković V. Reforma javnog sektora Republike Srbije - pravci, trendovi, izazovi. in Poslovna ekonomija. 2013;7(1):59-78.
conv_526 .

Anđelić, Goran, Đaković, Vladimir, "Reforma javnog sektora Republike Srbije - pravci, trendovi, izazovi" in Poslovna ekonomija, 7, no. 1 (2013):59-78,
conv_526 .

TY  - JOUR
AU  - Katić, Andrea
AU  - Ćosić, Ilija
AU  - Anđelić, Goran
AU  - Raletić, Sasa
PY  - 2012
UR  - https://redun.educons.edu.rs/handle/123456789/147
AB  - Orientation towards a knowledge economy is visible in all development strategies of both the EU and Serbia. This article first shows the classification and systematization of the most relevant competitiveness indices, along with the participation assessment of components measuring the knowledge competitiveness within them. Secondly, the article examines and demonstrates the position of Serbia. The basic hypothesis confirmed in the article is that the position of Serbia, as a transition country, was not sufficiently analyzed, especially in terms of knowledge indicators. This developed a second hypothesis, also confirmed in this article, that the existing indicator models are not adequate for transition countries such as Serbia, and that there is a need for setting up a new revised model.
PB  - BUDAPEST TECH, BUDAPEST
T2  - Acta Polytechnica Hungarica
T1  - Review of Competitiveness Indices that Use Knowledge as a Criterion
EP  - 44
IS  - 5
SP  - 25
VL  - 9
UR  - conv_684
ER  - 

@article{
author = "Katić, Andrea and Ćosić, Ilija and Anđelić, Goran and Raletić, Sasa",
year = "2012",
abstract = "Orientation towards a knowledge economy is visible in all development strategies of both the EU and Serbia. This article first shows the classification and systematization of the most relevant competitiveness indices, along with the participation assessment of components measuring the knowledge competitiveness within them. Secondly, the article examines and demonstrates the position of Serbia. The basic hypothesis confirmed in the article is that the position of Serbia, as a transition country, was not sufficiently analyzed, especially in terms of knowledge indicators. This developed a second hypothesis, also confirmed in this article, that the existing indicator models are not adequate for transition countries such as Serbia, and that there is a need for setting up a new revised model.",
publisher = "BUDAPEST TECH, BUDAPEST",
journal = "Acta Polytechnica Hungarica",
title = "Review of Competitiveness Indices that Use Knowledge as a Criterion",
pages = "44-25",
number = "5",
volume = "9",
url = "conv_684"
}

Katić, A., Ćosić, I., Anđelić, G.,& Raletić, S.. (2012). Review of Competitiveness Indices that Use Knowledge as a Criterion. in Acta Polytechnica Hungarica
BUDAPEST TECH, BUDAPEST., 9(5), 25-44.
conv_684

Katić A, Ćosić I, Anđelić G, Raletić S. Review of Competitiveness Indices that Use Knowledge as a Criterion. in Acta Polytechnica Hungarica. 2012;9(5):25-44.
conv_684 .

Katić, Andrea, Ćosić, Ilija, Anđelić, Goran, Raletić, Sasa, "Review of Competitiveness Indices that Use Knowledge as a Criterion" in Acta Polytechnica Hungarica, 9, no. 5 (2012):25-44,
conv_684 .

TY  - JOUR
AU  - Anđelić, Goran
AU  - Đaković, Vladimir
AU  - Sujić, Mirjana M.
PY  - 2012
UR  - https://redun.educons.edu.rs/handle/123456789/129
AB  - Predmet istraživanja u radu je testiranje i analiziranje VaR (Value-at-Risk) metoda upravljanja tržišnim rizikom na finansijskom tržištu Republike Srbije. U tu svrhu u radu je sprovedeno konkretno istraživanje koje obuhvata period od 2005. do 2011. godine, sa ciljem procene uspešnosti VaR metoda na srpskom finansijskom tržištu. Testirani VaR metodi su istorijska simulacija (HS) i delta normal VaR sa nivoom pouzdanosti od 95% i 99% za 50, 100, 200 i 250 dana. Kao reperni pokazatelj stanja i prilika na srpskom finansijskom tržištu korišćen je BELEX15 indeks Beogradske berze, koji u sebi obuhvata 15 najlikvidnijih hartija od vrednosti srpskog finansijskog tržišta. Ciljevi koji se teže ostvariti istraživanjem su usmereni u pravcu procene uspešnosti primene istorijske simulacije (HS) i delta normal VaR-a na, po mnogim kriterijumima, 'specifičnom'-tranzitornom finansijskom tržištu Republike Srbije. Osnovni cilj istraživanja jeste dolaženje do konkretnih, u praksi testiranih, saznanja o mogućnostima i uspešnosti primene VaR metoda na finansijskom tržištu Republike Srbije u funkciji optimizacije odluka o investiranju. Rezultati istraživanja ukazuju na neophodnost primene VaR metoda upravljanja tržišnim rizikom na finansijskom tržištu Republike Srbije.
AB  - The subject of the research is to test and analyze VaR (Value-at-Risk) methods of market risk management on the financial market of the Republic of Serbia. Thus, concrete research is conducted in the period 2005 - 2011, with the goal of VaR methods performance assessment on the Serbian financial market. The tested VaR methods are Historical simulation (HS) and Delta normal VaR with 95% and 99% confidence level for 50, 100, 200 and 250 days. BELEX15 stock index of the Belgrade Stock Exchange, which comprises of 15 most liquid securities of the Serbian financial market, is used as a benchmark indicator of the conditions on the Serbian financial market. The goals which are intended for achieving in the research are focused to Historical simulation (HS) and Delta normal VaR performance assessment on, according to many criteria, 'specific'-transitory financial market of the Republic of Serbia. The basic goal of the research is to come to concrete, practically tested, knowledge about the possibility and performance of VaR methods application on the financial market of the Republic of Serbia in function of investment decisions optimizing. Research results point to the necessity of VaR methods application in market risk management on the financial market of the Republic of Serbia.
PB  - Ekonomski institut, Beograd
T2  - Industrija
T1  - An empirical evaluation of Value-at-Risk: The case of the Belgrade Stock Exchange index - BELEX15
EP  - 60
IS  - 1
SP  - 39
VL  - 40
UR  - conv_75
ER  - 

@article{
author = "Anđelić, Goran and Đaković, Vladimir and Sujić, Mirjana M.",
year = "2012",
abstract = "Predmet istraživanja u radu je testiranje i analiziranje VaR (Value-at-Risk) metoda upravljanja tržišnim rizikom na finansijskom tržištu Republike Srbije. U tu svrhu u radu je sprovedeno konkretno istraživanje koje obuhvata period od 2005. do 2011. godine, sa ciljem procene uspešnosti VaR metoda na srpskom finansijskom tržištu. Testirani VaR metodi su istorijska simulacija (HS) i delta normal VaR sa nivoom pouzdanosti od 95% i 99% za 50, 100, 200 i 250 dana. Kao reperni pokazatelj stanja i prilika na srpskom finansijskom tržištu korišćen je BELEX15 indeks Beogradske berze, koji u sebi obuhvata 15 najlikvidnijih hartija od vrednosti srpskog finansijskog tržišta. Ciljevi koji se teže ostvariti istraživanjem su usmereni u pravcu procene uspešnosti primene istorijske simulacije (HS) i delta normal VaR-a na, po mnogim kriterijumima, 'specifičnom'-tranzitornom finansijskom tržištu Republike Srbije. Osnovni cilj istraživanja jeste dolaženje do konkretnih, u praksi testiranih, saznanja o mogućnostima i uspešnosti primene VaR metoda na finansijskom tržištu Republike Srbije u funkciji optimizacije odluka o investiranju. Rezultati istraživanja ukazuju na neophodnost primene VaR metoda upravljanja tržišnim rizikom na finansijskom tržištu Republike Srbije., The subject of the research is to test and analyze VaR (Value-at-Risk) methods of market risk management on the financial market of the Republic of Serbia. Thus, concrete research is conducted in the period 2005 - 2011, with the goal of VaR methods performance assessment on the Serbian financial market. The tested VaR methods are Historical simulation (HS) and Delta normal VaR with 95% and 99% confidence level for 50, 100, 200 and 250 days. BELEX15 stock index of the Belgrade Stock Exchange, which comprises of 15 most liquid securities of the Serbian financial market, is used as a benchmark indicator of the conditions on the Serbian financial market. The goals which are intended for achieving in the research are focused to Historical simulation (HS) and Delta normal VaR performance assessment on, according to many criteria, 'specific'-transitory financial market of the Republic of Serbia. The basic goal of the research is to come to concrete, practically tested, knowledge about the possibility and performance of VaR methods application on the financial market of the Republic of Serbia in function of investment decisions optimizing. Research results point to the necessity of VaR methods application in market risk management on the financial market of the Republic of Serbia.",
publisher = "Ekonomski institut, Beograd",
journal = "Industrija",
title = "An empirical evaluation of Value-at-Risk: The case of the Belgrade Stock Exchange index - BELEX15",
pages = "60-39",
number = "1",
volume = "40",
url = "conv_75"
}

Anđelić, G., Đaković, V.,& Sujić, M. M.. (2012). An empirical evaluation of Value-at-Risk: The case of the Belgrade Stock Exchange index - BELEX15. in Industrija
Ekonomski institut, Beograd., 40(1), 39-60.
conv_75

Anđelić G, Đaković V, Sujić MM. An empirical evaluation of Value-at-Risk: The case of the Belgrade Stock Exchange index - BELEX15. in Industrija. 2012;40(1):39-60.
conv_75 .

Anđelić, Goran, Đaković, Vladimir, Sujić, Mirjana M., "An empirical evaluation of Value-at-Risk: The case of the Belgrade Stock Exchange index - BELEX15" in Industrija, 40, no. 1 (2012):39-60,
conv_75 .

TY  - JOUR
AU  - Anđelić, Goran
PY  - 2012
UR  - https://redun.educons.edu.rs/handle/123456789/169
AB  - Pitanje razvoja novog privatnog sektora u tranzicionim ekonomijama jeste jedno od ključnih pitanja savremenog tržišnog ambijenta na tim tržištima. Privatni sektor predstavlja inicijalni pokretač razvoja svake ekonomije sa jedne, a sa druge strane njegovim razvojem stvaraju se realni preduslovi za značajan porast privredne aktivnosti regiona u celosti. Predmet istraživanja u radu jeste analiziranje stanja i prilika tržišnog ambijenta u tranzicionim ekonomijama sa posebnim osvrtom na Republiku Srbiju, kroz prizmu sagledavanja dilema i izazova na ovim tržištima koje predstavljaju kako podsticajne, tako i ograničavajuće faktore razvoja novog privatnog sektora na njima. Cilj koji se želi postići istraživanjem jeste dolaženje do konkretnih saznanja o podsticajnim i ograničavajućim faktorima za razvoj novog privatnog sektora u tranzicionim ekonomijama, sa posebnim akcentom na stanja i prilike u Republici Srbiji, u funkciji formiranja i predlaganja niza konkretnih mera i instrumenata sa ciljem podsticanja razvoja novog privatnog sektora na ovim tržištima. Rezultati do kojih se istraživanjem dođe biće značajni kako preduzetnicima na ovim tržištima, tako i široj profesionalnoj i akademskoj javnosti, i predstavljaće konkretan naučni doprinos izučavanoj oblasti. .
AB  - One of the main questions in modern market ambient is development of new private sector in transitional economies. Private sector represents initial starter for development of every economy in one hand, and in other hand with its development are created real conditions for significant increase in economy of the whole region. Subject of this paper is analyzing conditions and opportunities of market ambient in transitional economies with special focus on Republic of Serbia, through focus of recognizing dilemmas and challenges on this markets which represent both stimulative, both restrictive development factors of new private sector on this markets. Purpose of this paper is to define concrete knowledge's about stimulative and restrictive factors for development of new private sector in transitional economies, with special accent on conditions and opportunities in Republic of Serbia, in function of making and proposing concrete instruments with goal of development new private sector on this markets. Results of the research will be useful both entrepreneurs on this markets, both wider professional and academic public, and will represent concrete contribution to this area. .
PB  - Univerzitet Edukons - Fakultet poslovne ekonomije, Sremska Kamenica
T2  - Poslovna ekonomija
T1  - Dileme i izazovi - razvoj novog privatnog sektora u tranzicionim ekonomijama - primer Republike Srbije
T1  - Dilemmas and challenges: Development of new private sector in tranisitonal economies: Example Republic of Serbia
EP  - 51
IS  - 1
SP  - 27
VL  - 6
UR  - conv_495
ER  - 

@article{
author = "Anđelić, Goran",
year = "2012",
abstract = "Pitanje razvoja novog privatnog sektora u tranzicionim ekonomijama jeste jedno od ključnih pitanja savremenog tržišnog ambijenta na tim tržištima. Privatni sektor predstavlja inicijalni pokretač razvoja svake ekonomije sa jedne, a sa druge strane njegovim razvojem stvaraju se realni preduslovi za značajan porast privredne aktivnosti regiona u celosti. Predmet istraživanja u radu jeste analiziranje stanja i prilika tržišnog ambijenta u tranzicionim ekonomijama sa posebnim osvrtom na Republiku Srbiju, kroz prizmu sagledavanja dilema i izazova na ovim tržištima koje predstavljaju kako podsticajne, tako i ograničavajuće faktore razvoja novog privatnog sektora na njima. Cilj koji se želi postići istraživanjem jeste dolaženje do konkretnih saznanja o podsticajnim i ograničavajućim faktorima za razvoj novog privatnog sektora u tranzicionim ekonomijama, sa posebnim akcentom na stanja i prilike u Republici Srbiji, u funkciji formiranja i predlaganja niza konkretnih mera i instrumenata sa ciljem podsticanja razvoja novog privatnog sektora na ovim tržištima. Rezultati do kojih se istraživanjem dođe biće značajni kako preduzetnicima na ovim tržištima, tako i široj profesionalnoj i akademskoj javnosti, i predstavljaće konkretan naučni doprinos izučavanoj oblasti. ., One of the main questions in modern market ambient is development of new private sector in transitional economies. Private sector represents initial starter for development of every economy in one hand, and in other hand with its development are created real conditions for significant increase in economy of the whole region. Subject of this paper is analyzing conditions and opportunities of market ambient in transitional economies with special focus on Republic of Serbia, through focus of recognizing dilemmas and challenges on this markets which represent both stimulative, both restrictive development factors of new private sector on this markets. Purpose of this paper is to define concrete knowledge's about stimulative and restrictive factors for development of new private sector in transitional economies, with special accent on conditions and opportunities in Republic of Serbia, in function of making and proposing concrete instruments with goal of development new private sector on this markets. Results of the research will be useful both entrepreneurs on this markets, both wider professional and academic public, and will represent concrete contribution to this area. .",
publisher = "Univerzitet Edukons - Fakultet poslovne ekonomije, Sremska Kamenica",
journal = "Poslovna ekonomija",
title = "Dileme i izazovi - razvoj novog privatnog sektora u tranzicionim ekonomijama - primer Republike Srbije, Dilemmas and challenges: Development of new private sector in tranisitonal economies: Example Republic of Serbia",
pages = "51-27",
number = "1",
volume = "6",
url = "conv_495"
}

Anđelić, G.. (2012). Dileme i izazovi - razvoj novog privatnog sektora u tranzicionim ekonomijama - primer Republike Srbije. in Poslovna ekonomija
Univerzitet Edukons - Fakultet poslovne ekonomije, Sremska Kamenica., 6(1), 27-51.
conv_495

Anđelić G. Dileme i izazovi - razvoj novog privatnog sektora u tranzicionim ekonomijama - primer Republike Srbije. in Poslovna ekonomija. 2012;6(1):27-51.
conv_495 .

Anđelić, Goran, "Dileme i izazovi - razvoj novog privatnog sektora u tranzicionim ekonomijama - primer Republike Srbije" in Poslovna ekonomija, 6, no. 1 (2012):27-51,
conv_495 .

TY  - JOUR
AU  - Anđelić, Goran
AU  - Ivanić, Valentina
AU  - Đaković, Vladimir
PY  - 2012
UR  - https://redun.educons.edu.rs/handle/123456789/153
AB  - The aim of this research is to reveal the direction of change the cultural dimensions of companies in AP Vojvodina, when the Republic of Serbia - as a country in transition - was being included in the European division of labor. Foreign direct investments from EU countries are used as a method of transposing cultural patterns. The research methodology used here included the application of the Mann Whitney and the Chi square tests to compare the attitudes of the managers of these two groups of companies in AP Vojvodina. The results indicate that there is no statistically significant difference in the attitudes of managers of the two groups of companies, in terms of the questionnaire items that explore the power distance dimension. In AP Vojvodina, masculinity and individualism are still valued to a greater extent by the managers of companies with foreign capital than by those with domestic capital. Managers of the companies with foreign capital show a higher degree of uncertainty avoidance than those with domestic capital, which is contrary to authors' expectations, though explicable in the context of the recessionary business conditions under which the research was conducted.
PB  - UNIV RIJEKA, FAC ECOMOMICS, RIJEKA
T2  - Zbornik Radova Ekonomskog fakulteta u Rijeci-Proceedings of Rijeka Faculty of Economics
T1  - The impact of the EU accession process to the organizational culture of the companies operating in the transition countries
EP  - 319
IS  - 2
SP  - 295
VL  - 30
UR  - conv_786
ER  - 

@article{
author = "Anđelić, Goran and Ivanić, Valentina and Đaković, Vladimir",
year = "2012",
abstract = "The aim of this research is to reveal the direction of change the cultural dimensions of companies in AP Vojvodina, when the Republic of Serbia - as a country in transition - was being included in the European division of labor. Foreign direct investments from EU countries are used as a method of transposing cultural patterns. The research methodology used here included the application of the Mann Whitney and the Chi square tests to compare the attitudes of the managers of these two groups of companies in AP Vojvodina. The results indicate that there is no statistically significant difference in the attitudes of managers of the two groups of companies, in terms of the questionnaire items that explore the power distance dimension. In AP Vojvodina, masculinity and individualism are still valued to a greater extent by the managers of companies with foreign capital than by those with domestic capital. Managers of the companies with foreign capital show a higher degree of uncertainty avoidance than those with domestic capital, which is contrary to authors' expectations, though explicable in the context of the recessionary business conditions under which the research was conducted.",
publisher = "UNIV RIJEKA, FAC ECOMOMICS, RIJEKA",
journal = "Zbornik Radova Ekonomskog fakulteta u Rijeci-Proceedings of Rijeka Faculty of Economics",
title = "The impact of the EU accession process to the organizational culture of the companies operating in the transition countries",
pages = "319-295",
number = "2",
volume = "30",
url = "conv_786"
}

Anđelić, G., Ivanić, V.,& Đaković, V.. (2012). The impact of the EU accession process to the organizational culture of the companies operating in the transition countries. in Zbornik Radova Ekonomskog fakulteta u Rijeci-Proceedings of Rijeka Faculty of Economics
UNIV RIJEKA, FAC ECOMOMICS, RIJEKA., 30(2), 295-319.
conv_786

Anđelić G, Ivanić V, Đaković V. The impact of the EU accession process to the organizational culture of the companies operating in the transition countries. in Zbornik Radova Ekonomskog fakulteta u Rijeci-Proceedings of Rijeka Faculty of Economics. 2012;30(2):295-319.
conv_786 .

Anđelić, Goran, Ivanić, Valentina, Đaković, Vladimir, "The impact of the EU accession process to the organizational culture of the companies operating in the transition countries" in Zbornik Radova Ekonomskog fakulteta u Rijeci-Proceedings of Rijeka Faculty of Economics, 30, no. 2 (2012):295-319,
conv_786 .

TY  - JOUR
AU  - Anđelić, Goran
AU  - Đaković, Vladimir
PY  - 2012
UR  - https://redun.educons.edu.rs/handle/123456789/151
AB  - This paper tests and analyses the interdependence of financial markets in the transition economies of Serbia, Hungary, Croatia and Slovenia, as well as the similarity of these markets with the US financial market. The source of information is the data obtained from the financial markets of these countries in the form of stock-market indices for the period 05.10.2005-30.09.2011. The main hypothesis to be tested in the work is the assumption that there is a significant level of similarity between these financial markets. The methodology used in the study includes statistical methods of sampling and factor analysis. The research results confirm the hypothesis, which was tested in the work, that there are significant levels of similarity between the financial markets of transition economies, both among each other and with the US market.
PB  - BUDAPEST TECH, BUDAPEST
T2  - Acta Polytechnica Hungarica
T1  - Financial Market Co-Movement between Transition Economies: A Case Study of Serbia, Hungary, Croatia and Slovenia
EP  - 134
IS  - 3
SP  - 115
VL  - 9
UR  - conv_774
ER  - 

@article{
author = "Anđelić, Goran and Đaković, Vladimir",
year = "2012",
abstract = "This paper tests and analyses the interdependence of financial markets in the transition economies of Serbia, Hungary, Croatia and Slovenia, as well as the similarity of these markets with the US financial market. The source of information is the data obtained from the financial markets of these countries in the form of stock-market indices for the period 05.10.2005-30.09.2011. The main hypothesis to be tested in the work is the assumption that there is a significant level of similarity between these financial markets. The methodology used in the study includes statistical methods of sampling and factor analysis. The research results confirm the hypothesis, which was tested in the work, that there are significant levels of similarity between the financial markets of transition economies, both among each other and with the US market.",
publisher = "BUDAPEST TECH, BUDAPEST",
journal = "Acta Polytechnica Hungarica",
title = "Financial Market Co-Movement between Transition Economies: A Case Study of Serbia, Hungary, Croatia and Slovenia",
pages = "134-115",
number = "3",
volume = "9",
url = "conv_774"
}

Anđelić, G.,& Đaković, V.. (2012). Financial Market Co-Movement between Transition Economies: A Case Study of Serbia, Hungary, Croatia and Slovenia. in Acta Polytechnica Hungarica
BUDAPEST TECH, BUDAPEST., 9(3), 115-134.
conv_774

Anđelić G, Đaković V. Financial Market Co-Movement between Transition Economies: A Case Study of Serbia, Hungary, Croatia and Slovenia. in Acta Polytechnica Hungarica. 2012;9(3):115-134.
conv_774 .

Anđelić, Goran, Đaković, Vladimir, "Financial Market Co-Movement between Transition Economies: A Case Study of Serbia, Hungary, Croatia and Slovenia" in Acta Polytechnica Hungarica, 9, no. 3 (2012):115-134,
conv_774 .