Due to the global financial crisis the stock exchange indices of Southeastern
European (SEE) countries are stagnating or are slowly recovering. The issuers
of securities, namely banks that achieve good business results, may be in a
dilemma whether to buy back their shares so as to slow down the share price
decrease and manage capital. In this paper, the cointegration tests, Granger
causality test and equilibrium error correction model were applied to
examine: 1) interdependencies of stock exchange indexes in SEE countries
(Slovenia, Croatia, Serbia, Montenegro, Republic of Srpska, Macedonia - FYROM
and Bulgaria); 2) interdependencies of most actively traded shares in Serbia
and the representative index. The main conclusion is that it is not possible
to successfully use the share buyback to stop or reduce the share price fall
on a shallow capital market of SEE countries. This is opposite to what
successful banks can do on deep capital markets. In interpreting quantitative
results it is necessary to be cautious because of a small number of banks
from SEE which were able to use share repurchase. [Projekat Ministarstva
nauke Republike Srbije, br. 179065, br. 47009 i br. 179015]
Problems that occur when trying to control in an efficient and timely manner the airspace of the territory of the state surrounded by challenges and threats are becoming more frequent. They arise as a process that accompanies the development of modern lethal weapons for the attacks from the ground and airspace, by increasing the growth of pretensions of great states and state alliances, and the development and spread of economic globalism. One of the causes that can lead to the loss of sovereignty and territorial integrity in the airspace is the slow and longlasting adoption of strategic documents, which define the control of this part of the state territory. These documents should be adapted to respond flexibly to the challenges and changes that threaten the state territory, with special emphasis on its airspace. Through the presentation and consideration of security challenges, risks and threats, this paper will point out the problems that arise in the procedures for the airspace control of the state, in modern times, which fluctuates very quickly in the military and economic sense. Examining the characteristics of the airspace of the Republic of Serbia, as part of its territory, through the terms of sovereignty and territorial integrity, national security strategy and defence strategy, the difficulties and problems in its defence and control will be considered.
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.