This paper investigates the performance of extreme value theory (EVT) with the daily stock index returns of four different emerging markets. The research covers the sample representing the Serbian (BELEXline), Croatian (CROBEX), Slovenian (SBI20), and Hungarian (BUX) stock indexes using the data from January 2006 - September 2009. In the paper a performance test was carried out for the success of application of the extreme value theory in estimating and forecasting of the tails of daily return distribution of the analyzed stock indexes. Therefore the main goal is to determine whether EVT adequately estimates and forecasts the tails (2.5% and 5% at the tail) of daily stock index return distribution in the emerging markets of Serbia, Croatia, Slovenia, and Hungary. The applied methodology during the research includes analysis, synthesis and statistical/mathematical methods. Research results according to estimated Generalized Pareto Distribution (GPD) parameters indicate the necessity of applying market risk estimation methods, i.e. extreme value theory (EVT) in the framework of a broader analysis of investment processes in emerging markets

The aim of this research is to analyse the impact of debt management on the profitability of firms. The research was conducted for a five-year period from 2016 to 2020, on a sample of 299 large non-financial firms in Serbia. The Generalized Method of Moments (GMM) is used to examine the ratio of the share of total debt in total assets to the profitability expressed through the ROA indicator. The first thing considered is the linear relationship between indebtness and profitability followed by the nonlinear relationship between indebtness and profitability. The results of research show that there is a statistically significant correlation and a linear, negative ratio of indebtedness indicators in relation to the profitability of the observed firms. The results of the study do not show a nonlinear (concave) relationship. They show both negative and statistically significant impact of tangibility on the profitability of large companies in Serbia, while company size and inflation do not have a significant impact on profitability.

Serbia has a big potential to accomplish the goal of making the environment green and comfortable for living. It started with reforms in comprehensive Energy Sector and set up a new Energy Policy in accordance with the EU practice and standards. With new national policy, Serbia became aware of middle-term and long-term strategies for developing of adequate Power Sectors. There were investments into the Network and there are plans for building new and expanding existing transforming stations, building new interconnecting line and making some other investments. Having in mind the cooperation with EU, Service for Electrical Energy Market Development has already prepared wide range of available services related to market and deregulation of network, from requirements for connecting to transmission line to securing balance mechanism, and that makes possible for international Electrical Power market to exist. Since the production system is unable to respond to the demand in certain moments of time and Serbia has to import Electrical Energy, that makes Renewable Energy Sources very attractive for use in Power system. Deficit of electrical power must be covered either by import or by more intensive investments in new production capacities, making Serbian energy sector economically interesting.

Short term firms' decisions about working capital influence the firms value and profitability. This study aims to find new empirical evidence of the influence of managing working capital on profitability, measured by ROA, with application to 367 large non-financial firms in Serbia during a four-year period (2016-2019) using panel-corrected standard error model. The results show that after controlling the characteristics of the firm and macroeconomic conditions, working capital management has statistically significant and non linear influence to firm profitability. This suggests the existence of an optimal level of net working capital of analysed firms, while optimal level working capital has positive and above optimal level working capital has negative effects on the firms' profitability.

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