SAŽETAK: U nastojanjima da se najpoznatiji jedno-faktorski model, model procjenjivanja kapitalne imovine (CAPM), primijeni u praksi esto su se koristili dioni ki indeksi temeljeni na tržišnoj kapitalizaciji. Istraživanja su, me utim, pokazala da takvi indeksi naješ e ne predstavljaju eÞ kasan portfolio svojih sastavnica pa su u posljednjih 10-ak godina razvijani pristupi koji bi investitorima trebali ponuditi eÞ kasnije indekse. Istraživanja za hrvatsko tržište upu uju na otežanu primjenu takvih istraživanja zbog speciÞ nosti malog i nelikvidnog tržišta. U ovome radu kao alternativa tržišnoj kapitalizaciji testiraju se fundamentalni pokazatelji slijede i istraživanje Arnott et al. (2005.). Ispituje se više fundamentalnih pokazatelja, a performanse indeksa uspore uju se s CROBEX indeksom za revizije indeksa u razdoblju 2009. -2016. Rezultati istraživanja pokazuju bolje performanse odre enih testiranih indeksa u vidu ve ih odnosa rizika i nagrade, ali uz slabu robusnost. Tako er, ve i odnosi rizika i nagrade proizlaze iz relativno ve eg pove anja prinosa u odnosu na rizik što sugerira potrebu za provo enje daljnjih istraživanja.KLJU NE RIJE I: CAPM, faktorski modeli, eÞ kasni indeksi, indeksi temeljeni na fundamentalnim pokazateljima. SUMMARY:In order to apply one of the most famous single-factor models (CAPM) in practice, equity market cap-weighted indices were often used. However, research has shown that such indices often do not represent efÞ cient portfolios of their constituents. Therefore, various approaches have been developed in the last 10 years in pursuit of more efÞ cient indices for investors. Research conducted for the Croatian market points out difÞ -* Mario Kova evi ,
A customized passive battery management system (BMS), which offers a selection of different operating configurations regarding the connection of external sources and loads, has been developed. The device supports balance, charge, de-balance, discharge and permanent storage battery processes. The control unit is run by its own written algorithm (code). Suggestions for potential hardware and software changes that can be made to expand the capabilities of the device are listed. The device is tested in five different operating configurations and the output data (battery-cell voltages and balancing currents) are plotted in characteristic diagrams. The output data is analyzed and the unique capabilities of the device are explained. The detailed PCB design, code, and output measurement data files are included within the paper.
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