This study proposes implementation of Boolean consistent fuzzy inference system for credit scoring purposes. Fuzzy inference system (FIS) allows domain experts to express their knowledge in the form of fuzzy rules, which enables combination of automatic rating with human judgment. Crucial for this model is that fuzzy rules are being evaluated using Boolean consistent fuzzy logic, which preserves all Boolean axioms. Experimental results show that the Boolean consistent FIS outperforms the conventional FIS in terms of classification accuracy, precision, and recall. Consistent fuzzy logic could contribute to the rightful approval of more loans which in turn would have positive effects on economic growth.

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A B S T R A C T Objective:The paper aims to annotate how selection of equity securities can be made by incorporating sustainability into analysis, and to present review of performance evidence of such an investment strategy. Research Design & Methods:The authors reviewed the scholarly literature and contemporary research on what constitutes a socially responsible investment, what risks are associated with such an investment, and what evidence of its performance are in different markets. They hypothesized that socially responsible investments underperform non-socially aware investments. Findings: This paper provides review of relevant corporate sustainability indicators used in investment analysis. Also, this paper is trying to present evidence of a link between corporate social responsibility and shareholder value. Research of performance of socially responsible investment equity indices and funds; mostly show that they underperform conventional ones. Implications & Recommendations: This paper aims to examine existing findings on socially responsible investing, and to propose modification of corporate strategies accordingly. Contribution & Value Added: This paper provides various insights into implications when incorporating environment, social responsibility, and corporate governance into investment strategies. Article type:literature review

This article examines volatility spillover among Western Balkan’s stock markets and selected developed markets. If there is an evidence of weak linkage between various markets, then there are potential benefits that could arise from international diversification. However, if we analyse the relationship between two markets that are different in terms of their economic development, and if there is a strong connection between them, market shocks from the developed markets can have an impact on the frontier/emerging markets. Market integration can be indicated with returns linkage and transmission of shocks and volatility between markets. Hence, this can have implications for investment strategies. It is found that there is statistically significant regional spillover between countries of the Western Balkan region. Also, there is global spillover between developed markets and this region as well. Furthermore, there is evidence that Western Balkan’s markets are late in response to important market events, and that can be used when formulating investment strategy.

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