In the literature, many multiple criteria decision making methods have been proposed. There are also a number of papers, which are devoted to comparison of their characteristics and performances. However, a definitive answer to questions: which method is most suitable and which method is most effective is still actual. Therefore, in this paper, the use of some prominent multiple criteria decision making methods is considered on the example of ranking Serbian banks. The objective of this paper is not to determine which method is most appropriate for ranking banks. The objective of this paper is to emphasize that the use of various multiple criteria decision making methods sometimes can produce different ranking orders of alternatives, highlighted some reasons which lead to different results, and indicate that different results obtained by different MCDM methods are not just a random event, but rather reality.Keywords: MCDM, SAW, MOORA, GRA, CP, VIKOR, TOPSIS * Corresponding author: dragisa.stanujkic@fmz.edu.rs S e r b i a n J o u r n a l o f M a n a g e m e n t Serbian Journal of Management 8 (2) (2013) 213 -241www.sjm06.com DOI:10.5937/sjm8-3774 1968), Compromise programming (Zeleny, 1973;Yu, 1973), Analytic Hierarchy Process (AHP) method (Saaty, 1980), Technique for Ordering Preference by Similarity to Ideal Solution (TOPSIS) method (Hwang & Yoon, 1981), Preference Ranking Organisation Method for Enrichment Evaluations (PROMETHEE) method (Brans & Vincke, 1985), Grey Relational Analysis (GRA) proposed by Deng (1989) as part of Grey system theory, ELimination and Choice Expressing REality (ELECTRE) method (Roy, 1991), COmplex PRoportional ASsessment (COPRAS) method (Zavadskas et al., 1994) (Brauers & Zavadskas, 2010a).In the past, these methods have been used to solve many problems, which are documented in many professional and scientific journals. Numerous prominent papers presented research in MCDM, which is why we omit the reference to them in this paper.The above-mentioned MCDM methods transform multiple criteria decision-making process, i.e., Multiple Criteria optimization, in a single criterion decision-making optimization, which is much easier to solve. A number of authors have been identifying different phases (stages) in MCDM process, from which, in order to more clearly point out the objectives of this study, the following phases are emphasized:-criteria weights determination, -normalization, -aggregation, and -selection. A typical MCDM problem can be precisely presented in the following form:( 1) where D is decision matrix, x ij is performance of i-th alternative with respect to j-th criterion, W is weight vector, w j is weight of j-th criterion, i = 1,2, … m; m is the number of compared alternatives, j = 1,2, ..., n; n is the number of the criteria.Information stored in a decision matrix is usually incommensurable, i.e. performance ratings in relation to different criteria are usually expressed using different units of measure. Therefore, data should be transformed into comparable values, usi...

Stockholders and other interested parties used to exchange information in writing by means of physical submission, while today with just a click on any known company’s Internet page it is possible to acquire both the information needed and its financial situation. The aim of this work is to indicate the lack of corporate culture and investor communication on the Serbian stock market by analyzing investor relations via the e-communication tools of some of the best Serbian companies. This study investigates investor relations on the Internet of companies listed on the Belgrade Stock Exchange (BELEX 15 and BELEX LINE). For this purpose, the websites of the 20 largest listed companies of the Republic of Serbia were screened for investor relations items. Results obtained by using a three-stage model show that most companies in Serbia are at the second stage of internet investor relations, i.e., where information available through other sources is combined to better inform investors. In the third stage companies use the full interactive possibilities of the Internet for investor relations purposes. The author also stresses that the quality of investor relations must be a part of every company’s strategic vision

Kasnih 90-ih je razvijeno novo finansijsko tržište -tržište vremenskih derivata, tako da su menadžeri rizika mogli da se zaštite od izloženosti vremenskom riziku. Nakon usporenog starta, vremenski derivati su počeli rapidno da rastu. Menadžeri rizika više nisu mogli da loše finansijske rezultate pravdaju vremenskim neprilikama. Vremenski rizik je, uz pomoć hedžinga, mogao biti eliminisan. Ovaj rad će ukatko objasniti šta su vremenski derivati i istaći neke od motiva za njihovu upotrebu. Takođe ćemo baciti pogled na istoriju tržišta vremenskih derivata, kako se ono razvijalo poslednjih godina i ko su trenutni i potencijalni igrači na tom tržištu. SummaryIn the late 1990s, a new financial market was developed -a market for weather derivatives, so that the risk managers could hedge their exposure to weather risk. After a rather slow start, the weather derivatives market had started to grow rapidly. Risk managers could no longer blame poor financial results on the weather. Weather risk could now be removed by hedging procedure. This paper will explain briefly what the weather derivatives are and will point out at some of the motives for use of derivatives. Thereafter we will look at the history of the weather risk market, how the weather derivatives market has developed in recent years and also who are the current and potential players in the weather derivatives market. UvodVremenski derivati (engl. weather derivatives) predstavljaju alat upravljanja rizikom koji omogućava kompanijama da se zaštite od smanjenja proizvodnje, odnosno potraživanja količine roba i usluga, koje je prouzrokovano nepovoljnim vremenskim prilikama. Pojednostavljeno, upotrebom odgovarajućih vremenskih derivata (forvarda, fjučersa, opcija ili svopova), proizvođači i distributeri energenata se mogu zaštititi od neuobičajeno tople zime kada je potrošnja energenata manja od uobičajene; poljoprivrednici se mogu zaštititi od nedovoljne (ili prekomerne) količine padavina tokom perioda rasta njihovih poljoprivrednih proizvoda itd. Ova vrsta derivata stvorena je kako bi se olakšao prenos rizika nepovoljnih vremenskih prilika na treća lica koja su u mogućnosti da njime efikasno upravljaju (Lazibat, Zupanic, 2010, str. 731).Vremenski derivati kreirani su u cilju zaštite od nepovoljnih vremenskih prilika. Rizik nepovoljnih vremenskih prilika predstavlja nesigurnost u budućim novčanim tokovima i prihodima kao posledica nekatastrofalnih vremenskih prilika (Brockett, Wang, Yang, 2005, str. 128). Nekatastrofalne vremenske prilike označavaju fluktuacije u temperaturi, vlažnosti vazduha, količini padavina, brzini vetra itd., dok s druge strane, zemljotresi, oluje i poplave predstavljaju katastrofalne rizike i kao takvi nisu predmet vremenskih derivata. Vremenske prilike se od ostalih izvora rizika razlikuju po tome što utiču na količinu potražnje za određenim robama i uslugama, a ne na cenu po kojoj se ta roba prodaje (Edrich, 2003, str. 168). Toplije zime, npr., rezultiraju manjom potražnjom za prirodnim energentima, dok hladnija leta npr. rezultiraju manj...