No abstract

Transactions with futures and other derivatives began their development in the XIX century on the exchanges in USA and other developed countries, but financial market in Serbia is still underdeveloped with exchange materials, volumes and number of participants. Investors on the Belgrade Stock Exchange mostly trade with stocks and government bonds. Also, Agrar Product Novi Sad has organized only spot trading of agricultural products. The paper goal is to present all relevant assumptions and significance of derivative trading development in Serbia with discussion about choice to start derivative trading on the already existing exchanges or to establish a new futures exchange that is going to be specialized for derivative trading. As the research method authors use content analysis and comparison of significant national and foreign literature with analyses of trading volumes on international and domestic exchanges. Authors recommend that Agrar Product Novi Sad be the first in expansion of market listing with commodity futures and options. On this way market is going to be deeper, creating efficient mechanisms for investor's protection from price risks, creating conditions for safer and long term production planning, with increase in market attractivity that could set the Agrar Product Novi Sad as a leader in commodity derivative trading in the SouthEast Europe

Sustainable growth rate is a maximum growth rate that one enterprise may achieve with a given set of financial policies. The growth of an enterprise per rate higher than sustainable growth rate may lead to financial troubles, insolvency, even to the enterprise bankruptcy. In order to be able to finance a rapid growth, the enterprise will have to issue new shares, increase indebtedness, change its dividend policy, increase production efficiency or improve the asset turnover ratio. The enterprise growth per rate lower than sustainable may lead to a stagnation of the enterprise. The main goal of this paper is to show a sustainable growth rate calculation methodology and to apply this methodology in the determination of a sustainable growth rate in 2011 and 2012 for 60 enterprises in Serbia belonging to the agricultural and food sectors. Likewise, this paper is concerned with the comparison of the enterprise sustainable growth rate per stated sectors, the determination of existence of possible differences in their height in 2012 in relation to 2011 and with an overview of inflation effect on sustainable growth rate per selected sectors. All this is done in order to assess sustainable growth of agricultural and food sectors in the years under consideration. Research results indicate that possibilities for the sustainable growth were scarce or there was no real sustainable growth in agricultural and food sectors in 2011 and 2012.

This paper investigates shock and volatility spillover effect between Russian index RTS and six futures commodities (Brent oil, natural gas, gasoline, gold, platinum and palladium)

Abstract:The assessment of the firm value by discounting cash flows may be achieved through free cash flow to equity (FCFE)

Abstract:There are numerous models which are under contemporary usiness conditions used for assessment of creditworthiness and orecasting bankruptcy possibility of a enterprise. One of these models is Altman Z -score model. On the basis of adjustments of original model for ossibility of bankruptcy forecasting, which is applicable just to nterprises with whose stocks are traded on organized market, a modified model was developed which is applicable only to enterprises with whose tocks are not traded on organized market. Altman made additional modification of model and formulated Z'' score model that is applied on roduction and unproductive enterprises, as well as on enterprises that perate in developing countries. Stated models separate financially uccessful enterprises from those that are threatened by bankruptcy roceedings. On the basis of Z'' score model Altman classified credit rating f enterprises and with it developed Z'' score adjusted model. In this aper, we conducted the analyses of credit rating for 33 enterprises in estructuring and 90 enterprises that are not in restructuring, by using Z'' core adjusted model, as well as determined possibility of occurrence of ankruptcy of enterprise on the basis of Z' score model. Authors concluded hat approximately 57% of analyzed enterprises in restructuring have the owest credit rating, while possibility of occurrence of bankruptcy in the next two years for those enterprises is more than 90%. On the other hand, pproximately 60% of enterprises which are not in restructuring have high credit rating and operate in safe zone, while approximately 6% of nterprises have the lowest credit rating with high possibility of ccurrence of bankruptcy in the next two years.

Висока пословна школа струковних студија Нови Сад, Нови СадСажетак: Циљ рада јесте утврђивање економске ефикасности инвестиција на основу више метода капиталног буџетирања. Истраживање је спроведено на примеру куповине 10 хектара пољопривредног земљишта које ће се користити за узгој кукуруза. Инвестиција обухвата и издвајања у обртна средства потребна за покретање узгоја на купљеном земљишту. Финансирање се спроводи делом из сопствених средстава, а делом из кредита агроиндустријске комерцијалне банке. У раду су коришћене динамичке методе капиталног буџетирања за оцену економске ефикасности планираног улагања. На основу нето садашње вредности од 43.415 евра, интерне стопе приноса од 9,91% и индекса профитабилности од 1,22, закључује се да је постигнута економска ефикасност куповином 10 хектара обрадивог земљишта ради узгоја кукуруза. Кључне речи: нето садашња вредност, интерна стопа приноса, индекс профитабилности, економска ефикасност инвестиције.Abstract: The aim of the paper is to determine economic reasonableness of investments based on several methods of capital budgeting. The research was conducted on the example of purchasing 10 hectares of land that will be used for agricultural production of corn. Investment includes outflows for current assets necessary for starting of production on purchased land too. Financing is partially done from shareholders' equity and partially from agro industrial commercial bank loan. Dynamic capital budgeting methods for assessment of economic efficiency of planned investment are used in the paper. On the basis of net present value of 43,370 EUR, internal rate of return of 9.91% and profitability index of 1.22, it is concluded that economic efficiency is achieved by purchase of 10 hectares of arable land for growing corn.

The paper examines the influence of the structural breaks on the optimal weights, hedge ratios and hedge effectiveness index (HEI) of risk‐minimizing portfolios composed of S&P500 and selected emerging markets’ indices from East Europe, Asia and South America. We employ a bivariate DCC‐EGARCH models without and with structural breaks and we find better estimation features when structural breaks are included in the model. However, we do not find evidence that insertion of structural breaks increases portfolio hedging performances. The differences that exist between optimal weights, hedge ratios and HEI values are so small that tangible economic benefit for international investors do not exist.