In this paper we examined adaptive markets hypothesis (AMH) using three factors we assumed that affect weak-form of market efficiency: observation period, time horizon represented by rolling window sizes and data aggregation level. We have analyzed market value weighted index MONEX20, which is proxy from Montenegro equity market, over 2004-2011 period. Rolling window analysis with fixed parameter in each window is employed to measure the persistence of deviations from a random walk hypothesis (RWH) over time. Actually, using rolling sample approach we checked whether short-range linear dependence is varying over time. This method was applied on the first order serial autocorrelation coefficients (AC1), as well as on runs test, since evidence on non-normality properties of MONEX20 suggests using non-parametric test. The evidence was found that all three factors impact degree of weakform Montenegro equity market efficiency which has serious consequences on profit opportunities over time on this market. ARTICLE INFO

The aim of this paper is to analyze concept of ecological certification, its advantages and challenges in the context of Montenegrin tourism accommodation sector. Based on EU Eco Label and Travelife certification schemes we tested advantages of greening tourist offer and contribution to the climate change combat in the country. Sample of 40 accommodation facilities are taken into consideration, and being offered series of presentations, direct interviews and incentives. Our results show that 10 out of 40 accommodation facilities are awarded with certificate, while 15 more facilities are in the process of gaining it in 2018. The main challenges we evidenced are as follows: limited human and financial resources to implement certification requirements; low level of understanding of marketing advantages that green certification brings; absence of national and local incentives to support certification implementation and destination safety and security aspects becoming main interest of tourism entrepreneurs.

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The purpose of this paper is to examine the causal relation between deviations from target capital structure (leverage deficit) and acquisition choices in capital markets in Western Europe. The analysis is conducted using a sample of 921 large companies, which represents a strong and solid base for testing target capital structure and takeover interdependence, as the focus is on the period when half of the largest M&A deals in Western Europe occurred. This study found that leverage deficit is a crucial determinant of acquisition choices and market reaction on acquisition announcements, measured by CARs to bidders. Companies that are underleveraged relative to their target capital structure have a higher probability of undertaking acquisitions. On the other hand, the market reacts unfavourably to acquisition announcements of underleveraged acquirers -overleveraged companies undertake the most value-enhancing acquisitions, whilst underleveraged companies make poor acquisition choices. This paper enriches the literature by empirically extending the understanding of how managers make investment decisions in relation to capital structure, and how capital markets assess the impact of these investments.

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