Agritourism has received growing academic attention over the recent decades. Thus, the current focus on the state of academic knowledge on agritourism provides further insight into the development of thought in the field and a better understanding of the main issues of importance for the academic community in this area. To secure the understanding of the most frequent topics within agritourism literature, the sample of 21 Crossref journals indexed in Web of Science was defined. A bibliometric and keyword analysis served as valuable instruments to assess the current trends within the topic and to predict the future direction of agritourism research. The results of the implemented analysis suggest that the scientific journal of Tourism Management is the most influential journal to spread knowledge regarding agritourism, while Carla Barbieri is recognised as the most influential author in the field. The recently increased interest in rurality on a global scale emphasises the need for more agritourism studies that will be capable of providing valuable guidelines for agritourism providers, tourists, and destination managers.

Investment diversification is a widely accepted investment strategy, aimed at reducing investment uncertainty, while simultaneously keeping the expected return on investment unaltered. The development of investment diversification coincided with the development of portfolio theory. At the time when traditional portfolio theory was recognized as the leading portfolio management practice, the simple diversification of investments was the most commonly used strategy; however, due to its inability to recognize the importance of the correlation between returns on different investments, simple diversification was later rejected in modern portfolio theory and replaced with efficient diversification. The research study is aimed at conducting a comparative analysis between the simple and efficient diversifications of investments, together with the inevitable analysis of the optimal number of securities in a portfolio and the testing of the validity of the international diversification of investments. By applying a qualitative research methodology, it is concluded that the benefits of the international diversification of investments are still substantial, and as such outweigh specific limitations, and that the number of securities in a portfolio should be increased as long as its marginal benefits, in the form of reduced investment risk, exceed its marginal costs-in terms of increased portfolio management costs, which also represents the main result of the research.

In this paper we evaluate the performance of eight open-end mutual funds in the Republic of Serbia for the period 2009-2012, with the aim of testing the justification of active portfolio management of mutual funds, and determining the selection capability of Serbian portfolio managers. Riskweighted returns of mutual funds are compared with the risk-weighted return of the leading Belgrade Stock Exchange index, Belex15, whereas the following are used as performance measures: Sharpe ratio (), Treynor ratio (), and Jensen's or Alpha index (). The results suggest that the portfolio of Serbian mutual funds has inferior performance compared to the market portfolio, which indicates the lack of selection capabilities of domestic portfolio managers.

The need for insurance dates back from the distant past. A lot of time has passed from the primitive insurance forms to its institutionalization and legal implementation. The modern insurance market, regardless of its global character is not equally developed. The unevenness of development is one of its main characteristics, often connected with the achieved level of economic development. Numerous factors influences on the investment activities of insurance companies as the carriers of the insurance market. The subject of this paper will be the examination of the connection of payments of insured sums (damages) on the redistribution of the investment portfolio on the capital market. For this purpose will be formulated two hypotheses, separately for the non-life and life insurance market. Examination of the relationship between the considered variables will be conducted by using SPSS statistical software, ie the Chi-squared test. Regardless of proving the hypotheses will not be possible to draw unique conclusions for both markets.

The concept of an efficient financial market, in literature known as efficient market hypothesis (EMH), has had a long and difficult development path from the idea itself to its final conception, as one of the central paradigms in modern finance. It has been tested and critically reviewed for decades, and the two basic types of problems it has encountered are theoretical paradoxes and market anomalies. The aim of the paper is to examine the validity of EMH through various financial market efficiency tests and the results of previous research. The intention is to answer the question of whether, despite theoretical paradoxes and market anomalies, the notion of validity can be attributed to the concept of an efficient financial market. In this regard, the paper presents plenty of evidence for and against the validity of weak, semi-strong, and strong form of EMH, to conclude that, even after more than half a century of research, financial literature has not reached a consensus on the presence or absence of the validity of this hypothesis.

The complex world of finance is characterised by numerous irrationalities that representatives of behavioral finance seek to explain by cognitive biases (flaws, inclinations or anomalies). Cognitive biases represent imperfect perception of reality and are caused by limited cognitive capacities of decision-makers. By analysing cognitive biases, the paper aims to answer the following questions that standard finance fails: Why active portfolio strategy is still the most influential strategy in portfolio management despite the mounting evidence of unsuitability of its application? Why investors prefer dividend payout over increase in capital value (dividend puzzle)? Why investors ignore benefits of investment diversification and choose to invest in a small number of shares of well-known local businesses (diversification puzzle)? Why investors avoid to sell “loser” shares and thus reduce the tax burden? Why shares of small companies usually bring higher returns compared to shares of large companies? The answers to these questions are obtained by using qualitative research methodology, which also represents the main result of the research.

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Since agriculture is the highly important economic activity in the Republic of Serbia, it is necessary to create an environment in which competitive agricultural enterprises will develop. However, regions in the Republic of Serbia considerably differ regarding the intensity of agricultural activity. This paper examines the impact of agricultural enterprises on the region's contribution to the gross domestic product (GDP) of the country in the period between 2010 and 2018. Activity of agricultural enterprises was observed using number of agricultural enterprises, number of employees in them, their turnover and gross value added. Random-Effects GLS regression showed that regions with higher agricultural activity contribute to the lesser extent to the GDP of the country. Research results are robust to changing sampling period and lagging independent variables. In this regard, several proposals have been recommended.