Cilj ovoga rada je pokazati povezanost i komplementarnost dvaju tržišta, tržišta dionica prikazanog indeksom CROBEX s jedne, te tržišta dionica i vrijednosnih papira zajedno, prikazanog prinosima ...hrvatskih 5 najvećih dioničkih investicijskih fondova s druge strane. Koristili smo regresiju koja povezuje ove serije podataka, mjere rizika (koeficijent varijacije i standardnu devijaciju), te Traynorov i Sharpeov indeks. Iz podataka za 5 najvećih hrvatskih dioničkih investicijskih fondova prema vrijednosti aktive (ZB Aktiv, PBZ Equity, Raiffeisen Central Europe, Erste Adriatic Equity i KD Victoria), dokazali smo kako postoji signifikantna pozitivna korelacija između indeksa CROBEX i prinosa dioničkih investicijskih fondova, zatim kako je prinos rizičnijih fondova za mirujućeg tržišta veći, te kako manje rizični fondovi imaju veći rast kada se intenzivira aktivnost na tržištu.
With regard to the technology used for signal distribution, paid TV market is divided into IPTV, SAT TV and cable TV. Croatian paid TV market has many operators, but Max TV, an IPTV operator, ...accounts for 55% of the market and the runner up is B.Net, cable TV operator, with a 19% market share. The biggest player in the SAT TV market, Digi TV, is loosing its position due to the lacking channel palette and to the entrance of Max TV and B.Net into the SAT TV market segment. Max TV is the dominant IPTV operator, while B.Net prevails in the cable TV market. Both players have the market power which is likely to discourage the competitors from staying in the business: the former owns almost the whole IPTV infrastructure, while the latter operates in the market that is likely to create natural monopolies due to the high cost of the laying of the cables. A crowding out of the smaller competitors is thus expected in the future, turning the market into a duopoly. In the absence of adequate market supervision by state agencies, these developments could result in higher TV service prices. PUBLICATION ABSTRACT
Croatian agriculture stagnates over the last quarter of the century. Although it is heavily subsidized and the investment in mechanization was high, Croatian agriculture did not improve its ...production level, not even after the accession to the European Union. The project of green and blue Croatia, which aim is to connect agricultural production and tourism, did not show significant results import substitution. In this paper non-perennial crops agriculture is analyzed since it forms more than 40% of total agricultural production in Croatia. In order to distinguish the contribution of capital, labour and total factor productivity, a Cobb-Douglas production function is estimated on a panel data set for Croatian non-perennial agriculture in the period of 2008 - 2014. It was discovered that production elasticities do not correspond to the shares of expenditures on labour and capital which is a common production function assumption. Also, it is shown that total factor productivity declines over time, a disinvestment and labour decline caused stagnation of this sector of Croatian economy. A further analysis is made to determine the impact of subsidies and export orientation on TFP and it is found that Croatian agricultural production is affected by export orientation and subsidies, but their impact is almost irrelevant.
Determinants of Profitability in Croatian Commerce Vrankic, Ilko; Galetic, Fran; Herceg, Tomislav
International OFEL Conference on Governance, Management and Entrepreneurship,
04/2016
Conference Proceeding
The commerce sector plays one of the most important roles in Croatian economy. 28% of the total number of registered economic entities in Croatia is in the sector of commerce. From all Croatian ...employees, this sector employs about 22% of them. The distributive commerce makes about 10% of Croatian gross domestic product. This data show the importance of commerce for Croatian economy in general. In this paper we analyze the determinants of profitability in commerce sector in the Republic of Croatia. The profitability is the key indicator of success of a company, so in the analysis we will especially look at the changes in the profitability of Croatian commerce through last decade.
This paper analyses Croatian tourist market regarding tourist arrivals divided by main countries from which our tourist originally come. As more than 97% of tourists who visit Croatia come from ...European countries, the model is based on the data about Europe. In the analysis should be discussed and presented which factors influence the number of tourists who visit Croatia. Main variables that influence on the number of tourist arrivals are total population number of some country, its GDP per capita and distance from Croatia. These factors will be taken into a regression model to describe the number of arrivals in Croatia. The model should be useful to predict how many tourists Croatia could expect based on the known factors. PUBLICATION ABSTRACT
Internet sustains the electronic market and the appearance of many new services which have an impact on business and society. We could say that we live in the era of "Electronic Business". Electronic ...payment is a crucial element of electronic business. Virtual currencies are computer files stored on the user's computer. They are composed of complex algorithms that are designed and manufactured by experts called miners. The first implementation of the concept of virtual currency is BitCoin. Virtual currency is based on a decentralized, peer-to-peer network, and it can be managed only through algorithms, which indicates that the government is not included in determining the value of virtual currency. Instead, supply and demand of users set the market value of the virtual currency. The advantages of virtual currencies include the independence their owners about retailers and banks, anonymity when trading and the impossibility of monitoring customer transactions. Some of the disadvantages of virtual currency are that they may at some point become worthless, subject to market fluctuations and the impossibility of return of virtual currency in the case of theft. This paper analyzes the attitudes towards virtual currencies in Croatia in the context of increasing trend of using them in contemporary economic systems.
GROUP-BUYING WEB PORTALS: THE CASE OF CROATIA Spremic, Mario; Jakovic, Bozidar; Galetic, Fran
An Enterprise Odyssey. International Conference Proceedings,
06/2012
Conference Proceeding
In recent years a new e-business model has become very popular in many countries. It is called group-buying Web portal model. This model is based on the idea of recruiting a certain number of buyers ...who will generate a sufficient volume of orders to create the basis for discount price. The main advantage for buyers is in the fact that they get products and services for less money than in the regular process of individual buying. Sellers also benefit from group-buying, in the way that they sell large quantity of their products and services. This is the base for profit of sellers - they earn from the big number of sold products and services at discounted prices. Group-buying portals are very popular in Croatia, there are 59 of them. This paper analyzes Croatian offer of group-buying portals from the aspects of number of offers, methods of payment, promotion and technology. Despite of large number of group-buying portals, only smaller number of them have big market share. Portals that are longer on the market have more clients. PUBLICATION ABSTRACT
The term entrepreneurial orientation has been used to refer to the strategy-making processes and styles of firms that engage in entrepreneurial activities. A popular model of entrepreneurial ...orientation (EO) suggests that there are five dimensions of EO - autonomy, innovativeness, risk taking, proactiveness, and competitive aggressiveness. This paper reports on three of those dimensions - innovativeness, risk taking and proactiveness. Innovativeness is the predisposition to engage in creativity and experimentation through the introduction of new products/services as well as technological leadership via R&D in new processes. Risk taking involves taking bold actions by venturing into the unknown, borrowing heavily, and/or committing significant resources to ventures in uncertain environments. Proactiveness is an opportunity-seeking, forward-looking perspective characterized by the introduction of new products and services ahead of the competition and acting in anticipation of future demand. Therefore, the purpose of this paper is to link dimensions of entrepreneurial orientation of Croatian hotels and show a positive correlation with their performance which is measured by the following performance criteria: sales level, sales growth rate, cash flow, net profit and ability to fund business growth from profits. PUBLICATION ABSTRACT
Open-end investment funds in Croatia Galetic, Fran; Moric Milovanovic, Bojan
Financial Theory and Practice,
2006, Letnik:
30, Številka:
1
Journal Article
This work discusses investment funds in Croatia, with a particular emphasis on openend investment funds. After a short review of the development of the funds, the perception of the funds is analysed, ...as are the trends in total assets and in average yields. The degree of concentration of open-end investment funds is shown with statistical measures of concentration (the Gini Coefficient, the Lorenz Curve and concentration ratios). All these indicators show that the concentration is moderate to strong. The greatest yields are given by the equity funds, but these are also the most risky.
