In the contemporary circumstances, intellectual capital has become the engine of the economic, social and cultural development. Mobilization and utilization of intellectual resources in enterprises ...create value, thus transforming and accelerating development of national economies towards the knowledge and innovation based economies. Due to these reasons, the most developed economies increase investments in education, information technologies and stimulate innovativeness. On the other hand, less developed countries do not have possibilities for significant investments in creating and employing national intellectual potential. This is reflected in their economic growth rates, as in the case of the Southeastern European (SEE) countries. In that regard, the paper investigates the impact of education, information technologies and innovations, as determinants of national intellectual capital development, on the economic growth in the SEE countries. The aim of this paper is to identify the contribution of the key intellectual capital determinants to the economic growth and development in the SEE countries and propose measures whose implementation lead to further development towards knowledge and innovation economies. The results of correlation analysis revealed positive and statistically significant correlation between GDP per capita and employed measures of national intellectual capital. The research has shown that increase in high-technology export, number of R&D researchers and mobile phone subscribers has a positive and significant impact on economic growth. The authors advise intensified cooperation between business community and institutes and universities to achieve synergetic effects in generating and utilising national intellectual potential.
This paper examines the market efficiency of the most significant cryptocurrencies, Bitcoin and Ethereum. In the paper, we use several different tests to check the normality of return distribution, ...long-run correlation and heteroscedasticity of return volatility. We compare the characteristics of cryptocurrency returns with the returns on stocks of the most important companies producing hardware components for cryptocurrency mining. The correlation of returns, trading volume and volatility between cryptocurrencies and selected stocks is tested using a Granger causality test. The research results reject the efficient market hypothesis and show that the cryptocurrency market is a completely new speculative market that is weakly correlated with the stock market.
The way media represent the Other is the result of combination of various factors that directly or indirectly affect media workers during the production of media content about the Other. An essential ...and decisive factor is the personal conviction of media worker (attitudes and prejudices). Given this fact and that the media reporting on the medically different persons (MDP) is stereotypical (frame of the victim, hero or burden), it was necessary to conduct a research with reporters and editors in relation to the current level of stigma towards MDP. The research was conducted in Republic of Srpska (B&H) among reporters and editors from four leading TV stations in RS (ELTA TV, ATV, BN TV and RTRS). Using a method of in -depth interview, 19 reporters and editors responded to questions concerning: (1) their views on MDP, (2) familiarity with the specifics of various health conditions, (3) their interactions with MDP, (4) self-evaluation of reporting on MDP, (5) self-regulation and (6) applying the existing codes of ethics when reporting on MDP. The results indicate that media workers possess only basic knowledge about health differences and they primarily represent MDP on the basis of existing social stereotypes and media frames. Reporters and editors, even self-critical, tried to be socially correct, but had an ambivalent attitude and felt that self-regulation should not be used when reporting on MDP. In conclusion, it is clear that media workers use a combination of personal views on the ethics of reporting on MDP and rules of journalistic discourse, and not ethical principles and codes of reporting on the Other.
Cloud Computing offers significant cost benefits for SMEs that often do not manage internal IT infrastructure and start-up companies that do not have their own IT infrastructure. This paper presents ...a total cost of ownership (TCO) approach for cloud computing services with an emphasis on the infrastructure as a service (IaaS) model. Also, the paper presents a methodology for estimating total cost of ownership (TCO) when running computer instances in the IaaS cloud using the GARCH model to predict transaction volatility. The research results show that it is possible to successfully use GARCH models when there is historical data on the number of transactions. In addition, simulation shows that, when there are large oscillations in the number of transactions, the best choice is to reserve instances according to the Partial-Upfront price model. In contrast, if the transaction number is relatively stable, the best choice is the All-Upfront model.
Problem of distribution gathers the attention of researchers for years. In their research they analyze the uniformity of distribution using Pareto model of distribution, the Lorenz curve and the Gini ...coefficient. Also some authors are testing the applicability of models from statistical physics to the problem of distribution to better describe it. In addition to the analysis of distribution at the level of states and certain groups such as the Forbes list, the problem is spreading to the global level, where we analyze the distribution of GDP as a measure of the wealth of individual countries.In this paper we analyzed the distribution of GDP of countries applying the Pareto model, Lorenz curve, Gini coefficient and Boltzmann Gibbs distribution from statistical physics. The analysis was done for 2015, while the Gini coefficient analysis was done during the period from 1990 to 2015.
Credit scoring attracts special attention of financial institutions. In recent years, deep learning methods have been particularly interesting. In this paper, we compare the performance of ensemble ...deep learning methods based on decision trees with the best traditional method, logistic regression, and the machine learning method benchmark, support vector machines. Each method tests several different algorithms. We use different performance indicators. The research focuses on standard datasets relevant for this type of classification, the Australian and German datasets. The best method, according to the MCC indicator, proves to be the ensemble method with boosted decision trees. Also, on average, ensemble methods prove to be more successful than SVM.
Credit scoring attracts special attention of financial institutions. In recent years, deep learning methods have been particularly interesting. In this paper, we compare the performance of ensemble ...deep learning methods based on decision trees with the best traditional method, logistic regression, and the machine learning method benchmark, support vector machines. Each method tests several different algorithms. We use different performance indicators. The research focuses on standard datasets relevant for this type of classification, the Australian and German datasets. The best method, according to the MCC indicator, proves to be the ensemble method with boosted decision trees. Also, on average, ensemble methods prove to be more successful than SVM.
The article empirically explores bank-specific, industry-specific and macroeconomic determinants of the net interest margin (NIM) in the Serbian banking industry. The baseline regression results ...suggest that banks with an above-average equity-to-asset ratio tend to report higher NIMs. The chosen proxy for loan default risk also appears statistically significant, but contrary to what is suggested by theory, indicates that the relation between default risk and the NIM is inverse. Amongst industry-specific determinants, only the proxy for concentration appears significant, as expected, and carries the prefix envisaged. Despite its narrow focus, this article does not ignore other possible determinants of the bank NIM. The type of bank ownership, as well as size effects, are explored further in order to gain insights into the influence of those variables on the NIM. The approach we follow does not include proxies for such determinants, but rather involves testing differences in regression results for banks that belong to different groups (proposed by Angbazo, 1997). Where size is taken into account, results indicate that large banks are better able to insulate books against interest rate risk by managing liabilities, while the superior performance of foreign banks could be attributed to their conservative lending practices and better access to foreign finance.
Cloud technology, as an innovative way of data processing and storage, is one of the latest trends in the world of information technology. Adopting these technological solutions is one of the primary ...ways to ensure the efficiency of the accounting information system, so today the focus is more and more on cloud accounting, or, how it can often be heard, online accounting, web accounting, or virtual accounting system. The aim of this paper is to point to specific features of applying cloud technology in accounting - opportunities it provides, as well as risks arising from it. In addition, by presenting the benefits that cloud-based accounting brings to companies implementing this technology as well as users of financial information, the authors aim to encourage and stimulate companies in the Republic of Serbia to use the growing cloud services market and introduce this technology into their accounting information systems.
The topic of wealth and money distribution attracts great attention of economists, as well as researchers from other scientific fields, such as statistical physics and econophysics. An increasing ...number of models and simulations are being created in order to understand the process of wealth distribution and reaching the steady state of the distribution system. Also, the number of papers dealing with analysis and determining the distribution proportion is constantly growing, and, unlike the previous years, when the Pareto principle was “80-20”, today that principle could be “90-10”and even “90-20”. In this paper we present an agent-based simulation model derived from econophysics that describes the dynamics of wealth distribution. Two models of exponential function are tested: a one-phase model that uses the Newton’s law of cooling and a two-phase exponential function model. We found that exponential decreasing function adequately described the dynamics of wealth distribution, especially in the models without the possibility of borrowing money, and the validity of the Pareto principle “80-20” in these models could be confirmed.
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