TESTING THE EMPIRICS OF WEAK FORM OF EFFICIENT MARKET HYPOTHESIS: EVIDENCE FROM LAC REGION MARKETS

The new coronavirus disease (Covid-19) evolved quickly from a regional health outbreak to a global collapse, stopping the global economy in a unprecedented way, creating uncertainty and chaos in the financial markets. Based on these events, it is intended in this paper to test the persistence of profitability in the financial markets of Argentina, Brazil, Chile, Colombia, Peru and Mexico, in the period between January 2018 to July 2020. In order to perform this analysis where undertaken different approaches in order to analyze if: (i) the financial markets of Latin America are efficient in their weak-form during the global pandemic (Covid-19)? ii) If so, the persistent long memories cause risks between these regional markets? The results suggest that the returns don’t follow the i.i.d. hypothesis, from dimension 2, reinforcing the idea that returns of stock indexes have a non-linear nature or a significant non-linear component, exception made to the Argentina market, which was expected in virtue of the Ljung-Box (with the return squares) test results, and ARCH-LM. Corroborating the exponents Detrended Fluctuation Analysis (DFA), indicate the presence of persistent long memories, namely into the following markets: Colombia (0.72), Chile (0.66), Brazil (0.58) and Peru (0.57). The Argentina market does not reject the random walk hypothesis, while the Mexican market suggests some anti-persistence (0.41). This situation has implications for investors, once that some returns can be expected, creating arbitration opportunities and abnormal income, contrary to the supposed from the random walk hypothesis and information efficiency. The t-test results of the heteroscedasticity form the two samples suggest that there is no risk transmission between these regional markets, with the exception to the BOVESPA / BOLSAA MX markets, that is, the existence of persistent long memories in the returns does not imply the risk transmission between markets. These finds allow the creation of strategies of diversification inefficient portfolios. These conclusions also open space for the market regulators to implement measures that guarantee a better informational information of these regional markets.

EUROPEAN UNION, ROMANIA AND RAILWAY TRANSPORT

This paper aims to present the role railway transport plays in European Union and in Romania. The importance of this mode of transport is shortly put to the reader forefronts, while at the same time there is presented its share in land transport market. Road transport has its advantages, but its market share cannot be motivated only by market considerations; there are other factors which put this type of transport on a predominant position. The advantages of rail transport are presented face-to-face with road transport especially for passengers’ transport, how railway transport can gain a greater share in land transport market, and how it can contribute to create the conditions of a more sustainable future.

GREENHOUSE GAS EMISSIONS PRODUCED IN AGRICULTURE SECTOR IN EU

Each economy must adapt its activities to the protection of the environment. It is now an essential part of everyday life, in the face of various climate changes. The Europe 2020 strategy sets out a set of objectives in the EU, including those promoting environmental sustainability, called sustainable growth. The aim of the paper is to determine, if the performance of the country, in the area of greenhouse gas emissions reduction is adequate to the strategy Europe 2020. In the analysis of greenhouse gas emission reductions, we will also focus on the agriculture sector and compare the development over time with the development in other EU countries. The analyzed period is 10 years, from 2009 - 2018. The article investigated the performance of greenhouse gas emissions in the example of EU (including the Great Britain) countries.

THE IMPORTANCE OF ACQUIRING INTERCULTURAL COMMUNICATIVE COMPETENCE FOR PRESENT AND FUTURE TOURIST PROFESSIONALS IN MONTENEGRO

The aim of this paper2 is to discuss and emphasize the importance of acquiring and developing intercultural communicative competence (hereinafter ICC) for tourist professionals in the context of strategic advantages of Montenegro as a tourist destination. Montenegro, as a multicultural, multiethnic and multi-confessional country with a very rich and ancient cultural heritage and preserved natural resources, strives for European integration and achieving international competitiveness in the field of tourism through the development of its strategic advantages. In order to achieve progress in tourism industry, it is necessary to apply an interdisciplinary approach, which includes a symbiosis of elements of culture and tradition with the need and demands of modern tourists who want to communicate with the domicile population, or at least with their hosts, as well as to feel comfortable and welcome at the destination they have chosen for their holiday. Therefore, communicative and affective segments must be added to this interdisciplinary approach which inevitably includes the acquisition of new skills in intercultural communication at the international level. Such communication enables the development of ICC through the inclusion of both linguistic and cultural elements of education in tourism and applying the intercultural approach in foreign language teaching. Furthermore, developing intercultural aspects in tourism should be seen as one of core advantages of smaller and still insufficiently affirmed tourist regions, such as Montenegro, especially in these disruptive circumstances of crisis caused by Covid -19 virus.

HUNGARIAN IFRS IMPLEMENTATION FROM TAX PERSPECTIVE

The influence of corporate income taxation on financial statements presented on a domestic accounting standards basis differ by countries in a wide range. Corporate income taxation in Hungary has a strong connection to the Hungarian Accounting Act. From 2016 it is prescribed or allowed for specific companies to present their financial statements on IFRS basis. The transition represented not only a challenge in the accounting system of the companies, but the state had to face new tasks because the taxation of IFRS companies had to meet the tax principle of horizontal equity and ensure the proper tax revenue. Research data arise from financial statements of Hungarian companies listed on the Budapest Stock Exchange. The average effective tax rate of Hungarian listed companies decreased after the transition. Temporary tax rules for IFRS companies were applied to reach the tax level of the companies that prepare their financial statements following the Hungarian Accounting Law. Authors compare the results with empirical findings of other European countries.

RANDOM STRATEGY VERSUS TECHNICAL ANALYSIS STRATEGY IN THE US MARKET

Random strategy is currently an interesting alternative to traditional trading of financial instruments. The paper builds on existing research into the trading of investment instruments through random strategy and strategies based on technical analysis. The highly liquid USD/CAD currency pair was chosen for the US market research. We analyze five years of data, and in every intraday trading session, only a single position will be opened. Technical analysis strategy uses essential indicators such as Bollinger Bands, relative strength index (RSI), moving averages (MA) and other. Every trading position will have the risk-reward ratio (RRR) 3 to 1. In addition, another trading positions on the USD/CAD currency pair will be opened without technical analysis. The time of entry into position will be indicated randomly with a similar risk-reward ratio (RRR) 3 to 1. The aim of this paper is to assess which of the above strategies is more suitable for the investor. In other words, this paper aims to compare the strategy of technical analysis and the random strategy in intraday trading concerning the profitability of these trades. We expect that a random strategy will be more suitable for the investor in many points.

CLASSIFICATION OF FINANCIAL MECHANISMS OF HEALTHCARE SYSTEMS IN THE COUNTRIES OF EUROPEAN UNION

In the article the problems of the classification of financial mechanisms of healthcare systems were considered. The well-known types of the financial mechanisms of healthcare systems were described and the authors argued the importance of the development of new classification of financial mechanism of healthcare systems in the EU, which will be based on the application of quantitative methods. The purpose of the research is cluster (or regimes of funding healthcare system) analysis and development for EU countries over long-term period of 2000-2017.The authors used k-means method for the cluster analysis and revealed 5 clusters (groups) for the characteristics of the different regimes of funding healthcare system in the EU countries.

THE INFLUENCE OF KNOWLEDGE MANAGEMENT ON THE DEVELOPMENT OF INNOVATION IN THE ENTERPRISES IN THE REPUBLIC OF NORTH MACEDONIA-SELECTED RESULTS

Business community faces rapid change due to the technology development. Its influence on business environment causes change in the knowledge base and its possibilities on achieving new solution as innovation thus gaining new knowledge. Enterprises are managing these continuous changes using the knowledge of its unique set of enterprise’s knowledge infrastructure, employee’s knowledge skills and business environment. This implies that fast knowledge development from technology development and innovation makes high pressure on the enterprises and on its employees as well. The manner how this is used and utilized within enterprise becomes dominant challenge for every enterprise and its respective management globally. Many researches in the past years have shown that innovations as commercialisation of new knowledge development and knowledge management practices can assist facing those challenges remarkably. Creating the balance between them is unique for every enterprise, for every respective management. This research paper consists of the following parts: introduction, selected theoretical and empirical framework and conclusion. The theoretical framework gives selected overview of the relevant researches in the field of knowledge management and innovation and their respective interrelation in new knowledge creation and commercialising of this new knowledge as innovation. The empirical framework describes the research design and gives the selected results obtained through the research of selected enterprises based on Questionnaire that covers key parameters previously discussed in the theoretical framework. Research focus is measuring the existence, the exchange, the creation of knowledge within enterprises and its usage in terms of new product development and/or improved products of the respective enterprises. Finally, in the conclusion, the study results are elaborated and their contribution to the existing body of knowledge and industry practices is discussed.

OPERATION MANAGEMENT USING ITIL AND COBIT FRAMEWORK

Information and Communication Technologies management is now increasingly challenging in a highly digital and connected world, with different services emerging for different clients with heterogeneous infrastructures, software, assets, different service requirements, security risks increasing, organizational structures not flexible to adjust. These are some of the variables to manage in Information and Communication Technologies departments. This paper aims to present a literature review to support the design of an approach for service operation management in a medium-sized organization, to improve operational efficiency, cost optimization and stakeholder satisfaction, relevant topics in any organization strategy. The applied methodology includes a literature study related with the frameworks Control Objectives for Information and Related Technology (COBIT) and Information Technology Infrastructure Library (ITIL). The main results underlying the literature review were based on the use of keywords in the subject domain.

KEYWORD ANALYSIS WITH USING STATISTICAL METHODS

There are currently more than a billion websites worldwide. In so many websites, everyone wants to be visible to search engines through the keywords that people search for. The article deals with the process of creating keywords, through which we can identify the intention of the searcher. The process of creating keywords consists of several steps, namely the collection of keywords, subsequent cleaning of keywords, their categorization and the last step is the interpretation of keywords. The paper focuses mainly on the categorization of keywords, which we obtain through the use of statistical methods, which includes a method of visualizing relationships between keywords by determining the strength of the association between words called concept linking or term map.