Interdependence of stock exchange indices from leading capital markets: USA, Germany and Japan Stock Market

In the context of globalization, due to the accelerated process of economic integration of countries and financial markets, the interdependence of the world's leading financial markets is more than obvious. This paper investigates the interdependence of stock exchange indices from leading capital markets in the world: USA, European Union and Asia. Our intention is to determine the direction of causality between the observed capital markets, as well as whether and in what way shocks in one market are transmitted to other markets. Research methodology includes stationarity testing, the existence of cointegration, the application of the Vector Autoregressive Model (VAR) which is complemented by the Granger causality test and the Impulse Response Function (IRF) analysis. The results of the research are as follows. Johansen's cointegration test showed that there is no long-term equilibrium relationship between the observed markets, while Granger's test showed that there is mutual causality between the capital markets of Germany and the United States. As for the Japanese index, previous events in Germany and the United States are statistically significant, but previous events on the Tokyo Stock Exchange cannot explain movements in Germany and the United States. According to the results of the IRF analysis, shocks that may occur in the US market have an almost identical impact on all observed markets. On the other hand, disturbances on the Japanese market are not transmitted to the German and American market, i.e. remain in Japan.

Analysis of basic problems in the process of corporate governance management

The management of the corporation directs its activities, above all, towards the realization of the goal, increasing the value of the company, while satisfying the interest of those who delegated them. In this process, it is evident that the interests of the managers themselves are not pushed into the background, on the contrary, the management of the corporation realizes them in parallel with the interests of the owners-shareholders. This understanding becomes to narrow a framework for presenting the basic problems that arise in the corporate governance average. It is necessary to take into account the interests of other interest groups that work in the corporation itself or perform some of the business activities with it. Therefore, corporate governance should be viewed as a system that is complex and dynamic in its structure and that adapts to the internal needs of the corporation but also to other stakeholders from the environment while providing the necessary continuity in work, growth and development.

The turning point in tourist facilities in Sarajevo Bazaar at the end of the 19th and beginning of the 20th century

The purpose of the study is to present the buildings and sites in Sarajevo Bazaar that stand for the touristic area during the period of power transition between the Ottoman Empire and the Austro-Hungarian monarchy. Many commercial buildings, shops, warehouses and dairies, as well as larger buildings that were used for trade - "bezistan" were built in the area of the Sarajevo Bazaar in the 15th and 16th centuries. Gazi Husrev-beg played a significant role in the development of Sarajevo together with his properties and goods that are today the endowed properties of a Gazi Husrev-beg Waqf. Sarajevo was a very important and central point of economy and trade in that time. Nowadays tourists are attracted to a city by the natural beauty of its surroundings, architectural and historical monuments, cultural and educational institutions, industry and trade, yet in earlier times the visitors were mainly the traveling merchants coming for trade who used to stay longer, buying and selling various goods. There were many inns including 4 big caravanserais in Sarajevo built for guests from abroad. During the Austro-Hungarian occupation, the first hotels and cafes of the European type were opened in the city. Almost all caravanserais were out of use at the time of power transition, replaced with newly built hotels which brought a new cultural scope to Sarajevo. There is only one caravanserai that survived until now. All the aforementioned confirm the thesis that from today's perspective, the transition of power between the Ottoman Empire and Austro-Hungarian monarchy was not smooth in terms of architecture and tourism.

Analysing the satisfaction of halal restaurant guests through online ratings on TripAdvisor

Providing halal products is one of the key factors in the lives of members of the Islamic faith. The physical and economic availability of halal food has an important place in the decision-making process about the movements of Muslim tourists. Currently, the Halal market is rapidly expanding, contributing to an increase in the number of the Muslim population and their travels. The main goal is to analyse the satisfaction of halal restaurant guests expressed through online numerical ratings. Authors used automated techniques for collecting guests' ratings. Restaurants that were analysed were chosen by selecting the criteria "halal" on TripAdvisor. Information about the origin of reviewers and gender are also collected. The paper also tries to answer the question whether the origin of guests and type of halal restaurants have an influence on their satisfaction with services in selected facilities. The results indicated the presence of significant differences in guest's satisfaction among different types of restaurants. One of the possible limitations of this research is an insufficient number of evaluating criteria for expressing a satisfaction which are available on TripAdvisor for analysis that is more precise.

Inclusion: Movement for open and fair education

Education is of inestimable importance for a person. The process of education implies the acquisition of knowledge and acquisition of skills and habits for developing abilities, forming a view of the world, as well as nurturing work on self-learning. However, there are also students with special educational needs who need to be included in the educational process. Inclusion is a new model of organized teaching and learning that implies not only the inclusion of children with disabilities in the regular educational system, but also the inclusion of the child in the social life of the community at all levels. Within the model of inclusive teaching, the rights of every child to education have been recognized and conditions have been created for the realization of that right. The sources of legal regulations on which inclusive education relies can be found in internationally ratified documents and documents of a national character that relate in whole or in part to inclusion. Having in mind the topicality of this problem and its application in the education system, inclusive education should be the subject of further research in our environment, because previous research has mainly focused on examining attitudes towards children with disabilities in inclusive education.

Influence of internet content on tourists decision to visit a cultural tourism destination

Culture is an important element of a destination tourist product, and tourism is an apparatus for meeting the various cultural needs of tourists. The relationship between culture and tourism contributes to the support of the cultural sector, innovation, creativity, the image of the destination and the social connection between tourists and the local population. Nowadays, it is impossible to imagine the functioning of tourism without the Internet. Presenting the cultural offer of the destination via the Internet is a great challenge and requires exceptional commitment. The subject of research of this paper is the influence of Internet content on the decision of the tourists about the destination of cultural tourism they will choose. The aim of the research is to influence the internet content on tourists related to the cultural tourism of the destination and the possibility of attracting tourists to visit the destination based on the reviewed Internet content. The research involved 165 respondents who visited one of the cultural tourism destinations from the territory of the Republic of Serbia. The results of the research show that a higher level of quality of Internet content has a positive effect on tourists choosing a certain cultural tourism destination for travel and that Internet content in terms of information efficiency, interactivity and practicality has a significant positive impact on tourists' intentions to visit cultural tourism destination.

The impact of the COVID-19 pandemic on the advertising and sponsorship industry in sport

The subject of this paper is to indicate how COVID-19 pandemic affects the advertising and sponsorship industry in sport. At a time when public indifference is becoming an increasingly insurmountable obstacle for the advertising industry, this branch of industry is now facing an even bigger problem. At the same time, while many athletes and sports entities largely depend on their sponsors, the vast majority of sports events in the world have been canceled. Some athletes earn many times more from their sponsorship contracts than from professional contracts in their clubs, competitions, etc. Losing match revenue is another big concern for clubs and tournaments, especially smaller ones. It is still unclear how the sports industry will overcome the problems caused by the pandemic, nor what kind of future awaits sport in the post-covid-19 era.

The influence of authentic food on the choice of tourist destination

Food is certainly one of the very important elements on every travel. Most tourists on their trips want to try something new and unusual. Authentic food is partly a representation of people's culture as well as some particular regions. The aim of this paper is to determine whether food is an important factor for tourists when choosing a tourist destination and whether they buy authentic products when leaving in order to recommend someone to try the products from that region. Participants were tourists who visited Serbia (N = 55). Data were processed by descriptive method. According to the gathered and analised data, a large number of respondents choose a tourist destination on the grounds of its authentic food and buys products that are characteristic for that region, thus indicating that they liked the food and that they would visit that specific destination again.

The role and importance of product in the marketing concept of bank

Strategic maneuvering of the product, price, distribution, and promotion, as elements of supply, is the essence of the marketing concept of modern banking. The occurrence and development of the global network have radically changed all elements of the marketing mix. By establishing a product range and with dynamic management of the changes in its structure, banks are consolidating their possibilities with clients' needs. They are trying to offer as rich and readily available product range as can be achieved. They are aiming to adapt the supply in relation to the demands of existing and potential users as much as possible. The supply often exceeds demand. Therefore, they try to never make decisions regarding the adjustment of the product without cooperating with the clients. Availability of different adjustable and competitive banking products established by the usage of information technologies is becoming the foundation of banking. Focusing on the client, well-rounded high-quality product supply, as well as constant innovations, represent the key factors of banks' business success.