... FSP=ownership proportion of largest shareholder / total ownership Concentration of Ownership ... more ... FSP=ownership proportion of largest shareholder / total ownership Concentration of Ownership (COE) COE=square sum of ownership proportions of largest five shareholders Ownership Structure Power Balance Index (CBEI) ...
Purpose-The pandemic caused by the COVID-19 virus left a significant negative mark on the world e... more Purpose-The pandemic caused by the COVID-19 virus left a significant negative mark on the world economy, and tourism industry. It has also significantly affected the perception and behavior of tourists when it comes to the safety of a tourist destination. To continue to record a positive recovery trend, destinations must undertake scientific and professional research, and based on the results consider and develop new development strategies for the development of tourism in the post-pandemic period. The perception of risk in tourists is changing, which ultimately has an impact on their future behavior when choosing a holiday destination. Opatija Riviera is a destination with a rich and long tourist tradition, which until before the pandemic was perceived as safe, as evidenced by the continuous growth of tourist turnover. The purpose of this paper is to emphasize the importance of monitoring whether and to what extent tourists perceive Opatija Riviera as a safe tourist destination and based on the findings to offer developmental guidelines for the post-pandemic period. Methodology-Data collection was conducted during June and July 2022, using an online survey questionnaire. 152 respondents agreed to participate in research. The basic measurement instrument was based on the Tourists' Perceived Safety at Destinations (TPSD) scale developed by Xie et al. (2020b), i.e. initial items (25) proposed by these authors. To extract the dimensions of perceived tourist safety, the authors primarily used exploratory factor analysis. Findings-by using the exploratory factor analysis the following factors were identified: perception of safety of human elements (PSH), safety of facilities and equipment (PSFE), safety of natural environments (PSNE), perceived safety of social environments (PSSE) and safety of management elements (PSM). The results for PSH, PSFE, PSNE and PSSE have proven to be satisfactory in terms of how tourists perceive them as safe and reliable, which is not the case with the PSM. The findings for PSM indicate the need for additional investments aimed towards improvement of protection of tourist´s safety (safety of the construction, safety of information and visibility of warning sign about security in Opatija Riviera). Originality of the research-this research contributes to the theory by presenting relevant literature content in safety perception in tourism. The empirical contribution derives from the fact that no similar research was conducted on Opatija Riviera until now. Its findings set the basis for future empirical research that will be conducted in the post-COVID period in Opatija Riviera, based on which it will be possible to plan further developmental activities aimed towards improving tourist´s safety during their stay.
Paper discusses financial inclusion of youth focussing on effects of remittances on financial inc... more Paper discusses financial inclusion of youth focussing on effects of remittances on financial inclusion of youth (usage of debit card, credit card, savings and borrowing instruments) in South East Europe. It is argued that remittances, as stable sources of income (capital), contribute to savings and lead to an improvement in financial inclusion of individuals who receive remittances. We test our hypothesis that remittances contribute to increase in savings and in the level of financial inclusion of youth in South East European countries. We estimate probit regression models with a set of dummy dependent variables for financial inclusion: having a debit card, having a credit card, borrowing and savings, and regress them on receipt of remittances controlling for age, gender, education and income level. Results show negative impact of remittances on youth financial inclusion in selected countries with respect to having debit card, credit card and borrowing. On the other hand, results show positive effect of remittances on savings among youth that receive remittances.
Purpose – The pandemic caused by the COVID-19 virus left a significant negative mark on the world... more Purpose – The pandemic caused by the COVID-19 virus left a significant negative mark on the world economy, and tourism industry. It has also significantly affected the perception and behavior of tourists when it comes to the safety of a tourist destination. To continue to record a positive recovery trend, destinations must undertake scientific and professional research, and based on the results consider and develop new development strategies for the development of tourism in the post-pandemic period. The perception of risk in tourists is changing, which ultimately has an impact on their future behavior when choosing a holiday destination. Opatija Riviera is a destination with a rich and long tourist tradition, which until before the pandemic was perceived as safe, as evidenced by the continuous growth of tourist turnover. The purpose of this paper is to emphasize the importance of monitoring whether and to what extent tourists perceive Opatija Riviera as a safe tourist destination a...
Safety and security became a crucial component of an integral tourist product. Ability to offer t... more Safety and security became a crucial component of an integral tourist product. Ability to offer tourists a safe stay during their holiday contributes to the attractiveness of a destination and its tourist product. Safety and security represent a pre-condition and a motive which many tourists consider crucial when choosing their destination for a holiday. Due to this, tourist destinations need to focus on improving the level of safety and security which will contribute to the satisfaction of tourists, and they will be more interested in visiting and revisiting a destination. Aim of this paper is to determine whether tourists consider safety and riskiness, as well as destination image as relevant factors in their decision-making process when choosing Opatija Riviera for their holiday. An analysis of the relevant scientific literature, and empirical research were conducted to determine if how tourists perceive safety and riskiness as well as the destination image when choosing to visit...
Zbornik radova Ekonomskog fakulteta u Rijeci: časopis za ekonomsku teoriju i praksu/Proceedings of Rijeka Faculty of Economics: Journal of Economics and Business, 2021
The current study investigates how attitudes towards digital transformation and personal innovati... more The current study investigates how attitudes towards digital transformation and personal innovativeness affect the acceptance of emergency remote learning in the COVID-19 pandemic environment. The pandemic has affected all aspects of societies across the globe, including higher education that was also a significant push-up factor for the digital transformation of higher education. Thus, the main aim of this paper is to investigate the factors affecting emergency remote learning acceptance among the higher education students in Bosnia and Herzegovina (BiH). The results presented in this paper gained from a study carried out among higher education students in BiH cover the period of April – July 2020 via the open-source platform. The study focused on the students’ attitude towards a digital transformation is a significant factor in accepting emergency remote learning. Also, the personal innovativeness score has proven to be a crucial factor for adopting this new learning setting, i.e....
The main goal of this paper is to explain the discriminatory variables between the blue chip and ... more The main goal of this paper is to explain the discriminatory variables between the blue chip and second-grade stocks in the underdeveloped stock markets of the South Eastern European (SEE) region. Since there is relatively less empirical research on the stock selection in underdeveloped markets, with even less studies on the markets in the transition economies of the SEE region, this paper is designed to shed some light on the identification of blue chip stocks from this region. Results presented in this paper provide confirmatory evidence that the blue chip stocks from the selected underdeveloped stock markets of the SEE region can be identified by examining their dividend yields, price to cash flow and EPS. Therefore, both institutional and individual investors need to focus on these variables when selecting stocks from these markets in order to reduce the risk associated with investing in equities.
The purpose of this work is to show the development and evaluation of behavioural intentions of s... more The purpose of this work is to show the development and evaluation of behavioural intentions of students by using mobile banking. The research goal is to explain determinants of students’ intentions towards the use of mobile banking. PLS SEM (partial least squares structural equation modeling) analysis was used for the model evaluation. The sample consists of 83 students from four higher education institutions operating in Bosnia and Herzegovina (B&H). Research results confirmed that subjective norm and attitude are significant predictors of the user’s attitude towards mobile banking acceptance, while the influence of self-efficacy was not determined. Attitudes related to mobile banking acceptance are primarily determined by perception of usefulness and self-efficacy, and to a lower degree by perception of privacy and security risk. Perception of mobile banking usefulness appeared to be the most significant predictor of attitudes, while simultaneously it influenced positively on acc...
The purpose of this research is to provide some insights into socio-demographic determinants of p... more The purpose of this research is to provide some insights into socio-demographic determinants of predicting the likelihood of residents propensity to travel. Using the quota sampling technique, data collection was carried out from October to December 2019, yielding a sample of 632 valid responses. To gain a better understanding of the sociodemographic determinants of propensity to travel, we, primarily, use descriptive statistical analysis, chi-square test and probit regression model. The research findings have revealed that age, education and household income characteristics may be considered as antecedents of travel propensity of residents. Having in mind the impact that Covid-19 pandemic has on sector of tourism worldwide, and based on the results of this research, policymakers' efforts should be directed to promoting local tourist destinations and to enhancing tourism literacy of residents.
Purpose-The purpose of this paper is to determine the key factors that influence the probability ... more Purpose-The purpose of this paper is to determine the key factors that influence the probability of tourists' return intention to the Opatija Riviera. Methodology-A structured questionnaire with a 5 point Likert scale was used within this research. The authors used the descriptive statistics to determine the satisfaction with the destination attributes, and attitudes regarding the novelty of offer and possibility of future revisit. With the use of T-test a statistically significant difference was determined for the score for the accommodation capacities, natural resources and novelty. Correlation analysis was used to determine the association between accommodation, natural resources, cultural resources, novelty, and return intention. Logistic regression model was used to get a better understanding of the factors that may influence probability of tourists' return intention. Findings-Results indicate high level of satisfaction of tourists with the accommodation offer and natural resources, while the results for cultural tourist resources were not up to expectations. The results for novelty are moderate and consistent with the results expressed about possible return intention to Opatija Riviera in the future, which indicates the need for significant improvements within the offer. The results of a logistic regression model determined that the best predictors for repeat visit of tourists are primarily accommodation services, followed by natural resources and finally novelty. Contribution-Based on the findings acquired within this paper the authors proposed the guidelines for tourist offer improvement with a goal of increasing the satisfaction of tourists and stimulating them to revisit Opatija Riviera in the future.
Croatian Review of Economic, Business and Social Statistics, 2019
Education plays a central role in today’s understanding of growth and development dynamics. Howev... more Education plays a central role in today’s understanding of growth and development dynamics. However, its relationship with other factors is complex. This paper aims to investigate the effect of different forms of education on youth employability in Bosnia and Herzegovina. This is done by using the USAID MEASURE – BiH National Youth Survey. Research has shown that formal education and non-formal education through internship programmes, volunteering, paid jobs other than internships are significant predictors of youth employment status. The study also has several implications for academics and practitioners since it provides new insights into both employment patterns and practices in one transition economy but also calls for further analysis of the link between education, formal and non-formal, and youth employment.
International Journal of Management Science and Engineering Management, 2019
ABSTRACT The goal of this study is to empirically examine the potential impact of supply chain pr... more ABSTRACT The goal of this study is to empirically examine the potential impact of supply chain practices on the supply chain performances of the agro-food industry. The constructs of interest are three-dimensional, including supplier partnerships, customer relationships and level and quality of information sharing, thus representing supply chain practices, flexibility, agility and innovation as the main characteristics of supply chain performance. To gain better understanding of the possible impact of the supply chain practices on the supply chain performances of the agro-food industry we use structural equation modelling. The analysis has revealed statistically significant positive impact of customers’ relationships as well as statistically significant negative impact of a supplier partnership on the supply chain performance. From a theoretical point of view, this study has indicated contribution of different supply chain practices on supply chain performances. The results obtained from this study provide practical implications that assist managers in improving supply chain performance and highlight limitations for implementation of supply chain practice for the improvement of business operations.
In this paper authors research: how changes on the capital markets (developed financial markets a... more In this paper authors research: how changes on the capital markets (developed financial markets and financial markets of transitional countries) determine investor's decision about the scope of international portfolio diversification, in other words about the scope of reduction of system risks, and whether beta coefficient movements on the financial market of BandH (beta coefficient estimation on BandH financial market are made) can be an indicator for investors in which stocks to invest.
This paper discusses theoretical, methodical and applicative aspect of the ARIMA process, with th... more This paper discusses theoretical, methodical and applicative aspect of the ARIMA process, with the focus on the financial time series of the Sarajevo Stock Exchange. Based on forecasting results and during the post-estimation analysis, it was concluded that realised daily market variables (return and stock price of the issuer JP Elektroprivreda BiH d.d. Sarajevo) are within 90% forecasting limit.
Decision-making process on organized capital market is often based on pseudo forecasting. This ki... more Decision-making process on organized capital market is often based on pseudo forecasting. This kind of approach is extremely risky giving the fact that it isn’t based on any objective criteria. Therefore, in modern practical as well as theoretical investment domain the need for such methodical and empirical approaches aimed at capital market information objectification has been taken into consideration. This paper shall discuss one of today’s most popular approaches of that kind: technical analysis.
ABSTRACT The main goal of this paper is to scientifically examine the opportunities for internati... more ABSTRACT The main goal of this paper is to scientifically examine the opportunities for international portfolio diversification across the selected stock markets in the South Eastern European (SEE) region. Apart from examining potential portfolio risk reduction we will also investigate possibilities for realization of excess return on these markets. Therefore, this approach is two-dimensional and consists of (1) weak-form efficiency testing, by using autoregressive (AR) model, and (2) by using Johansen's cointegration and Granger causality tests examining long and short-run relationships among selected stock markets in the SEE region. We use publicly available data and information available from stock traded indices in the SEE region and benchmark these against the index of European developed economy. The real implications of this research can be seen in the shaping of investment strategies of potential investors looking to diversify their portfolios.
... FSP=ownership proportion of largest shareholder / total ownership Concentration of Ownership ... more ... FSP=ownership proportion of largest shareholder / total ownership Concentration of Ownership (COE) COE=square sum of ownership proportions of largest five shareholders Ownership Structure Power Balance Index (CBEI) ...
Purpose-The pandemic caused by the COVID-19 virus left a significant negative mark on the world e... more Purpose-The pandemic caused by the COVID-19 virus left a significant negative mark on the world economy, and tourism industry. It has also significantly affected the perception and behavior of tourists when it comes to the safety of a tourist destination. To continue to record a positive recovery trend, destinations must undertake scientific and professional research, and based on the results consider and develop new development strategies for the development of tourism in the post-pandemic period. The perception of risk in tourists is changing, which ultimately has an impact on their future behavior when choosing a holiday destination. Opatija Riviera is a destination with a rich and long tourist tradition, which until before the pandemic was perceived as safe, as evidenced by the continuous growth of tourist turnover. The purpose of this paper is to emphasize the importance of monitoring whether and to what extent tourists perceive Opatija Riviera as a safe tourist destination and based on the findings to offer developmental guidelines for the post-pandemic period. Methodology-Data collection was conducted during June and July 2022, using an online survey questionnaire. 152 respondents agreed to participate in research. The basic measurement instrument was based on the Tourists' Perceived Safety at Destinations (TPSD) scale developed by Xie et al. (2020b), i.e. initial items (25) proposed by these authors. To extract the dimensions of perceived tourist safety, the authors primarily used exploratory factor analysis. Findings-by using the exploratory factor analysis the following factors were identified: perception of safety of human elements (PSH), safety of facilities and equipment (PSFE), safety of natural environments (PSNE), perceived safety of social environments (PSSE) and safety of management elements (PSM). The results for PSH, PSFE, PSNE and PSSE have proven to be satisfactory in terms of how tourists perceive them as safe and reliable, which is not the case with the PSM. The findings for PSM indicate the need for additional investments aimed towards improvement of protection of tourist´s safety (safety of the construction, safety of information and visibility of warning sign about security in Opatija Riviera). Originality of the research-this research contributes to the theory by presenting relevant literature content in safety perception in tourism. The empirical contribution derives from the fact that no similar research was conducted on Opatija Riviera until now. Its findings set the basis for future empirical research that will be conducted in the post-COVID period in Opatija Riviera, based on which it will be possible to plan further developmental activities aimed towards improving tourist´s safety during their stay.
Paper discusses financial inclusion of youth focussing on effects of remittances on financial inc... more Paper discusses financial inclusion of youth focussing on effects of remittances on financial inclusion of youth (usage of debit card, credit card, savings and borrowing instruments) in South East Europe. It is argued that remittances, as stable sources of income (capital), contribute to savings and lead to an improvement in financial inclusion of individuals who receive remittances. We test our hypothesis that remittances contribute to increase in savings and in the level of financial inclusion of youth in South East European countries. We estimate probit regression models with a set of dummy dependent variables for financial inclusion: having a debit card, having a credit card, borrowing and savings, and regress them on receipt of remittances controlling for age, gender, education and income level. Results show negative impact of remittances on youth financial inclusion in selected countries with respect to having debit card, credit card and borrowing. On the other hand, results show positive effect of remittances on savings among youth that receive remittances.
Purpose – The pandemic caused by the COVID-19 virus left a significant negative mark on the world... more Purpose – The pandemic caused by the COVID-19 virus left a significant negative mark on the world economy, and tourism industry. It has also significantly affected the perception and behavior of tourists when it comes to the safety of a tourist destination. To continue to record a positive recovery trend, destinations must undertake scientific and professional research, and based on the results consider and develop new development strategies for the development of tourism in the post-pandemic period. The perception of risk in tourists is changing, which ultimately has an impact on their future behavior when choosing a holiday destination. Opatija Riviera is a destination with a rich and long tourist tradition, which until before the pandemic was perceived as safe, as evidenced by the continuous growth of tourist turnover. The purpose of this paper is to emphasize the importance of monitoring whether and to what extent tourists perceive Opatija Riviera as a safe tourist destination a...
Safety and security became a crucial component of an integral tourist product. Ability to offer t... more Safety and security became a crucial component of an integral tourist product. Ability to offer tourists a safe stay during their holiday contributes to the attractiveness of a destination and its tourist product. Safety and security represent a pre-condition and a motive which many tourists consider crucial when choosing their destination for a holiday. Due to this, tourist destinations need to focus on improving the level of safety and security which will contribute to the satisfaction of tourists, and they will be more interested in visiting and revisiting a destination. Aim of this paper is to determine whether tourists consider safety and riskiness, as well as destination image as relevant factors in their decision-making process when choosing Opatija Riviera for their holiday. An analysis of the relevant scientific literature, and empirical research were conducted to determine if how tourists perceive safety and riskiness as well as the destination image when choosing to visit...
Zbornik radova Ekonomskog fakulteta u Rijeci: časopis za ekonomsku teoriju i praksu/Proceedings of Rijeka Faculty of Economics: Journal of Economics and Business, 2021
The current study investigates how attitudes towards digital transformation and personal innovati... more The current study investigates how attitudes towards digital transformation and personal innovativeness affect the acceptance of emergency remote learning in the COVID-19 pandemic environment. The pandemic has affected all aspects of societies across the globe, including higher education that was also a significant push-up factor for the digital transformation of higher education. Thus, the main aim of this paper is to investigate the factors affecting emergency remote learning acceptance among the higher education students in Bosnia and Herzegovina (BiH). The results presented in this paper gained from a study carried out among higher education students in BiH cover the period of April – July 2020 via the open-source platform. The study focused on the students’ attitude towards a digital transformation is a significant factor in accepting emergency remote learning. Also, the personal innovativeness score has proven to be a crucial factor for adopting this new learning setting, i.e....
The main goal of this paper is to explain the discriminatory variables between the blue chip and ... more The main goal of this paper is to explain the discriminatory variables between the blue chip and second-grade stocks in the underdeveloped stock markets of the South Eastern European (SEE) region. Since there is relatively less empirical research on the stock selection in underdeveloped markets, with even less studies on the markets in the transition economies of the SEE region, this paper is designed to shed some light on the identification of blue chip stocks from this region. Results presented in this paper provide confirmatory evidence that the blue chip stocks from the selected underdeveloped stock markets of the SEE region can be identified by examining their dividend yields, price to cash flow and EPS. Therefore, both institutional and individual investors need to focus on these variables when selecting stocks from these markets in order to reduce the risk associated with investing in equities.
The purpose of this work is to show the development and evaluation of behavioural intentions of s... more The purpose of this work is to show the development and evaluation of behavioural intentions of students by using mobile banking. The research goal is to explain determinants of students’ intentions towards the use of mobile banking. PLS SEM (partial least squares structural equation modeling) analysis was used for the model evaluation. The sample consists of 83 students from four higher education institutions operating in Bosnia and Herzegovina (B&H). Research results confirmed that subjective norm and attitude are significant predictors of the user’s attitude towards mobile banking acceptance, while the influence of self-efficacy was not determined. Attitudes related to mobile banking acceptance are primarily determined by perception of usefulness and self-efficacy, and to a lower degree by perception of privacy and security risk. Perception of mobile banking usefulness appeared to be the most significant predictor of attitudes, while simultaneously it influenced positively on acc...
The purpose of this research is to provide some insights into socio-demographic determinants of p... more The purpose of this research is to provide some insights into socio-demographic determinants of predicting the likelihood of residents propensity to travel. Using the quota sampling technique, data collection was carried out from October to December 2019, yielding a sample of 632 valid responses. To gain a better understanding of the sociodemographic determinants of propensity to travel, we, primarily, use descriptive statistical analysis, chi-square test and probit regression model. The research findings have revealed that age, education and household income characteristics may be considered as antecedents of travel propensity of residents. Having in mind the impact that Covid-19 pandemic has on sector of tourism worldwide, and based on the results of this research, policymakers' efforts should be directed to promoting local tourist destinations and to enhancing tourism literacy of residents.
Purpose-The purpose of this paper is to determine the key factors that influence the probability ... more Purpose-The purpose of this paper is to determine the key factors that influence the probability of tourists' return intention to the Opatija Riviera. Methodology-A structured questionnaire with a 5 point Likert scale was used within this research. The authors used the descriptive statistics to determine the satisfaction with the destination attributes, and attitudes regarding the novelty of offer and possibility of future revisit. With the use of T-test a statistically significant difference was determined for the score for the accommodation capacities, natural resources and novelty. Correlation analysis was used to determine the association between accommodation, natural resources, cultural resources, novelty, and return intention. Logistic regression model was used to get a better understanding of the factors that may influence probability of tourists' return intention. Findings-Results indicate high level of satisfaction of tourists with the accommodation offer and natural resources, while the results for cultural tourist resources were not up to expectations. The results for novelty are moderate and consistent with the results expressed about possible return intention to Opatija Riviera in the future, which indicates the need for significant improvements within the offer. The results of a logistic regression model determined that the best predictors for repeat visit of tourists are primarily accommodation services, followed by natural resources and finally novelty. Contribution-Based on the findings acquired within this paper the authors proposed the guidelines for tourist offer improvement with a goal of increasing the satisfaction of tourists and stimulating them to revisit Opatija Riviera in the future.
Croatian Review of Economic, Business and Social Statistics, 2019
Education plays a central role in today’s understanding of growth and development dynamics. Howev... more Education plays a central role in today’s understanding of growth and development dynamics. However, its relationship with other factors is complex. This paper aims to investigate the effect of different forms of education on youth employability in Bosnia and Herzegovina. This is done by using the USAID MEASURE – BiH National Youth Survey. Research has shown that formal education and non-formal education through internship programmes, volunteering, paid jobs other than internships are significant predictors of youth employment status. The study also has several implications for academics and practitioners since it provides new insights into both employment patterns and practices in one transition economy but also calls for further analysis of the link between education, formal and non-formal, and youth employment.
International Journal of Management Science and Engineering Management, 2019
ABSTRACT The goal of this study is to empirically examine the potential impact of supply chain pr... more ABSTRACT The goal of this study is to empirically examine the potential impact of supply chain practices on the supply chain performances of the agro-food industry. The constructs of interest are three-dimensional, including supplier partnerships, customer relationships and level and quality of information sharing, thus representing supply chain practices, flexibility, agility and innovation as the main characteristics of supply chain performance. To gain better understanding of the possible impact of the supply chain practices on the supply chain performances of the agro-food industry we use structural equation modelling. The analysis has revealed statistically significant positive impact of customers’ relationships as well as statistically significant negative impact of a supplier partnership on the supply chain performance. From a theoretical point of view, this study has indicated contribution of different supply chain practices on supply chain performances. The results obtained from this study provide practical implications that assist managers in improving supply chain performance and highlight limitations for implementation of supply chain practice for the improvement of business operations.
In this paper authors research: how changes on the capital markets (developed financial markets a... more In this paper authors research: how changes on the capital markets (developed financial markets and financial markets of transitional countries) determine investor's decision about the scope of international portfolio diversification, in other words about the scope of reduction of system risks, and whether beta coefficient movements on the financial market of BandH (beta coefficient estimation on BandH financial market are made) can be an indicator for investors in which stocks to invest.
This paper discusses theoretical, methodical and applicative aspect of the ARIMA process, with th... more This paper discusses theoretical, methodical and applicative aspect of the ARIMA process, with the focus on the financial time series of the Sarajevo Stock Exchange. Based on forecasting results and during the post-estimation analysis, it was concluded that realised daily market variables (return and stock price of the issuer JP Elektroprivreda BiH d.d. Sarajevo) are within 90% forecasting limit.
Decision-making process on organized capital market is often based on pseudo forecasting. This ki... more Decision-making process on organized capital market is often based on pseudo forecasting. This kind of approach is extremely risky giving the fact that it isn’t based on any objective criteria. Therefore, in modern practical as well as theoretical investment domain the need for such methodical and empirical approaches aimed at capital market information objectification has been taken into consideration. This paper shall discuss one of today’s most popular approaches of that kind: technical analysis.
ABSTRACT The main goal of this paper is to scientifically examine the opportunities for internati... more ABSTRACT The main goal of this paper is to scientifically examine the opportunities for international portfolio diversification across the selected stock markets in the South Eastern European (SEE) region. Apart from examining potential portfolio risk reduction we will also investigate possibilities for realization of excess return on these markets. Therefore, this approach is two-dimensional and consists of (1) weak-form efficiency testing, by using autoregressive (AR) model, and (2) by using Johansen's cointegration and Granger causality tests examining long and short-run relationships among selected stock markets in the SEE region. We use publicly available data and information available from stock traded indices in the SEE region and benchmark these against the index of European developed economy. The real implications of this research can be seen in the shaping of investment strategies of potential investors looking to diversify their portfolios.
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