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Darko B. Vukovic
Department for Finance, St. Petersburg School of Economics and Management, National Research University Higher School of Economics, Sankt Petersburg, Russia

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Short Biography

Dr. Darko B. Vukovic is the Head of the International Laboratory for Finance and Financial Markets at the Faculty of Economics, People’s Friendship University of Russia (RUDN University), in Moscow, Russia. He is engaged in the international master's program, in the subjects of Financial Markets and Institutions and Financial Risk Management. Since 2008, Dr. Darko Vukovic has worked at the Geographical Institute "Jovan Cvijic" of the Serbian Academy of Sciences and Arts, in the position of Chief of the Department of Regional Economics and Economic Geography.

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Research
Published: 16 August 2021 in Financial Innovation
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This study examines the pricing of municipal bonds before and after a currency shock in Switzerland. Two approaches are used to decompose the municipal to treasuries bond spreads into liquidity, maturity, and default risk premiums. The first approach is the model of the cross-sectional instrumental variables, and the second approach is the model of the instrumental variables with panel data. This study examines the composition of spreads for both approaches, in three scenarios: before, throughout, and after the currency shock. The study performed Durbin-Wu-Hausman tests for each decisive model to verify endogeneity issues, including the Lagrangian Multiplier test, the Cragg-Donald Wald F statistic to confirm the relationship of instrumental and endogenous variables, and the structural break test (Bai-Perron test) to determine the existence of structural breaks in bond distortions. This study finds that the currency price distortions of the Swiss franc in January 2015 made long-run changes in the composition of the municipal bond spreads. This research contributes to the understanding of municipal bond pricing by showing that default risk accounts for a large portion of the municipal bond spread, while maturity risk plays a lesser role. According to our empirical findings, unexpected large currency price shocks may have long-term implications on the municipal bond spreads.

ACS Style

Darko B. Vukovic; Carlos J. Rincon; Moinak Maiti. Price distortions and municipal bonds premiums: evidence from Switzerland. Financial Innovation 2021, 7, 1 -21.

AMA Style

Darko B. Vukovic, Carlos J. Rincon, Moinak Maiti. Price distortions and municipal bonds premiums: evidence from Switzerland. Financial Innovation. 2021; 7 (1):1-21.

Chicago/Turabian Style

Darko B. Vukovic; Carlos J. Rincon; Moinak Maiti. 2021. "Price distortions and municipal bonds premiums: evidence from Switzerland." Financial Innovation 7, no. 1: 1-21.

Journal article
Published: 31 July 2021 in Sustainability
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The present study investigated whether the crypto market is a safe haven. The study argues that during the first wave of the COVID-19 crisis, gold and oil, as typical global commodities, could have been diversifiers. The study developed a unique COVID-19 global composite index that measures COVID-19 pandemic time-variant movements on each day. The study used OLS (ordinary least squares), quantile, and robust regressions to check whether the COVID-19 crisis has had any significant direct influence on the crypto market. The OLS, quantile, and robust regressions estimates confirmed that there was no statistically significant direct influence of the COVID-19 crisis on the crypto market in the first wave period. However, the study found spillovers from risky assets (S&P 500) on the crypto market, with Tether as an exception. Due to this special characteristic, Tether might present a safe haven within the crypto market.

ACS Style

Darko Vukovic; Moinak Maiti; Zoran Grubisic; Elena Grigorieva; Michael Frömmel. COVID-19 Pandemic: Is the Crypto Market a Safe Haven? The Impact of the First Wave. Sustainability 2021, 13, 8578 .

AMA Style

Darko Vukovic, Moinak Maiti, Zoran Grubisic, Elena Grigorieva, Michael Frömmel. COVID-19 Pandemic: Is the Crypto Market a Safe Haven? The Impact of the First Wave. Sustainability. 2021; 13 (15):8578.

Chicago/Turabian Style

Darko Vukovic; Moinak Maiti; Zoran Grubisic; Elena Grigorieva; Michael Frömmel. 2021. "COVID-19 Pandemic: Is the Crypto Market a Safe Haven? The Impact of the First Wave." Sustainability 13, no. 15: 8578.

Case report
Published: 27 July 2021 in Sustainability
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Employee satisfaction is the main factor achieving high work performance, providing quality services in the tourism sector, which directly affects the increase in productivity and commitment to the organization. The research is focused on determining the factors of job satisfaction and commitment to the institution by the female workforce. The authors conducted a survey in tourism companies in Novi Sad (the second-largest city in Serbia), based on a sample of 610 women in total, using a standardized MSQ questionnaire for job satisfaction, and Meyer and Allen’s organizational commitment scale. Three multiple regression analyses were used to determine the relationship between job satisfaction factors and organizational commitment factors. The results confirm the existence and strength of correlation between satisfaction factors and types of organizational commitment, and the fact that the position of women in the tourism sector is not at an enviable level, and that they remain in the same organization because of the small number of alternatives and moral obligations.

ACS Style

Tamara Gajić; Marko Petrović; Milan Radovanović; Darko Vuković; Darko Dimitrovski; Natalia Yakovenko. Women’s Role in Organizational Commitment and Job Satisfaction in the Travel Industry—An Evidence from the Urban Setting. Sustainability 2021, 13, 8395 .

AMA Style

Tamara Gajić, Marko Petrović, Milan Radovanović, Darko Vuković, Darko Dimitrovski, Natalia Yakovenko. Women’s Role in Organizational Commitment and Job Satisfaction in the Travel Industry—An Evidence from the Urban Setting. Sustainability. 2021; 13 (15):8395.

Chicago/Turabian Style

Tamara Gajić; Marko Petrović; Milan Radovanović; Darko Vuković; Darko Dimitrovski; Natalia Yakovenko. 2021. "Women’s Role in Organizational Commitment and Job Satisfaction in the Travel Industry—An Evidence from the Urban Setting." Sustainability 13, no. 15: 8395.

Earlycite article
Published: 12 July 2021 in Journal of Tourism Futures
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Purpose The starting premise of this study is that women's empowerment is the goal for self-realization and that the support that comes from local tourism stakeholders represents an adequate base. In many rural areas, women have established self-help groups (SHGs), which facilitate the interaction with a wide range of stakeholders. The objective of this paper is to investigate the effects of SHGs on female entrepreneurship and self-employment in tourism. Design/methodology/approach To examine the research question, this study adopted a quantitative research that included a sample of 513 women in a less-advanced rural area in Serbia. For the data analysis, the generalized linear regression model (GLM) was used. Findings According to the results, self-employment is the leading goal of women's empowerment. Research limitations/implications The main limitation in the research and the authors’ suggestion for future research is to increase the sample size of female respondents, so examination of their attitudes and role in the travel business in their local settings might reach higher significance. The second issue that the authors would like to point out is a highly local character of our study, so the future research should involve other rural areas in the country and from abroad (e.g. similar undeveloped countryside with noticeable, active women's role in local entrepreneurship). Practical implications The most important practical implications of this paper are twofold: (1) the results of the research have shown that the tourist potential of rural areas can be enhanced through local tourism stakeholders' support; (2) women without professional interest or jobs in rural areas, especially in the areas where the population is traditionally dominated by men (husband/brother/father), have a chance to earn and to be economically more independent. This research can affect future studies to investigate other aspects of empowerment depending on the difference of regions, from one side, and also alternative opportunities for tourism and local development in less-advanced rural areas, from another side. Originality/value The study analyzes the tourism potential of the rural areas (which are less advanced and mostly very poor in developing countries, such as Serbia). In this case, there are opportunities to increase employment, social inclusion of women, development of new tourism strategies, implementation of destination marketing, etc. Moreover, it contributes to future research in the field of stakeholders in tourism strategies.

ACS Style

Darko B. Vukovic; Marko Petrovic; Moinak Maiti; Aleksandra Vujko. Tourism development, entrepreneurship and women's empowerment – Focus on Serbian countryside. Journal of Tourism Futures 2021, ahead-of-p, 1 .

AMA Style

Darko B. Vukovic, Marko Petrovic, Moinak Maiti, Aleksandra Vujko. Tourism development, entrepreneurship and women's empowerment – Focus on Serbian countryside. Journal of Tourism Futures. 2021; ahead-of-p (ahead-of-p):1.

Chicago/Turabian Style

Darko B. Vukovic; Marko Petrovic; Moinak Maiti; Aleksandra Vujko. 2021. "Tourism development, entrepreneurship and women's empowerment – Focus on Serbian countryside." Journal of Tourism Futures ahead-of-p, no. ahead-of-p: 1.

Journal article
Published: 04 May 2021 in The North American Journal of Economics and Finance
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This research analyse the US and the EU money markets interdependence from 2004 to 2018. The study explains to what extent the volatility of the chosen money markets instruments in two regions is inter-correlated before, during and after the financial crisis of 2008. We apply the econometric analysis and estimate time-series models of class GARCH to study the historical dynamics of interbank rates and bond returns. The study demonstrates that correlation between returns of analogous money market instruments in the EU and US is not stable over time. We find that correlation rises in periods when countries are exposed to the same external shocks as global financial crisis. Wavelet coherence analysis suggests that investors do not get any advantages of portfolio diversification investing only in US treasuries with different maturities for more than 256 days and do not get any advantages at all investing only in European bonds..

ACS Style

Darko B. Vukovic; Kseniya A. Lapshina; Moinak Maiti. Wavelet coherence analysis of returns, volatility and interdependence of the US and the EU money markets: Pre & post crisis. The North American Journal of Economics and Finance 2021, 58, 101457 .

AMA Style

Darko B. Vukovic, Kseniya A. Lapshina, Moinak Maiti. Wavelet coherence analysis of returns, volatility and interdependence of the US and the EU money markets: Pre & post crisis. The North American Journal of Economics and Finance. 2021; 58 ():101457.

Chicago/Turabian Style

Darko B. Vukovic; Kseniya A. Lapshina; Moinak Maiti. 2021. "Wavelet coherence analysis of returns, volatility and interdependence of the US and the EU money markets: Pre & post crisis." The North American Journal of Economics and Finance 58, no. : 101457.

Journal article
Published: 15 December 2020 in RUDN Journal of Economics
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This paper analyzes methodologies of credit rating assessment of major rating agencies, with the focus on Fitch Ratings (Fitch). The methodology data were collected from Fitch Ratings. Also, the article review international literacy for factors and indicators adequacy in rating assessments. The purpose of this research is to overview literacy for the primary methodologies of banks' credit rating assessment. It was explained that ratios from financial indicators are most important for credit rating assessment. In some cases, in sovereign countries, support and macroeconomic factors are significant. We concluded that this area is still not enough researched and that in the future, the number of studies will appear with different methodological proposals and improvements.

ACS Style

Elena M. Grigorieva; Darko Vukovic. Assessing methodology of banks' ratings and their competitive positions: overview of main rating agencies. RUDN Journal of Economics 2020, 28, 23 -30.

AMA Style

Elena M. Grigorieva, Darko Vukovic. Assessing methodology of banks' ratings and their competitive positions: overview of main rating agencies. RUDN Journal of Economics. 2020; 28 (1):23-30.

Chicago/Turabian Style

Elena M. Grigorieva; Darko Vukovic. 2020. "Assessing methodology of banks' ratings and their competitive positions: overview of main rating agencies." RUDN Journal of Economics 28, no. 1: 23-30.

Journal article
Published: 20 November 2020 in Journal of Open Innovation: Technology, Market, and Complexity
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The present study is on the five cryptocurrency daily mean return time series linearity dynamics during the Covid-19 period. These cryptocurrencies were chosen based on their influence on the market, primarily driven by its market capitalisation. Tether is included as the most important stable coin on the market, nominally pegged to the U.S. dollar (USD). The reason to investigate it is that there are some inconsistencies in its behaviour as opposed to the other four cryptocurrencies. This study found that the behaviour of Tether cryptocurrency daily average return time series pattern is highly nonlinear and chaotic in nature, whereas the other four cryptocurrencies (namely Bitcoin, Ethereum, XRP and Bitcoin Cash) daily average return time series were found to be linear in nature. To further study Tether’s nonlinear time series rich dynamics, this study deployed one category of the regime switching models popularly known as the threshold regressions. The study estimates fairly suggest that both the threshold autoregression (TAR) and smooth transition autoregressive (STAR) models with lag 1 are adequate to capture the rich nonlinear and chaotic dynamics of Tether’s daily average return time series.

ACS Style

Moinak Maiti; Zoran Grubisic; Darko B. Vukovic. Dissecting Tether’s Nonlinear Dynamics during Covid-19. Journal of Open Innovation: Technology, Market, and Complexity 2020, 6, 161 .

AMA Style

Moinak Maiti, Zoran Grubisic, Darko B. Vukovic. Dissecting Tether’s Nonlinear Dynamics during Covid-19. Journal of Open Innovation: Technology, Market, and Complexity. 2020; 6 (4):161.

Chicago/Turabian Style

Moinak Maiti; Zoran Grubisic; Darko B. Vukovic. 2020. "Dissecting Tether’s Nonlinear Dynamics during Covid-19." Journal of Open Innovation: Technology, Market, and Complexity 6, no. 4: 161.

Research article
Published: 16 October 2020 in International Journal of Finance & Economics
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The main objective of the paper is to investigate the analysts’ recommendations’ value and to determine on which market the analysts have more predictive power that can be defined as an extent of a stock price’s reaction around a particular recommendation what leads to abnormal returns of the security. Such recommendations are significant in decision‐making whether to buy or to sell a particular stock. We observed 1,881 events from 168 companies traded at the London Stock Exchange and the New York Stock Exchange in a period between January 1, 2016, and April 31, 2019. We used an event study analysis and classical one‐factor market model to determine expected returns for a particular stock in an estimation window. It was found that both American and European Union markets are feasible to be outperformed by the analysts but it is impossible to highlight any of the markets as they behave almost identically around positive, neutral and negative recommendations.

ACS Style

Darko B. Vukovic; Vladislav Ugolnikov; Moinak Maiti. Sell‐side analysts' recommendations a value or noise. International Journal of Finance & Economics 2020, 26, 3134 -3151.

AMA Style

Darko B. Vukovic, Vladislav Ugolnikov, Moinak Maiti. Sell‐side analysts' recommendations a value or noise. International Journal of Finance & Economics. 2020; 26 (2):3134-3151.

Chicago/Turabian Style

Darko B. Vukovic; Vladislav Ugolnikov; Moinak Maiti. 2020. "Sell‐side analysts' recommendations a value or noise." International Journal of Finance & Economics 26, no. 2: 3134-3151.

Earlycite article
Published: 18 May 2020 in Journal of Economic Studies
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Purpose The paper analyzes the effects of the capital structure on company performance (return on assets). The analysis is conducted in a large sample of high-tech manufacturing and service companies in the transition economy (Russian Federation). In addition to the aggregated analysis, separate investigations are conducted to scrutinize the impact of company age, size and location factors (the effects of agglomerations). This research postulates the existence and variability of the optimal capital structure and its dependence on economic crisis. Design/methodology/approach We utilized a large sample that includes 1,826 enterprises over the period from 2013 to 2017. The estimation was performed using the panel-corrected standard error estimation technique (Prais–Winsten regression) to account for the panel nature and distributional properties of our data. The existence of the optimal capital structure was assessed based on a curvilinear (quadratic) function. Findings The results are consistent with the Static Trade-off Theory and show that this theory is applicable to countries with transition economy. They demonstrate that effective management of the capital structure can increase return on assets by 16–22%. The optimal share of borrowed capital is higher for small businesses compared to larger ones and for enterprises located in agglomerations compared to those located in other regions. A greater increase in profitability can be achieved by larger firm companies compared to smaller ones. High share of borrowed capital leads to negative profitability, i.e. to losses by enterprises. No significant differences in profitability growth were identified between young and mature enterprises. The optimal share of borrowed capital that maximizes return on assets is in the range of 0–21%. Research limitations/implications Due to the SPARK policies, our access to the data has been limited to a five-year window, which imposed certain limitations on the choice of econometric methods we could have employed and somewhat limited our ability to contrast the effect of the crisis period with the period of stability. In this sense, although our results pertaining to the effect of the crisis could be treated as conservative, future research should consider extending the panel to include more years into consideration. Practical implications We identified significant differences between optimal capital structures and actual capital structures for high-tech enterprises. The contribution of this study is that the calculations were made for a country with a transition economy under crisis conditions. Countries with transition economies and developing countries tend to be characterized by a high level of interest rates on loans and a high proportion of borrowed capital in total assets. This poses difficulties for companies relying on borrowed capital to finance their operations. At the same time, our results demonstrate that in transition economies, enterprises in high-tech industries do have an optimal capital structure that allows maximizing firm performance. That is, Static Trade-off Theory is applicable to transition economies characterized by high interest rates on loans. Originality/value The novelty of this study lies in the detailed analysis of high-tech industries in Russian Federation. This analysis makes use of sophisticated econometric techniques for the first time in this context.

ACS Style

Vladislav Spitsin; Darko Vukovic; Sergey Anokhin; Lubov Spitsina. Company performance and optimal capital structure: evidence of transition economy (Russia). Journal of Economic Studies 2020, 48, 313 -332.

AMA Style

Vladislav Spitsin, Darko Vukovic, Sergey Anokhin, Lubov Spitsina. Company performance and optimal capital structure: evidence of transition economy (Russia). Journal of Economic Studies. 2020; 48 (2):313-332.

Chicago/Turabian Style

Vladislav Spitsin; Darko Vukovic; Sergey Anokhin; Lubov Spitsina. 2020. "Company performance and optimal capital structure: evidence of transition economy (Russia)." Journal of Economic Studies 48, no. 2: 313-332.

Letter
Published: 12 March 2020 in Internet Technology Letters
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In this study Non‐Linear forecasting models have been implemented to forecast the 7 major cryptocurrencies. To the best of the authors knowledge, this is the first study to forecast the cryptocurrencies chaotic co‐movement forecasting using non‐linear models like Neural networks. The study finds that LSTM yields better result for lags 0 and 0‐3 and for large lags 0‐7, the ANN is the best. Further study confirms that predictions using variables like volume is not suitable for forecasting in any case. The findings of the study will impact Policy makers and investors. This article is protected by copyright. All rights reserved.

ACS Style

Moinak Maiti; Yaroslav Vyklyuk; Darko Vuković. Cryptocurrencies chaotic co‐movement forecasting with neural networks. Internet Technology Letters 2020, 3, e157 .

AMA Style

Moinak Maiti, Yaroslav Vyklyuk, Darko Vuković. Cryptocurrencies chaotic co‐movement forecasting with neural networks. Internet Technology Letters. 2020; 3 (3):e157.

Chicago/Turabian Style

Moinak Maiti; Yaroslav Vyklyuk; Darko Vuković. 2020. "Cryptocurrencies chaotic co‐movement forecasting with neural networks." Internet Technology Letters 3, no. 3: e157.

Academic paper
Published: 04 March 2020 in Journal of Public Affairs
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This article investigates the impact of financial liberalization on the demand for credit in Ghana. It contributes by making suggestions pertaining to questions on the effectiveness of interest rate liberalization in driving private sector demand for credit both in the short and the long‐run, as well as the speed of adjustments to equilibrium after the implementation of the financial liberalization programme. The study results indicate that interest rate has no significant impact on the demand for credit both in the short‐run and long‐run. Moreover, inflation has a negative significant effect on the demand for credit in the short‐run. The results also suggest that about 66% of disequilibrium from the preceding year is corrected in the current year. However, these findings seem to indicates that the financial market in Ghana is not fully competitive. The oligopolistic and noncompetitive financial system may be attributable to the extreme minimum capital requirement and the emerging consolidation of commercial banks through government takeovers as well as the various credit rationing practices by banks aimed at reducing the risk of adverse selection and insolvency.

ACS Style

Moinak Maiti; Ishmael Ali Esson; Darko Vukovic. The impact of interest rate on the demand for credit in Ghana. Journal of Public Affairs 2020, 20, 1 .

AMA Style

Moinak Maiti, Ishmael Ali Esson, Darko Vukovic. The impact of interest rate on the demand for credit in Ghana. Journal of Public Affairs. 2020; 20 (3):1.

Chicago/Turabian Style

Moinak Maiti; Ishmael Ali Esson; Darko Vukovic. 2020. "The impact of interest rate on the demand for credit in Ghana." Journal of Public Affairs 20, no. 3: 1.

Earlycite article
Published: 02 March 2020 in Journal of Economic Studies
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PurposeThis study aims to examine whether the publication of analyst recommendations has reaction in the Russian stock market. This study also aims to determine the other factors that influence the reaction.Design/methodology/approachEvent study analysis (ESA) and regression models are used in this study.FindingsThe study finds that Russian stock market significantly reacts to analyst recommendations publications. Then study deeply investigates about the influence of other factors on the Russian market when an analyst's recommendations are published such as changes in recommendation levels, companies' size and general economic situation. The analysis done in the context of three types of recommendations: “buy,” “hold” and “sell.” The study finds that the market reacts not only to separate forecasts and subsequent recommendations, but also to the changes in recommendations' levels as well. Interestingly, the study finds that the impact of crises is not found to be a significant factor in the context of the Russian market.Research limitations/implicationsAnalysts used to spend much more resources on conducting a fundamental analysis than ordinary investors do. Therefore, they usually possess valuable privileged information that is supposed to influence stock prices when published. However, the present study argues that the direction, extent and period of a reaction of an analyst's recommendations are highly complicated and depend on what factors are under consideration in a particular research. Very often, the authors who dedicate their papers to develop and study markets choose a couple of (or even one) factors and delve into them. Nevertheless, to the author's best knowledge, few frequently cited and well-conducted research focused on such an emerging market as the Russian one. Thus, it seems reasonable that there is a gap in the literature that needs to be filled while considering other important factors. The study findings have a significant investment policy content.Originality/valueIn several senses, the present study is unique. First, it investigates whether analyst recommendations sufficiently affect the Russian stock market; second, it determines whether the significant factors such as changes in recommendation levels, companies' size and general economic situation have influence on the reaction. Finally, the study discusses about whether there is an impact of crises in the present study findings.

ACS Style

Darko Vukovic; Vladislav Ugolnikov; Moinak Maiti. Analyst says a lot, but should you listen? Evidence from Russia. Journal of Economic Studies 2020, 47, 729 -745.

AMA Style

Darko Vukovic, Vladislav Ugolnikov, Moinak Maiti. Analyst says a lot, but should you listen? Evidence from Russia. Journal of Economic Studies. 2020; 47 (4):729-745.

Chicago/Turabian Style

Darko Vukovic; Vladislav Ugolnikov; Moinak Maiti. 2020. "Analyst says a lot, but should you listen? Evidence from Russia." Journal of Economic Studies 47, no. 4: 729-745.

Journal article
Published: 04 February 2020 in Journal of Economic Structures
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This study analyzes factors affecting the efficiency (profitability) of enterprises in foreign, joint and domestic ownership in countries with unstable economy. The novelty of the study is that for the first time this kind of analysis has been carried out for the manufacturing industry in Russia, whose economy is characterized by the instability (crisis), external sanctions, and the internal trend for import substitution. Using a panel data on 6134 enterprises operating across several industries in Russia over the period of 2012–2016, the article suggests that generally production efficiency and scale efficiency positively affect profitability, whereas the share of borrowed capital, share of fixed assets and rising interest rates exert negative effects. The contribution of external financial factors is minimal, except for foreign and jointly owned firms. Production efficiency has a particularly pronounced effect for the automotive industry, machinery and equipment manufacturing, and in the metal industry. In contrast, in the chemical, electrical and optical manufacturing, and in food processing industries, internal financial factors emerge as a powerful predictor of performance. Firm ownership does not exert a significant effect on the relationship between the variables of interest when the share of borrowed funds is below 50%. When the share of borrowed capital exceeds 50%, internal financial factors emerge as a particularly prominent predictor of profitability.

ACS Style

Vladislav Spitsin; Marina Ryzhkova; Darko Vukovic; Sergey Anokhin. Companies profitability under economic instability: evidence from the manufacturing industry in Russia. Journal of Economic Structures 2020, 9, 1 -20.

AMA Style

Vladislav Spitsin, Marina Ryzhkova, Darko Vukovic, Sergey Anokhin. Companies profitability under economic instability: evidence from the manufacturing industry in Russia. Journal of Economic Structures. 2020; 9 (1):1-20.

Chicago/Turabian Style

Vladislav Spitsin; Marina Ryzhkova; Darko Vukovic; Sergey Anokhin. 2020. "Companies profitability under economic instability: evidence from the manufacturing industry in Russia." Journal of Economic Structures 9, no. 1: 1-20.

Editorial
Published: 24 December 2019 in Sustainability
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In this editorial text, we point to the importance and development of disciplines that closely link economic sciences with ecology. Drawing on the most important literature in these fields, we have highlighted the trends that are popular today in both fields (double eco features).

ACS Style

Darko B. Vukovic; Riad Shams. Economy and Ecology: Encounters and Interweaving. Sustainability 2019, 12, 179 .

AMA Style

Darko B. Vukovic, Riad Shams. Economy and Ecology: Encounters and Interweaving. Sustainability. 2019; 12 (1):179.

Chicago/Turabian Style

Darko B. Vukovic; Riad Shams. 2019. "Economy and Ecology: Encounters and Interweaving." Sustainability 12, no. 1: 179.

Earlycite article
Published: 13 December 2019 in British Food Journal
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Purpose The purpose of this paper is to study the impact of wine tourism on rural destination development. Consequently, this study attempts to develop contemporary insights on this under-researched area such as residents’ perceptions of wine tourism and its impact on the rural destination development. Design/methodology/approach In this study, the authors used a structured survey questionnaire from a random sample of 318 respondents based on the Fruška Gora Mountain in Serbia. Research also used structural equational modeling for empirical econometric testing in this data sample. This technique is appropriate for multivariate analysis. Findings Personal resident benefit associated with wineries is positively related to resident perceived economic impact (H1) R2=0.624; socio-cultural impact (H2) R2=0.685 and environmental impact (H3) R2=0.716 of wineries on local communities. Looking at the path diagram, the authors concluded that personal resident benefit associated with wineries is strongly related to resident perceived impact of wineries on local communities as regression weights are higher. Other findings relate those residents’ positive perceptions of wine tourism to increases in sales revenue, environmental protection, intrapersonal and interpersonal communication. Research limitations/implications The positive attitude of the local population is an essential link of development. Such understanding of residents’ perceptions optimizes destination management in the future and, more importantly, local sustainable development. This has high policy implications. Originality/value The present study contributes to the scientific circles by connecting perception research with wine tourism.

ACS Style

Darko Vukovic; Moinak Maiti; Aleksandra Vujko; Riad Shams. Residents’ perceptions of wine tourism on the rural destinations development. British Food Journal 2019, 122, 2739 -2753.

AMA Style

Darko Vukovic, Moinak Maiti, Aleksandra Vujko, Riad Shams. Residents’ perceptions of wine tourism on the rural destinations development. British Food Journal. 2019; 122 (8):2739-2753.

Chicago/Turabian Style

Darko Vukovic; Moinak Maiti; Aleksandra Vujko; Riad Shams. 2019. "Residents’ perceptions of wine tourism on the rural destinations development." British Food Journal 122, no. 8: 2739-2753.

Journal article
Published: 04 November 2019 in Physica A: Statistical Mechanics and its Applications
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This study analyzes a neural networks model that forecast Sharpe ratio. The developed neural networks model is successful to predict the position of the investor who will be rewarded with extra risk premium on debt securities for the same level of portfolio risk or a greater risk premium than proportionate growth risk. The main purpose of the study is to predict highest Sharpe ratio in the future. Study grouped the data on yields of debt instruments in periods before, during and after world crisis. Results shows that neural networks is successful in forecasting nonlinear time lag series with accuracy of 82% on test cases for the prediction of Sharpe-ratio dynamics in future and investor‘s portfolio position.

ACS Style

Darko Vukovic; Yaroslav Vyklyuk; Natalia Matsiuk; Moinak Maiti. Neural network forecasting in prediction Sharpe ratio: Evidence from EU debt market. Physica A: Statistical Mechanics and its Applications 2019, 542, 123331 .

AMA Style

Darko Vukovic, Yaroslav Vyklyuk, Natalia Matsiuk, Moinak Maiti. Neural network forecasting in prediction Sharpe ratio: Evidence from EU debt market. Physica A: Statistical Mechanics and its Applications. 2019; 542 ():123331.

Chicago/Turabian Style

Darko Vukovic; Yaroslav Vyklyuk; Natalia Matsiuk; Moinak Maiti. 2019. "Neural network forecasting in prediction Sharpe ratio: Evidence from EU debt market." Physica A: Statistical Mechanics and its Applications 542, no. : 123331.

Journal article
Published: 20 April 2019 in International Journal of Cognitive Research in Science Engineering and Education
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The number of people with autism spectrum disorders (ASDs) is growing in Russia and the world at large. It is important to find ways to diagnose and correct the work with such individuals. There is much evidence that children with ASDs often exhibit pronounced communicative difficulties, problems in establishing visual contact etc. Specialists working with this category of patients face serious difficulties in trying to find effective ways to interact with them. The use of virtual reality environments that have the necessary parameters, determined theoretically, experimentally, and practically, can mitigate these difficulties. The study has shown that, at present, there is much experience in the field of virtual reality application while working with children who have ASDs. Nevertheless, there are several unspecified issues. First, as far as the perception of virtual reality by people with ASDs are concerned, it is especially important to study them. Of much importance are the peculiarities of their states associated with virtual reality, while solving cognitive tasks during diagnostic and corrective work stage, as well as in obtaining education. It is necessary to choose the right methods of visualization and interaction in a virtual environment. The focal point of the article is to justify the project of creating a virtual reality for the diagnosis and socialization of individuals with ASDs, i.e., its structure, stages and methods. In addition, the work is of interest in connection with the research of the phenomenon of presence in virtual reality.

ACS Style

Tatiana Bystrova-Yurievna; Ludmila Tokarskaya-Valerievna; Darko B. Vuković. Optimum virtual environment for solving cognitive tasks by individuals with autism spectrum disorders: The questions and methods of design. International Journal of Cognitive Research in Science Engineering and Education 2019, 7, 63 -72.

AMA Style

Tatiana Bystrova-Yurievna, Ludmila Tokarskaya-Valerievna, Darko B. Vuković. Optimum virtual environment for solving cognitive tasks by individuals with autism spectrum disorders: The questions and methods of design. International Journal of Cognitive Research in Science Engineering and Education. 2019; 7 (1):63-72.

Chicago/Turabian Style

Tatiana Bystrova-Yurievna; Ludmila Tokarskaya-Valerievna; Darko B. Vuković. 2019. "Optimum virtual environment for solving cognitive tasks by individuals with autism spectrum disorders: The questions and methods of design." International Journal of Cognitive Research in Science Engineering and Education 7, no. 1: 63-72.

Journal article
Published: 05 April 2019 in Research in International Business and Finance
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The Sharpe ratio emerges as one of the most popular metrics used in the evaluation of investment performance despite the wide range of alternatives that have been proposed by academics and practitioners. In the proposed research, risks and returns are analysed on the European Monetary Union bonds market, with different bonds ratings and maturities, in the period from 2005 to 2017. The past and current trends and patterns in bond returns are defined using the methods of statistic correlation and econometric analysis. It was shown that the bond returns are not normally distributed, and that the return on distribution depends on bond maturity and the economic situation in the market. The relation between volatility and bond maturity and the Sharpe ratio appeared to be non-linear and inconsistent over time. However, the hypothesis about the inverse relation between the Sharpe ratio and bond maturity is not supported by the evidence. Finally, with the help of time-series models it was proven that in the period from 2005 to 2017, the returns on European Monetary Union bonds market declined over time. ARIMA models were used to analyse the residuals from the bond returns.

ACS Style

Darko Vukovic; Kseniya A. Lapshina; Moinak Maiti. European Monetary Union bond market dynamics: Pre & post crisis. Research in International Business and Finance 2019, 50, 369 -380.

AMA Style

Darko Vukovic, Kseniya A. Lapshina, Moinak Maiti. European Monetary Union bond market dynamics: Pre & post crisis. Research in International Business and Finance. 2019; 50 ():369-380.

Chicago/Turabian Style

Darko Vukovic; Kseniya A. Lapshina; Moinak Maiti. 2019. "European Monetary Union bond market dynamics: Pre & post crisis." Research in International Business and Finance 50, no. : 369-380.

Book chapter
Published: 07 March 2019 in Cross-Functional Knowledge Management
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Darko Vukovic. The Management of Financial Risk Knowledge in the International Conditions. Cross-Functional Knowledge Management 2019, 93 -111.

AMA Style

Darko Vukovic. The Management of Financial Risk Knowledge in the International Conditions. Cross-Functional Knowledge Management. 2019; ():93-111.

Chicago/Turabian Style

Darko Vukovic. 2019. "The Management of Financial Risk Knowledge in the International Conditions." Cross-Functional Knowledge Management , no. : 93-111.

Journal article
Published: 01 January 2019 in Thermal Science
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Forest fires that occurred in Portugal on June 18, 2017, caused several tens of human casualties. The cause of their emergence, as well as many others that occurred in western Europe at the same time remained unknown. Taking into account consequences, including loss of human lives and endangerment of ecosystem sustainability, discovering of the forest fires causes is the very significant question. The heliocentric hypothesis has indirectly been tested, according to which charged particles are a possible cause of forest fires. We must point out that it was not possible to verify whether in this specific case the particles by reaching the ground and burning the plant mass create the initial phase of the formation of the flame. Therefore, we have tried to determine whether during the critical period, i. e. from June 15-19 there is a certain statistical connection between certain parameters of the solar wind and meteorological elements. Based on the hourly values of the charged particles flow, a correlation analysis was performed with hourly values of individual meteorological elements including time lag at Monte Real station. The application of the Adaptive Neuro Fuzzy Inference System models has shown that there is a high degree of connection between the flow of protons and the analyzed meteorological elements in Portugal. However, further verification of this hypothesis requires further laboratory testing.

ACS Style

Milan M. Radovanović; Yaroslav Vyklyuk; Milan T. Stevančević; Milan Đ. Milenković; Dejana M. JakovljeviĆ; Marko D. Petrović; Slavica B. Malinović-Milićević; Natalia Vukovic; Aleksandra Đ. Vujko; Anatoliy Yamashkin; Petro Sydor; Darko B. Vuković; Miroslav Skoda. Forest fires in Portugal - case study, 18 june 2017. Thermal Science 2019, 23, 73 -86.

AMA Style

Milan M. Radovanović, Yaroslav Vyklyuk, Milan T. Stevančević, Milan Đ. Milenković, Dejana M. JakovljeviĆ, Marko D. Petrović, Slavica B. Malinović-Milićević, Natalia Vukovic, Aleksandra Đ. Vujko, Anatoliy Yamashkin, Petro Sydor, Darko B. Vuković, Miroslav Skoda. Forest fires in Portugal - case study, 18 june 2017. Thermal Science. 2019; 23 (1):73-86.

Chicago/Turabian Style

Milan M. Radovanović; Yaroslav Vyklyuk; Milan T. Stevančević; Milan Đ. Milenković; Dejana M. JakovljeviĆ; Marko D. Petrović; Slavica B. Malinović-Milićević; Natalia Vukovic; Aleksandra Đ. Vujko; Anatoliy Yamashkin; Petro Sydor; Darko B. Vuković; Miroslav Skoda. 2019. "Forest fires in Portugal - case study, 18 june 2017." Thermal Science 23, no. 1: 73-86.