"Scientific research" Almanac

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  STUDY ON THE APPLICABILITY OF INVESTMENT AND PORTFOLIO MANAGEMENT MODELS IN EMERGING MARKETS

  The study aims to test the applicability of three basic investment and portfolio management models in emerging markets in Central and Eastern Europe – the EVA model, RI model and ETF α+ model. Our thesis statement is that the models established in developed economies are applicable to emerging markets but should be modelled according to the ... The study aims to test the applicability of three basic investment and portfolio management models in emerging markets in Central and Eastern Europe – the EVA model, RI model and ETF α+ model. Our thesis statement is that the models established in developed economies are applicable to emerging markets but should be modelled according to the specifics of these markets. Our task was to create modified models that are applicable in the East-European emerging markets. First we tested the economic value-added model (EVA), but we met a number of difficulties in applying it in Eastern Europe, mainly due to some differences in the accounting standards. Therefore, we developed the much simpler RI model, in which with only two modifications we were able to prove its applicability in our markets. Based on this result we then made key changes in the EVA model and as a result we found that both indicators – EVA and RI – can be used as criteria for implementing investment and portfolio management policies. In the final stage of the project we successfully tested the possibility of generating alpha returns in duplicating the WIG220 index, achieving a higher return than the market return.

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  INNOVATION IN THE AGRICULTURAL SECTOR

  The sustainable development of the European agricultural sector aims to continuously improve the quality of life and well-being of the present and future generations. It is intended to establish a relationship between economic development, environmental protection and social justice. The purpose of this paper is to study innovation in the economy ... The sustainable development of the European agricultural sector aims to continuously improve the quality of life and well-being of the present and future generations. It is intended to establish a relationship between economic development, environmental protection and social justice. The purpose of this paper is to study innovation in the economy as a whole and particularly in the agricultural sector in the context of the Europe 2020 Strategy for Smart, Sustainable and Inclusive Growth. It focuses on the following tasks: studying the theory and practice to clarify the specifics and concepts regarding innovation in the economy (including in the agricultural sector); identifying the factors necessitating the introduction of innovation (including in the agricultural sector); covering the European policy in the field of innovation (including in the agricultural sector); proposals and conclusions on the introduction of innovation in the agricultural sector for achieving smart, sustainable and inclusive growth. The object of the study is innovation in the economy and in particular innovation in the agricultural sector (subject of study). The research thesis stems from the need to achieve smart, sustainable and inclusive growth by applying innovation in the context of the Europe 2020 Strategy. This makes it necessary to stimulate the development of competitive and sustainable agriculture and forestry, which ‘achieves more with less’ in harmony with the environment.

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  SCENARIOS FOR THE DEVELOPMENT OF THE EUROPEAN INTEGRATION AND THEIR POSSIBLE EFFECTS ON THE BULGARIAN ECONOMY

  The reality in the European Union makes it necessary to consider various scenarios for the future development of the European integration. The inclusion of the Republic of Bulgaria in the single market makes our country a part of a much larger space, which directly affects the economic processes in the country. Therefore, we need to consider the ... The reality in the European Union makes it necessary to consider various scenarios for the future development of the European integration. The inclusion of the Republic of Bulgaria in the single market makes our country a part of a much larger space, which directly affects the economic processes in the country. Therefore, we need to consider the impact of the possible scenarios for the development of the EU and their effects on the development of the Bulgarian economy. The study aims to develop possible scenarios for the future development of the European integration. The formulated tasks are to analyse the geographical orientation of the EU’s foreign trade relations; to analyse the foreign direct investments in the Republic of Bulgaria and their implications for the economy of the country in the context of the European integration processes; to analyse the trends in the European integration processes and their impact on the Bulgarian economy. It supports the idea that the possible scenarios for the development of the European integration are to be reflected in the national integration policy. The study presents a positive, a realistic and a negative scenarios for the European integration and reflects their potential effects on the economy of the Republic of Bulgaria. The study employs graphical and tabular methods, ABC-analysis, SWOT-analysis.