"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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  APPROACHES AND MODELS FOR MEASURING AND MANAGING COMMERCIAL BANKS LIQUIDITY

  The problems related to liquidity management and maintaining optimal levels of liquid assets of banks have become very topical and have stirred the interest of both the regulatory bodies and researchers in the field of banking and the general public. The pertinence of these problems arises from the importance of banks for the economic development ... The problems related to liquidity management and maintaining optimal levels of liquid assets of banks have become very topical and have stirred the interest of both the regulatory bodies and researchers in the field of banking and the general public. The pertinence of these problems arises from the importance of banks for the economic development of the national economies on the one hand, and from the possibility for transformation of banking problems into sectoral, national and international financial crises, on the other. The integration and the high level of interdependence of the economies worldwide are the key factors for accumulation of covert negative effects, which may trigger crises under certain conditions.

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  THE PRACTICE OF MUNICIPALITIES IN DEVELOPING PLANNING DOCUMENTS FOR THE PROGRAMMING PERIOD 2014–2020

  The purpose of this study is to present the results of a survey conducted on the planning practices of municipalities in Bulgaria in the development of planning documents for the new programming period 2014-2020. The object of the study are the municipal development plans (MDPs) for 2014-2020 of all 264 municipalities within the country and the ... The purpose of this study is to present the results of a survey conducted on the planning practices of municipalities in Bulgaria in the development of planning documents for the new programming period 2014-2020. The object of the study are the municipal development plans (MDPs) for 2014-2020 of all 264 municipalities within the country and the subject is the quality of the MDPs and the implementation of the fundamental planning principles in the preparation of strategic documents for local and regional development. The study is based on a set of criteria developed by the team of authors, which provides an opportunity for objective assessment of the quality of the MDPs. The results obtained are a basis for presenting some best practices and making recommendations for future actions, aimed at improving the strategic planning process at municipal level, increasing both the coordination and cohesion between the planning documents of different hierarchical levels and establishing a national body with prerogatives in the field of strategic planning of the regional development. The main research thesis is that the municipal administrations in our country have a significant potential for improvement and standardization of their planning processes, which in the long term influences regional development and the opportunities for generating municipal competitive advantages.