Volumen 6 (2015): Heft 1 (March 2015)

Background: The rise of cloud services has led to a drastic growth of e-commerce and a greater investment in development of new cloud services systems by related industries. For SaaS developers, it is important to understand customer needs and make use of available resources at as early as the system design and development stage. Objectives: This study integrates E-commerce Systems (ECS) Success model and Importance-Performance Analysis (IPA) into empirical research of the critical factors for cloud ordering system success. Methods/Approach: A survey research is conducted to collect data on customer perceptions of the importance and performance of each attribute of the particular cloud ordering service. The sample is further divided according to the degree of use of online shopping into high-usage users and low-usage users in order to explore their views regarding the system and generate adequate coping strategies. Results: Developers of online ordering systems can refer to the important factors obtained in this study when planning strategies of product/service improvement. Conclusions: The approach proposed in this study can also be applied to evaluation of other kinds of cloud services systems.

Background: The stock exchange, as a regulated financial market, in modern economies reflects their economic development level. The stock market indicates the mood of investors in the development of a country and is an important ingredient for growth. Objectives: This paper aims to introduce an additional statistical tool used to support the decision-making process in stock trading, and it investigate the usage of statistical process control (SPC) methods into the stock trading process. Methods/Approach: The individual (I), exponentially weighted moving average (EWMA) and cumulative sum (CUSUM) control charts were used for gaining trade signals. The open and the average prices of CROBEX10 index stocks on the Zagreb Stock Exchange were used in the analysis. The statistical control charts capabilities for stock trading in the short-run were analysed. Results: The statistical control chart analysis pointed out too many signals to buy or sell stocks. Most of them are considered as false alarms. So, the statistical control charts showed to be not so much useful in stock trading or in a portfolio analysis. Conclusions: The presence of non-normality and autocorellation has great impact on statistical control charts performances. It is assumed that if these two problems are solved, the use of statistical control charts in a portfolio analysis could be greatly improved.

Background: The concept of value at risk gives estimation of the maximum loss of financial position at a given time for a given probability. The motivation for this analysis lies in the desire to devote necessary attention to risks in Montenegro, and to approach to quantifying and managing risk more thoroughly. Objectives: This paper considers adequacy of the most recent approaches for quantifying market risk, especially of methods that are in the basis of extreme value theory, in Montenegrin emerging market before and during the global financial crisis. In particular, the purpose of the paper is to investigate whether extreme value theory outperforms econometric and quantile evaluation of VaR in emerging stock markets such as Montenegrin market. Methods/Approach: Daily return of Montenegrin stock market index MONEX20 is analyzed for the period January, 2004 - February, 2014. Value at Risk results based on GARCH models, quantile estimation and extreme value theory are compared. Results: Results of the empirical analysis show that the assessments of Value at Risk based on extreme value theory outperform econometric and quantile evaluations. Conclusions: It is obvious that econometric evaluations (ARMA(2,0)- GARCH(1,1) and RiskMetrics) proved to be on the lower bound of possible Value at Risk movements. Risk estimation on emerging markets can be focused on methodology using extreme value theory that is more sophisticated as it has been proven to be the most cautious model when dealing with turbulent times and financial turmoil.

Background: With the occurrence of the crisis in 2007, which caused the largest economic contraction since the Great Depression in the thirties, it has become evident that the previous understanding of strategies, effects and roles of monetary and fiscal policy should be redefined. Objectives: The aim of this paper is to illustrate a possible expected change in monetary and fiscal policy in developed market economies that could occur as a consequence of the Great Recession. Methods/Approach: The paper provides a comparative analysis of various primary economic variables related to the developed OECD countries, as well as the empirical testing of the selected theoretical assumptions. Results: The changes in monetary policy refer to the question of raising target inflation, considering a possible use of aggregate price level targeting and paying attention to the role of central banks in suppressing the formation of an asset bubble. The success of fiscal policy in attaining stabilization depends on the size of possible fiscal measures and creation of automatic stabilizers. Conclusions: For the most part, monetary and fiscal policies will still stay unchanged, although some segments of these policies need to be improved.

Background: Competition in the banking industry has been an important topic in the scientific literature as researchers tried to assess the level of competition in the banking sector. Objectives: This paper has an aim to investigate the market structure and a long term equilibrium of the banking market in Bosnia and Herzegovina nationwide as well as on its constitutional entities as well as to evaluate the monopoly power of banks during the years 2008-2012. Methods/Approach: The paper is examining the market structure using the most frequently applied measures of concentration k-bank concentration ratio (CRk) and Herfindahl-Hirschman Index (HHI) as well as evaluating the monopoly power of banks by employing Panzar-Rosse “H-statistic”. Results: The empirical results using CRk and HHI show that Bosnia and Herzegovina banking market has a moderately concentrated market with a concentration decreasing trend. The Panzar-Rosse “H-statistic” suggests that banks in Bosnia and Herzegovina operate under monopoly or monopolistic competition depending on the market segment. Conclusions: Banks operating on the banking market in Bosnia and Herzegovina seem to be earning their total and interest revenues under monopoly or perfectly collusive oligopoly.

Background: Scientific research publishing carries significant role in the development of the society. Apart from the dissemination of knowledge, there are also motives for publication of scientific research results at the level of individual researchers. Objectives: The goal of the paper is to propose simple, yet highly applicable advice when pursuing the publication of a paper in a scientific journal providing a closer look to economics, business and management journals that focus on Eastern European countries. Methods/Approach: The 4 Cs model of scientific writing and publication is presented, based on four questions: (1) How to pick a topic relevant for publication?; (2) How to select a journal for possible publication?; (3) How to structure the paper in accordance with the IMRAD format?, and (4) How to efficiently write the paper? Results: Step-by-step application of the 4C’s model is presented in the paper with an outlook to economics, business and management journals that focus on Eastern European countries. Conclusions: Publication in a scientific journal is an important venue for scientific researchers. In preparing the presentation of the scientific research results for the publication, number of issues relating content, style, composition and presentation should be taken into account.