The efficient market research to date has focused mostly on the developed stock markets. To be efficient the market needs to be large and liquid, transaction costs should be cheaper than the expected investment strategy profits and Macedonian capital market as a developing market is...

The impact of the announcement of a takeover bid has been widely tested in foreign literature. Therefore, the main goal of this paper is to research the impact of the announcement of a takeover bid on the share price movements in the Croatian capital market and whether the results are consistent...

The work of Haugen and Baker (1991) and Grinold (1992) has shown that market capitalisation-weighted indices are not mean-variance efficient. Further research by Amenc, Goltz, and Le Sourd (2006) proves that even naïve equal weighting can offer a better risk to return trade-off to investors in...

Tourism seasonality is the major characteristic of tourism industry, a well know but less understood phenomenon. Seasonal fluctuations of tourism demand are implying numerous negative implications affecting tourist destination, tourist operators and tourist demand. Almost every tourist...

The tourism in Macedonia according to relevant statistical indicators still is or is longer on low (unsatisfactory) level, which is expressed both by the number of tourists visiting the country and by the number of realized overnights by tourists. Another feature of tourism in Macedonia is its...

A different tourism policy created by various states is one of the primary factors for the existence and development of tourism, along with its natural and anthropogenic resources of specified destinations. The subject of this paper is the tourism policy of the Balkan countries, as seen through...

The competition on the tourist market is getting more harsh, which imposes the need for continuous co-operation of academic and economic community with the objective to get to know the latest wishes and aspirations of increasingly demanding tourists, and improvement of the tourism offer in...

This paper aims to encompassingly show what impact low-cost airline companies have on the tourism business in Zadar County. The high cost of travel for tourists who choose to travel by airplane in the past two decades has been significantely lowered by low-cost airline companies such as Ryanair,...

In this effort an attempt was made to analyse the geographical factors i.e. their objective impact on viniculture and wine tourism in the renowned Tikvesh Basin, which represents a symbol of this type of activities in the Republic of Macedonia. The need of such analysis resulted from the fact...

Croatia has a rich sacral (tangible and intangible) heritage, which undoubtedly has great cultural value, and part of the religious heritage has been included in the World Heritage List of UNESCO. The fact is, however, that, except when it comes to top attractions, churches as tourist...