For proper valuation of risk to which the portfolio of financial assets is exposed, it is necessary to forecast the second moments of financial time series, that is variabilities. The empirical investigations show that financia time series are heteroskedastic, i.e. their volatility is not...

Macedonian Abstract: Основна цел на овој труд е да покаже дека развојот на науката и технологијата и употребата на технолошките иновации во производството и трговијата...