National Integrity System Assessment Bosnia and Herzegovina 2015

Total Page:16

File Type:pdf, Size:1020Kb

National Integrity System Assessment Bosnia and Herzegovina 2015 NATIONAL INTEGRITY SYSTEM ASSESSMENT BOSNIA AND HERZEGOVINA 2015 THIS PROJECT IS FUNDED BY THE EUROPEAN UNION. 1 2 NATIONAL INTEGRITY SYSTEM ASSESSMENT BOSNIA AND HERZEGOVINA NOVEMBER 2015 THIS PROJECT IS FUNDED BY THE EUROPEAN UNION. 3 © Transparency International Bosna i Hercegovina BANJA LUKA Gajeva 2 78000 Banja Luka SARAJEVO Mehmed Bega Kapetanovića Ljubušaka 4 71000 Sarajevo www.ti-bih.org 4 THE NATIONAL INTEGRITY SYSTEM ASSESSMENT (NIS) OF BOSNIA AND HERZEGOVINA IS PREPARED BY TRANSPARENCY INTERNATIONAL BIH IN COOPE- RATION WITH TRANSPARENCY INTERNATIONAL SECRETARIAT IN BERLIN (TI-S). THIS PROJECT IS FUNDED BY THE EUROPEAN UNION. THIS PUBLICATION HAS BEEN PRODUCED WITH THE ASSISTANCE OF THE EUROPEAN UNION. THE CONTENTS OF THIS PUBLICATION ARE THE SOLE RESPONSIBILITY OF TRANSPARENCY INTERNATIO- NAL BIH AND CAN IN NO WAY BE TAKEN TO REFLECT THE VIEWS OF THE EUROPEAN UNION. 5 6 BOSNIA AND HERZEGOVINA 2015 AUTHORS Lead researcher: Srđan Blagovčanin Researchers: Aleksandar Draganić, Ivana Korajlić, Emsad Dizdrević, Lejla Ibranović Project manager and editor: Lejla Ibranović Translation into English: Vojislav Boljanić LEAD RESEARCHER Srđan Blagovčanin is the Chairman of the Board of Directors of Transparency International Bosnia and Herzegovina (TI BiH). He is an expert in the rule of law, fight against corruption and good governance. He has authored a number of studies and analyses on these topics, and worked with the World Bank, USAID, Global Integrity and many other national and international organisations. 7 8 BOSNIA AND HERZEGOVINA 2015 ACKNOWLEDGEMENTS TI BiH owes the deepest debt of gratitude to the following researchers who provided assistance in the research and development of several chapters of this publication: • Aleksandar Draganić (Holds a master’s degree in economy from the University of Staffordshire, Stoke- on-Trent, England. He works as a full-time public policy expert at the development agency EDA. He has partici- pated in numerous projects focusing on economic deve- lopment, decentralisation, good governance and local government development, and authored or co-authored a number of publications and studies.) • Ivana Korajlić (Holds a bachelor’s degree in commu- nications and a master’s degree in corporate com- munication. Since 2008 she has been employed on a full-time basis in TI BiH as a programme manager and spokeswoman. She has participated in the development of numerous analyses and studies in areas such as political party financing, higher education, etc. as well as in projects run by other civil society organisations fo- cusing on education about the fight against corruption.) 9 NATIONAL INTEGRITY SYSTEM ASSESSMENT • Emsad Dizdarević (Project coordinator and researc- Mevludin Halilović, MoI of the Sarajevo Canton her at TI BiH. He graduated from the Faculty of Political Sciences, University in Sarajevo. He has participated in Thanks are also due to the members of institutions who the preparation of numerous studies and analyses. His were interviewed by the researchers for the purpose of fields of interest include the rule of law, fight against preparing reports on a number of individual pillars in corruption and good governance.) this NIS study: • Lejla Ibranović (Acting Executive Director of TI BiH. She holds a master’s degree in “Politics and Govern- Jasminka Džumhur, Ombudswoman for human Rights ment in the EU” from the London School of Economics of BiH and Political Science, UK. Her particular area of interest Sead Lisak, director the Agency for Prevention of is the EU integration and state-building in post-conflict Corruption and Coordination of the Fight against Corrup- societies, with special focus on the rule of law and good tion governance.) Adis Arapovć, Centres of Civic Initiatives Sanja Tošović, Central Election Commission of BiH The initial findings were significantly improved following Almir Terzić, journalist and political analyst the NIS Workshop, held at the Civil Society Promotion Faruk Borić, Federal News Agency FENA Centre in Sarajevo on 5 November 2015, which was Darko Brkan, citizens’ association “Zašto Ne” attended by: Bojan Kovačević, Development Agency EDA Leila Bičakčić, Centre for Investigative Reporting Dragan Slipac, deputy director of the Agency for Vesna Vukmanović, member of NGO ICVA Prevention of Corruption and Coordination of the Fight Armin Kržalić, Centre for Security Studies against Corruption Nermina Zaimović-Uzunović, Social Democratic Party Alena Kurspahić, High Judicial and Prosecutorial BiH and member of the Parliamentary Assembly of BiH Council of BiH Amila Mujčinović, lawyer Munevera Baftić, Office for Audit of Institutions of BiH Stevo Pucar, PhD, Faculty of Economy Banja Luka Muamer Kosovac, MoI of the Sarajevo Canton Prof. Zdravko Zlokapa, PhD, Faculty of Political Scien- Elvedin Okerić, Assembly of the Sarajevo Canton ces Banja Luka Damir Dajanović, citizens’ association “Zašto Ne” Mirza Ustamujić, former member of the House of Minela Alibegović, Office of the Government of FBiH for Representatives of the Parliament of FBiH Legislation Emir Prcanović, Vaša prava Alija Bakšić, Association of Employees of BiH Halid Emkić, Police of the Brčk District BiH Aleksandra Zelić, Centre for Investigative Reporting Branislav Borenović, MP in the National Assembly of Irma Salčin, Institution of the Human Rights Ombud- RS and President of the Party of Democratic Progress sman of BiH Bodo Weber, Democratization Policy Council Elma Tabak, Office of the Government of FBiH for Legislation TI BIH remains especially grateful for the expertise of Zaim Beriša, Social Democratic Party (SDP) BiH TI Secretariat–Berlin experts: Andrew McDewitt and Jakuf Subašić, Central Election Commission of BiH others who have contributed to the improvement of the Srđan Mikić, Office of the Government of FBiH for NIS Study methodology, its quality, clarity of message Legislation and consistency. 10 BOSNIA AND HERZEGOVINA 2015 We owe an immense debt of gratitude to Saša Đorđević for his graphic design and DTP services. The TI BiH 2015 National Integrity System Study for Bosnia and Herzegovina has been produced with the financial support of the European Union. 11 12 BOSNIA AND HERZEGOVINA 2015 ABBREVIATIONS AND ACRONYMS ABBA/CEELI – American Bar Association/Central-East CIN – Centre for Investigative Reporting European Legal Initiative CJB – Public Security Centre ADA – Austrian Development Agency CM BiH – Council of Ministers of Bosnia and Herzego- AECID – Agencia Española Cooperacion International vina Para El Desarrolllo CMS – Court Management System (software) AFET – European Parliament Committee on Foreign CoE – Council of Europe Affairs CPC – Criminal Procedure Code Agency – Agency for Prevention of Corruption and CPI – Corruption Perception Index of TI Coordination of the Fight against Corruption CPI – Public Interest Advocacy Centre ALAC – Advocacy and Legal Advice Centre CPT – The European Committee for the Prevention ALDI – Agency for Local Development Initiatives of Torture and Inhuman or Degrading Treatment or BD BiH – Brčko District of Bosnia and Herzegovina Punishment BFP – Budget Framework Paper CRA – Communications Regulatory Agency BHJ – BiH Journalists CRINIS – Study into the Transparency of Political BHRT – Radio and Television of Bosnia and Herzegovi- Financing na, public service broadcaster of BiH DAP – Dayton Peace Accords BiH – Bosnia and Herzegovina, Bosnian and Herzego- DB – Development Bank vinian DCF – Donor Coordination Forum BLSE – Banja Luka Stock Exchange DfiD – Department for International Development BP – Border Police DNS – Democratic People’s Alliance BTI – Bertelsmann Stiftung EBRD – European Bank for Reconstruction and Deve- CA – Citizens’ Association lopment CCI – Centres of Civic Initiatives EC – European Commission, European Community CEC BiH – Central Election Commission of BiH ECHR – European Court of Human Rights CIDA – Canadian International Development Agency EDA – Development Agency 13 NATIONAL INTEGRITY SYSTEM ASSESSMENT EU – European Union Bosnia and Herzegovina EUPM – European Union Police Mission MOI RS – Ministry of the Interior of the Republika EUSR – European Union Special Representative Srpska FBiH – Federation of Bosnia and Herzegovina NARS – National Assembly of the Republika Srpska FENA – Federal News Agency NATO – Northern Atlantic Treaty Organization FMC – Financial Management and Control NGO – Non-governmental organisation FPA – Federal Police Administration of FBiH NHDR – National Human Development Report FPI – Foreign Policy Initiative NIS – National Integrity System FTV – Federal Television, public service broadcaster of ODIHR – Office for Democratic Institutions and Human FBiH Rights GAP – Governance and Accountability Programme OECD – Organisation for Economic Co-operation and GCB – Global Corruption Barometer Development GDP – Gross Domestic Product OHR – Office of the High Representative GONGO – Governmental non-governmental organisa- OPDAT – Office of Overseas Prosecutorial Development, tions Assistance and Training GRECO – Group of States against Corruption OSA/OBA – Intelligence-Security Agency GVA – Gross Value Added OSCE – Organisation for Security and Co-operation in HDI – Human Development Index Europe HJPC – High Judicial and Prosecutorial Council OSF – Open Society Fund IATI – International Aid Transparency Initiative PA BIH – Parliamentary Assembly of Bosnia and ICITAP – International Criminal Investigative Training Herzegovina Assistance Program PC – Parliamentary Committee IDDEEA – Agency for Identification Documents,
Recommended publications
  • Cee / Middle East / North Africa This Week
    CEE / MIDDLE EAST / NORTH AFRICA THIS WEEK January 21, 2011 POLAND 2 CZECH REPUBLIC 12 HUNGARY 20 SLOVAKIA 25 TURKEY 31 BULGARIA 40 ROMANIA 45 CROATIA 49 SERBIA 54 BOSNIA & HERZEGOVINA 59 ALBANIA 64 MIDDLE EAST & N. AFRICA 67 Written by IntelliNews. The report is based on sources which we believe to be reliable, but no warranty, either express or implied, is provided in relation to the accuracy or completeness of the information. The views expressed are our best judgement as of the date of issue and are subject to change without notice. Opinions are not necessarily those of Internet Securities Inc., Euromoney Institutional Investor PLC or its affiliates. Internet Securities Inc. and Euromoney Institutional Investor PLC take no responsibility for decisions made on the basis of these opinions. Any redistribution of this information is strictly prohibited. Copyright © 1999-2011 Internet Securities, Inc., all rights reserved. A Euromoney Institutional Investor company. Copyright © 1998-2011 Sofia, all rights reserved. COPYING PROHIBITED. COPYRIGHT 1999-2011 INTERNET SECURITIES, INC., ALL RIGHTS RESERVED POLAND MACROECONOMIC REVIEW Eurostat: Poland's HICP inflation The Harmonised Index of Consumer Prices (HICP) in Poland amounted to 0.3% m/m in accelerates to 2.9% y/y in December December, 2010 and was 2.9% in annual terms vs. 2.6% y/y a month earlier, the EU's statistical office Eurostat has said. In line with Eurostat's estimations, the average HICP inflation for the whole 27 EU amounted to 2.6% y/y in December (vs. 2.3% in November). In the euro-zone, the inflation was 2.2% y/y vs.
    [Show full text]
  • Country Law Assessment, Bosnia and Herzegovina
    Commercial laws of Bosnia and Herzegovina An assessment by the EBRD August 2014 COMMERCIAL LAWS OF BOSNIA AND HERZEGOVINA AN ASSESSMENT BY THE EBRD August 2014 Overview ............................................................................................................................................... 2 Legal system ......................................................................................................................................... 2 Overview of the legal environment ............................................................................................................................... 2 Constitutional and political system .............................................................................................................................. 2 Judicial system ............................................................................................................................................................... 4 Freedom of information ................................................................................................................................................ 4 Commercial legislation ........................................................................................................................ 5 Infrastructure and Energy .................................................................................................................... 5 Concessions and PPPs .................................................................................................................................................
    [Show full text]
  • English Languages
    Public Disclosure Authorized FINANCIAL SECTOR ASSESSMENT PROGRAM BOSNIA AND HERZEGOVINA Public Disclosure Authorized CAPITAL MARKETS TECHNICAL NOTE JUNE 2015 This Technical Note was prepared in the context of a joint World Bank-IMF Financial Sector Public Disclosure Authorized Assessment Program mission in Bosnia and Herzegovina during October-November 2014 led by Michael Edwards, World Bank and Sonia Munoz, IMF, and overseen by Finance and Markets Global Practice, World Bank and the Monetary and Capital Markets Department, IMF. The note contains technical analysis and detailed information underpinning the FSAP assessment’s findings and recommendations. Further information on the FSAP program can be found at www.worldbank.org/fsap. THE WORLD BANK GROUP FINANCE AND MARKETS GLOBAL PRACTICE Public Disclosure Authorized i Table of Contents Page I. EXECUTIVE SUMMARY 1 II. COUNTRY CONTEXT 1 III. CAPITAL MARKETS OVERVIEW 2 IV. LEGAL AND REGULATORY FRAMEWORK 5 V. MARKET INFRASTRUCTURE 8 VI. GOVERNMENT DEBT MARKETS 10 VII. NON GOVERNMENT BOND MARKETS 12 VIII. EQUITY MARKETS 13 IX. INVESTMENT FUNDS 17 X. OTHER INSTITUTIONAL INVESTORS 23 XI. RECOMMENDATIONS BY ENTITY 1 TABLES TABLE 1: KEY RECOMMENDATIONS 2 TABLE 2: KEY CAPITAL MARKET INDICATORS, US$ MILLIONS 3 TABLE 3: OVERVIEW GOVERNMENT SECURITIES MARKETS 10 TABLE 4: T-BILL AUCTION RESULTS – FEDERATION & RS 11 TABLE 5: OVERVIEW: EQUITY MARKETS 13 TABLE 6: SASE/BLSE TOP 15 LISTED STOCKS – BY MARKET CAPITALIZATION 14 TABLE 7: OVERVIEW INVESTMENT FUNDS SECTOR 17 TABLE 8: SASE/BLSE CLOSED-END INVESTMENT
    [Show full text]
  • Doing Data Differently
    General Company Overview Doing data differently V.14.9. Company Overview Helping the global financial community make informed decisions through the provision of fast, accurate, timely and affordable reference data services With more than 20 years of experience, we offer comprehensive and complete securities reference and pricing data for equities, fixed income and derivative instruments around the globe. Our customers can rely on our successful track record to efficiently deliver high quality data sets including: § Worldwide Corporate Actions § Worldwide Fixed Income § Security Reference File § Worldwide End-of-Day Prices Exchange Data International has recently expanded its data coverage to include economic data. Currently it has three products: § African Economic Data www.africadata.com § Economic Indicator Service (EIS) § Global Economic Data Our professional sales, support and data/research teams deliver the lowest cost of ownership whilst at the same time being the most responsive to client requests. As a result of our on-going commitment to providing cost effective and innovative data solutions, whilst at the same time ensuring the highest standards, we have been awarded the internationally recognized symbol of quality ISO 9001. Headquartered in United Kingdom, we have staff in Canada, India, Morocco, South Africa and United States. www.exchange-data.com 2 Company Overview Contents Reference Data ............................................................................................................................................
    [Show full text]
  • List of Approved Regulated Stock Exchanges
    Index Governance LIST OF APPROVED REGULATED STOCK EXCHANGES The following announcement applies to all equity indices calculated and owned by Solactive AG (“Solactive”). With respect to the term “regulated stock exchange” as widely used throughout the guidelines of our Indices, Solactive has decided to apply following definition: A Regulated Stock Exchange must – to be approved by Solactive for the purpose calculation of its indices - fulfil a set of criteria to enable foreign investors to trade listed shares without undue restrictions. Solactive will regularly review and update a list of eligible Regulated Stock Exchanges which at least 1) are Regulated Markets comparable to the definition in Art. 4(1) 21 of Directive 2014/65/EU, except Title III thereof; and 2) provide for an investor registration procedure, if any, not unduly restricting foreign investors. Other factors taken into account are the limits on foreign ownership, if any, imposed by the jurisdiction in which the Regulated Stock Exchange is located and other factors related to market accessibility and investability. Using above definition, Solactive has evaluated the global stock exchanges and decided to include the following in its List of Approved Regulated Stock Exchanges. This List will henceforth be used for calculating all of Solactive’s equity indices and will be reviewed and updated, if necessary, at least annually. List of Approved Regulated Stock Exchanges (February 2017): Argentina Bosnia and Herzegovina Bolsa de Comercio de Buenos Aires Banja Luka Stock Exchange
    [Show full text]
  • Stock Selection Based on Discriminant Analysis: Case of Capital Market of Bosnia and Herzegovina
    Journal of Economic and Social Studies Stock Selection Based on Discriminant Analysis: Case of Capital Market of Bosnia and Herzegovina Jasmina Okičić University of Tuzla Bosnia-Herzegovina [email protected] Sonja Remetić-Horvath University of Vienna Wien, Östereich Baris Büyükdemir Ceros Holding AG Ceros Menkul Değerler AS İstanbul, Turkey Abstract: The main goal of this paper is to scientifically Keywords: discriminant analysis, examine and propose new approach of stock selection and stock selection, stock return, analysis based on multivariate technique, i.e. discriminant capital market of Bosnia and analysis, in order to help investors, individual and Herzegovina institutional, in their decision making process, especially in case of underdeveloped capital markets. Therefore, in this G11, C38 paper we investigate the cross—sectional relation between JEL Classification: the independent variables of the model, comprised of beta coefficient and some fundamental variables as well as the Article History average stock returns on the underdeveloped capital market Submitted: 06 June 2013 of Bosnia and Herzegovina. We concluded that Resubmitted: 17 October 2013 discriminant analysis is a useful quantitative tool that can Accepted: 11 December 2013 help investors in shaping their investment strategies. We also found that the beta coefficient, market capitalization and realized historical return have discriminatory capabilities in case of the capital market of Bosnia and Herzegovina. The real implications of this research can be seen in the shaping of investment strategies of potential investors looking to diversify their portfolios. The main limitations of this study are to be found in the shorter available financial time series in newly formed capitalistic economy, missing data due to http://dx.doi.org/10.14706/JEC the lack of collective records on levels of securities offerings OSS11421 issues.
    [Show full text]
  • Internet Financial Reporting in Bosnia and Herzegovina
    A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Zaimovic, Tarik; Zaimovic, Azra; Fazlic, Anela Article Internet Financial Reporting in Bosnia and Herzegovina Economic Review: Journal of Economics and Business Provided in Cooperation with: Faculty of Economics, University of Tuzla Suggested Citation: Zaimovic, Tarik; Zaimovic, Azra; Fazlic, Anela (2015) : Internet Financial Reporting in Bosnia and Herzegovina, Economic Review: Journal of Economics and Business, ISSN 1512-8962, University of Tuzla, Faculty of Economics, Tuzla, Vol. 13, Iss. 2, pp. 21-34 This Version is available at: http://hdl.handle.net/10419/193849 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu . Economic Review – Journal of Economics and Business, Vol. XII, Issue 2, November 2015 /// INTERNET FINANCIAL REPORTING IN BOSNIA AND HERZEGOVINA Zaimović Tarik *, Zaimović Azra **, Fazlić Anela *** ABSTRACT Internet Financial Reporting practices of companies traded on two stock markets in BiH.
    [Show full text]
  • National Integrity System Study Bosnia and Herzegovina 2007
    National Integrity System Study BOSNIA AND HERZEGOVINA 2007 National Integrity System Study Bosnia and Herzegovina 2007 National Integrity System Study Report by Transparency International BOSNIA AND HERZEGOVINA 2007 2 National Integrity System Study Bosnia and Herzegovina 2007 Report Authors Lead Researcher and Editor: Boris Divjak Researchers: Nebojša Milanović, Aleksandra Martinović, Tarik Jusić, Dragica Ristić, Slavica Rokvić, Darko Radić, Ivica Dronjić, Zlatan Kulenović, Predrag Ćeranić, Rebeka Kotlo, Igor Stojanović, Srñan Bagovčaniin, Ljubinko Leković Editing Assistance: Sarah Reppuci, TI Secretariat, Berlin Translation: Vojislav Boljanić DTP & Layout: Danijela Vidović The TI National Integrity System Study – Bosnia and Herzegovina 2007 was made possible with funding from the Open Society Fund of Bosnia and Herzegovina and the Government of the Federal Republic of Germany. © 2006 Transparency International Transparency International Secretariat Alt Moabit 96 10559 Berlin Germany http://www.transparency.org 3 National Integrity System Study Bosnia and Herzegovina 2007 Lead Researcher and Editor Boris Divjak is a macroeconomics consultant, with a bachelor’s degree from the University of Reading (Great Britain) and Karl-Franzens University, Graz (Austria) as well as a master’s degree from the University of Reading. He has worked with the World Bank, the European Commission, USAID and other bilateral donors on their development programmes in the Balkans. His area of specialisation is business environment and local economic development. Divjak also chairs the Board of Directors of Transparency International Bosnia and Herzegovina (TI BiH) and, in that capacity, analyses corruption issues in BiH and the neighbouring region. In November 2005 he was elected as a member of the Global Board of Directors of Transparency International.
    [Show full text]
  • Effectiveness and Efficiency of Debt Capital Markets
    Effectiveness and Efficiency of Debt Capital Markets – A Comparative Study Transactions Costs and Timing for Issuance, Listing and Trading of Locally Issued Debt Securities Final Report February 2020 Effectiveness and Efficiency of Debt Capital Markets – A Comparative Study This project is supported by the . 2 Effectiveness and Efficiency of Debt Capital Markets – A Comparative Study In order to provide a fair and comprehensive comparison, the data shown in this report references calendar year 2018. This report may be updated to reflect changing market conditions in due course. 3 Effectiveness and Efficiency of Debt Capital Markets – A Comparative Study Table of Contents 1. Executive Summary ........................................................................................................................................... 8 2. Introduction....................................................................................................................................................... 11 2.1. Purpose of this Report .......................................................................................................................... 11 2.2. Benchmarking & Comparison Framework ....................................................................................... 11 2.3. Model Portfolio ....................................................................................................................................... 12 2.4. Model Issuer ...........................................................................................................................................
    [Show full text]
  • A Presentation of the South-Eastern European Stock Exchanges
    A Presentation of the South-Eastern European Stock Exchanges A first look at their History, Trading Volumes and Technologies Polixeni Kaisari SID: 3301100009 SCHOOL OF SCIENCE & TECHNOLOGY A thesis submitted for the degree of Master of Science (MSc) in ICT Systems SEPTEMBER 2011 THESSALONIKI – GREECE A Presentation of the South-Eastern European Stock Exchanges A first look at their History, Trading Volumes and Technologies Polixeni Kaisari SID: 3301100009 Supervisor: Prof. Vassilis Polimenis SCHOOL OF SCIENCE & TECHNOLOGY A thesis submitted for the degree of Master of Science (MSc) in ICT Systems SEPTEMBER 2011 THESSALONIKI – GREECE - ii - DISCLAIMER This dissertation is submitted in part candidacy for the degree of Master of Science in ICT Systems, from the School of Science and Technology of the International Hellenic University, Thessaloniki, Greece. The views expressed in the dissertation are those of the author entirely and no endorsement of these views is implied by the said University or its staff. This work has not been submitted either in whole or in part, for any other degree at this or any other university. Signed: ....................... Name: Kaisari Polixeni Date: 21-10-2011 - iii - Abstract This dissertation was written as a part of the MSc in ICT Systems at the International Hellenic University. Its purpose is to present the Stock Exchanges of Southeastern Europe and is a first look at their History, Trading Volumes and Technologies. We study the Stock Exchanges (SE) of eleven Southeastern European countries: Greece (Athens Stock Exchange), Serbia (Belgrade Stock Exchange), Bulgaria (Bulgarian Stock Exchange-Sofia), Romania (Bucharest Stock Exchange), Cyprus (Cyprus Stock Exchange), Turkey (Istanbul Stock Exchange), Montenegro (Montenegro Stock Exchange), FYROM (Skopje Stock Exchange), Bosnia Herzegovina (Sarajevo Stock Exchange), Albania (Tirana Stock Exchange), and Croatia (Zagreb Stock Exchange).
    [Show full text]
  • Social Sciences Institute
    SOCIAL SCIENCES INSTITUTE BUSINESS ADMINISTRATION DEPARTMENT ATTRACTIVENESS OF THE BOSNIAN STOCK MARKET Comparing Bosnian, Croatian, Macedonian and German stock markets; focusing on size, diversity, volume, liquidity, risk and return Master Thesis Mirza Avdagić Student No: 1450Y42104 Supervisor: Prof. Dr. Özgür Çengel Istanbul, 2017 Acknowledgment By most accounts my life should have been over before it even began. Before I was Mirza I was a small number besides a percentage sign. I came into this world three months early and the doctor told my mother that in all likelihood I would probably make a hasty exit as well. He was wrong. I suppose it was that same attitude, the one that made me over eager to get this party started that also kept fighting in those early, intense moments of my life. I've been fighting ever since. After two years in United World College (UWC) in Mostar and four years in the US, living and studying in Turkey was very challenging. Different culture and new language presented another milestone I had to achieve in my life. Writing the dissertation was not an easy task. Having a full time job in Bahrain and working on the thesis simultaneously was in times very challenging but towards the end very enjoyable. Most importantly, I would like to thank my supervisor Dr. Özgür Çengel, who cared so much about my work, and who always responded to my questions and queries so promptly. This journey would be completely different and more challenging without his support and guidance. I just want you to know that I really appreciate everything you have done for me.
    [Show full text]
  • Capital Market in Bosnia and Herzegovina: Unused Potential As Alternative Source of Financing
    Journal of Economic and Social Studies Capital Market in Bosnia and Herzegovina: Unused Potential as Alternative Source of Financing Tarik Kurbegović Sarajevo Stock Exchange Sarajevo, Bosnia-Herzegovina [email protected] Abstract: One of the most important factors of conducting Keywords: Capital market, business successfully and also in achieving the interests of the Debt securities, Bond, owner of entity is adequate structuring of source of financing Alternative financing, of company or institution. Debt as a source of financing has Municipal bonds its advantages in terms of potential of increasing of wealth for the owner of capital. On the other side, debt alone as O16 source of finance can be realized on a several ways, where JEL Classification: plenty of factors influence that choice. In the past few years Article History in Bosnia and Herzegovina (BiH), the possibility of finance Submitted: 06 Jun 2013 big infrastructural projects through emission of debt securities has been often mentioned. Until now neither of Resubmitted: 02 October 2013 these projects has been financed in this way. About this Accepted: 10 January 2014 problematic can be spoken from many aspects such as: strategic decisions, limits concerning budget deficit, technical conductions, efficient managing of public debt and so further. These are the facts that we want to consider when we speak about capital market as alternative source of financing trying to reach the advantages and disadvantages http://dx.doi.org/ of emission of debt securities including the
    [Show full text]