Search results for: Financial Early Warning System

Authors: Petra Horváthová, Marie Mikušová

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The aim of the article is to describe modern contemporary systems of employees' remuneration used in organizations, to give a general overview of these questions based on the questionnaire survey made by the authors, as well as to assess possible effects of economic crisis in this area. It is necessary to be aware of the fact that firm's success in the contemporary business environment depends not only on the technical equipment, financial resources, availability of raw materials and information and effective management, but one of the crucial factors of firm's success is its human potential. The article emphasizes that the well working remuneration system has a very important position in the organization in the broadest sense. The paper also aims to the current situation in the area of employees' remuneration in one of Czech Republic regions, in the Moravian-Silesian Region.

Keywords: Benefits, remuneration system, total pay, variable pay.

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Authors: Kolis Karel, Kubicek Ales

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The purpose of this paper is to explore the relationship between the customers- issues in company corporate governance and the financial performance. At the beginning theoretical background consisting stakeholder theory and corporate governance is presented. On this theoretical background, the empirical research is built, collecting data of 60 Czech joint stock companies- boards considering their relationships with customers. Correlation analysis and multivariate regression analysis were employed to test the sample on two hypotheses. The weak positive correlation between stakeholder approach and the company size was identified. But both hypotheses were not supported, because there was no significant relation of independent variables to financial performance.

Keywords: customers, stakeholder theory, corporate governance, financial performance

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Authors: Morteza Raei Dehaghi, Seyed Mohammad Mirhashemi

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The current study explored the effect of economic development, financial development and institutional quality on environmental destruction in upper-middle income countries during the time period of 1999-2011. The dependent variable is logarithm of carbon dioxide emissions that can be considered as an index for destruction or quality of the environment given to its effects on the environment. Financial development and institutional development variables as well as some control variables were considered. In order to study cross-sectional correlation among the countries under study, Pesaran and Friz test was used. Since the results of both tests show cross-sectional correlation in the countries under study, seemingly unrelated regression method was utilized for model estimation. The results disclosed that Kuznets’ environmental curve hypothesis is confirmed in upper-middle income countries and also, financial development and institutional quality have a significant effect on environmental quality. The results of this study can be considered by policy makers in countries with different income groups to have access to a growth accompanied by improved environmental quality.

Keywords: Economic Development, Environmental Destruction, Financial Development, Institutional Development, Seemingly Unrelated Regression.

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Authors: Yu-Chun Lin

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We identify clawback triggers from firms- proxy statements (Form DEF 14A) and use the likelihood of restatements to proxy for financial reporting quality. Based on a sample of 578 U.S. firms that voluntarily adopt clawback provisions during 2003-2009, when restatement-based triggers could be decomposed into two types: fraud and unintentional error, and we do observe the evidence that using fraud triggers is associated with high financial reporting quality. The findings support that fraud triggers can enhance deterrent effect of clawback provision by establishing a viable disincentive against fraud, misconduct, and otherwise harmful acts. These results are robust to controlling for the compensation components, to different sample specifications and to a number of sensitivity.

Keywords: Accruals quality, Clawback provisions, Compensation, Restatements.

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Authors: René Díaz-Pichardo, Cecilia Cantú-González, Patricia López-Hernández

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The development of entrepreneurial competences of farmers has been pointed out as a necessary condition for the modernization of land in facing the phenomenon of globalization. However, the educational processes involved in such a development have been studied little, especially in emerging economies. This research aims to enlighten some of the critical issues behind the early stages of the transformation of farmers into entrepreneurs, through in depth interviews with farmers, entrepreneurial promoters and public officials participating in a public pilot project in Mexico. Although major impacts were expected only in the long run, important positive changes in the mind set of farmers and other participants were found in early stages of the intervention. Apparently, the farmers started a process of becoming more conscious about the importance of preserving the aquiferous resources, as well as more market and entrepreneurial oriented.

Keywords: entrepreneurial training, farmers, land development.

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Authors: Wang Xu, Yao Yangyang, Lin Ying, Wang Zhenzhen

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Intelligent Transportation System integrates various modern advanced technologies into the ground transportation system, and it will be the goal of urban transport system in the future because of its comprehensive effects. However, it also brings some problems, such as project performance assessment, fairness of benefiting groups, fund management, which are directly related to its operation and implementation. Wuhan has difficulties in organizing transportation because of its nature feature (river and lake), therefore, calling Service of Taxi plays an important role in transportation. This paper researches on calling Service of Taxi in Wuhan, based on quantitative and qualitative analysis. It analyzes its operations management systematically, including business model, finance, usage analysis and users evaluation. As for business model, it is that the government leads the operation at the initial stage, and the third part dominates the operation at the mature stage, which not only eases the pressure of the third part and benefits the spread of the calling service at the initial stage, but also alleviates financial pressure of government and improve the efficiency of the operation at the mature stage. As for finance, it draws that this service will bring heavy financial burden of equipments, but it will be alleviated in the future because of its spread. As for usage analysis, through data comparison, this service can bring some benefits for taxi drivers, and time and spatial distribution of usage have certain features. As for user evaluation, it analyzes using group and the reason why choosing it. At last, according to the analysis above, the paper puts forward the potentials, limitations, and future development strategies for it.

Keywords: Assessment, Calling service of taxi, Operations management, Strategies, Using groups.

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Authors: Wisuwat Songnuan, Phumin Kirawanich

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The influences of pulsed electric fields on early physiological development in Arabidopsis thaliana were studied. Inside a 4-mm electroporation cuvette, pre-germination seeds were subjected to high-intensity, nanosecond electrical pulses generated using laboratory-assembled pulsed electric field system. The field strength was varied from 5 to 20 kV.cm-1 and the pulse width and the pulse number were maintained at 10 ns and 100, respectively, corresponding to the specific treatment energy from 300 J.kg-1 to 4.5 kJ.kg-1. Statistical analyses on the average leaf area 5 and 15 days following pulsed electric field treatment showed that the effects appear significant the second week after treatments with a maximum increase of 80% compared to the control (P < 0.01).

Keywords: Arabidopsis thaliana, full-wave analysis, leaf area, high-intensity nanosecond pulsed electric fields

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Authors: Hycham Aboutaleb, Bruno Monsuez

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Current systems complexity has reached a degree that requires addressing conception and design issues while taking into account environmental, operational, social, legal and financial aspects. Therefore, one of the main challenges is the way complex systems are specified and designed. The exponential growing effort, cost and time investment of complex systems in modeling phase emphasize the need for a paradigm, a framework and an environment to handle the system model complexity. For that, it is necessary to understand the expectations of the human user of the model and his limits. This paper presents a generic framework for designing complex systems, highlights the requirements a system model needs to fulfill to meet human user expectations, and suggests a graphbased formalism for modeling complex systems. Finally, a set of transformations are defined to handle the model complexity.

Keywords: Higraph-based, formalism, system engineering paradigm, modeling requirements, graph-based transformations.

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Authors: Ifedapo Francis Awolowo

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The unrelenting series of embarrassing audit failures should stimulate a paradigm shift in accounting. And in this age of information revolution, there is need for a constant improvement on the products or services one offers to the market in order to be relevant. This study explores the perceptions of external auditors, forensic accountants and accounting academics on whether a paradigm shift to forensic accounting can reduce financial statement frauds. Through Neo-empiricism/inductive analytical approach, findings reveal that a paradigm shift to forensic accounting might be the right step in the right direction in order to increase the chances of fraud prevention and detection in the financial statement. This research has implication on accounting education on the need to incorporate forensic accounting into present day accounting curriculum. Accounting professional bodies, accounting standard setters and accounting firms all have roles to play in incorporating forensic accounting education into accounting curriculum. Particularly, there is need to alter the ISA 240 to make the prevention and detection of frauds the responsibilities of bot those charged with the management and governance of companies and statutory auditors.

Keywords: Financial statement fraud, forensic accounting, fraud prevention and detection, auditing, audit expectation gap, corporate governance.

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Authors: A. J. Regan, F. J. Lidgey, M. Betteridge, P. Georgiou, C. Toumazou, K. Hayatleh, J. R. Dibble

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Our goal is development of an algorithm capable of predicting the directional trend of the Standard and Poor’s 500 index (S&P 500). Extensive research has been published attempting to predict different financial markets using historical data testing on an in-sample and trend basis, with many authors employing excessively complex mathematical techniques. In reviewing and evaluating these in-sample methodologies, it became evident that this approach was unable to achieve sufficiently reliable prediction performance for commercial exploitation. For these reasons, we moved to an out-ofsample strategy based on linear regression analysis of an extensive set of financial data correlated with historical closing prices of the S&P 500. We are pleased to report a directional trend accuracy of greater than 55% for tomorrow (t+1) in predicting the S&P 500.

Keywords: Financial algorithm, GPU, S&P 500, stock market prediction.

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Authors: Dimitrios J. Dimitriou, Maria F. Sartzetaki

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Transport infrastructures are high-cost, long-term investments that serve as vital foundations for the operation of a region or nation and are essential to a country’s or business’s economic development and prosperity, by improving well-being and generating jobs and income. The development of appropriate financing options is of key importance in the decision making process in order develop viable transport infrastructures. The development of transport infrastructure has increasingly been shifting toward alternative methods of project financing such as Public Private Partnership (PPPs) and hybrid forms. In this paper, a methodological decision-making framework based on the evaluation of the financial viability of transportation infrastructure for different financial schemes is presented. The framework leads to an assessment of the financial viability which can be achieved by performing various financing scenarios analyses. To illustrate the application of the proposed methodology, a case study of rail transport infrastructure financing scenario analysis in Greece is developed.

Keywords: Rail transport infrastructure; financial viability, scenario analysis, rail project feasibility.

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Authors: Bruno Henrique Rocha Fernandes, Amir Rezaee, Jucelia Appio

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The relation between Human Resource Management (HRM) practices and organizational performance remains the subject of substantial literature. Though many studies demonstrated positive relationship, still major influencing variables are not yet clear. This study considers the Person-Environment Fit (PE Fit) and its components, Person-Supervisor (PS), Person-Group (PG), Person-Organization (PO) and Person-Job (PJ) Fit, as possible explanatory variables. We analyzed PE Fit as a moderator between HRM practices and financial performance in the “best companies to work” in Brazil. Data from HRM practices were classified through the High Performance Working Systems (HPWS) construct and data on PE-Fit were obtained through surveys among employees. Financial data, consisting of return on invested capital (ROIC) and price earnings ratio (PER) were collected for publicly traded best companies to work. Findings show that PO Fit and PJ Fit play a significant moderator role for PER but not for ROIC.

Keywords: Financial performance, human resource management, high performance working systems, person-environment fit.

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Authors: Dimitris Georgoutsos, Petros M. Migiakis

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The concurrent era is characterised by strengthened interactions among financial markets and increased capital mobility globally. In this frames we examine the effects the international financial integration process has on the European bond markets. We perform a comparative study of the interactions of the European and international bond markets and exploit Cointegration analysis results on the elimination of stochastic trends and the decomposition of the underlying long run equilibria and short run causal relations. Our investigation provides evidence on the relation between the European integration process and that of globalisation, viewed through the bond markets- sector. Additionally the structural formulation applied, offers significant implications of the findings. All in all our analysis offers a number of answers on crucial queries towards the European bond markets integration process.

Keywords: financial integration, bond markets, cointegration

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Authors: Adamu Danlami Ahmed

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Inventory management is the determinant of effective and efficient work for any manager. This study looked at the relationship between inventory management and financial performance. The population of the study comprises all conglomerate quoted companies in the Nigerian Stock Exchange market as at 31^st December 2010. The scope of the study covered the period from 2010 to 2014. Descriptive, Pearson correlation and multiple regressions are used to analyze the data. It was found that inventory management is significantly related to the profitability of the company. This entails that an efficient management of the inventory cycle will enhance the profitability of the company. Also, lack of proper management of it will hinder the financial performance of organizations. Based on the results, it was recommended that a conglomerate company should try to see that inventories are kept to a minimum, as well as make sure the proper checks are maintained to make sure only needed inventories are in the store. As well as to keep track of the movement of goods, in order to avoid unnecessary delay of finished and work in progress (WIP) goods in the store and warehouse.

Keywords: Finished goods, work in progress, financial performance, inventory.

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Authors: E. Pop, M. Barbos

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Using mobile Internet access technologies and eservices, various economic agents can efficiently offer their products or services to a large number of clients. With the support of mobile communications networks, the clients can have access to e-services, anywhere and anytime. This is a base to establish a convergence of technological and financial interests of mobile operators, software developers, mobile terminals producers and e-content providers. In this paper, a client server system is presented, using 3G, EDGE, mobile terminals, for Stock Exchange e-services access.

Keywords: Mobile communications, e-services access, stockexchange.

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Authors: Tudor Deaconescu, Andrea Deaconescu

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Deployment of pneumatic muscles in various industrial applications is still in its early days, considering the relative newness of these components. The field of robotics holds particular future potential for pneumatic muscles, especially in view of their specific behaviour known as compliance. The paper presents and discusses an innovative constructive solution for a gripper system mountable on an industrial robot, based on actuation by a linear pneumatic muscle and transmission of motion by gear and rack mechanism. The structural, operational and constructive models of the new gripper are presented, along with some of the experimental results obtained subsequently to the testing of a prototype. Further presented are two control variants of the gripper system, one by means of a 3/2-way fast-switching solenoid valve, the other by means of a proportional pressure regulator. Advantages and disadvantages are discussed for both variants.

Keywords: Gripper system, pneumatic muscle, structural modeling.

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Authors: D. A. Farinde

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One of the most significant threats to the economy of a nation is the bankruptcy of its banks. This study evaluates the susceptibility of Nigerian banks to failure with a view to identifying ratios and financial data that are sensitive to solvency of the bank. Further, a predictive model is generated to guide all stakeholders in the industry. Thirty quoted banks that had published Annual Reports for the year preceding the consolidation i.e. year 2004 were selected. They were examined for distress using the Multilayer Perceptron Neural Network Analysis. The model was used to analyze further reforms by the Central Bank of Nigeria using published Annual Reports of twenty quoted banks for the year 2008 and 2011. The model can thus be used for future prediction of failure in the Nigerian banking system.

Keywords: Bank, Bankruptcy, Financial Ratios, Neural Network, Multilayer Perceptron, Predictive Model

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Authors: Vitalice K. Oduol, C. Ardil

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The paper examines the performance of bit-interleaved parity (BIP) methods in error rate monitoring, and in declaration and clearing of alarms in those transport networks that employ automatic protection switching (APS). The BIP-based error rate monitoring is attractive for its simplicity and ease of implementation. The BIP-based results are compared with exact results and are found to declare the alarms too late, and to clear the alarms too early. It is concluded that the standards development and systems implementation should take into account the fact of early clearing and late declaration of alarms. The window parameters defining the detection and clearing thresholds should be set so as to build sufficient hysteresis into the system to ensure that BIP-based implementations yield acceptable performance results.

Keywords: Automatic protection switching, bit interleaved parity, excessive bit error rate

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Authors: Souâd Demigha

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Early detection of breast cancer is considered as a major public health issue. Breast cancer screening is not generalized to the entire population due to a lack of resources, staff and appropriate tools. Systematic screening can result in a volume of data which can not be managed by present computer architecture, either in terms of storage capabilities or in terms of exploitation tools. We propose in this paper to design and develop a data warehouse system in radiology-senology (DWRS). The aim of such a system is on one hand, to support this important volume of information providing from multiple sources of data and images and for the other hand, to help assist breast cancer screening in diagnosis, education and research.

Keywords: Breast cancer screening, data warehouse, diagnosis, education, research.

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Authors: Hussein Alahmer, Amr Ahmed

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Liver cancer is one of the common diseases that cause the death. Early detection is important to diagnose and reduce the incidence of death. Improvements in medical imaging and image processing techniques have significantly enhanced interpretation of medical images. Computer-Aided Diagnosis (CAD) systems based on these techniques play a vital role in the early detection of liver disease and hence reduce liver cancer death rate.  This paper presents an automated CAD system consists of three stages; firstly, automatic liver segmentation and lesion’s detection. Secondly, extracting features. Finally, classifying liver lesions into benign and malignant by using the novel contrasting feature-difference approach. Several types of intensity, texture features are extracted from both; the lesion area and its surrounding normal liver tissue. The difference between the features of both areas is then used as the new lesion descriptors. Machine learning classifiers are then trained on the new descriptors to automatically classify liver lesions into benign or malignant. The experimental results show promising improvements. Moreover, the proposed approach can overcome the problems of varying ranges of intensity and textures between patients, demographics, and imaging devices and settings.

Keywords: CAD system, difference of feature, Fuzzy c means, Liver segmentation.

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Authors: Margaret F. Shipley

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Fuzzy logic can be used when knowledge is incomplete or when ambiguity of data exists. The purpose of this paper is to propose a proactive fuzzy set- based model for reacting to the risk inherent in investment activities relative to a complete view of portfolio management. Fuzzy rules are given where, depending on the antecedents, the portfolio size may be slightly or significantly decreased or increased. The decision maker considers acceptable bounds on the proportion of acceptable risk and return. The Fuzzy Controller model allows learning to be achieved as 1) the firing strength of each rule is measured, 2) fuzzy output allows rules to be updated, and 3) new actions are recommended as the system continues to loop. An extension is given to the fuzzy controller that evaluates potential financial loss before adjusting the portfolio. An application is presented that illustrates the algorithm and extension developed in the paper.

Keywords: Portfolio Management, Financial Market Monitoring, Fuzzy Controller, Fuzzy Logic,

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Authors: Josip Visković, Josip Arnerić, Ante Rozga

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Based on the fact that volatility is time varying in high frequency data and that periods of high volatility tend to cluster, the most successful and popular models in modeling time varying volatility are GARCH type models. When financial returns exhibit sudden jumps that are due to structural breaks, standard GARCH models show high volatility persistence, i.e. integrated behavior of the conditional variance. In such situations models in which the parameters are allowed to change over time are more appropriate. This paper compares different GARCH models in terms of their ability to describe structural changes in returns caused by financial crisis at stock markets of six selected central and east European countries. The empirical analysis demonstrates that Markov regime switching GARCH model resolves the problem of excessive persistence and outperforms uni-regime GARCH models in forecasting volatility when sudden switching occurs in response to financial crisis.

Keywords: Central and east European countries, financial crisis, Markov switching GARCH model, transition probabilities.

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Authors: Paulo Rocha

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Once in touch with the Criminal Justice System, offenders with mental disorder tend to return to custody more often than nondisordered individuals, which suggests they have not been receiving appropriate treatment in prison. In this scenario, diverting individuals into care as early as possible in their trajectory seems to be the appropriate approach to rehabilitate mentally unwell offenders and alleviate overcrowded prisons. This paper builds on an ethnographic research investigating the challenges encountered by practitioners working to divert offenders into care while attempting to establish cross-boundary interactions with professionals in the Criminal Justice System and Mental Health Services in the UK. Drawing upon the findings of the study, this paper suggests the development of adequate tools to enable liaison between agencies which ultimately results in successful interventions.

Keywords: Criminogenic needs, interagency collaboration, liaison and diversion, recidivism.

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Authors: Dutescu Adriana, Amariei Corneliu, Sahlian Daniela, Stanila Aurelian, Stanila Oana

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20 years of dentistry was a period of transition from communist to market economy but Romanian doctors have insufficient management knowledge. Recently, the need for modern management has increased due to technologies and superior materials appearance, as patient-s demands. Research goal is to increase efficiency by evaluating dental medical office cost categories in real pricing procedures. Empirical research is based on guided study that includes information about the association between categories of cost perception and therapeutic procedures commonly used in dental offices. Due to the obtained results to identify all the labours that make up a settled procedure costs were determined for each procedure. Financial evaluation software was created with the main functions: introducing and maintaining patient records, treatment and appointments made, procedures cost and monitoring office productivity. We believe that the study results can significantly improve the financial management of dental offices, increasing the effectiveness and quality of services.

Keywords: costs, financial methods, management.

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Authors: Meet Shah, Ankita Aditya, Dhruv Bindra, V. S. Omkar, Aashruti Seervi

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In today's world, we need documents everywhere for a smooth workflow in the identification process or any other security aspects. The current system and techniques which are used for identification need one thing, that is ‘proof of existence’, which involves valid documents, for example, educational, financial, etc. The main issue with the current identity access management system and digital identification process is that the system is centralized in their network, which makes it inefficient. The paper presents the system which resolves all these cited issues. It is based on ‘blockchain’ technology, which is a 'decentralized system'. It allows transactions in a decentralized and immutable manner. The primary notion of the model is to ‘have everything with nothing’. It involves inter-linking required documents of a person with a single identity card so that a person can go anywhere without having the required documents with him/her. The person just needs to be physically present at a place wherein documents are necessary, and using a fingerprint impression and an iris scan print, the rest of the verification will progress. Furthermore, some technical overheads and advancements are listed. This paper also aims to layout its far-vision scenario of blockchain and its impact on future trends.

Keywords: Blockchain, decentralized system, fingerprint impression, identity management, iris scan.

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Authors: Zahra Khalid, Gul Muhammad Khan, Arbab Masood Ahmad

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Cartesian Genetic Programming (CGP) is explored to design an optimal circuit capable of early stage breast cancer detection. CGP is used to evolve simple multiplexer circuits for detection of malignancy in the Fine Needle Aspiration (FNA) samples of breast. The data set used is extracted from Wisconsins Breast Cancer Database (WBCD). A range of experiments were performed, each with different set of network parameters. The best evolved network detected malignancy with an accuracy of 99.14%, which is higher than that produced with most of the contemporary non-linear techniques that are computational expensive than the proposed system. The evolved network comprises of simple multiplexers and can be implemented easily in hardware without any further complications or inaccuracy, being the digital circuit.

Keywords: Breast cancer detection, cartesian genetic programming, evolvable hardware, fine needle aspiration (FNA).

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Authors: Komlan Sedzro

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We apply the non-parametric, unconditional, hyperbolic order-α quantile estimator to appraise the relative efficiency of Microfinance Institutions in Africa in terms of outreach. Our purpose is to verify if these institutions, which must constantly try to strike a compromise between their social role and financial sustainability are operationally efficient. Using data on African MFIs extracted from the Microfinance Information eXchange (MIX) database and covering the 2004 to 2006 periods, we find that more efficient MFIs are also the most profitable. This result is in line with the view that social performance is not in contradiction with the pursuit of excellent financial performance. Our results also show that large MFIs in terms of asset and those charging the highest fees are not necessarily the most efficient.

Keywords: Data envelopment analysis, microfinance institutions, quantile estimation of efficiency, social and financial performance.

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Authors: Shankar Kambhampaty, Venkata Srinivas Modali

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When architecting an application, key nonfunctional requirements such as performance, scalability, availability and security, which influence the architecture of the system, are some times not adequately addressed. Performance of the application may not be looked at until there is a concern. There are several problems with this reactive approach. If the system does not meet its performance objectives, the application is unlikely to be accepted by the stakeholders. This paper suggests an approach for performance modeling for web based J2EE and .Net applications to address performance issues early in the development life cycle. It also includes a Performance Modeling Case Study, with Proof-of-Concept (PoC) and implementation details for .NET and J2EE platforms.

Keywords: Performance Measures, Performance Modeling, Performance Testing, Resource Utilization, Response Time, Throughput.

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Authors: Tomas Makaras, Gintaras Svecevičius

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Landfill waste is a common problem as it has an economic and environmental impact even if it is closed. Landfill waste contains a high density of various persistent compounds such as heavy metals, organic and inorganic materials. As persistent compounds are slowly-degradable or even non-degradable in the environment, they often produce sublethal or even lethal effects on aquatic organisms. The aims of the present study were to estimate sublethal effects of the Kairiai landfill (WGS: 55°55‘46.74“, 23°23‘28.4“) leachate on the locomotor activity of rainbow trout Oncorhynchus mykiss juveniles using the original system package developed in our laboratory for automated monitoring, recording and analysis of aquatic organisms’ activity, and to determine patterns of fish behavioral response to sublethal effects of leachate. Four different concentrations of leachate were chosen: 0.125; 0.25; 0.5 and 1.0 mL/L (0.0025; 0.005; 0.01 and 0.002 as part of 96-hour LC50, respectively). Locomotor activity was measured after 5, 10 and 30 minutes of exposure during 1-minute test-periods of each fish (7 fish per treatment). The threshold-effect-concentration amounted to 0.18 mL/L (0.0036 parts of 96-hour LC50). This concentration was found to be even 2.8-fold lower than the concentration generally assumed to be “safe” for fish. At higher concentrations, the landfill leachate solution elicited behavioral response of test fish to sublethal levels of pollutants. The ability of the rainbow trout to detect and avoid contaminants occurred after 5 minutes of exposure. The intensity of locomotor activity reached a peak within 10 minutes, evidently decreasing after 30 minutes. This could be explained by the physiological and biochemical adaptation of fish to altered environmental conditions. It has been established that the locomotor activity of juvenile trout depends on leachate concentration and exposure duration. Modeling of these parameters showed that the activity of juveniles increased at higher leachate concentrations, but slightly decreased with the increasing exposure duration. Experiment results confirm that the behavior of rainbow trout juveniles is a sensitive and rapid biomarker that can be used in combination with the system for fish behavior monitoring, registration and analysis to determine sublethal concentrations of pollutants in ambient water. Further research should be focused on software improvement aimed to include more parameters of aquatic organisms’ behavior and to investigate the most rapid and appropriate behavioral responses in different species. In practice, this study could be the basis for the development and creation of biological early-warning systems (BEWS).

Keywords: Fish behavior biomarker, landfill leachate, locomotor activity, rainbow trout juveniles, sublethal effects.

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Authors: Marijana Ivanov, Roman Šubić

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This study analyzes the critical gaps in the architecture of European stability and the expected role of the banking union as the new important step towards completing the Economic and Monetary Union that should enable the creation of safe and sound financial sector for the euro area market. The single rulebook together with the Single Supervisory Mechanism and the Single Resolution Mechanism - as two main pillars of the banking union, should provide a consistent application of common rules and administrative standards for supervision, recovery and resolution of banks – with the final aim of replacing the former bail-out practice with the bail-in system through which possible future bank failures would be resolved by their own funds, i.e. with minimal costs for taxpayers and real economy. In this way, the vicious circle between banks and sovereigns would be broken. It would also reduce the financial fragmentation recorded in the years of crisis as the result of divergent behaviors in risk premium, lending activities and interest rates between the core and the periphery. In addition, it should strengthen the effectiveness of monetary transmission channels, in particular the credit channels and overflows of liquidity on the money market which, due to the fragmentation of the common financial market, has been significantly disabled in period of crisis. However, contrary to all the positive expectations related to the future functioning of the banking union, major findings of this study indicate that characteristics of the economic system in which the banking union will operate should not be ignored. The euro area is an integration of strong and weak entities with large differences in economic development, wealth, assets of banking systems, growth rates and accountability of fiscal policy. The analysis indicates that low and unbalanced economic growth remains a challenge for the maintenance of financial stability and this problem cannot be resolved just by a single supervision. In many countries bank assets exceed their GDP by several times and large banks are still a matter of concern, because of their systemic importance for individual countries and the euro zone as a whole. The creation of the Single Supervisory Mechanism and the Single Resolution Mechanism is a response to the European crisis, which has particularly affected peripheral countries and caused the associated loop between the banking crisis and the sovereign debt crisis, but has also influenced banks’ balance sheets in the core countries, as the result of crossborder capital flows. The creation of the SSM and the SRM should prevent the similar episodes to happen again and should also provide a new opportunity for strengthening of economic and financial systems of the peripheral countries. On the other hand, there is a potential threat that future focus of the ECB, resolution mechanism and other relevant institutions will be extremely oriented towards large and significant banks (whereby one half of them operate in the core and most important euro area countries), and therefore it remains questionable to what extent will the common resolution funds will be used for rescue of less important institutions. Recent geopolitical developments will be the optimal indicator to show whether the previously established mechanisms are sufficient enough to maintain the adequate financial stability in the euro area market.

Keywords: Banking Union, financial integration, single supervisory mechanism (SSM).

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