Otvoreni investicioni fondovi uRepublici Srpskoj koji su predmet istraživanja uovom radu nastali su obaveznim preobliko va -njem privatizacionih investicionih fondovaosnovanih u postupku masovne vaučerskeprivatizacije državnog kapitala, koji se odvijao udvije faze. Prvobitno su privatizacioni inve -sticioni fondovi 2006. godine transformisani uzatvorene investicione fondove, a posljednjimizmjenama regulative iz 2015. godine propisanoje obavezno preoblikovanje ove grupe zatvo -renih investicionih fondova u otvorene inve s -ticione fondove. Očekivanja od navedenogpostupka znatno se razlikuju. Iako je u pro -teklom periodu došlo do pada svih pokazateljauspješnosti zatvorenih investicionih fondova,očekivano unapređenje poslovanja otvorenihinvesticionih fondova u smislu efikasnijegupravljanja portfeljom može biti otežano usljednepovoljnih uslova na tržištu kapitala RepublikeSrpske. Ovaj rad istražuje dosadašnje efektepreoblikovanja investicionih fondova uRepublici Srpskoj i daje pregled mogućihpravaca njihovog daljeg razvoja.

The subject of this paper is an analysis of the impact of the crisis caused by coronavirus on business decisions of issuers whose shares are listed on the Banja Luka Stock Exchange, through the example of dividend payment decisions. For the purpose of determining the factual situation, we observed publicly available financial reports of all companies that paid dividends from profits for 2018 and 2019 and made a comparison of profit retention rates in the two observed periods. We also analyzed other available information on the operations of these issuers. The research results show that in 10 out of 16 cases in which there was dividend payment from profits for 2019, the rate of profit retention increased compared to 2018. In addition to the mentioned 16 cases of dividend payment from the profit for the previous year, two cases were recorded in which dividend payment was made, but from the accumulated profit of previous years, so that the retention rate was not calculated for these issuers. If we take into account the fact that, in almost all cases, the decision on the (non-)payment of dividends was made at a time when uncertainties regarding coronavirus were already present in Republika Srpska, it can be concluded that the impending crisis had an impact on 2019 net results distribution decisions.

In times of globalization, there is a worldwide trend of creating various regional economic integrations which aim to benefit for their members. Almost all of the countries belong to or aspire to belong to a group. One of them is Bosnia and Herzegovina. As a member of CEFTA since 2006, Bosnia and Herzegovina has built its foreign trade position together with other members, with which it has had exceptionally immense level of cooperation. Bosnia and Herzegovina is committed to joining the European Union, but the accession process is facing a lot of difficulties and going slowly, so that the time of receiving full membership is completely uncertain.Croatian withdrawal from the zone of free trade for the sake of joining the European Union has had inevitably serious consequences for the rest of the countries, reflected in decreasing the volume of mutual trade, stricter standards for export and differences in tariff and non-tariff barriers relative to those that existed during the membership in the same integration. At the same time, there is a change for the new member of the European Union, which improves its trade relations with for-eign countries and confirms some theoretical standpoints on the effects of regionalintegration. Although mostly positive, these effects are not equally distributed to allmembers of the European Union.The aim of this study is to investigate the effects of the European Union enlargementon the foreign trade positions of new member states, as well as the countrieswhich are in the accession process and have a significant exchange with the EuropeanUnion. Through the analysis of indicators of the member countries, a possibledirection of foreign trade development of Bosnia and Herzegovina on its path towardsfull membership in the European Union is presented.

In this paper, we analysed companies whose shares are included in the Republic of Srpska Stock Exchange Index (BIRS), using Altman's Z-Score model and Altman's Z"-Score model, in order to determine their insolvency risk. Altman's Z-Score is a combination of five weighted financial ratios used to estimate the likelihood of financial distress, and possible bankruptcy of the observed companies. It is used widely by auditors, accountants, commercial banks, and other organizations to assess the financial health of their clients. Altman also developed revised versions of the model to assess the financial health of privately-held firms and non-manufacturing companies, as well as companies in emerging markets - Altman's Z'- Score model and Altman's Z" - Score model. The results of our research on a sample of 14 companies whose shares are included in BIRS show that, although it is an emerging market, Altman's Z-Score model gives better results that indicate much-needed caution when drawing conclusions about the observed companies.

This paper analyzes selected data on the performance of companies that are part of the power utility Elektroprivreda Republike Srpske with the aim of determining their sustainable growth rates. The energy sector was chosen because of its importance both for the Republic of Srpska capital market (measured by the participation in the total market capitalization of the Banja Luka Stock Exchange and the basic Stock Exchange index) and the entire Republic of Srpska economy (measured by the participation in gross domestic product). The analysis considered data from published financial statements for 2019, with an emphasis on the following: operating assets, liabilities, capital, operating income and net profit. The dividend policy was also considered, but it was concluded in the paper that none of the observed companies paid dividends from profit for 2019 by the end of this analysis. The research results show that the rate of sustainable growth exceeds 1% in only one case, while in several other cases there are negative rates of sustainable growth caused by the loss in the observed period. Such facts could raise concerns, but also indicate possible directions for future actions in order to improve the performance of the considered companies.