Abstract:In order to keep pace with the ongoing changes in ICT and increasing common IT competencies requirements, informatics curricula at secondary school level and, consequently, curricula educating informatics teachers must be frequently changed to ensure necessary competencies. This paper proposes collaborative development of informatics curricula assisted by a software tool for compatibility analysis of secondary school informatics curricula and curricula by which teachers of informatics are educated. The proposed software tool relies upon semantic technologies, i.e. ontologies for representation of competence-based curricula and ontology alignment for compatibility analysis. The secondary school informatics curriculum ontology was built to comply with the ACM K12 standard, while the teachers' curriculum ontology was built based on the selected existing curricula. The paper presents a brief description of the software tool and the results of the domain (informatics) segment of teachers' curriculum offered by the selected Serbian university and the standardized ACM K12 compliant secondary school informatics curriculum.

Abstract:In this study, we aimed to analyse the empirical determinants of cash holdings on the sample of non-financial companies operating in the Republic of Serbia. For that purpose, dynamic panel data models were estimated by utilising the generalised method of moments for the period from 2008 to 2013. The econometric analysis indicates that companies with higher cash flow hold more cash in their assets. Larger companies as well as companies with more liquid assets and higher turnover coefficients tend to reduce their cash levels. According to the results, companies operating in the Republic of Serbia tend to hold the optimal level of cash and prefer internal sources of financing, which is in line with the principles of trade-off theory and pecking order theory.

The aim of this paper is to estimatethe effects of different balance sheet determinants on the interest rate risk exposure of banks operating in developed and developing financial markets. The quantification of the analysed exposure contributes to the process of identifying, monitoring and managing interest rate risk. As a sample of a developed financial market we surveyed 65 bank holding companies in the United States, whereas the sample of a developing financial market included 10 banks from the Republic of Serbia, which are listed on the Belgrade Stock Exchange. A comparative analysis of the influence of the balance sheet characteristics was conducted on the basis of the results of Stone's regression model and the Econometric panel model. Based on the obtained regression coefficients, we conclude that growth of total assets in banks in the United States results in increases in exposure to interest rate risk, while in Serbia the relationship seems to be inverse. Furthermore, the results show that an increase in the share of deposits in total assets of the U.S. banks reduces exposure to interest rate risk, while banks in the Republic of Serbia experience an opposite effect. The coefficients also suggest that there are some empirical factors whose effects are universal. For instance, both an increase in return on average equity (ROAE) and a decrease in net interest income lead to reductions of interest rate sensitivity, regardless of the level of development of the market where the banks operate.

Cilj ovog rada je otkrivanje i analiza empirijskih determinanti kreditnog rizika u bankarskom sektoru Republike Srbije. Rad je baziran na analizi rezultata primene linearnog regresionog modela, u vremenskom periodu od trećeg kvartala 2008. do trećeg kvartala 2014. godine. Tri su osnovna nalaza istraživanja. Prvo, veća kreditna aktivnost banaka doprinosi povećanju udela visoko rizičnih kredita u ukupnim kreditima (zakasneli efekat od 3 godine). Drugo, rast kreditnih plasmana u odnosu na depozite doprinosi većoj izloženosti banaka kreditnom riziku. Treće, faktori koji smanjuju izloženost kreditnom riziku banaka su rast profitabilnosti, rast kamatnog spreda i realni rast bruto domaćeg proizvoda. Imajući u vidu sveukupne tržišne okolnosti i dinamiku privrednog oporavka zemlje, na osnovu rezultata se može izvesti generalni zaključak da će u narednom periodu pitanje visoko rizičnih kredita u Republici Srbiji biti aktuelan izazov i za kreditore i za korisnike kredita.

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