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Within the Daedaleopsis genus six species has been described, however, some sources are indicating that there are 10(11) species. Two species are occurring in Europe, including D. confragosa (with its variety tricolor) and D. septentrionalis. Daedaleopsis confragosa causes white rot of broadleaved hosts and most often appears as saprotroph, less often at living trees as opportunistic parasite. Basidiomes of D. confragosa form two types of hymenophore and express differences in the color of upper surface. Based on this, two species were separated in the past including D. confragosa with pores and D. tricolor with lamelloid hymenophore. The aims of this study were to isolate the fungus from morphologically different fruiting bodies and to determine whether there is any difference in growth rates and morphology of pure cultures. It was recorded that reaction and growth on media amended with gallic or tannic acid are identical, and there were no substantial differences in growth rates at different temperatures. Both types of fruiting bodies at short distances were recorded on the same branches in some cases, and after the isolation tests morphologically identical cultures were obtained. Based upon these results and previously performed molecular studies, we believe that there is no reason for D. tricolor to be considered even as a variety, and that is a single species D. confragosa. Fungus D. confragosa has medicinal properties showing cytotoxic, analgesic, anticancer, antifungal, antibacterial and antiviral effects.

When monitoring the health status of various woody host plants in urban areas in Serbia, symptoms indicative of Cryphonectria‐like infection were recorded on European hornbeam (Carpinus betulus) trees in the natural monument 'Arboretum of the Faculty of Forestry in Belgrade'. One tree was affected by crown dieback while another one showed dieback of branches. Bark lesions were found on stems which contained numerous stromata with fruiting bodies and orange tendrils. Conidiomata were recorded solely in the infected tissue, producing hyaline, aseptate and bacilloid‐shaped conidia with dimensions of 3.4 ± 0.46 × 1.2 ± 0.12 μm. In the isolation tests, all plated bark pieces were positive, and 25 isolates were obtained. Colonies on different agar media were white in the beginning, turning into orange‐red colour during ageing. Optimum temperature for growth was 25°C and no growth was recorded at 30°C. A GenBank blast search and a phylogenetic analysis of ITS rDNA sequences of five representative isolates revealed their identity as Cryphonectria carpinicola. To our knowledge, this is the first report of C. carpinicola on hornbeam trees in Serbia, and implications of this finding are discussed. [ABSTRACT FROM AUTHOR]

Inflation rate is one of the essential macroeconomics variables and it represents the main goal of monetary policy. It is determined by a great number of factors, so it is necessary to analyse the impact their changes have on inflation rate. The purpose of this research is the analysis of the nominal exchange rate pass-through effect on inflation rate in selected emerging and developed countries in the period 2014-2020, which share the same characteristics of inflation targeting, as main monetary policy regime, and managed floating exchange rate, as exchange rate type. Inverse proportion between volatility of nominal exchange rate and inflation rate is proven (depreciation of nominal exchange rate of national currency leads towards the growth of inflation rate), as well as higher pass-through effect in emerging countries compared to developed countries.

The most sensitive period in brain development is during prenatal life. The use of antibiotics in pregnancy is still controversial. Recent studies revealed the high neurotoxic potential of the antibiotic and antiprotozoal medication, metronidazole. However, there are insufficient data from animal studies about prenatal treatment effects. We investigated the effect of prenatal treatment with metronidazole on cerebellar development in guinea pigs. Treatment with metronidazole was performed from the 42nd to the 49th day of gestation. On the 50th day of pregnancy, all dams were killed, and the cerebella of the fetuses were analyzed. Gross cerebellar changes characterized by malposition of the folia with partial atrophy were found in 12 of 19 fetuses in the experimental group, but in none of 20 control fetuses that received saline. The most affected were folia VII with depletion of the areal fraction of the external granular layer, molecular layer and the internal granular layer. Purkinje cells displayed cell distortion with loss of normal dendritic polarity. The investigation revealed cell depletion, with a disturbance of the cytoarchitectonic of the cerebellar cortex and folia alteration.

When deciding on the choice of the country they are planning to invest in, foreign investors should perform a detailed analysis of factors external environment in order to assess the viability of the investment. In the initial stages of transition to the market of Southeast Europe, growth strategies were mainly carried through the privatization of state-owned enterprises which represent a form of cross-border M&A activity, because privatization usually represents the entry of foreign investment into the country's market by purchasing the majority of the state capital. The aim of the paper is to analyze the factors that have contributed to attracting capital in selected countries of Southeast Europe. Countries were grouped according to institutional determinants through multivariate cluster analysis. Such an analysis should show whether the institutional determinants influence the movement of capital flows between selected countries in Southeast Europe.

The motivation for testing anomalies in the selected financial markets in the region was primarily to help investors to devise a viable investment strategy. Taking into account the difficult circumstances faced by the capital markets in developing countries, their efficient operation is under question. While the calendar anomalies in the developed capital markets have been studied intensively, emerging stock markets have received less attention. The aim of this paper is to test historical data on movements of stock exchange indexes in the region, and in that way the possibility of gaining beyond average yields on capital in certain calendar months during the year, also known as the January effect. The paper aims to test the efficient market hypothesis (in terms of the presence or not of the 'January effect') in the financial markets in the region by using daily data of regional stock market indexes. Panel data analysis includes daily data during the period from 2008 to 2014 for the stock exchanges in the emergent economies of Serbia, Bosnia and Herzegovina, Macedonia, Montenegro, Croatia, Romania and Bulgaria. However, in this study it has been proven that the traditional January effect is present only on the stock market in Macedonia. The obtained results on capital markets in selected countries in the region indicate weak sustainability of the efficient market hypothesis in most of the observed countries in the region and the presence of calendar anomalies.

The global financial crisis of the late 2007 has provoked unprecedented shocks to the world markets and weaken investors' confidence due to the turbulent movements and frequent changes of stock prices. Emerging capital markets suffer from unsatisfactory corporate governance, market manipulation and insider trade problems. In such circumstances, institutional investors, managers, analysts and other market participants are in constant search of the trading strategy that will outperform the market. This research is an instrument for the identification of the main determinants of stock prices on the Belgrade Stock Exchange. The panel data regression analysis includes 42 companies that represent the composition of the BelexLine index for the period from 2010 to 2014. The paper looks at the impact of specific (internal) variables of companies, such as company size, return on assets, return on equity, earnings per stock, book value, price-earning ratio, price-to-book ratio and leverage and the stock price of companies that compose the BelexLine index. The results indicate that variables such as the size of the company measured by assets, return on assets, leverage, earnings per stock, book value and price-to-book ratio provide a unique contribution to a statistically significant predictor of stock prices.

The aim of the paper is to show the relevance of nexus between tax forms and economic growth and how they affect on gross domestic product in Serbia for the period 2006-2015. The impact is manifested through the analysis of three main tax forms: personal income tax (PIT), corporate income tax (CIT) and value-added tax (VAT) and their effect on the macroeconomic indicator as gross domestic product (GDP). The analysis is for a period of ten years in Serbia, where the regression model is constructed so that the GDP is defined as the dependent variable, while the tax forms are set as independent variables. To ensure correctly specified regression model, authors used the next test: VIF test, BP and BPG test, as well as Ramsey reset test. Results show a high degree of positive correlation between the observed variables and the positive impact of the personal income tax, corporate income tax and value-added tax on the gross domestic product, but it is only the impact of value added tax statistically significant.

Measuring performance of stock market presents both a theoretical and practical challenge. Efficient financial markets considered the main condition for economic growth and development in developing countries and for developed countries. The aim of the study is to show the level of development and common features of capital markets in the countries in the region. The paper applied the techniques of descriptive statistics and correlation analysis in order to reach key results. The study covers eleven stock indices, three stock exchange indices (SP500, DJI, NIKKEI225) are indicators of changes in global capital markets while the remaining eight are indicators of changes in capital markets in the region (Serbia - BelexLine, Montenegro - Monex, Bosnia and Herzegovina - Birs and Sasx, Croatia - Crobex, Macedonia - MVI-10, Romania-BET, Bulgaria - Sofix).Analysis of the results observed countries in the region confirms the fact that capital markets in the countries in the region, mainly small and under-developed.

Islamic banking is relatively unknown to us. Although Islamic banking is only a segment or a 'niche' of the overall banking industry and banking market, its significance is rising steadily, and it will play an important role in the near future. Islamic banks, especially in light of the latest economic and political developments in Serbia (Etihad's acquisition of JAT, the project 'Belgrade Waterfront', etc.) are not so far away from the Serbian banking system, so it is necessary to understand the basic forbidden categories in it, which is the main topic of this paper. Interest and gharar, which is a category in Islamic banking that is much broader, more comprehensive and more ambiguous than risk or speculation, are discussed in details.

The main goal of this paper is to compare profitability of large dairies (processors) versus large milk producers, i.e. farms with 100 or more cows, organized as companies. Profitability is measured by following indicators: return on assets and return on equity. Profitability gap analysis shows that milk processors achieved significantly higher profitability compared to cow breeders. Furthermore research results suggest that the existence of differences in the level of profitability among the participants in the milk production primarily affects capital turnover, and then the profit margin.

In this article the author does not consider crisis a threat, but in a modern sense, an auto-motive drive of art. Therefore, crisis does not affect the art from the outside, it does not hit it as an illness or a storm, but it always produces itself, which is considered to be a condition for movement in art. First of all, the author analyzes the notion of representation and the four roots of the sufficient reason as a conservative and conserving element of art, to which he opposes crisis and its self-production as something that resists sclerotization of art forms. In music, the relation between the ossified, "naturalized" structure and that which decomposes that structure, manifests itself as the relation between harmony and disharmony. The moment when harmony shows a tendency towards naturality, understanding eternity and truth, an alarm is activated to show that music is being paralyzed and it needs a deconstructive intervention of disharmony, atonality and dissonance.

In the first part of the paper we analyze core limiting factor for sustainable development in Serbia - delay of transition process, and unused experience of countries that had been in transition. Even one decade later, Serbia is not acknowledged post-Washington consensus recommendations based on the experiences of some countries in Central and Eastern Europe. If sustainable development is understood as a country's ability to function in the given capacity, it is clear why in that second part of the paper we analyze the external imbalance of the Serbian economy. In the third part of the paper we analyze the recommendations for a new strategy of sustainable development. The economic development today is based on three sectors: financial intermediation, retail and wholesale trade, transportation, and telecommunications - that belong to non-exchangeable sector of the economy. Serbia needs to strengthen exchangeable sector in order to have export-stimulated growth instead of demand-stimulated growth.

Offshore centeres (or centers of non-resident operations) are the stage for operations of offshore companies, whose activities are bigger and bigger in last decades. In the introductory part explained are basic characteristics of offshore centers. In the second part of the paper examined are motives for doing business in offshore centers. In the third part we discuss advantages and disadvantages of doing business in offshore centers.

Islamic banking is only a segment of overall banking industry, but its significance is rising steadily. Although still only a 'niche' of the global banking market, it plays presently important role, while its significance will be even more important in the future. Islamic banking is relatively unknown to us. In our nearest neighborhood there are only two banks operating under Islamic i.e. Shariah principles. There is one bank in Bosnia&Herzegovina, although operates for fifteen years, only lately begun to significantly increase its assets and activity. There is also one small bank in Albania. Islamic banks, especially in light of the latest economic and political developments in Serbia (Etihad's acquisition of JAT, the project 'Belgrade Waterfront', etc.) are not so far away from the Serbian banking system, so it is necessary to understand the basic products of Islamic banking, which is the topic of this paper.

For many companies the most of their value consists of the increase of their brands value. Precisely because of the fact that brands' value determine the value of the company significantly, its management should constantly monitor the capitalization of brand i.e. increase the company's value regarding increased brand value. In modern 'buyer's economy' parameters determining the company's value evolves. Numerous from the tertiary and quaternary sector companies bases its value on their customers, i.e. clients. In near future, most companies will be evaluated according to the 'size' and the level of development of relationship with customers, as their 'major' asset. In modern accounting theory there is a growing interest for the customer value, i.e. the Customer Life Time Value - CLV, the Customer Relationship as Equity - CRE, Customer Relationship Capital - CRC, Value based marketing - VBM and so on. On the other hand a sharp change in the value creation (from the tangible to intangible assets) influences the growing discrepancy between the value of net assets of the company and its market valuation. The combination of a growing brand's economic importance and the reform of accounting standards had increased the importance of the values that brands adds to the companies. This paper presents the analysis of brand's financial valuation. After the introduction, firstly we described relationship between the brand valuation and company's value. Secondly, we have analyzed in details brand valuation focused on its financial effects, including different approaches and methods.

The aim of this paper is to explain the option approach that is not only a tool for evaluating future projects, but may represent a good tool for evaluating companies. Therefore, this study elaborates the call and put options, types of real options, option delay, growth options, custom caution option and the option of leaving. In introductory section companies' performance measures are stated. After that, non-value and value methods of company performance measurements are analyzed. In the following chapter benefits of option approach in company's assessment are discussed in detail.

Swiss banking is a 'generic name' for a system based on private banking and banking secrecy. In the introductory chapter we highlight the difference between Swiss banking and banking in the Switzerland's system. In the second chapter we present a more detailed description of the institution of banking secrecy, while in the third chapter we present the exceptions to it. The fourth chapter elaborates on the present and the future of Swiss banking. It is argued whether in the present circumstances banking secrecy has become disruptive to the further development of both Swiss banking and banking in Switzerland and whether Swiss banking will come to an end in the future.

During a survey of Phytophthora diversity in Panama, fast-growing oomycete isolates were obtained from naturally fallen leaves of an unidentified tree species in a tropical cloud forest. Phylogenetic analyses of sequences from the nuclear ITS, LSU and ßtub loci and the mitochondrial cox1 and cox2 genes revealed that they belong to a new species of a new genus, officially described here as Synchrospora gen. nov., which resided as a basal genus within the Peronosporaceae. The type species S. medusiformis has unique morphological characteristics. The sporangiophores show determinate growth, multifurcating at the end, forming a stunted, candelabra-like apex from which multiple (8 to >100) long, curved pedicels are growing simultaneously in a medusa-like way. The caducous papillate sporangia mature and are shed synchronously. The breeding system is homothallic, hence more inbreeding than outcrossing, with smooth-walled oogonia, plerotic oospores and paragynous antheridia. Optimum and maximum temperatures for growth are 22.5 and 25–27.5 °C, consistent with its natural cloud forest habitat. It is concluded that S. medusiformis as adapted to a lifestyle as a canopy-dwelling leaf pathogen in tropical cloud forests. More oomycete explorations in the canopies of tropical rainforests and cloud forests are needed to elucidate the diversity, host associations and ecological roles of oomycetes and, in particular, S. medusiformis and possibly other Synchrospora taxa in this as yet under-explored habitat. [ABSTRACT FROM AUTHOR]

The Code is a set of rules and principles stated as the recommendations and provisions to participants in order to define more precisely good practice for stock exchange stakeholders in their corporate governance. The Code is intended primarily to shareholders companies, but also to public companies. In the first part of the paper it is presented what is contained in the Code of Corporate Governance, that is a document issued by the stock exchanges. Since it is difficult to make investment decisions in the securities market without analyzing indicators of the quality of corporate governance, stock exchanges are trying to codify the best practices. Each of the following sections presented briefly codes of Belgrade Stock Exchange, as well as other stock exchanges codes in the Western Balkans. The most important part is the last one, in which comparative analysis is made, which is followed by a brief conclusion and a list of references.

The authors' explores the development of the banking market in Vojvodina, unbreakable part of the banking sector in Serbia. The aim of the paper is to analyze the degree of development of the banking sector in Serbia, and The Autonomous Province of Vojvodina, as well as to indicate its further development. During the research, a method of content analysis of primary data is used, primarily from the NBS website. Highlights of the banking sector in Serbia, and therefore AP Vojvodina, are presented in the introductory section, followed by the proposed measures for the restructuring and improvement of the existing banking system. The structure, the network of the banking system, with all the distribution channels and their representation in the APV is analyzed in the second part. The third part of the paper is focused on the analysis of banks in the field of work with the retail banking. It is followed by concluding remarks.

Multinational companies encounter with translation type of foreign exchange risk exposure owing to the need to periodically consolidate parents' and foreign subsidiaries' financial statements. Translation exposure is determined by taking the difference between a subsidiary exposed foreign currency assets and liabilities. Exposed foreign currency balance sheet items are those items that are translated at current exchange rates. Keeping in mind the fact that translation exposure results in unrealized translation gains and losses, one may ask why are their figures considered important? Although translation gains and losses are paper character, translation exposure effects affect company ability to raise capital, stock price and key financial ratios. Hence, significant attention has to be paid to their properly measurement.

During the last several years, a significant decline of different forests in Serbia was recorded. The decline is more widespread in conifer stands, but occurence of decline was recorded in broadleaved forest stands as well. These declines are the result of abiotic, biotic and anthropogenic factors. According to the studies performed so far in Serbia, the predisposing factor were droughts during the 2012 and 2013 vegetation periods that caused physiological weakness of the trees. Among the biotic factors, the most important are fungi (mainly root rot, but rot fungi, and needle diseases) and insects (bark beetles in conifer species) and defoliators in broadleaved species). [Projekat Ministarstva nauke Republike Srbije, br. TR 37008 i br. TR 31070]