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Diversification of financial securities is considered a substantial element of portfolio risk. In this context, the construction of an optimal portfolio is an ongoing concern for portfolio managers. This study measures the risk–reward tradeoffs linked to the stock indexes of Germany, Spain, Italy, France, and England. First, the stock indexes are analyzed as individual portfolios and later compared to the hypothetical common equity index. The results show diversification benefits gained from a hypothetical common European stock market. Individual stock prices and trade volumes are collected weekly from January 1, 2008 to December 31, 2018. The results indicate that, on average, the most well-diversified equity indexes are IBEX35, FTSE MIB, and FTSE100. In contrast, DAX, MDAX, and CAC40 on average tend to be less diversified. The diversification risk for DAX, MDAX, and CAC40 decreases from joining a common hypothetical stock market, while for FTSE100, FTSE MIB, and IBEX it increases.

The study examines the relationship between financial and tax accounting rules, explicitly focusing on book-tax differences in Kosovo as a transitional economy. Despite a longstanding tradition of development in accounting and taxation, substantial institutional and public discourse regarding the differences in financial and tax regulations have been absent. Surprisingly, even constitutional tax principles did not catalyze debates regarding this alignment. Historically, the discussions and treatments on this subject have predominantly been confined to academic circles and tax authorities. Kosovo’s official bodies have not publicly expressed their viewpoint on the relationship between financial accounting and tax accounting rules. This lack of communication also applies to discussions about the Common Consolidated Corporate Tax Base (CCCTB) proposal, the newly developed Business in Europe: Framework for Income Taxation (BEFIT), and the IF/OECD/EU Pillar 2 (and Pillar 1) proposals. The study emphasizes the need for a broader discussion on book-tax differences and systematic alignment to promote Kosovo’s economic development and integration into the European Union financial system. [ABSTRACT FROM AUTHOR]

Despite widespread skepticism linked to cryptocurrencies, they are constantly gaining the interest of scholars, investors, media, and regulators. Recognizing the importance that portfolio risk maintains for crypto participants, this study attempts to shed light on this issue. We investigate the risk-return tradeoffs of the most tradable cryptocurrencies based on portfolio diversification techniques. Three different crypto portfolios containing a diverse number of cryptocurrencies were created to analyze the diversification risk from a historical perspective. Data concerning daily prices and their trade volume was collected from the Coin Market Cap database and covered the period from 1 January 2016 to 31 December 2022. The results regarding the risk-reward tradeoff stand in line with the portfolio theory, where higher expected returns offset higher risk. On average, the portfolio composed of 10 cryptocurrencies offers better optimization than the one with five, as it generates the same returns with lower risk. The year 2018 reflects the maximum diversification benefits in the three portfolios, corresponding to the period when cryptocurrencies gained massive popularity. From the managerial perspective, results inform crypto and institutional investors of the possible diversification benefits of the 15 most traded cryptocurrencies. [ABSTRACT FROM AUTHOR]

This research aimed to take both financial and legal aspect of the six countries of the Western Balkans: Albania, Bosnia and Herzegovina, North Macedonia, Kosovo, Montenegro and Serbia. From financial point of view, the study examined the volume of consumer loans and its impact on the consumer credit. From legal aspect, the study discussed how the Western Balkan countries regulated the consumer credit, whether they complied with the EU regulation especially with the Consumer Credit Directive and what challenges were faced in the process. By adopting the explorative and documentation research approach for data collection, the study found that a few initiatives had been taken on consumer credit in the Western Balkan countries which enabled making a comparison of their legal frameworks, particularly in comparison with Kosovo which had harmonized consumer credit and its challenges with a few legal initiatives under the European Union Directives. The study recommends that in order to make a financial and legal analysis, it is essential to analyze the issues related to the level of consumer credit in each country. The legal framework of each of the Western Balkan (WB) should also be analyzed to examine the state of consumer credit, similarities and dissimilarities, alternatives for incorporating best practices in Kosovo case and how they are complying with the EU Consumer Credit Directive through the comparative method. [ABSTRACT FROM AUTHOR]

Copyright of Intercathedra is the property of Poznan University of Life Sciences Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Following the national and EU legal framework, protection of personal data and privacy includes almost all type of business including the banking sector. Kosovo as a new state is trying to build a legal system which aims to be in compliance with the EU legal framework also in area of personal data and privacy and in the meantime in compliance with consumer protection rules. Taking into consideration that Kosovo recently established the National Agency for Protection of Personal Data while banks are dealing with big data, customers are faced with the situation where their data can be not treated as law requires. The protection of personal data is a fundamental right and banks deal with personal data in daily basis. We also may know that banks are obliged to receive personal data but the main challenge remains the protection of customer data and privacy. The aim of this paper is to raise the issue of protection of personal data and privacy in banking sector as the banks receive and handle personal data in a daily basis. On this paper we will see how the protection of personal data is regulated and how banks are obliged to protect personal data and customer privacy in Kosovo and how it has impact in the consumer protection in banking sector. [ABSTRACT FROM AUTHOR]

This paper provides a framework of the tax systems of CIT - Corporate Income Tax in the EU. This paper treats the concept of CIT according to the OECD, EU directives and Kosovo legislation. It aims to identify gaps in the current Kosovo legislaton and the tendency to increase the harmonization of the tax systems in EU, especially, in view of the direct taxes. The theory of international tax law counts some methods used in the case of the relocation of the source of income from countries with high tax rate in countries with the lower tax rate. However, determining the level of taxation in this area is the exclusive issue of Member States in harmony with the principle of subsidiarity. With the aim at securing sustainable economic development and growth in the EU, within the framework of their strategy some changes were proposed regarding the elimination of all legal and fiscal barriers that hinder the full integration of the national systems of member states into the common market. The CCCTB initiative is considered a major step towards aligning the EU tax systems. So, the purpose of this article is to demonstrate the level of harmonization of the tax systems in EU, using the comparativ, empirical, normativ and logical methods, to conclude the role of CIT in the tax systems. [ABSTRACT FROM AUTHOR]

This paper analyses the concept of the single market within the EU. In focus will be a historical overview of creating a single market, advantages and disadvantages of integration in this market. The EU's main goal is to create an area without internal barriers where free movement of goods, persons, services and capital. However, since the establishment of the EU so far, the roadmap of single market functioning has faced various challenges in spectrum to eliminate the legal barriers, harmonization of the laws in the respective countries with the acquis communitaure. States, as Kosovo aspiring membership EU in order to increase the free market economy and ensure a higher welfare and stable for the citizens, this can be achieved if should make the harmonization of domestic legislation with the acquis communautaire. It is important that Kosovo as a new state (in 2008 declared independence) to become competitive in a single market, by modernizing the tax system with EU directives (direct and indirect taxes). During the process of European integration, the harmonization of the tax system of Kosovo, is considered as conditio sine qua non to achieve the free movement of goods, persons, services and capital. [ABSTRACT FROM AUTHOR]

If we want to go back to history of accounting, we have to consider the socio-economic arrangements that Kosovo has undergone. Without pretending to make subjective conclusions on any socioeconomic system in this paper we have tried to consider the characteristics of accounting through different time periods in Kosovo. By separating the time periods, we pretend to evaluate and analyze the role of accounting. The first period includes the role of accounting up until 1990, the second period includes the role of accounting from 1990 until 1999, and the third period includes the role of accounting from 1999 until 2016. The research paper concludes that the trend of fair presentation of financial statements in a transparent and legal manner is growing even though there is a negative climate in relation to this trend. The main problem is lack of education in the financial sector in terms of reporting income and assets owing to a social economic system that did not promote awareness on good governance in the past. In that regard, the publically owned entities (POEs) demonstrate lack of financial transparency and accountability of not reporting their financial position and performance. Concerning the state of accounting we found a detrimental situation in the sense that the financial reporting was not done in regular basis. This was more emphasized in the transitory time period after the war from 1999 until 2009. The same issues with lack of transparency in POEs were prevalent also in the business or corporate community. POEs, however, were more sensitive for having endured the privatization process. [ABSTRACT FROM AUTHOR]

This article examines legal framework for harmonization of VAT, the role and basic principles of VAT in EU. It generally describes the nature and scope of the EU VAT system and the framework of the birth of EU VAT system, including the treatment of directives (Sixth VAT Directive, 1977) and the concept of harmonization of tax system in order to achieve the objectives of integration policies. The article also considers the impact have played the harmonization of national legal system and a fundamental role in the European integration process. It concludes that removing barriers to trade between countries ensure freedom of movement the persons, goods, services and capital it seems to be a significant steps forward and a prerequisite for the creation and effective functioning of the single market. The methods used are logical, normative, synthesis, deduction and comparative analysis of directives. [ABSTRACT FROM AUTHOR]

The aim of this research is to analyze and find out the major issue of fiscal evasion in Kosovo. In this analysis we have used the research method of case study. The results of research show that the phenomenon of fiscal evasion and informality in Kosovo can hardly be measured because in essence these phenomena belong to the hidden economy. Fiscal evasion occurs as a result of disorders in the overall economy and is present in many countries, including industrialized countries as well as those with economy under development, and therefore the state of Kosovo is exposed to this phenomenon. This phenomenon is even more developed in countries lacking legal infrastructure, with particular emphasis the readiness of responsible persons for combating this phenomenon in the context of available opportunities. Kosovo has a high level of informality and this is due to insufficient inspection of enterprises and failure to implement applicable laws. [ABSTRACT FROM AUTHOR]

The aim of this research is to analyze and find out the major issue of tax incentives in Kosovo tax law. In this analysis we have used the research method of case study. The results of research show that Balkan countries in their tax systems have applied various mitigating measures that in tax theory are known as tax incentives. Taking into account that Kosovo regarding the application of tax incentives of CIT, compared with other countries is the last, designers by using the experiences of other countries should apply more tax incentives in order that tax policy to be more in function economic development. The study is of particular relevance to scholars, tax practitioners, expatriates who work and invest in Kosovo, etc. [ABSTRACT FROM AUTHOR]

The aim of this research is to analyze and find out the major issue of tax treaties law in Kosovo. In this analysis we have used the research method of case study. The results of research show that the legal framework for the elimination of double taxation, after 1999, initially started its establishment journey from the United Nations Administration Mission in Kosovo (UNMIK). Taking into consideration the specifications of the political status, the process for the establishment of the unilateral and bilateral legal framework has been made with mistakes, slow and with delays. Following its declaration of independence, Kosovo has paid greater attention to tax treaties. Although double taxation relief in Kosovo may be obtained either unilaterally or under a tax treaty, there remains a lot of work to be done for the completion of the necessary framework for elimination of double taxation. The double taxation relief provided by a tax treaty prevails over the domestic relief. The study is of particular relevance to scholars, tax practitioners, expatriates who work and invest in Kosovo, etc. [ABSTRACT FROM AUTHOR]

In this paper we have analyzed the initial circumstances which characterize tax system in Kosovo after independence. After the Declaration of Independence, it is of the paramount importance that Kosovo has undergone through a reform of policy and tax system by exploring more seriously the economic functions. However, policy and tax system of Kosovo should be more in function of economic development by achieving equilibrium between direct and indirect taxes, increasing efficiency of public expenditures and to offer more tax incentives. Designers' preliminary requirement is to analyze fiscal, economic, etc., effects of each tax form which aims to apply in accordance with tax policy objectives and to analyze the role and effects of tax incentives to each tax form. Taking into account that Kosovo regarding the application of tax incentives of CIT, compared with other countries is the last, designers by using the experiences of other countries should apply more tax incentives in order that tax policy to be more in function for economic development. [ABSTRACT FROM AUTHOR]

Frequent political-legal changes as well as the form of organization of the government in Kosovo from 1999 until the second part of 2008 have been reflected in the budget procedure. Budget procedure in Kosovo under the administration of United Nations Missions in Kosovo (UNMIK) was a sui generis case alike UNMIK administration itself, where role of the Kosovo Assembly was nothing more than symbolic. With declaration of the independence on 17th February 2008 and promulgation of the Constitution on 8th April 2008 de jure, the role of the Assembly in the budget procedure has been empowered. However, regardless improvements in the constitutional position of the Assembly, a survey of the Assembly of Kosovo revealed many shortcomings that are necessary to be addressed in order to increase the role of the Assembly in the budget procedure. In this direction we shall emphasize increasing of the role of the Assembly in accordance with constitutional authorizations in the budget procedure, increasing of the technical capacities of the Assembly to conduct research and analysis of the budget and undertaking steps on facilitation the communication between MEF-Government-Assembly-the Budget and Finance Committee. [ABSTRACT FROM AUTHOR]

Copyright of Godišnjak Pravnog Fakulteta u Sarajevu is the property of Godisnjak Pravnog Fakulteta u Sarajevu and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Godišnjak Pravnog Fakulteta u Sarajevu is the property of Godisnjak Pravnog Fakulteta u Sarajevu and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)