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COMPARATIVE ANALYSIS OF WEB APPLICATION PERFORMANCE IN CASE OF USING REST VERSUS GRAPHQL

Author(s): Milena Vesić,Nenad Kojić / Language(s): English Publication Year: 0

Web applications are the most common type of application in modern society since they can be accessed by a large number of users at any time from any device. The only condition for their use is an Internet connection. Most applications run using the HTTP protocol and client-server architecture. This architecture is based on the use of API (Application programming interface), most often REST architecture (Representational State Transfer). If there are several different functionalities on the website that fill their content with data from the web server, for most of them a special HTTP request must be generated with one of the existing methods (GET, POST, PUT, DELETE). This way of communication can be a big problem if the connection to the Internet is weak, there are a lot of HTTP requests because you have to wait for each request to be executed and for the web server to return the data. In this paper, one implementation of GraphQL is presented. GraphQL is an open-source data query and manipulation language for APIs. GraphQL enables faster application development and has less server code. The key advantage is the number of HTTP requests because all the desired data of the page is obtained with one request. This paper will show a comparative analysis on the example of a real website in the case of using the REST architecture and GraphQL in the case of different qualities of Internet connections, code complexity and the number of required requests.

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USE OF “OWASP TOP 10” IN WEB APPLICATION SECURITY

Author(s): Nikola Nedeljković,Natalija Vugdelija,Nenad Kojić / Language(s): English Publication Year: 0

Web application security vulnerabilities can lead to various attacks on users, some of which can have major consequences. It is important to point out the weaknesses that allow abuse, because often increased risk awareness is the first step in protecting web applications. Some of the most critical security risks that organizations face today have been analyzed and uncovered using OWASP Top 10. This paper presents concrete examples of attacks and abuse of web applications. Through the implementation and analysis of attacks on web applications, weaknesses that need to be eliminated in order to protect against potential new attacks are identified. Especially, suggestions to help protect web applications from each type of attack listed and described are provided.

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A FRAME OF REFERENCE FOR RESEARCH OF A BLOCKCHAIN-BASED SOLUTION TO CORPORATE GRC-MANAGEMENT

Author(s): Le Chen / Language(s): English Publication Year: 0

This society has faced many sorts of global challenges, especially the world of business and technological innovation, there's no greater aroused general argument nowadays than digital transformation (DT). Among production-oriented Corporates which many of them have begun to integrate digital technology into most areas of their business. How to well fulfill Corporate Governance, Risk and Compliance (GRC) while expanding existing businesses in the dramatic growth in DT environment has become a major challenge for all Corporates. Through a review of previous studying works and based on existing gaps the author evaluated whether there could be the feasibility of a blockchain-based technology being integrated as a solution to Corporate GRC-Management together with the theory of entire personnel's GRC responsibility system which would be parts of an agenda for the future research on this field and also contribute to Corporates in an overall strategic height level to embrace the coming of DT.

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GRAPH DATABASE MANAGEMENT SYSTEMS AND GRAPH THEORY

Author(s): Kornelije Rabuzin,Sonja Ristić,Robert Kudelić / Language(s): English Publication Year: 0

In recent years, graph databases have become far more important. They have been proven to be an excellent choice for storing and managing large amounts of interconnected data. Since graph databases (GDB) rely on a graph data model based on graph theory, this study examines whether currently available graph database management systems support the principles of graph theory, and, if so, to what extent. We also show how these systems differ in terms of implementation and languages, and we also discuss which graph database management systems are used today and why.

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SMALL AND MEDIUM-SIZED ENTERPRISES IN TOURISM AND THEIR IMPACT ON REGIONAL DEVELOPMENT

Author(s): Katarína Kráľová,Jana Sochuľáková,Dagmar Petrušova / Language(s): English Publication Year: 0

A long-term problem of the Slovak economy is significant regional disparities caused by insufficient use of existing local resources. Inefficient and unsystematic use of existing resources at the local level causes a decrease in the competitiveness of these regions, which is also reflected in the overall performance of the economy. In our article, after the initial definition of basic terminology, we will focus on the evaluation of regional disparities and the current development of regional differences in the conditions of the Slovak Republic. We will evaluate the impact of SMEs on regional development in the Slovak Republic. However, we will focus primarily on their positive benefits to reducing regional disparities in the conditions of the Slovak Republic. We will pay particular attention to SMEs operating in the field of tourism in individual regions, how they contribute or in the future can solve the problem of reducing regional disparities.

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THE MARKETING MIX - A BASIC TOOL IN THE MANAGEMENT OF THE TOURIST DESTINATION

Author(s): Delia Fratu / Language(s): English Publication Year: 0

Kotler's 2002 definition of place marketing is as follows: "Place marketing means designing a site to meet the needs of its target markets. The development of places means the development for a place of a systematic long-term marketing strategy, directed towards the identification and development of the natural and potential attributes of an area”. The elaboration of a marketing mix for the tourist destination is the main tool for marketing planning and for adopting the most appropriate strategies. Given that each tourist destination has its specificity, the marketing mix must contain its own elements, adapted to the objectives set. In this paper we chose to exemplify a way to apply and combine the components of the following marketing mix: product, price, distribution, promotion, staff, partnerships, packaging, security, process management for the tourist destination Brasov Area.

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THE IMPORTANCE OF ACQUIRING INTERCULTURAL COMMUNICATIVE COMPETENCE FOR PRESENT AND FUTURE TOURIST PROFESSIONALS IN MONTENEGRO

Author(s): Gordana Mušura / Language(s): English Publication Year: 0

The aim of this paper2 is to discuss and emphasize the importance of acquiring and developing intercultural communicative competence (hereinafter ICC) for tourist professionals in the context of strategic advantages of Montenegro as a tourist destination. Montenegro, as a multicultural, multiethnic and multi-confessional country with a very rich and ancient cultural heritage and preserved natural resources, strives for European integration and achieving international competitiveness in the field of tourism through the development of its strategic advantages. In order to achieve progress in tourism industry, it is necessary to apply an interdisciplinary approach, which includes a symbiosis of elements of culture and tradition with the need and demands of modern tourists who want to communicate with the domicile population, or at least with their hosts, as well as to feel comfortable and welcome at the destination they have chosen for their holiday. Therefore, communicative and affective segments must be added to this interdisciplinary approach which inevitably includes the acquisition of new skills in intercultural communication at the international level. Such communication enables the development of ICC through the inclusion of both linguistic and cultural elements of education in tourism and applying the intercultural approach in foreign language teaching. Furthermore, developing intercultural aspects in tourism should be seen as one of core advantages of smaller and still insufficiently affirmed tourist regions, such as Montenegro, especially in these disruptive circumstances of crisis caused by Covid -19 virus.

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ECONOMIC BENEFITS OF ŠUMAVA NATIONAL PARK

Author(s): Josef Stemberk / Language(s): English Publication Year: 0

The main task of nature protection is to preserve or improve the current state of nature. Thus, it might seem that the economic benefits of the national park are not important for the management of the protected area, but calculating the economic benefits of protected areas for the region improves its acceptance among locals and visitors, as well as political and economic actors. From 2017 to 2019, Šumava National Park (Bohemian Forest National Park) in the Czech Republic and Nationalpark Bayerischer Wald (Bavarian Forest National Park) were subjected to extensive socio-economic monitoring, which included, among other things, research focusing on the economic benefits that visitors brought to both national parks. This article presents the results of research of the regional economic benefits that visitors brought to Šumava National Park compared with those in Bavarian Forest National Park, although the methods and findings were not absolutely identical and therefore difficult to compare

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THE ROLE OF INTERNATIONAL AND PROFESSIONAL ORGANISATIONS’ IN DEFINING STATE-OWNED ENTERPRISES.

Author(s): Ioana-Andreea Ciolomic,Ioana Natalia Beleiu / Language(s): English Publication Year: 0

State-owned enterprises (SOEs) have an essential role in national economies worldwide, but regardless of their acknowledged contribution to the global markets, divergent opinions and approaches can be observed when defining and characterizing these entities. On the other hand, international organizations such as OECD, International Monetary Fund, European Commission, United Nations, World Trade Organizations, World Bank, Asian Development Bank, and professional organizations such as IPSASB and Chartered Institute of Management Accountants have an essential role in SOEs' activity. One of the biggest challenges that professional bodies have nowadays is to find a unique definition to match the need of practitioners and capture the complexity of SOEs. Even if there can be identified some common approaches between academicians, international, and professional organizations, there are some delicate areas that require substantial efforts for clarifications. The paper addresses this topic, aiming to clarify the main aspects concerning the definition of SOEs from international and professional organizations' points of view based on qualitative research methods.

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TESTING THE EMPIRICS OF WEAK FORM OF EFFICIENT MARKET HYPOTHESIS: EVIDENCE FROM LAC REGION MARKETS

Author(s): Hortense Santos,Rui Dias,Paula Heliodoro,Paulo Alexandre / Language(s): English Publication Year: 0

The new coronavirus disease (Covid-19) evolved quickly from a regional health outbreak to a global collapse, stopping the global economy in a unprecedented way, creating uncertainty and chaos in the financial markets. Based on these events, it is intended in this paper to test the persistence of profitability in the financial markets of Argentina, Brazil, Chile, Colombia, Peru and Mexico, in the period between January 2018 to July 2020. In order to perform this analysis where undertaken different approaches in order to analyze if: (i) the financial markets of Latin America are efficient in their weak-form during the global pandemic (Covid-19)? ii) If so, the persistent long memories cause risks between these regional markets? The results suggest that the returns don’t follow the i.i.d. hypothesis, from dimension 2, reinforcing the idea that returns of stock indexes have a non-linear nature or a significant non-linear component, exception made to the Argentina market, which was expected in virtue of the Ljung-Box (with the return squares) test results, and ARCH-LM. Corroborating the exponents Detrended Fluctuation Analysis (DFA), indicate the presence of persistent long memories, namely into the following markets: Colombia (0.72), Chile (0.66), Brazil (0.58) and Peru (0.57). The Argentina market does not reject the random walk hypothesis, while the Mexican market suggests some anti-persistence (0.41). This situation has implications for investors, once that some returns can be expected, creating arbitration opportunities and abnormal income, contrary to the supposed from the random walk hypothesis and information efficiency. The t-test results of the heteroscedasticity form the two samples suggest that there is no risk transmission between these regional markets, with the exception to the BOVESPA / BOLSAA MX markets, that is, the existence of persistent long memories in the returns does not imply the risk transmission between markets. These finds allow the creation of strategies of diversification inefficient portfolios. These conclusions also open space for the market regulators to implement measures that guarantee a better informational information of these regional markets.

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THE IMPACT OF THE COVID-19 ON THE FINANCIAL MARKETS: EVIDENCE FROM G7

Author(s): Paula Heliodoro,Rui Dias,Paulo Alexandre,Maria Manuel / Language(s): English Publication Year: 0

This essay aims to analyse the impact of the 2020 global pandemic on the stock indexes of France (CAC 40), Germany (DAX 30), USA (DOW JONES), United Kingdom (FTSE 100), Italy (FTSE MID), Japan (Nikkei 225) and Canada (TSX 300), from January 2018 to June 2020, with the sample being divided into two sub periods: first sub period from January 2018 to August 2019 (Pre-Covid); second period from September 2019 to June 2020 (Covid-19). In order to carry out this analysis, different approaches were taken in order to analyse whether: (i) the global pandemic (Covid-19) increased the persistence of the G7 financial markets? In the Pre-Covid period, we can verify the presence of long memories in the Canadian market (TSX), while the markets in France (CAC 40) and Italy (FTSE MID) show signs of balance, since the random walk hypothesis was not rejected. The German (DAX 30), USA (DJI), United Kingdom (FTSE 100) and Japan (NIKKEI 225) markets have anti-persistence (0 <α <0.5). In period II, the Covid-19-time scale is contained, and we verified the presence of significant long memories, except for the US stock index (0.49). These findings make it possible to show that the assumption of the market efficiency hypothesis may be called into question, because these markets are predictable, which validate the research question. The results of the pDCCA correlation coefficients, in the Pre-Covid period, show 14 pairs of median markets (0.333 → ≌ 0.666). We can also see 7 pairs of markets with strong correlation coefficients (0.666 → ≌ 1,000), showing that these markets have a tendency towards integration, this evidence may call into question the hypothesis of portfolio diversification. In period II (Covid-19) the λ_DCCA correlation coefficients have 7 strong market pairs (0.666 → ≌ 1,000), 5 pairs have weak pDCCA coefficient (0.000 → ≌ 0.333), 5 market pairs show anti-correlation (-1.000 → ≌ 0.000), and 4 market pairs show median coefficients (pDCCA) (0.333 → ≌ 0.666) (out of 21 possible). When compared to the previous subperiod, we found that the majority of the pDCCAs decreased, which shows that the markets have decreased their integration, making it possible to diversify portfolios in certain markets, especially in the Japanese market (NIKKEI 225). These conclusions open space for market regulators to take measures to ensure better informational information, in the stock markets, in the 7 most advanced economies in the world.

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THE DOW JONES INDUSTRIAL AVERAGE (DJIA) STOCK MARKET INDEX AND THE CHAOTIC GROWTH MODEL

Author(s): Vesna Jablanović / Language(s): English Publication Year: 0

The Dow Jones Industrial Average (DJIA) index includes the stocks of 30 of the largest companies in the United States. It represents about a quarter of the value of the entire U.S. stock market. The changes in the DJIA index are often considered to be representative of the entire stock market. The basic aims of this paper are: firstly, to create the simple chaotic the DJIA stock market index growth model that is capable of generating stable equilibria, cycles, or chaos; secondly, to analyze the local stability of the DJIA index movements in the period 1982-2009; and thirdly, to discover the equilibrium level of the DJIA index in the observed period. This paper confirms the existence of the stable convergent fluctuations of the DJIA index in the observed period. Also, the golden ratio can be used to define the equilibrium level of the DJIA index in the presented chaotic model.

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RANDOM STRATEGY VERSUS TECHNICAL ANALYSIS STRATEGY IN THE US MARKET

Author(s): Miroslav Svoboda,Martina Sponerová / Language(s): English Publication Year: 0

Random strategy is currently an interesting alternative to traditional trading of financial instruments. The paper builds on existing research into the trading of investment instruments through random strategy and strategies based on technical analysis. The highly liquid USD/CAD currency pair was chosen for the US market research. We analyze five years of data, and in every intraday trading session, only a single position will be opened. Technical analysis strategy uses essential indicators such as Bollinger Bands, relative strength index (RSI), moving averages (MA) and other. Every trading position will have the risk-reward ratio (RRR) 3 to 1. In addition, another trading positions on the USD/CAD currency pair will be opened without technical analysis. The time of entry into position will be indicated randomly with a similar risk-reward ratio (RRR) 3 to 1. The aim of this paper is to assess which of the above strategies is more suitable for the investor. In other words, this paper aims to compare the strategy of technical analysis and the random strategy in intraday trading concerning the profitability of these trades. We expect that a random strategy will be more suitable for the investor in many points.

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CASH FLOW FORECASTING FOR INTERNATIONAL PROJECTS IN THE PROCESS OF CAPITAL BUDGETING DURING THE COVID-19

Author(s): Biljana Pejović,Dragana Trifunović,Aleksandra Živaljević / Language(s): English Publication Year: 0

By predicting cash flows in the capital budgeting procedure, the profitability of an investment at the international level is determined in advance. Although investing globally provides greater opportunities for earnings, cost reduction and business diversification, all risks posed by international business must be considered when choosing a discount rate. In addition to the risks inherent in cross-border business such as exchange rate risk, country risk, the risks caused by the pandemic crisis, which relate primarily to measures taken by states to protect the population by introducing quarantine, restricting the flow of people, goods and capital, as well as activities that are endangered by a pandemic, must be considered too. If all the risks that determine the discount rate are well assessed, the cash flow forecast will be more accurate.

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ANALYSIS OF RESEARCH AND DEVELOPMENT EXPENDITURE IN EUROPEAN UNION COUNTRIES

Author(s): Ľubica Hurbánková / Language(s): English Publication Year: 0

Paper deals with the analysis of research and development expenditure. Expenditure per capita in European Union countries in years 2009 - 2018 and total research and development expenditure in million Euro are analyzed. The aim of the paper is to find out in which countries expenditure per capita increased the most during the observed period and in which it decreased, what was the average annual growth rate of this indicator. Contribution method will help to analyze how the total research and development expenditure in 27 European Union countries has changed, what was the share of each country in this expenditure, which countries contributed the most to this change and which the least. Research and development expenditure per capita increased average annually between 2009 and 2018 in all analyzed countries, except Luxembourg and Finland, where it decreased. The highest average annual growth was recorded in Poland (12.48%), Latvia (10.50%), Slovakia (10.47%) and Bulgaria (10.38%). Total research and development expenditure increased in 2018 compared to 2009 by 41.65%, Germany (18.11%) and France (4.29%) contributed the most to this increase.

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EUROPEAN UNION, ROMANIA AND RAILWAY TRANSPORT

Author(s): Clara Elena Mut,Ciprian Beniamin Benea,Adrian Negrea,Secara-Onita Adina,Catarig Andra / Language(s): English Publication Year: 0

This paper aims to present the role railway transport plays in European Union and in Romania. The importance of this mode of transport is shortly put to the reader forefronts, while at the same time there is presented its share in land transport market. Road transport has its advantages, but its market share cannot be motivated only by market considerations; there are other factors which put this type of transport on a predominant position. The advantages of rail transport are presented face-to-face with road transport especially for passengers’ transport, how railway transport can gain a greater share in land transport market, and how it can contribute to create the conditions of a more sustainable future.

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BASIC ELEMENTS OF THE FINANCIAL FUNCTION IN BUSINESS ENTITIES

Author(s): Slobodan N. Bracanović / Language(s): English Publication Year: 0

Finance and accounting are the essences and the lifeblood of the business doing of business entities. Classical financial mechanisms and instruments are adapted to the contemporary conditions of profitable business doing. The real economy is the basis of the financial economy. Public finance is a special field. Virtual, parallel finance is manifested in contemporary business doing.

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HUNGARIAN IFRS IMPLEMENTATION FROM TAX PERSPECTIVE

Author(s): Gabor Feher,Éva Karai / Language(s): English Publication Year: 0

The influence of corporate income taxation on financial statements presented on a domestic accounting standards basis differ by countries in a wide range. Corporate income taxation in Hungary has a strong connection to the Hungarian Accounting Act. From 2016 it is prescribed or allowed for specific companies to present their financial statements on IFRS basis. The transition represented not only a challenge in the accounting system of the companies, but the state had to face new tasks because the taxation of IFRS companies had to meet the tax principle of horizontal equity and ensure the proper tax revenue. Research data arise from financial statements of Hungarian companies listed on the Budapest Stock Exchange. The average effective tax rate of Hungarian listed companies decreased after the transition. Temporary tax rules for IFRS companies were applied to reach the tax level of the companies that prepare their financial statements following the Hungarian Accounting Law. Authors compare the results with empirical findings of other European countries.

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CLASSIFICATION OF FINANCIAL MECHANISMS OF HEALTHCARE SYSTEMS IN THE COUNTRIES OF EUROPEAN

Author(s): Nadiya Dubrovina,Stanislav Filip,Vira Dubrovina / Language(s): English Publication Year: 0

In the article the problems of the classification of financial mechanisms of healthcare systems were considered. The well-known types of the financial mechanisms of healthcare systems were described and the authors argued the importance of the development of new classification of financial mechanism of healthcare systems in the EU, which will be based on the application of quantitative methods. The purpose of the research is cluster (or regimes of funding healthcare system) analysis and development for EU countries over long-term period of 2000-2017.The authors used k-means method for the cluster analysis and revealed 5 clusters (groups) for the characteristics of the different regimes of funding healthcare system in the EU countries.

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PREPARING SCHOOL GRADUATES FOR THE LABOUR MARKET

Author(s): Mária NOVÁKOVÁ,Silvia Capíková / Language(s): English Publication Year: 0

Despite their determination to work and build their careers, school graduates are not sufficiently prepared to look for work and the opportunities to search a job. In most cases they are well prepared in theory and language and are literate in modern technologies. Their biggest handicap is the lack of practical skills and work experience. At the same time, graduates have to face the challenges of accelerated globalization and digitization. It is necessary to find answers to questions about what professional knowledge, practical skills, attitudes and values will be shaped by today's graduates and how education systems can develop the required knowledge and skills. The ambition of our contribution is to identify the main disparities that must be overcome in order to achieve the goal of the country's economic development strategy, in which the education system must inevitably correspond to the labour market requirements.

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