Determinants and effects of sustainable CEO compensation: a structured literature review of empirical evidence

Management Review Quarterly - Sustainability-oriented CEO compensation is being widely discussed among policy makers, corporate practice, and academia. To date, management literature has yielded a...     

Croatia and the SET-Plan： Intents and Results

Energy efficiency and environment protection are the international concern. European Union, under its energy and climate policy, adopted goals of reducing greenhouse gas emissions by 20%, and increasing the proportion of European energy which comes from renewable sources up to 20% by 2020. Until 2007, the development of these technologies in the European Union （EU） was undertaken in a dispersed, fragmented, sometimes even competing way. The Strategic Energy Technology Plan （SET-Plan） is the pillar of the EU＇s energy and climate policy aiming at development of affordable, clean, efficient, and low emission energy technologies through coordinated research. Croatian accession to the EU required meeting the main challenges as the other member states, involving increase in energy efficiency and renewable energy used as some of the basic components of sustainable development. Funding projects in the area of ecology and energy preservation, odds and prospects for public bodies and Environmental Protection and Energy Efficiency Fund （FZOEU） involvement in financial support of the projects, additional sources of funding etc., are some of the numerous questions this paper is aiming to address in order to assess the Croatian absorption capacities for the SET-Plan as one of the most important EU strategies.     

Overconfidence and Bubbles in Experimental Asset Markets

This paper investigates the relationship between market overconfidence and occurrence of stock-price bubbles. Sixty participants traded stocks in 10 experimental asset markets. Markets were constructed on the basis of subjects' overconfidence: The most overconfident subjects form high overconfidence markets and the least overconfident subjects low overconfidence markets. Prices in low overconfidence markets tend to track the fundamental asset value more accurately than prices in high overconfidence markets and are significantly lower and less volatile. Additionally, we observe significantly higher bubble measures and trading volume in high overconfidence markets. Two possible explanations for these differences are analyzed: While price expectations are significantly higher in high overconfidence markets, no differences in the average degree of risk aversion were detected.     

Financial Market of Montenegro： Evidence of Crisis and Beyond

The financial sector has played a small role in the restructuring of the manufacturing sector in transition economies, and in some cases, financial liberalization may have undermined real sector development. However, stable and stimulating business environment is crucial for economic development. The aim of this paper is to show the main changes that have been implemented in Montenegro so far, and guidelines for changes in the financial market in Montenegro, for further harmonization in accordance with the requirements of European Union （EU） accession. Also, the ability of governments of transition economies to enforce contracts and to achieve fiscal and monetary responsibility is of great importance for economic and financial development. By adopting the new Constitution of Montenegro, in the field of regulation of the financial system, there have been significant changes, recognizing the Central Bank as an institution responsible for financial stability. The authors will give a review of the actual state of the financial market in Montenegro, as well as recommendations for further changes in order to create a favorable climate for entrepreneurship and to strengthen the overall financial system.