Covid-19 vaccines and investment performance: Evidence from equity funds in European Union.

In this paper, we analyze the impact of the marketing authorization of EMA-approved vaccines on the returns of equity funds in the EU. Using the event study methodology, we report that the introduction of all vaccines had a positive impact on the funds' returns. Higher abnormal returns were associated with the earlier vaccines, indicating the first-mover advantage and the abnormal returns were persistent across several event windows. The findings imply that equity markets welcomed the vaccine administration as an important pharmaceutical intervention to support the quasi-revival of business activities. Consequently, there was a significant uplift in the economic bottom line.

MALA I SREDNJA PODUZEĆA U FEDERACIJI BOSNE I HERCEGOVINE – STANJE, PERSPEKTIVE I POSLOVANJE U SJENI SVJETSKE PANDEMIJE

U ovom članku prezentiran je položaj i perspektive malih i srednjih poduzeća u (Federaciji) Bosne i Hercegovine te izazovi s kojima se susreću u vrijeme pandemije izazvane corona virusom. I u predepidemijsko vrijeme, mala i srednja poduzeća u Bosni i Hercegovini suočavala su se s nizom ograničenja koja su rezultat složenog državnog uređenja, nerazvijenosti gospodarstva i neadekvatne financijske, tehničke i pravno-regulatorne potpore. Pandemija je dodatno potencirala ranjivost malih i srednjih poduzeća u Bosni i Hercegovini. Dok je u svijetu implementiran širok dijapazon mjera podrške gospodarstvu, Vlada Federacije BiH i županije su se odlučile za ograničen broj instrumenata financijske potpore čiji je cilj bio održanje tekuće likvidnosti i pomoć ugroženim djelatnostima i malim i srednjim poduzećima. U članku je dat uporedni prikaz mjera koje su se implementirale širom svijeta kao i iskustva i učinci mjera implementiranih u Federaciji Bosne i Hercegovine. Zbog ograničenih financijskih mogućnosti te podjele nadležnosti nije bilo moguće implementirate sve potrebite mjere;pojedine mjere podrške poduzetnicima su se pokazale uspješnim, no bilo je i mjera koje nisu bile pravovremene i nisu obuhvatile sve subjekte kojima je pomoć bila potrebna. Moguće je zaključiti da je razvitak gospodarstva a posebice malih i srednjih poduzeća u Federaciji Bosne i Hercegovine uvjetovan višim stupnjem koordinacije, strateškim dugoročnim pristupom i adekvatnom legislativnom i financijskom potporom.Alternate : The paper presents the position and prospects of small and medium-size enterprises in (the Federation) Bosnia and Herzegovina and challenges they are facing during the pandemic caused by coronavirus. Even at the pre-pandemic time, small and medium-size enterprises in Bosnia and Herzegovina faced a series of limitations which are the result of the complex state organization, underdeveloped economy and inadequate financial, technical and legal-regulatory support. The pandemic additionally highlighted the vulnerability of small and medium-size enterprises in Bosnia and Herzegovina. While the world implemented a broad range of measures supporting the economy, Government of the Federation B&H and Cantons opted for a limited number of financial support instruments, the aim of which was to maintain current liquidity and aid threatened activities and small and medium-size enterprises. The paper provides a comparative overview of the measures implemented across the world, as well as the experiences and effects of the measures implemented in the Federation Bosnia and Herzegovina. Due to limited financial capacities and the division of authorities it was not possible to implement all the necessary measures. Some measures of support to entrepreneurs proved to be successful;however, there have also been measures which were not timely and did not encompass all the entities that needed help. It can be concluded that the development of economy, and particularly of small and medium size enterprises in Bosnia and Herzegovina requires a higher degree of coordination, strategic long-term approach and adequate legislative and financial support.

SMALL AND MEDIUM-SIZE ENTERPRISES IN THE FEDERATION BOSNIA AND HERZEGOVINA – CONDITIONS, PROSPECTS AND BUSINESS IN THE SHADOW OF PANDEMIC

The paper presents the position and prospects of small and medium-size enterprises in (the Federation) Bosnia and Herzegovina and challenges they are facing during the pandemic caused by coronavirus. Even at the pre-pandemic time, small and medium-size enterprises in Bosnia and Herzegovina faced a series of limitations which are the result of the complex state organization, underdeveloped economy and inadequate financial, technical and legal-regulatory support. The pandemic additionally highlighted the vulnerability of small and medium-size enterprises in Bosnia and Herzegovina. While the world implemented a broad range of measures supporting the economy, Government of the Federation B&H and Cantons opted for a limited number of financial support instruments, the aim of which was to maintain current liquidity and aid threatened activities and small and medium-size enterprises. The paper provides a comparative overview of the measures implemented across the world, as well as the experiences and effects of the measures implemented in the Federation Bosnia and Herzegovina. Due to limited financial capacities and the division of authorities it was not possible to implement all the necessary measures. Some measures of support to entrepreneurs proved to be successful;however, there have also been measures which were not timely and did not encompass all the entities that needed help. It can be concluded that the development of economy, and particularly of small and medium size enterprises in Bosnia and Herzegovina requires a higher degree of coordination, strategic long-term approach and adequate legislative and financial support.Alternate abstract: U ovom članku prezentiran je položaj i perspektive malih i srednjih poduzeća u (Federaciji) Bosne i Hercegovine te izazovi s kojima se susreću u vrijeme pandemije izazvane corona virusom. I u predepidemijsko vrijeme, mala i srednja poduzeća u Bosni i Hercegovini suočavala su se s nizom ograničenja koja su rezultat složenog državnog uređenja, nerazvijenosti gospodarstva i neadekvatne financijske, tehničke i pravno-regulatorne potpore. Pandemija je dodatno potencirala ranjivost malih i srednjih poduzeća u Bosni i Hercegovini. Dok je u svijetu implementiran širok dijapazon mjera podrške gospodarstvu, Vlada Federacije BiH i županije su se odlučile za ograničen broj instrumenata financijske potpore čiji je cilj bio održanje tekuće likvidnosti i pomoć ugroženim djelatnostima i malim i srednjim poduzećima. U članku je dat uporedni prikaz mjera koje su se implementirale širom svijeta kao i iskustva i učinci mjera implementiranih u Federaciji Bosne i Hercegovine. Zbog ograničenih financijskih mogućnosti te podjele nadležnosti nije bilo moguće implementirate sve potrebite mjere;pojedine mjere podrške poduzetnicima su se pokazale uspješnim, no bilo je i mjera koje nisu bile pravovremene i nisu obuhvatile sve subjekte kojima je pomoć bila potrebna. Moguće je zaključiti da je razvitak gospodarstva a posebice malih i srednjih poduzeća u Federaciji Bosne i Hercegovine uvjetovan višim stupnjem koordinacije, strateškim dugoročnim pristupom i adekvatnom legislativnom i financijskom potporom.