247 10 3494 https://omeka.ibu.edu.ba/files/original/3eb31e68deb0560d788138f2dfc13b39.docx 50eee285c821efac565d7adfee045675 https://omeka.ibu.edu.ba/files/original/a45a767f64a179d622e49f504e2bb7d4.pdf 66b94630464f876ba991b5440b1fceeb PDF Text Text Autor: Haris Hasić, MA, viši asistent Institucija: Pravni fakultet Univerziteta u Travniku E-mail: haris.hasic@pfk.edu.ba STATUS OF ORPHAN WORKS IN COPYRIGHT AND RELATED RIGHTS OF BOSNIA AND HERZEGOVINA AND THE HARMONIZATION OF B&H COPYRIGHT AND RELATED RIGHTS RULES WITH DIRECTIVE 2012/28/EU ON CERTAIN PERMITTED USES OF ORPHAN WORKS Sažetak Autorska djela „siročadi“ su takve intelektualne tvorevine za koje je izvjesno da su kvalifikovane za autorskopravnu zaštitu po pozitivnim normama autorskog i srodnih prava, povodom kojih je, dalje, izvjesno da nije istekao vremenski period zaštite, ali, povodom kojih autor ili drugi nosilac autorskih imovinskih ili drugih prava nije poznat ili ne može da bude utvrđen, odnosno jeste poznat ili može biti utvrđen, ali gdje nakon onoga što član 2 st. 1 Direktive 2012/28/EU Evropskog parlamenta i Savjeta donešene 25. oktobra 2012. godine o izvjesnim dozvoljenim upotrebama autorskih djela „siročadi“ zove „diligentnom“ potragom autor ili nosilac prava ne može da se pronađe radi davanja odobrenja za zaštićenu upotrebu tog autorskog djela. Britanska Biblioteka procjenjuje da 40% njene kolekcije predstavljaju autorska djela „siročadi“. Za istraživače, arhiviste kao i bilo koja druga lica koja žele da koriste autorska djela „siročadi“ ali koja to ne mogu budući da ne mogu da ne mogu da nađu ovlašteno lice za davanje dozvole postojanje ovih vrsta autorskih djela ali nepostojanje mehanizma za njehovu legalnu upotrebu predstavlja neprihvatljivo ugrožavanje pravne sigurnosti u sitemu zaštite autorskog i srodnih prava, te neopravdano izuzimanje velikog postotka i broja intelektualnih tvorevina iz kulturološkog, naučnog i stvaralačkog diskursa društva. Rad počinje sa pojmovnim određenjem autorskog djela „siročadi“ te uticajem postojanja ovih vrsta autorskih djela na stvaralački potencijal i općenito na društvo. Analiziraju se pozitivnopravna pravila u Zakonu o autorskom i srodnim pravima (Sl. glasnik BiH 63/10) koja se mogu primjeniti na iteracije autorskih djela ove vrste. Izvršava se analiza direktive 2012/28/EU, te se na kraju donosi zaključak o tome kako i u kom obimu Bosna i Hercegovina bi trebala da transponira ovu direktivu u svoj pozitivnopravni sistem zaštite autorskog i srodnih prava, a sa ciljem uklanjanja pravno neželjenih dejstava koje njihovo postojanje uzrokuje. Ključne riječi: autorsko djelo „siroče“, Direktiva 2012/28/EU, diligentna potraga, nepoznat autor, Bosna i Hercegovina �1. Uvod Kada ljudsko biće stvaralački intelektualno djeluje u domenu književnosti, umjetnosti ili nauke na takav način da nastaje individualna intelektualna tvorevina, pravni poredak plodu takvog djelovanja, koje se tada naziva autorsko djelo, pruža autorskopravnu zaštitu. Individualna intelektualna tvorevina koja bi bila intelektualnopravno odnosno autorskopravno na ovaj način zaštićena je pojmovno široko definisana u članu 4 st. 1 Zakona o autorskom i srodnim pravimai, a što čini mogućnost klasifikovanja izvjesne intelektualne tvorevine autorskim djelom tim više vjerovatnim. Da bi autor stekao autorskopravnu zaštitu povodom klasifikovane intelektualne tvorevine, isti ne mora da poduzme bilo kakvo daljnje djelovanje. Pružanje autorskopravne zaštite je automatsko, a nastaje u trenutku stvaranja autorskog djelaii. Autor se ne može odreći autorskopravne zaštite, pa čak ne može ni da disponira sa svim subjektivnim pravima koja proizilaze iz dotičnog autorskog prava povodom dotičnog autorskog djelaiii. Osnutak djela, nezavršeno djelo, naslov i drugi sastojci autorskog djela su takođe autorskopravno zaštićeni kao i samo autorsko djeloiv, a prema presudi Evropskog suda pravde čak samo 6 riječi može biti autorskopravno zaštićenov. ZAISP poznaje dvanaest imenovanih vrsta autorskih djelavi, a taj broj nije konačanvii, te je opravdano zaključiti da ne postoji vrsta ljudskog intelektualnog djelovanja (u poprilično široko definisanim kategorijama umjetnosti, nauke i književnosti) koja se ima smatrati apsolutno izuzetom iz autorskopravne zaštiteviii. Primjetna je historijska tendencija ekspanzije kako pojma autorskog djela tako i obima autorskog prava autora povodom takvih intelektualnih tvorevinaix. Jednom kada bude pružena, autorskopravna zaštita traje, po pravilux, sedamdesetxi godina nakon smrti autoraxii. Kombinacija izuzetno široko definisanog pojma kvalifikovane intelektualne tvorevine, automatizma zaštite koja ne iziskiva bilo kakvo aktivno djelovanje od strane autora ili nosioca prava da bi dotična intelektualna tvorevina bila potpuno i cjelovito autorskopravno zaštićena, a gdje autor ne može da se, u cijelosti, odreke autorskopravne zaštite, kvalifikovanosti sve većeg broja vrsta intelektualnog djelovanja ljudskih bića kao i izrazito dugoročnog trajanja autorskopravne zaštite nalazi negativnu nuspojavu u pojavljivanju iteracija autorskih djela povodom kojih nije isteklo vremensko trajanje autorskopravne zaštite, ali povodom kojih autor ili nosilac prava ili nije poznat, odnosno i ako je poznat, autor ili nosilac prava ne mogu da budu identifikovani, odnosno ne postoji razuman i objektivno opravdan način da ih se kontaktira da bi se dobila dozvola za izvjesno djelovanje povodom njihovih zaštićenih intelektualnih tvorevina. Takva autorska djela se zovu autorska djela siročadxiii. djelaxv Svaka vrsta autorskog djela može da bude autorsko djelo siročadixiv, a izvjesne vrste autorskih su podložnije tome da budu tako klasifikovane. Zakon o autorskom i srodnim pravima (Službeni glasnik Bosne i Hercegovine 63/10), u ostatku teksta ZAISP. Sukladno odredbama člana 14 ZAISP-a iii Ovdje se posebno misli na pitanje moralnih prava autora, koje autor ne može da prenese na druga lica. iv Sukladno odredbi člana 5 ZAISP-a v Slučaj C-5/08, Infopaq Inter 1national A/S v Danske Dagblades Forening vi Član 4 st. 2 tačke a-l ZAISP-a vii Što je vidljivo iz odredbe člana 4 st. 2 ZAISP-a „(a)utorskim djelom smatraju se naročito...“ viii Osim odredbi člana 8 kao i drugih relevantnih odredbi ZAISP-a. ix O ovome, između ostalog, piše autor u svojoj doktorskoj disertaciji. x Postoje izuzetci, o kojima se može više saznati u Poglavlju V ZAISP-a. xi Ovo određenje je prihvaćeno jer predstavlja otprilike dvije generacije nakon smrti autora, odnosno izvornog nosioca autorskog prava povodom dotičnog autorskog djela. xii Član 55 ZAISP-a. xiii Engleski – orphan works xiv Vidi (Bunce, 2013): 245 xv Kao što su na primjer fotografije, arhivski spisi, te izvjesni audiovizuelni radovi podložniji bivstvovanju autorskog djela siročadi. i ii �Autorsko pravo je po svojoj prirodi isključivoxvi. Mehanizam djelovanja autorskopravne zaštite je takav da izvjesna postupanja povodom autorskih djela može da uradi samo autor ili od strane autora ovlašteno lice. Korisnik koji želi da koristi takvo autorsko djelo povodom kog autor ili nosilac prava nije poznat, odnosno gdje takav autor ili nosilac prava ne mogu biti kontaktirani radi davanja neophodnog odobrenja, se nalazi u situaciji gdje mora da donese odluku da li će da povrijedi autorsko pravo nepoznatog odnosno nepristupačnog autora ili nosioca prava, u nadi da isti nikada neće da sazna za korištenje autorskog djela korisnika, ili će da donese odluku da ne koristi autorsko djelo u pitanju, iz straha da će nosilac da se pojavi u budućnosti te da zahtjeva naknadu štete, odnosno gdje korisnik može biti izložen strogimxvii sankcijamaxviii za povredu autorskog i srodnih prava. Obije ove opcije su jednako nepoželjne za društvo i za pravni poredak, i obije ove opcije jednako predstavljaju opasnost za pravni sigurnost tog pravnog poretka. U prvom slučaju manifestacija te nepoželjnosti se ima naći u činjenici da korisnik se potiče da svjesno vrijeđa subjektivna prava drugog lica i pozitivne pravne norme koje uređuju odnose subjekata prava povodom ove materije. U drugom slučaju manifestacija te nepoželjnosti se ima naći u činjenici da intelektualna tvorevina se namjerno izostavlja iz kreativnog supstrata društva, kojim to društvo ostaje tim više osiromašeno za tu intelektualnu tvorevinu s jedne strane, odnsono predstavlja negiranje same svrhe autorskopravne zaštitexix i balansa interesa između autora s jedne strane te svih drugih lica s druge stranexx koja je okosnica društvenog ugovora u srcu opravdanosti pružanja autorskopravne zaštite. Ovo je razlog zašto je Evropska unija odlučila da donese propise koji u izvjesnom obimu harmoniziraju instrumentarij rješavanja problem autorskih djela siročadi u vidu Direktive 2012/28/EU Europskog Parlamenta i Vijeća od 25.10. 2012. godine o određenim dozvoljenim korištenjima djela siročadixxi. Predmet ovog rada jeste da se utvrdi pojam autorskih djela siročadi, da se utvrdi koji je obim problema, odnosno da se pokuša utvrditi da li su u praksi instance autorskih djela siročadi prominentne ili relativno rijetke. Ovdje je posebno bitno napomenuti da je pitanje digitalizovanja kolekcija javnih biblioteka, ali i drugih analognih primjeraka autorskih djela kulturalnih ali i drugih ustanova posebno Kao što je vidljivo iz odredbi člana 15 ZAISP-a: „Autorsko pravo... koje sadrži isključiva ličnopravna ovlaštenja... isključiva imovinskopravna ovlašenja“, odnosno iz relevannih odredbi koje se odnose na definisanje konkretnih objektivnih prava koja bi trebao autor imati prema autorskom djelu u pitanju, a kao še je slučaj na primjer u odredbi člana 20 st. 1 : „Autorska imovinska prava sadrže isključivo ovlaštnje autora da zabrani ili dozvoli iskorištavanje svog djela i primjeraka tog djeal, ako ovim Zakonom nije drugačije određeno.“. xvii U autorskopravnoj teoriji postoji struja misli koja smatra da sankcije koje su predviđene za individualne povrede autorskih djela su neopravdano visoke, a kojoj koncepciji se pridružuje i autor. Postoji i mišljenje, uglavnom zastupano od strane zastupnika nosilaca prava da sankcije nisu dovoljno stroge, te koji pozivaju na pooštravanje sankcija za iteracije povrede autorskog prava autora ili nosioca prava. xviii Vidi član 171 st. 1: „Novčanom kaznom u iznosu od 1.000 KM do 200.000 KM kaznit će se za prekršaj pravno lice, a novčanom kaznom u iznosu od 1.000 KM do 20.000 KM kaznit će se za prekršaj preduzetnik...“ st. 2: „Novčanom kaznom u iznosu od 3.000 KM do 20.000 KM kaznit će se za prekršaj iz stava (1) ovog člana i odgovorno lice u pravnom licu i kod preduzetnika.“, te stav 3. „(3) Novčanom kaznom u iznosu od 3.000 KM do 10.000 KM kaznit će se za prekršaj iz stava (1) ovog člana fizičko lice.“ Budući da sankcije u citiranim stavovima se potencijalno imaju primjeniti na svaku pojedinu povredu autorskog prava, te da povodom izvjesnog autorskog djela ima preko dvadeset vrsta subjektivnih autorskih prava, i da svaki vid nedozvoljenog djelovanja predstavlja povredu, lako je da kumulacijom dođe do izrazito velikog broja povreda i rezultirajućih novčanih i drugih sankcija.“ xix Sa ovim stanovištem se slaže i Copyright Office Sjedinjenih Američkih Država, vidi: (United States Copyright Office, 06.2015): 3. xx A koja bi se mogla karakterisati na sljedeći način: Društveni poredak kao nagradu za stvaranje intelektualne tvorevine i kao motivaciju za daljnje stvaranje, daje autoru kao i svim drugim licima koje autor ovlasti pravo da isključi iz izvjesnog djelovanja sva druga lica, te da na taj način osigura da, ukoliko ima biti ekonomske koristi od korištenja autorskog djela, autor će biti taj koji će, relativno, imati kontrolu nad ostvarivanjem te koristi. Društvo zauzvrat dobija povećanje stvaralačkog supstrata društva, te nakon proteka vremena trajanja zaštite, sve jedinke društva mogu slobodno da koriste intelektualne tvorevine u pitanju. xxi U ostatku teksta Direktiva 2012/28/EU. xvi �osjetljivo i relevantno za pitanje pravne dozvoljenosti upotrebe autorskih djela siročadi, odnosno ilustrativni za nepoželjnost javljanja iteracija autorskih djela siročadi. Bitno je navesti i da, usljed digitalizacije, te trenda sve češće i obimnije upotrebe primjeraka autorskih djela i predmeta srodnih prava od strane sve većeg obima i vrsta korisnika, da je potrebno omogućiti što veći stepen pravne sigurnosti, te inklucziju što većeg broja intelektualnih tvorevina, bile one zaštićene ili ne, brinuli se autori ili nosioci prava o njima ili ne, a za što optimalniji društveni, intelektualni i stvaralački razvoj potencijala društva. Rad će potom analizirati poztivnopravne mehanizme zaštite kako autora povodom autorskih djela siročadi, tako i korisnika koji želi koristiti autorska djela siročadi. Rad će izvršiti analizu acquis po pitanju izvjesnih upotreba autorskih djela siročadi, te pojedinosti konkretnih mehanizama za osiguranvanje balansa interesa zaštite autora odnosno nosioca prava ali i korisnika koji želi da koristi autorsko djelo siročadi u državama članicama. 2. Pojam autorskog djela siročadi i obim problema postojanja autorskog djela siročadi U Green Paper on the Knowledge Economyxxii Evropska komisija je definirala autorska djela siročadi kao: „Autorska djela siročadi su takva djela povodom koji još uvijek traje autorskopravna zaštita, ali čiji vlasnici ne mogu biti identifikovani ili lociranixxiii.xxiv“xxv Po navedenoj definiciji karakteristike autorskog djela siročadi su: a) Da se radi o intelektualnoj tvorevini koja je kvalifikovana kao autorsko djelo po normama pozitivnog autorskog prava; b) Da povodom tog autorskog djela nije istekao vremenski interval zaštite, odnosno da predmetno autorsko djelo je još uvijek predmetom autorskopravne zaštite, te da postupanje na izvjestan način prema tom autorskom djelu predstavlja isključivo pravo autora odnosno lica koje je autor izričito i pravno valjano ovlastio na takvo djelovanje, odnosno gdje je tako djelovanje dozvoljeno od strane relevatnihin sadržinskih ograničenja autorskog i srodnih prava ili drugim odredbama ZAISP-a ili drugog relevantnog zakona; c) Da vlasnicixxvi tog autorskog djela: a. Ne mogu biti na bilo koji način identifikovani, a što može da nastane bilo na osnovu činjenice da je autor odlučio, u okviru svog autorskog moralnog pravaxxvii da taj konkretni ili sve nastale primjerke izvjesnog autorskog djela ne označi nikakvom oznakom, označi djelo kao autorsko djelo anonimnog autora, označi oznakom koja je izgubila svoj inicijalni karakter koji je ukazivao na ličnost autora, označi pseudonimo, odnosno gdje, bilo namjerno ili nenamjerno, takva oznaka identiteta autora je izgubljena ili na drugi način uklonjena sa tog ili svih primjerka autorskog djela, te b. Mogu biti identifikovani na bilo koji način koji proizvodi jasan identitet jedne jedinke kao stvaratelja zaštićene intelektualne tvorevine u pitanju, ali gdje ta identifkovana jedinka koja je autor autorskog djela ne može da se locira, u smislu da ne postoji način da se sa izvjesnošću utvrdi gdje je ta osoba da bi se moglo sa istom korespondirati na način kojim bi ista odobrila pravom zaštićenu upotrebu autorskog djela u pitanju. Veoma sličnu definiciju je prihvatio i Australian Copyright Councilxxviii. (Commission of the European Communities, 2008) Prevod autorov. Osim ukoliko je izričito navedeno drugačije svi prevodi sa Engleskog jezika u radu su autorovi. xxiv „Orphan works are works which are still in copyright but whose owners cannot be identified or located. xxv (Commission of the European Communities, 2008): 10 xxvi Evropska komisija je ovdje, evidentno, odlučila da koristi kolektivni izraz „vlasnici“ za autora te za od strane autora lica koja su ovlaštena da postupaju povodom zaštićenog autorskog djela na izvjestan način, odnosno povodom kojih je autor autorska imovinska prava ili druga prava autora na pravno valjan nčain i sa pravno valjanim iustus titulusom prenio subjektivna autorska prava. xxvii Prava na priznavanje autorstva iz člana 18 ZAISP-a. xxviii (Australian Copyright Council, 18.12.2008) xxii xxiii �Sličnu definiciju je predložio i U.S. Copyright Office u Report on Orphan Worksxxix koja ima identična tri elementaxxx. Tu definiciju prihvataju i izvjesni autorskopravni piscixxxi. Ova definicija predstavlja dobru polazišnu tačku za razmatranje pojma autorskog djela siročadi, međutim ista ima značajnih nedostataka. Ti nedostatci se ogledaju u tačkci c)xxxii karakteristike autorskog djela siročadi. Naime definicija ostavlja otvorenim pitanja situacija kada se kod izvjesnog koautorskog djela ne može da identifikuje jedan ili više koautora, ali može da identifikuje najmanje jedan koautor odnosno može da se identifijuje najmanje jedan nosilac prava, ali takođe ne može da se identifikuje jedan ili više drugih nosilaca prava, te pitanje značenja pojma „lociranja“ nosioca autorskog djela. Upotreba izraza „lociranje“ nije dovoljno precizna za potrebe definiranja ovog pojma, budući da ostavlja veliki potencijal za provizorno tumačenje odnosno ne ukazuje na prirodu korespondencije koja je potrebna između lica koje želi da koristi autorsko djelo i autora ili nosioca prava koji nije dostupan za „lociranje“. Evropska unija je u Direktivi 2012/28/EU odlučila da ponudi izmjenjenu definiciju u članu 2 iste, tako da su definirali autorsko djelo siročad kao: „Djelo ili fonogram smatra se djelom siročetom ako nije utvrđen nijedan od nositelja prava na to djelo ili fonogram ili, čak i ako je utvrđen jedan ili više nositelja prava, nijedan od njih nije pronađen unatoč pažljivojxxxiii potrazi za nositeljima prava koja je provedena i evidentirana u skladu s člankom.“xxxiv Karakteristike definicije iz Direktive 2012/28/EU su: a) Pojam „siročadi“ može da se pridruži kako autorskom djelu tako i fonogramu kao predmetu srodnih prava, ali, upotrebnom izraza „djelo“ ili „work“ na Engleskom jeziku takođe na druge predmete srodnih prava; b) Da bi izvjesna autorskopravno ili srodnopravno zaštićena intelektualna tvorevina bila klasifikovana kao autorsko djelo siročadxxxv ne smije biti identifikovan ni jedan autor odnosno koautor, te ne smije biti identifikovan ni jedan nosilac autorskog ili srodnih prava, a da bi bila zadovoljena definicija kvalifikovane intelektualne tvorevine kao autorsko djelo siročad po prirodi činjenice da se ne može identifikovati autor ili nosilac prava; c) Ukoliko se može identifikovati jedan autor ili nosilac prava, odnosno više istih, kvalifikovana intelektualna tvorevine može biti autorsko djelo siročad, pod uslovom da se ne može pronaći, u smislu uspostavljanja korespondirajućeg kontakta ili bilo kakvog drugog kontakta iz kog može da se očekuje da će moći da se stekne pravno valjano odobrenje za upotrebu kvalifikovanog autorskog djela, pod uslovom da se prethodno izvrši ono što se naziva pažljivom ili diligentnom potragom za nositeljem prava, a gdje su karakteristike te diligentne potrage precizirane članom 3 Direktive 2012/28/EU. Navedena definicija ispravlja nedostatke definicije iz (Commission of the European Communities, 2008) kao i sličnih definicija. Ista unosi značajno više elemenata pravne izvjesnosti te predstavlja dobru polazišnu tačku po pitanju materije autorskog djela siročadi. Ista nije bez vlastitih problemaxxxvi. Uzimajući u obzir činjenicu da ZAISP ne nudi alternativnu definiciju, kao ni to da smo u literaturi koju smo koristili za pripremanje rada našli alternativnu, prihvatljiviju definiciju, smatramo da bi (United States Copyright office, 01.2006) „This Report addresses the issue of “orphan works,” a term used to describe the situation where the owner of a copyrighted work cannot be identified and located by someone who wishes to make use of the work in a manner that requires permission of the copyright owner.“ (United States Copyright office, 01.2006): 1 xxxi Vidi: (Bunce, 2013): 244; (Hansen, 19.12.2011): 1; (Lifshitz-Goldberg, 05.2010): 1. xxxii Tačke a) i b) se trebaju uzeti kao prihvatljive. xxxiii Na engleskom jeziku: „diligent search“. xxxiv Prevod definicije je službeni prevod na Hrvatski jezik koji je dostupan na: http://eur-lex.europa.eu/legalcontent/EN/TXT/?uri=CELEX%3A32012L0028 xxxv U radu kada indiciramo „autorsko djelo siroče“ ili „siročad“ podrazumjevaju se i predmeti srodnih prava, osim ukoliko se drugačije izričito ne naznači. xxxvi Eludcijacija istih prevazilazi obim i svrhu ovog rada. xxix xxx �autorskopravna teorija Bosne i Hercegovine trebala podržati definiciju Direktive 2012/28/EU kao prihvatljivu i dobru polazišnu tačku za buduća istraživanja ove materije. Bitno je primjetiti da se mora praviti stroga razlika između autorskog djela siročadi i primjeraka autorsklih djela koji su izašli iz štampe, odnosno povodom kojih postoje izvjesne poteškoće u postupku sticanja prava vlasništva na primjerku autorskog djela u pitanju. Primjerci autorskih djela koji su izašli iz štampe su takve vrste primjeraka autorskih djela gdje inicijalni tiraž primjeraka autorsklih djela jeste ili distribuiran, odnosno gdje na tržištu se ne može steći pravo vlasništva na novom ili (rijeđe) korištenom primjerku autorskog djela u razumnom roku od strane lica koje je spremno da stekne pravo vlasništva na takvom primjerku te koje je spremno remunerirati razumnom cijenom prethodnog vlasnika primjerka tog autorskog djela. Autorska djela siročadi mogu, ali ne moraju biti primjerci autorskih djela izvan štampe. „Dok mnoga autorska djela siročadi se mogu klasifikovati kao primjerci autorsklih djela izvan štampe, nisu sva autorska djela čiji primjerci su izvan štampe autorska djela siročadi.“xxxvii Autor, odnosno nosilac prava ima pravo da zahtjeva nadoknadu za zaštićene upotrebe njihovih autorskih djela. Za razliku od patenta, gdje se može koristiti pravni mehanizam zakonske ili prisilne licence u slučajevima nerazumnosti nosioca patenta, kod autorskih djela, u slučaju nerazumnosti, odnosno nedostatka želje autora ili nosioca autorskog i srodnih prava da dozvoli zaštićeno korištenje kvalifikovane intelektualne tvorevine, korisnik koji želi da koristi predmetnu zaštićenu intelektualnu tvorevinu na takav način ima značajno manje pravnih instrumenata da prisli autora ili nosioca prava na takvo postupanje. Mehanizmi za rješavanje problema autorskih djela siročadi se ne mogu koristiti u onim slučajevima gdje je autor ili nosilac prava poznat, u kojima se može i vrši se komunikacija sa istim, ali kao rezultat te komunikacije ne nastaje pravno relevantna dozvola za zakonski dozvoljeno korištenje zaštićenih kvalifikovanih intelektualnih tvorevina. David Vailexxxviii postavlja pitanje da li status objavljenosti treba da bude bitan za klasifikovanje autorskog djela autorskim djelom siročadi. Uzimajući u obzir činjenicu da neobjavljena autorska djela su jednako autorskopravno zaštićena kao i objavljena autorska djelaxxxix te da objavljivanje autorskog djela od strane lica koje nije autor predstavlja povredu autorskog moralnog pravaxl, te potencijalno krivično djelo, smatramo ipak da u slučaju da se stekne pristup autorskom djelu koje nije objavljeno a u kom slučaju ne može da se identifikuje autor odnosno nakon diligentne potrage ne može da se stupi u kontakt sa autorom, u to slučaju, iako znamo da je autorsko djelo u pitanju neobjavljeno autorsko djelo, takvo djelo moglo biti podobno za klasifikaciju autorskim djelom siročadi, a što je podržano i odredbom člana 11 st. 2 xli ZAISPaxlii, te da bi se trebala dozvoliti upotreba takvog neobjavljenog autorskog djela, a korisniku koji koristi takvo djelo bi trebao biti pružen imunitet od krivičnopravnih i građanskopravnih mehanizama za zaštitu tog konkretnog subjektivnog autorskog moralnog prava. Isti autor postavlja i pitanje da li kvalifikovane intelektualne tvorevine koje je napustioxliii autor se imaju smatrati podobnim za stanje autorskog djela siročadixliv. Kao što smo naveli prethodno, u pozitivnom autorskom pravu Bosne i Hercegovine, autorska moralna prava mogu da se prenose samo univerzalnom sukcesijom. Ništave su ugovorne odredbe kojima se disponira moralnim autorskim pravimaxlv. Autor ne možexlvi da prenese na drugo lice svoja moralna prava. To znači da za njegovog života (Lueder, 2010) (David Vaile, 2011, Working paper – For comment, Version 12):1 xxxix Sukladno prethodno navedenoj odredbi člana 14 ZAISP-a. xl Sukladno odredbi člana 17 ZAISP-a. xli „(2) Autorsko pravo na neobjavljena djela čiji autor nije poznat ostvaruje odgovarajuća organizacija autora.“ xlii O kom će biti više riječi kasnije. xliii Tzv. – abandoned ili napuštena autorska djela xliv (David Vaile, 2011, Working paper – For comment, Version 12):2 xlv Sukladno odredbama člana 79, st 1 tačka b xlvi Osim univerzalnom sukcesijom xxxvii xxxviii �autor ne može a da ne bude nosilac autorskim moralnih prava povodom dotičnog autorskog djela, a budući da su ništave ugovorne odredbe kojima se disponira autorskim moralnim pravima, analogno se može zaključiti da bi bile ništave i manifestacije pravno relevantne volje autora usmjerene na efektivno obećanje da isti se neće koristiti autorskim moralnim pravima, a koje bi sačinjavale sadržaj bilo kakvog akta odricanja od autorskog djela, kao takve. Korisnik nikada ne može da se pouzda u istinitost i volju autora kao pravni osnov za slobodno korištenje autorskog djela u ovom pitanju. Budući da je nemoguće se istinski odrekne autorskog djela, činjenica da li ili nije autor se odrekao autorskog djela nije relevantna za determinaicju istog autorskim djelom siročem. 3. Obim problema postojanja autorskog djela siročadi U izvještaju o pitanju autorskih djela siročadi i masovne digitalizacije, Copyright Ofice Sjedinjenih Američkih Država je istakao da problem autorskih djela siročadi jeste „široko rasprostranjen i značajan.“xlvii (Hansen D. R., 10.09.2013) ističu da je problem autorskih djela siročadi „veoma značajan u veličini i obimu“xlviii. Često se navodi činjenica da Britanska Biblioteka procjenjuje da 40% njene kolekcije predstavljaju autorska djela siročadixlix. Istraživanje Evropske komisije je zaključilo da „postoji veliki broj autorskih djela siročadi u kolekcijama kulturalnih institucija“l država članica koje su bile analizirane. Istraživanje je dalje pokazalo da postoje „visoki postotci autorskih djela siročadi za gotovo sve kategorije djela, posebno među fotografijama i audiovizuelnim materijalima.“li Konkretni primjeri zaključaka su:  „Konzervativna procjena broja autorskih djela siročadi knjiga kao postotak knjiga povodom kojih još uvijek traje autorskopravna zaštita širom Evrope stavlja taj broj na nekih 3 miliona knjiga autorskih djela siročadi (što predstavlja 13% ukupnih knjiga povodom kojih još uvijek traje autorskopravna zaštita). Što su starije knjige veći je postotak autorskih djela siročadi.“lii  „Kada procesuiraju zahtjeve za upotrebu starijih filmskih materijala, filmske arhive širom Evrope su kategorizovale, nakon pretrage za nosiocima prava 129 000 filmskih djela kao autorska djela siročadi, koji stoga nisu mogla biti korištena. Djela za koje se može pretpostaviti da su siročad bez izvođenja stvarne potrage za nosioca prava dopunjava taj broj na približno 225 000 filmskih autorskih djelaliii.“liv  „Digitalizacijski projekt u Ujedinjenom Kraljevstvu je našao da 95% novinskh članaka prije 1912 godine su autorska djela siročadi. Takođe, istraživanje među muzejima u Ujedinjenom Kraljevstvu je utvrdilo da nosioci prava 17 miliona fotografija (a što čini 90% cjelokupnih kolekcija fotografija muzeja) nisu mogli biti pronađeni.“lv  „U kolekcijama Danske Nacionalne Biblioteke, otprilike 160 000 djela, stvorenih od 1880-1930 godine imaju neizvjestan autorskopravni status.“lvi (United States Copyright Office, 06.2015):2 (Hansen D. R., 10.09.2013): 5 xlix Vidi: (Korn, 04.2009):12, i (Hansen D. R., 19.12.2011): 10 na primjer i između ostalih l (Vuopala, 05.2010):4 li (Vuopala, 05.2010):4 lii (Vuopala, 05.2010): 5 liii Nije izvjesno da li se ovo odnosi samo na filmska autorska djela kao podvrstu audiovizuelnih autorskih djela ili na audiovizuelna autorska djela kao vrstu autorskih djela. liv (Vuopala, 05.2010):5 lv (Vuopala, 05.2010):5 lvi (Vuopala, 05.2010):5 xlvii xlviii �Britanski Independent procjenjuje da „do 50 posto arhivskih spisa u Ujedinjenom Kraljevstvu su autorska djela siročad“lvii, a isti izvor navodi da kao izravni rezultat bivstvovanja autorskim djelom siročadi nekih 91 milion kreativnih djela je ostao skrivenim izvan javnog pogleda, prvenstveno jer se nosioci prava ne mogu identifikovatilviii.lix „Empirijske studije su pokazale da postoji veliki broj autorskih djela siročadi, ali detaljne podatke o tačnoj veličini i prirodi ovih autorskih djela je teško utvrditi.“lx Istraživanje iz 06.2012 godine pod naslovom UK Intellectual Property Office Final Impact Assessment on Orphan Works je proizvelo sljedeće rezultatelxi: Tabela 1: Rezultati istraživanja UK IPO Final Impact Assessment on Orphan Works-a Kategorija Volumen uzorka Postotak medijuma/djela djela siročadi Umjetničke slike 548 000 20-25% Zvučni zapisi (sati) 750 000 5-10% Komercijalni filmovi 21 8000 000 0-7% (sati) Arhivski filmovi (sati) 513 000 5-35% Biblioteke slika >100 000 000 Oko 0% Arhivske slike 28 280 000 5-90% Pisani materijal 10 400 000 4-30% Zbirke mještovitih a. 38 000 000 8-40% djela autorskih Veličina problema postojanja autorskih djela siročadi se ogleda i u činjenici da u Evropskoj unijilxii, Sjedinjenim Američkim Državamalxiii kao i u cijelom svijetu postoji jasan impetus da se digitalizuju analogne zbirke i da se na taj način omogući kako veći nivo izvjesnosti i postojanosti sadržaja takvih djelalxiv, tako i da se omogući širi pristup većem krugu korisnika i da se omogući pristup što širem obimu intelektualnog stvaralaštva koji je baština društva i sustrat za subsekventne intelektualne tvorevine. 4. Mehanizmi za saniranje iteracija autorskih djela siročadi u Zakonu o autorskom i srodnim pravima Bosne i Hercegovine ZAISP ne sadrži odredbe koje uređuju odnose subjekata prava povodom autorskih djela siročadi kao takvih, niti sadrži mehanizme za saniranje iteracija autorskih djela siročadi, kao takvih. Svakako nema odredbi koje uređuju materiju pojma onako kao smo ga definiali u ovom radu. Za razliku od drugih Direktiva EU koje je zakonodavac Bosne i Hercegovine odlučio, u većoj ili manjoj mjeri transponirati u ZAISP, odredbe Direktive 2012/28/EU nisu transponirane u Bosanskohercegovačko pozitivno autorsko pravo budući da je direktiva usvojena 2012. a ZAISP je usvojen 2010. godine. (Sherwin, 2014) Ibid. lix Interesantna je činjenica iznesena u (Sherwin, 2014)da, na primjer, autorska djela koja su nastala od strane pacijenata u ustanovama za brigu o mentalnom zdravlju su bila autorska djela siročad, budući da su njihovi stvaratelji, koji su ih stvarali za potrebe liječenja zbog njihove terapeutske vrijednosti, a što sve nema nikakvog uticaja na njihovu autorskopravnu zaštitu koja je identična zaštiti bilo kom drugom autorskom djelu, te koji kao takvi ili nisu stavljali znakove raspoznavanja, označavali su autorska djela anonomnim ili su ih označavali pseudonimom. lx (Hansen D. R., 19.12.2011): 8 lxi Tabela je u cijelosti preuzeta iz: (Hansen D. R., 10.09.2013):6 lxii Vidi Europeana projekt na: http://www.europeana.eu/portal/ lxiii Vidi Google Books projekt: https://books.google.com/?hl=hr lxiv Jer, da parafraziramo jednog govornika povodom materije – digitalna djela ne gore! lvii lviii �Od pravila pozitivnog autorskog prava BiH, relevantnim za pitanje problema autorskih djela siročadi bi se potencijalno mogao okarakteristati član 11 ZAISP-a. Član 11 ZAISP-a nosi naziv „nepoznati autor“. Odredbe ovog člana se odnose na slučajeve anonimnog ili pseudonimnog djela, odnosno djela povodom kog autor nije poznat. Međutim, ove odredbe se ne odnose na autorska djela siročadi. Da bi smo objasnili zašto član 11 ZAISP-a nije relevantan za pitanje autorskih djela siročadi, analizirati ćemo stav 1 i 2 ovog člana. Član 11, stav 1 ZAISP-a glasi: „(1) U slučaju anonimnog ili pseudonimnog djela, izdavač čije je ime naznačeno na djelu smatra se zastupnikom autora dok se suprotno ne dokaže, i kao takav ovlašten je da vrši moralna i imovinska prava autora. Ako izdavač nije naznačen na djelu, za ostvarivanje autorskog prava ovlašteno je lice koje je objavilo djelo.“ Na prvi pogled se može činiti da ovim članom se eliminiše pravna nesigurnost prilikom svih slučajeva u kojima anonimnost odnosno pseudonimnost kao manifestacija moralnog prava autora može da predstavi prepreku za traženje pravne dozvole za korištenje predmetnog autorskog djela. Odredba člana 11 st. 1 doista uklanja tu neizvjesnost, međutim, bitna tačka jeste da kod djela koja su pokrivena članom 11 st. 1, autor možda nije poznat, ali jeste poznat nosilac izvjesnih imovinskih prava povodom tog autorskog djela. Izdavač tog djela je nosilac izvjesnih prava povodom relevantnog primjerka autorskog djela na osnovu pravnog posla kojim su prenešeni pravo izdavanjalxv na izdavača, te na osnovu odredbe člana 138 ZAISP-a kao sui generis srodno pravo izdavača. Dok je možda identitet autora nepoznat, u slučaju koji se odnosi na član 11 st. 1 poznata je pravna ili fizička osoba koja je izdala, odnosno objavila djelo, te korisnik koji želi da koristi autorsko djelo u pitanju uvijek može da kontaktira tu osobu, a da bi saznao identitet i komunikacione podatke autora. Dakle, autorsko djelo, čak i prije primjene odredbi člana 11 st. 1 ZAISP-a ne bi se moglo kvalifikovati kao autorsko djelo siročad jer je poznat jedan od nosilaca pravalxvi, te jer ne bi bilo moguće izvšriti diligentnu pretragu budući da postoji efektivan način da se sazna identitet ili da se stupi u kontakt sa autorom. Izvjesno je da član 11 st. 1 uvodi veći stepen pravne sigurnosti u slučajeve u kojima autor nije poznat ili je identitet autora, usljed bilo kojih razloga, ostao nepoznat ili teško utvrdiv javnosti. Međutim, ta sigurnost je više usmjerena na stranu autora nego na korisnika, dok, argumentovano, pitanje autorskog djela siročadi je prvenstveno pitanje prava korisnika i društvalxvii, odnosno olašavanja korisniku upotrebe autorskih djela siročadi, te osiguravanja bujnog i što obimnijeg kulturološkog supstrata za cjelokupno društvo. Uprkos tom većem stepenu sigurnosti, koristi člana 11 st. 1 se ne odnose na uređenje pitanja i uklanjanje pravne nesigurnosti povodom autorskog djela siročadi te kao takve se ne mogu smatrati relevantnim za saniranje štetnih posljedica ovoga društveno nepoželjnog fenomena. Član 11 st. 2 glasi: „(2) Autorsko pravo na neobjavljena djela čiji autor nije poznat ostvaruje odgovarajuća organizacija autora.“ Kao što je bio slučaj i sa članom 11 st. 1, član 11 st. 2 takođe je usmjeren na zaštitu interesa autora ili nosioca autorskog i srodnih prava izravno, a zaštitiu prava korisnika tek neizravno, kroz uklanjanje pravne nesigurnosti. I član 11 st. 2 takođe determinira tko se ima smatrati nositeljem prava, odnosno tko će biti ovlašten da vrši autorskopravna ovlaštenja te da daje dozvolu za korištenje predmetnog autorskog prava ukoliko autor nije poznat. Član 11 st. 2 ne daje korisniku pravo da koristi predmetno Koje se sastoji od prava reproduciranja i prava distribuiranja autorskog djela, a sukladno doredbi člana 85 st. 1 ZASIP-a. Izdavač lxvii Kao što ćemo imati priliku vidjeti, ovo nije apsolutno determinirano, budući da u pravnom instrumentariju odobravanja upotrebe autorskih djela siročadi postoji mehanizam i značajan element zaštite autora, odnosno nosioca prava, ali naglasak nije prvenstveno na zaštitu prava autora odnosno nosioca prava, kao što, argumentovano, to je slučaj sa članom 11 st. 1 ZAISP-a. lxv lxvi �autorsko djelo siročad na izvjestan način, već umjesto toga određuje da će izvjesna „odgovarajuća organizacija autora“ biti ta koja će ostvarivati ovlaštenja autora povodom tog autorskog djela. Neizvjesno je pitanje šta se podrazumjeva pod pojmom „odgovarajuća“ te šta je „organizacija autora“. Vjerujemo da se odredba člana 11 st. 2 ima tumačiti na dva načina: 1.) da je zakonodavac htio da uspostavi sui generis udruženja autora koje bi ostvarivalo prava povodom autorskih djela povodom kojih nije poznat autorlxviii, koje tumačenje ne držimo vjerovatnim, te, i vjerovatnije, 2.) da je zakonodavac htio da odredi da će ovlaštenja povodom autorskih djela povodom kojih autor nije poznat višiti organizacije za kolektivno ostvarivanje autorskog i srodnih prava. Problem sa ovim tumačenjem se nalazi u činjenici da zakonodavac je mogao, i trebaolxix, da je htiolxx, da naglasi da je riječ o kolektivnim organizacijama za vršenje autorskog i srodnih prava. Ovakav pristup ima svojih prednosti, ali i značajnih nedostataka. Dok nam se čini logičnim da se povjeri, uslovno rečenolxxi, staranje o autorskim djelima povodom kojih nisu pozati autori kolektivnim organizacijama za ostvarivanje autorskog i srodnih prava, jer je razumno da se predpostavi da osoblje tih orgnaizacija je kvalifikovano da razumije i da se najbolje stara o takvim autorskim djelima, na ovaj način se primorava korisnika da, u slučaju različitih vrsta autorsklih djela kontaktira pojedine kolektivne organizacije za te vrste autorskih djelalxxii, što predstavlja dodatnu prepreku za korištenje ovakvih autorskih djela, te potencijalno izlaže korisnika i pravni sistem nedosljednom postupanju i nekonzistentnom pristupu starateljstvu povodom te vrste autorskog djela od strane te konkretne kolektivne organizacijelxxiii. Ni jedna konkretna odredba ZAISP-a se ne odnosi na pitanje uređenja upotrebe autorskog djela siročadi. Uzimajući u obzir obim problema, tendenciju, usljed psotojanja istog povećanja pravne nesigurnosti, te potrebe reguliranja ovog pitanja, predlažemo da Bosna i Hercegovina u izmjenama i dopunama ZAISP-a obavezno uvrsti zakonski okvir saniranja iteracija i olaškavanja upotrebe autorskih djela siročadi. Jedan od mogućih pristupa rješenju takvog problema bi moglo biti transponiranje odredaba Direktive 2012/28/EU, kojim bi se i pozitivno autorskopravno zakonodavstvo, povodom ovog pitanja harmoniziralo sa acquis. Stoga je primjereno da se pogleda modalitet uređenja ovog pitanja u direktivi 2012/28/EU. 5. Direktiva 2012/28/EU o izvjesnim dozvoljenim upotrebama autorskih djela siročadi Kao što je prethodno ukazano, Evropska komisija je u (Commission of the European Communities, 2008) ukazala na problem autorskih djela siročadi. Kao moguća rješenja na problem koji su potencijalno predstavljali autorska djela siročadi, Evropska komisija je razmotrila sljedeće opcijelxxiv: a) Da ne poduzme nikakve korake; b) Da stvori sadržinsko ograničenje u korist korisnika povodom autorskih djela siročadilxxv; c) Da omogući prošireno kolektivno digitalno licenciranjelxxvi A koja se ne mogu smatrati autorskim djelima siročadi jer je zakonodavac odlučio da imenuje nositelja prava, što samim tim znači da definicija koju smo ponudili ni u kom slučaju ne može da se primjenjuje na ta konkretna autorska djela. lxix Budići da zakonodavac sam, u, na primjer u članu 66 ZAISP-a navodi više vrsta organizacija, te budući da se i kao subjekti srodnih prava javlja na primjer, organizacija za radiodifuziju, te iz drugih, nomotehničkih razloga. lxx Zakonodavac, pored organizacije za radiodifuziju, još spominje organizaicije jedino u članu 66 ZAISP-a, kada koristi izraz „kolektivna organizacija“. lxxi Ali, vjerujemo, apropo, uzimajući u obzir odredbe člana 11 st. 3 i 4 ZAISP-a lxxii Vidi više Zakon o kolektivnom ostvarivanju autorskog i srodnih prava (Sl. glasnik BiH 63/10) lxxiii Takođe, gube se dodatne prednosti centralizacije. lxxiv (Lueder, 2010):11 lxxv Vidi: (Lueder, 2010):11 lxxvi Vidi: (Lueder, 2010):13 lxviii �d) Da omogući posebnu licencu za digitalno prikazivanje autorskih djela siročadilxxvii; e) Da omogući centralnu državnu licencu za dogitalno prikazivanje autorskih djela siročadilxxviii; te, f) Da omogući uzajamno prepoznavanje autorskih djela siročadi koje biblioteke učine dostupnimlxxix. Evropska komisija je odlučila da usvoji direktivu kojim će da dozvoli izvjesne dozvoljene upotrebe autorskih djela siročadi. Ta direktiva predstavlja kombijaciju opcije b) i f) te izvjesnih drugih opcija u manjem obimu i sa ograničenijom primjenom. Direktiva 2012/28/EU je usvojena 25.10.2012 godine. Kao razlozi za usvajanje ove direktive navode se digitalizacioni poduhvati koje poduzimaju javnosti dosupne bilioteke, obrazovne ustanove, muzeji, akrivi kao i druge društvene organizacijelxxx, te „uspostavljanje pravnog okvira koji će olakšati digitalizaciju i širenje djela i druge građe zaštićene autorskim pravomlxxxi“... autorskog djela siročadi, budući da je to „ključna aktivnost Digitalnog plana za Evropu“lxxxii. Direktiva se sastoji od preambule sa 25 paragrafa, 12 članova i Priloga. Izvjesno je da Direktiva 2012/28/EU ne predstavlja cjelovito rješenje za pitanje korištenja autorskih djela siročadi od strane svih vrsta korisnika, budući da se u članu 1 ističe da se odredbe predmetne Direktive odnose isključivo na: a) Javnosti dostupne biblioteke, b) Obrazovne institucije, c) Muzeje, d) Arhive, e) Institucije za filmsku audio baštinu, te f) Javne organizacije za radiodifuziju. U istom članu je upotreba od strane samo ovih klasa lica dalje ograničena ciljem ispunjavanja njihove zadaće zaštite odnosno služenja javnog interesalxxxiii. samo: Kao moguće vrste autorskih djela siročadi na koje se ova direktiva primjenjuje, prepoznati su „(a) djela objavljena u obliku knjiga, dnevnih listova, novina, časopisa ili drugih tiskovina koje čine sastavni dio zbirki javnosti dostupnih knjižnica, obrazovnih institucija ili muzeja kao i zbirki arhiva ili institucija za filmsku ili audio baštinu; i (b) kinematografska ili audiovizualna djela i fonograme koji čine sastavni dio zbirki javnosti dostupnih knjižnica, obrazovnih institucija ili muzeja kao i zbirki arhiva ili institucija za filmsku ili audio baštinu; i (c) kinematografska ili audiovizualna djela i fonograme koji su nastali u produkciji javnih organizacija za radiodifuziju do zaključno 31. prosinca 2002. i nalaze se u njihovim arhivima;lxxxiv“lxxxv, te koja su prethodno objavljenalxxxvi, i koja su objavljena u državi članici ili prvi put emitirana u državi članici Evropske Unijelxxxvii. Ibid. Vidi: (Lueder, 2010):15 lxxix Vidi: (Lueder, 2010):16 lxxx Paragraf 1 Preambule Direktive 2012/28/EU lxxxi Paragraf 3 Preambule Direktive 2012/28/EU lxxxii Ibid. lxxxiii Što možemo porediti sa odredbom općeg pravila povodom sadržinskih ograničenja autorskog i srodnih prava koja s enalazi u članu 40 ZAISP-a, te što predstavlja standardno ograničenje da bi se osigurala kompatibilnost sa Testom u tri koraka iz TRIPS-a te Interntet sporazuma Svjetske Organizacije za Intelektualno Vlasništvo. lxxxiv Prevod je službeni, dostupan na relevantnoj web stranici Evropske Unije. lxxxv Član 1 st. 2 Direktive 2012/28/EU lxxxvi Pitanje neobjavljenih autorskih djela kao autorska djela siročad je uređeno stavom 3 istog člana Direktive 2012/28/EU. lxxxvii Ibid. lxxvii lxxviii �Primjećujemo da je rješenje problema koji predstavljaju autorska djela siročadi u Direktivi 2012/28/EU izuzetno ograničeno. Da se to ograničenje manifestuje kako na subjektima koji imaju pravo koristiti autorska djela siročadi na izvjestan način sukladno odredbama Direktive 2012/28/EU, ali i na predmetima koja se imaju smatrati kvalifikovanim, unutar šireg skupa autorskih djela siročadi, da budu predmetom odredbi Direktive 2012/28/EU. Svrha rješenja problema autorskog djela siročadi koje se nudi u predmetnoj direktivi je usmjereno prvenstveno na zadovoljenje interesa društva kroz omogućavanje institucijama čije je djelovanje usmjereno služenju i zaštite interesa društva, te kroz identifikaciju i klasifikaciju za primjenu predmetnih mehanizama samo izvjesnih vrsta autorskih djela. Brojne klase korisnika su izostavljeni izvan dometa odredbi Driektive 2012/28/EU. Neki od njih su krajnji korisnik, korisnik koji je istraživač te ustanove koje su posvećene isključivo istraživanju, a ne obrazovanju i korisnici koji služe zadovoljenju svih drugih potreba koje nisu i ne mogu biti klasifikovane kao „javni interes“ ali i sve druge vrste institucija koje služe javnom interesu, ali koje nisu poimenično navedene u Članu 1 st. 1 Direktive 2012/28/EU. Razlog za ovako značajno ograničavanje dometa rješenja problema autorskih djela siročadi, koje se ima naći u Direktivi 2012/28/EU jest, najvjerovatnije, izbjegavanje nekompatibilonosti sa Testom u tri korakalxxxviii Sporazuma o trgovinskim aspektima intelektualnog vlasništva Svjetske trgovinske organizacije i Internet sporazuma Svjetske organizacije za intelektualno vlasništvolxxxix. Bez obzira koji razlozi bili, obim primjenjivosti za sveobuhvatno rješenje problema iteracija autorskih djela siročadi odredbi Direktive 2012/28/EU je značajno ograničen članom 1 iste. Moguće je argumentovati da i korak inkluzije rješenja za ustanove koje su definisane Članom 1 st. 1 Direktive 2012/28/EU predstavlja optimalno rješenje kao prelazni ili međukorak dok se pokuša naći obimnije i praktičnije rješenje, te da bi inkluzija većeg obima korisnika i većeg obima autorskih djela otvorila potencijal za veći pravnu nesigurnost i inkompatibilnost sa Testom u tri koraka, te da je i postojeće rješenje prihvatljivije od odsustva bilo kakvog rješenja. Pored što precizira, u članu 2, definiciju autorskog djela siročadixc, u problematiku autorskog djela siročadi , Direktiva 2012/28/EU uvodi koncept i zahtjev diligentne ili pažljive pretrage. Stav 3 Direktive 2012/28/EU precizira šta se ima podrazumjevati pažljivom pretragom. Diligentna ili pažljiva pretraga će neophodno da ima sljedeće elemente: a) Pretraga mora biti provedena u dobroj vjerixci; b) Pretraga mora biti provedena za svako pojedino autorsko djelo ili drugu zaštićenu građu koje se želi koristiti a za koje postoje indicije da može biti autorsko djelo siročad; c) Pretraga mora da bude provedena kosultirajući izvore, a gdje je u stavu članu 3 st. 2 precizirano šta se imaju smatrati izvori koji su primjereni za diligentnu pretragu, a gdje svaka država članica može da utvrdi spisak relevantnih izvora te i sama Direktiva 2012/28/EU u svom prilogu navodi minimalne relevantne izvore koji se moraju da konslultuju da bi pretraga bila diligentna ili pažljiva; d) Diligentna ili pažljiva pretraga mora da se izvede prije korištenja autorskog djela ili druge zaštićene građe, i kao uslov za korištenje a nikako post hoc. e) Kvalifikovane organizacije moraju da vode evidenciju o izvršenim diligentnim ili pažljivim pretragama, te da obavještavaju nadležna državna tijela o rezultatima tih pretraga. Član 4 Direktive 2012/28/EU, koji glasi: „Djelo ili fonogram koji se, u skladu s člankom 2., smatra djelom siročetom u jednoj državi članici, smatra se djelom siročetom u svim državama članicama. To se djelo ili fonogram može koristiti ili je dostupno u skladu s ovom Direktivom u svim državama članicama. Isto vrijedi za djela i fonograme iz članka 2. stavka 2. što se tiče prava nositelja prava koji nisu Više o Testu u tri koraka vidi: (Senftleben, 2004) Potpuna analiza Testa u tri koraka kao i kompatibilnosti Direktive 2012/28/EU prevazilazi obim i ambicije ovog rada. Isto pitanje bi predstavljalo opravdan istraživački poduhvat u budućnosti. xc O kojoj je prethodno bilo riječi. xci Bona fides pretraga jeste pravni standard koji će da se utvrđuje u svakom konkretnom slučaju. lxxxviii lxxxix �utvrđeni ili pronađeni.“, predstavlja integraciju opcije f)xcii kao djelimične solucije za problem autorskog djela siročadi. Član 5 Direktive 2012/28/EU, koji glasi: „Države članice osiguravaju da nositelj prava na djelo ili fonogram koje se smatra djelom siročetom u bilo kojem trenutku ima mogućnost okončati status djela siročeta što se tiče vlastitih prava.“, predstavlja ustupak autoru odnosno nosiocu autorskog ili srodnih prava povodom predmetnog autorskog djela siročadi, gdje se omogućuje istom da okonča status autorskog djela sriočadi dotičnom autorskom djelu siročadi tako što će da negativno zadovolji jedan od elemenata definicije autorskog djela siročadi, na bilo koji mogući način. Autor ili nosilac prava koji je prekinuo dotičnom autorskog djelu status autorskog djela siročadi ima pravo, sukladno odredbama člana 6 st. 5 Direktive 2012/28/EU na primjerenu naknadu za korištenje autorskog djela koje je izvršeno dok je dotično autorsko djelo bilo klasifikovano autorskim djelom siročadi. Lice koje je kvalifikovano sukladno odredbama člana 1 st. 1 Direktive 2012/28/EU, povodom intelektualne tvorevine koja je po članu 3 iste klasifikovana kao autorsko djelo siročad, a koje spada u spisak djela na koja se Direktiva primjenjuje iz člana 1 st. 2 tačaka (a), (b) i (c), kao i druigh relevatnnih odredbi, nakon što je izvršilo diligentnu ili pažljivu potragu za autorom ili nosioce autrorskog djela siročadi iz člana 3 dotične Direktive, mogu, na osnovu člana 6 Direktive 2012/28/EU da djeluje na sljedeći način: a) Mogu da stave autorsko djelo siročadi na raspolaganje javnostixciii, xciv, xcv; te mogu da b) Reproduciraju autorsko djleo, ukoliko se takvo reproduciranje vrši za zadovoljenje porebe digitalizacije, stavljanja na raspolaganje, indeksiranja, katalogizacije, očuvanja ili obnavljanjaxcvi. Primjećujemo da je i po ptianju dozvoljenih upotreba kvalifikovanih djela, kvalifikvoanih korisnika nakon kvalifikovan eprocedure, znatno suženo te da predstavlja dalje ograničenje korisniku i prepreku za učinkovito korištenje autorskog djela siročadi, ali da efektivno omogućuje postupak digitalizacije koji je i prominentno situiran u preambuli Direktive 2012/28/EU. Efektivno, ono što je dozvoljeno kvalifikovanim korisnicima jeste da digitaliziraju analogne primjerke autorskih djela, te da potom omoguće korisnicima da se upoznaju sa sadržajem tako digitaliziranih autorskih djela siročadi. 6. Zaključak Sa ekspancijom obima pojma autorskog djela, sve širom upotrebom sve većeg broja autorskopravno zaštićenih intelektualnih tvorevina – autorskih djela, sa automatizmom zaštite i nedostatkom obaveze od strane autora ili nosioca prava da se stara o predmetnom autorskom djelu, Sama Direktiva bi se mogla klasifikovati kao solucija b). Sukladno odredbi člana 6 st. 1 tačka a), a što je izveeno u smislu odredbe člana 3 Direktive 2001/29/EZ, poznate kao InfoSoc Direktive xciv Za Bosnu i Hercegovinu i u kontekstu autorskog i srodnih prava, pojam javnosti je definisan stavom 2 tačka 2 ZAISP-a, a koji glasi: (2) Izrazi "javan" i "javnost", u smislu ovog Zakona, znače veći broj lica koja nisu međusobno povezana rodbinskom vezom ili drugim ličnim vezama. xcv Saopštavanje autorskog djela javnosti u BiH je isključivo, imovinsko pravo autora, a ova materija je uređena članom 24. ZAISPa, koji glasi: (Pravo saopćavanja javnosti) Pravo saopćavanja javnosti je isključivo pravo da se djelo učini dostupnim javnosti u nematerijalnom obliku i obuhvata naročito: a) pravo javnog izvođenja, b) pravo javnog prenošenja, c) pravo javnog prikazivanja, d) pravo javnog saopćavanja s fonograma i videograma, e) pravo radiodifuznog i kablovskog emitiranja, f) pravo radiodifuznog i kablovskog reemitiranja, g) pravo sekundarnog korištenja djela koje se radiodifuzno emitira, h) pravo činjenja dostupnim javnosti. xcvi Ovo pravno nije, po svom obimu jednako pravu reproduciranja iz člana 22 ZAISP-a, već predstavlja znatno suženej istog, a koje je usmjereno iskazanim razlozima odnosno ciljevima iz preambule Direktive. xcii xciii �neminovno je da će se javiti iteracije kada autori ili napuste, ili prestanu da se brinu o predmetnom autorskom djelu, odnosno da iz bilo kog drugog razloga spona između autora ili nosioca prava i predmetnog autorskog djela nestane te da to autorsko djelo postane autorsko djelo siroče. Postojanje autorskih djela siročadi je društveno nepoželjan fenomen. Korisnik koji želi koristiti to djelo je primoran da bira između dvije jednako nepovoljne opcije. Isti može ili da odluči da okuša sreću, u vječnoj sjeni drakonskih sankcija, da povrijedi pravo drugog te da koristi autorsko djelo u nadi da izgubljeni autor ili nosilac prava će ostati izgubljen. Odnosno, isti može da odluči da jednostavno ne koristi autorsko djelo u pitanju, čime ta intelektualna tvorevina gubi svoj smisao i nipodaštava sami rezon postojanja autorskopravne zaštite. Problem postojanja iteracija autorskog djela siročadi je rasprostranjen i pervazivan. Uključuje sve vrste autorskih djela, ali pogađa izvjesne vrste autorskih djela prominentnije od drugih vrsta. Te vrste su uglavnom povodom djela koje imaju znjačajnu historijsku ako ne i ekonmsku sferu. Pravni poredak mora da proizvede efektivne mjere za odobravanje upotrebe autorskih djela siročadi. Pozitivno autorsko pravo Bosne i Hercegovine ne sadrži takve efektvine mjere. Evropska unija je Direktivom 2012/28/EU proizvela instrumentarij za omogućavanje određenih upotreba autorskih djela siročadi. Te mjere su značajno ograničene i podređene osiguravanju efektivno jedne svrhe – digitaliziranja kolekcija institucija od značaja za javni interes. Direktiva 2012/28/EU ne predstavlja efektivno rješenje problema iteracija autorskih djela siročadi. Ono je samo prvi korak. Bosna i Hercegovina bi trebala transponirati odredbe Direktive 2012/28/EU, ne samo zato što je to obaveza koju je BiH preuzela prema EU, i ne samo zato što će to biti jedan od uslova za pridruživanej BiH EU, već i zato što rješenje koje se ima naći u Direktivi 2012/28/EU je dobra polazišna tačka na kojoj teorija autorskog prava BiH može da gradi trajnije rješenje. Izvjesno je da je detaljnije istraživanje ovog pitanja opravdano i poželjno. 7. Literaturaxcvii Australian Copyright Council. (18.12.2008). 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Zakon o autorskom i srodnim pravima (Službeni glasnik Bosne i Hercegovine 63/10) Zakon o kolektivnom ostvarivanju autorskog i srodnih prava (Službeni glasnik Bosne i Hercegovine 63/10) �Author: Haris Hasić, LL.M., Senior Assistant Institution: Faculty of Law, University of Travnik E-mail: haris.hasic@pfk.edu.ba STATUS AUTORSKIH DJELA „SIROČADI“ U AUTORSKOM I SRODNIM PRAVIMA BOSNE I HERCEGOVINE I HARMONIZACIJA AUTORSKOG I SRODNIH PRAVA BIH SA DIREKTIVOM 2012/28/EU O IZVJESNIM DOPUŠTENIM UPOTREBAMA AUTORSKIH DJELA „SIROČADI“ Abstract Orphan works are such types of intellectual creations for which it is certain that they are qualified for copyright protection, regarding which it is equally certain that protection has not elapsed, however, regarding which, either the author or the right holder cannot be identified, or are not otherwise known, or if the author and/or the right holder is known, regarding whom, after what the article 2 paragraph 1 of the Directive 2012/28/EU of the European Parliament and the Council, of 25th of October, 2012, on certain permitted uses of orphan works, a „diligent“ search the author or right holder cannot be found to give permission for use of those copyright protected works. The British Library estimates that up to 40% of its collection consists of orphan works. For researchers, archivists or any other person wishing to use orphan works, but who are unable to do so due to the fact that there is no one to give them permission for use, the existence of this type of copyright protected works but not also of mechanisms for their legal use is an unacceptable endangerment of legal certainty in the system of copyright and related rights protection, and an unjustified extraction of a large percentage and number of intellectual creations from the cultural, scientific, creative discourse of a society. The work begins by making a determination regarding the term „orphan“ work and examines the influence existence of which has on the creative protection and overall on a society. Positive rules in the Law on copyright and related rights (Official gazette of B&H 63/10) that can be applied to orphan works are analyzed. Further, the Directive 2012/28/EU is examined and in the end conclusion is reached regarding how and in what extent Bosnia and Herzegovina should transponder this directive into its existing positive system of protection of copyright and related rights, in the pursuit of the general goal of removing these legal uncertainties regarding this kind of copyright protected works. Keywords: orphan works, directive 2012/28/EU, diligent search, unknown author, Bosnia and Herzegovina � Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Extent The size or duration of the resource. 3175 Title A name given to the resource STATUS OF ORPHAN WORKS IN COPYRIGHT AND RELATED RIGHTS OF BOSNIA AND HERZEGOVINA AND THE HARMONIZATION OF B&H COPYRIGHT AND RELATED RIGHTS RULES WITH DIRECTIVE 2012/28/EU ON CERTAIN PERMITTED USES OF ORPHAN WORKS Author Author HASIĆ, Haris Abstract A summary of the resource. Autorska djela „siročadi“ su takve intelektualne tvorevine za koje je izvjesno da su kvalifikovane za autorskopravnu zaštitu po pozitivnim normama autorskog i srodnih prava, povodom kojih je, dalje, izvjesno da nije istekao vremenski period zaštite, ali, povodom kojih autor ili drugi nosilac autorskih imovinskih ili drugih prava nije poznat ili ne može da bude utvrđen, odnosno jeste poznat ili može biti utvrđen, ali gdje nakon onoga što član 2 st. 1 Direktive 2012/28/EU Evropskog parlamenta i Savjeta donešene 25. oktobra 2012. godine o izvjesnim dozvoljenim upotrebama autorskih djela „siročadi“ zove „diligentnom“ potragom autor ili nosilac prava ne može da se pronađe radi davanja odobrenja za zaštićenu upotrebu tog autorskog djela. Britanska Biblioteka procjenjuje da 40% njene kolekcije predstavljaju autorska djela „siročadi“. Za istraživače, arhiviste kao i bilo koja druga lica koja žele da koriste autorska djela „siročadi“ ali koja to ne mogu budući da ne mogu da ne mogu da nađu ovlašteno lice za davanje dozvole postojanje ovih vrsta autorskih djela ali nepostojanje mehanizma za njehovu legalnu upotrebu predstavlja neprihvatljivo ugrožavanje pravne sigurnosti u sitemu zaštite autorskog i srodnih prava, te neopravdano izuzimanje velikog postotka i broja intelektualnih tvorevina iz kulturološkog, naučnog i stvaralačkog diskursa društva. Rad počinje sa pojmovnim određenjem autorskog djela „siročadi“ te uticajem postojanja ovih vrsta autorskih djela na stvaralački potencijal i općenito na društvo. Analiziraju se pozitivnopravna pravila u Zakonu o autorskom i srodnim pravima (Sl. glasnik BiH 63/10) koja se mogu primjeniti na iteracije autorskih djela ove vrste. Izvršava se analiza direktive 2012/28/EU, te se na kraju donosi zaključak o tome kako i u kom obimu Bosna i Hercegovina bi trebala da transponira ovu direktivu u svoj pozitivnopravni sistem zaštite autorskog i srodnih prava, a sa ciljem uklanjanja pravno neželjenih dejstava koje njihovo postojanje uzrokuje. Ključne riječi: autorsko djelo „siroče“, Direktiva 2012/28/EU, diligentna potraga, nepoznat autor, Bosna i Hercegovina Publisher An entity responsible for making the resource available Centar za društvena istraživanja Internacionalnog Burč univerziteta Date A point or period of time associated with an event in the lifecycle of the resource 2015-12-16 Keywords Keywords. Article PeerReviewed Identifier An unambiguous reference to the resource within a given context ISSN 978-9958-834-50-9 K Law (General) https://omeka.ibu.edu.ba/files/original/0af9948c5752641bba44204b3bcd16ae.docx beb2d5fdc2441477822398567d6c2f5f https://omeka.ibu.edu.ba/files/original/45cbd72673afc9398989d3ea90201a7e.pdf 77c9fb49743d191693227cb4fd67623e PDF Text Text StepTogether - CLIL for Migrant Students in Public Education Erzsebet Csereklye Miskolc University/ Miskolc, Hungary Key words: CLIL, intercultural education, limited language codes, less taught languages,migrant integration ABSTRACT The StepTogether program at the University of Miskolc develops a CLIL teaching tool d for migrant children attending primary school in 3th–8th grades in Hungary, where migrant children are integrated in the public education by their age, regardless their language competencies. The aim of the developers was to offer a practical help for teachers to integrate children with limited Hungarian language codes in traditional classroom activities. The StepTogether concept is helping children develop their language skills while they are dealing with the same topics as their dominant language classmates in Mathematics, Nature, Language and Literature classes. The structure of these teaching aids allows all teachers to contribute the language development process of the children and helps to create an open, intercultural classroom climate. The content-basis of the materials is in harmony with the Hungarian National Core Curriculum and Framework Curricula, while their approach is language-driven, since it’s primary goal is to improve the L2 Hungarian competencies of the immigrant children. Based on our studies, conducted with 120 migrant students and their 32 teachers in five educational institutions (two Englich-Hungarian bilingual schools, one monolingual Hungarian School and two minority schools, a Turkish and a Chinese school) for 3 years, the StepTogether teaching tool proved to be higly supportive for L2 Hungarian development, it offers an effective solution to the challenges arising from the diversity of L1 and L2 Hungarian competences within the classroom and supports the social and cultural integration process of non-dominant language students. It also helped to involve migrant parents in learning by integrating the culture of origin in the classroom work. The presentation describes the main features of the project, the structure and instruments of the language teaching tools and student and teacher feedbacks. � Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Extent The size or duration of the resource. 1764 Title A name given to the resource StepTogether - CLIL for Migrant Students in Public Education Author Author CSEREKLYE, Erzsebet Csereklye Abstract A summary of the resource. Key words: CLIL, intercultural education, limited language codes, less taught languages,migrant integration ABSTRACT The StepTogether program at the University of Miskolc develops a CLIL teaching tool d for migrant children attending primary school in 3th–8th grades in Hungary, where migrant children are integrated in the public education by their age, regardless their language competencies. The aim of the developers was to offer a practical help for teachers to integrate children with limited Hungarian language codes in traditional classroom activities. The StepTogether concept is helping children develop their language skills while they are dealing with the same topics as their dominant language classmates in Mathematics, Nature, Language and Literature classes. The structure of these teaching aids allows all teachers to contribute the language development process of the children and helps to create an open, intercultural classroom climate. The content-basis of the materials is in harmony with the Hungarian National Core Curriculum and Framework Curricula, while their approach is language-driven, since it’s primary goal is to improve the L2 Hungarian competencies of the immigrant children. Based on our studies, conducted with 120 migrant students and their 32 teachers in five educational institutions (two Englich-Hungarian bilingual schools, one monolingual Hungarian School and two minority schools, a Turkish and a Chinese school) for 3 years, the StepTogether teaching tool proved to be higly supportive for L2 Hungarian development, it offers an effective solution to the challenges arising from the diversity of L1 and L2 Hungarian competences within the classroom and supports the social and cultural integration process of non-dominant language students. It also helped to involve migrant parents in learning by integrating the culture of origin in the classroom work. The presentation describes the main features of the project, the structure and instruments of the language teaching tools and student and teacher feedbacks. Publisher An entity responsible for making the resource available IBU Publishing Date A point or period of time associated with an event in the lifecycle of the resource 2013-05-03 Keywords Keywords. Article PeerReviewed https://omeka.ibu.edu.ba/files/original/2cbd989b477f128aade5d9f8ee1a4b12.pdf de4dae67da572b6b717cd5ff53c07cee PDF Text Text STEREOTYPES AND PREJUDICES ABOUT THE ‘OTHER’ AS AN UNAVOIDABLE PART OF BRITISH LITERATURE AND CULTURE Olivera Petrović-Tomanić Teachers' Training Faculty, Bijeljina Article History: Submitted: 05.06.2015 Accepted: 10.07.2015 Abstract: The concept of the ‘other’ is an inherent part of understanding one’s identity, since people define their roles through their relations toward ‘others’. Generally speaking, the ‘other’ is everyone who is detached and different from one’s self or one’s true nature. ‘Otherness’ became the subject of research in postmodern British literature in terms of its diversity and variety, divergence and disagreement with standard, conventional and established. To demonstrate how prejudices are widespread and what their role in literature is, the selection of British novels of the 20th century has been made with the emphasis on the second part of the century and postmodern British novel. The analysis has proved that stereotypes are indeed unavoidable part of British culture and literature and exposed their particular role in works of literature. The second half of the twentieth century brings seismic shift of literary and national identity: The English novel was replaced by novel written in English language due to importance and to strength. This is the main reason for selection of the British novels of the late 20th century that are representative both for their artistic quality and influence. The analysis of selected works from modern and postmodern periods with the regard to stereotypes and prejudices about 'other' undoubtedly pointed out that mentioned concepts are unavoidable part of British literature and culture, and their numerous variations and roles in literature were clearly demonstrated. Key words: ‘other’, stereotypes, prejudices, postmodern British novel, identity, diversity. �1. INTRODUCTION: THE CONCEPT OF ‘OTHER’ The concept of the 'other' is one of the most important in the postcolonial theory. The authors of ‘Post-Colonial Studies, The Key Concepts’ state that, in general terms, the ‘other’ is anyone who is separate from one’s self. The existence of others is crucial in defining what is ‘normal’ and in locating one’s own place in the world. The colonized subject is characterized as ‘other’ through discourses such as primitivism and cannibalism, as a means of establishing the binary separation of the colonizer and colonized and asserting the naturalness and primacy of the colonizing culture and world view. (Ashcroft, Griffiths & Tiffin, 2000) The term 'other' is largely used in existential philosophy and in defining the relationship between ourselves and others in the creation of self-awareness and the idea of identity. In the Introduction of her most famous work The Second Sex (1949) French writer and the representative of the French philosophy of the twentieth century Simone de Beauvoir writes about women and the concept of ‘other’ and, in a special way, she reflects on the concept of the other. The category of the Other is as primordial as consciousness itself. In the most primitive societies, in the most ancient mythologies, one finds the expression of a duality – that of the Self and the Other. This duality was not originally attached to the division of the sexes; it was not dependent upon any empirical facts. The feminine element was at first no more involved in such pairs as Uranus-Zeus, Sun-Moon, and Day-Night than it was in the contrast between Good and Evil, lucky and unlucky auspices, right and left, God and Lucifer. Otherness is a fundamental category of human thought. (Beauvoir, 1949, transl. and ed. H.M. Parshley, 1953) In general, awareness of one's identity is always built on the basis of awareness of what we are not, or, in other words, on the basis of awareness of others. In this paper, 'other' will be viewed in terms of its diversity and variety, differences and disagreements with the norm, normal and accepted. The term 'other' is taken from philosophy to mark a change in the Western understanding of the relationship between consciousness and the world that surrounds us. However, this term has changed the focus of the analysis and walked away from this philosophical understanding of the 'other'. The concept of 'other' is now being used in the political, cultural, linguistic and religious context. Whether viewed from the standpoint of ideology, psychoanalysis or discourse it is impossible to create the subject without observing its 'other'. The possibility of dialogue between the various racial and cultural groups also became one of the important uses and meanings of this term. 2. STEREOTYPES AND PREJUDICE ABOUT ‘OTHER’ Although it is quite common in everyday use and in the scientific circles, the word 'stereotype' has an interesting origin. This word is used to denote a typographic element that was used during the printing instead of the original. The American journalist Walter Lippmann merged the metaphor and called the stereotype the image in our hands. Both 'cliché' and 'stereotype' originate from the world of press. So 'cliché' is the French word for the printing �surface of the stereotype. In the English language the word 'stereotype' first appears in its modern sense in 1850. as a noun and it has the meaning of a picture or a notion eternized without a single change. (Brown, 1995) Thus, in the original meaning the stereotype is the imprint of a fixed style in the printing technique. By analogy, in the social sciences the term is used for schematic, simplistic and hardly changeable attitude towards someone or something. The term originated in the period of emerging and development of racial, ethnic, religious and social intolerance. In essence, stereotyping is wrong and unjustified broad generalization. Therefore, each group stereotype containing emotionally negative assessment of an ethnic, racial, religious or a social group is interpreted as a prejudice. Along with personal stereotypes, cultural norms and social stereotypes are precisely defined in the middle of the last century (Bender & Hastorf, 1950) as one of the most serious prejudice in the perception of a person. This prejudice means that those who make judgments have generalized expectations about how others are motivated, how they behave, think and so on, and applied these norms or stereotypes, without exception, in assessing the others. Various examples and studies have shown that social stereotypes as the embodiment of social norms are among the most powerful determinants in the perception of a person. Going back to the problem of setting the boundaries between personal and social stereotypes, it is easily noticeable that a false strong link between 'self' and 'other' can appear if these entities are assessed and placed into stereotypes based on cultural norms - that is, systematic variations in assessment of 'self' arising from the same source, or norms, as well as systematic variations in the assessment of 'other'. In this case it would be wrong to say that 'being' is projected onto the 'other', but, in fact, the same cultural stereotypes are projected on both the 'being' and the 'other'. In the recent decades, this concept begins to occupy a central place in the humanities, and one of the results is that the concept of 'other' is being on the right track to replace the older, somehow worn out, concept of stereotype. Its further use, without connecting to the 'other', does not bring more of the same critical success and the same modern touch. Newer and more modern concept is compatible with the stereotype and can be used to revive and expand its critical applications. Michael Pickering in the chapter on the concept of 'other' is trying to bring the two concepts in the analytical relationship, claiming that they complement each other and help each other as the conceptual terms in the critical vocabulary. ‘The stereotype and the Other is used to control the ambivalent and to create boundaries. Stereotypes are a way of dealing with the instabilities arising from the division between self and non-self by preserving an illusion of control and order. (Pickering, 2001) 3. POSTCOLONIAL CONCEPT OF ‘OTHER’ IN THE FIRST PART OF THE 20TH CENTURY One of the most important concepts in the entire postcolonial theory, the concept of the 'other', and its reflections in literature, are presented in three novels that represent England of the �first half of the twentieth century in the best way. Heart of Darkness (1902) by Joseph Conrad, A Passage to India (1924) by E.M. Forster and The Heart of the Matter (1948) by Graham Greene serve as a nearly inexhaustible source of examples to show imperialism, colonial relations, the dying empire, Britain's diversity and culture of the enslaved nations, creating inevitable the 'other' and the stereotypes and prejudices that simply thrive in such historical and social circumstances. Heart of Darkness is interpreted and explained from the standpoint of imperialism and racial prejudices, as well as from Conrad’s representation of Africa and Africans through the narrator Marlowe as a demonic 'other'. Complex social relations between Englishmen and Indians in A Passage to India have been discussed through the topic of friendship, innumerable differences of the two cultures and the creation of the 'other' which was dealt by a large number of post-colonial critics. Also, Green's Africa as ‘a place you've dreamed of’, ‘the blank unexplored continent the shape of the human heart’ will not remain untainted by stereotypes and prejudices of both the colonizers and the colonized. What connect these three selected pieces are not only postcolonial themes and 'otherness', but also the affection of their authors to the idea of adventure stories. None of the three authors may not be, strictly speaking, considered a writer of travelogue and adventure novels, but the political and social conditions of the time imposed the issues related to the rule of Empire and the 'size of the nation'. The size of the nation involved the occupied territories, and in the minds of the then politicians and citizens, the British colonies were equated with the British power and wealth. The Empire meant open opportunities, even for writers. They felt that all these distant lands invite the English to come with the promise that they would be rewarded for their English courage and strength. But what is, perhaps, the most important thing, the Empire offered the penmen broadening of horizons both at the moral and geographical level. The Empire meant more personal power, more heroism, greatness available in these remote areas more than at home, but, at the same time, it meant more cruelty, corruption and monstrosity, extraordinarily shown in Conrad's Heart of Darkness. The cults of adventure and implicit imperialism have long been an important part of English life and the centre of cultural habits. There was, for example, the cult of geography, geographical maps and images of distant places, the cult of travel and research, studies of primitive tribes, the cult of the ocean and the British Navy, British sailors, all forms of swimming and sailing, rock climbing, amateur geology and botany, and all those activities that are meant to be British, healthy and heroic, which are thought to contribute to the cult of adventure and reinforce the myth of the great British Empire. Joseph Conrad was, on the one hand, a hero and a favorite to the readers who were thrilled by adventure novels, and, on the other hand, he was a hero of the opposite side. In his early novels we can notice dreams of treasure, gold and diamonds, as well as the abundant use of the motif of adventure reverie. He admitted that his favorite novels of childhood were adventurous, then the biographies of the great explorers, as well as all kinds of geographical texts. This youthful enthusiasm turned into a big disappointment, especially caused by his journey to the Congo in 1890 where he was faced with the Belgian imperialism and this �experience compelled him to write Heart of Darkness. The sharp decline of Conrad interest in adventure ideas, from the boyish enthusiasm to the disappointment in mature age, Martin Green explains with the political history of the empire in decline and with Conrad’s temperament since he was inclined to such disappointments on the other grounds as well. Basically, he is often represented and identified with the European conscience of the time. (Green, 1984) While he created a true cult of the English adventurous heroism thanks to his willing choice of England as a country, he even became the English sailor, he could not hide the disappointment after the First World War. There was nothing that looked like an honorable and courageous view of the war, and that, along with the Allies’ condemnation of colonialism at its end, has created the need for the anti-imperialist literature. However, Conrad had never become anti-imperialist writer. Heart of Darkness has clear motifs of adventure stories and imperialist themes. It is necessary to emphasize that Conrad was far from attacking the English imperialism in this novel. It is quite confidently praised in the opening pages of the novel: 'The river Thames, we are told, had known and served all the men of whom the nation is proud – from Sir Francis Drake to Sir John Franklin, knights all, titled and untitled – the knights – errant of the sea. It had borne all the ships whose names are like jewels flashing in the night of time (..) Hunters for gold or pursuers of fame, they all had gone out on that stream, bearing the sword, and often the torch, messengers of the might within the land, bearers of a spark from the sacred fire. What greatness had not floated on the ebb of that river into the mystery of an unknown earth! The dreams of men, the seed of commonwealths, the germs of empire.' (Conrad, 1994) This is, doubtlessly, one of the most direct and overt glorification of the English history. When Conrad's hero Marlow says ‘this was also one of the dark places of the Earth’ meaning is clearly contrastive - even England used to be uncivilized - and undoubtedly he influences the reader to think of the size which England meanwhile reached. For the setting of his best novel A Passage to India (1924) E. M. Forster chose a country where he was not born, where he did not spend a lot of time, and he had already been a famous novelist who dealt with purely English issues before wrote anything about India. The general topic of the novel is the inability of the Empire to understand and defeat India. At a basic level, it is the story of the British Empire in which Forster ridicules the administrative class. He presents them as people who are totally unable to understand or cooperate with their Indian colleagues and subordinates. They are also, from Forster’s point of view, incapable to create any kind of normal life for themselves in India - except a pale copy of the petty-bourgeois life in England. Martin Green believes that Forster, on the next level, tries to include in the Empire the remnants and traces of the failed Muslim empire and Muslim culture in India. This doubling of the material even more highlights and reinforces the anti-imperialist thesis. (Green, 1984) �One of the Englishmen that Forster describes in his novel is Mr. Turton. During the party which aims to bring the Indians and the English together, he was really trying to make this mission successful. He made pleasant comments, made some occasional joke, but he knew something that would undermine the reputation of each guest and that is why he was very superficial. Miss Derek represents a much more inferior kind of Anglo-Indians since she viewed the whole peninsula as a comic opera. Turton is undoubtedly a more dignified and generous until the moment when an Indian is accused of the harassment an Englishwoman. Then behind the ostensible heroism we can see him becoming blind and deaf. ‘I have had twenty five years experience of this country’- he paused, and 'twenty five years' seemed to fill the waiting room with their staleness and ungenerosity - 'and during those twenty five years I have never known anything but disaster result when English people and Indians attempt to be socially intimate. Intercourse, yes. Courtesy, by all means. Intimacy - never, never.’ (Forster, 1979) It is obvious that Forster is pointing here to the weakness and starch which cast a shadow on the reliable qualities of Anglo-Indians. We come to the so-called Catholic novelist Graham Greene and his famous novel The Heart of the Matter (1948). A number of elements typical of the works of Kipling, Conrad’s motifs of adventure story, post-imperialist environment, as well as similarities with Agatha Christie and her typical characters may be found in this work. The frequent use of the imperialist criteria related to social status is quite surprising. Greene constantly ridicules Wilson and Harris for the lack of strength and bravery, the failure typical of the ruling class. This is rather uncommon since it is in direct opposition to the officially proclaimed 'Catholic' sensitivity. Apart from the obvious (anti) imperialist themes and elements of adventure stories, these three novels have another connecting feature – the same postcolonial feeling of insecurity in the main characters. Thus, for example, Greene’s hero Scobie gets into a lot of suspicious activities and decisions that lead him to a terrible dilemma, a moral crisis and the suicide at the end. Readers cannot get rid of the feeling that the environment in the colony certainly contributes to it - in the blend of the unspoiled natural beauty and the extreme lack of basic living conditions, where, in Greene's words, ‘human nature hasn’t had time to disguise itself‘ and where ‘you could love human beings nearly as God loved them, knowing the worst.’ (Greene, 1971) 4. POSTCOLONIAL WRITING: POSTMODERN BRITISH NOVEL The second half of the twentieth century brings a monumental change of both literary and national identity: English novel has been replaced by a novel written in English language due to importance and to strength. Brian Shaffer (2006) in his study of the novels in English written between 1950 and 2000 notes that what used to be situated on the margins of the canonical �literature is now clearly in its very heart: the novel in the English language is now truly international product with all Anglophone postcolonial writing, as well as with the works of immigrants from former colonies and from all over the world that are read and critically assessed as British. Equally important as English novelists of this period, non-English writers, with no doubt, dictate literary parameters and attract huge attention. In the post-colonial era the questions of identity and nationality have become complex and difficult to determine. This is so apparent in the post-war Britain which copes with the collapse of the Empire followed by the process of national redefinition, both in terms of the international status and in terms of the population structure. Novel, and literature in general, proved to be an excellent source for research of hybrid cultural forms that have emerged in England which is constantly changing and becoming a truly multicultural. However, this is not so simple story that celebrates Britain's diversity in cultural terms. The identities of immigrants described in the post-war novels are often vulnerable, and their experiences in the new society are painful. Dominic Head (2002) explains it by the transitional nature of the postcolonial expression in the twentieth century. Postcolonial identity should be properly understood as a process not as the arrival, while vulnerability may be explained by the hostile nature of the British and especially English society, which is usually described as insensitive and often ruthless to the goals of active multiculturalism. In such social and cultural circumstances, stereotypes and prejudices about the other nations and cultures have become inevitable, and the postcolonial concept of the 'other' has reflected itself in all known forms of the racial, class, political and sexual diversities. One of the first writers of the recent generation who openly called for a change of monocultural definitions of the British national identity was Hanif Kureishi. With partly Asian origin (Pakistani father, English mother), he could personally experience numerous prejudices against Asians in the British society. His, nowadays iconic, call for the inevitable introduction of 'a new way to be British', became the main subject of many of his works, and among others the main subject of his most famous novel, The Buddha of Suburbia (1990). It seems that no novel of social conditions in England created so realistic, vivid and poignant picture of the changes that took place on the island in the seventies and the eighties of the twentieth century. It clearly presented the changes of the term 'Englishness' in the multicultural British society. Two writers of East-Asian origin often associated with 'colored British' writing are Timothy Mo, born in Hong Kong (under the English rule from 1841 to 1997) of Chinese father and English mother and Kazuo Ishiguro, whose both parents are Japanese who emigrated to England. Mo is certainly best known for his humorous novel Sour-sweet (1982) which deals with the Chinese immigrants in London. The food is used as a metaphor for dislocation and rootlessness as the inseparable parts of the emigrant experience, as well as for a shortcut to cultural integration. Mo’s voice is one of the strongest among the writers who explore the impact of colonial rule on the formation of the cultural identity of immigrants in the imperial megalopolis. He shares the same interest with writers of his generation for the problems of migration, dislocation and biculturalism. Mo skillfully depicts the portraits of immigrants who �crossed the path from the colonial periphery to the center of the Empire, but also experienced all the trauma of exile, culture shock and distress that accompany the adaptation to the new environment. Through the story of adapting to a new culture in the novel Sour-sweet he shows what it looks like when England is the 'other' in the eyes of Chinese immigrants. He also presents the inevitable stereotypes and prejudices that undoubtedly color immigrants’ view of England and its inhabitants. Despite a strong commitment to traditionalism and insisting on cultural authenticity that Mo illustrated by numerous examples of the rejection of change and cultural novelties typical for Chinese immigrants in London, it is clear that assimilation is inevitable and that the only way of survival for an individual, for a family, and the entire nation, is the acceptance of changes and the adaptation. The name of Kazuo Ishiguro is often mentioned in the same context of the 'new internationalism' with Timothy Moo and writers of their generation. He is probably best known for his third novel, Remains of the Day (1989). This work was awarded the Man Booker Prize for Fiction in 1989. However, his recent novel When we were orphans (2000) is closer to the international writing. The novel deals with the psychological trauma of the main characters who moved to England from the war-affected Shanghai. Ishiguro’s position of someone who was born in Japan but raised and educated in Britain, gives him the possibility of having 'intriguing impartial or double perspective.' (Head, 2002) Even in his early novels that have Japanese characters, he uses the material with the conventions of Japanese courtesy. This preoccupation is developed in the novel Remains of the Day through the style of his narrator - an aging butler Stevens, and there we can make a comparison between the two types of restraint and diffidence. It is not irrelevant to note that the action of the novel takes place in July 1956, during the Suez crisis, a catastrophic episode of British history that marked the end of its imperial power. Although there is no clear connection between these events and the story in the novel, the feeling of this important historical event hovers all the time. The British writer of South African origin Christopher Hope fits into this group of authors due to the subjects and to the freshness of the new landscapes brought to the contemporary British fiction. Thanks to his South African origin, and to the topics and the views he brought with him, Hope provides a new, different perspective and the critical and artistic judgment about the major religious, political and cultural issues. In the literary circles he is known as highly skilled creator of insightful satire and, therefore, often compared to Jonathan Swift. Using sarcastic humorous observations Hope gives readers a true but disturbing picture of the world that surrounds them. In the novel Darkest England (1996) Christopher Hope applies a typical postmodern technique when the readers’ expectations are completely betrayed because of the inversion and degradation of the usual colonial discourse. The achieved aim is the abolition of the myths of socalled grand narratives and complete reversal of the known concepts and relationships, usually with the help of parody. Using satire and irony, almost inevitable in his works, Hope completely undermines the famous colonial image by sending an African researcher in the 'noble' mission to �England. There is hardly any well-known stereotype of the 'other' that Hope does not use in this work and shows how astute he is in observing and recording all the peculiarities, eccentricities and the 'follies' of a nation. In this funny inversion of the colonial discourse Englishmen become 'others' and all the stereotypes about themselves and ‘others’ created by the representatives of the dominant discourse are reviewed. Bushman David Mungo Booi explores the often narcissistic nation which, although it lost the Empire, it has not lost the imperial arrogance and self-confidence. 5. CONCLUSION The analysis of the selected works from the era of modernism and postmodernism with the regard to the stereotypes and prejudices about the 'other' pointed out that the mentioned concepts are unavoidable part of British literature and culture, and their numerous variations and roles in literature were clearly demonstrated. In the wealth of literary material, especially in postmodern British novel since it occurs in a multicultural environment which provides an excellent basis for stereotypes, particularly negative ones, we can recognize and unveil stereotypes and prejudices about the 'other' that, even unconsciously and to a certain extent, every person in every culture carries within him/herself. The results of this research will be useful for more comprehensive overview of some of the most significant British novels of the twentieth century, especially with the cultural context of their inception and later influence, but also for perception and comprehension of the contemporary British society and culture as a whole. �References: Ashcroft, B., G.Griffiths and H. Tiffin (2000). Post-colonial Studies, The Key Concepts. Oxford: Routledge. Beauvoir, S. ‘Women and the Other’ in Walder, D. (ed.) Literature in the Modern World, Oxford: Oxford University Press. Brown, R. (1995). Prejudice, Its Social Psychology. Oxford: Blackwell. Conrad, J. (1994). Heart of Darkness. London: Penguin Books. (First published in 1902) Forster, E.M. (1979). A Passage to India, London: Penguin Books. (First published in 1924) Green, M. (1984). The English Novel in the Twentieth Century: The Doom of Empire. London: Routlegde. Greene, G. (1971). The Heart of the Matter. London: Penguin Books. (First published in 1948) Head, D. (2002). The Cambridge Introduction to Modern British Fiction, 1950-2000. Cambridge: Cambridge University Press. Pickering, M. (2001). Stereotyping.Basingstoke: Palgrave Macmillan. Shaffer, B. (2006). Reading the Novel in English 1950-2000. Oxford: Blackwell Publishing. � Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Extent The size or duration of the resource. 2962 Title A name given to the resource STEREOTYPES AND PREJUDICES ABOUT THE ‘OTHER’ AS AN UNAVOIDABLE PART OF BRITISH LITERATURE AND CULTURE Author Author Petrović-Tomanić, Olivera Abstract A summary of the resource. The concept of the ‘other’ is an inherent part of understanding one’s identity, since people define their roles through their relations toward ‘others’. Generally speaking, the ‘other’ is everyone who is detached and different from one’s self or one’s true nature. ‘Otherness’ became the subject of research in postmodern British literature in terms of its diversity and variety, divergence and disagreement with standard, conventional and established. To demonstrate how prejudices are widespread and what their role in literature is, the selection of British novels of the 20th century has been made with the emphasis on the second part of the century and postmodern British novel. The analysis has proved that stereotypes are indeed unavoidable part of British culture and literature and exposed their particular role in works of literature. The second half of the twentieth century brings seismic shift of literary and national identity: The English novel was replaced by novel written in English language due to importance and to strength. This is the main reason for selection of the British novels of the late 20th century that are representative both for their artistic quality and influence. The analysis of selected works from modern and postmodern periods with the regard to stereotypes and prejudices about 'other' undoubtedly pointed out that mentioned concepts are unavoidable part of British literature and culture, and their numerous variations and roles in literature were clearly demonstrated. Publisher An entity responsible for making the resource available International Burch University Date A point or period of time associated with an event in the lifecycle of the resource 2015-12 Keywords Keywords. Article PeerReviewed PE English https://omeka.ibu.edu.ba/files/original/51ba2210d0328bac63334b48ad3a96fb.docx 601358bb3adec51054bc458e3e298604 https://omeka.ibu.edu.ba/files/original/d09a6bb9b9dbfed7f5568b098951836c.pdf 084423309151b4521af80f501aa7108e PDF Text Text Stilovi i Strategije Ucenja I Nastava Italijanskog Jezika Kao Stranog Gordona Bojicic University of Montenegro Key words:stilovi učenja, strani jezik, strategije ABSTRACT Learning styles are defined as the preferred techniques of operation of the brain when it faces the acquisition of new information. Thanks to experiments conducted by psychologists and experts in language learning we can conclude that each individual tends to acquire and manage information in different way. After a short presentation of different learning styles, in this paper we will try to use the studies related to learning styles to construct concrete proposals to be used when teaching Italian as foreign language. � Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Extent The size or duration of the resource. 1793 Title A name given to the resource Stilovi i Strategije Ucenja I Nastava Italijanskog Jezika Kao Stranog Author Author BOJICIC, Gordona Abstract A summary of the resource. Key words:stilovi učenja, strani jezik, strategije ABSTRACT Learning styles are defined as the preferred techniques of operation of the brain when it faces the acquisition of new information. Thanks to experiments conducted by psychologists and experts in language learning we can conclude that each individual tends to acquire and manage information in different way. After a short presentation of different learning styles, in this paper we will try to use the studies related to learning styles to construct concrete proposals to be used when teaching Italian as foreign language. Publisher An entity responsible for making the resource available IBU Publishing Date A point or period of time associated with an event in the lifecycle of the resource 2013-05-03 Keywords Keywords. Article PeerReviewed https://omeka.ibu.edu.ba/files/original/cd92c15295520f4716e80d1409f1c7eb.pdf 523fc788c0162e32fc3f4f124eea5594 PDF Text Text Društveni ogledi, decembar 2020. _____________________________ STJECANJA PRAVA lica VLASNIŠTVA suprostavljenim sa vlastitim, suvlasništvo DOSJELOŠĆU NA SUVLASNIČKOM DIJELU NEKRETNINE veoma ponekad interesima, i čini zanimljivim, ali i složenim i zahtjevnim pravnim institutom. Posebno pitanje u pogledu funkcionisanja suvlasničkih zajednica, a koje se ACQUISITION OF postavilo u praksi, jeste pitanje OWNERSHIP RIGHTS mogućnosti sticanja prava vlasništva BY USUCAPTION ON dosjelošću jednog suvlasnika na CO-OWNERSHIP SHARE OF REAL PROPERTY suvlasničkom dijelu drugog suvlasnika. S tim u vezi, razmatrana su osnovna pitanja prezentiranog problema: uslovi za sticanje prava Doc. dr. Esad Oruč vlasništva dosjelošću, kao i posebno Advokat i nastavnik na International Burch University pitanje savjesnosti sticaoca u konkretnom slučaju. Kroz analizu esadoruc@gmail.com domaće, ali i strane sudske prakse, ukazano je i na postojanje različitih JEL klasifikacija: K11, K25 DOI: 10.14706/DOI21411 stavova u pogledu pojedinih pitanja. Pored navednog, u radu je ukazano i na određene propuste u zakonskoj Sažetak regulaciji predmetnog pitanja, te su predložena Suvlasništvo predstavlja adekvatna zakonska rješenja de lege ferenda. modalitet prava vlasništva sa više subjekata. Upravo činjenica da u Ključne riječi: dosjelost, vršenju prava vlasništva na jednoj suvlasništvo, idealni suvlasnički dio, nepodijeljenoj stvari učestvuje više vlasništvo 1 �Društveni ogledi, decembar 2020. _____________________________ Abstract pointed out the existence of different stands regarding certain Co-ownership is a multientity concept of ownership. The fact that several parties with their own, sometimes conflicting interests participate in the exercise of the right of ownership over one indivisible property, makes coownership an interesting, but also a very complex and demanding legal questions. In addition to the above, the paper points out certain oversights in the legal regulation of the issue, and proposes appropriate legal solutions de lege ferenda. Key words: ownership, usucaption, co-ownership coshare, ownership institute. A special issue regarding the functioning of co-ownership communities, which has been raised in practice, is the issue of the possibility of acquiring property rights by the co-ownership of one co-owner on the co-ownership part of another co-owner. In this regard, the basic questions of the problem introduced were considered as: the conditions for the acquisition of property rights by usucapion, as well as a question of good faith of the acquirer in this case. Through the analysis of domestic and foreign case law, it was 2 �Društveni ogledi, decembar 2020. _____________________________ Uvod zajednica. U tom kontekstu mislimo prevashodno Suvlasništvo na sticanje prava predstavlja (su)vlasništva dosjelošću, ali i na modalitet prava vlasništva sa više druge moguće oblike, kao što su: subjekata. Upravo činjenica da u sticanje vršenju prava vlasništva na jednoj zemljištu, nadziđivanjem, mješanjem nepodijeljenoj stvari učestvuje više stvari i drugim oblicima stjecanja lica prava sa vlastitim, suprostavljenim suvlasništvo veoma ponekad interesima, i čini zanimljivim, ali i složenim i građenjem suvlasništva na na tuđem osnovu zakona, ali i sticanje suvlasništva na osnovu odluke nadležnog organa. zahtjevnim Značaj pravnim institutom. ovih imovinskih zajednica je enorman. Mada u našoj S obzirom da je regulisano državi ne postoji tačan podataka o velikim brojem zakonskih propisa broju suvlasničkih zajednica, niti materijalnog i procesnog prava, postoji posebna evidencija o istim, suvlasništvo predstavlja jedan od sa sigurnošću možemo reći da koliko najkompleksnijih pravnih instituta god sa aspekta njegove regulacije i nasljedničkih zajednica, isto toliko je sudskog primjeni i suvlasničkih zajednica. S obzirom pomenutih pravnih izvora. Broj na brojnost i činjenicu da se radi o životnih situacija koje u konačnici zakonskim mogu suvlasništva, te da u takvoj situaciji tumačenja rezultirati u nastankom suvlasničkih zajednica je veliki. Pored sticanja prava suvlasništva na osnovu pravnog posla, postoji čitav niz situacija koje zakon reguliše, a koje u konačnici vode do nastanka suvlasničkih je bračnih, načinima odnosno nastanka upis u zemljišnu knjigu nema konstitutivni, već deklaratorni karakter, jasno je da od nivoa adekvatne uređenosti ovih odnosa proporcionalno zavisi i sigurnost pravnog prometa. 3 �Društveni ogledi, decembar 2020. _____________________________ Naime, najčešće se u slučaju tržišna privreda, ali i svakodnevne pomenutih suvlasničkih zajednica životne situacije nameću. U takvim događa da iste nisu propisno situacijama seže se za rješenjima koja evidentirane u zemljišnoknjižnim nemaju odgovarajuću brzinu. Ovdje registrima ili su sa druge strane upisi prevashodno mislimo na ostavljanje zastarjeli, odnosno nepotpuni. Sve sudovima da kroz svoju normativnu rezultira djelatnost, odnosno sudsku praksu nesređenosti zemljišnih knjiga, što narušava dejstvo načela iznađu odgovarajuća povjerenja u zemljišne knjige. Međutim, ta rješenja s razlogom nisu uvijek Posljedice po našu privredu su, slobodno možemo reći, najbolja, jer rješenja. postojeća regulativa ne ostavlja dovoljno prostora za inovativnija rješenja. katastrofalne. Treća savjesna lica nisu u dovoljnoj mjeri zaštićena jer Mi ćemo se u ovom dijelu još uvijek, bez obzira na sve, u rada upravo posvetiti jednom veoma faktičkom smislu, postoji obaveza ili bitnom pitanju u funkcionisanju i bolje pravnoj reći potreba istraživanja regulaciji suvlasničkih želeći prevashodno vanknjižnog stanja nekretnina. Ovo zajednica, posljednje akcentira potrebu da se prezentirati traga i iznađu najbolja rješenja koja svakodnevno postavljaju pred našu će pomenute zajednice regulisati i privredu i sudove, a zatim i ponuditi time iste staviti u promet, ali i zaštiti neka bolja rješenja. Naime, radi se o interese trećih savjesnih lica koja su pitanju stjecanja prava vlasništva postupala u dobroj vjeri. Pored dosjelošću i to na suvlasničkom navedenog, idealnom dijelu nekretnine. postojeća zakonska dileme koje se regulativa ovih instituta se ne čini dovoljno jasnom Ponekad zakoni i preciznom. jednostavno nemaju odgovora na izazove koje 4 �Društveni ogledi, decembar 2020. _____________________________ Opće pretpostavke za Smatramo napomenuti stjecanje prava prava vlasništva na nekretninama je i osnovu dosjelosti (usucapia).1 Radi se o originarnom načinu sticanja prava vlasništva, ali i drugih stvarnih prava na osnovu kvalifikovanog neprekidnim posjeda vršenjem i njihovog pravo prestaje činjenice da stari vlasnik nije izgubio pravo zato što ga nije vršio nego zato što je novi originarno stekao vlasništvo, a općepoznato je da na istoj stvari ne mogu u isto vrijeme postojati dva isključiva vlasništva.2 Značaj ovog originarnog Institut vrlo značajan naročito faktičke pravnim sistemima u kojima postoje je instrument pretvaranja u ne vrijeme. dosjelosti vlasti vlasništva nevršenjem, već se polazi od sadržaja kroz određeno, zakonom propisano prava do povrede i negiranja načela da Kao jedan od načina sticanja na sticanje vlasništva dosjelošću ipak ne dolazi vlasništva dosjelošću sticanje da bitnim pravnu, posjeda u subjektivno pravo. načina sticanja prava vlasništva bilo dolazi koji do oblici izražaja u nesklada zemljišnoknjižnog i faktičkog stanja. S obzirom na navedeno, suvišno je i O institutu dosjelosti više vidi kod: Simonetti P, Stjecanje prava vlasništva primjenom ustanova dosjelosti i uzurpacije na na nekretninama koje su bile u društvenom vlasništvu, Zbornik Pravnog fakulteta u Rijeci, v. 29, br. 1/2008; Brežanski J, "Dosjelost kao način stjecanja stvarnih prava", Zbornik Pravnog fakulteta Sveučilišta u Rijeci, 2/1999; Žuvela M, Stjecanje prava vlasništva – posebno o građenju na tuđem zemljištu i dosjelosti, Zakonitost, br. 9–10/90; Simonetti P, 1 Prelazak nekretnina u društveno vlasništvo protekom vremena, Zbornik Pravavnog fakuklteta u Rijeci, v. 28, br. 1/2007, 1-37; Popov D., Kvalifikovana državina u funkciji sticanja prava svojine održajem, Zbornik radova Pravnog fakulteta, Novi Sad. 2011; 45(1):109-125; Popov D, Pravna dejstva državine, Zbornik radova Pravnog fakulteta, Novi Sad. 2006; 40(2):217-235; 2 M. Vedriš, M. Klarić, Osnove imovinskog prava, IV izdanje, Pravni fakultet, Zagreb, 1983. godina, str. 193. 5 �Društveni ogledi, decembar 2020. _____________________________ govoriti o njegovom značaju u našoj posjedovanja od deset godina za državi. U stvari, dosjelost se nekada nekrentine,4 odnosno 3 godine za nameće i kao jedini izlaz za vrlo pokretne stvari.5 Za slučaj stjecanja komplikovana i neriješena pravna prava vlasništva putem vanredne pitanja, dosjelosti, zahtjevi su nešto blaži u a posebno kada su zemljišnoknjižni vlasnici nepoznati. Naš pravni sistem, kao i većina zemalja u okruženju poznaje dvije vrste dosjelosti, redovnu i vanrednu.3 Osnovna razlika između ove dvije vrste dosjelosti je u kvaliteti, posjeda, odnosno te kvalifikaciji dužini rokova za pokretne ili nepokretne stvari. Tako se za stjecanje prava vlasništva redovnom dosjelošću prema našem važećem pravu traži da posjed bude pogledu stepena kvalifikovanosti posjeda, ali zakon u tom slučaju propisuje duže vremenske rokove posjedovanja. Tako samostalni posjednik nekretnine, čiji je posjed savjestan, stječe dosjelošću vlasništvo na nekretnini protekom dvadeset godina neprekidnog posjedovanja,6 a na pokretnoj stvari protekom šest godina savjesnog posjeda.7 Dakle, posjed mora imati zakonit i savjestan, uz uslov da nije određene kvalitete kako bi bio pribavljen ili podoban osnov za sticanje prava zloupotrebom povjerenja, te uz vlasništva dosjelošću. Tako je posjed uslov proteka neprekidnog vremena zakonit ukoliko se zasniva na Npr. hrvatsko, crnogorsko, srbijansko, makednsko, slovensko pravo itd. Nadalje, izraz vanredna dosjelost je u upotrebi i u stranim zakonicima i pravnoj literaturi (npr. Švajcarski i Grčki građanski zakonik itd.). O. Stanković, M. Orlić, Stvarno pravo, Beograd, 1998, str. 136. S druge strane, neka strana zakonodavstva, kao što je slučaj sa npr. njemačkim građanskim zakonikom, ne poznaju instituciju redovne, nego samo vanredne dosjelosti (Čl. 937. BGB-a). Navedneo prema: Popov D, Sticanje prava svojine održajem, Zbornik radova Pravnog fakulteta u Novom Sadu, 3/2007, str. 197. 4 Čl. 58. st. 1. ZSPFBiH/RS 5 Čl. 116. st. 1. ZSPFBiH/RS 6 Čl. 58. st. 2. ZSPFBiH/RS 7 Čl. 116. st. 2. ZSPFBiH/RS 3 silom, prijetnjom 6 �Društveni ogledi, decembar 2020. _____________________________ punovažnom pravnom osnovu (npr. nesavjestan od časa kad mu je tužba postoji kupoprodajni ugovor), te dostavljena, što na odgovarajući kako zakon kaže, ukoliko nije način važi i kad je o pravu na posjed pribavljen ili konačno odlučilo drugo nadležno zloupotrebom povjerenja. Nadalje, tijelo ili sud u nekom drugom posjed postupku.10 silom, je prevarom savjestan ukoliko posjednik ne zna niti može znati da stvar koju posjeduje nije njegova. Savjesnost se uvijek pretpostavlja, te onaj ko trvdi suprotno to mora i dokazati.8 Kada je u pitanju savjesnost i istinitost posjeda pravne osobe ona se prosuđuje prema savjesnosti i postupanju one fizičke osobe koja je za tu pravnu osobu ovlaštena poduzimati radnje sticanja ili izvršavanja posjeda, a osoba koje imaju zakonskog zastupnika prema savjesnosti i postupanju njihovog zakonskog zastupnika.9 S druge strane, ukoliko je u sporu o pravu na posjed pravosnažno odlučeno da pravo na posjedniku, posjed njegov ne pripada je posjed Čl. 226. st. 1. i 2. ZSPFBiH, Čl. 312. st. 1 i 2. ZSP RS. Presuda Kantonalnog suda Travnik, broj Gž-473/03 od 26.05.2004. godine. Također vidi: VSRH Rev 1631/1989, od 24.10.1991. godine. 8 Vrijeme potrebno za dosjelost počinje teći od dana kada je posjednik stupio u posjed nekretnine, a završava se istekom posljednjeg dana vremena koje je potrebno za dosjelost.11 U vrijeme posjeda uračunava se i vrijeme, za koje su prethodnici sadašnjega posjednika neprekidno posjedovali stvar kao zakoniti i savjesni samostalni posjednici, odnosno kao savjesni samostalni posjednici.12 Uračunavanje vremena je moguće i ako su posjednici različitog kvaliteta, kada se vrijeme za koje su posjedovali prethodnici sadašnjeg posjednika preračunava u vrijeme Čl. 226. st. 3. i 4. ZSPFBiH, Čl. 312. st. 3. i 4. ZSP RS. 10 Čl. 226. st. 5. ZSPFBiH, Čl. 312. st. 5 ZSP RS. 11 Čl. 58. st. 3. ZSPFBiH/RS 12 Čl. 58. st. 4. ZSPFBiH/RS 9 7 �Društveni ogledi, decembar 2020. _____________________________ potrebno za dosjelost.13 Kada se radi sticanja prava vlasništva dosjelošću o nasljeđivanju, oboriva je zakonska na idelanom dijelu nekretnine u pretpostavka da nasljednik postaje suvlasništvu. Broj mogućih životnih savjesni trenutka situacija iz kojih ovo pitanje izvire je otvaranja nasljedstva i u slučaju kad veliki. Jedna od situacija je i kada je ostavilac bio nesavjestan držalac, neko lice kupi idealni dio ili na drugi bez obzira kada je stekao faktičku način stekne zakonit posjed, a da posjednik od 14 vlast na stvari. Što se tiče prekida tom prilikom nije znao niti mogao odnosno zastoja toka vremena znati da lice od kojeg kupuje nije dosjelosti, na odgovarajući se način suvlasnik. primjenjuju odredbe o prekidu, odnosno zastoju toka rokova za zastaru potraživanja iz ZOO.15 Stjecanje prava vlasništva dosjelošću na Ranija sudska praksa zauzela je stav da suvlasnik ne može steći pravo vlasništva suvlasničkom suvlasnika.16 dosjelošću dijelu Međutim, na drugog stajalište novije domaće sudske prakse, ali i idealnom suvlasničkom prakse sudova regiona u pogledu dijelu nekretnine od ovog pitanja je da suvlasnik ipak strane drugog suvlasnika U pravoj teoriji i praksi može steći vlasništvo na cijeloj stvari pod općim pretpostavkama, a to znači da suvlasnik može steći pravo vlasništva na suvlasničkom dijelu postavilo se pitanje mogućnosti Čl. 58. st. 5. ZSPFBiH/RS Čl. 58. st. 6. ZSPFBiH/RS 15 Čl. 58. st. 7. ZSPFBiH/RS 16 Vrhovni sud Jugoslavije, Rev. br. 2594/61, od 07.02.1961. godine. Navedeno 13 14 prema: Lazarević D, Susvojina, zajednička svojina i zaštita prava svojine, Poslovni biro, Prvo izdanje, Beograd 2011, str. 85 fn: 262. 8 �Društveni ogledi, decembar 2020. _____________________________ drugog suvlasnika i dosjelošću.17 Na već to može steći samo druga osoba koja ovom stanovištu je i pravna nauka.18 nije suvlasnik stvari“.19 Ipak, domaća sudska nije u Iznesenom stavu, osim potpunosti jednoglasna u ovom primjedbe da je u suprotnosti sa već pitanju. Tako se veoma zanimljivim citiranom čini stav Općinskog suda u Zenici, uključujući i sudsku praksu našeg naknadno od Vrhovnog suda, kao i stavom pravne Kantonalnog suda u Zenici, a koji nauke, može se prigovoriti i sa još glasi: „kako vlasnik ne može steći pravo jednog osnova. Naime, kako je vlasništva nad vlastitom stvari dosjelošću, pomenuto, za stjecanje suvlasništva tako isto ni suvlasnik ne može ni u kom ne postoje neke posebne pravne slučaju steći pravo suvlasništva dosjelošću osnove različite od onih na temelju na određenoj stvari, odnosno suvlasničkim kojih se stječe pravo vlasništva. dijelovima drugih suvlasnika na toj stvari, Kako je prema ZSP FBiH/RS, kao i prihvaćenog i sudskom praksom, starijim propisima, predviđeno da se u pravnom prometu uzima da je 17„Suvlasnik može steći pravo vlasništva dosjelošću na suvlasničkom dijelu drugog suvlansika pod općim uvjetima.“ Pravni stav Kantonalnog suda u Sarajevu-Bilten Kantonalnog suda u Sarajevu, broj 3/99, str. 35, Isto tako VSBiH, Gž-704/73 od 19.11.1973. godine. Pravna misao, broj 56/1974, str. 73; Zbirka sudskih odluka, 1976, knjiga 1, sveska 1, str. 122, i VSBiH, broj Gz-707/73 od 18.10.1973. godine – Bilten VSBiH, broj 27/1974, str. 25. „Zemljišnoknjižni suvlasnik može u parnici tražiti da se presudom utvrdi da je pod opštim zakonskim pretpostavkama održajem stekao pravo vlasništva na nekretninama koje su vanknjižnom diobom pripale pojedinim zemljišnoknjižnim suvlasnicima i da mu se srazmjerno tome poveća suvlasnički dio (Čl. 28. st. 4. ZOSPO).“ Pravni stav sjednice Građasnkoprivrednog odjeljenja VSBiH od 26.02.1988. godine – Bilten VSBiH, broj 1/1988, odluka broj 120. Također vidi: „Savjesni posjednici nekretnina koje je njihov prednik kupio od suvlasnika stekli su pravo vlasništva protekom vremena od dvadeset godina“ Vrhovni sud BiH Rev. 492/87 od 9. juna 1988. godine, Bilten VSBiH, broj 3/1988. 18 Stanković O, Orlić M, Stvarno pravo, Nomos doo Beograd, 2001. godine, str. 157. 19 Presuda Općinskog suda u Zenici broj 034-0-P-06-001293 od 18.6.2009. godine. Ovaj stav naknadno je potvrđen presudom Kantonalnog suda u Zenici Broj: 004-0-Gž09-003500, od 25.05.2010. godine 9 �Društveni ogledi, decembar 2020. _____________________________ idealni dio stvari samostalna stvar, te na da sve što je određeno za stvar savjesnosti, vrijedi i za idealne dijelove (osim u suvlasništvo kao takvo evidentirano zakonom propisanim slučajevima), u zemljišnoj knjizi. Tako se npr. to se kao logičan zaključak i nameće postavlja pitanje, da li je sticalac mogućnost sticanja (su)vlasništva na savjestan idelanom dijelu nekretnine. ostavinskih rješenja i izvršenog upisa Dakle, s obzirom na to da za stjecanje prava dosjelošću nije propisano, zaključujemo da navedeno suvlasništva ništa pitanje posebno na adekvatno primjenjuju odredbe o stjecanju idealnom dijelu je naročito unatoč pitanje kada je postojanju u zemljišne knjige? Ovo pitanje ima poseban praktični značaj iz razloga što je najveći broj suvlasničkih zajednica u kojima se i postavlja ovo pitanje, nastao na osnovu praktični značaj nasljeđivanja. prava vlasništva dosjelošću. Nadalje, Dodatni jasno je da će se u ovom slučaju proističe iz činjenice nesređenosti uvijek primjenjivati pravila vanredne zemljišnoknjižnih dosjelosti. Međutim, jasno je da se posebno u ranijem periodu kada je ne radi o jednostavnom, već o uredna evidencija u zemljišnim veoma složenom postupku u kojem knjigama je neophodno dokazati sve kvalitete zapostavljena, a načelo povjerenja u posjeda, zemljišne knjige bilo zanemareno. o kojima detaljnije govorimo u nastavku rada. Savjesnost suvlasnika stjecatelja evidencija, bila poprilično Dakle, jasno je da u praksi postoji veliki broj tzv. „fiktivnih“ suvlasničkih zajednica, u kojima formalni suvlasnici nisu ni svjesni pomenutog pravnog odnosa. Ono što je sporno kod stjecanja prava vlasništva dosjelošću U konkretnom slučaju, postojanja ostavinskih rješenja i 10 �Društveni ogledi, decembar 2020. _____________________________ izvršenog upisa u zemljišne knjige, ostavinskih rješenje ne čini posjed sudska praksa stoji na stanovištu da tužitelja navedene činjenice same po sebi ne savjesnost ili nesavjesnost posjeda je govore o nesavjesnosti tužitelja. faktičko pitanje koje sud rješava na Tako će i pored navedenog sticalac osnovu relevantnih okolnosti biti savjestan ukoliko se on (kao i svakog konkretnog slučaja.21 njegov prednik) ponašao kao Međutim, iako se savjesnot posjeda vlasnik spornih nekretnina, a drugi presumira, prema stajalištu sudske suvlasnik/ci (niti njegovi prednici) prakse nikada nisu osporili ovo pravo nesavjesnim.20 postoji zakonska presumpcija savjesnog posjeda, vlasništva, iako je sticalac svoja nesavjesnost posjeda vlasničko-pravna ovlaštenja dokazivati protivna stranka kad iz manifestirao naočigled. navoda samog posjednika proizlazi njima Shodno navedenom, sama činjenica “iako Dakle, ne treba da je njegov posjed nesavjestan.”22 upisa u zemljišne knjige na temelju „Prednik tužitelja, kao i tužitelj na temelju ove okolnosti su osnovano vjerovali da su vlasnici, pa se tužiteljev propust da izvrši uvid u zemljišne knjige istom ne može stavljati nateret i činiti njegov posjed nesavjesnim, jer se on kao i njegov prednik duži niz godine i to više od 40 godine ponašao kao vlasnik i jasno manifestira sva vlasničko-pravna ovlaštenja, a sama činjenica upisa u zemljišne knjige na temelju ostavinskih rješenja ne čini posjed tužitelja nesavjesnim. Prema tome, sama činjenica upisa u zemljišne knjige na temelju ostavinskih rješenja ne čini posjed tužitelja nesavjesnim.“ Kantonalni sud u Travniku, broj Gž 473/03, od 26.05.2004. godine Domaća i strana sudksa praksa, broj 14/2006, str. 37-38. Također vidi: „Sudska praksa zauzela je stav da je pretpostavka savjesnosti posjeda radi sticanja prava 20 vlasništva ispunjena ukoliko se vlasnik nepokretne stvari apsolutno pasivno drži u pogledu ostvarenja nekog prava koje izvire iz prava vlasništva na toj stvari, a posjednik te stvari iz takvog ponašanja vlasnika stvari kroz vrijeme od 20 godina stekne uvjerenje da ga realizacija tog prava ne interesuje i da stvar drži kao savjestan posjednik.“ Vrhovni sud RS, broj Rev 69/02 od 14.11.2003. godine – Domaća i strana sudksa praksa, broj 7/2005, str. 43-44; Bilten sudkse prakse VS RS, broj 2004/I, odluka broj 32. 21 Medić D, Državina u pravu Republike Srpske, Godišnjak Fakulteta pravnih nauka, godina 2, broj 2, Banja Luka, jul 2012. godine, str. 5-49 22 VSH, Rev 1953/1984. od 08.01.1985. godine. Navedeno prema: Brežanski J, Još o stjecanju vlasništva dosjelošću na nekretninama u 11 �Društveni ogledi, decembar 2020. _____________________________ Tako, primjeni nema instituta prostora dosjelosti u pravo vlasništva nekretnini, odnosno na cijeloj u obimu situacijama kada suvlasnici znaju da posjeda, a samim tim i suvlasničkom nisu jedini vlasnici stvari (nisu dijelu drugog suvlasnika.24 Postavlja savjesni), što će uvijek biti u slučaju se jedno generalno pitanje, šta nasljednika, zajedno ukoliko je posjednik nakon proteka prisustvovali ostavinskoj raspravi i vremena potrebnog za sticanje prava 23 vlasništva saznao za druge vlasnike, koji su koji su znali za druge nasljednike. Međutim, ukoliko je jedan od odnosno sunasljednika nesavjestan nakon proteka zakonski držao cijelu nekretninu, a nakon njegove smrti njegov nasljednik nastavi preko 20 godina, tada će suvlasnik, uz ispunjenje ostalih uslova, steći društvenom vlasništvu, Zbornik Pravnog fakulteta u Rijeci, v. 30, br. 1/2009, 611. 23 „Na osnovu utvrđenih činjenica prvostepeni sud je zaključio da tužilac nije bio savjestan posjednik spornih nekretnina , jer je znao da su sporne nekretnine suvlasništvo na jednake dijelove kao njihova djedovina.“ Vrhovni sud R Hrvatske, Rev. 2106/90 od 07.11.1992. godine. Također vidi i: „Samo pošteni posjednik može steći pravo vlasništva dosjelošću, a takvim posjednikom ne može se smatrati nasljednik u čijem posjedu se nakon smrti ostavioca (oca) nalazi nekretnina koja predstavlja ostavinsku imovinu, a koji je znao da pored njega postoji i drugi nasljednik (njegov brat), i da se taj drugi nasljednik nije odrekao nasljedstva, niti mu je ustupio svoj idealni dio, pa stoga na temelju takvog posjeda nije mogao steći pravo vlasništva dosjelošću nannasljednom dijelu tog drugog nasljendika, neovisno o duljini trajanja tog posjeda, jer je znao da mu ne pripada je postao utvrđenog vremena? da posjeduje i koristi cijelu nekretninu ukoliko Da li u takvoj situaciji on gubi osnov za sticanje prava vlasništva dosjelošću? I ovo pitanje pravo na posjed cijele ostavinske mase.“ Županijski sud u Bjelovaru, Gž 527/09 od 15.10.2009. godine-odluka dostupna na: www.iusinfo.hr (04.12.2020.) Također vidi: „Tvrdnje revidenta koje se odnose na stjecanja prava dosjelošću nisu osnovane. Ovo iz razloga što su i prednik tuženika i tuženik znali da sporna nekretnina predstavlja zajedničku imovinu tužiteljice i oca tuženika pa nisu bili savjesni posjednici. Zbog navedenog nisu imali mogućnost stjecanja prava vlasništva dosjelošću bez obzira na vremensko trajanje posjeda tuženika i njegovog pravnog prednika na spornim nekretninama.” (VSRH, Rev2196/1991 od 23. decembra 1991.) 24 Lazarević D, Susvojina, zajednička svojina i zaštita prava svojine, Poslovni biro, Prvo izdanje, Beograd 2011, str. 86. 12 �Društveni ogledi, decembar 2020. _____________________________ nije eksplicitno regulisano zakonom, Nadalje, postavlja se pitanje tako da su odgovor na isto morali da li savjesnost posjednika prestaje dati sudovi kroz ustaljene postupke. momentom saznanja da je drugi S tim u vezi, naši sudovi, kao i sudovi upisan u zemljišnu knjigu? Ovo zemalja u okruženju su zauzeli stav pitanje je od velikog značaja jer se da činjenica što je posjednik postao stjecalac o ovom pitanju upoznaje u nesavjestan nakon proteka vremena većini potrebnog prava pripreme tužbe. Kao i većina drugih vlasništva dosjelošću ne utiče na pitanja, isto također nije eksplicitno krajnji regulisano određenim zakonskim za ishod sticanje sticanja prava slučajeva u momentu vlasništva.25 Ovo iz razloga što se članom. vlasništvo putem dosjelosti stječe na negativan odgovor na postavljeno osnovu zakona i to momentom pitanje, te se zauzima stav da ispunjena savjesnost posjednika ne prestaje svih propisanih pretpostavki. Sudska praksa daje časom saznanja da je drugi upisan u zemljišnu knjigu.26 Paragraf 1468. OGZ-a i načelno mišljenje Proširene opšte sjednice Saveznog vrhovnog suda Jugoslavije od 4. aprila 1960. godine broj 3/60 ZSO V-1, 15. Također vidi: „Međutim, ako se uzme u obzir nepobitno utvrđena činjenica da posjed tužilaca i njihovih prednika na spornim nekretninama traje još od vremena prije drugog svjetskog rata i da je do 1963. godine, kada se tužiteljica počela obraćati tuženim da izvrše diobu suvlasničkih nekretnina, proteklo vrijeme duže od 20 godina, slijedi zaključak da su tuženi, u smislu pravnih pravila imovinskog prava modifikovanih u sudskoj praksi, već do tog momenta (1963.godine), stekli pravo vlasništva u spornim nekretninama putem dosjelosti pa je zbog toga nebitno kada se 25 tužiteljica poslije toga obraćala tuženima radi ostvarivanja svojih suvlasničkih prava.“ Vrhovni sud BiH, Rev. 488/87 od 9. juna 1988. godine –Bilten VSBiH, broj 3/1988 26 „Pravno shvaćanje suda prvog stupnja kako je poštenje posjednika prestalo časom kad je saznao da je netko drugi upisan u zemljišne knjige nije pravilno. Sama činjenica da je u zemljišnoj knjizi upisano vlasništvo druge osobe, u konkretnom slučaju općenarodna imovina, odnosno Republika Hrvatska, ne znači nužno da je posjednik nesavjestan, odnosno nepošten. Nepoštenje posjeda treba dokazivati (Vrhovni sud Republike Hrvatske, odluke poslovni broj Rev 1519/09 od 23. ožujka 2011, Rev-x 76/14 od 21. listopada 2014., i druge).” (Županijski sud u Zagrebu, Gž- 13 �Društveni ogledi, decembar 2020. _____________________________ Tužbe radi uknjižbe prava vlasništva stečenog dosjelošću na idealnom dijelu nekretnine posjedovao kroz zakonom određeni period. 27 Tako, savjesni posjednik ne može tražiti pravo suvlasništva cijele katastarske parcele već samo pravo vlasništva na onaj dio koji je posjedovao najmanje dvadeset godina.28 U tom smislu, ukoliko su Kada je u pitanju obim ispunjene pretpostavke za stjecanje sticanja prava vlasništva onda se radi prava vlasništva dijela nekretnine o primjeni pravila quantum possessum dosjelošću, ne može se tražiti tantum praescriptum, odnosno vlasnik utvrđenje stječe samo ono i onoliko koliko je razmjerno utvrđenom omjeru u prava suvlasništva odnosu na cijelu nekretninu.29 Ovo 5707/2018 od 2.07.2019. godine. U tom pravcu vid ii: „Nepošten je posjednik koji zna ili mora znati da nema pravo (samostalno) posjedovati nekretninu. Činjenica da je posjedovana nekretnina upisana u zemljišnim knjigama na drugu osobu ne čini sama po sebi posjed nepoštenim, a do nepoštenja posjeda ne dovodi ni propust posjednika da povjerava stanje u zemljišnim knjigama. U konkretnoj situaciji, kad je prednik tužitelja na temelju kupoprodajnog ugovora bio upisan u zemljišnim knjigama kao suvlasnik nekretnina u ½ dijela, a koje nekretnine su u postupku nove izmjere sukladno fizičkoj diobi nekretnina upisane u posebne posjedovne listove i raniji suvlasnici ih tako i posjeduju, okolnost da je u zemljišnim knjigama na temelju izjave jednog od ranijih suvlasnika (M. G.) upisano suvlasništvo i na onim nekretninama koje su u isključivom posjedu drugog suvlasnika (T. B.), posjed T. B. i njegovih sljednika ne čini nepoštenim.” VSRH, Rev-x 76/14 od 21.10.2014. godine 27 Brežanski J, Još o stjecanju vlasništva dosjelošću na nekretninama u društvenom vlasništvu, Zbornik Pravnog fakulteta u Rijeci, v. 30, br. 1/2009, 603. 28 “Dosjelosti (održaj) je originaran način sticanja prava vlasništva pa savjesni posjednik (uzukapient) ne može tražiti pravo suvlasništva cijele katastarske parcele već samo pravo vlasništva na onaj dio koji je posjedovao preko dvadeset godina.” Vrhovni sud BiH, Rev. 66/87 od 22.10.1987. godine – Bilten VSBiH broj 1/1988 29 “U postupku je utvrđeno da je tužiteljica stekla sve pretpostavke za stjecanje prava vlasništva dosjelošću točno određenog i fizički omeđenog dijela sporne nekretnine a ne prava suvlasništva u odnosu na cijelu nekretninu. Tužiteljica je prvotno i imala pravilno postavljen tužbeni zahtjev na utvrđenje prava vlasništva točno određenog 14 �Društveni ogledi, decembar 2020. _____________________________ pitanje je naroičito bitno kod tzv. omjer suvlasništva kroz proračun tihih/ skrivenih dioba, koje su u suvlasničkih omjera u zavisnosti od našoj državi veoma često provođene površine putem dogovora posjedovala. Navedenim pitanjem se njihovih također bavila sudska praksa. Tako prednika, i iste su imanentne upravo je Vrhovni sud Hrvatske u predmetu tzv. broj VSRH Rev x - 1075/12 od 29. usmenih suvlasnika, odnosno „fiktivnim“ suvlasničkim zajednicama. nekretnine koja se 01. 2014. godine postavio značajan stav da: „ukoliko se radi o stečenom Upravo, navedeno pitanje je u praksi dodatne dijelu nekretnine koji faktično prema postavljanja materijalno pravnim pravilima koja su se konkretnih tužbenih zahtjeva. Tako primjenjivala u trenutku stjecanja već se u praksi veoma često u tužbenim predstavlja pojedinačno određenu stvar, zahtjevima pogrešno traži utvrđenje kao dopušten i određen treba prihvatiti i prava suvlasništva, a ne isključivog zahtjev vlasničke zaštite kojim se taj prava vlasništva. Npr. ukoliko je lice faktično odijeljeni dio precizno grafički posjedovalo određeni fizički dio individualizira prema skici lica mjesta.“ probleme proizvelo pravu vlasništva na fizički odijeljenom prilikom nekretnine kroz zakonom utvrđeni rok, veoma često tužbenim U takvoj situaciji, „stjecatelj je zahtjevima se tražilo da se utvrđuje ovlašten zahtijevati provedbu parcelacije dijela sporne nekretnine sukladno nalazu i mišljenju vještaka geometra, ali je naknadno preinačila tužbeni zahtjev i zatražila utvrđenje prava suvlasništva u odnosu na cijelu nekretninu razmjerno površini koju u naravi uživa osobno i putem prednika preko 50 godina. Ovaj sud u cijelosti prihvaća pravno stajalište drugostupanjskog suda da u slučaju kada su ispunjene pretpostavke za stjecanje prava vlasništva dijela nekretnine dosjelošću, ne može se tražiti utvrđenje prava suvlasništva razmjerno utvrđenom omjeru u odnosu na cijelu nekretninu. U ovom konkretnom slučaju nikada nije egzistiralo pravo suvlasništva između tužiteljice i tuženika odnosno njihovih pravnih prednika, već naprotiv u postupku je utvrđeno da je svaka strana bila u posjedu i uživala točno fizički određen dio sporne nekretnine.” Vrhovni sud R Hrvatske, Revx 995/13-2, od 24.01.2014. godine 15 �Društveni ogledi, decembar 2020. _____________________________ predmetnog zemljišta prema granicama slučaju uveliko oslanja na već stečenog prava vlasništva, te dalje time (ako pomenuto načelo quantum possessum su ispunjene i ostale pretpostavke) otpisom tantum praescriptum. nastale čestice u zemljišnim knjigama, upis vlasništva na svoje ime, čime je odluka provediva.“ Dakle, taj geometrijski odijeljeni dio faktično je individualiziran, kao takav egzistira, pa u svakom slučaju ne predstavlja suvlasnički dio nekretnine iz koje je individualiziran. Suvlasništvo je prestalo, te je prema materijalnopravnim pravilima koja su se primjenjivala u trenutku stjecanja, stečeno vlasništvo geometrijski odijeljenog dijela koji faktično već predstavlja pojedinačno određenu stvar.”30 Predmetni stav se u svakom Vidi: “Ispravno postavljen zahtjev trebao bi glasiti u odnosu na zemljište koje shodno odredbi čl. 5. st. 1. ZV može biti objektom stvarnih prava (parcelacijom valjano izdvojenu katastarsku česticu). Međutim, ako se radi o stečenom pravu vlasništva na fizički odijeljenom dijelu nekretnine koji faktično prema materijalno pravnim pravilima koja su se primjenjivala u trenutku stjecanja već predstavlja pojedinačno određenu stvar, kao dopušten i određen treba prihvatiti i zahtjev vlasničke zaštite kojim se taj faktično odijeljeni dio precizno grafički individualizira prema skici lica mjesta, odnosno kao u konkretnom slučaju prema parcelacijskom elaboratu koji nije potvrđen od strane nadležnog ureda za katastar, ali koji jasno određuje predmet 30 Naredno praktično pitanje koje se pojavljuje u odnosu na predmetni slučaj jeste na koji način će doći do izdvajanja posebnog ZK izvadka. U konkretnom slučaju, pravosnažna presuda kojom se usvaja tužbeni zahtjev kojom je tužitelj na osnovu dosjelosti stekao isključivo vlasništvo zemljišne čestice, nekretnine, će biti na dijelu odnosno osnov za neophodnu parcelizaciju i kreiranje prijavnog lista.31 vlasničke zaštite. Kod pravomoćno prihvaćenog tužbenog zahtjeva, stjecatelj je ovlašten zahtijevati provedbu parcelacije predmetnog zemljišta prema granicama stečenog prava vlasništva (pa i u pretpostavkama iz odredbe čl. 161. st. 3. t. 3. Zakona o prostornom uređenju Narodne novine, broj 153/13), te dalje time (ako su ispunjene i ostale pretpostavke) otpisom nastale čestice u zemljišnim knjigama (čl. 145. do 162. ZZK), upis vlasništva na svoje ime (čl. 130. st. 1. ZV), čime je odluka provediva.” VSRH Rev x 1075/12 od 29.01.2014. godine. 31 "Da bi dio postojeće nekretnine dobio svojstvo pojedinačne nekretnine, odnosno zemljišne čestice na kojoj se prema čl. 2. Zakona o vlasništvu i drugim stvarnim 16 �Društveni ogledi, decembar 2020. _____________________________ Nadalje, postavlja se Da li sud u konkretnom praktično pitanje, u kojem momentu primjeru može usvojiti tužbeni moraju biti ispunjene pretpostavke zahtjev na osnovu ispunjenosti za vlasništva uslova za stjecanje prava vlasništva u momentu momentu stjecanje dosjelošću, prava da li u zaključenja glavne podnošenja tužbe ili u momentu rasprave. Naime, ovo pitanje je u zaključenja rasprave. suprotnosti sa opštim načelom Praktični značaj ovog pitanja je parničnog postuka da sud cijeni veliki, naročito u situacijama kada ispunjenost uslova u momentu tužitelj podnese tužbu za sticanje zaključenja glavne rasprave. I ovo prava vlasništva na osnovu redovne pitanje je bilo predmetom raznih dosjelosti, a tokom samog postupka teorijskih i praktičnih rasprava. se ispune i pretpostavke za sticanje Zanimljiv putem vanredne dosjelosti. navedeno pitanje zauzeo je Vrhovni glavne sud pravima može stjecati pravo vlasništva, potrebno je da se provede parcelacija, sačini prijavni list koji će biti propisno ovjeren od strane nadležnog katastarskog ureda i tek nakon toga u skladu s prijavnim listom provede razvrgnuće, budući da se pravo vlasništva može uknjižiti samo na određenoj zemljišnoknjižnoj čestici ali ne i na fizički određenom dijelu nekretnine.""Zaključak sjednice Građanskog odjela Županijskog suda u Varaždinu od 06.10.2011. godinu. Također vidi: “Mada parcelacija iz 2011. nije provedena u zemljišnim knjigama, prema shvaćanju ovog suda, ali i Vrhovnog suda Republike Hrvatske (Rev-x 1075/12 od 29. 1. 2014.), tužitelj može zahtijevati utvrđenje vlasništva na dijelu postojeće zemljišnoknjižne čestice, kao i trpljenje takvog upisa u zemljišnoj knjizi nakon RH stav na u odnosu općoj na sjednici parcelacije iste, ako dokaže kako je stekao vlasništvo po jednom od zakonskih temelja. Ovo shvaćanje se zasniva na mogućnosti da se neka čestica potajnom diobom podijeli na više faktički (materijalno) odijeljenih dijelova koji faktično već predstavlja pojedinačno određenu stvar - species (čl. 5. st. 1. ZV). Ovaj geometrijski odijeljeni dio faktično je individualiziran, kao takav egzistira, pa više ne predstavlja suvlasnički dio nekretnine iz koje je individualiziran. U tom slučaju je suvlasništvo prestalo, makar nije izvršena parcelacija čestice u zemljišnim knjigama i katastru, te je prema materijalno pravnim pravilima koja su se primjenjivala u trenutku stjecanja, moguće steći vlasništvo geometrijski odijeljenog dijela koji faktično već predstavlja pojedinačno određenu stvar.” Županijski sud u Zagrebu, Gž553/16 od 03.01.2017. godine 17 �Društveni ogledi, decembar 2020. _____________________________ građanskog odjeljenja, a koji glasi: Zaključak "Pretpostavke za stjecanje prava vlasništva dosjelošću (kvaliteta i trajanje posjeda, sposobnost U radu je obrađeno pitanje mogućnosti sticanja prava vlasništva posjednika biti vlasnikom stvari, te dosjelošću sposobnost nekretnine u suvlasništvu, te su stvari da bude u na idelanom osnovna dijelu vlasništvu) moraju biti ispunjene u prezentirana stajališta vrijeme podnošenja tužbe.„32 pravne nauke, ali i sudske prakse, kako domaće, tako i prakse sudova u Faktička primjena ovog regionu. Analizom shvatanja znači da pretpostavke za pozitivnih stjecanje prava vlasništva dosjelošću sudske prakse utvrdili smo različita moraju u postupanja i različite stavove sudova momentu utuženja. Do usvajanja u pogledu ovog pitanja. U nastojanju citiranog shvaćanja i u R Hrvatskoj da iznađemo kvalitetnije rješenje, a je postojala gotovo ustaljena praksa na osnovu detaljne analize sudske da su se pretpostavke za stjecanje prakse, smatramo da je ispravniji prava dosjelošću stav prema kojem je dopušteno trenutku sticanje vlasništva na suvlasničkom biti ispunjene vlasništva procjenjivale već prema zaključenja glavne rasprave, iako je postojala i praksa sudova u pravcu novozauzetog stanovišta.33 zakonskih relevantnih propisa i udjelu na osnovu dosjelosti. Naime, suvlasništva za ne stjecanje postoje neke posebne pravne osnove različiti od Pravno shvaćanje sjednice Građanskog odjela Vrhovnog suda Republike Hrvatske (1/19) od 14. februara 2019. godine. 33 Vidi: “U konkretnom slučaju pogrešan je pravni pristup nižestupanjskih sudova koji u vrijeme potrebno za dosjelost računaju i 32 vrijeme nakon podnošenja tužbe, pa do zaključenja glavne rasprave u ovom predmetu.” VSRH, Rev 458/14 od 7. februara 2018. godine 18 �Društveni ogledi, decembar 2020. _____________________________ onih na temelju kojih se stječe pravo stoji na stanovištu da navedene vlasništva. Kako je prema ZSP činjenice FBiH/RS, kao i starijim propisima, rješenja i izvršenog upisa u zemljišne predviđeno da se u pravnom knjige) ne govore o nesavjesnosti prometu uzima da je idealni dio tužitelja. Budući da je broj mogućih stvari samostalna stvar, te da sve što životnih situacija iz kojih ova pitanja je određeno za stvar vrijedi i za izviru je veliki, te s obzirom na idealne dijelove (osim u zakonom činjenicu postojanja neusaglašene propisanim slučajevima), to se kao sudske logičan sigurnosti zaključak i nameće (postojanje prakse,a ostavinskih radi pravnog zaštite prometa, mogućnost sticanja (su)vlasništva na neophodno je de lege ferenda regulisati idelanom dijelu nekretnine. Dakle, s ova obzirom na to da za stjecanje prava usvojenim stavovima sudske prakse. pitanja u skladu sa već suvlasništva dosjelošću nije ništa posebno propisano, zaključujemo da na navedeno pitanje adekvatno primjenjuju odredbe o stjecanju prava vlasništva dosjelošću. Dodatni problem kod stjecanja prava vlasništva dosjelošću na idealnom dijelu tiče se pitanja savjesnosti, naročito kada je suvlasništvo kao takvo evidentirano u zemljišnoj knjizi, što je prema našim rezultatima zastupljeno u većini slučajeva. Rezultati analiza sudskih odluka pokazuju da sudska praksa 19 �Društveni ogledi, decembar 2020. _____________________________ Literatura Stanković, M. Orlić, Stvarno pravo, Beograd, 1998. Knjige i članci: - Popov D, Pravna dejstva državine, - Brežanski J, Još o stjecanju vlasništva dosjelošću nekretninama - - u - Popov D, Sticanje prava svojine održajem, Zbornik radova fakulteta u Rijeci, v. 30, br. Pravnog fakulteta u Novom 1/2009 Sadu, 3/2007 Brežanski J, "Dosjelost kao - Popov D., Kvalifikovana način stjecanja stvarnih prava", državina u funkciji sticanja Zbornik Pravnog fakulteta prava Sveučilišta u Rijeci, 2/1999 Zbornik radova Pravnog D, Susvojina, zajednička svojina fakulteta, Novi Sad. 2011; i zaštita prava svojine, Poslovni 45(1):109-125; - svojine Simonetti P, održajem, Prelazak 2011, nekretnina u društveno vlasništvo M. Vedriš, M. Klarić, Osnove protekom vremena, Zbornik imovinskog prava, IV izdanje, Pravavnog Pravni Rijeci, v. 28, br. 1/2007, fakultet, Zagreb, 1983. godina - 2006; 40(2):217-235; vlasništvu, Zbornik Pravnog biro, Prvo izdanje, Beograd - radova Pravnog fakulteta, Novi Sad. na društvenom Zbornik - fakuklteta u Simonetti P, Stjecanje prava Medić D, Državina u pravu vlasništva primjenom ustanova Republike Srpske, Godišnjak dosjelosti i uzurpacije na na Fakulteta pravnih nauka, nekretninama koje su bile u godina 2, broj 2, Banja Luka, društvenom vlasništvu, Zbornik jul Pravnog fakulteta u Rijeci, v. 2012. godine, O. 29, br. 1/2008 20 �Društveni ogledi, decembar 2020. _____________________________ - Stanković O, Orlić M, Stvarno pravo, Nomos doo Beograd, 2001. godine - − VSRH, Rev-2196/1991 od 23. decembra 1991. − Načelno mišljenje Proširene Žuvela M, Stjecanje prava opšte vlasništva – posebno o građenju vrhovnog suda Jugoslavije na tuđem zemljištu i dosjelosti, od 4. aprila 1960. godine Zakonitost, br. 9–10/90 broj 3/60 ZSO V-1, 15 sjednice Saveznog − Vrhovni sud BiH, Rev. Sudska praksa: 488/87 od 9. juna 1988. − Pravni stav Kantonalnog suda u Sarajevu-Bilten Kantonalnog suda u stav sjednice − Vrhovni sud VSBiH od sud broj VSBiH, broj 1/1988, odluka 23.03.2011, sud BiH Rev. 492/87 od 9. juna 1988. godine, Bilten VSBiH, broj − Presuda Kantonalnog suda u Zenici Broj: 004-0-Gž-09godine Rev. br. 1519/09 sud od Jugoslavije, 2594/61, od 07.02.1961. godine. − VSBiH, broj Gz-707/73 od 18.10.1973. godine – Bilten 3/1988. 003500, Rev − Vrhovni broj 120. Republike Hrvatske, odluke poslovni 26.02.1988. godine – Bilten − Vrhovni Republike 21. listopada 2014 − Vrhovni Građasnko-privrednog odjeljenja 3/1988 Hrvatske Rev-x 76/14 od Sarajevu, broj 3/99, − Pravni godine –Bilten VSBiH, broj od 25.05.2010. VSBiH, broj 27/1974 − VSBiH, Gž-704/73 od 19.11.1973. godine. − VSH, Rev 1953/1984. od 08.01.1985. godine 21 �Društveni ogledi, decembar 2020. _____________________________ − Vrhovni sud BiH, Rev. − Vrhovni sud R Hrvatske, 66/87 od 22.10.1987. godine Rev-x – Bilten VSBiH broj 1/1988 24.01.2014. godine − VSRH Rev 1631/1989, od 24.10.1991. godine. 2106/90 od − VSRH Rev x - 1075/12 od 29.01.2014. godine. − Vrhovni sud R Hrvatske, Rev. 995/13-2, od 07.11.1992. godine − Županijski sud u Zagrebu, Gž-553/16 od 03.01.2017. godine − Vrhovni sud RS, broj Rev − Županijski sud u Zagrebu, 69/02 od 14.11.2003. godine Gž-5707/2018 – Domaća i strana sudksa 2.07.2019. godine praksa, broj 7/2005, str. 43- od − Presuda Općinskog suda u 44; Bilten sudkse prakse VS Zenici RS, broj 2004/I, odluka broj 001293 od 18.6.2009. godine broj 034-0-P-06- 32. − Presuda Kantonalnog suda u Travniku, broj Gž-473/03 od 26.05.2004. godine − Kantonalni sud u Travniku, broj Gž 473/03, od 26.05.2004. godine - Domaća i strana sudksa praksa, broj 14/2006, str. 37-38. − Županijski sud u Bjelovaru, Gž 527/09 od 15.10.2009. godine 22 � Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Title A name given to the resource Društveni ogledi Author Author Centar za društvena istraživanja, Internacionalni Burč univerzitet Keywords Keywords. Article PeerReviewed Identifier An unambiguous reference to the resource within a given context ISSN 2303-5706 Publisher An entity responsible for making the resource available International Burch University Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Title A name given to the resource Stjecanje prava vlasništva dosjelošću na suvlasničkom dijelu nekretnine Author Author Esad Oruč Abstract A summary of the resource. Suvlasništvo predstavlja modalitet prava vlasništva sa više subjekata. Upravo činjenica da u vršenju prava vlasništva na jednoj nepodijeljenoj stvari učestvuje više lica sa vlastitim, ponekad i suprostavljenim interesima, čini suvlasništvo zanimljivim, ali i veoma složenim i zahtjevnim pravnim institutom. Posebno pitanje u pogledu funkcionisanja suvlasničkih zajednica, a koje se postavilo u praksi, jeste pitanje mogućnosti sticanja prava vlasništva dosjelošću jednog suvlasnika na suvlasničkom dijelu drugog suvlasnika. S tim u vezi, razmatrana su osnovna pitanja prezentiranog problema: uslovi za sticanje prava vlasništva dosjelošću, kao i posebno pitanje savjesnosti sticaoca u konkretnom slučaju. Kroz analizu domaće, ali i strane sudske prakse, ukazano je i na postojanje različitih stavova u pogledu pojedinih pitanja. Pored navednog, u radu je ukazano i na određene propuste u zakonskoj regulaciji predmetnog pitanja, te su predložena adekvatna zakonska rješenja de lege ferenda. Keywords Keywords. usucaption, co-ownership, co-ownership share, ownership DOI Digital object identifier 10.14706/DOI21411 https://omeka.ibu.edu.ba/files/original/40a52cb1699999282002338d4a23d1d2.pdf 752985e45e2787e8033d47fefed73440 PDF Text Text 3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo Stock exchange influence in promotion of capital market in Bosnia and Herzegovina: SASE case Fahrudin Malanovic International University of Sarajevo, Faculty of Management and Business Administration 71000, Sarajevo, Bosnia and Herzegovina E-mails: malanovic_88@hotmail.com Abstract Economic efficiency and well being of one country is somehow connected with the efficiency and effectiveness of stock exchange, so the main purpose of this study is to show and explain workings of capital market in Bosnia and Herzegovina through activities of Sarajevo Stock Exchange. The reason for this analysis is fact that the stock exchange performs important, if not key, role in one nation’s economy since it provides investment opportunities by offering buyers and seller’s places for trading securities, such as stocks and bonds. Such investment opportunities are ways for corporations, governments, and business to obtain funds necessary for expanding business or financing publicly good project. Another reason for this analysis is the lack of awareness about importance of stock exchange even if performance of stock exchanges affects everybody starting from individuals to large corporations to governments. Taking into consideration the fact that the stock exchange is an organized place for trading goods, securities, financial derivatives…etc, whose daily volume is measured in billions of dollars, it can be easily concluded that importance of it is huge. This work is mentioning direct and indirect effects of stock exchange activity on an economy, proving great impact on daily activity, not only of business, but of people as well. This study also indicates that highly developed nations are closely related to the high level of activity of stock exchanges and see stock exchange, as a component of capital market, a key factor to success. Simply, stock exchange is as important as other public goods. Less developed nations are not necessarily related to the poor performance of stock exchanges; however, it could also be a main reason for those nations to be considered as a less developed. All in all, nothing can change the fact that stock exchange creates our destiny regarding our future job orientation, since companies and corporations find stock exchange one of the easiest ways to obtain money to finance their activities. Also, nothing can change the fact that the whole global economy, including economy of Bosnia and Herzegovina is dependent on those biggest stock exchanges around the world where the most important one is the New York Stock Exchange. This work is divided into three chapters. Section 1 deal with stock exchange and stock market in general. When it comes to Section 2, it deals with stock exchanges in Bosnia and Herzegovina, while Section 3 is actually conclusion part of this work. 209 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo Keywords: stock exchange, capital market, security, stock, bond 1.INTRODUCTION 1.1 Historical review – stock market term Stock exchanges have been existing for hundreds of years. Some of them are dating back to year of 1100 such as stock exchange in Paris, stock exchange in Amsterdam...etc. So, as we can see, the origin of stock exchanges is actually Western Europe. In the years of 1600 and 1700 other stock exchanges were opened including one in Belgium, Spain, Sweden and Portugal. During that time, they did not have great impact on the people’s lives and economy as a whole, mainly because there was only couple of them. So, the main purpose of stock exchanges was trading of goods and currencies, but not in so high denominations. However, in the year of 1785, the stock exchange in Amsterdam started doing trading with securities and such way of trading was seen as a great innovation and opportunity to increase profit. Founding this way of increasing profit was a reason for other European stock exchanges to follow Amsterdam stock exchange regarding trading securities. It did not take much time for stock markets worldwide (at that time, Canada and Australia stock markets) to start seeing stock exchange as a one of the main ways to increase profit. Great importance of stock exchanges led countries worldwide to open it up, so by 20th century stock markets in Asia, Africa, and South America were opened. When it comes to US stock exchange history, it can be traced back to over 200 years ago. There were many reasons to start trading securities starting from personal needs, wants, as well as willingness for profit increases to some more complex reasons such as financing war by selling bonds. The greatest and most important stock markets in the whole entire world, New York Stock Exchange (NYSE) was found in 1817 playing key role in creating business and dictating movement of whole business from year to year. 1.2 Definition, significance, and role of stock exchange: By simple definition, stock exchange is an organized place for trading goods, bonds, shares, financial derivatives…etc. Stock exchange also refers to the well-organized and wellregulated component of financial market where trading different types of securities such as stocks and bonds, take place at price that is determined by the demand and supply forces. A stock exchange or bourse can also be seen as a corporation providing opportunity and place to its owners or financial market participants for increasing profit by trading company’s shares, bonds, and other securities. Besides this, stock exchanges also provide facilities for issue and redemption of securities and other financial instruments, and capital events including the payment of income and dividends. (Wikipedia, 2012) Stock exchange certainly has many roles, but providing assistance when trading securities is certainly among most important and most significant role of stock exchange. Not only providing assistance is significant role of stock exchange, but also regulation, transparency and control of buying and selling securities is role of stock exchange. Many economists are opinion that the stock exchange perform important, if not key, role in one nation’s economy since it provides investment opportunities by offering buyers and 210 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo sellers places for trading securities, such as stock and bonds. Such investment opportunities are ways for corporations, governments, and businesses to obtain funds necessary for expanding business or financing publicly good project. Stock exchanges also have one simple but significant role: providing direct job for people. Providing direct job is expressed through different institutions including different brokerage firms, investment banks…etc. It is well known that financial news organizations employ hundreds of thousands of people across globe. 1.3 The role of the stock exchange in economy Taking into consideration the fact that the stock exchange is an organized place for trading goods, securities, financial derivatives…etc, whose daily volume is measured in billions of dollars, it can be easily concluded that importance of it is huge. In high developed countries, stock market is as important as other public goods. Metaphorically speaking, it is like highways since both are used as an intermediate between people’s needs, wants and wishes. Highways are associated with transferring goods, people…etc, while stock markets are used for transferring securities such as stocks, bonds, futures, options…etc. (Dedovic, 1998, p.1) Based on this, we can say that trading or investing in securities seems to be one of the most interesting modes of investment. Economic efficiency and well being of one country is somehow connected with the efficiency and effectiveness of stock exchange. Such close relationship is the reason why governments, corporations, central banks, and even individuals in the countries around the world closely watch every activity on stock exchange. “Black Monday” proved that the bulk of economical growth that took place in 20th was mainly dependent on the stock exchanges mainly because if stock exchange activity was high, then there was money and room for improvement. On the other side, if prices of stock went down and activity was low, then recession was unavoidable. Corporations, governments, and small industries simply realized that by stock market investment there is possibility for easy gains of capital necessary for financing activities and easy way for increasing their wealth. Not only corporations and governments see opportunity for increasing profit, but also individuals see stock market as a way for increases in personal wealth. Nothing can change the fact that many of the wealthy people have gained or increased their wealth thanks to investment in stocks and bonds. Also, nothing can change the fact that the whole global economy is dependent on those biggest stock markets around the world where the most important one is the New York Stock Exchange. As it is well known, the NYSE is a huge market determining the parameters of the global economy. In principle, when the New York Stock Exchange goes down, the whole global economy will suffer and it will have a domino effect which can affect every stock market in the whole world. In fact, this is what happened in the global crisis in 2008; as when the mortgage crisis jumped into the stock market, this precipitated into a full scale stock market crisis which caused a major crisis all around the world. In no time, there was a huge economic in the global economy, as all stock markets around the world were effected immensely. (Bestgrowthstock-blog, 2009) In most simply way to explain why the stock exchange is important to economy is that when stock prices go down, companies, ranging from the strongest one to the smallest one, feel the 211 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo pain and vice versa. Economy is such science in which changes in one branch mostly leads to changes in other branch. So, changes in stock prices will not affect only companies, but also almost every individuals when most of them are not even aware of it. Mentioning this can sound very pessimistic and negative regarding stock exchange in general. However, it also shows the importance of stock exchange to economy since the stock exchange as a component of stock market as the main dynamo of the economical forces, is a way for the real economy to get strengthened. Figure 1 - Importance and stock market development from 1950 – 2007 (Miskhin, Stanley, 2006, p.6) As we can see from this figure, stock prices and stock market activities have been constantly increasing from year to year. In last fifty year, there has been boosting of economy which is mostly because increasing in stock market activities as well as prices. However, people do not know much about that. In some sense it creates our destiny regarding our future job orientation, since companies and corporations find stock exchange one of the easiest ways to obtain money to finance their activities. To make this more clear and convincible, let us assume a day when Wall Street marketers announce that price of certain company’s share/stocks extremely went down by, say, 35%. How would it affect companies and people? When it comes to people, fear of increases of economic unemployment is the way to affect them. In many cases, loosing job means increases in personal debt which further leads to insolvency or inability to repay all liabilities. Further consequences are shown in loose of houses, discouragement, financial dependence…etc. On the other side, decrease in company share’s prices leads to financial dependence meaning that companies facing that situation rely on money from bank. However, in order to obtain funds from bank companies usually have to agree on repaying principal back with high interest. Repaying principal back together with interest usually results in company’s less profit which further leads to less innovation, less competition, economy of scale decreases…etc. Besides that, borrowing funds from bank is heavily regulated. 212 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo As Frederic S. Miskhin and Stanley G. Eakins mentioned in their book Financial Markets and Institutions (2006, p. 49), stock exchange is an important factor in business investment decision because of shares affecting the amount of funds that can be raised by selling newly issued stock to finance investment spending. In simply words, this means that a higher price for firm's share leads to a larger amount of collected funds, which can further be used to finance different business activities starting from inventory changes to rebuilding new company's facilities. Well functioning economies are closely related to the well functioning of stock exchange also for other reasons: Channeling funds from savers to borrowers - channeling those funds results in promoting economic efficiency as well as effectiveness in a way that competition increases, more funds are provided, unemployment decreases, more projects being implemented…etc. Figure 2 – participants being served by the stock exchange Governments Small business Investors STOCK EXCHANGE Banks Issuers Intermediates Corporations - - More innovation – highly developed countries are associated with innovation because people in those countries always want something new and sometimes have relatively unrealistic wishes and demands. Wealth of people is going up since they have job. This further leads to increases in their spending and result in profit increases of firms. Governments also benefit from this since people spend more, firms earn more, and more taxes are collected. Professor Mihailo Dedovic said in his book, “Stock Exchange” (page 2) that stock exchanges is not only important because huge amount of capital being involved. Far from being the case, it is mostly important because it is actually place where prices of goods, services, capitals as well as money are determined. What does this mean for us? In order to better understand consequences of stock exchange activities regarding price determination, let us take a look on the picture below: 213 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo Figure 3 – consequences of stock prices going down NEW YORK STOCK EXCHANGE Prices of corn are going up NATIONAL ECONOMIES Cash outflow is increased due to price increases PEOPLE People pay more money on corn products. It further leads to more money being saved since people can’t afford to buy luxury goods. Final consequence is national economic activities are decreased. Taking close look at this picture, we can notice that a New York Stock Exchange (NYSE) activity determines not only activities of national economies, but also activities of people being part of those economies. It is unwritten rule that when people have to pay necessities a bit expensive than they used to, in order to keep their cash at balance, they will turn to spending less money. This will further lead to less money on market and economic activities will decrease. Stock exchange helps company to raise fund which are necessary to expand its business. How is that work? Let us take simple example. Imagine yourself as an owner of small manufacturing company for producing furniture. You have some amount of money which you use to buy a machine for production, found couple customers, and you just started doing the business. So far, the business is doing well, profit is increasing, you are winning new customers and soon you face situation in which you simply can’t satisfy all customers’ needs and wants. Now you are facing the dilemma of whether to increase the business and profit, but require you to spend certain amount of money or you can just let your competitors take potential customers away from you, but you are letting competition to increase and putting yourself in risky situation regarding your future business and profit as well. In order to increase the business you have to buy new machines which costs, say, $100,000. Now, you can wait for some period to earn more money to buy that particular machine, but you are certainly going to lose many customers simply because they can’t wait for you to make product. So, they will switch the company. You can also borrow money from bank, but it is heavily regulated and soon you get money you will have to start returning more money back than you borrowed because interest is included. Finally, you can issue share which is third and most reasonable option to do. So, if I you do that, meaning if you sell part of your company to third person, you will not be a 100% owner, but you will have money necessary for financing your activity. In fact, third person is actually investor having claims on company’s future earnings. At first sight it seems that you earn less amount of money. Far from being the case, your business is increased and you earn more money. So, all in all, whenever a company decides to expand business or strengthen its capital, it has two main ways to obtain funds: either taking a loan from bank or issuing shares through the stock market. However, the stock market is the primary source for company to raise funds whenever it needs it. - There is saying that stock exchanges have predicted 3 out of last 10 recessions. 214 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo One simple thing that can warn us that particular event can take place is lack of responsibility regarding trading securities. This simply means that if, say, New York Stock Exchanges (NYSE) does not run the business in a way it is supposed to or fully carry out its duty regarding overseeing the stock trading process the investors will simply lose faith in the transparency, fairness and safety of the New York Stock Exchange. If this happens then all of the economic activity that the stock exchanges create will decrease and this will lead to an overall drop in economic activity. The stock exchanges must be sure that investors are not taken advantage of and that investors continue to have confidence in the system the stock exchanges created. - It is mentioned previously that the stock exchange is closely related to the economy of country in a way when stock prices go down; all participants in the economy, starting from individuals to large corporations are affected. This is mainly because the economy is such science in which changes in one branch affect and leads to changes in other branch of the economy. Figure 4 – domino effect (Dreamstock, 2011) The above picture explains effects of stock prices going down. As it is said, not only large corporations and small business are affected, but also almost every individual even if many of them are not aware of it. This is simply because of stock exchange, being one of the main factors in the economy as well as acting as dynamo forcing changes in economy together with well-full functioning stock market will help increase the strength of the reel economy. All in all, the stock exchange is one of the most important sources for companies, governments, small investors...etc, to gain money to expand business or finance their activities. The stock exchange activity is actually our destiny creator in the sense that small changes can cause positive or negative domino effect of worldwide business affecting directly us as individuals. Watching news about changes in share prices during whole day, seven days a week, it is just worth considering that stock exchange being part of our life. People’s awareness, especially of those holding shares, about stock exchange activities should be increased because the first impact they will see is fall or increase in their wealth. This can also cause domino effect since fall in wealth leads to people being more hesitate to spend money. Further effect is fall in consumer spending and list goes on. 215 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo Taking into consideration everything mentioned, it is worth to say that nothing can change the fact that well functioning stock exchange is a way to create new jobs and way to create funding for companies from the biggest to those with small capacity. It is also fact that without a proper functioning of stock exchange, it is not possible to have a healthy economy. Simply saying, stock exchange is one of the key factors in producing high economic growth. 2. STOCK EXCHANGE IN BOSNIA AND HERZEGOVINA When it comes to stock exchange of Bosnia and Herzegovina, where the most important one is Sarajevo Stock Exchange (SASE), daily volume is measured in millions of dollars. Likewise abroad, the company’s easiest way to obtain funds for financing its activities is through issuing stock on the stock exchange. However, not all companies can participate on the BH stock exchanges. In order to trade securities either on SASE or BLSE, the particular company must be listed there. Sarajevo Stock Exchange (SASE) and Banja Luka Stock Exchange (BLSE) set up certain requirements that company must fulfill in order to participate on the stock exchange including: minimum amount of capital, minimum amount of size of shares, minimum number of class holders, which is 150…etc. As it is said previously, the way of trading of securities is being done on two stock exchanges located in Sarajevo (SASE) and Banja Luka (BLSE). Both, SASE and BLSE aim to provide quality and transparency as well as fair trading environment for their market participants which include both domestic and foreign participants. Over here in Bosnia and Herzegovina, business is done electronically meaning that brokers are sitting at their offices and do the business through technology. So, we can’t see people over here running around screaming and yelling like we see on American movies which actually show real picture of American stock market’s working environment. Stock exchanges in Bosnia and Herzegovina, with annual turnover measured in hundred million of dollars, has been recording improvement in the way of working as well as profit increasing from year to year. The performances of SASE and BLSE exploded especially in last couple years. Such improvement and profit increases lead to capital market strengthening which has also been recording improvement and people awareness from year to year. Since 2002, market capitalization has risen by around twenty times and at the end of 2005 it was EUR 3.3bn (Wiener Börse: EUR 107.1bn). The average daily trading volumes have also soared in the past few years and hit EUR 1.5mn by 2005 (Wiener Börse: EUR 342mn). The leading index of the Sarajevo Stock Exchange, the BIFX, rose from 1,264.20 at the end of 2002 to 4,045.57 points at the end of 2005. (SASE, 2011) 2.1 Criteria for Admission to the Admission to the Sock Exchange Listing Stock exchange is not like ordinary market where everybody can enter in, do the business, and walk away. Far from being the case, there are certain regulations and rules that particular company must implement before participating in stock market. A particular company must first be adjusted and registered by SEC (Security Exchange Commission) and even when it is adjusted process is not done yet because the particular company must do two other regulations: informing stock exchange about all circumstances affecting its business and providing stock exchange with annual and semi-annual financial statement. 216 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo Table 1 indicates that securities which complete the below listed criteria can be admitted to the listing. Table 1 – Criteria for admission of securities The issuer is a joint stock company registered at the Commission Years of business Reality and objectivity of accounting reports Capital (the overall capital by the last balance sheet: capital stock, paid surplus, reserve, assigned revenues or loss from previous years, revaluation capital, undivided revenues or the business year loss) Minimum share size class (considered to be the book4keeping value of share, i.e. market capitalization, if a share already was a part of any segment of the organized market Share class percentage at the public offer Share class owners 3 Revised accounting reports for the last three business years KM 4,000,000 KM 2,000,000 At least 25% At least 150 Table 2 - Criteria for admission of bonds: Years of business Reality and objectivity of accounting reports 3 Revised accounting business report for the last three years KM 3,000,000 Overall nominal value of the sold bond series Table 3 - Obligations after adjustment Obligation after approval by security exchange commission: - to inform stock market about all circumstances affecting its business - to provide stock exchange with annual and semi-annual financial statement 2.2 Institutional framework of Sarajevo Stock Exchange Well-functioning institutional framework in Bosnia and Herzegovina is necessary for transparency. On the other side, transparency and fairness are closely related to attracting of new investors while investors are considered to be most important players in a game called capital market. Institutional framework can be divided into several segments: 217 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo 2.2.1 Security exchange commission Security exchange commission is body established for the implementation of different tasks which is mandatory for fair and transparent trading on Sarajevo Stock Exchange. Without this body, it would not be possible to regulate and promote secure capital market in Bosnia and Herzegovina. Another reason for the existing of security exchange commission is protection of investors. Once we have body that works on behalf of investors in a way that protects their rights, it is easy to attract new investors because they feel secure. Security Exchange Commission aims to promote capital market of Bosnia and Herzegovina to foreign investors and they found that building trust in the efficiency, effectiveness and fairness of the capital market is key to succeed in it. General overview of responsibilities of Security Commission of Federation of Bosnia and Herzegovina (KOMVP,2011) The Securities Commission of the Federation of Bosnia and Herzegovina has a broad regulatory authority. Its responsibilities, among other, include the following:  Regulation of conditions and methods of securities issuances and trading;  Approval of issuances of shares and other securities by companies and banks;  Approval of securities issuances bz fund management companies, investment funds, mutual funds, and other legal persons that issue securities;  Regulation of conditions and methods of bond issuance bz cantons and municipalities;  Prescribing the rules and control of securities trading based on securities exchange and system of listing, using electronic means;  Protection of investors' rights;  Prescribing and enforcement of standards of disclosure to investors and the general public on business operations of securities trading participants;  Prescribing of conditions, issuing approvals of operations, and control of professional intermediaries (e.g. brokers and dealers), and other securities trading participants. 2.2.2 Registry of Securities – in most simple way to explain Registry of Security is place where data on securities are being held. Article 2 of the law defines that the Registry of Securities performs operation of registration, safekeeping and maintenance of data on securities, operation of transfers in accordance with the law regulating the issuance and trading of securities. However, it is not only duty and operation preformed by the Registry of Security. Far from being the case, it may also perform other operations including clearing and settlement as well as all other operations that are related to clearing and settlement, but which are firstly approved by Security Commission. The Registry performs the following operations for securities issuers:     - registration, safekeeping, keeping and maintaining data on securities; - making the list of shareholders and list of securities holders with the balance as of the day requested by the issuer; - making other reports as requested by the issuer; - services in case of changes in property status and in case of changes in securities due to conversion, securities denomination, merger and division of issuer's shares; 218 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo       - Services in exercising the rights derived from securities (submitting data to issuers on securities holders, data on shareholders, who have the right to: vote in the shareholder meeting, payment of dividend, as well as other rights) and other, in accordance with the special contract. The Registry performs the following operations for the securities holders: - keeping the balance of securities on securities holders' accounts; - transfer of securities based on applications for transfer of securities, submitted directly to the Registry by the security holder; - issuing certificates – statements and confirmations on balance of the securities account; - Services in connection with keeping, on separate accounts, the rights of third parties on securities, of the lien, right of limitation of disposition, usufruct right and other rights; Service in connection with joint stock company takeover and conducting tender offer based on a special contract between securities holder and the Registry. Figure 5 - Registration of data on securities Registration of data on securities Company’s management Registry Investor’s account Account of issuer Certificate showing the balance of the security account at the end of the month in which a change on the balance of the account took place. Confidence Only investors and authorized person in the registry have access to the account. As we can see on the picture above, registration of data of securities is a process consisted of couple steps. First step is approving of security by security exchange commission. After it is approved, it goes to the registry as a central place where securities are being held. In the registry, two accounts are must be opened; account of issuer and account of investor. Such accounts serve the purpose of providing certificate that shows the balance of the security 219 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo account at the end of the month. However, not all accounts are included, but only accounts in which a change on the balance of the account took place. 2.2.3 Professional intermediates – brokerage firms A brokerage firm or brokerage house refers to company which is allowed or licensed to buy and sell securities. A brokerage firms are basically connection between buyers and sellers. A brokerage firm is a financial institution that facilitates the buying and selling of financial derivatives between a buyer and a seller. Brokerage firms serve a clientele of investors who trade public stocks and other securities. (Wikipedia, 2011) Figure 6 – brokerage intermediation Seller Brokerage houses Buyer Being a connection or an intermediary between buyers and sellers, brokers as employers of brokerage houses make, simply saying, clients’ wishes come true. In other words, it is brokers who carry out client’s needs and wants when they decide to do trading on the stock exchanges. So, brokers do trade but usually not on their own account and they are usually paid on a commission basis. - Operations performed by brokerage houses on SASE Buying and selling securities, not on their own account, but on the accounts of clients, Buying and selling securities on their own account,(dealers) They help in promotion of capital market, Portfolio operating, Investment consulting 2.2.4 Investment funds Investment fund is actually firm that invests money which is collected from different investors. Having money of many, small investors, investment fund invest it into in securities, bonds…etc. By this, an investment company gives an opportunity to small investors to invest their money in different securities. This becomes more important if we take into consideration the fact that those investors would probably never have such an opportunity. Another benefit of investing in investment funds is that small investors do not worry about trading costs which can sometimes be high. It is investment fund, not small investors that can gain economies of scale in while doing trading. There are two worldwide known investment companies: open-end which includes mutual fund, closed-end that includes investment trust 220 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo 2.2.5 Depositary banks Over here in Bosnia and Herzegovina, depositary banks are actually commercial banks that are allowed to do everything related to depositary job. Every brokerage house has its own depositary bank which is used to make payments. In order to be allowed to perform depositary job, a particular bank must be approved by Security Exchange Commission. Depositary bank offers the following services: - - Takes care of the fund property by keeping special accounts for property of each fund and separating property of each fund from property of other funds In case of mutual fund, repurchases and pays for shares, and makes payments to the owners of share of mutual fund from fund profit Takes care of the fact that calculation of net value of some stock or share in the fund was made in accordance with the Law, other regulations, prospect and Statute of the Fund Reports the Company on corporative affairs referring to the fund property, which it is taking care of, and executes the orders resulting from these affairs Pays all incomes and other rights due for the fund benefit, which are resulting from its property Keeps business operations records performed as the bank depositor for each fund and harmonizes it with Company’s records regularly Provides auditors and other persons authorized for auditing, including the Commission, with access to data and accounts related to the fund and its property (BIB, 2011) 2.3 Comparison of SASE, in terms of annual turnover, with regional stock exchanges in last two years. Before comparing turnover of SASE with regional stock exchanges, we should first see turnover of SASE from 2004 to 2010. As the table below (Table 4) indicates, starting from 2004, activity on SASE, in terms of money earned, had been constantly increasing till 2007 when the annual turnover was 1.274.340.116 KM. In 2008, in a year when recession started, activity on SASE dramatically decreased by more than five hundred million of KM. Fall in activity was continued in the following years and in 2010, annual turnover was the worst in SASE history with the amount of 108.55.379 KM. Based on this information we can divide turnover of SASE into two parts: prerecession turnover and post recession turnover. It is noticeable that before recession there were constant increases in turnover. However, when recession started, there have been constant decreases in turnover. 221 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo Table 4 - Turnover from 2004 to 2010 Year Turnover 2010 2009 2008 2007 2006 2005 2004 108.554.379 KM 219.085.458,65 KM 477.079.376 KM 1.274.340.116 KM 654.717.252 KM 555.353.951 KM 231.137.332,00 KM % percentage of total turnover on B&H stock exchanges 38,38 % 62,32 % 63,43 % 94,48% 59,45% 66,51% 67% The table below (Table 5) shows the comparison of Sarajevo Stock Exchange turnover for the years of 2011 and 2010 with regional stock exchanges such as; Zagreb Stock Exchange, Belgrade Stock Exchange and Ljubljana Stock Exchange. As it is noticeable, the Zagreb Stock Exchange had the highest turnover followed by Belgrade Stock Exchange whose turnover in last two years was over 400 million of euro. Capital market of Bosnia and Herzegovina is less developed than those of Serbia and Croatia, which means that annual turnover of SASE, is lesser with turnover around 100 million of euro in last two years. The last one Ljubljana Stock Exchange with turnover less than 100 million of euro in last two years. However, it does not mean that capital market in Slovenia is undeveloped. Far from being the case, it is among most developed in Balkan region, but it is obvious that recession took place in this country. Table 5 – Comparison of SASE turnover with regional stock exchanges in last two years Name of Stock exchange Sarajevo Stock Exchange Zagreb Stock Exchange Belgrade Stock Exchange Ljubljana Stock Exchange Year 2011 2010 2011 2010 2011 2010 2011 2010 Turnover / 55.668.921 EUR 749.911.956,6 EUR 934.882.913,7 EUR 208.180.538 EUR 222.475.934 EUR 19.352.083 EUR 20.485.947 EUR Figure 7 – The graphical comparison of Sarajevo Stock Exchange with regional Stock Exchanges. 222 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo As it is mentioned previously, the Zagreb Stock Exchange had the highest turnover in last two years. Based on this information, it is noticeable that Croatia has highly developed capital market, especially in last two years. According to this fact capital market in Bosnia and Herzegovina is far from level at which capital market of Croatia is in terms of development. Since, capital market over here is less developed; SASE should follow some strategies used by Zagreb Stock Exchange. 3. CONCLUSION Even if the facts, graphs, and tables shown in this work are promising, the general picture of capital market in Bosnia and Herzegovina is still relatively unfavorable. The development of BH capital market is related to the development of primary and secondary market. It means, when primary and secondary markets are involved in high activity, the capital market is strengthening. If we make comparison of capital market of Bosnia and Herzegovina with those of developed countries, it is still underdeveloped and most of all, it is still seen as relatively unimportant to the development of domestic country’s economy. One of the main reasons for being less developed is corruption. This further means that there is legal uncertainty which prevents investors to invest. It is also important to realize that economic development of Bosnia and Herzegovina must rely more on financial institutions as well as capital market. This means that the close relationship between economic development and financial institutions must be established. So far, stock exchange together with the banking industry is seen as a key factor in producing high level of activity on capital market and economic growth as well. However, it is still far from desired level of liquid financial market which is another problem of capital market of Bosnia and Herzegovina being undeveloped. Professor Mehmed Ganic is mentioning, in his work about current problems of capital market (page 14) five reasons related to a possible recovery in the capital markets of B&H which must be taken into account. First, the process of ownership concentration is largely complete, so the new owners have lost an interest and incentive to appear in the capital market. It underestimates the shares and leads to the discharge of the market. Consequently, this makes it unlikely to stimulate interest both domestic and foreign investors; 223 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo Second, the benefits of financial markets resulting from the significant effects of established organizational networks, as well as development and trading securities guided, above all, the unit fixed costs. If the market is less liquid, then the trading costs are high. This ultimately reduces the benefits of capital markets, discourage investors, in other words, a lack of demand. In addition, B&H has not yet fully adopted the culture of financing by issuing of new shares which means that companies regularly resort to capital markets for the raising of fresh capital. Third, that the performance of capital markets is still under the influence of bad political and economic environment of instability and poor social status of most citizens. Fourth, there is a weak mobility of the issuers and limited of trading in securities of the local companies, which resulted in the competitiveness of capital markets because of such restrictions at a very low level. Fifth, the capital market of B&H is limited due to the slow and incomplete process of privatization, following its further growth. Another reason for capital market of Bosnia and Hezegovina being unfavorable and underdeveloped is because of lack of foreign investors. Foreign direct investment plays an important role in development of capital market in Bosnia and Herzegovina, so capital market should be attractive in order to make foreigners invest their capital in Bosnia and Herzegovina. However, capital market of Bosnia and Herzegovina is undeveloped, and it means that investors do not want to take risk and invest. They usually turn to developed financial markets which is key to encouraging them to take a risk and invest. Capital marek of highly developed countries is characterised by various short-term financial instruments. However, it is not case in Bosnia and Herzegovina.The overall financial market should encourage all, starting from companies to financial institutions to governments to start issuing short-term financial instruments. By this time, banking industry and stock exchange are key for producing high level of activity on capital marekt in Bosnia and Herzegovina. It is them which contribute to developing of economy of B&H. All in all, capital market and stock exchanges as a segment of capital market play key role in our daily lives and we should start seeing this of great importance. Being key of producing high economic growh, government should attract investors by providing securtiy and transparency while companies should be offering more diversified financial instruments in order to attract customers. Once again, nothing can change the fact that stock exchange plays key role in our daily lives and it is stock exchanges that in some sense create our destiny. REFERENCES 1. Internet: http://en.wikipedia.org/wiki/Stock_exchange, 05/01/2012 2. Dedovic, Dr.Mihailo, Berza – projekat od nacionalnog interesa, Pec, 1998 3. Internet: http://www.bestgrowthstock.com/blog/2009/04/02/the-importance-of-the-stockmarket-for-the-economy/ 28/12/2011 4. Internet: http://www.dreamstock.com, 03/10/2012 5. Mishkin, Frederic S. and Eakins, Stanley G. Financial Markets and Institutions, Fifth edition, 2006 224 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo 6. Internet: http://en.wikipedia.org/wiki/Sarajevo Stock Exchange, 02/03/2012 7. Internet: http://en.wikipedia.org/wiki/Zagreb Stock Exchange, 02/03/2012 8. Internet: http://en.wikipedia.org/wiki/Belgrade Stock Exchange, 02/03/2012 9. Internet: http://en.wikipedia.org/wiki/Ljubljana Stock Exchange, 02/03/2012 Analyze and evaluate the system of internal control in the process of implementing the audit of financial statements for business entities Pece Nikoloski, Goce Menkinoski, Facullty of economics in Prilep, Macedonia E-mails: nikoloski.pece@yahoo.com,gocemenkinoski@yahoo.com Abstract Accounting is the process of recording, classifying, summarizing and reporting results from financial transactions in the form of financial statements. Other than accounting, auditing the financial statements determines whether those statements are prepared in accordance with generally accepted accounting standards. You could say that this kind of audit users of financial statements provides objective and independent opinion on the truthfulness and honesty of the data presented in financial statements of business entities that are clients. The application of the system of internal control in the implementation of the audit process is very important activity in the process of making business decisions to allocate economic resources and successful management. Information obtained from the analysis answer the question as business entity in the previous period and how to function in the next period to be maintained better result. The main goal of any business entity is achieving greater profits. The profit maximization is striving to achieve the possible cost less and also the achievement of greater revenues. Profit shown in the financial statements may differ from reality depending on the way you handled the financial statements or in other words the way reports display where they can be concealed large gains and losses. From there the auditors are those who weigh the reality of participants' data in financial reports. How the financial result is a real set, so will be better and better decisions are made based on such information. The advantages of better financial reporting are significant, hence the actions needed to achieve those benefits are complex and comprehensive. As such we list the following activities: improving the framework of financial reporting; strengthening of key factors within the financial reporting; supporting the audit profession; supporting education, training and public awareness. The main and primary objective of financial reporting is to provide access balanced between financial reporting and audit requirements, which means meeting the needs of different users of financial information but also will be complex to burden the functioning of the corporate sector. In practice, here are three main reasons to perform the process of analyzing financial statements and financial indicators achieved: 1. The need for continuous monitoring of their own situation analyzes achieved financial indicators, financial instruments are planned and implemented financial control; 225 � Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Extent The size or duration of the resource. 1297 Title A name given to the resource Stock exchange influence in promotion of capital market in Bosnia and Herzegovina: SASE case Author Author Fahrudin , Malanovic Abstract A summary of the resource. Economic efficiency and well being of one country is somehow connected with the efficiency and effectiveness of stock exchange, so the main purpose of this study is to show and explain workings of capital market in Bosnia and Herzegovina through activities of Sarajevo Stock Exchange. The reason for this analysis is fact that the stock exchange performs important, if not key, role in one nation’s economy since it provides investment opportunities by offering buyers and seller’s places for trading securities, such as stocks and bonds. Such investment opportunities are ways for corporations, governments, and business to obtain funds necessary for expanding business or financing publicly good project. Another reason for this analysis is the lack of awareness about importance of stock exchange even if performance of stock exchanges affects everybody starting from individuals to large corporations to governments. Taking into consideration the fact that the stock exchange is an organized place for trading goods, securities, financial derivatives…etc, whose daily volume is measured in billions of dollars, it can be easily concluded that importance of it is huge. This work is mentioning direct and indirect effects of stock exchange activity on an economy, proving great impact on daily activity, not only of business, but of people as well. This study also indicates that highly developed nations are closely related to the high level of activity of stock exchanges and see stock exchange, as a component of capital market, a key factor to success. Simply, stock exchange is as important as other public goods. Less developed nations are not necessarily related to the poor performance of stock exchanges; however, it could also be a main reason for those nations to be considered as a less developed. All in all, nothing can change the fact that stock exchange creates our destiny regarding our future job orientation, since companies and corporations find stock exchange one of the easiest ways to obtain money to finance their activities. Also, nothing can change the fact that the whole global economy, including economy of Bosnia and Herzegovina is dependent on those biggest stock exchanges around the world where the most important one is the New York Stock Exchange. This work is divided into three chapters. Section 1 deal with stock exchange and stock market in general. When it comes to Section 2, it deals with stock exchanges in Bosnia and Herzegovina, while Section 3 is actually conclusion part of this work.Keywords: stock exchange, capital market, security, stock, bond Date A point or period of time associated with an event in the lifecycle of the resource 2012-05-31 Keywords Keywords. Conference or Workshop Item PeerReviewed H Social Sciences (General),HB Economic Theory,HG Finance,HJ Public Finance https://omeka.ibu.edu.ba/files/original/50d87109a54e1cef4c3c3c2427a51ffa.pdf e6fe43ecbc349e94ebbc8e326bf0b7ad PDF Text Text Stock market movement direction prediction using tree algorithms Gunter Senyurt, Abdulhamit Subasi E-mail : gsenyurt@ibu.edu.ba, asubasi@ibu.edu.ba Abstract One of the highly challenging businesses today is the task of forecasting the market movements by examining the financial time series data as correctly as possible in order to hedge against the almost incalculable risk involved and to yield better profits for investors. If there was a highly credible estimation technique available giving better results than the traditional statistical tools for financial markets, it would be a great asset for trading decision makers of all kinds such as speculators, arbitrageurs, portfolio fund managers and even individual investors. In this study CART, C4.5 and Random Forest algorithms were used to predict the movement direction of a 10 year Istanbul Stock Exchange index (XU-100). Ten technical market indicators such as momentum, MACD and RSI were used in this study as the feature set. Keywords: Price movement direction, CART, C4.5, Random Forest, forecasting, stock market. 1. INTRODUCTION The complex dynamism of the markets is characterized by the nonlinearity and nonparametric nature of the variables influencing the index movement directions including human psychology and political events. The unpredictable volatility of the market index makes it a highly challenging task to accurately forecast its path of movement. On the other hand, it is crucial for investors to estimate the trend of the markets as precisely as possible in order to reach the best trading decisions for their investments, so in this context it is in the investor's best interest to use the most accurate time series forecasting model to maximize the profit or to minimize the risk. By means of this study, it is aimed at contributing to the demonstration and verification of the XU-100 index movement path predictability through some tree algorithms. The stochastic performance parameter is accuracy and it is defined as the ratio of the correctly classified instances divided by the number of all instances. The remaining part of this study is organized into four sections. The next section presents an overview of the theoretical literature while in section 3 the research data and the structures of tree algorithms CART, C4.5, Random Forest is described. In section 4, the reports and results of empirical findings from the comparative WEKA analysis are given. Finally, the last section contains the concluding remarks. 374 �2. Literature Review CART review The classification tree analysis CART (classification and regression trees) is suggested first by Breiman (1984) and uses the predictor variables splitting rule to build a binary decision tree (Denison, Mallick and Smith, 1998). The CART method is experimented in the credit scoring area, retail lending and evaluation of insurance risks in workers’ compensation showing better results than logistic regression and discriminant analysis (Friedman 1991, Devaney 1994, Lee 2006, Kolyshkina 2002). C4.5 review The C4.5 method is high in efficiency when used for inductive inference. Recent research has shown that this algorithm produces high accuracy in image segmentation (Polat and Gunes, 2009; Mazid, Ali and Tickle, 2010). In another work a hybrid approach including C4.5 is suggested with potentially high outcomes (Jiang and Yu, 2009; Mazid, Ali and Tickle, 2010). It is also used for classification of remote sensing data (Yu and Ai, 2009; Mazid, Ali and Tickle, 2010). Another variant of C4.5 successfully trimmed down the leaf node number and improved accuracy (Yang, 2009; Mazid, Ali and Tickle, 2010). Random Forest review High-dimensional classification and regression problems can be approached by using random forest algorithm that is extensively researched by Breiman (2001). Among the machine learning techniques used to predict markets random forest is quite successful (Dietterich, 2000). Though the practicality of random forest is excellent it is hard to interpret and clarify mathematically (Breiman, 2002; Lin and Jeon, 2006; Biau et al., 2008, Biau and Devroye, 2008). 3. Materials and Methods CART method CART constructs a tree where the data is separated into two parts by binary variable splits. The best divider variable and the best point to split is determined by variance minimization. The CART algorithm can be viewed as a classification procedure consisting of four distinct parts: Part 1: a variance criterion, Part 2: the criterion how good it is split, Part 3: the terminal node class assignments and estimates of resubstitution, Part 4: determining the right tree complexity (Buyukbebeci, 2009). 375 �The root node, internal nodes and leaf (terminal) nodes constitute the CART tree. Two child nodes follow each root and internal node. Each node contains and is defined by the subset of the original learning sample. The splitting of each node into child nodes is characterized by a certain rule depending on the chosen feature. The child nodes inherit subsamples with minimum variance that measures their heterogeneity from parent nodes (Iscanoglu, 2005). The goodness of the splitting procedure is defined by an impurity function that is derived from a a variance function which is applied to each split point indicating the best point for splitting (Iscanoglu, 2005). Gini, Entropy and Twoing are the main rules for binary recursive splitting that are derived from the impurity function (Breiman, Frydman, Olshen and Stone, 1984) C4.5 Method In doing classification with C4.5, the concepts of entropy and correlation coefficient need to be explained in brief. Entropy is a measure of uncertainty among random variables in a collection of data or in other words entropy provides information about the behavior of random processes used in data analysis. Correlation coefficient has its uses as a chief statistical tool in data analysis finding the relationship between variable sets. Different ways of calculations have been introduced to boost the efficiency of the correlation coefficient among which are Kendall, Pearson’s and Spearman’s correlation coefficients.There are several test options with WEKA providing data classification such as training set, supplied test set, percentage split and cross validation. In this paper, cross validation is chosen as the test option (Mazid M., Ali S. and Tickle K. (2010). Random Forest method Random forests are based on conjoining lots of binary regression trees. In the process of growing these large number of regression trees independent subsets of variables are used. Random forests randomly choose variables to split and a bootstrapped sample of the dataset builds the decision trees (Efron and Tibshirani, 1993). When K trees are aggregated the predicted decision is gained as the average value over these K trees. Marking each single tree predictors by , the final outcome is: (x) Research Data In this study, all experiments were conducted on WEKA software using its tree classifiers built-in tool to make comparisons of prediction performances based on the chosen dataset. The dataset is comprised of 10 input variables with 2733 instances in total. These 10 input attributes are technical market indicators as used by Kara, Boyacioglu and Baykan (2010) which are 10-day moving average, 10-day weighted moving average, momentum, stochastic %K, stochastic %D, RSI (Relative Strength Index), MACD (moving average convergence divergence), Larry William's %R, A/D (Accumulation/Distribution) Oscillator and CCI 376 �(Commodity Channel Index). The total number of cases or 2733 trading days have 1440 days with increasing direction (advances), while 1293 days show decreasing direction (declines). In the analysis, 10-fold cross-validation was used as the test option in WEKA. 4. Results and Discussion The relevance and quality of the data, usually, has a big impact on the performance of the model used. Thus, the choice of data becomes the most important part in forecasting the markets. In this study, all series are real-valued and the input data spans from 02/01/1997 to 31/12/2007. For WEKA testing, the accuracy or correctly classified instances metric is utilized, showing the ability of the model to capture the data. The dataset with 10 features is tested using CART, C4.5 and Random Forest classifiers in order to see which tree algorithm has better predictive power over the others. The results of the tests can be seen in the Table 1 where CART and Random Forest classifiers have almost identical prediction power, whereas C4.5 has a little less prediction power compared to the other two tree algorithms. Table 1. Tree Classifiers Test Results % Accuracy (correctly classified instances) CART 78.05 C4.5 77.29 Random Forest 78.23 5. CONCLUSION The issue of accurately predicting the stock market price movement direction is highly important for formulating the best market trading solutions. It is fundamentally affecting buy and sell decisions of an instrument that can be lucrative for investors. This study focuses on predicting the ISE National 100 closing price movement directions using tree algorithms based on the daily data from 1997 to 2007. Even though the prediction performance of tree classifiers such as CART, random forest and C4.5 do not really outperform studies alike in literature, it is still likely that the forecasting performance of the models can still be improved by doing the followings: Either the model parameters should be adjusted by thorough experimentation or the input variable sets need to be modified by selecting those input attributes that are more realistic in reflecting the market workings. (Kara, Boyacioglu, and Baykan, 2010) had already proved the significance of using ten particular technical market indicators which gave also about %78 accuracy in this study, as well. More appropriate 377 �variables has to be found that may improve the forecasting performance of the models employed that can be a further subject of study for interested readers. Acknowledgement : We sincerely deliver our special thanks to Assist. Prof. Melek Acar Boyacioglu for her graciousness in sharing her knowledge with us. REFERENCES Biau G., Devroye L., and Lugosi G. (2008), Consistency of random forests and other averaging classifiers, Journal of Machine Learning Research, 9, 2015-2033. Biau G., Devroye L., and Lugosi G. (2008), On the layered nearest neighbour estimate, the bagged nearest neighbour estimate and the random forest method in regression and classification, Technical report, Universite Paris 6. Breiman, L., Frydman, H., Olshen, R.A., and Stone, C.J. (1984), Classification and Regression Trees, Chapman and Hall, New York, London. Breiman, L. (2001), Random forests, Machine Learning, Kluwer Academic Publishers, 45, 532. Breiman, L. (2002), Manual on setting up, using, and understanding Random Forests v3.1, Technical Report, http://oz.berkeley.edu/users/breiman. Buyukbebeci, E. (2009), Comparison of MARS, CMARS and CART in predicting default probabilities for emerging markets, Master Thesis, METU, Ankara. David G.T. Denison, Bani K. Mallick, Adrian F.M. Smith, Biometrika, Vol.85, No.2 (1998), 363-377. Devaney, S. (1994), The Usefulness of Financial Ratios as Predictors of Household Insolvency: Two Perspectives, Financial Counseling and Planning, 5, 15-24. Dietterich T.G. (2000), Ensemble methods in machine learning, Lecture Notes in Computer Science, Springer-Verlag, 1-15, 2000. Efron B. and Tibshirani R. J. (1993), An Introduction to the Bootstrap, New York, Chapman and Hall. Friedman, J.H. (1991), Multivariate adaptive regression splines, The Annals of Statistics, 19, 1 ,1-141. Frydman, H., Olshen, R.A., and Stone, C.J., Classification and Regression Trees, Chapman and Hall, New York, London, 1984. Iscanoglu, A. (2005), Credit Scoring Methods and Accuracy Ratio, Master Thesis, METU, Ankara. Jiang S. and Yu W. (2009), A Combination Classification Algorithm Based on Outlier Detection and C4.5, Springer Publications. 378 �Kara Y., Boyacioglu M.A., Baykan O.K., (2010). Predicting direction of stock price index movement using artificial neural networks and support vector machines: The sample of the Istanbul Stock Exchange. Expert Systems with Applications 38, 5311–5319. Kolyshkina I. and Brookes R. (2002), Data Mining Approaches to Modeling Insurance Risk, Report, Price Waterhouse Coopers. Lee T., Chiu C., Chou Y., and Lu C. (2006), Mining the customer credit using classification and regression tree and multivariate adaptive regression splines, Computational Statistics & Data Analysis, 50, 1113-1130. Lin Y. and Jeon Y. (2006), Random forests and adaptive nearest neighbours, Journal of American Statistical Association, 101, 578-590. Mazid M., Ali S. and Tickle K. (2010), Improved C4.5 Algorithm for rule based classification, Recent Advances in Artificial Intelligence, Knowledge Engineering and Data Bases, Australia. Polat K. and Gune S. (2009), A novel hybrid intelligent method based on C4.5 decision tree classifier and one against-all approach for multi-class classification problems, Expert Systems with Applications, vol.36, 1587-1592. Yang X.Y. (2009), Decision tree induction with constrained number of leaf node, Master Thesis, National Central University, Taiwan. Yu M. and Ai T.H. (2009), Study of RS data classification based on rough sets and C4.5 algorithm, In Proceedings of the Society of Photo-Optical Instrumentation Engineers (SPIE) Conference Series. Weka (1999-2010), Waikato Environment for Knowledge Analysis, Version 3.7.3, The University of Waikato Hamilton, New Zealand. 379 � Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Extent The size or duration of the resource. 1187 Title A name given to the resource Stock market movement direction prediction using tree algorithms Author Author Gunter , Senyurt Abstract A summary of the resource. One of the highly challenging businesses today is the task of forecasting the market movements by examining the financial time series data as correctly as possible in order to hedge against the almost incalculable risk involved and to yield better profits for investors. If there was a highly credible estimation technique available giving better results than the traditional statistical tools for financial markets, it would be a great asset for trading decision makers of all kinds such as speculators, arbitrageurs, portfolio fund managers and even individual investors. In this study CART, C4.5 and Random Forest algorithms were used to predict the movement direction of a 10 year Istanbul Stock Exchange index (XU-100). Ten technical market indicators such as momentum, MACD and RSI were used in this study as the feature set. Keywords: Price movement direction, CART, C4.5, Random Forest, forecasting, stock market. Date A point or period of time associated with an event in the lifecycle of the resource 2012-05-31 Keywords Keywords. Conference or Workshop Item PeerReviewed H Social Sciences (General) https://omeka.ibu.edu.ba/files/original/59c63e4f9184a29658e37da3591c302d.pdf 6f9c3b15771ba2925356753867ae9a1e PDF Text Text Stock market price index return forecasting using ANN Gunter Senyurt, Abdulhamit Subasi E-mail : gsenyurt@ibu.edu.ba, asubasi@ibu.edu.ba Abstract Even though many new data mining techniques have been introduced in prediction estimation, there is still no single best solution to all financial problems. In this study, an artificial neural network (ANN) model is utilized for predicting price index returns through regression. Ten technical market indicators, seven macroeconomic variables, a couple of other international market indices and a sliding window of ten inputs make up the 30 attributes used in this study. Different combinations of attribute sets is experimented with different ANN model parameter values to find the highest forecasting accuracy. Keywords: Price index return, ANN, Forecasting, Data Mining Techniques. 1. INTRODUCTION While there are certain techniques to forecast in which direction the market would be moving or what price levels would be expected, empirical evidence shows that some models work better than the others in different cases (Satchell, 2005). It is of utmost importance for investors to estimate the trend of the markets as precisely as possible in order to reach the best trading decisions for their investments, so in this context it is in the investor's best interest to use the most accurate time series forecasting model to maximize the profit or to minimize the risk. All in all, it is a quite challenging job to make accurate predictions of stock market index movements and model the time series data, especially in highly volatile markets such as the Turkish stock market. That is due to the fact that stock markets are in general chaotic and complex mechanisms with dynamic, nonlinear and nonparametric variables (Abu-Mostafa and Atiya, 1996). Moreover, markets are influenced by numerous macroeconomic factors, institutional investor choices, human psychology, political events, company policies, other stock market movements and economic affairs (Tan, Quek, and See, 2007). In this study, the ISE National 100 Index (XU-100) has been chosen for data analysis, since the Turkish stock market is a relatively young emerging market and it has presented an outstanding growth rate since its establishment in the late 80's. There is lots of empirical work available in literature on well established and developed markets such as Dow Jones (USA) or DAX (Germany), whereas little research material is available on new emerging markets such as ISE (Kara, Boyacioglu, and Baykan, 2010). The Istanbul Stock Exchange is highly volatile in terms of market returns, a feature which is attracting many local and 367 �international investors worldwide seeking for high return possibilities (Armano, Marchesi, and Murru, 2005). By means of this study, it is aimed at contributing to the demonstration and verification of the XU-100 index price level predictability through ANN. The related predicting performances are compared based on statistical criteria such as relative absolute error (RAE), root relative squared error (RRSE) and the squared value of the correlation coefficient The remaining part of this study is organized into four sections. The next section presents an overview of the theoretical literature while in section 3 the research data and the structure of ANN is described. In section 4, the reports and results of empirical findings from the comparative analysis are given. Finally, the last section contains the concluding remarks. 2. Literature Review There are various ANN methods that can be used in predicting stock price returns and a great deal of research has been conducted on using ANN to forecast financial time series data outputs suggesting ANN as a powerful tool in predicting stock market return (Avci, 2007; Karaatli, 2005). Chen, Leung and Daouk (2003) used the probabilistic neural network (PNN) which showed strong predictive power over other models such as the GMM-Kalman filter and random walk. Diler (2003) who trained back propagation neural networks, based the input attributes on some technical market indicators like momentum, moving average, moving average convergence divergence (MACD), RSI and stochastic %K and forecasted the ISE 100 index direction with % 60.81 accuracy while Altay and Satman (2005) also used ISE-30 and ISE-ALL indices to see the performances of several neural network models. Cao, Leggio, and Schniederjans (2005) effectively proved that multivariate neural networks could outperform the linear models for stock price movement predictions of Shanghai Stock Exchange listed companies. 3. Materials and Methods 3.1 Research Data In this study, all experiments were conducted on WEKA software using its MLP built-in tool to make comparisons of prediction performances based on the chosen dataset. The full dataset is comprised of 30 input variables in total. The first 10 input attributes are technical market indicators as used by Kara, Boyacioglu and Baykan (2010) which are 10-day moving average, 10-day weighted moving average, momentum, stochastic %K, stochastic %D, RSI (Relative Strength Index), MACD (moving average convergence divergence), Larry William's %R, A/D (Accumulation/Distribution) Oscillator and CCI (Commodity Channel Index). Another 10 inputs are mainly chosen from macroeconomic variables, consisting of USD(sell)-Turkish Lira exchange rate, gold price (close), monthly interest rate, CPI (consumer price index), WPI (wholesale price index), PPI (producer price index), Industrial 368 �Production Index, DJI (Dow Jones) closing price, DAX (Germany) closing price and BOVESPA (Brazil) closing price. These variables are slightly differently chosen than Boyacioglu and Avci (2010)'s input variables. The final 10 inputs are a sliding window of the last 10 elements of XU-100 closing price index. In Yumlu and Gurgen (2005) an input window size of seven was used but it is preferred to use the last 10 elements in this study. For the regression analysis, 10-fold cross-validation was used as the test option in WEKA. 3.2 Artificial Neural Network (ANN) Model Artificial neural networks are capable estimation models for financial modeling and prediction (Kara, Boyacioglu, and Baykan, 2010). In this study, a three layered feed-forward ANN structure (a multilayer perceptron) is used to forecast stock market index movements. Multilayer perceptrons (MLP) have one or more layers between input and output layers, called hidden layers, that can approximate any nonlinear relation to any accuracy given sufficiently large number of neurons. The nonlinearity used in the nodes provides MLP with a universal approximation power. “It has been scientifically proved that a three-layered MLP using sigmoidal activation function can approximate well any continuous multivariate function to any accuracy.” (Du and Swamy, 2006). MLP shows high efficiency in function approximation for high-dimensional spaces. It has clear advantage over linear regression methods in that the input dimensionality does not affect the error convergence rate, while conventional linear regression methods suffer from the size of dimensionality. The most popular learning rule in supervised learning is the back propagation learning algorithm which is used to train the neural network. In order to minimize a cost function that is equivalent to MSE (mean squared error) between the desired and actual network outputs, a gradient search method is utilized. An input pattern is introduced to the system and the resulting computed output is compared with the actual given output (target output). The error of each calculated output is propagated backward that establishes a closed-loop control system which adjusts weights by a gradient-descend based algorithm (Du and Swamy, 2006). 4. Results and Discussion The relevance and quality of the data, usually, has a big impact on the performance of the model used. Thus, the choice of data becomes the most important part in forecasting the markets. In this study, all series are real-valued and the input data spans from 02/01/1997 to 31/12/2007. For WEKA testing, the statistical model adequacy metrics relative absolute error (RAE), root relative squared error (RRSE), and the square of the correlation coefficient are utilized, showing the ability of the model to capture the data. A dataset of 10, 20 and 30 inputs are tested in order to see which attribute set have better predictive power over the others. Table 1 and 2 prove the effectiveness of the sliding window when used together with technical indicator inputs creating much lower error values. 369 �Table 1. MLP regression results (% relative absolute error values - % RAE). # of neurons in the hidden layer(n) Input Feature Sets 4 7 10 20 40 50 70 90 1 0.87 1.06 1.15 1.13 1.24 0.94 1.33 1.80 1.61 1.70 1.76 1.88 1.90 1.78 1.83 technical indicators 1.71 1.63 1.74 2 2.32 2 2 2.1 technical indicators + last 10 0.39 0.42 0.42 0.6 0.73 0.75 1.84 1.63 macroeconomic variables + last 10 3.46 3.35 3.33 3.41 3.55 3.60 3.41 8.9 technical indicators + macro economic variables + last 10 technical indicators + macro economic variables Table 2. MLP regression results (% root relative squared error - %RRSE). # of neurons in the hidden layer(n) Input Feature Sets 4 7 10 20 40 50 70 90 1.05 0.95 1.20 1.29 1.24 1.35 1.04 1.53 1.73 1.91 1.79 1.87 1.95 1.98 1.87 1.90 technical indicators 1.86 1.80 1.91 2.22 2.46 2.1 2.13 2.24 technical indicators + last 10 0.47 0.49 0.49 0.69 0.83 0.87 3.1 1.94 macroeconomic variables + last 10 3.81 3.70 3.70 3.79 3.96 4 3.91 18.9 technical indicators + macro economic variables + last 10 technical indicators + macro economic variables 370 �Figure 1. MLP regression result for n=4 (4 neurons in the hidden layer) and 30 features (technical indicators+macroecon. variables+last 10 slid. window). Figure 2. MLP regression for n=4 (4 neurons in the hidden layer) and 30 features (technical indicators+macroecon. variables+last 10 sliding window). 5.CONCLUSION 371 �The issue of accurately predicting the stock market price levels is highly important for formulating the best market trading solutions. It is fundamentally affecting buy and sell decisions of an instrument that can be lucrative for investors. This study focuses on predicting the ISE National 100 closing price levels using ANN based on the daily data from 1997 to 2007. The experimental results give us some very important clues. Firstly, ANN shows superior predicting power in forecasting the stock market price level index. MLP presents 0.39 % RAE in its best case, which is a perfectly good outcome. Even though the prediction performance of ANN outperforms studies alike in literature, it is still likely that the forecasting performance of the model can still be improved by doing the followings: Either the model parameters should be adjusted by thorough experimentation or the input variable sets need to be modified by selecting those input attributes that are more realistic in reflecting the market workings. (Kara, Boyacioglu, and Baykan, 2010) had already proved the significance of using ten particular technical market indicators which gave also good results in this study, as well. Besides, the use of a sliding window of the last ten elements of the ISE 100 index proved to be an effective tool in forecasting the market level and direction. However, the seven macroeconomic variables and three other international market indices were not found to be very useful in this study, which means that more appropriate variables has to be found that may improve the forecasting performance of the models employed that can be a further subject of study for interested readers. Acknowledgement : We sincerely deliver our special thanks to Assist. Prof. Melek Acar Boyacioglu for her graciousness in sharing her knowledge with us. REFERENCES Abu-Mostafa, Y. S., & Atiya, A. F. (1996). Introduction to financial forecasting. Applied Intelligence, 6(3), 205–213. Altay, E., & Satman, M. H. (2005). Stock market forecasting: Artificial neural networks and linear regression comparison in an emerging market. Journal of Financial Management and Analysis, 18(2), 18–33. Armano, G., Marchesi, M., & Murru, A. A. (2005). Hybrid genetic-neural architecture for stock indexes forecasting. Information Sciences, 170, 3–33. Avci, E. (2007). Forecasting daily and sessional returns of the ISE-100 index with neural network models. Journal of Dogus University, 8(2), 128–142. Boyacioglu M.A., Avci D., (2010). An Adaptive Network-Based Fuzzy Inference System (ANFIS) for the prediction of stock market return: The case of the Istanbul Stock Exchange. Expert Systems with Applications 37, 7908–7912. 372 �Cao, Q., Leggio, K. B., & Schniederjans, M. J. A. (2005). A comparison between Fama and French’s model and artificial neural networks in predicting the Chinese stock market. Computers & Operations Research, 32, 2499–2512. Chen, A. S., Leung, M. T., & Daouk, H. (2003). Application of neural networks to an emerging financial market: Forecasting and trading the Taiwan Stock Index. Computers & Operations Research, 30(6), 901–923. Colby, Robert W. The Encyclopedia of Technical Market Indicators, McGraw-Hill, 2nd. edition, 2003. Diler, A. I. (2003). Predicting direction of ISE national-100 index with back propagation trained neural network. Journal of Istanbul Stock Exchange, 7(25–26), 65–81. Du K.-L., Swamy M.N.S., (2006). Neural Networks in a Softcomputing Framework, Springer-Verlag. Kara Y., Boyacioglu M.A., Baykan O.K., (2010). Predicting direction of stock price index movement using artificial neural networks and support vector machines: The sample of the Istanbul Stock Exchange. Expert Systems with Applications 38, 5311–5319. Karaatli, M., Gungor, I., Demir, Y., & Kalayci, S. (2005). Estimating stock market movements with neural network approach. Journal of Balikesir University, 2(1), 22–48. Satchell, C., (2005). Pattern Recognition and Trading Decisions, McGraw-Hill.Tan, T. Z., Quek, C., & See, Ng. G. (2007). Biological brain-inspired genetic complementary learning for stock market and bank failure prediction. Computational Intelligence, 23(2), 236–261. Tan, T. Z., Quek, C., & See, Ng. G. (2007). Biological brain-inspired genetic complementary learning for stock market and bank failure prediction. Computational Intelligence, 23(2), 236–261. Weka, Waikato Environment for Knowledge Analysis, Version 3.7.3, The University of Waikato Hamilton, New Zealand, 1999-2010. Yumlu, S., Gurgen, F., Okay, N., (2005). A comparison of global, recurrent and smoothedpiecewise neural models for Istanbul stock exchange (ISE) prediction. Pattern Recognition Letters 26, 2093–2103. 373 � Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Extent The size or duration of the resource. 1186 Title A name given to the resource Stock market price index return forecasting using ANN Author Author Gunter , Senyurt Abstract A summary of the resource. Even though many new data mining techniques have been introduced in prediction estimation, there is still no single best solution to all financial problems. In this study, an artificial neural network (ANN) model is utilized for predicting price index returns through regression. Ten technical market indicators, seven macroeconomic variables, a couple of other international market indices and a sliding window of ten inputs make up the 30 attributes used in this study. Different combinations of attribute sets is experimented with different ANN model parameter values to find the highest forecasting accuracy. Keywords: Price index return, ANN, Forecasting, Data Mining Techniques. Date A point or period of time associated with an event in the lifecycle of the resource 2012-05-31 Keywords Keywords. Conference or Workshop Item PeerReviewed H Social Sciences (General) https://omeka.ibu.edu.ba/files/original/68fe7ab1bf6c3ad2e708e4bb580d23e2.pdf fba3b3085220a99cd04b0ad11a2b19fe PDF Text Text Journal of Economic and Social Studies Stock Return and Trading Volume Distribution across the Day-of-the-week: Evidence from the Japanese Stock Market Abderrazak DHAOUI Department of Econometrics and Finance University of Sousse –Tunisia Faculty of Economic Sciences and Management abderrazak.dhaoui@yahoo.fr Ramzi FARHANI Department of Economics University of Sousse –Tunisia Faculty of Economic Sciences and Management ramzy.farhani@gmail.com Riadh GARFATTA Department of Econometrics and Finance University of Sousse –Tunisia Faculty of Economic Sciences and Management garfatta_riadh@yahoo.fr Abstract In this paper, we examine the behavior of stock returns and trading volume across the-day-of-the-week in the context of the Japanese Market. Several hypotheses are used to explain the day-of-the-week effect. Results indicate that Mondays have abnormal losses and low trading volume. Over other days the returns and the trading volume increase significantly once the market thickens, prices become more informative and the information effect diminishes. Our results do not support the outliers’ hypothesis, the half-of-the-month hypothesis and the autocorrelation hypothesis. They are, however, consistent with the adverse selection and the overconfidence hypotheses. JEL Codes: G1, G14. Volume 2 Number 1 KEYWORDS Stock Return, Trading Volume, Day-of-the-week, half-of-the-month, overconfidence, Japanese market. ARTICLE HISTORY Submitted: 21 June 2011 Resubmitted: 27 September 2011 Resubmitted: 4 October 2011 Accepted:16 November 2011 Spring 2012 51 �Abderrazak DHAOUI & Ramzi FARHANI & Riadh GARFATTA Introduction Earlier studies on financial framework support widely the efficient market hypothesis of which one implication “is that the expected returns on assets should be evenly distributed across the days, weeks, months, years, or any other unit of time” (Tripathy, 2010). However, observations in the international market context (see Cross (1973) and French (1980) for the US market, Jaffe and Westerfield (1985) for the Japanese and the Australian markets, Syed and Sadorsky, 2006 for the context of emerging markets, Agathee (2008) for the Mauritius market, Ulussever, Guranyumusak and Kar (2011) for the Saudi Arabian market) show that significant variances in assets returns are associated with the unit of time. The day-of-the-week effect is especially common and can be observed in the majority of the aforementioned markets. This specific anomaly constitutes one of several arguments opposing the efficient market hypothesis. Several hypotheses are given in theoretical and empirical studies to explain the dayof-the-week influence on stock returns and on trading volume. However, in spite of the importance of these hypotheses, the investor’s sentiment plays a pivotal role in the decision process. Overconfidence particularly leads investors with greater information to make aggressive decisions and to increase their trading volume on Mondays since they overestimate their knowledge and their judgment skills and underestimate public information and the skills of those with less information. On the contrary, these latter act in a more rational way and delay trades until the market thickens and prices become more informative. Consequently, operations end with abnormal losses and trading volume decreases on Mondays. The aim of this paper is to investigate the day-of-the-week effect on the stock return in the context of the Japanese market. We chose the specific case of the Japanese market since the Asian population is the most exposed to the overconfidence bias1. Different hypotheses, of which the overconfidence hypothesis is one, are examined to explain the day-of-the-week influence on stock returns and trading volume. In this vein, one question that could have greater importance is: What explains the influence of the day-of-the-week effect on stock returns and trading volume? To find some response to this question we used a sample including returns and trading volume of the Nikkei 225 index over the period from June 06, 2002 to Mai 10, 2011. Results show that stock returns and trading volume diminish dramatically 52 Journal of Economic and Social Studies �Stock Return and Trading Volume Distribution across the Day-of-the-week: Evidence from the Japanese Stock Market on Mondays and increase abnormally over the other days. Results do not support in any special way the outliers’ hypothesis, the half-of-the-month hypothesis and the autocorrelation hypothesis. They are, however, consistent with the adverse selection and the overconfidence hypotheses. The remainder of the paper proceeds as follows. Section 1 presents the literature review on the day-of-the-week influence on the stock returns and gives theoretical explanations. Section 2 summarizes the relationship between the investor’s sentiment and the distribution of returns and trading volume. Section 3 provides the sources of the data and a sample selection as well as estimated models. Section 4 contains empirical results. Concluding remarks are provided in the last section. The day-of-the-week effect on return and trading volume Earlier studies concerning major international markets show that returns on assets and trading volume are not evenly distributed across days, weeks, months or years. This report is not consistent with the implication of the efficient market hypothesis. In this vein, Foster and Viswanathan (1993) show that in the context of the US market Mondays have abnormal losses, high return volatility and low trading volume. Mondays’ abnormal losses can also be seen in different international markets. Particularly, empirical studies show that Mondays have abnormally low returns and Fridays have significantly high returns (see Lakonishok and Smidt (1988) for the Dow Jones Industrial Average for the period from 1887 to 1986, Keim and Stambaugh (1984) for the S&P500 returns for the period from 1928 to 1982, Schwert (1990) using different sources for the period from 1802 to 1987). Several other authors find that the lowest average returns are observed on Tuesdays (Solnik and Bousqet (1990) in the French stock market, Athanassakos and Robinson (1994) in the Canadian market). Similar results are found in the context of Asian countries (Aggarwal and Rivoli (1989) in the stock markets of Hong Kong, Malaysia and Philippines, Wong, Hui and Chan (1992) in the markets of Singapore, Malaysia, Hong Kong, and Thailand, or Kim (1988) in the stock markets of Japan and Korea). Tuesdays’ low returns are observed also on the Istanbul stock exchange (Balaban, 1995; Bildik, 1997), and several other stock markets such as those of Australia, Volume 2 Number 1 Spring 2012 53 �Abderrazak DHAOUI & Ramzi FARHANI & Riadh GARFATTA Hong Kong, Japan, Korea, Malaysia, New Zealand, Philippine, Singapore, Taiwan and Thailand (Ho, 1990). The same results are observed in Wong et al. (1992) in the context of the markets of Singapore, Malaysia, Hong Kong and Thailand or in Dubois and Louvert (1996) for the stock markets of Japan and Australia. For the Turkish stock market, Balaban (1995) investigated the day-of-the-week effect over a period dating from January 1988 to August 1994. Results show that Fridays have high returns and low standard deviations. The day with second highest return and second lowest standard deviation is Wednesday. Low returns are, oppositely, observed on Tuesday and high standard deviations on Mondays. Kiymaz and Berument (2003) examined the trading volume in the Japan, the United Kingdom and the United States. They found that trading volume on Mondays and Fridays is on average lower than on other days. Several hypotheses are used to explain the variability in stock return across the days the week. Theoretical and empirical studies argue, first of all, that low returns on Mondays are due to isolated rare events that can be detected using a robust regression test (see Conolly, 1989). This hypothesis is known as the outliers’ hypothesis. Moreover, authors Wang, Li and Erickson (1997) distinguish between days of the first and of the latter half of the month. They consider that the day-of-the-week effect on the stock return changes according to whether the day comes in the first or the latter half of the month. Mondays’ low returns are observed especially in the latter half-of-the-month. This hypothesis is known as the latter-half-of-the-month hypothesis. Theoretical and empirical studies argue also that abnormal losses are linked to the frequency of short sales. They document, moreover, that short sales are more frequently observed on Mondays. In this sense, Chen and Signal (2003) have documented that “Monday losses are caused, at least in part, by short sellers unwinding short positions prior to the weekend and reestablishing short positions on Monday”2. These authors find in the US market particularly that Monday losses and Friday abnormal returns increase significantly when stocks have greater short interest. Moreover several authors such as Bessembinder and Hertzel (1993) have documented that the autocorrelation between Monday’s return with the prior Friday’s return has been unusually higher for several decades. This hypothesis is widely confirmed in empirical studies. Particularly, Boynton, Oppenheimer and Reid (2009) find in the Japanese market that Mondays have higher AR (1) than other days of the week. 54 Journal of Economic and Social Studies �Stock Return and Trading Volume Distribution across the Day-of-the-week: Evidence from the Japanese Stock Market Investors’ sentiment, returns and trading volume On the other hand and in the same vein of explanation as the day-of-the-week influence on stock returns, several studies deal with the relationship between stock returns and the trading volume. A point of view commonly shared in financial literature is that there exists a positive correlation between trading volume and prior stock returns. Researches in behavior economics and behavioral finance provide some explanation for this relation. Authors argue that an investor’s sentiment plays a pivotal role in the stock market. Sentiment beliefs particularly influence the decision process. In this sense, Chuang, Ouyang and Lo (2010) argue that “investors have a tendency to adjust their beliefs to the most recent data and to make decisions based on information they have at the present time. They also extrapolate past experiences into future”. Investors increase their trading volume when they consider companies to be good investments. Oppositely, they stop trading when they foresee companies as bad investments. In this way, past trading volume reflects the investors’ expectations. According to Chuang et al (2010), “investors would buy securities with good prospects. If more and more investors extrapolate good news into future, they tend to overvalue these firms and to invest in them. Their irrational beliefs thus increase trading volume.” These authors also examined the effect of investor sentiment on stock prices in the specific context of the Taiwanese stock market. They found that investors usually observe past trading volume to make future investment decisions. Considering this result, trading volume can be used as a proxy for measuring investors’ expectations. In the same line, several authors such as Lee and Swaminathan (2000) have documented that not only return but also trading volumes are influenced by investor expectations. Behavioral theory argues, especially, that more informed investors are more exposed to the overconfidence bias than less informed ones. They overestimate the precision of their private information and their skills and underestimate public information and the skills of less informed investors. Consequently, they trade irrationally and their irrational trading can lead to abnormal variability in trading volume and consequently on returns. In this vein, “many empirical results show that the irrational investor behavior not only exist in the stock market but also has significant influences on the formation of prices” (Chuang et al., 2010). Taken together these arguments indicate that investors’ sentiments, especially Volume 2 Number 1 Spring 2012 55 �Abderrazak DHAOUI & Ramzi FARHANI & Riadh GARFATTA overconfidence, play a pivotal role in the decision process. They lead investors to make irrational and aggressive decisions thus increasing trading volume. Since less informed investor expects this irrational behavior they delay trading, which dramatically influences the result of the operation. Data and methodology The data we used includes daily returns and trading volume on the “Nikkei 225” index over the period from June 06, 2002 to May 10, 2011. We include all data corresponding to every trading day. Final sample includes 2176 daily observations. In order to investigate the influence of the day-of-the-week on the stock returns we regress returns on each of the day of the week. The estimated equation is: N Rt = α 0 + ∑ α i di + ε t (1) i =1 with i = 1, …, 5 (1 : Monday, 2 : Tuesday, 3 : Wednesday, 4 : Thursday, 5 : Friday). Rt = ln( I[ N ]t ) − ln( I[ N ](t −1) )  ×100 with IN : the Nikkei Index. ɛt : is the error term. To investigate the effect of the day of the week on trading volume, we regress this latter on each of the day of the week. The estimated equation is: N Vt = α 0 + ∑ α i di + ε t (2) i =1 With: Vt: the logarithm of the daily trading volume. We estimate, first of all, both equation (1) and equation (2) using the whole of the data with daily classification and half-of-the-month classification. This allows us to test the latter-half-of-the-month hypothesis. To test the outliers’ hypothesis we use, in a second step, robust regression for the two equations. The test for the short-sales hypothesis will be, however, withdrawn since there is no short-sale interest in the Japan. In the third step we test the autocorrelation hypothesis. In order to do this, we 56 Journal of Economic and Social Studies �Stock Return and Trading Volume Distribution across the Day-of-the-week: Evidence from the Japanese Stock Market investigate the relation below: Rt= α + βt R(t −1) + ε t (3) With Rt: the return in the day t. Equation 3 can be presented as follow:  RMo ( t )  R   Tu ( t )   RWe  = (t )    RTh ( t )   RFr ( t )     α Fr (0) α  Mo (0)  α Tu (0)  αWe (0)  α Th (0)  β Fr ( t )   RFr ( t −1)   ε Fr ( t )  β Mo ( t )   RMo ( t −1)  ε Mo ( t )  βTu ( t )  ×  RTu ( t −1)  +  ε Tu ( t )       βWe ( t )   RWe ( t −1)   ε We ( t )  βTh ( t )   RTh ( t −1)   ε Th ( t )  With: Mo : Monday, Tu : Tuesday, We : Wednesday, Th : Thursday, Fr : Friday. We test, in the final stage, the adverse selection and the investor’s sentiment hypothesis (investor’s beliefs and overconfidence sentiment). We investigate, especially, the impact of investors’ beliefs on the variability of trading volume across the days of the week. Using the return in the day (t-1) as a proxy, we regress trading volume across every day (t) on the return of the day (t-1). The estimated equation is: Vt= α + βt R(t −1) + ε t (4) With Vt : the trading volume in the day t. Equation (4) can be presented as follow: VMo ( t )  V   Tu ( t )  VWe  = (t )    VTh ( t )   VFr ( t )     α Fr ( 0) α  Mo ( 0)  α Tu ( 0)  αWe ( 0)  α Th ( 0)  β Fr ( t )   RFr ( t −1)   ε Fr ( t )      β Mo ( t )    RMo ( t −1)  ε Mo ( t )  βTu ( t )  ×  RTu ( t −1)  +  ε Tu ( t )       βWe ( t )   RWe ( t −1)   ε We ( t )      βTh ( t )    RTh ( t −1)   ε Th ( t )  With: Mo : Monday, Tu : Tuesday, We : Wednesday, Th : Thursday, Fr : Friday. Volume 2 Number 1 Spring 2012 57 �Abderrazak DHAOUI & Ramzi FARHANI & Riadh GARFATTA Results and discussion Figures 1 to 5 show the time series of day-of-the-week Return Distribution. The X-axis gives the time series (day of the week over the analysis period). The Y-axis gives, however, the distribution of the returns on the day of the week across the time. Figure 1. Monday Return Distribution Figure 2. Tuesday Return Distribution Mondays Return Distibution 0.06 Tuesday Return Distribution 0.08 0.06 0.04 0.04 0.02 0.02 Return Return 0 0 -0.02 -0.02 -0.04 -0.04 -0.06 -0.08 -0.06 0 50 100 150 200 Date 250 300 350 -0.08 400 Figure 3. Monday Return Distribution 50 100 150 200 Date 250 300 350 400 450 Figure 4. Tuesday Return Distribution Mondays Return Distibution 0.06 0 Tuesday Return Distribution 0.08 0.06 0.04 0.04 0.02 0.02 Return Return 0 0 -0.02 -0.02 -0.04 -0.04 -0.06 -0.06 0 50 100 150 200 Date 250 300 350 -0.08 400 0 50 100 150 200 Date 250 300 350 400 450 Figure 5. Friday Return Distribution Friday Return Distribution 0.06 0.04 0.02 0 Return -0.08 -0.02 -0.04 -0.06 -0.08 -0.1 -0.12 0 50 100 150 200 Date 250 300 350 400 450 Figures 1 to 5 show that the volatility of stock returns changes significantly over the days of the week. The volatility is very high on Mondays and becomes much lower on Thursdays. Moderate volatility is observed on Tuesdays, Wednesdays and Fridays. High volatility across all days is observed during the period from December 2007 to October 2008. 58 Journal of Economic and Social Studies �Stock Return and Trading Volume Distribution across the Day-of-the-week: Evidence from the Japanese Stock Market Figures 6 to 10 present the time series of Trading Volume by day of the week respectively, starting from Monday until Friday. The X-axis gives the time series evolution. The Y-axis gives the distribution of the trading volume across the days of the week from January 2002 to March 2011. Figure 6. Monday Trading Volume Distribution 13 12.5 12.5 12 12 11.5 11 10.5 Tuesday Trading Volume Distribution 13 Trading Volume Trading volume Figure 7. Tuesday Trading Volume Distribution Mondays Trading volume Distribution 11.5 11 0 50 100 200 Date 150 250 300 350 10.5 400 Figure 8. Wednesday Trading Volume Distribution 50 100 150 200 Date 250 300 350 400 450 Figure 9. Thursday Trading Volume Distribution Wednesday Trading Volume Distribution 13 0 Thursday Trading Volume Distribution 13 12.5 12.5 Trading Volume 11.5 11.5 11 11 10.5 10.5 0 50 100 150 200 Date 250 300 350 400 10 450 0 50 100 150 200 Date 250 300 350 400 Figure 10. Friday Trading Volume Distribution Friday Trading Volume Distribution 13 12.5 Trading Volume Trading Volume 12 12 12 11.5 11 10.5 0 50 100 150 200 Date 250 300 350 400 450 Figures 6 to 10 show that the volatility of the trading volume changes significantly over the course of the week. Trading volume volatility is very high on Fridays and then on Tuesdays and Mondays. Thursdays have, however, lower volatility of trading volume. Volume 2 Number 1 Spring 2012 59 450 �Abderrazak DHAOUI & Ramzi FARHANI & Riadh GARFATTA Taken together, these results indicate that both stock return volatility and trading volume volatility remain lower on Tuesdays. Over the other days, the volatility of both returns and trading volume changes dramatically. Table 1 presents results for the regression of the return on the day of the week. Table 1. Day-of-the-week Returns regression (overall, first and latter half-of-themonth) Overall Returns First half-of-the-month Latter half-of-the-month Mo -0,001039 (-1,84)* -0,0010162 (-3,07)** -0,0007256 (-1,81)* Tu -0,004554 (-1,24)ns -0,0002864 (-1,54)ns -0,0005789 (-1,74)* We -0,002016 (-0,857)ns -0,0008466 (-0,83)ns 0,0003819 (1,67)* Th 0,004116 (1,73)* -0,001614 (-1,54)ns 0,0027343 (1,97)* Fr 0,007390 (2,17)** 0,0013137 (1,68)* 0,0003445 (2,86) *** Cons_ 0,000944 (6,49)*** 0,0004478 (4,18)*** -0,0004353 (-1,42)ns R-Square Adjusted R-Square 0,2796 0,2782 0,3871 0,3859 0,1367 0,1351 Variables *** Significant at 1% level, ** Significant at 5% level, * Significant at 10% level. Results in table 1 indicate a significant negative effect of Mondays (α Mo = − 0, 001039; tMo = − 1,84) . On the on stock returns other hand, Thursdays and Fridays have significantly positive effects = (αTh 0,= 004116; tTh 1, = 73 and α Fr 0,= 007390; tTh 2,17) . Tuesdays and Wednesdays have non-significant effects on stock returns. This indicates that stock returns are not evenly distributed across the days of the week. They are consistent with the results observed in several international markets such as those of French (1980), Aggrawal and Rivoli (1989) Barbee, Jeong and Mukherji (2008) Tripathy (2010) and Ulussever et al. (2011) according to which the average return on Mondays is significantly less than the average of the other days of the week. Considering the half-of-the-month classification, results remain similar whether the days are in the first or the last half of the month. Whichever the half of the month, 60 Journal of Economic and Social Studies �Stock Return and Trading Volume Distribution across the Day-of-the-week: Evidence from the Japanese Stock Market returns decrease significantly on Mondays and increase abnormally starting from Thursdays. Fridays have a higher positive effect on the stock returns. Abnormal losses are especially observed on Mondays during the first half of the month. Similarly, higher Friday returns are observed during the first half of the month. These results are not consistent with the latter-half-of the-month hypothesis according to which Mondays’ abnormal losses are shown in the latter half of the month. Table 2 presents results for the regression of the trading volume on the day-of-theweek. Table 2. Day-of-the-week Trading volume regression (overall, first and latter halfof-the-month Overall Trading volume (ln) First half-of-the-month Latter half-of-the-month Mo -0,115013 (-1,93)* -0,1435844 (-2,84)*** -0,0906864 (-1,94)* Tu 0,0623029 (1,84)** 0,0831203 (1,73)* 0,0442832 (1,94)* We 0,1163678 (1,63)ns 0,1319225 (1,86)* 0,1035988 (1,27)ns Th 0,1180755 (2,16) ** 0,1251352 (1,98)* 0,1120267 (2,48)** Fr 0,1631291 (1,98)** 0,2343976 (1,84)* 0,1019931 (3,17)*** Cons_ 0,390471 (3,17)*** 1,433481 (2,96)*** 1,263122 (2,83)*** R-Square Adjusted R-Square 0,3851 0,3839 0,4408 0,4397 0,2642 0,2628 Variables *** Significant at 1% level, ** Significant at 5% level, * Significant at 10% level. Results in table 2 indicate that trading volume decreases abnormally on Mondays and increase significantly over the other days. Higher effects of the day of the week on trading volume are, however, observed on Fridays. These results are consistent with the adverse selection hypothesis. In this sense, individual investors expect that on Mondays institutional investors, as more informed investors, have greater information and will exploit their information advantage in trades. Consequently, they (i.e. individual investors) postpone trades as a best strategy until the market thickens and the prices become more informative. The delay of trade induces a decrease in trading volume on Mondays. Starting from Tuesday, the information effect diminishes and prices start to become more informative. Consequently both institutional and individual investors trade together which induces an increase in trading volume. Volume 2 Number 1 Spring 2012 61 �Abderrazak DHAOUI & Ramzi FARHANI & Riadh GARFATTA Results for the robust regressions of returns and trading volume on the day of the week are given in table 3. Table 3. Return distribution and trading volume (Robust regression) Variables Return Distribution (robust regression) Trading Volume Distribution (robust regression) Mo -0,0000944 (1,74)* -0,1150134 (-2,37)** Tu -0,0004554 (-1,14)ns 0,0623029 (1,62)ns We -0,0002016 (-1,48)ns 0,1163678 (1,19)ns Th 0,0007116 (1,36)ns 0,1180755 (2,08)* Fr 0,000439 (2,58)** 0,1631291 (2,36)* Cons_ -0,0001039 (3,17)*** 1,27545 (4,12)*** R-Square Root MSE 0,1207 0,01623 0,1738 2.3847 *** Significant at 1% level, ** Significant at 5% level, * Significant at 10% level. Results in table 3 indicate the persistence of low returns on Mondays even using a robust regression test. These results challenge the outliers hypothesis according to which low returns on Mondays are due to isolated rare events that can be detected using a robust regression test. Taken together, results associated with the latter-half-of-the-month and with the outliers hypothesis are consistent with those of Boynton et al (2009), who did not confirm the two hypotheses. Table 4 presents results associated with the autocorrelation hypothesis and those testing the effect of the investors’ expectation on returns and on trading volume. 62 Journal of Economic and Social Studies �Stock Return and Trading Volume Distribution across the Day-of-the-week: Evidence from the Japanese Stock Market Table 4. Results on autocorrelation and overconfidance hypothesis tests Model (Days relation) Tu/Mo We/Tu Th/We Fr/Th Mo/Fr N Endogenous Variable Exogenous Variables T-statistic R-squared Adj. R-squared RTu(t) RMo(t-1) = -0,1137036 Cons_ = -0,0004668 -2,42 (0.016)*** -0,66 (0.513)ns R2 =0,2204 Adj. R2 = 0,2141 VTu(t) RMo(t-1) = -0,12992 Cons_ = 2,50003 -1,74 (0.083)* 7,36 (0.000)*** R2 = 0,1174 Adj. R2 = 0,1103 RWe(t) RTu(t-1) = -0,0186290 Cons_ = -0,0001872 -0,43 (0.667)ns -0,26 (0.798)ns R2 = 0,0814 Adj. R2 = -0,0771 VWe(t) RTu(t-1) = 0,3085539 Cons_ = 2,40007 0,05 (0.964)** 8,10 (0.000)*** R2 = 0,1623 Adj. R2 = 0,1584 RTh(t) RWe(t-1) = -0,0280665 Cons_ = 0,0006791 -0,55 (0.585)ns 0,87 (0.384)ns R2 = 0,0951 Adj. R2 = 0,0909 VTh(t) RWe(t-1) = 1.40344 Cons_ = 2,40132 2,04 (0.042)** 8,36 (0.000)* R2 = 0,1358 Adj. R2 = 0,1318 RFr(t) RTh(t-1) = -0,0530225 Cons_ = 0,0010738 -0,64 (0.524)ns 1,03 (0.307)ns R2 = 0,0816 Adj. R2 = 0,0689 VFr(t) RTh(t-1) = 2,99868 Cons_ = 3,64075 1,06 (0.292)ns 4,34 (0.000)*** R2 = 0,0507 Adj. R2 = 0,0376 RMo(t) RFr(t-1) = 0,0671137 Cons_ = -0,0011966 0,93 (0.355)ns -1,24 (0.216)ns R2 = 0,0934 Adj. R2 = 0,0861 VMo(t) RFr(t-1) = -0,754204 Cons_ =2,53782 -0,65 (0.517)ns 6,79 (0.000)*** R2 = 0,1017 Adj. R2 = 0,0944 257 434 439 148 252 *** Significant at 1% level, ** Significant at 5% level, * Significant at 10% level. Results in table 4 indicate that only Tuesdays have a significant AR(1). Mondays’ returns have negative effects on those of Tuesdays (α RMo ( t −1) / RTh ( t ) = − 0,1137036; t RMo ( t −1) / RTh ( t ) = − 2, 42) . These results challenge the autocorrelation hypothesis according to which Mondays have higher AR(1) than other days and which is confirmed in the context of the Japanese market by Boynton et al. (2009). These results can be explained considering the investor’s sentiment (investor’s beliefs and the overconfidence hypothesis). On Mondays the overconfident investors overestimate the precision of their knowledge and their judgment skills. They underestimate, at the same time, the public information and the skills of less informed investors. They make, consequently, aggressive decisions and increase their trading volume. Since the less informed investors act in a rational way, they delay trading and the operation ends with abnormal losses. Once the prices become more informative, the less informed investors change their strategy and increase their trading volume. Operations end, consequently, with higher gains. Volume 2 Number 1 Spring 2012 63 �Conclusion We can conclude from our analysis that stock returns and trading volume are not evenly distributed across time. Mondays have abnormal losses and Fridays have higher returns. Trading volume decreases abnormally on Mondays and increases significantly over the other days. Results, using the NIKKEI 225 data for return and trading volume over a period from June 06, 2002 to May 10, 2011 show that stock returns and trading volume diminish dramatically on Mondays and increase abnormally over the other days. Results do not support, particularly, the outliers’ hypothesis, the half-of-the-month hypothesis and the autocorrelation hypothesis. They are, however, consistent with the adverse selection and the overconfidence hypotheses. In this sense, information plays a pivotal role in the decision process. More informed investors overestimate the precision of their knowledge and their judgment skills and underestimate public information and the skills of the less informed investors. They therefore make aggressive decisions and increase their trading volume. On the other hand, less informed investors postpone trades since they know that on Mondays the more informed investors will exploit their information advantage in trades. The delay of trade driven by the less informed investors’ behavior induces a decrease in returns on Mondays. References Agathee U.S., (2008). Day of the Week Effects: Evidence from the Stock Exchange of Mauritius (SEM), International Research Journal of Finance and Economics, Issue 17, pp. 7-14. Aggarwal R. and Rivoli P., (1989). Seasonal and Day-of-the-Week Effect in Four Emerging Stoick Markets, Financial Review, vol. 24, pp. 541-550. Athanassakos G. and Robinson M.J., (1994). 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A theory of intraday variations in volume, variances, and trading cost in securities market, Review of Financial Studies, vol. 3, pp. 593-624. French K., (1980). Stock returns and the weekend effect, Journal of Financial Economics, vol. 8, pp. 55-70. �Ho, (1990). Stock Return Seasonalities in Asia Pacific Markets, Journal of International Financial Management and Accounting, vol. 2, n° 1 (Spring), pp. 47-77. Jaffe J. and Westerfield R., (1985). Patterns in Japanese common stock returns: Day of the week effects and turn of the year effects, Journal of Financial and Quantitative Analysis, vol. 20, pp. 261-272. Keim D.B. and Stambaugh F., (1984). A Further Investigation of Weekend Effect in Stock Returns, Journal of Finance, vol. 39, pp. 819-840. Kim S., (1988). Capitalizing on the Weekend Effect, Journal of Portfolio Management, vol. 14, n° 3, pp. 59-63. Kiymaz H. and Berument H., (2003). The day of the week effect on stock volatility and volume: International evidence, Review of Financial Economics, vol. 12, pp. 363−380. Lakonishok J. and Smidt S., (1988). Are seasonal anomalies real? A ninety year perspective, Review of Financial Studies, vol. 1, pp. 403-425. Lee C.M.C. and Swaminathan B., (2000). Price momentum and trading volume, Journal of Finance, vol. 55, pp. 2017-2069. Penman S.H., (1987). The distribution of earnings news over time and seasonalities in aggregate stock returns, Journal of Financial Economics, vol. 18, pp. 199-228. Schwert G.W., (1990). Indices of U.S. stock prices from 1802 to 1987, Journal of Business, vol. 63, pp. 399-426. Solnik B. and Bousquet. L., (1990). Day of the week effect on the paris bourse, Journal of Banking and Finance,.vol. 14, pp. 461-468. Syed A.B. and Sadorsky P. (2006). Day-of-thr-week effects in emerging stock markets, Applied Economics Letters, vol. 13, pp. 621-628. Tripathy N., (2010). Expiration and Week effect: Empirical Evidence from the Indian Derivative Market, Annual London Business Research Conference, 12 to 14 July, London, United Kingdom. Ulussever T., Guranyumusak I and Kar M., (2011). The Day-of-the-Week Effect in the Saudi Stock Exchange: A Non Linear Garch Analysis, Journal of Economic and Social Studies, vol. 1, N° 1, January, pp. 9-23. �Wang K., Li Y. and Erickson J., (1997). A new look at the Monday effect, Journal of Finance, vol. 52, pp. 2171−2186. Wong K.A., Hui T.K. and Chan C.Y., (1992). Day of the week effects: evidence from developing stock markets, Applied Financial Economics, vol. 2, pp. 49-56. Yates, J.F., Lee J.W. and Shinotsuka H., (1996). Beliefs about overconfidence, including its Cross-national Variation, Organization Behavior and Human Decision Process, vol. 65, pp. 138-147. Yates, J.F., Lee J.W. and Bush J.G., (1997). General knowledge overconfidence: CrossNational Variations, Response Style, and “Reality”, Organization Behavior and Human Decision Process, vol. 70, pp. 87-94. (Endnotes) 1 In this sense, psychologists have demonstrated that the Asian population exhibits overconfidence in general knowledge (see Yates, Lee and Shinotsuka (1996) and Yates, Lee and Bush (1997) for more details). This specifically implies, among other things, that Asian investors may suffer from psychological biases of which one is the overconfidence bias. 2 For more details see Boynton et al. (2009). Volume 2 Number 1 Spring 2012 Journal of Economic and Social Studies 67 �� Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Extent The size or duration of the resource. 1065 Title A name given to the resource Stock Return and Trading Volume Distribution across the Day-of-the-week: Evidence from the Japanese Stock Market Author Author DHAOUI, Abderrazak FARHANI, Ramzi GARFATTA, Riadh Abstract A summary of the resource. In this paper, we examine the behavior of stock returns and trading volume across the-day-of-the-week in the context of the Japanese Market. Several hypotheses are used to explain the day-of-the-week effect. Results indicate that Mondays have abnormal losses and low trading volume. Over other days the returns and the trading volume increase significantly once the market thickens, prices become more informative and the information effect diminishes. Our results do not support the outliers’ hypothesis, the half-of-the-month hypothesis and the autocorrelation hypothesis. They are, however, consistent with the adverse selection and the overconfidence hypotheses. Publisher An entity responsible for making the resource available International Burch University Date A point or period of time associated with an event in the lifecycle of the resource 2012-01 Keywords Keywords. Article PeerReviewed H Social Sciences (General),HB Economic Theory,HG Finance https://omeka.ibu.edu.ba/files/original/b1e8bdf2fa0f618df9187f9dd5474592.pdf bc67639a7dde1f20232311ad7b9acdee PDF Text Text International Conference on Economic and Social Studies, 10-11 May, 2013, Sarajevo Stock Selection Based On Discriminant Analysis: Case of Capital Market of Bosnia and Herzegovina Jasmina Okičid University of Tuzla, Tuzla, Bosnia and Herzegovina jasmina.okicic@untz.ba Sonja Remetic Horvath University of Vienna, Institut für Betriebswirtschaftslehre, Wien, Östereich sonja.remetic@gmail.com Barış Büyükdemir CEROS Menkul Değerler AS, İstanbul, Turkey baris.buyukdemir@ceros.com.tr The main goal of this paper is to scientifically examine and propose new approach of stock selection and analysis based on multivariate technique, i.e. discriminant analysis, in order to help investors, individual and institutional, in their decision making process, especially in case of underdeveloped capital markets. These markets are generally characterized by low market capitalization, poor liquidity and turnover, weak legal protection for minority shareholders, low correlation with developed and emerging capital markets, etc. All of this directly determines investment decision making process on one hand and on the other may have crucial impact on portfolio performance as well. Therefore, in this paper we investigate the cross—sectional relation between the independent variables of the model, comprised of beta coefficient and some fundamental (market values, price to earnings ratio, etc.) variables and the average stock returns, as dependent variable, on the underdeveloped capital market of Bosnia and Herzegovina. Basically, capital market of Bosnia and Herzegovina is characterized by territorial division, the incompatibility of entity institutions and of legal regulations; which negatively affect the investment climate and the liquidity of securities. Therefore, in this paper, we created the sample which consists of stocks traded on capital market of Bosnia and Herzegovina, both on the Sarajevo Stock Exchange and the Banja Luka Stock Exchange, during the period of January 2004 to December 2012. Based on the realized historical returns, we split issuers into two groups. The first group consists of those stocks whose returns were in the top quintile (highest returns), and the second one consists of those stocks whose returns were in the lowest quintile (lowest returns). The main limitations of this study are to be found in the shorter available financial time series in newly formed capitalistic economy, missing data due to the lack of collective records on levels of securities offerings issues. Keywords: Discriminant Analysis, Stock Selection, Stock Return, Beta Coefficient, Capital Market of Bosnia And Herzegovina. 180 � Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Extent The size or duration of the resource. 1638 Title A name given to the resource Stock Selection Based On Discriminant Analysis: Case of Capital Market of Bosnia and Herzegovina Author Author OKIČIĆ, Jasmina REMETIC HORVATH, Sonja BUYUKDEMIR, Baris Abstract A summary of the resource. The main goal of this paper is to scientifically examine and propose new approach of stock selection and analysis based on multivariate technique, i.e. discriminant analysis, in order to help investors, individual and institutional, in their decision making process, especially in case of underdeveloped capital markets. These markets are generally characterized by low market capitalization, poor liquidity and turnover, weak legal protection for minority shareholders, low correlation with developed and emerging capital markets, etc. All of this directly determines investment decision making process on one hand and on the other may have crucial impact on portfolio performance as well. Therefore, in this paper we investigate the cross—sectional relation between the independent variables of the model, comprised of beta coefficient and some fundamental (market values, price to earnings ratio, etc.) variables and the average stock returns, as dependent variable, on the underdeveloped capital market of Bosnia and Herzegovina. Basically, capital market of Bosnia and Herzegovina is characterized by territorial division, the incompatibility of entity institutions and of legal regulations; which negatively affect the investment climate and the liquidity of securities. Therefore, in this paper, we created the sample which consists of stocks traded on capital market of Bosnia and Herzegovina, both on the Sarajevo Stock Exchange and the Banja Luka Stock Exchange, during the period of January 2004 to December 2012. Based on the realized historical returns, we split issuers into two groups. The first group consists of those stocks whose returns were in the top quintile (highest returns), and the second one consists of those stocks whose returns were in the lowest quintile (lowest returns). The main limitations of this study are to be found in the shorter available financial time series in newly formed capitalistic economy, missing data due to the lack of collective records on levels of securities offerings issues. Keywords: Discriminant Analysis, Stock Selection, Stock Return, Beta Coefficient, Capital Market of Bosnia And Herzegovina. Publisher An entity responsible for making the resource available International Burch University Date A point or period of time associated with an event in the lifecycle of the resource 2013-05-10 Keywords Keywords. Article PeerReviewed Identifier An unambiguous reference to the resource within a given context ISSN 2303-4564