The weighted average cost of capital is the rate that companies must pay to shareholders and creditors. Therefore, it is a risk-adjusted discount rate for the company's cash flows. The paper will calculate the weighted average cost of capital for a selected group of companies listed on the Sarajevo and Banja Luka Stock Exchanges, as well as profitability indicators such as: ROA, ROE and net profit margin. Therefore, the main goal of this paper is to investigate whether there is interdependence in the movement of the weighted average cost of capital and profitability indicators of the selected group of companies in the stock market indices SASX-30 and BIRS. The research results show that the WACC ranges from a minimum of 5.11% to a maximum of 10.87%. Likewise, the research results show that there is a negative connection and correlation between WACC on the one hand and a selected group of profitability indicators on the other hand.

The importance of minimum capital adequacy ratios in preventing banks from going bankrupt and losing depositor money is underscored by their ability to absorb a reasonable amount of losses. This work contributes to the literature on bank capital and, in particular, delivers a thorough analysis of bank capital in Bosnia and Herzegovina and Croatia contexts. This analysis refers to the strand of literature on non-performing loans and bank capital that has been of continuous interest to researchers. It is a relevant area of research because it discusses the most important part of the banking business, especially in the context of increasing global competition and crises. In this scientific area, we inquire whether and how leverage rate, gross domestic product rate, and return on equity affect the capital adequacy ratio. In this respect, this study advances the literature of effects on bank capital that have not been analysed by other scholarly contributions, especially as it discusses the impact of leverage rate, gross domestic product rate, and return on equity in the context of the entire banking systems of Bosnia and Herzegovina and Croatia. The study is limited to a six-year period from 2016 to 2021. Empirical evidence based on the application of a model suggests that both countries resulted in different correlations between countries. Modelling was done to determine the relationship between the independent variables LR, GDP Growth, ROE, and effect on CAR. In addition, the capital adequacy ratio proves to be more and more important for banks.

The main goal of this research is to evaluate the returns and risks of the following types of assets: Bitcoin, EUR Stoxx 50, gold, bonds: government bonds ICE Bof A 1-10 Year excluding Italy and Greece and the corporate bond index ICEB of A 1-10 Year AA. The paper tested a total of ten portfolios according to different scenarios for digital and financial assets. Also, in the paper, greater measures of risk and return were calculated with the aim of forming an optimal portfolio with minimal risk. The results of this research revealed that the correlation between Bitcoin and other forms of financial assets is generally low and negative, which can be a good instrument for portfolio diversification, and positively affect portfolio performance. Also, the results of this study showed that in terms of volatility and return measure of a total of ten portfolios, the second portfolio (whose structure consists of Bitcoin, Euro Stoxx 50, gold, government bonds ICE Bof A 1-10 Year - excluding Italy and Greece and the corporate index bond ICEBof A 1-10 Year AA) is the most optimal portfolio. The findings of this research can serve in risk and loss assessments of portfolio managers, investors, and regulators.

The paper presents the results of the research cavitation erosion behavior of samples based on talc with addition of domestic zeolite from the Zlatokop deposit. Samples based on talc with 15 % of zeolite, from Zlatokop (Vranjska Banja), sintered at 1200ºC were used in this investigation. Resistance to cavitation was monitored by the ultrasonic vibratory cavitation set up with a stationary specimen and measuring respectively determining the specimens' mass loss. Image analysis and Young's modulus of elasticity were used to determine the level of degradation of the sample surface and sample's volume. Obtained results showed good resistance of the refractory samples based on talc and zeolite to the cavitation erosion, which indicates the possibility of application ceramic samples based on talc and zeolite in various areas of industry where the presence of destruction due to the effect of cavitation is expected.

Thermal shock stability plays a great role in the selection of optimal refractory material. Different methods of characterization were developed for this purpose, including the implementation of nondestructive testing. Image analysis is a very well method for characterization of different materials structures, as well as changes and occurred defects in structure caused by different influences. In this paper, possible application of image analysis will be presented related to the monitoring thermal shock behavior of selected refractory materials. Different parameters such are R parameter, level of destruction, as well as determination of morphological descriptors (area, perimeter, diameter, roundness) using Image analysis, will be presented.

Concrete is a material that has been used for centuries and is often modified using polymers. In the last fifty years, synthetic polymers have been used for the modification of concrete, but also for the production of concrete. In recent decades, sulfur concrete has been an interesting product that can be used mainly in low-rise construction due to its characteristics. In this work, we used the starting mixture for the preparation of sulfur concrete (sand, elemental sulfur with the addition of modified sulfur and fillers) heated to a temperature of 120 ºC to 170 ºC and homogenized. The results of previous research on the production of sulfur concrete showed that the density of the obtained product changes depending on the type as well as the amount of filler added to the basic mixture based on raw materials. Talc, microsilicon, plate alumina and fly ash were used as fillers. The amounts of fillers were 0%, 1%, 3%, 5%, 7% and 10%.

The thermal energy sector is very important at this time of global energy transition. From the aspect of stable energy independence, this is especially important in countries whose energy system is based on fossil fuels, especially coal. This is why decarbonisation of the energy sector is necessary, with a partial and gradual substitution of coal with renewable fuels. However, the use of these fuels is not always possible in existing plants. This refers to the establishment of energy, economic and environmentally acceptable proportion of the co-firing of these fuels, i.e. a mixture of coal and renewable fuels. The success of the establishment of this process is a function of several variables, the dominant of which are the aggregate properties of the fuel, basic and their mixtures, including the ash properties of those fuels. With the motive of contributing to a more successful implementation of the energy transition in the thermal energy sector, and with the aim of obtaining new scientific knowledge about the characteristics of the combustion of lignite and brown coal with different renewable fuels, laboratory research was carried out. In particular, different mixtures of lignite and brown coal, waste woody biomass and Miscanthus as a fast-growing energy crop were subjected to co-firing with variable process conditions. In addition to changing the composition of fuel mixtures, the test regimes included a significant change in process temperature (1250-1450 °C) and the primary measure of staged air supply to the furnace. In these combustion conditions, the emission of undesirable and harmful components into the environment, the efficiency of combustion, and the tendency of the ash from the fuel mixture to possible soiling of the heating surfaces in the furnace were evaluated - an analysis of the characteristics of the ash samples from the reaction zone and samples of the slag and ash to the furnace. Here, in both cases of co-firing, lignite and brown coal with different types of biomass, it was shown that in real conditions it is possible to establish a sustainable primary energy conversion process from fuel with a low unburnt carbon content in the slag (unburnt carbon content, UBC<1%) as well as low CO emission, below 350 mg/mn 3. At the same time, the NOx emission is below 320 mg/mn 3 during the co-firing of lignite mixtures at 1250 °C, and in the case of brown coal mixtures below 740 mg/mn 3 at 1450 °C. In both cases, the net CO2 emission decreases in proportion to the proportion of biomass in the mixture, while the SO2 emission is still high, at a level of up to 2500 mg/mn 3 for lignite mixtures and up to 6400 mg/mn 3 for brown coal mixtures. None of the treated types of biomass, up to the level of applicable content in the mixture with lignite and brown coal, does not worsen the progress of the process from the aspect of possible slagging/fouling heating surfaces in the boiler.

Background: Discus hernia represents an intervertebral disk prolapse. The intervertebral disk provides stability in rest state and distributes the load of the spinal column on the move. Changes that lead to the occurrence of disc prolapse are desiccation, reduction of proteoglycan content, mucoid degeneration, and fibrosing tissue uptake. Predisposing factors of lumbar pain are heavy physical tasks with lifting loads over twenty pounds, especially professional use of heavy tools. Objective: The aims of this article is the review of diagnostics and physical therapy of lumbar disc herniation at levels L4/L5 and L5/S1. Methods: Authors used descriptive method for review lumbar disc herniation including diagnostic procedures and physical therapx based on scientific literature stored in medical databses PubMed, Scopus, Hinari, etc.. Results: The most common area of the spine to experience a herniated disk is the low back, just below the waist level. Herniated disks also commonly occur in the neck.. Conclusion: Rehabilitation is a delicate problem and requires long-term treatment and multidisciplinary cooperation, and is carried out in accordance with the principles of diagnostic and physical therapy of lumbar dics herniation depending of level of demaged and level of causes of lumbar disc herniation. The majority of herniated disks do not require surgery, and respond best to physical therapy. Physical therapists design personalized treatment programs to help people with herniated disks regain normal movement, reduce pain, and get back to their regular activities.

The main matter of this research is phenomenon of reading, has won totally different sense among the society which is witnessing the biggest achievements in technology. A lot of people used to write about the fact of how much important reading is and how the reading activity influences personality development in total, one of them was Nil Gaiman, which warns about the future of illiterate generations. On the other side position of literate society, the one that fosters active reading is out of the crisis to be unhappy, uneducated, personalities without flat and emphaty which most often give themselves to some vices. In this paper the function of literature has been highlighted that represents people need, that forms him and his views on the world. Value and importance of literature has been explained in details by Bogdan Popovic in his essay "About literature", hundred year ago. There we are ablo to see two different perspectives of literature reading, especially on fiction and here we can realise how ideas even a long years distance have stayed the same. One of the ideas that has been mentioned in this paper is how reading is a key and libraries are gates of future. Role of teachers in the process of learning, development and nurturing the active reading is the key in the process of education. Alongside the family from where everything starts and incentivises, school is also responsible for growing generations of active readers, the ones that will see the future in libraries. At the end of this paper some annual informations about usage od literature for kids and adults are adults, actually the informations of how much people are visiting the state library "Dositej Obradovic" in Novi Pazar are included.

The primary objective of this research paper is to investigate the potential impact of emergency remote teaching on the academic performance of undergraduate students, while also assessing the consistency of academic outcomes across various courses during the emergency transition to distance learning. The research methodology involves the collection of students' accomplishments and course passing rates spanning four consecutive academic years, from 2018/2019 to 2021/2022. The study identifies three distinct teaching environments: traditional, distance learning, and hybrid. The academic year 2018/2019 is designated as a pre-pandemic reference point. The subsequent years mark a transition from distance learning to a hybrid teaching model and a return to the traditional in-class environment. The analytical framework includes descriptive and correlation analyses, supplemented by an analysis of variance to derive meaningful insights. It is essential to highlight that the results obtained are further validated by the passing rates for the academic year 2022/2023, reinforcing the contemporary relevance and credibility of the research findings.

This paper investigates the absolute and conditional convergence process of the Western Balkan states toward the EU-27+1. The analyzed period is 2004–2018; therefore, we include the United Kingdom in the analysis. To test the effects of the 2008/2009 financial crisis on the absolute and conditional convergence process, we include three subperiods in this research: the precrisis period, the crisis period

Background: The pathophysiology and therapy of coronavirus disease-19 (COVID-19), caused by severe acute respiratory syndrome coronavirus-2 (SARS-CoV-2), are a dilemma for scientists and health professionals, and the fact that patients show different symptoms and severity of the clinical picture also contributes to that. Objective: This paper aims to evaluate the effectiveness of therapeutic protocols (the use of immunomodulators) in the treatment of COVID-19 patients of various severity of the clinical picture by monitoring inflammatory markers (ESR and CRP), as well as the impact of the type and number of comorbidities patients had on these markers. Methods: A total of 200 patients with a mild (n=76), moderate (n=70) or severe (n=54) clinical picture was included. Inflammatory markers [ESR (erythrocyte sedimentation rate), CRP (C-reactive protein)] were examined on three occasions: twice during hospitalization and once after hospital discharge. Immunomodulators used intrahospital were corticosteroids (methylprednisolone, dexamethasone, methylprednisolone + dexamethasone), tocilizumab or metenkefalin/tridecactide. Posthospital, patients were taking either methylprednisolone or did not use any immunomodulators. For statistical analysis, SPSS 26.0 and Microsoft Excel 2019 were used, with a level of significance of α=0.05. Nonparametric tests (Kruskal-Wallis and Wilcoxon Signed-Rank) were applied and effect size (ES) was calculated. Results: Three corticosteroid therapies used intrahospital caused a significant decrease in both inflammatory markers, especially in patients with a severe clinical picture, but the ES was the biggest with methylprednisolone + dexamethasone, then dexamethasone, and lastly methylprednisolone. Posthospital, methylprednisolone caused a significant decrease in both inflammatory markers, especially in patients with a severe clinical picture. The most common comorbidity in all patients, as well as in patients with a severe clinical picture, was hypertension. There was no statistically significant impact of the number of comorbidities patients had on ESR and CRP, but the highest number of comorbidities was in patients with a severe clinical picture. Conclusion: The use of immunomodulators, especially methylprednisolone + dexamethasone intrahospital and methylprednisolone posthospital, is justified in most COVID-19 cases as there is a significant correlation between this disease’s pathophysiology and the immune response. There is also a positive correlation between the number of comorbidities patients have and the severity of the clinical picture.