Using extensive and comprehensive databases to select a subset of research papers, we aim to critically analyze previous empirical studies to identify certain patterns in determining the optimal number of stocks in well-diversified portfolios in different markets, and to compare how the optimal number of stocks has changed over different periods and how it has been affected by market turmoil such as the Global Financial Crisis (GFC) and the current COVID-19 pandemic. The main methods used are bibliometric analysis and systematic literature review. Evaluating the number of assets which lead to optimal diversification is not an easy task as it is impacted by a huge number of different factors: the way systematic risk is measured, the investment universe (size, asset classes and features of the asset classes), the investor’s characteristics, the change over time of the asset features, the model adopted to measure diversification (i.e., equally weighted versus optimal allocation), the frequency of the data that is being used, together with the time horizon, conditions in the market that the study refers to, etc. Our paper provides additional support for the fact that (1) a generalized optimal number of stocks that constitute a well-diversified portfolio does not exist for whichever market, period or investor. Recent studies further suggest that (2) the size of a well-diversified portfolio is larger today than in the past, (3) this number is lower in emerging markets compared to developed financial markets, (4) the higher the stock correlations with the market, the lower the number of stocks required for a well-diversified portfolio for individual investors, and (5) machine learning methods could potentially improve the investment decision process. Our results could be helpful to private and institutional investors in constructing and managing their portfolios and provide a framework for future research.

Abstract Forest policy and forest ownership patterns in Slovenia and the Federation of Bosnia and Herzegovina (FBiH) have changed considerably in recent decades due to unprecedented scale of social, political and economic change. The distribution of ownership types varies between the countries – in Slovenia private forest ownership predominates (77%), while in FBiH only about 20% of forest is private-owned. In both countries, private forest properties are small-scale and fragmented, which affects management opportunities and the scale at which policy interventions need to be made. This paper analyses the Slovenian and Central Bosnia Cantonal Law on Forests to assess how the regulatory framework affects private forest owners’ (PFOs) rights, forest management and accelerates cooperation of PFOs. Both laws impose exclusive rights and responsibilities of PFOs, as well as limitation on how they can use their forests. In both countries, legislation contains detailed regulations for forest management activities and stipulate that mandatory forest management plans (FMPs) are an important tool that supports the implementation of sustainable forest management. In Slovenia, FMPs are prepared as common plans for all forests regardless the ownership, while in FBiH the Cantonal Law prescribes a separate forest management planning system for private forests. To improve the efficiency of private forest management, both laws support voluntary cooperation of PFOs. From the analysis, it can be concluded that there is a need for better harmonisation of public and private interests in relation to forest resources, especially in the case of FBiH, and that the deregulation of property right is needed as well as that the level of involvement of PFOs in the forest policy making process is unsatisfactory, in most cases only formal.

Intent-based networking (IBN) solutions to managing complex ICT systems have become one of the key enablers of intelligent and autonomous network management. As the number of machine learning (ML) techniques deployed in IBN increases, it becomes increasingly important to understand their expected performance. Whereas IBN concepts are generally specific to the use case envisioned, the underlying platforms are generally heterogenous, comprised of complex processing units, including CPU/GPU, CPU/FPGA and CPU/TPU combinations, which needs to be considered when running the ML techniques chosen. We focus on a case study of IBNs in the so-called ICT supply chain systems, where multiple ICT artifacts are integrated in one system based on heterogeneous hardware platforms. Here, we are interested in the problem of benchmarking the computational performance of ML technique defined by the intents. Our benchmarking method is based on collaborative filtering techniques, relying on ML-based methods like Singular Value Decomposition and Stochastic Gradient Descent, assuming initial lack of explicit knowledge about the expected number of operations, framework, or the device processing characteristics. We show that it is possible to engineer a practical IBN system with various ML techniques with an accurate estimated performance based on data from a few benchmarks only.

In Bosnia and Herzegovina, the pluralization of society and the state began during 1990. This is the time when political parties are formed and the first multi-party parliamentary elections are held. Due to the strong influence and domination of the ethnic principle, political parties were formed in Bosnia and Herzegovina in 1990 in two basic forms: as ethnic or people's (national) parties, and as civic (multiethnic) parties. In almost all election cycles from the beginning of the pluralization of Bosnian society until today, ethnic political parties have won the elections. Ethnic political parties have appropriated a monopoly in the promotion of national interests since the 1990 election campaign, guided by the idea of protecting the national interests of “their“ peoples. The continued rule of ethnic parties without a coalition political agenda and agreement has strengthened ethnic pluralism in Bosnia and Herzegovina. Thus, instead of democratic decision-making and competition between the majority and the opposition, the representative bodies in Bosnia and Herzegovina have become an arena and a place of mutual competition and confrontation between the parties that make up the parliamentary majority. The lack of the necessary democratic consensus between the ruling ethnic political parties at the state level was compensated and compensated by the High Representative of the International Community (OHR), who, on the basis of the Bonn powers, promulgated certain laws. Hundreds of laws in Bosnia and Herzegovina have been promulgated by high representatives. This prevented blockages in the work of the Parliamentary Assembly of Bosnia and Herzegovina. In the absence of the necessary consensus of the ruling ethnic parties, it is not possible to develop or strengthen the power of parliaments as the highest representative body of the people and citizens of Bosnia and Herzegovina. Instead of parliamentary democracy, classical partitocracy is at work. The situation is similar at the entity level, and at the cantonal level in the Federation of Bosnia and Herzegovina entity. All this, along with heterogeneous and complicated decision-making procedures and processes, ultimately reflects on the adoption of laws and decisions of importance to society and the state. Complicated forms of decision-making and the existence of a famous mechanism for the protection of vital national interests are some of the obstacles to the development of the state and society. All of these are some of the essential problems, but also the controversies that follow the decision-making processes in the representative bodies in the country. This is especially true of the adoption of important and significant public policies aimed at solving socio-political problems. Only decision-making at the level of local self-government units (municipalities and cities) can serve as a positive example. In general, the local level of government has so far proved to be the most efficient level of government in Bosnia and Herzegovina. The basis for strengthening the democratic decision-making capacities of the representative bodies of the state of Bosnia and Herzegovina is contained in the application of the democratic principle on which parliamentary democracy is established and functions. Applying almost all basic and general scientific research methods, as well as the method of analysis (content) of relevant documentation as a method of data acquisition, will identify key problems and controversies of public decision-making and policy making in Bosnia and Herzegovina, in the period after the Dayton Peace Agreement. today. A conclusion will be drawn on the need to establish a parliamentary majority based on the coalition agreement and the political program of that coalition, which significantly affects the public decision-making processes and the adoption of the necessary state public policy. Bosnia and Herzegovina is required to reconstruct public decisions in the direction of strengthening state public decisions and policies and building European standards, in order to more efficiently compose them with the requirements and directives of the European Union.

The primary goal of the reformed enforcement law in Bosnia and Herzegovina (B&H) is efficient compensation. However, many impediments exist. In this paper, the authors present some of the problems and potential abuses of procedural rights in the enforcement law of B&H. Two instances of abuse of rights regarding real estate are presented, which can open the doorway to other abuses, as well. Also, the abuse of procedural rights in the enforcement procedure is seen as underexplored in legislation, doctrine and case law. The paper addresses similarities and differences between the entities’ and the Brcko District legal systems regarding the presented abuses, as well as comparative law. It is focused on the analysis of legislation and the interpretation thereof in light of recent case law in B&H and problems arising from it. The identified problems often prevent the goal of the enforcement procedure from being fulfilled. The paper has two parts, each dealing with one instance of abuse. The first part concerns the engineering of the most favourable offer in the bidding. The second part concerns the problem of a fictional offer to purchase real estate in the bidding and the character of the deposit. The paper provides suggestions for amending legislation based on some good legal solutions in the region.

A locally irregular graph is a graph in which the end vertices of every edge have distinct degrees. A locally irregular edge coloring of a graph G is any edge coloring of G such that each of the colors induces a locally irregular subgraph of G. A graph G is colorable if it allows a locally irregular edge coloring. The locally irregular chromatic index of a colorable graph G, denoted by χirr′(G), is the smallest number of colors used by a locally irregular edge coloring of G. The local irregularity conjecture claims that all graphs, except odd-length paths, odd-length cycles and a certain class of cacti are colorable by three colors. As the conjecture is valid for graphs with a large minimum degree and all non-colorable graphs are vertex disjoint cacti, we study rather sparse graphs. In this paper, we give a cactus graph B which contradicts this conjecture, i.e., χirr′(B)=4. Nevertheless, we show that the conjecture holds for unicyclic graphs and cacti with vertex disjoint cycles.

Provenance tests of forest tree species are important experiments in silviculture and tree breeding. Their results provide information about provenances' growth, adaptability, and other features. The research aimed to determine the dynamics of growth and tree shape of common beech plants per provenances in the international provenance test in Bosnia and Herzegovina to choose the best provenances considering wood production and quality. Research was conducted in the provenance test containing eight provenances from Bosnia and Herzegovina, four from Germany, three from Serbia, two each from Croatia, Romania, and Switzerland, and one from Hungary. Provenance test was established in 2007 by planting 2-year-old and 3-year old seedlings. Height and root collar diameter were measured, and tree shape was assessed in 2019. Data were processed in SPSS 26.0. Descriptive statistics, variance analysis, multiple Duncan's test for all traits, and Pearson's coefficient of corelation among morphological traits and tree shape were calculated. Variance for the height and root collar diameter showed statistically significant differences among different ages of plants and among provenances. Provenance from Croatia (Dilj Čaglinski) had the highest, and provenance from Romania (Alba-Iulia) had the lowest average height. The highest average value of root collar diameter had provenance Dilj Čaglinski, and the lowest value had provenance Sihlwald (Switzerland). The highest percentage of category 10 (ideal tree form) had provenance Bad Wildbad (Germany), and categories 1-4 (no silviculture value) had provenance Alba-Iulia (Romania). Pearson's coefficient showed that height, root collar diameter, and tree shape are highly correlated. Considering all the above, when planning forest-breeding works, it is recommended to continue the research and favor provenances with the best growth and tree shape.

Morphologic variability from 25 populations of Acer campestre L. in Bosnia and Herzegovina was analyzed. Morphometric structure of variability and between-population variability was performed based on 10 fruit-parameter characteristics and 19 leaf-parameter characteristics using multivariate statistical analysis. Results confirmed the separation of three submediterranean populations as a group in relation to other tested populations, from which the Banja Luka population is different. Measured leaf parameters were confirmed as a predominant carrier of the morphologic separation between populations. In other Acer species populations within A. monspessulanum and A. intermedium species are separated mainly by fruit and much less by leaf parameters. The southernmost submediterranean populations from Trebinje, Ljubuški, and Mostar regions have smaller leaf areas, which consequently places them within the same morphologic group; their variability is in tight connection with eco-geo-graphical factors, where the ecological distance is a much better predictor of morphological variability compared to geographical distance. The air temperature had the biggest influence on morphological variability regarding the highest in-between correlation. Achieved results may serve for the continuation of the research in other areas of Acer campestre to determine the interactive effect of ecological, geographical, climatic, and migrational factors on their morphologic population plasticity.

The paper investigates the impact of fiscal policy on economic growth, foreign direct investment and employment in Bosnia and Herzegovina. The focus of research is fiscal policy, which as a lever of economic policy that affects economic growth and development. The aim of the research is to determine the impact of fiscal policy on the economy of Bosnia and Herzegovina and propose solutions for higher growth and development, a higher degree of foreign direct investment and reducing the unemployment rate. The results of the research show that the fiscal policy for the years that are the subject of the research, has affected the public debt of the state. High taxes and contributions have contributed to the spread of the gray economy, fiscal discipline is at a low level due to the management in this way of this lever of economic policy. Public financial management should be one of the key macroeconomic goals, with special emphasis on fiscal policy. The research went in the direction of analyzing current trends and proposals for improving the situation. The research aims to show the current statistical impact of variables on gross domestic product, on growth and development and the impact after the application of expansionary fiscal policy on the same variables. It is recommended that economic policy be conducted in the direction of releasing additional funds through the redistribution of taxes in favor of workers, in the direction of capital investments that will repay themselves, to reduce the rate of taxes and contributions on wages and with incentives for investors, to go towards stimulating production and tax reliefs for export-oriented activities with an effort to try to produce products whose production is possible in our conditions, and all this is mostly possible with the implementation of an expansive fiscal policy.

So far, recent literary criticism has paid attention exclusively to the poetry of Amir Brka. This work deals with prose creation, with constant emphasis on the compatibility of poetry and prose, and then prose and opinion journalism, for which the city of Tesanj is the motif backbone. The methodology of the work is based on mnemonics, under the hypothesis that Amir Brka, through a polyvalent opus, deconstructing the “dejected” space of the Bosnian town, reconstructed the timeless and all-spatial mnemotope of the city. In this way, Brka symbolically made a spatial turn in Bosnian literature, especially through the works Monograph of the City, Black Notebook and the book Jerej, which are, each in its own way, a fight against wrong ideologies and inputs that the text and book based on truth are the only credible mnemotopes.

The paper is the analysis of Ćopić’s novel Delije na Bihaću, i. e. of its marked lexis, which is divided into emotionally-expressive lexis and stylistically marked lexis. There are different typologies of lexis in our language (see e. g. Halilović/Tanović/Šehović 2009). This study, however, employs the classification offered by Katnić-Bakaršić (2007). The analysis includes idioms, loanwords and diminutives extracted from Ćopić’s final novel. Seeking the best way to describe experiences and impressions, Ćopić opted for emotive, inherently expressive language. The analysis of native idiomatic and lexical specifics of the novel reveals the extent to which the use of authentic lexis contributes to a more convincing and credible characterization of characters and gives a clearer picture of the social and linguistic aspects in Krajina during that particular period.

Recent Bosnian criticism, directly or indirectly, deals with the issue of classification and systematization of Tvrtko Kulenović's literary work, which due to its specificity can hardly be reduced to usual conventions. This paper gives an overview of the very specificity of that, above all, polyvalent literary work, which encompasses travelogues, plays (dramas), essays and novels – genres that sometimes act separately, and sometimes represent a habitus, i.e. a unique textual universe of Tvrtko Kulenović.