Some of the unanswered questions in finance

A very dynamic development of finance in the last 50 years is inter alia probably due to experiments and innovations in this field. Previously theoretical base could not explain and predict movements especially in volatile times. "The new finance" appeared 50 years ago (portfolio theory CAPM, the efficient market theory, M&M theorem) and made substantial progress in understanding movements in globalized and internationalized financial markets. However, many questions remain open. The author tries to put emphasis on some of these questions, perfectly aware that these are not the only ones. Unresolved questions are related to company's aims, project's risks, degree of portfolio optimization, importance of liquidity, dividend policy, as well as factors that determine M&A. As the "new finance" is not able to predict and explain volatile movements, a question that should be posed is whether it is appropriate to add some non-economic factors as the behaviorist theory suggests. Although the behaviorist theory is an important part of "new finance", it is unfortunately the only theory able to explain movements in volatile times. In conclusion, many questions still remain unanswered and wait for appropriate theoretical explanations. Veoma dinamican razvoj finansija u poslednjih 50 godina se izmedju ostalog duguje eksperimentisanju i inovacijama u toj oblasti prethodne teorije nisu mogle da objasne i predvide kretanja, posebno u volatilnim vremenima. "Nove finansije" nastale tokom poslednjih 50 godina ( portfolio teorija, CAPM teorija efikasnog trzista, M&M teorema) napravile znacajan pomak u razumevanju na globalizovanim i internacional- izovanim finansijskim trzistima. Medjutim, ostala su brojna pitanja. Autor pokusava da ukaze na neka pitanja, potpuno svestan da nisu sva. Neresena pitanja su narocito vezana za ciljeve kompanija, projektni rizik, stepen optimalizacije portfolija, znacaj likvidnosti, politiku dividendi i razloge za spajanje i pripajanje. Kako "nove finansije" nisu u stanju da predvide i objasne volatilna kretanja postavlja se pitanje da li je primereno da se u tumacenju ekonomije koriste ne-ekonomski faktori kao sto predlaze bihevioristicka teorija. Iako je bihevioristicka teorija znacajan deo "novih finansija". Ona moze na zalost da objasni kretanja samo u volatilnim vremenima. Kao zakljucak ostaje da su mnoga pitanja u finansijama otvorena i da cekaju odgovarajuca teorijska objasnjenja.