The Faculty of Economics and Business at the University of Rijeka actively participates in projects funded by the Croatian Science Foundation (HRZZ), the key institution for supporting scientific research and development in the Republic of Croatia.
Through its involvement in HRZZ projects, the Faculty contributes to the advancement of both theoretical and applied knowledge, strengthens research capacities, and develops innovative solutions in the fields of economics, business economics, and social sciences.
Collaboration and Impact
Within these projects, the Faculty collaborates with national and international universities, research institutions, companies, and other relevant organizations. These projects enable:
- the development of new research methods
- the transfer of knowledge and best practices
- the strengthening of professional competencies of students and researchers
This page provides an overview of HRZZ projects in which the Faculty of Economics and Business in Rijeka participates as a project leader or partner.
Artificial Intelligence and Forecast Performance in Financial Institutions: An Empirical Evaluation across the European Union
Project name: Artificial Intelligence and Forecast Performance in Financial Institutions: An Empirical Evaluation across the European Union
Project acronym: AIFORCE-EU
Project code: UIP-2026-5646
Principal Investigator: Assist. Prof. Ivan Gržeta, Faculty of Economics and Business, University of Rijeka
Funding: Croatian Science Foundation (HRZZ), Installation Research Projects (UIP-2026)
Project budget: EUR 92,000
Project duration: 15 October 2026 – 14 October 2029
Scientific field: Social Sciences – Economics
Abstract:
The AIFORCE-EU project investigates the potential of artificial intelligence, particularly large language models (LLMs), to improve economic and financial forecasting. Its main objective is to empirically assess whether AI-based models can enhance forecast accuracy and provide additional value compared with traditional analytical approaches.
The research covers three interconnected areas: comparing macroeconomic forecasts produced by European Union central banks with AI-augmented forecasts; evaluating AI-generated equity target prices against professional financial analysts’ estimates; and examining the regulatory and institutional aspects of AI adoption in the financial sector, with particular attention to the EU AI Act.
The project aims to advance scientific understanding of the capabilities and limitations of artificial intelligence in financial decision-making and provide an empirical foundation for its responsible adoption by financial institutions.
Research team:
- Assist. Prof. Ivan Gržeta – Principal Investigator
- Assist. Prof. Stella Suljić Nikolaj – Researcher
- Ivan Mužić – Researcher