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CAPITAL MARKET DEVELOPMENT AND ECONOMIC GROWTH: THE CASE OF ROMANIA  [PDF]
FLAVIA BARNA,PETRU-OVIDIU MURA
Annals of the University of Petrosani : Economics , 2010,
Abstract: Capital markets play an important role in the economic development of emerging capital markets. Well functioning markets insure that both corporations and investors get or receive fair prices for their securities. In the literature on endogenous growth, the link between capital markets development and economic growth has received much attention. Thispaper examines the correlation between capital market development and economic growth in Romania using a regression function. The results show that the capital market development is positively correlated with economic growth, with feed-back effect, but the strongest link is from economic growth to capital market, suggesting that financial development follows economic growth, economic growth determining financial institutions to change and develop.
FIXED INCOME INSTRUMENTS IN THE CAPITAL MARKET IN ROMANIA
CIPRIAN ALEXANDRU
Challenges of the Knowledge Society , 2011,
Abstract: The presence of government bonds on the Bucharest Stock Exchange has changed the behavior of institutional investors on capital market and revenues from these titles made them more attractive than those with variable income, such as shares. In this paper is presented results of research on fixed income instruments in the capital market in Romania. In conclusion, are presented some opinions about the possibility of diversification of fixed income instruments and aspects of their use in portfolio management.
THE MANIPULATION OF THE CAPITAL MARKET IN ROMANIA AND EU  [PDF]
Prunea Petru
Annals of the University of Oradea : Economic Science , 2009,
Abstract: Even though the capital market has a strong competitive character, the legislation from the developed countries does not accept any type of practices from the economic agents. Correctness and efficiency of actions is considered obligatorily not to disturb
CORRELATIONS BETWEEN CAPITAL MARKET DEVELOPMENT AND ECONOMIC GROWTH: THE CASE OF ROMANIA  [PDF]
Laura OBREJA BRASOVEANU,Victor DRAGOTA,Delia CATARAMA,Andreea SEMENESCU
Journal of Applied Quantitative Methods , 2008,
Abstract: In the literature on endogenous growth, the link between capital markets development and economic growth has received much attention. Although there are many studies regarding this aspect, approaches on emergent ex-communist countries’ economies, especially for Romania, are very few comparatively to the general cases. Our paper examines the correlation between capital market development and economic growth in Romania using a regression function and VAR models. The results show that the capital market development is positively correlated with economic growth, with feed-back effect, but the strongest link is from economic growth to capital market, suggesting that financial development follows economic growth, economic growth determining financial institutions to change and develop.
INVESTMENTS IN BONDS ON ROMANIA’S CAPITAL MARKET  [PDF]
ILIE R?SCOLEAN,ROBERT SZABO
Annals of the University of Petrosani : Economics , 2010,
Abstract: Capital market, both the primary and secondary record financial transactions not only through property titles, but also issues debt securities, designed to attract monetary funds in the form of loans or medium term. Bonds are securities, consisting of a long-term debt on a company giving the holder of Bonds (Bondholders) claim equal rights, corresponding nominal value of the bond. Bonds can be bought either in the public offering period, from banks or corporations Brokerage Financial Services Distributors, or from the stock through a brokerage firm by a procedure similar to that for action. Investing in bonds also entails risks, among which include the risk of default, interest rate risks and currency risks.
THE CAPITAL MARKET IN THE CURRENT ECONOMIC CONTEXT
CARMEN RADU,LIVIU RADU
Challenges of the Knowledge Society , 2012,
Abstract: For nearly a century now, economists have studied the advantages and disadvantages of financial systems based on either banks or financial markets in their attempt to forward economic growth and a better capital resources allocation. Nevertheless, the effects of the financial crisis that began in 2007 over the capital market are not only numerous, but also affect financial institutions, the stock exchange volume and list, the behaviour of market investors and not least such generate the need for capital market regulations to be amended. Even so, due to measures that have been taken, in Romania the stock exchange works on profit, while the effects of the financial crisis over such still fail to occur.
A REVIEW OF THE IPO ACTIVITY ON THE ROMANIAN CAPITAL MARKET. COMPARATIVE ANALYSIS WITH THE INTERNATIONAL CAPITAL MARKET  [PDF]
Laura Raisa MILO?
Scientific Annals of the Alexandru Ioan Cuza University of Iasi : Economic Sciences Series , 2008,
Abstract: The process of transition detered for the Romanian economy the creation and development of an adequate economical infrastructure and of the institutions and mechanisms that regard the transactions with financial instruments.Through the main functions of the capital market, the one of financing the economy is one of the most important. It is an alternative to financing through the banking system, though it is slightly little used in Romania by the nonfinancial companies. In this paper the author tries to analyse the benefits of issuing equity on the capital market as a mean for financing a company’s deficit and in the same time, tries to emphasize the current state of the Romanian capital market in comparison with the other European capital markets, as far as concerns the attractiveness of capital market, measured as the volume and structure of IPO’s on the market.
Characteristics and drivers of venture capital investment activity in Romania  [PDF]
Mihaela DIACONU
Theoretical and Applied Economics , 2012,
Abstract: The present paper aims at characterising the venture capital market and identifying factors affecting the venture capital investments activity in Romania in the period 2000-2010. With a view to assessing the intensity of manifestation of various factors on the supply and demand of venture capital we use an econometric model of macroeconomic variables already tested in the literature. We consider, however, that we bring contributions to the approach, by analysing the features of the venture capital market in Romania and impact factors, our work being, at the same time, support in assessing the types of decisions to be adopted by policymakers to the formation of an authentic market and stimulating innovation. Our results indicate that the total R&D intensity is the main determinant of the venture capitals invested in this period in the two phases (for early stages and expansion). A significant incidence, mainly on the supply side, also shows the annual long term real interest rate, while the market capitalisation, the effective marginal tax rate on corporate income, the annual inflation or unemployment rate do not impact on the venture capital. Our recommendations, in terms of formation and development of the venture capital market, look as a priority, strengthening the demand for resources, respectively encouraging of enterprises to innovate, creating of conditions for the supply to be manifested in the seed and start-up stages and the compatibilization of the need for resources with prudential rules by adapting regulations for institutional investors.
Romanian Capital Market Analysis in 2006. Perspectives for 2007
Gabriela Victoria Anghelache
Theoretical and Applied Economics , 2006,
Abstract: During the year 2006, the evolution of the capital market in Romania recorded an accelerated rhythm of development and consolidation. This trend has been generated and supported by the steady efforts meant to line up with the European standards as the prospects of the adhesion to the European Union by January 1st, 2007 became doubtless. There are positive developments being recorded by the overall transactions value, the issuers listed by the stock exchange, the instruments of stock exchange operations, the issues of shares and bonds etc. The proccess of rebuilding the capital market, which has been initiated in 2005 by the merge of the two stock exchange markets, kept on being further developed. 2006 is a significant year as far as the evolution of the capital market is concerned if to consider also the simultaneous achievement of both the consolidation process and the implementation of the legislation adjusted to the community requirements. This essay is emphasizing precisely, through analysis based on figures, the very positive trend of the capital market evolution as well as the certain tendencies of progress during 2007 year.
Impact of the Financial Crisis on the Romanian Capital Market in the European Context  [PDF]
Leonardo BADEA
Theoretical and Applied Economics , 2012,
Abstract: This paper aims at analyzing the impact of financial crisis on the capital market in Romania in order to establish the main financial developments. There is clearly a phenomenon of contagion leading to different manifestations of the global capital markets. Our objective is to highlight by statistical linear regression the factors that influence the evolution of capital market. Surprisingly, the results will show that investors are not always rational and do not react according to statistics.
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