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Search Results: 1 - 10 of 71002 matches for " Maria CARACOTA DIMITRIU "
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Derivative Securities on Romanian Capital Market
Economia : Seria Management , 2011,
Abstract: This study aimed to investigate whether the world wide agreed models of valuation of derivates may be properly applied to the Romanian capital market, obtaining reliable results for decision makers. The most common valuation models take into account market data such as, interest and exchange rates, volatilities and the price of the underlying instrument. The procedures for valuation must clearly define the nature of the market data to be taken into consideration (for example the zero-coupon curve for the valuation of swaps) and the independent reference base to be used (Reuters at a given time, bid/offer or mid price, broker). In order to be able to obtain the results, I based my study on a self-developed software which can calculate the price and characteristics for different types of derivatives securities once the primary data are filled in. I compared the results obatined usig the valuation models with the actual prices on the Romanian capital market. I expected that the results obtained to be more accurate as the parameters used in the calculation models properly reflect market data as at that date being as widely as possible.. These assumptions were only supported for certain value orientations. In conclusion, explanations for these results are given and limitations for this study are discussed. Also, suggestions for future research are presented in the final part of the article.
Short Term Hedging Using Futures Contracts
Economia : Seria Management , 2012,
Abstract: The objective of this paper is to demonstrate the effectiveness of risk management portfolio using futures contracts to achieve hedging. The risk can be minimized once measured, and the traditional tool of market risk management is hedging. The objective is to identify the optimum position to minimize the variation in a contract concluded now. Clearly hedging portfolio will reduce not only risk but also profitability. In conclusion hedging aims risk management, no additional gain. Portfolio manager will have the opportunity to carefully consider the relationship between risk and return in order to act according to his profile and targeted results.
EU Funded Projects: from Financial to Economic Analysis
Economia : Seria Management , 2011,
Abstract: Investment projects represent the basis of economic and social development of our country. The investment is a cost that will most influence the future, but it is necessary that this influence should be not only positive, but also should exceed the investment efforts. There could be different sources of financing the investment, but lately, European grants are more and more accessed by various economic agents or institutions. To obtain European financing, the project must fulfill certain conditions and must follow certain economic, social and environmental indicators. Also, for some financing lines, is required the economic analysis preparation, in order to demonstrate that the project benefits to society are important and cover the investments efforts. Thus, economic analysis studies the project influence on macro-economic or regional level, and evaluates its contribution to the welfare of the region or local community. The present paper aims to analyze the most important and available theoretical resources and to provide practical examples for carrying out the economic analysis. In conclusion, economic analysis is an useful tool for each project evaluation, but the biggest barriers to its development are the lack of valid data and the reduced Romanian experience. Under these conditions, input data can be incorrectly estimated, resulting illusory and subjective project data. For a proper projects selection based on indicators of economic assessment, it must be developed a national, complete and complex guide.
Funds transfer pricing in banking
Economia : Seria Management , 2010,
Abstract: Every bank needs to better understand the sources of its profitability. Whatever the size of the bank, funds transfer pricing (FTP) can be used to help managing the bank's profitability by analyzing earnings for the whole institution or for different profit centers. In today’s banking environment, it is essential to look at the earnings both as a whole and broken down into various components. Funds Transfer Pricing is an analysis tool that can be used to help a bank measure its profitability in a variety of different ways. It allows management to compare the profitability of different product lines within the company, and it can be drilled down even further to allow comparison between individual employees. It is also very useful for comparison between branches. This study will reveal the role of Fund Transfer Pricing (FTP) in banks.
Building a Scoring Model for Small and Medium Enterprises
R?zvan Constantin CARACOTA,Maria DIMITRIU,Maria-Ramona DINU
Theoretical and Applied Economics , 2010,
Abstract: The purpose of the paper is to produce a scoring model for small and medium enterprises seeking financing through a bank loan. To analyze the loan application, scoring system developed for companies is as follows: scoring quantitative factors and scoring qualitative factors. We have estimated the probability of default using logistic regression. Regression coefficients determination was made with a solver in Excel using five ratios as input data. Analyses and simulations were conducted on a sample of 113 companies, all accepted for funding. Based on financial information obtained over two years, 2007 and 2008, we could establishe and appreciate the default value.
Credit scoring for individuals
Maria DIMITRIU,Elena Alexandra AVRAMESCU,Razvan Constantin CARACOTA
Economia : Seria Management , 2010,
Abstract: Lending money to different borrowers is profitable, but risky. The profits come from the interest rate and the fees earned on the loans. Banks do not want to make loans to borrowers who cannot repay them. Even if the banks do not intend to make bad loans, over time, some of them can become bad. For instance, as a result of the recent financial crisis, the capability of many borrowers to repay their loans were affected, many of them being on default. That’s why is important for the bank to monitor the loans. The purpose of this paper is to focus on credit scoring main issues. As a consequence of this, we presented in this paper the scoring model of an important Romanian Bank. Based on this credit scoring model and taking into account the last lending requirements of the National Bank of Romania, we developed an assessment tool, in Excel, for retail loans which is presented in the case study.
Specific Features in Accessing European Funding
Andreea Lorena RADU,Elena Alexandra C?LD?RARU,Maria DIMITRIU
Economia : Seria Management , 2011,
Abstract: : European Funds are the European Union financial instruments in order to assist Member States in reducing the existing disparities between regions and between countries, and for harmonization with the economic, social and cultural European standards. This paper intends to present some general characteristics applicable to the most important financing programs, and also to outline certain features of the main financing lines, referring to investment projects development and their implementation, based on the Applicant Guides analysis. The paper treats institutional, legal, financial, technical, social and environmental aspects and outlines proposals and recommendations to achieve a better EU funds absorption and also a higher success rate of initiated projects. In knowledge-based economy circumstances, training consultancy specialists, that represent the intellectual capital in this area, will ensure the professional management of the developing process, submission and ongoing competitive projects, and will help enhance the funds absorption at national level. Thus, the European support for investments in ensuring sustainable growth will help overcoming the difficulties encountered by our country, and will sustain the Romanian economy recovery.
Rawls y un principio de diferencia global
Dimitriu, Cristian;
Diánoia , 2011,
Abstract: in this paper i will analyze john rawls's claims against an international difference principle as presented in the law of peoples. i argue that these claims are inconsistent with the difference principle itself. if we accept them, then we will face the dilemma of either having to endorse this principle both in the domestic and the international domains or having to reject it completely. i also defend the view that rawls's possible reply to this objection relies on the dubious empirical premise that countries are blameworthy for their own failure.
Specifics of the employment process in the public sector
Juridical Tribune , 2012,
Abstract: The labour legislation applicable in public sector is very different from the one applicable in private sector. Unlike the private sector where the market is the most efficient regulator and sanctions all errors made by the assessor, in the public sector there isn’t always a feed-back from the economic realities that may prove the accuracy and the efficiency of the assessment. Consequently, the law goes further on and imposes requirements, deadlines and procedures. While the private sector enjoys a certain flexibility regarding the assessment of the staff, in order to adjust it to the requirements of the economic realities, in the public sector, flexibility can lead to manifestations of subjectivism and arbitrariness. On the other hand, the excessive amount of regulations applicable in public sector may provide versatile and even contradictory results.
Difficulties in enforcing the new probation period
Juridical Tribune , 2011,
Abstract: During probation period, the employee is in a fragile position: he/she cannot be sure about the continuation of his/her labour relation. Law no 40/2011 modified the Labour Code in the sense of extending the probation periods in the case of contracts with non-fixed term and temporary contracts. Besides, according to the new provision, the period of time during which the employer may hire successively for probation periods several individuals for the same position is 12 months, the most. The paper aims to put into light the way in which the new regulations are to be applied, and several difficulties that this may bring in practice.
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