Current Issue : April - June Volume : 2013 Issue Number : 2 Articles : 5 Articles
The academic literature suggests that the European integration process enhances the\r\ndevelopment of the economic environment in the case of the candidate countries. The banking\r\nsector represents, especially in the case of the new EU member countries, the backbone of the\r\neconomy, as it is the main channel through which the economic undertakings are financed.\r\nThus, in this context, the aim of our research is to analyse if the ascension to EU membership\r\nand the preparation for the adoption of the European single currency, in the case of Bulgaria\r\nand Romania, the two countries that have joined the EU in 2007, have determined an\r\nenhancement of the overall estimated efficiency of their banking sectors. In order to achieve\r\nthis we have employed a non-parametric analysis, namely the Data Envelopment Analysis,\r\nusing one of the most comprehensive samples of banks for this type of researches. The obtained\r\nresults suggest that during the analysed period of time 2003-2010, the overall estimated\r\nbanking efficiency for these countries has registered a slight improvement...
Forecasting rates of return, thus the attempt to predict the behavior of financial assets, with an\r\nincreased degree of accuracy, represents one of the most outstanding challenges for the\r\nacademic and investment area. The main purpose of the paper is to analyze past fluctuations of\r\nthe prices of security titles, taking into account the original hypothesis that they are influenced\r\nby past values of those prices, and of course, taking into consideration the fact that the amount\r\nof data an investor may posses is much richer than the amount of historical data, with respect to\r\nthe rates of return time series.\r\nIn the end , some conclusions regarding the application of the random walk theory and the\r\nRomanian capital market efficiency were drawn, based on the results obtained from the\r\nstatistical tests, and also, due to the fact that the market efficiency has, as a theoretical approach\r\nand mathematical model, the random walk theory....
Leading economic indicators have long been a tool of American economists, particularly\r\nthose working in the business sector, for anticipating turning points in the business cycle.\r\nArmed with knowledge of likely peaks and troughs in the pace of aggregate economic\r\nactivity, business economists can advise corporate leaders as to the probable path of the\r\nmacroeconomy, thereby influencing if not improving the quality of strategic decision making\r\nwithin organizations. This chain of events is predicated on the assumed reliability of leading\r\nindicators to forecast correctly the future, an assumption put to the test in this paper via a\r\nnovel application of statistical process control (SPC) to a well-known set of leading\r\nindicators that have been studied for the better part of half a century.\r\nTo give context to the overall discussion, the paper begins with a quick review of the\r\nhistorical development of leading indicator forecasting as it evolved in the United States. This\r\nis followed with an explanation of statistical process control, the singular methodology used\r\nin this paper, but one seldom employed in general economic analysis save for the area of\r\nproduction economics and its emphasis on manufacturing. Once explained, the SPC process\r\nis applied to a representative set of eleven leading indicators that have been tracked quarterly\r\nor more frequently for anywhere from 38 to 71 years.\r\nThe results of the SPC analysis of this data pool of some 7,000+ observations suggest that\r\ncollectively leading indicators reliably forecast business-cycle turning points, with the caveat\r\nthat individually the effectiveness with which specific indicators within a set predict the\r\nfuture of the macroeconomy is subject to wide variation....
Sustainable and responsible investments (SRI) are the type of investment which aims to\r\nachieve financial returns while performing in terms of extra-financial aspects, such as social,\r\nenvironmental, governance, and ethical objectives. This article is an attempt to deepen the\r\nanalysis of the SRI value network; It aims to contribute to achieving better understanding of the\r\nspecificity of SRI fund industry and involved stakeholders. It presents the current results of the\r\nanalysis of the value network underlying SRI. It relies on the academic and professional\r\nliterature to identify the involved stakeholders, their inter-dependencies and the exchanged\r\nvalues. The approach is based on combining goal and value analysis to identify the\r\nstakeholders, understand their motivations and reference the direct or indirect value\r\nexchanges that they could have....
China and India have recently achieved spectacular economic growth where GDP per capita\r\ngrows rapidly in both countries. Thus, this study examines the contribution of economic\r\nsectors to economic growth in both countries by using time series data from 1978 to 2007.\r\nThree economic sectors were analyzed: agricultural sector, manufacturing sector and services\r\nsector. Augmented Dickey-Fuller (ADF) unit-root test shows that the time series data are\r\nstationary at first difference. Then, correlation analysis indicates that each economic sector\r\nhas strong, positive and significant linear relationship with economic growth in China and\r\nIndia. In addition, the results of multiple regression analysis show that agriculture,\r\nmanufacturing and services sectors have positive relationship with GDP per capita in China\r\nand India. However, the contribution of economic sectors to economic growth differs in\r\nChina and India. Manufacturing sector contributes the highest to China�s economic growth\r\nwhile services sector is the highest contributor to India�s economic growth....
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