Mergers and acquisitions transactions strategies in diffusion - type financial systems in highly volatile global capital markets with nonlinearities

The M and A transactions represent a wide range of unique business optimization opportunities in the corporate transformation deals, which are usually characterized by the high level of total risk. The M and A transactions can be successfully implemented by taking to an account the size of investments, purchase price, direction of transaction, type of transaction, and using the modern comparable transactions analysis and the business valuation techniques in the diffusion type financial systems in the finances. We developed the MicroMA software program with the embedded optimized near-real-time artificial intelligence algorithm to create the winning virtuous M and A strategies, using the financial performance characteristics of the involved firms, and to estimate the probability of the M and A transaction completion success. We believe that the fluctuating dependence of M and A transactions number over the certain time period is quasi periodic. We think that there are many factors, which can generate the quasi periodic oscillations of the M and A transactions number in the time domain, for example: the stock market bubble effects. We performed the research of the nonlinearities in the M and A transactions number quasi-periodic oscillations in Matlab, including the ideal, linear, quadratic, and exponential dependences. We discovered that the average of a sum of random numbers in the M and A transactions time series represents a time series with the quasi periodic systematic oscillations, which can be finely approximated by the polynomial numbers. We think that, in the course of the M and A transaction implementation, the ability by the companies to absorb the newly acquired knowledge and to create the new innovative knowledge bases, is a key predeterminant of the M and A deal completion success as in Switzerland.Comment: 160 pages, 9 figures, 37 table

Product Market Regulation in Romania: A Comparison with OECD Countries

Less restrictive product market policies are crucial in promoting convergence to higher levels of GDP per capita. This paper benchmarks product market policies in Romania to those of the OECD countries by estimating OECD indicators of Product Market Regulation (PMR). The PMR indicators allow a comprehensive mapping of policies affecting competition in product markets. Comparison with OECD countries reveals that Romania’s product market policies are less restrictive of competition than most direct comparators from the region and not far from the OECD average. Nonetheless, this achievement should be interpreted in light of the fact that PMR approach measures officially adopted policies. It does not capture implementation and enforcement, the area where future reform efforts should be directed if less restrictive policies are to have an effective impact on long-term growth prospects. Part I : a comparative analysis of Romania’s PRM and Inward-oriented Policies.regulation, product markets, administrative reforms, inward looking policies, outward looking policies

Multi-stakeholder involvement and urban green space performance

This study aimed to identify the main factors influencing urban green space performance. Therefore, a conceptual framework on the relations of multi-stakeholder involvement (MSI) and the performance was conducted by a mixed-method approach. The study covered all urban green space projects (UGSPs) published in international journals as its population which were obtained from three main databases: ISI Web of Knowledge, Scopus and Picarta. Using a few combinations of keywords, 29 relevant journals were identified, which included 42 UGSPs as the main units of analysis in this study. A content analysis was used to determine the contribution of MSI to the performance of urban green space. The main internal (state, private, society, planning/design, implementation, maintenance, input for management, and financial support) and external (regulation, good leadership and financial support) MSI indicators were further identified. The findings showed that the main indicators that significantly influence urban green space performance are 'state, society, implementation and regulation'. The study concluded that the state plays a critical role in the UGSPs' performance although it is not the only actor. The influential role of the state and society should also be considered since most of green space projects are non-profit oriented. 'Society' involvement also contributes to the performance and 'regulation' is also needed as a legal basis for green space development and management. To validate the conceptual framework and mixed-method approach developed here, it is recommended that more studies should be conducted to compare the relationship of the MSI and the UGSPs' performance in different categories

Product market regulation in Romania : a comparison with OECD countries

Less restrictive product market policies are crucial in promoting convergence to higher levels of GDP per capita. This paper benchmarks product market policies in Romania to those of OECD countries by estimating OECD indicators of Product Market Regulation (PMR). The PMR indicators allow a comprehensive mapping of policies affecting competition in product markets. Comparison with OECD countries reveals that Romania's product market policies are less restrictive of competition than most direct comparators from the region and not far from the OECD average. Nonetheless, this achievement should be interpreted in light of the fact that PMR approach measures officially adopted policies. It does not capture implementation and enforcement, the area where future reform efforts should be directed if less restrictive policies are to have an effective impact on long-term growth prospects.Public Sector Regulation,Transport Economics Policy&Planning,E-Business,Emerging Markets,Markets and Market Access

Personnel policies in the European firms: some evidence of the existing model(s) and the potential role of Corporate Universities.

This study deals with the attitude of European firms towards personnel policies analysed on a national basis. Provided the relevance of Human Resources (HR) practices in terms of the internal organisation of knowledge of the firm, we assess the main characteristic of personnel policies in 12 European countries both in terms of HR department position within the firm and in terms of human capital development practices. Not only is the issue significant in terms of Human Resource Management but also in terms of the debate on the role of the institutions in determining personnel policies, and notably in terms of the debate on the "varieties of capitalism”. For this purpose the paper develops a cluster analysis among 16 European countries showing the possible influence of institutional models on personnel policies. The same analysis is also developed for intertemporal comparative purposes. The second part of the paper analysis relates personnel policies to the phenomenon of Corporate Universities (CU), being they intended as a vehicle of firms’ capability to react to organisational and technological change. Within the complex relationship between firm’s organization and knowledge CU may in fact represent a consistent way to keep HR departments and firms’ strategies tightly connected, possibly assuming a systemic vision of the firm open to employees and in some cases to other stakeholders. The main features of European Corporate Universities will thus be acknowledged by looking at their main characteristics, with particular reference to their relation with HR departments and to the external factors that have contributed to their development. The paper uses theoretical tools provided by economic literature on training, human capital and knowledge management, combining them with a descriptive analysis of the empirical evidence coming from data on both Corporate Universities and firms’ personnel policy at European level. In particular data on firms’ personnel policy will come from the survey performed in 2005 by Cranet, the largest academic research network dedicated to a comparative analysis of developments in Human Resource Management in public and private organisations. Such data will be integrated by surveys on firms’ training practices at European level and by the (limited) empirical literature dealing with European Corporate Universities.

Strengths And Weaknesses Of The New Public Management (NPM)- Cross-Sectional And Longitudinal Analysis

The paradigm of NPM, like its forerunners, has been trying to answer the same question for almost twenty years: how to implement policies, strategies, programs and projects, using the market-type mechanisms, so that the institutions of the state could achieve the desired results. The praises and criticism that have accompanied this paradigm along its evolution are fully justified. Indeed, the NPM has strengths and weaknesses as well, and one purpose of this paper is to identify them and to find answers to the following questions. Which components of the mechanism named NPM generate negative results? Why? What can be done? It is not easy to answer these questions, taking into consideration the multitude of factors influencing the public management, and especially the tremendous impacts of the accelerated process of globalization. The global problems of nowadays make any unilateral action of a government unconceivable, and this brings us to the concept of global public management (GPM). Nevertheless, the way forward will be the subject of another paper. The paper is structured in two main sections, as follows: The first section provides a conceptual framework, examining the multifaceted structure of the NPM and its mechanisms (the “state-of-the-art” of the “art of the state”). The second section suggests a theoretical framework on “measuring” the aggregate attribute of the NPM – the QoG – illustrated by practical cases, in a twofold perspective: longitudinal (variation in time) and cross-sectional (variation among countries).New Public Management, Global Public Management, Governance, New Institutional Economics, Bertelsmann Transformation Index, Corruption Perceptions Index, e-Government Index, Global Competitiveness Index, Human Development Index, Index of Freedom in the World, Transition Indicators, Worldwide Governance Indicators

National Forest Programmes in Europe: Generating policy-relevant propositions for formulation and implementation

The COST Action E19 on National Forest Programmes in a European Context assembled more than 70 researchers and civil servants from 20 European countries and the USA. Some meetings were also attended by scholars from Canada, China and Japan. The participants aimed to provide policy makers in Europe with improved means for the formulation and implementation of National Forest Programmes (NFPs) for ensuring sustainable forest management. In order to accomplish this objective the work programme comprised the following tasks: to interpret the basic elements and institutional and procedural requirements of NFPs, to assess the effects of these elements and requirements on NFPs, to assess the supporting and impeding factors for the development of substantive NFPs, to evaluate the significance of NFPs in comparison to other policy means

GLADNET: Promise and Legacy

[Excerpt] The Global Applied Disability Research and Information Network on Employment and Training (GLADNET) was launched by the International Labour Organization (ILO) in 1995, in cooperation with over 50 social policy research centres, governmental and non- governmental organizations involved in disability-related employment programmes from over thirty countries around the world. Major organizations of persons with disabilities were also represented – the World Blind Union, the World Federation of the Deaf, Inclusion International (formerly the International League of Societies for Persons with Mental Handicap (ILSMH)) and Disabled Peoples International (DPI). GLADNET’s lifespan was little more than a generation (1995 – 2018). What’s of interest is that it survived beyond its first few years of existence. It could easily have died early on, given a significant change in nature of support from its initiating body. That it didn’t speaks to the aspirational nature and relevance of the vision prompting its formation. It’s in pursuit of that vision where GLADNET left its mark. This document focuses on its legacy, beginning with a brief review of context within which it was initiated