Leasing Characteristics and the Analysis of the Lessor – Lessee Relationship

Even if leasing is a form of financing whose use is quite widely spread, it must be exercised in a precise legislative framework. Thus, we will present the nature of the leasing operation and the framework for exercising it. Secondly, we will treat the obligations derived from the tripartite transaction between the lessee enterprise, the supplier and the leasing company, as obligations that, through their observing, determine the validation of the financing agreement. More precisely, the relation between the lessor and lessee will be analyzed as an agent relationship; the existence of deviating behaviours of the lessee will bring forth agent costs. Thirdly, we will approach different mechanisms that allow the solving of the agent conflicts.leasing, lessor, lessee, agency theory

Treasury Bond Market Segment at Bucharest Stock Exchange

The present paper aims to present the level of development reached by Romanian Treasury bond market segment at Bucharest Stock Exchange. A trial will be made to identify the determinants that contributed to the current level of development of domestic secondary government bond market and the factors that can generate a further (and improved) development. The analysis will be descriptive (the data series available for Romanian are short), based on the secondary data offered by Bucharest Stock Exchange

Romanian municipal bond market at Bucharest Stock Exchange: further investigations

The sub-sovereign finance importance for emerging and frontier markets is constantly growing since the beginning of 21st century. The change in regulations governing Romanian municipalities source of financing in 1998, allowed local governments to access alternative financing sources, mainly for medium and long term investment projects, through bond issuance. A secondary market for municipal bond trading was launched at Bucharest Stock Exchange at the end of November 2001 and the exchange also offers a platform for announcement and subscriptions of municipal bond public offerings. Thus, more than a decade later, the Romanian municipal bond market segment remains in a premature stage of development. The paper presents a comprehensive data set of Romanian municipal bond sector since it was launched in November 2001 until December 2013. The paper also reveals the level of Bucharest Stock Exchange (hereafter abbreviated as BVB) municipal bond segment underdevelopment after 12 years of trading. The findings highlight the factors influencing the trading decisions and might represent some suggested ides to be considered by their municipal bond issuers and the financial intermediaries assisting them. The investigations show that coupon and risk premium play only marginal roles in trading decisions hinting toward an unsophisticated market, dominated by a small number of institutional investors which rather treasure the scarce municipal bond offer. The absence of rating and the inappropriate correlation mainly between the risk premium and the economic potential of the issuer impair on further developments. The lack of sophistication displayed by the Romanian financial system, which also does not provide credit enhancements dedicated to local government, along with a thin domestic investor base are factors fencing, at least for the moment, the possibilities to overcome the rating problem and the offer diversity problem

THE DRIVERS OF RURAL ACCOMMODATION DEVELOPMENT IN ROMANIA: A PRELIMINARY STUDY – PART 2

The present paper continues the work of Pop et al. (2019) on what concerns the drivers of rural accommodation development in Romania. The study covers the same period: 2005 to 2019. This study introduces a new factor / driver: the accessibility of communes via the national and county road network. Similar to the findings of Pop et al. (2019), the 2008 and 2012 ranks were established based on the existing tourist attractions. The 2012 rank is strongly influenced by 2008 ranks and, under the present study, by accessibility. Though, the influence of both ranks on lodgings (both under NIS and MoT data) remains weak to very weak hence suggesting the need to introduce new factors in order to explain the lodging development in rural areas. JEL classification: L8

THE DRIVERS OF RURAL ACCOMMODATION DEVELOPMENT IN ROMANIA: PART 3 (FINAL PART)

The current paper continues the work of Pop et al. (2019) and Pop & Georgescu (2020) concerning the drivers (factors) that might influence the rural accommodation development in Romania. The present study introduced 13 new factors/drivers. The research question remains the same as formulated in the previous study: which are the drivers of the accommodation development in rural areas in Romania? The findings of the present analysis are in line with the findings of Pop & Georgescu (2020), which show that lodging development in rural areas is related to a certain extent to tourist attractions, while the 2008 rank and 2012 rank have a rather mediating influence. The newly added endogenous factors/drivers Romanian rural localities add relative little to the explanatory power of models used to assess the rural lodgings development. While in some cases (see Table 1) R squared doubles its value compared with the findings of Pop & Georgescu (2020), the relationship among the dependent variable and the selected factors, though significant, remains weak. JEL Classification: L83, Z30, Z3

THE DRIVERS OF RURAL ACCOMMODATION DEVELOPMENT IN ROMANIA: A PRELIMINARY STUDY

Modern rural tourism is an umbrella concept, including a wide range of (niche) type tourism related to the countryside/rural areas. The central attractions of rural tourism are induced by the closeness to nature and new cultural experiences related to (local) history and intangible heritage. The interest for a rural destination being increased by an environment considered appealing from natural and aesthetic viewpoints, allowing for various forms of recreation. This preliminary study answers the following question: which are the drivers of the accommodation development in rural areas in Romania? taking into consideration only the potential tourist attractions that could be identified based on official records (e.g. historic monuments, the status of resort for a given locality, the registered vineyards, the two rankings from 2008 and 2012). The overall conclusion of the study is that the potential tourist attractions have a relatively small influence on the development of Romanian rural lodgings. Therefore, more factors should be added in order to understand the accommodation development in rural areas in Romania. JEL Classification: L8

Romanian branded hotels: are they worth the effort?

The presence of branded hotels in Romania remains relatively modest after two decades since the first Sofitel (Accor Hotels) entered the market. Thus, the number of branded hotels increased since 2005 when they were first investigated. The present study investigates the RevPAR of the Romanian hotels that have joined an international brand, either hard (franchising and management contracts) or soft (affiliation), and the hotel operators’ net financial results over a five year period 2012-2016. The results of this exploratory study reveal that the most notorious brands operating in Romania are also those generating the highest RevPAR. Further, the results show that operating a brand outside Bucharest (mainly a hard brand) proves to generate constantly net profit for most of the respective hotel operators, despite a RevPAR below the European average. This finding suggests that the brand notoriety generates an increased occupancy rate. The results indirectly point out that most of the branded hotels’ operators seem to struggle on the crowded Bucharest hotel market enhancing the idea of internal inefficiencies. Given the structure of the Romanian hotel industry, the partnership with an international brand seems to be worth the effort mainly if the brand is appropriately chosen taking into consideration the hotel location and size

Megacystis Microcolon Intestinal Hypoperistalsis Syndrome Berdon’s syndrome - First Report in Romania

Megacystis Microcolon Intestinal Hypoperistalsis Syndrome (MMIHS) is a rare motility disorder with high mortality rate described by Berdon in 1976. We present the first case of Berdon’s syndrome (heterozygous pathogenic variant in the ACTG2 gene) reported in Romania, a female newborn admitted in NICU “Marie S. Curie” Emergency Children’s Hospital Bucharest for intestinal obstruction after birth. Total parenteral nutrition, ileostomy, gastrostomy, clean intermittent bladder catheterisation, evaluation for multivisceral transplantation were performed. She was discharged from our NICU ward at the age of 4 years and 2 months with home total parenteral nutrition administered by her mother in sterile condition, clean intermittent catheterisation for bladder evacuation performed by her mother, monitored monthly for about three years, with normal cardio-respiratory function, no signs of thrombosis, she maintained relatively low platelet count without positive blood culture, good liver and renal function test. Normal neurological and psychomotor development according to age. Her course was complicated by multiorgan failure with death ensuing at the age of 7 years and 10 months