Inflation Dynamics in Romania – a New Keynesian Perspective

We investigate in this paper the main factors which drive inflation in Romania: inflation persistence, inflation expectations and real economy variables. We estimate a reduced form hybrid New Keynesian Phillips Curve in order to determine the degree of inertia and the impact of forward looking expectations. As a proxy for real economic activity, we alternatively use the change in the real labour cost, output gap, the capacity utilization rate, the economic sentiment indicator and the unemployment gap. We find that the capacity utilization rate and the unemployment gap are good proxies for the real economic activity. Inflation inertia is more important in explaining CPI inflation than rational expectations confirming the fact that inflation expectations in Romania are still highly adaptive.New Keynesian Phillips Curve, inflation dynamics, GMM estimation, forward looking expectations

Online Financial Reporting Disclosure Requirements Across Central and Eastern European Countries

The business community has admitted that the accounting is “the language of business”. They are using the accounting to communicate the existence and the evolution of the financial situation and also of the performance for the economical entities. Financial information is a form of a language. The purpose of this paper is to investigate the various elements of financial reporting frameworks and practice in the context of the Internet. The Internet has emerged as a recent medium of presentation of corporate information in the United States, Germany, Great Britain, but also in the Central and Eastern European Countries. Actual disclosure by companies from CEE was investigated in order to compare de jure and the facto financial reporting disclosure.financial reporting, Internet, disclosure, CEE countries

ROMANIAN PRACTITIONNERS AND THE USE OF ESTIMATES IN ROMANIAN BUSINESS ENVIRONMENT

Our research is based on a survey conducted among accountants, in order toinvestigate how the accounting profession feels in respect to the use of estimates at company level.By conducting this research we tried to obtain a realistic view on estimates applied in companiesand on the degree of familiarity of Romanian accountants with estimation techniques, especially inthe three representative fields at micro-level, namely: financials, accounting and auditing. We alsointended to track down those fields of the estimation evaluation process where professionals facemajor challenges and to come up with solutions eventually.accounting profession, estimations, evaluation, financial reporting.

INTELLECTUAL CAPITAL REPORTING AND DISCLOSURE IN THE ANNUAL REPORTS OF ROMANIAN MANUFACTURING LISTED COMPANIES â€" METHODOLOGY AND DISCUSSION OF RESULTS

In our study we have proposed to measure the extent of intellectual capital disclosure using annual reports as the source of our documentation. The empirical analysis is twofold: firstly we are interested in analyzing the value of intellectual capital using a value-based approach, through the evolution of market to book value ratio over the selected period and secondly we carry out a content-based analysis of the complete annual reports of the selected companies over the five year period and calculate an intellectual capital disclosure index. Looking at the figures we can conclude that only 50% of Romanian manufacturing companies hold intellectual capital assets for the period analysed and also they are mostly disclose information that refers to relational capital. The intellectual capital voluntary disclosure index for the 2005-2009 years for the sampled companies is on average almost 19%, considered very low.knowledge, intellectual capital reporting, annual reports, listed companies, disclosure

Inflation dynamics in Romania - a new Keynesian perspective

The objective of this paper is to identify the main factors which drive inflation in Romania: inflation persistence, inflation expectations and real economy variables. We estimate a reduced form hybrid New Keynesian Phillips Curve in order to determine the degree of inertia and the impact of forward looking expectations. As a proxy for real economic activity, we alternatively use the output gap, the unemployment gap, the unit labour cost, the capacity utilization rate and the economic sentiment indicator. We focus on the role of the monetary policy in controlling the various sources of inflation.peer-reviewe

VOLUNTARY DISCLOSURE AND PERFORMANCE IN TIME OF ECONOMIC INSTABILITY. THE CASE STUDY OF TURISM FELIX COMPANY

In the last few decades, the problem of voluntary disclosure of financial or non-financial information has been, in the attention of specialists, given the fact that information assimetry, as explained by the agency theory, has become an important factor for the actors of financial markets. High quality financial reports consistent with the IAS/IFRS, issued at regular intervals, have the role of offering data for in-depth financial analisys that can be the basis for decisions regarding stock market investments. The performance of company, estimated by using the EVA, MVA, VA indicators, are directly linked with the average cost of capital, which in turn is sensitive to the evolutions of the stock market, measured both by the level of the asset attached to the entity and of the level of financial market. The impact of voluntary disclosure on company’s performance in our paper has been studied on TUFE company listed on the Bucharest Stock Exchange, confirming a refined degree of predictability.voluntary disclosure, performance, cost of capital, EVA, TURISM FELIX

VOLUNTARY INTERNET FINANCIAL REPORTING AND DISCLOSURE – A NEW CHALLENGE FOR ROMANIAN COMPANIES

The majority of IFR and disclosure studies are focused on USA and European developed countries. Only a few studies have been carried on CEE countries. This paper examines the extent of voluntary internet financial reporting and disclosure of the Romanianfinancial reporting, Internet, voluntary disclosure, listed companies

Competition and market power in the Romanian banking sector

The current paper analyses the competition degree among Romanian banks during 2005-2015. We determine the bank-level competition for loans and deposits using efficiency-adjusted Lerner index, while Boone indicator shows how competitive these two markets are. Marginal costs (MC) are estimated with a Fourier flexible form cost function with two bank products, that generate the largest portion of revenues, (i.e. loans and deposits) and three input prices (i.e. labour, funds and physical capital). We use DFA for efficiency-improved Lerner index and Generalized Method of Moments with one-, two- or three-year lagged values of marginal costs as instrumental variables for Boone indicator. The results are compared to the values of HHI and C5, provided by European Central Bank. Overall, bank competition in Romania improves as a direct result of decreasing market power and concentration. On the loan market, we can notice that starting with 2014 banks have changed their behaviour by focusing more on optimizing their portfolios through a complex process of balance sheet cleaning, instead of acquiring additional market share and be more competitive

Operational Risk Modelling and Capital Adequacy – are There any Rewards in Greater Complexity?

The paper applies the methodologies proposed by Basel Committee on Banking Supervision for assessing the capital requirements in the context of operational risk to a Romanian commercial bank. The basic indicator, standard and internal measurement approaches (IMA) have been used to asses the capital requirement levels needed to cover the operational risk. The IMA is implemented using the loss distribution methodology (LDA). The capital at risk is computed from the loss distribution that aggregates, using Monte-Carlo simulations, the frequency and loss size distributions, fitted to the empirical data, for each business line and event type pair. Even though IMA is more costly and difficult to implement, it has, in some circumstances, considerable rewards in terms of capital requirements.operational risk, basic indicator approach, standardized approach, internal measurement approach, loss distribution methodology, Monte-Carlo simulation

Nanoparticules recouvertes de carbohydrates comme biocapteurs de lectines

Les interactions protéines-carbohydrates sont impliquées dans l'adhésion des bactéries à la surface cellulaire. L'utilisation des carbohydrates a permis le développement de nouvelles stratégies thérapeutiques et de biodétection. Comme leurs interactions avec les protéines sont faibles, une amplification de celles-ci est nécessaire. Cette thèse va aborder une telle approche pour développer un biocapteur. Pour amplifier et optimiser les interactions protéines-carbohydrates cette étude combine l'efficacité des glycodendrimères (GD) pour la reconnaissance de lectines et les propriétés optiques de l'or afin de développer des glyconanoparticules d'or (GNP) comme biocapteurs. Pour synthétiser les GNP, des dendrimères de type poly(amidoamine) PAMAM sont adsorbés sur des nanoparticules d'or (NP). Puis, les amines terminales de NP sont modifiées avec des carbohydrates (et des fluorophores) par un couplage thio-urée. Les méthodes physico-chimiques de caractérisation ont démontré que des GNP solubles dans l'eau, ayant une taille d'environ 2 nm, avec peu de défauts sur les branches de PAMAM et un bon rapport stoechiométrique N : S sont obtenues. Un titrage des amines terminales avec le TNBS permet de constater les bons rendements du greffage des carbohydrates. Les GNP ont été utilisées comme biocapteurs pour la détection de lectines végétales et d'une bactérie, E. coli par fluorescence et microscopie. Les mesures de fluorescence ont démontré que la surface d'or des GNP est impliquée dans le processus d'atténuation de la fluorescence des lectines par un mécanisme de transfert d'énergie de type SET. Cette méthode a permis de déterminer les paramètres thermodynamiques et cinétiques de l'interaction lectines-carbohydrates. Les constantes d'affinités de la lectine Con A pour les GNP sont 10 à 100 fois supérieures aux GD. Les paramètres thermodynamiques obtenus montrent une contribution entropique favorable pour les GNP comparée à une contribution entropique défavorable pour les GD lors de la formation du complexe lectine-carbohydrate. Les résultats cinétiques montrent que la formation du complexe lectine-GNP est une réaction biomoléculaire du deuxième ordre ayant une vitesse d'association inférieure aux vitesses contrôlées par diffusion. Le potentiel de nanoparticules de silice recouvertes de carbohydrates pour la détection des lectines a aussi été montré dans cette thèse. Cependant ces dernières sont moins sélectives envers les lectines