Shadow prices and well-posedness in the problem of optimal investment and consumption with transaction costs

We revisit the optimal investment and consumption model of Davis and Norman (1990) and Shreve and Soner (1994), following a shadow-price approach similar to that of Kallsen and Muhle-Karbe (2010). Making use of the completeness of the model without transaction costs, we reformulate and reduce the Hamilton-Jacobi-Bellman equation for this singular stochastic control problem to a non-standard free-boundary problem for a first-order ODE with an integral constraint. Having shown that the free boundary problem has a smooth solution, we use it to construct the solution of the original optimal investment/consumption problem in a self-contained manner and without any recourse to the dynamic programming principle. Furthermore, we provide an explicit characterization of model parameters for which the value function is finite.Comment: 31 pages, 20 figure

Building Successful Information Systems – a Key for Successful Organization

An Information System (IS) can have a major impact on corporate strategy and organizational success. The involvement of managers and decision makers in all aspects of information systems is a major factor for organizational success, including higher profits and lower costs. Some of the benefits business organization seek to achieve through information systems include: better safety, competitive advantage, fewer errors, greater accuracy, higher quality products, improved communications, increased efficiency and productivity, more efficient administration, superior financial and managerial decision making.information system, management, software, organization

THE ANALYSIS OF THE ENTERPRISE SOCIAL MANAGEMENT BASED ON DASHBOARDS AND SOCIAL INDICATORS

This paper proposes a focus upon the aspects related to social indicators found in the social dashboards which are necessary for a good social enterprise management. The formal recognition of the need for social information took place in France, once with the promulgation of the social balance sheet law. It can be considered a dashboard with annual frequency, containing a number of indicators which allow a precise diagnosis of human resources and social aspects. The law of 1977 stated the social balance sheet by identifying aspects of human resources, with emphasis on social indicators. The paper presents in detail the milestones of emergence and evolution of social balance sheet, but also its objectives as a dashboard. The develop of social dashboards can be a guarantee of a good "social health” of the organizations in which they are perceived as a management tool because they simplify the Human Resources reporting and analysis.social management, social information, social indicators, social dashboards, social balance sheet

The Challenge of Ensuring Business Security in Information Age

Every day, thousands of businesses rely on the services and information ensured by information and communication networks. As the dependence on information systems grows, so the security of information networks becomes ever more critical to any entity, no matter if it is a company or a public institution. The asymmetrical threat posed by cyber attacks and the inherent vulnerabilities of cyberspace constitute a serious security risk confronting all nations. For this reason, the cyber threats need to be addressed at the global level. Given the gravity of the threat and of the interests at stake, it is imperative that the comprehensive use of information technology solutions be supported by a high level of security measures and be embedded also in a broad and sophisticated cyber security culture. This paper provides arguments regarding the need to implement coherent information security policies at national level, based on cooperation between public and private sectors and in coordination with international initiatives in the field. Since information security is vital for developing and running an efficient business, this study may constitute a strategic approach to improve the information security posture of Romanian organizations.information security; information security risk management; security threats; confidentiality; integrity; availability.

Modelling a Trusted Mechanism for Knowledge Sharing

Knowledge sharing has been identified as a major focus area for knowledge management. Efforts are made with a view to identify the most effective ways to share knowledge, as a step towards improving organizational performance. In this striving, various factors have been identified as impediments for knowledge sharing, including inadequate organizational structures, sharing unfriendly organizational cultures, and denominational segregation. Related problems may occur when information systems, such as intranets, distributed libraries, document management systems, or groupware applications, are introduced to support knowledge sharing. The extensive use of the IT&C has only added new questions on how to address issues of trust within the present knowledge -rich environment. This paper proposes a new way of approaching knowledge sharing in the context of information and communication technology development. The study provides an overview of the manner and extent in which information assurance concepts of integrity, authenticity, availability, non-repudiation and access-control may be employed to ensure a trusted and effective knowledge sharing process.knowledge sharing; sharing policy; access control; trusted knowledge sharing; barriers in knowledge sharing.

DETERMINATION OF USERS SATISFACTION LEVEL REGARDING THE QUALITY OF E-SERVICES PROVIDED BY “BOGDAN-VODA†UNIVERSITY

The results of researches present in the specialized literature emphasize thatthe evaluation of both e-services and traditional services is based on the customers’individual experiences.This paper presents a study conducted for evaluating the e-services provided by BogdanVoda University from an attitudinal perspective, based on 5 indicators of the servicesquality dimensions (tangibles, reliability, responsiveness, assurance and empathy).The study was performed to establish the quality of the e-services provided by theuniversity and whether these services influence the university image. Two basic, but wellstructured questionnaires were used in conducting this study: the first reflects thesubjects’ expectations and the second conveys their perceptions. Assuming that the mostmotivated evaluators of the quality of the e-services provided by the university are itsown students, it has been chosen a sample of 70 Bogdan Voda University juniors.The indicators interpretation is made according to their values: 0 meaning thesatisfactory level of the e-services and dimensions quality, the positive values indicatinga higher than expected service quality while the negative values translate into lower thanexpected service quality.quality, e-services, expectations, perceptions, users, dimensions, indicators.

DECISION TREES – A PERSPECTIVE OF ELECTRONIC DECISIONAL SUPPORT

Without substitute decision-maker, decision support system, through their components,can facilitate the work of decision-maker by providing useful clues to solving problems andidentifying opportunities. Choosing an optimal solution in case of complex decision makingprocesses, with a degree of uncertainty, involving a series of interdependent decisions, performed inseveral periods of time, can be achieved using decision trees. Suggestive and simple propertiespropel decision trees among the tools with a high degree of adoption and integration in electronicdecisional systems.tree, decision, risk, rollback, certainty