Does the geographic location influence takeovers?

The aim of this study is to examine whether there is an impact of geographical proximity, between the acquirer and the target company of a takeover process, on the success of the transaction. In order to do this we analysed a complete database of all the takeover bids between 2000 and 2014 on the Romanian capital market. The evidence reveals that not only is the geographical proximity important for the success of the transaction, but that also takeovers can occur across distant locations if the target firm has a long history of its activity that can be monitored by the acquiring companies. We have also tested if there are NUTS regions characteristics that can influence the decisionmaking, but the results were inconclusive

A DATABASE DESIGN OF MAJOR PAST FLOOD EVENTS IN ROMANIA FROM NATIONAL AND INTERNATIONAL INVENTORIES

Floods are one of the most significant natural hazards in Romania, causing losses of human lives and important damages to buildings and infrastructure. Romania is recognized among the most flood prone European countries. This work was conducted in the framework of the VULMIN project, aiming to extract the available key indicators of major and historical flood events in Romania, as a basis for better understanding the patterns of socio-economic vulnerability to floods at regional and national scales and of the adaptive capacity of living areas along the main rivers of this country. The existing databases on flood records at global (e.g. EM-DAT International Disaster Database, Dartmouth Flood Observatory, GLIDE database) and national level (the preliminary flood risk assessment conducted within the framework of the EU Flood Directive), research projects (e.g. Hydrate, Danube Flood Risk) and the available literature have been explored to collect indicators of intensity, magnitude, extent and impacts associated to past major flood events recorded in Romania. Starting from the scientific and reporting needs, taking into account the reliable information found in the documented databases, the main attributes of floods and flash-floods events has been embedded into a proposed database to be developed in the project, which may be useful for further analyses related to hydrological changes associated to climate change

High mountain region of the Northern Romanian Carpathians responded sensitively to Holocene climate and land use changes : A multi-proxy analysis

A high-altitude lake sediment sequence (Buhăiescu Mare, 1918 m a.s.l.) in the subalpine zone of the Rodna Mountains was analysed through a multi-proxy approach to determine the sensitivity of high mountain habitats to climate, fire and land use changes. The early Holocene regional forests were dominated by Pinus (sylvestris and mugo) and replaced by Picea abies from 9800 cal. yr BP. After an extended hiatus in the profile (c. 9800–4200 cal. yr BP), probably because of the physical removal of sediments through avalanche or high-flow events, P. abies, Abies alba and Fagus sylvatica forests developed after 4200 cal. yr BP. The timberline and treeline reacted sensitively to past changes in climate and human impact. The site was probably situated above the treeline throughout most of the investigated period. However, a treeline ecotone or krummholz zone may have sporadically reached the lake’s elevation in the early Holocene. A decline in timberline and treeline elevation was noted during the last 1200 years, and more evidently over the past 200 years, with replacement by subalpine shrubs (Alnus viridis) and alpine herbaceous communities. Because these vegetation changes were associated with an increased prevalence of pollen-based anthropogenic indicators, charcoal particles and abiotic indicators, human-induced fires and clearance and resultant erosion inputs to the lake are implied. Effects of current warming on the altitude range of trees are not yet visible, probably because land use has more strongly contributed to changes in land cover than the climate fluctuations of the last millennium in the Rodna Mountains