THE CORRELATION BETWEEN THE MARKET RISK AND THE LIQUIDITY RISK IN THE ROMANIAN BANKING SECTOR

A series of studies on liquidity management have appeared during the financial crisis, many of them comparing the funding liquidity with the market liquidity. The paper offers a dynamic image about the liquidity in the Romanian banking sector and its integration with the market risk, comparing the Value at Risk approach with the Liquidity at Risk approach. The research also wants to highlight the most significant features to consider in order to implement an effective liquidity risk management and to achieve a more integrated supervisory framework.liquidity risk, market crisis, liquidity limits, Value at Risk, Liquidity at Risk

Technical Analysis and Stochastic Properties of Exchange Rate Movements: Empirical Evidence from the Romanian Currency Market

Romanian currency market considering the episodic character of linear and/or nonlinear dependencies, between 1999 and 2008. The main conclusion is that profitability of moving average strategies is not constant over time and that is mainly due to linear and nonlinear episodic dependencies. The trading rule profits did not declined over time in the case of the Romanian currency market. Exploring the causes of profitability, it was found that it was closely related to the intensity of manifestation of episodic linear and nonlinear dependencies, the state of the market, and it was not the result of a time varying risk premium. The empirical results are consistent with the Adaptive Markets Hypothesis (Lo, 2004), but not with the Efficient Market Hypothesis.technical analysis, exchange rate, random walk, episodic dependencies, bicorrelation test

Stock Markets and their informational inefficiencies - the BSE case

The paper deals with the issue of stock market informational inefficiency differentiating between the main signals which indicate inefficiency manifestation within these markets. We discuss two main sources of inefficiency, price momentum and the mean reverting process, insisting on the causes of these departures. Also, we discuss the main stock market seasonal anomalies (the January effect, week end effect and the holiday effect) in the same time with those related tot the issuers’ characteristics (the size effect, value and growth stocks) keeping in touch with the main empirical results found in the case of the Bucharest Stock Exchange (BSE). In the end, the prediction capacity of different indicators to foresee future price evolution is carefully analyzed.stock market, informational inefficiencies, efficient market, seasonal anomalies

The impact of banks' financial statements publication on their market capitalization (The B.S.E. Case)

Conceived as an empirical study, the paper investigates investors’ behavior as a reaction to the publication of financial statements by the three commercial banks listed on Bucharest Stock Exchange (B.S.E.): BRD, BCC and TLV. Starting from the general framework of an event study analysis (ESA), the empirical research is doubled by two personal contributions to the ESA methodology represented by a parameters’ generalization module and one for optimizing internal variables. This modified methodology was run using personally-developed software (EvStud1.1), the main conclusion, inferred from a sample of 54 events, being the significant impact of financial statements’ publication on banks’ stock prices.financial statement, market capitalization, stock price, event study methodology

THE ANALYSIS OF THE RELATION BETWEEN THE EVOLUTION OF THE BET INDEX AND THE MAIN MACROECONOMIC VARIABLES IN ROMANIA (1997-2008)

Starting from the conclusions which result from conducting some similar empirical studies on the great stock markets, in this work, we have set as our goal to analyze the return series behaviour of the main index of the Bucharest Stock Exchange (BSE) - the BET index, during different periods of time, compared to the evolution of some macroeconomic variables, like interbank interest rates, inflation rate or unemployment rate. The results confirm that there is a weak relation between these variables, in what monthly data are concerned.stock market, macroeconomic variables, empirical study

Craniopharyngioma in Adults

Craniopharyngiomas are slow growing benign tumors of the sellar and parasellar region with an overall incidence rate of approximately 1.3 per million. During adulthood there is a peak incidence between 40 and 44 years. There are two histopathological types, the adamantinomatous and the papillary type. The later type occurs almost exclusively in adult patients. The presenting symptoms develop over years and display a wide spectrum comprising visual, endocrine, hypothalamic, neurological, and neuropsychological manifestations. Currently, the main treatment option consists in surgical excision followed by radiation therapy in case of residual tumor. Whether gross total or partial resection should be preferred has to be balanced on an individual basis considering the extent of the tumor (e.g., hypothalamic invasion). Although the overall long-term survival is good it is often associated with substantial morbidity. Preexisting disorders are often permanent or even exacerbated by treatment. Endocrine disturbances need careful replacement and metabolic sequelae should be effectively treated. Regular follow-up by a multidisciplinary team is a prerequisite for optimal outcome of these patients

The Role of the N-Methyl-D-Aspartate Receptors in Social Behavior in Rodents

The appropriate display of social behaviors is essential for the well-being, reproductive success and survival of an individual. Deficits in social behavior are associated with impaired N-methyl-D-aspartate (NMDA) receptor-mediated neurotransmission. In this review, we describe recent studies using genetically modified mice and pharmacological approaches which link the impaired functioning of the NMDA receptors, especially of the receptor subunits GluN1, GluN2A and GluN2B, to abnormal social behavior. This abnormal social behavior is expressed as impaired social interaction and communication, deficits in social memory, deficits in sexual and maternal behavior, as well as abnormal or heightened aggression. We also describe the positive effects of pharmacological stimulation of the NMDA receptors on these social deficits. Indeed, pharmacological stimulation of the glycine-binding site either by direct stimulation or by elevating the synaptic glycine levels represents a promising strategy for the normalization of genetically-induced, pharmacologically-induced or innate deficits in social behavior. We emphasize on the importance of future studies investigating the role of subunit-selective NMDA receptor ligands on different types of social behavior to provide a better understanding of the underlying mechanisms, which might support the development of selective tools for the optimized treatment of disorders associated with social deficits

Towards a more sustainable economy

El aumento del nivel del mar, la falta de alimentos o la extinción de especies tan solo son algunos de los problemas a los que la población se deberá enfrentar si no se consiguen revertir los efectos del cambio climático. La economía y las empresas juegan un papel fundamental en la sociedad actual y, por eso, es imprescindible su adaptación a las necesidades y los cambios que esta y su entorno exigen. Han de orientar su producción o crear modelos empresariales más sostenibles que tengan cabida en una economía circular, creando consigo el conocido como ‘empleo verde’. La Organización Internacional del Trabajo los define como “puestos de trabajo que contribuyen a preservar y restaurar el medio”. La parte medioambiental que abarca la economía está poco arraigada en la sociedad y el nivel de información que hay sobre ello es bajo. Este reportaje periodístico responde al hecho de que los medios de comunicación tienen un papel clave en su difusión, pues tienen la capacidad de ejercer sobre la concienciación y sensibilización ciudadana necesaria para que sus cifras y los estudios sobre el impacto que genera aumenten.The rising of the sea level, bad distribution of food and the extinction of some species are but a few problems that society will have to face if we are not able to revert the current effects of the climate change. Businesses and Economy are constituent in current society, hence, it is imperative to make an adjustment that fits the needs and changes the environment requires. They have to be orientated towards creating more a sustainable business model that leeways in a Circular Economy, thus establishing ‘Green Jobs’. The International Labour Organization (ILO) defines it as jobs that “contribute to preserve or restore the environment”. The envitomental part of the economy is not well established in society and the level of information about it is low. This jurnalistic report responds to the fact that the media have a key role in its dissemination, as they have the capacity to exercise the citizen awareness necessary so that their figures and studies on the impact they generates increase

2D Zeichentrick gegen 3D Computeranimation : das Ende des Zeichentrickfilms im Hause Disney?

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Profitability of the moving average strategy and the episodic dependencies : empirical evidence from European stock markets

Numerous recent studies are emphasizing the existence of different stock price behaviors, namely long random walk sub periods alternating with short ones characterized by strong linear and/or nonlinear correlations. All these studies suggest that these serial dependencies have an episodic nature. In this paper we investigate the profitability of an optimum moving average strategy selected from 15,000 combinations on the main European capital markets considering the episodic character of linear and/or nonlinear dependencies, the period under study being 1997-2008. The empirical results are consistent the assumptions made by the Adaptive Markets Hypothesis (AMH) of Lo (2004) regarding the fact that profit opportunities do exist from time to time. More than that, the paper proves that the profitability of those strategies is mainly due to nonlinear episodic dependencies.peer-reviewe