The influence of the European single market upon the SME activity

The analysis tries to highlight the manner in which the European common market will influence the SME activity in Romania. The challenges caused by regionalization and globalization of markets demand the compliance of SME to the competitive environment, by consolidating their market position and benefit from the economical opportunities. Romanian SME could become an economical growth vector only if the real capacity to adapt to a global competition and knowledge based economy is proved. Regarding this aspect, the authors try to present the most important positive and negative effects on the SME activity. Presently, the small level of competitiveness is due to the lack of necessary capital for supporting investment projects, but also to the constraints of financial sources. The study reveals the importance of SME in an economy and the Romanian SME capacity of overcoming the difficulties of entering a strongly competitive market. Romania has a SME sector which, although has recently followed a positive trend, it possess performances which are still low in comparison with the countries from European Union, including the countries which entered the European Union in May 2004. The branch structure of Romanian SME is still one specific to a less developed country: industries that use a high level of labor force and that has a competitive advantage related to the small cost of this factor; a small proportion of the tertiary sector; and an increased presence of the SME that have as principal activity commerce (2 times bigger than the European average). SME sector contribution to economical growth is well known in the majority of the countries of the European Union. If traditionally, small and medium enterprises were considered economical operators belonging to the internal market, today a growing number of SME are managing to conquer the global markets. Approximately one fifth of the SME involved in the productive activity in the OECD countries realize a proportion of 10 to 40 % of their turnover from international activities. SME contribute in a high proportion to the global industrial exports and increase the volume of foreign direct investments worldwide. Moreover, the European Union experience show that it has a significant contribution to the GDP and to the reduction of the unemployment rate.Competitiveness, SMEs (Small and Medium Entreprises), single market

Dynamics of financial markets in the context of globalization

The transformation of national segmented financial markets into integrated parts of the global financial market- the globalization process - involves cross-border and cross-sector integration in which capital movements and financial services are key determinants. Growth in trade and investments, important changes in production and technology, meaningful innovations in telecommunications and computer applications, and a generalized trend towards liberalization and deregulation of domestic and international markets have led during the last two decades to a closer and deeper interaction among international markets. As a result, the structure of financial markets has changed significantly and new international business opportunities, operations, networks, and challenges have appeared. Financial systems from both developed and developing countries have been subject to change. A key component of recent changes in the financial sector from the developing countries has been the impressive growth and internalization of capital markets. These markets have acquired great importance for the mobilization of international resources to support the continuing and expanding needs of those countries eager to finance their economic activities. The corporate sector plays an important role, since it is in the practice that large corporations have the widest range of funding options. They can engage in arbitrage between less efficient and more efficient markets on a global scale. In this paper we try to highlight the most important transformations that have occurred in the developing countries, with the reforms that have built a more sound and efficient financial system and to try to quantify the impact of globalization upon this system.globalization, innovation, derivatives market

Public investment and economic growth in the European Union member states

The issue of public investments became a very challenging subject for public decision makers since it incorporates the question of state performance, the quality of public finance and their effects on growth.The quality of public finance (QPF) is a multidimensional concept. It may be regarded as representing all the arrangements and operations regarding the financial politics that sustain the macroeconomic objectives, particularly the long-term economic growth. Financial policies at European level highlight the fact that a concentration of the public expenses in areas that stimulate the economic growth and a more efficient use of the public resources are key methods for sustaining the economic growth. The empirical proofs seem to support the assumption according to which certain types of public expenses can supply incentives and other can negatively influence the economic growth. The paper tries to reveal the effects of capital spending on economic growth (GDP per capita) for the European Union member states. The gross domestic product per capita and the capital expenses (functional classification of public expenses - “COFOG”) have been obtained by considering the Eurostat statistics, the measurement unit for the dependent variable and for the independent one is the EURO, while the period of analyze is of 7 years ( 2000-2006

The influence of the European single market upon the SME activity

The analysis tries to highlight the manner in which the European common market will influence the SME activity in Romania. The challenges caused by regionalization and globalization of markets demand the compliance of SME to the competitive environment, by consolidating their market position and benefit from the economical opportunities. Romanian SME could become an economical growth vector only if the real capacity to adapt to a global competition and knowledge based economy is proved. Regarding this aspect, the authors try to present the most important positive and negative effects on the SME activity. Presently, the small level of competitiveness is due to the lack of necessary capital for supporting investment projects, but also to the constraints of financial sources. The study reveals the importance of SME in an economy and the Romanian SME capacity of overcoming the difficulties of entering a strongly competitive market. Romania has a SME sector which, although has recently followed a positive trend, it possess performances which are still low in comparison with the countries from European Union, including the countries which entered the European Union in May 2004. The branch structure of Romanian SME is still one specific to a less developed country: industries that use a high level of labor force and that has a competitive advantage related to the small cost of this factor; a small proportion of the tertiary sector; and an increased presence of the SME that have as principal activity commerce (2 times bigger than the European average). SME sector contribution to economical growth is well known in the majority of the countries of the European Union. If traditionally, small and medium enterprises were considered economical operators belonging to the internal market, today a growing number of SME are managing to conquer the global markets. Approximately one fifth of the SME involved in the productive activity in the OECD countries realize a proportion of 10 to 40 % of their turnover from international activities. SME contribute in a high proportion to the global industrial exports and increase the volume of foreign direct investments worldwide. Moreover, the European Union experience show that it has a significant contribution to the GDP and to the reduction of the unemployment rate

Dynamics of financial markets in the context of globalization

The transformation of national segmented financial markets into integrated parts of the global financial market- the globalization process - involves cross-border and cross-sector integration in which capital movements and financial services are key determinants. Growth in trade and investments, important changes in production and technology, meaningful innovations in telecommunications and computer applications, and a generalized trend towards liberalization and deregulation of domestic and international markets have led during the last two decades to a closer and deeper interaction among international markets. As a result, the structure of financial markets has changed significantly and new international business opportunities, operations, networks, and challenges have appeared. Financial systems from both developed and developing countries have been subject to change. A key component of recent changes in the financial sector from the developing countries has been the impressive growth and internalization of capital markets. These markets have acquired great importance for the mobilization of international resources to support the continuing and expanding needs of those countries eager to finance their economic activities. The corporate sector plays an important role, since it is in the practice that large corporations have the widest range of funding options. They can engage in arbitrage between less efficient and more efficient markets on a global scale. In this paper we try to highlight the most important transformations that have occurred in the developing countries, with the reforms that have built a more sound and efficient financial system and to try to quantify the impact of globalization upon this system

Optimasi Portofolio Resiko Menggunakan Model Markowitz MVO Dikaitkan dengan Keterbatasan Manusia dalam Memprediksi Masa Depan dalam Perspektif Al-Qur`an

Risk portfolio on modern finance has become increasingly technical, requiring the use of sophisticated mathematical tools in both research and practice. Since companies cannot insure themselves completely against risk, as human incompetence in predicting the future precisely that written in Al-Quran surah Luqman verse 34, they have to manage it to yield an optimal portfolio. The objective here is to minimize the variance among all portfolios, or alternatively, to maximize expected return among all portfolios that has at least a certain expected return. Furthermore, this study focuses on optimizing risk portfolio so called Markowitz MVO (Mean-Variance Optimization). Some theoretical frameworks for analysis are arithmetic mean, geometric mean, variance, covariance, linear programming, and quadratic programming. Moreover, finding a minimum variance portfolio produces a convex quadratic programming, that is minimizing the objective function ðð¥with constraintsð ð 𥠥 ðandð´ð¥ = ð. The outcome of this research is the solution of optimal risk portofolio in some investments that could be finished smoothly using MATLAB R2007b software together with its graphic analysis

Impacts of the Tropical Pacific/Indian Oceans on the Seasonal Cycle of the West African Monsoon

The current consensus is that drought has developed in the Sahel during the second half of the twentieth century as a result of remote effects of oceanic anomalies amplified by local land–atmosphere interactions. This paper focuses on the impacts of oceanic anomalies upon West African climate and specifically aims to identify those from SST anomalies in the Pacific/Indian Oceans during spring and summer seasons, when they were significant. Idealized sensitivity experiments are performed with four atmospheric general circulation models (AGCMs). The prescribed SST patterns used in the AGCMs are based on the leading mode of covariability between SST anomalies over the Pacific/Indian Oceans and summer rainfall over West Africa. The results show that such oceanic anomalies in the Pacific/Indian Ocean lead to a northward shift of an anomalous dry belt from the Gulf of Guinea to the Sahel as the season advances. In the Sahel, the magnitude of rainfall anomalies is comparable to that obtained by other authors using SST anomalies confined to the proximity of the Atlantic Ocean. The mechanism connecting the Pacific/Indian SST anomalies with West African rainfall has a strong seasonal cycle. In spring (May and June), anomalous subsidence develops over both the Maritime Continent and the equatorial Atlantic in response to the enhanced equatorial heating. Precipitation increases over continental West Africa in association with stronger zonal convergence of moisture. In addition, precipitation decreases over the Gulf of Guinea. During the monsoon peak (July and August), the SST anomalies move westward over the equatorial Pacific and the two regions where subsidence occurred earlier in the seasons merge over West Africa. The monsoon weakens and rainfall decreases over the Sahel, especially in August.Peer reviewe

Search for dark matter produced in association with bottom or top quarks in √s = 13 TeV pp collisions with the ATLAS detector

A search for weakly interacting massive particle dark matter produced in association with bottom or top quarks is presented. Final states containing third-generation quarks and miss- ing transverse momentum are considered. The analysis uses 36.1 fb−1 of proton–proton collision data recorded by the ATLAS experiment at √s = 13 TeV in 2015 and 2016. No significant excess of events above the estimated backgrounds is observed. The results are in- terpreted in the framework of simplified models of spin-0 dark-matter mediators. For colour- neutral spin-0 mediators produced in association with top quarks and decaying into a pair of dark-matter particles, mediator masses below 50 GeV are excluded assuming a dark-matter candidate mass of 1 GeV and unitary couplings. For scalar and pseudoscalar mediators produced in association with bottom quarks, the search sets limits on the production cross- section of 300 times the predicted rate for mediators with masses between 10 and 50 GeV and assuming a dark-matter mass of 1 GeV and unitary coupling. Constraints on colour- charged scalar simplified models are also presented. Assuming a dark-matter particle mass of 35 GeV, mediator particles with mass below 1.1 TeV are excluded for couplings yielding a dark-matter relic density consistent with measurements

Search for heavy resonances decaying to two Higgs bosons in final states containing four b quarks

A search is presented for narrow heavy resonances X decaying into pairs of Higgs bosons (H) in proton-proton collisions collected by the CMS experiment at the LHC at root s = 8 TeV. The data correspond to an integrated luminosity of 19.7 fb(-1). The search considers HH resonances with masses between 1 and 3 TeV, having final states of two b quark pairs. Each Higgs boson is produced with large momentum, and the hadronization products of the pair of b quarks can usually be reconstructed as single large jets. The background from multijet and t (t) over bar events is significantly reduced by applying requirements related to the flavor of the jet, its mass, and its substructure. The signal would be identified as a peak on top of the dijet invariant mass spectrum of the remaining background events. No evidence is observed for such a signal. Upper limits obtained at 95 confidence level for the product of the production cross section and branching fraction sigma(gg -> X) B(X -> HH -> b (b) over barb (b) over bar) range from 10 to 1.5 fb for the mass of X from 1.15 to 2.0 TeV, significantly extending previous searches. For a warped extra dimension theory with amass scale Lambda(R) = 1 TeV, the data exclude radion scalar masses between 1.15 and 1.55 TeV

Combined searches for the production of supersymmetric top quark partners in proton-proton collisions at root s=13 TeV

A combination of searches for top squark pair production using proton-proton collision data at a center-of-mass energy of 13 TeV at the CERN LHC, corresponding to an integrated luminosity of 137 fb(-1) collected by the CMS experiment, is presented. Signatures with at least 2 jets and large missing transverse momentum are categorized into events with 0, 1, or 2 leptons. New results for regions of parameter space where the kinematical properties of top squark pair production and top quark pair production are very similar are presented. Depending on themodel, the combined result excludes a top squarkmass up to 1325 GeV for amassless neutralino, and a neutralinomass up to 700 GeV for a top squarkmass of 1150 GeV. Top squarks with masses from 145 to 295 GeV, for neutralino masses from 0 to 100 GeV, with a mass difference between the top squark and the neutralino in a window of 30 GeV around the mass of the top quark, are excluded for the first time with CMS data. The results of theses searches are also interpreted in an alternative signal model of dark matter production via a spin-0 mediator in association with a top quark pair. Upper limits are set on the cross section for mediator particle masses of up to 420 GeV