The main theories of the dividend decision

This paper has like objective to present the main theories of the dividend decision. So, after a short introduction we present Lintner’s partial adjustment model, models derived from the Lintner’s and residual dividend theory.theories, dividend decision, adjustment model

The bonds financing - an financing option for the firm

Through this present paper there are presented a few aspects concerning one of the instruments of medium and long term debt which can be used by companies, and that is the bonds credit. So that, after a short presentation of the framework in which this debt method can be used, there are presented the conditions that have to be fulfilled so that a company could have access on the bonds market. Then there is briefly presented a parallel between the mechanism of forming the capital through the issue of stocks and bonds. A large space is occupied by the parameters of the issue of bonds. Also, there are widely presented the elements included in the prospect of emission. After a short presentation of the conditions which have to be fulfilled in order to have access to a certain category of listing and emphasizing the six emissions of bonds quoted on the Bucharest Stock Exchange, in march 2008, finally, there are presented the advantages and disadvantages of appealing of this method of debt.debt, financing option, bonds market, financial decision

INFLATION INFLUENCE ABOUT INVESTMENT DECISION

In this article, we are dealing with an issue very important as regards theinvestment decision, namely the influence that it has on inflation. Thus, in a brief introductionspotlighted how we have perceived inflation today, what it means and how it manifests itself.An ample space in the paper is dedicated manner of determining the net present value in thepresence of inflation, with an emphasis on the link between the real interest rate, the nominalinterest rate and the inflation rate. To be convincing in our approach we introduced in thelast part of the paper a case study in which we showed how affects inflation on investmentdecisions, in practical way.investment, decision, inflation, cash flow

DETERMINATION OF COMPANY VALUE BY THE APPROACH BASED ON ASSETS

This paper treats method based on assets of valuation of firm. So, after short theoretical considerations about this method we presented a practical study of valuation for a leasing firm. The method based on assets, also known as patrimonial method, the method based on costs and the method based on replacement costs, consists in correcting (adjusting) the book values of individual assets and company debts to convert them in market values.In this assessment, the company is mistaken with its assets, namely with the net asset, the valuator considering it as disjoined, respectively as an amount of assets.company value; method based on assets; patrimonial value Dependence, Option Pricing

The market value added and the return on invested capital for industrial Romanian firms

The major objective of the company management is to maximize the value of the company and the wealth of the shareholders. In order to create value, a company must post results big enough to cover the operating costs and to properly remunerate the invested capital. A major factor of influence on the company’s value should be the level of the return. In this respect, this paper emphasizes the correlation between the market value added and the return on invested capital for 17 Romanian industrial companies listed on Bucharest Stock Exchange.market value added, return, market value, firm

Strengthening Romanian banks' role in the European funds absorption

This paper has like objective to present the main aspects concerning strengthening romanian banks' role in the european funds absorption. So, we organized our paper in two sections: the role of banks in the absorption of EU funds and the impact of the current financial crisis on the proces of absorption of structural funds.banks, European funds, financial crisis

A study regarding the value added of the SMEs from the district of Dolj, Romania

In this paper, a study regarding the value added of the SMEs from the district of Dolj, Romania, was carried out. The pursued objectives of this study are as follows: the calculation of the value added generated by the SMEs from the district of Dolj; the analysis of the structure of the value added, considering the sources of obtaining and its destination; the calculation and the analysis of some relevant rates; the analysis of the structure of the value added on branches of activity. The required data was got from the financial statements of these companies and the study aimed the period between 2002 and 2005.peer-reviewe

Price stability and financial stability in the context of EUROSYSTEM’s monetary policy

In this article we propose to review some aspects of the relationship between price stability and financial stability in the current economic context. It is acknowledged that monetary policy of the EUROSYSTEM still have as the main objective the price stability, this being one of the most important ways of supporting sustainable economic growth. Although there are many theoretical approaches of the price stability concept all converging towards the idea of measuring and control of permanent inflation. Financial stability can be seen in the broad sense as the situation in which the financial system may ensure the efficient allocation of savings to investment opportunities and may face the shock without major disruptions. Viewed from this perspective the increased complementarity between price stability and financial stability is associated with economic globalization and, in particular, eliminating impediments to the free movement of capital flows. On the other hand the financial stability may be defined as a situation characterized by the absence of banking crises and by the existence of a certain level of price stability of the assets, including interest rates.peer-reviewe

A MODEL OF ANALYSIS OF THE E-LEARNING SYSTEM QUALITY

The wide proliferation of the e-learning formation system become a true fact. The infrastructure delivered by the internet network permitted the decreases of the exploitation costs in favor of the beneficiary of formations. Like in the case of the classic system of formation a question about how to measure the its quality is raised. It is very specialized environment with the same actors like in the classic system too but with different type of interactions. Can we say that in both system the results are similar and their quality is the same. This paper reveal a model that can be used when try to evaluate the quality of this kind of system using specialized indicators for every aspect that can be measured.e-learning system, quality, indicators, beneficiary of formation elearning activities, e-learning materials