Decision Rules and their Influence on Asset Prices

This paper develops a market microstructure model with asymmetric information in order to quantify the influence which practical decision rules have on asset process. The users of practical decision rules have incomplete information at their disposal and trade in a market with both fully informed and uninformed investors, as well as with a competitive market maker. The users of practical decision rules affect the periodical ask and bid prices in two ways: by means of the precision of their information and through their share in the totality of investors, respectively. The resulting bid-ask spread is positive and proportional to the c.p. variation of these two influencing factors and is attributable to the adverse selection costs.

TESTING CAPITAL ASSET PRICING MODEL FOR ROMANIAN CAPITAL MARKET

The purpose of this article is the empirical testing of Capital Asset Pricing Model(CAPM) for the Romanian capital market, both for individual assets and for portfolios, using asample of daily data for 24 companies listed on Bucharest Stock Exchange, during the period06.01.2003 - 31.07.2009, following the interpretation of results and usefulness of the modelestimates. My intention is to find if the relationship between expected return and risk is linear, ifbeta is a complete measure of the risk and if a higher risk is compensated by a higher expectedreturn. The results confirm that the intercept is statistically insignificant, upholding theory, for bothindividual assets and portfolios. The tests do not necessarily provide evidence against CAPM,however other simulations can be built, more close to reality, improving the model and offering analternative which also takes into account the specific conditions of local capital market and theglobal financial crisis consequences.Capital Asset Pricing Model (CAPM), beta, risk free rate, risk premium, expected return

Investors Facing Risk II: Loss Aversion and Wealth Allocation When Utility Is Derived From Consumption and Narrowly Framed Financial Investments

This paper studies the attitude of non-professional investors towards financial losses and their decisions concerning wealth allocation among consumption, risky, and risk-free financial assets. We employ a two-dimensional utility setting in which both consumption and financial wealth fluctuations generate utility. The perception of financial wealth is modelled in an extended prospect-theory framework that accounts for both the distinction between gains and losses with respect to a subjective reference point and the impact of past performance on the current perception of the risky portfolio value. The decision problem is addressed in two distinct equilibrium settings in the aggregate market with a representative investor, namely with expected and non-expected utility. Empirical estimations performed on the basis of real market data and for various parameter configurations show that both settings similarly describe the attitude towards financial losses. Yet, the recommendations regarding wealth allocation are different. Maximizing expected utility results on average in low total-wealth percentages dedicated to consumption, but supports myopic loss aversion. Non-expected utility yields more reasonable assignments to consumption but also a high preference for risky assets. In this latter setting, myopic loss aversion holds solely when financial wealth fluctuations are viewed as the main utility source and in very soft form.prospect theory, Value-at-Risk, loss aversion, expected utility, non-expected utility

Investors Facing Risk: Loss Aversion and Wealth Allocation Between Risky and Risk-Free Assets

This paper studies the impact of loss aversion on decisions regarding the allocation of wealth between risky and risk-free assets. We use a Value-at-Risk portfolio model with endogenous desired risk levels that are individually determined in an extended prospect theory framework. This framework allows for the distinction between gains and losses with respect to a subjective reference point as in the original prospect theory, but also for the influence of past performance on the current perception of the risky portfolio value. We show how the portfolio evaluation frequency impacts investor decisions and attitudes when facing financial losses and analyze the role of past gains and losses in the current wealth allocation. The perceived portfolio value exhibits distinct evolutions in two frequency segments delimitated by what we consider to be the optimal evaluation horizon of one year. Our empirical results suggest that previous research relying on VaR underestimates the aversion of real individual investors to financial losses.prospect theory, loss aversion, capital allocation, Value-at-Risk, portfolio evaluation

Profile of medical-social impacts in children with dentomaxillary abnormalities in regards to the quality of life: a prospective, descriptive study

Rezumat Introducere. Evaluarea impactului sănatăţii orale la pacienţii cu anomalii dento-maxilare și anume evaluarea factorilor psihologici care sunt în scopul aprecierii unor măsuri comprehensive a disfuncţiei, discomfortului și incapacităţii auto-raportate atribuite afecţiunilor orale. Studiul respectiv a implicat identificarea unui model conceptual care a definit dimensiuni relevante ale impactului obţinând apoi o serie vastă de întrebări și ponderi numerice asociate, care au putut fi combinate pentru a crea scoruri sub-scalare ce reflectă frecvenţa și severitatea fiecărui impact. Pentru evaluarea mai explicită a determinării impactului psihologic ne-am trasat anumite obiective care reprezintă descrierea factorilor psihologici studiaţi. Scopul studiului a constat în evaluarea nivelului de disfuncţie, disconfort și incapacitate ce pare a corespunde cu stările clinice, descrierea unor aspecte medico-sociale și determinarea impactului psihologic la pacienţii cu anomalii dento-maxilare asupra calităţii vieţii copiilor. Material și metode. În studiul intentat au fost incluși un eșantion convenţional alcătuit din 151 pacienţi ortodontici, în scopul identificării afirmaţiilor despre impactul psihologic, care au completat chestionarul. Structura chestionarului constă din 49 de întrebari. Pentru a evidenţia impacturile adverse ale afecţiunilor orale a fost îndeplinit studiul transversal, care a permis descrierea unor aspecte medico-sociale și determinarea impactului psihologic la copii cu anomalii dento-maxilare asupra sănătăţii orale și calităţii vieţii copiilor. Rezultate. Conform criteriilor de includere în cercetare și obţinerea acordului de participare în studiu, copiii incluși au avut vârsta medie de 16,8±1,1 ani (limita inferioară — 14 ani și limita superioară — 18 ani). Întrebările care au fost folosite în chestionar, au demonstrat nivelele de disfuncţie, disconfort și incapacitate ce corespunde cu stările clinice și accesul la îngrijirea stomatologică. Rezultatele au demonstrat anumite diferenţe subtile la dimensiunile conceptuale ale impactului ca limitare funcţională și incapacitate fizică. Impactul psihologic asupra respondenţilor s-a manifestat cu diverse rate, ca exemplu în problemele dentare (rn =0,689), urmat de simţul de inconfortabiltate (rn =0,667) și simţul de tensionare (rn =0,625). În evaluarea incapacităţilor psihologice s-a manifestat cu cel mai mare impact -supărăciunea (afectivitatea) (rn =0,613), pe locul II — stânjenirea (rn =0,603) și pe locul III -simţul de deprimare (rn =0,674).La fel și afecţiunile cavităţii bucale au un impact asupra incapacităţii sociale. Aici pe locul I s-a plasat iritarea în discuţie cu alte persoane (rn =0,510), pe locul II — dificultăţi în îndeplinirea activităţilor zilnice (rn =0,479) și pe locul III — toleranţa scăzută faţă de familie (rn =0,453). Concluzie. În baza analizei datelor obţinute în studiul respectiv, putem aprecia gradul impactului medico-social al anomaliilor dento-maxilare asupra calităţii vieţii la copii, în funcţie de care, putem determina anumite obiective de ameliorare a calităţii vieţii.Summary Introduction. Assessment of the impact of oral health in patients with dentomaxillary abnormalities, namely the assessment of psychological factors (affectivity, personality, mood, feelings), which are aimed at comprehensively measuring the level of dysfunction, discomfort and self–reported disability, attributable to oral conditions. The study involved identifying a conceptual model that defines relevant dimensions of the impact, followed by obtaining a broad range of questions and associated numerical assessments that were combined to create sub–scalar scores that reflect the frequency and severity of each impact. For a more explicit evaluation of the psychological impact assessment, we have set out some goals that describe the studied psychological factors. The purpose of the study was to assess the level of dysfunction, discomfort and disability that seems to correspond to the clinical conditions, to describe some medical–social aspects and to determine the psychological impact in patients with dento–maxillary abnormalities in regards to the quality of life. Material and methods. In the study, a conventional sample of 151 orthodontic patients was included in order to record the statements regarding the psychological impact, based on a questionnaire. The questionnaire consisted of 49 questions. To highlight the adverse impacts of oral diseases, a transversal study was conducted which allowed the description of medical and social aspects and the determination of the psychological impact in children with dento– maxillary abnormalities on their oral health and quality of life. Results. According to the inclusion criteria in the research and after obtaining the participation consent, the enrolled children were on average of 16.8 ± 1.12 years of age (lower limit — 14 years and upper limit — 18 years). The cross–sectional research that was used via the questionnaire showed the levels of dysfunction, discomfort and disability that correspond to clinical conditions and the access to dental care. At this descriptive level, the results demonstrated some subtle differences to the conceptual dimensions of the impact, in regard to functional limitation and physical disability. The psychological impact on respondents was manifested at varying rates, as an example — in dental problems (rn = 0.689), followed by sense of discomfort (rn = 0.667) and feeling tense (rn = 0.625). In the assessment of psychological disabilities, the greatest impact was manifested by — affection (affectivity) (rn = 0,613), second place — embarrassment (rn = 0,603) and third place — depression (rn = 0,674). At the same time, oral cavity status has an impact on social disability. On the first place, there was the feeling of irritation towards other people (rn = 0.510), second place — difficulties in performing daily activities (rn = 0.479) and third place — low tolerance level towards family (rn = 0.453). Conclusions. Based on the analysis of the data obtained in this study, we can assess the degree of medical–social impact of dento–maxillary abnormalities on the quality of life in children, on which we can determine certain goals for the improvement of their life quality

Preparing for the future of Technological Progress: A study regarding the effective strategies for employee professional development

This article examines the changing job market and the need for companies to implement proactive measures to maintain competitiveness. It analyzes current and forecasted required skills in respect to the jobs of the future, such as IT&C, cybersecurity, robotics and AI. The article also emphasizes the importance of internship programs as a means for young individuals to gain valuable experience, develop skills, and explore career options. The most effective actions identified for enhancing competitiveness and employability include creating leadership development and modular training programs, conducting workforce planning exercises, and launching internal academy programs (Marr, Business Trends in Practice, 2021). Finally, the paper proposes a proactive guideline, arguing for the need of reskilling, vertical continuous training and digital transformation, aimed at equipping both companies and employees/future workers with the required skills and competencies to navigate the multifaceted dynamics of the labor market, including digital transformation and other related phenomena

Entscheidungsregeln und ihr Einfluss auf den Aktienkurs

Der vorliegende Beitrag quantifiziert anhand eines Marktmikrostruktur-Modells mit asymmetrischer Information den Einfluss der Anwender praktischer Entscheidungsregeln auf die Aktienkurse. Letztere werden als unvollständig informierte Anleger betrachtet. Neben diesen Anlegern agieren auf dem Markt vollständig informierte, uninformierte Investoren und ein kompetitiver Market Maker, welcher periodisch zwei Transaktionskurse (Ask/Bid) festlegt. Der Einfluss der unvollständig informierten Anleger auf die Transaktionskurse erfolgt einerseits durch die Genauigkeit ihrer Information, anderseits durch ihren Anteil an der Gesamtheit der Investoren. Die ermittelte Preisspanne (Spread) ist positiv and weist eine c.p. positive Abhängigkeit von diesen beiden Faktoren auf. Eine mögliche Erklärung dafür bietet das Auftreten von Adverse Selektion.

Tax depreciation versus accounting depreciation in Romania after joining the European Union

In order to give a true and fair view, accounting should be led by its own principles, without being distorted by value adjustments for taxation purposes. To achieve this goal, accounting must be separated from taxation, i.e., the tax recognition of the magnitude of some expenditure should not be subject to their impact on accounting. Although formally accepted, the disconnection of taxation from accounting continues to experience difficulties. But a certain progress can be detected. The regime of the expenditure with tax depreciation of the fixed assets is an example of separating accounting from taxation

INTERCEPTIVE ORTHODONTIC TREATMENT IN ANTERIOR CROSSBITE

Universitatea de Stat de Medicină şi Farmacie „Nicolae Testemiţanu”, Chişinău, Republica MoldovaIntroducere. Angrenajul invers este o deviație în plan sagital de la ocluzia ideala în zona anterioară. Aceasta reprezintă malpoziția linguală a unuia sau mai multor dinți superiori maxilari față de dinții anteriori mandibulari. Scopul lucrării. Planificarea tratamentului ortodontic pentru corectarea optimă a angrenajului invers în dentiția mixtă. Material și metode. Pacienta G.A,7 ani s-a adresat cu acuze estetice și funcționale, iar în urma examinării clinice și paraclinice s-a stabilit diagnosticul de Malocluzie clasa I Angle asociată cu angrenaj invers în reg.d.21.. Rezultate. S-a confecționat un aparat mobilizabil la maxilarul superior, adăugarea dizocluziei cu scopul de a permite saltul dentar. Tratamentul ortodontic a decurs cu succes, astfel ,timp de 5 luni am obținut acoperire în regiunea dinților frontali. Concluzii. Tratamentul ortodontic interceptiv este de succes atunci când este aplicat la timp ceea ce va facilita dezvoltarea armonioasă a maxilarelor.Background. An anterior crossbite is a deviation in the sagittal plane from the ideal occlusion. This represents the lingual malposition of one or more maxillary upper teeth relative to the mandibular anterior teeth. Objective of the study. Plannig the orthodontic treatment for optimal correction of crossbite in the mixed dentition. Material and methods. Patient G.A, 7 years old, suffered from aesthetic and functional accusations, and following the clinical and paraclinical examination, the diagnosis of Malocclusion Class I Angle associated with crossbite of the maxillary left central incisor. Results. A mobile appliance was made for the upper maxillary with disocclusion in order to allow the dental jump. The orthodontic treatment was successfully completed, so far 5 months was obtained coverage in the region of the front teeth. Conclusion. Interceptive orthodontic treatment is successful when it is applied in time, which will facilitate the harmonious development of the superior and inferior maxillary

The central register of sex offenders and trafficking in human beings

El propósito fundamental de este trabajo es analizar de forma específica el reciente mecanismo de prevención y protección de los menores frente a la delincuencia de naturaleza sexual: el Registro Central de Delincuentes Sexuales y de Trata de Seres Humanos. Para ello, se analizarán los antecedentes de este tipo de registro en los países de nuestro entorno, los motivos que dieron lugar a su creación en nuestro país, su ámbito de aplicación y las cuestiones problemáticas entorno al mismo, así como su efectividad empírica. The main purpose of this work is to specifically analyse the recent mechanism for the prevention and protection of minors from sexual crime: the Central Register of Sex Offenders and Trafficking in Human Beings. To do so, we will analyse the precedents of this type of register in neighbouring countries, the reasons that led to its creation in our country, its scope of application and the problematic issues surrounding it, as well as its empirical effectiveness