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TABLE OF CONTENTS
CONSIDERATIONS REGARDING THE PATRIMONIAL INVENTORY IN THE
SPIRIT OF EUROPEAN ACCONTING REGULATIONS ................................................... 13
AVRAM VERONEL ...................................................................................................................................................... 13 ŢOGOE GRETI DANIELA ............................................................................................................................................... 13
FINANCIAL PERFORMANCE INDICATORS FOR EVALUATION OF LISTED
COMPANIES .............................................................................................................................. 18
BALTEŞ NICOLAE ........................................................................................................................................................ 18 CIUHUREANU ALINA TEODORA ................................................................................................................................... 18
THE FINANCIAL IMPLICATIONS OF IMPLEMENTING THE NATIONAL REFORM
PROGRAM IN ROMANIA ....................................................................................................... 26
BALTEŞ NICOLAE ........................................................................................................................................................ 26 ISPAS ROXANA ........................................................................................................................................................... 26
RETAIL BANKING TRANZACTION INNOVATION ......................................................... 31
BANACU CRISTIAN ..................................................................................................................................................... 31 GRUDNICKI BOGDAN ................................................................................................................................................. 31
OPTIMAL FISCAL SYSTEM AND PUBLIC FINANCE SUSTAINABILITY
INDICATORS IN EAST EUROPEAN COUNTRIES WITHIN THE EU27 ....................... 36
BANU ILIE ................................................................................................................................................................. 36 BUTIUC IOANA-MĂDĂLINA .......................................................................................................................................... 36
FINANCIAL PERFORMANCE OF BANKS ANALYSIS ..................................................... 45
BǍTRÂNCEA IOAN..................................................................................................................................................... 45 BǍTRÂNCEA MARIA .................................................................................................................................................. 45 MOSCVICIOV ANDREI ................................................................................................................................................ 45
THE CONNECTION BETWEEN THE LUMP-SUM TAX AND THE SMES’
TURNOVER IN ROMANIA...................................................................................................... 51
BECA MARUŞA .......................................................................................................................................................... 51 ŞERBAN ELENA CLAUDIA ............................................................................................................................................. 51
THE RATING SYSTEM LICOS BUDGETARY INSTITUTIONS ...................................... 59
BECHIŞ LIVIU ............................................................................................................................................................. 59
THE PRESENT SITUATION OF THE ABSORPTION OF THE STRUCTURAL AND
COHESION FUNDS IN ROMANIA: THE CONSEQUENCES OF INTERRUPTION OF
PAYMENTS THROUGH SECTORAL OPERATIONAL PROGRAM HUMAN
RESOURCE DEVELOPMENT ................................................................................................ 62
BERICA CORINA ......................................................................................................................................................... 62 COCRIŞ VASILE .......................................................................................................................................................... 62
TESTING EFFICIENCY OF AN EMERGING CAPITAL MARKET: EVIDENCE FROM
BRATISLAVA STOCK EXCHANGE...................................................................................... 70
BIRĂU FELICIA RAMONA .............................................................................................................................................. 70
THE BUDGET OF THE PUBLIC INSTITUTION – A PROGRAMMING AND
EXECUTION INSTRUMENT FOR INCOMES AND EXPENSES ...................................... 76
BOBEŞ FLORINA-MARIA .............................................................................................................................................. 76
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THE IMPLEMENTATION OF RISK MANAGEMENT SYSTEMS IN ROMANIAN
PUBLIC INSTITUTIONS .......................................................................................................... 81
BOGHEAN FLORIN ..................................................................................................................................................... 81 HLACIUC ELENA ........................................................................................................................................................ 81 BOGHEAN CARMEN ................................................................................................................................................... 81
ACCOUNTING AND AUDIT IN TIMES OF CRISIS ........................................................... 88
BOIA MĂDĂLINA-IOANA .............................................................................................................................................. 88
A FAN CHART FOR INFLATION RATE FORECASTS IN ROMANIA ........................... 94
BRATU MIHAELA ....................................................................................................................................................... 94
CRISIS AND FINANCIAL REGULATION .......................................................................... 104
BRATU RENATE DOINA .............................................................................................................................................. 104 ŢĂRAN – MOROŞAN ADRIAN .................................................................................................................................. 104
WHICH ARE THE FUTURE REVENUES OF THE EUROPEAN UNION SINCE 2014?
..................................................................................................................................................... 110
BUNESCU LILIANA ................................................................................................................................................... 110 COMANICIU CARMEN .............................................................................................................................................. 110
APPLICATION OF THE PRINCIPAL COMPONENTS ANALYSIS TECHNIQUE ON
ROMANIAN INSURANCE MARKET .................................................................................. 122
BURCĂ ANA-MARIA ................................................................................................................................................. 122 ARMEANU DAN ...................................................................................................................................................... 122
IMPLICATIONS OF TAX BURDEN BORN BY THE FOREST ENTITY ON
ADMINISTRATIVE RESOURCES ....................................................................................... 130
CĂLEAN IOANA ........................................................................................................................................................ 130 GATEA MARIA ......................................................................................................................................................... 130
A SURVEY OF THE STRUCTURAL APPROACH IN CREDIT RISK MODELLING . 135
CĂLIN ADRIAN CANTEMIR .......................................................................................................................................... 135 POPOVICI OANA CRISTINA ........................................................................................................................................ 135
EFFECTS OF CENTRALIZATION IN THE POST-TRADING INFRASTRUCTURE OF
OTC DERIVATIVES ............................................................................................................... 144
CALISTRU ROXANA ANGELA ...................................................................................................................................... 144
FROM FISCAL SOVEREIGNTY TO A GOOD FISCAL GOVERNANCE IN THE
EUROPEAN UNION ................................................................................................................ 153
CHILAREZ DĂNUŢ .................................................................................................................................................... 153 ENE GEORGE SEBASTIAN ............................................................................................................................................ 153
FIABILITY OF PIVOT POINT INDICATOR ...................................................................... 163
CIUDIN ADRIAN ....................................................................................................................................................... 163 VASIU DIANA .......................................................................................................................................................... 163
THE BALANCE SHEET – INFORMATION SYSTEM IN THE FINANCIAL
DIAGNOSIS .............................................................................................................................. 169
CIUHUREANU ALINA TEODORA ................................................................................................................................. 169
SEVERAL COORDINATES REGARDING CIVISM TAXATION ................................... 178
COMANICIU CARMEN .............................................................................................................................................. 178 BUNESCU LILIANA ................................................................................................................................................... 178
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INTERNAL AND EXTERNAL AUDITORS AS A TEAM-WORK ................................... 184
CONSTANTIN NICOLAE VASILE .................................................................................................................................. 184 SUSMANSCHI GEORGIANA ....................................................................................................................................... 184
APPLICATIONS OF THE WAITING LINES THEORY IN FINANCING THE HEALTH
INSURANCE SYSTEMS ......................................................................................................... 190
CONSTANTINESCU DAN ......................................................................................................................................... 190 ALEXANDRU CIPRIAN ANTONIADE ............................................................................................................................. 190
THE BITCOIN ECONOMY, AN ANTI - CRISIS REMEDY? ........................................... 196
COZMEI CĂTĂLINA ................................................................................................................................................... 196 CALOIAN FLORENTIN ................................................................................................................................................ 196
QUALITY IN HIGHER EDUCATION: FROM WORDS TO REALITY ......................... 204
CREŢAN GEORGIANA CAMELIA ................................................................................................................................... 204 CÂMPEANU EMILIA MIOARA .................................................................................................................................... 204 CHIRILĂ VIORICA ..................................................................................................................................................... 204
TO WHAT EXTENT THE DIMENSION OF THE FACULTATIVE PENSIONS FUNDS
IS INFLUENCED BY THE PLACEMENTS OF THEIR ASSETS? STATISTICAL
STUDY IN ROMANIA ............................................................................................................. 213
CRISTEA MIRELA ..................................................................................................................................................... 213 MARCU NICU .......................................................................................................................................................... 213 SIMION MIRCEA LAURENŢIU ...................................................................................................................................... 213
THE LEASE AGREEMENT – A METHOD TO FINANCE THE PUBLIC SECTOR
INVESTMENTS ........................................................................................................................ 224
CRIVEANU MARIA ................................................................................................................................................... 224
STUDY ON LIQUIDITY IN ROMANIAN COMPANIES ................................................... 230
CSEGEDI SANDOR .................................................................................................................................................... 230 BǍTRÂNCEA IOAN................................................................................................................................................... 230 TODEA ANGELA ....................................................................................................................................................... 230
A STATISTICAL STUDY ON THE IT ROMANIAN COMPANIES PERFORMANCE 235
CSEGEDI SANDOR .................................................................................................................................................... 235 BǍTRÂNCEA LARISSA-MARGARETA ............................................................................................................................ 235 MOSCVICIOV ANDREI .............................................................................................................................................. 235
ABSENTEEISM AND THE IMPACT OF COST IN HOSPITALS .................................... 239
DĂUŞ GABRIELA LOREDANA ....................................................................................................................................... 239
THE VALUE OF R&D FISCAL TREATMENTS IN THE EUROPEAN UNION:
RECENT EXPERIENCES ....................................................................................................... 247
DIACONU MIHAELA ................................................................................................................................................. 247
SCIENCE AND ETHICS – PUBLIC USE OF ACCOUNTING EXPERTISE IN
CONTEXT OF THE FINANCIAL CRISIS ........................................................................... 256
DOBRE ELENA ......................................................................................................................................................... 256 PETRASCU DANIELA ................................................................................................................................................. 256
RESTORING THE INTERNATIONAL FINANCIAL AND MONETARY SYSTEM ..... 259
DOCIU MĂDĂLINA.................................................................................................................................................... 259 DUNARINTU ANCA ................................................................................................................................................. 259 ANDREICA ANGELA ................................................................................................................................................. 259
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CRISIS TRANSMISSION AND EFFECTS ON FINANCIAL SYSTEM. EVIDENCE
FROM ROMANIA .................................................................................................................... 264
DORNEAN ADINA .................................................................................................................................................... 264 FÎRŢESCU BOGDAN-NARCIS ....................................................................................................................................... 264
THE FINANCIAL RISKS OF THE ENTITY ....................................................................... 273
DUCU CORINA ......................................................................................................................................................... 273
SOVEREIGN CREDIT RATING AND STOCK MARKET CAPITALIZATION IN
CENTRAL AND EASTERN EUROPE, 1996 - 2010 ............................................................. 278
DUDIAN MONICA .................................................................................................................................................... 278 POPA RALUCA ANDREEA ............................................................................................................................................ 278
THE IMPORTANCE OF INVESTMENTS IN EARLY EDUCATION ............................. 286
DUMITRESCU ALEXANDRA ....................................................................................................................................... 286 CONSTANTINESCU ADRIAN ..................................................................................................................................... 286 TACHE ILEANA ......................................................................................................................................................... 286
VIEWS REGARDING THE ORGANIZATION OF THE ACTIVITIES RELATED TO
THE PREVENTION AND COMBAT AGAINST MONEY LAUNDERING .................... 292
DUMITRESCU SERJU ............................................................................................................................................... 292 AVRAM MARIOARA .................................................................................................................................................. 292
GLOBALIZATION OF FINANCIAL AND AUDITING SERVICES- FINANCIAL
IMPLICATIONS FOR ROMANIAN COMPANIES ............................................................ 299
DUŢESCU ADRIANA ................................................................................................................................................. 299 SAHLIAN DANIELA ................................................................................................................................................... 299
THE SIGNIFICANCE OF ETHICAL CONDUCT FOR THE ACCOUNTING
PROFESSION ........................................................................................................................... 309
DUŢESCU MIHAELA ................................................................................................................................................. 309
SUSTAINABLE DEVELOPMENT IN THE PRESENCE OF FOREIGN INVESTMENT.
OMV PETROM CRITICAL ANALYSIS .............................................................................. 313
ENE SEBASTIAN GEORGE ............................................................................................................................................ 313 IONECI MIHAELA ..................................................................................................................................................... 313 CHILAREZ DĂNUŢ .................................................................................................................................................... 313
INSURANCE SYSTEM AND EUROPEAN INSURANCE MARKET DURING CRISIS –
EVIDENCE FROM SOME POST-COMUNIST COUNTRIES .......................................... 323
FÎRŢESCU BOGDAN-NARCIS ....................................................................................................................................... 323
THE TESTING OF THE CONNECTION’S INTENSITY AND OF THE DEPENDENCE
SIGNIFICANCE BETWEEN THE ALLOCATIONS VALUE, THE SOLICITED VALUE
THROUGH THE SUBMITTED PROJECTS, THE VALUE OF THE APPROVED
PROJECTS, THE VALUES OF THE CONTRACTED ONES AND THE ABSORPTION
CAPACITY IN THE OPERATIONAL PROGRAMME ADMINISTRATIVE CAPACITY
DEVELOPMENT ...................................................................................................................... 333
FLORESCU DANIELA ................................................................................................................................................. 333
INCOME INEQUALITY IMPACT ON LIVING STANDARDS IN ROMANIA ............. 340
GANCIOV (MICULESCU) ANDRA .............................................................................................................................. 340 CISMAŞ LAURA ........................................................................................................................................................ 340
ECONOMIC CRISIS – UNDERSTANDING THE CAUSES TO ANALYSE POSSIBLE
SOLUTIONS.............................................................................................................................. 347
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GAVRILETEA MARIUS DAN ....................................................................................................................................... 347 MOGA AURA CARMEN .............................................................................................................................................. 347
THE IMPACT OF THE FINANCIAL STRUCTURE ON CORPORATE GOVERNANCE
..................................................................................................................................................... 354
GEORGESCU CRISTINA ELENA ................................................................................................................................... 354
THE INTENSITY OF LIBERALIZATION........................................................................... 362
GHERMAN MIRCEA-CRISTIAN ................................................................................................................................... 362 CIUPAC-ULICI MARIA-LENUŢA .................................................................................................................................. 362 COMAN ALEXANDRU ................................................................................................................................................ 362
HOW CONCENTRATED IS THE ROMANIAN BANKING SYSTEM OPPOSED TO
THE EUROPEAN UNION COUNTRIES AVERAGE? ....................................................... 369
GHIŢĂ-MITRESCU SILVIA ......................................................................................................................................... 369 DUHNEA CRISTINA ................................................................................................................................................... 369 VANCEA PAULA DIANE CORINA .................................................................................................................................. 369
ANALYSIS OF LOANS TO HOUSEHOLDS FOR HOUSE PURCHASE IN ROMANIA
..................................................................................................................................................... 374
GIBESCU OCTAVIA MARIA ......................................................................................................................................... 374
ASPECTS CONCERNING THE EXCISE DUTIES IN ROMANIA FOLLOWING THE
ACCESSION TO THE EUROPEAN UNION........................................................................ 381
HADA TEODOR ........................................................................................................................................................ 381 ANGHEL DANA CRISTINA ........................................................................................................................................... 381
ADVANTAGES AND OBSTACLES TO THE APPLICATION OF IFRS IN THE
REPUBLIC OF MOLDOVA ................................................................................................... 387
GRIGOROI LILIA ...................................................................................................................................................... 387 GHEDROVICI OLESEA .............................................................................................................................................. 387
THE IMPACT OF DIRECT FOREIGN INVESTMENTS ON THE ECONOMIC
PRODUCTIVITY GROWTH - CASE STUDY CENTRAL AND EASTERN EUROPE . 391
HALMI MIRELA ........................................................................................................................................................ 391 POPA DANIELA ........................................................................................................................................................ 391
HEDGING CURRENCY RISK IN EUROPEAN STOCK MARKETS: EVIDENCE FROM
THE CURRENT FINANCIAL CRISIS .................................................................................. 400
HOROBEŢ ALEXANDRA ............................................................................................................................................. 400 DRAGHICI ALINA ..................................................................................................................................................... 400 CONSTANTIN LAURA GABRIELA ................................................................................................................................. 400
HERITAGE, SHOULD BE SENT TO THE ACCOUNTING ANTIQUITIES MUSEUM?
..................................................................................................................................................... 411
ILINCUŢĂ LUCIAN – DOREL........................................................................................................................................ 411
DEVELOPMENTS IN THE BANKING INTEGRATION PROCESS: EVIDENCE FROM
THE NEW EU MEMBER STATES........................................................................................ 416
ILUŢ BOGDAN .......................................................................................................................................................... 416 POTLOG DORIAN ..................................................................................................................................................... 416
BUDGET REVENUES IN EU-27 ............................................................................................ 423
INCEU ADRIAN MIHAI ............................................................................................................................................... 423 ZAI PAUL ................................................................................................................................................................. 423
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INTERNAL AUDIT PROGRESS AND ITS ROLE ON CORPORATE GOVERNANCE
..................................................................................................................................................... 432
ION CLAUDIA ........................................................................................................................................................... 432 DURINA GEORGETA ................................................................................................................................................. 432 STANCIU JENI AURA ................................................................................................................................................. 432
IMPORTANCE OF THE MEASUREMENT OF THE LIQUIDITY RISK IN BANKING
MANAGEMENT ....................................................................................................................... 439
ION LUMINIŢA .......................................................................................................................................................... 439 ION ALEXANDRA ....................................................................................................................................................... 439
THE STYLIZED FACTS OF ASSET RETURNS AND THEIR IMPACT ON VALUE-AT-
RISK MODELS ......................................................................................................................... 447
IORGULESCU FILIP .................................................................................................................................................. 447
ENVIRONMENTAL AUDITING PROCESS – PART OF CORPORATE SOCIAL
RESPONSIBILITY REPORTING .......................................................................................... 456
IVAN OANA RALUCA ................................................................................................................................................. 456 PUŢAN ALINA .......................................................................................................................................................... 456
THE STRATEGIC ALIGNMENT BETWEEN KNOWLEDGE STRATEGY AND
INFORMATION SYSTEM STRATEGY IN THE BANKING SECTOR .......................... 466
JUCAN CORNEL NICOLAE ........................................................................................................................................... 466 DOLF BAIER MIHAELA SABINA ................................................................................................................................... 466
CURRENT CONSIDERATIONS ABOUT COST-BENEFIT ANALYSIS AND
ABSORPTION OF THE STRUCTURAL AND COHESION FUNDS USED FOR
INVESTMENT PROJECTS FROM ROMANIA .................................................................. 474
KAGITCI MERAL....................................................................................................................................................... 474 BUŞU CRISTIAN ........................................................................................................................................................ 474
EMU-INDUCED TAX MIXES CHANGES A MULTIDIMENSIONAL ANALYSIS OF
EURO AREA FISCAL STRUCTURES ................................................................................. 481
LAZĂR ISADORA ....................................................................................................................................................... 481
THE AMBIGUOUS CORRELATION BETWEEN FISCAL POLICY AND ELECTIONS
IN ROMANIA ........................................................................................................................... 488
LOBONŢ OANA-RAMONA ......................................................................................................................................... 488 KULOGLU AYHAN .................................................................................................................................................... 488
IS THE ROMANIAN BANKING SYSTEM INTEGRATED INTO THE EUROPEAN
ONE? A MONEY MARKET PERSPECTIVE ...................................................................... 494
LOVIN HORAŢIU ....................................................................................................................................................... 494
THE RECOVERY TERM’S CONTRIBUTION TO THE IDENTIFICATION OF VALUE
LOSSES FROM THE USE OF FIXED ASSETS .................................................................. 500
MANEA MARINELA – DANIELA ................................................................................................................................... 500
BASEL III - THE STABILITY OF FINANCIAL SYSTEM ................................................ 506
MARIN CORNELIA .................................................................................................................................................... 506
CONSIDERATIONS ON ECONOMIC INFORMATION SYSTEM OF PROFIT UNITS
..................................................................................................................................................... 513
MÂRZA BOGDAN ..................................................................................................................................................... 513 SAVA RALUCA .......................................................................................................................................................... 513
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ŞERBU RĂZVAN ....................................................................................................................................................... 513
THE DETERMINANTS OF BUDGET DEFICIT IN ROMANIA ...................................... 518
MESEA OANA ELENA ................................................................................................................................................ 518
APPROACH THROUGH PRACTICAL RESEARCH OF INTELLECTUAL CAPITAL
..................................................................................................................................................... 528
MIHAI IRINA ............................................................................................................................................................ 528 CIOBAN ALEXANDRA NARCISA .................................................................................................................................... 528 BALAN IOANA ......................................................................................................................................................... 528
NEW PERSPECTIVES FOR INTERNAL AUDIT WITHIN FINANCIAL INSTITUTION
IN THE LIGHT OF CORPORATE GOVERNANCE .......................................................... 534
MIHĂILESCU CIPRIAN TEODOR .................................................................................................................................. 534
FISCAL POLICY’S INFLUENCE ON ECONOMIC GROWTH IN THE EUROPEAN
UNION ........................................................................................................................................ 542
MIHAIU DIANA MARIETA .......................................................................................................................................... 542 OPREANA ALIN ....................................................................................................................................................... 542
RELEVANCE OF ACCOUNTING INFORMATION FOR THE MARKET VALUE OF A
COMPANY. CASE STUDY ON THE BUCHAREST STOCK EXCHANGE ................... 547
MILOŞ MARIUS CRISTIAN .......................................................................................................................................... 547 NICU IOANA ............................................................................................................................................................ 547 MILOŞ LAURA RAIS ................................................................................................................................................... 547
ASPECTS REGARDING FISCAL HARMONIZATION IN EUROPEAN UNION ......... 555
MOLDOVAN IOSIF ................................................................................................................................................... 555
BUSINESS FAILURE PREDICTION FOR ROMANIAN SMES USING
MULTIVARIATE DISCRIMINANT ANALYSIS ................................................................ 562
MOSCALU MARICICA ............................................................................................................................................... 562
THE BUSINESS MODEL AND FINANCIAL ASSETS MEASUREMENT ...................... 572
NICULA ILEANA ....................................................................................................................................................... 572
LOCAL BUDGET CONSOLIDATION AS AN INSTRUMENT OF LOCAL AUTONOMY
– EVIDENCE FROM ROMANIA ........................................................................................... 577
OPREA FLORIN ........................................................................................................................................................ 577 CIGU ELENA ............................................................................................................................................................ 577
MARKET INFORMATIONAL EFFICIENCY TESTS AND ITS CRITICS: THE CASE
OF EMERGENT CAPITAL MARKETS ............................................................................... 586
OPREAN CAMELIA ................................................................................................................................................... 586 BRĂTIAN VASILE ...................................................................................................................................................... 586
POST-CRISIS EXCHANGE RATE ARRANGEMENTS IN EUROPE ............................. 596
ORĂŞTEAN RAMONA ............................................................................................................................................... 596 MĂRGINEAN SILVIA ................................................................................................................................................ 596
QUALITATIVE ANALYSIS OF THE SIGNIFICANCE OF CREDIT RATING............. 603
ORHEIAN OANA MIHAELA ........................................................................................................................................ 603
ACCOUNTING MODELS SPECIFIC TO THE INDEPENDENT EXPORT OF GOODS
WITH SIGHT COLLECTION ................................................................................................ 610
PALIU – POPA LUCIA ............................................................................................................................................... 610
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RURAL DEVELOPMENT POLICY IN ROMANIA IN THE CONTEXT OF
REFORMING THE COMMON AGRICULTURAL POLICY AFTER 2013.................... 618
PĂUN (ŞARAMET) GEORGETA .................................................................................................................................. 618 PĂUN (CIOBANU) MIHAELA CRISTINA ........................................................................................................................ 618 CIOBANU LAURA ..................................................................................................................................................... 618
CURRENT ISSUES OF FISCAL CONTROL IN ROMANIA ............................................ 626
POP IOAN ................................................................................................................................................................ 626 MOLNAR ANDRA ..................................................................................................................................................... 626 GABAN LUCIAN ....................................................................................................................................................... 626
SELECTED ASPECTS OVER A STUDY ON FINANCING ASSETS USING FINANCIAL
LEASING IN SIBIU COUNTY ............................................................................................... 632
POPA DANIELA ........................................................................................................................................................ 632 HALMI MIRELA ........................................................................................................................................................ 632
FISCAL AND BUDGET POLICIES – MAJOR COMPONENTS OF ECONOMIC AND
SOCIAL POLICY MIX IN ROMANIA AT PRESENT AND IN FUTURE ....................... 643
POPA IONELA .......................................................................................................................................................... 643 CODREANU DIANA .................................................................................................................................................. 643 ALBICI MIHAELA ...................................................................................................................................................... 643
CREATIVITY VERSUS ILLEGALITY WHEN OPTIMIZING A COMPANY’S FISCAL
COST .......................................................................................................................................... 648
POPA MIHAELA........................................................................................................................................................ 648
ACCOUNTANCY – INFORMATION SOURCE FOR KNOWING THE ECONOMIC
AND FINANCIAL ACTIVITY................................................................................................ 654
PUICAN LILIANA ...................................................................................................................................................... 654 AVRAM MARIOARA .................................................................................................................................................. 654
CREDIT RISK TRANSFER MECHANISMS IN THE EU BANKING SECTOR ............ 661
ROMAN ANGELA ..................................................................................................................................................... 661 ŞARGU ALINA CAMELIA ............................................................................................................................................. 661
THE MANAGERIAL ACCOUNTING - A WAY OF PERFORMING FINANCIAL
MANAGEMENT IN ROMANIAN SMALL AND MEDIUM-SIZED ENTERPRISES .... 670
SABOU FELICIA ........................................................................................................................................................ 670
FINANCIAL INSTRUMENTS USED TO INCREASE THE ABSORPTION OF EU
FUNDS BEFORE AND AFTER EU ACCESSION, IMPORTANT INFLUENCE ON
ROMANIAN AGRICULTURAL POLICY............................................................................ 675
SASU GEORGICĂ ....................................................................................................................................................... 675 IONCEF CEZAR-SĂNDEL ............................................................................................................................................. 675
CHALLENGES OF OPERATING AND COMPLYING WITH THE UCITS IV
DIRECTIVE .............................................................................................................................. 686
SAVA CĂTĂLINA ....................................................................................................................................................... 686 RADU IOANA ........................................................................................................................................................... 686
MODELS OF PERSONAL INCOME TAX ........................................................................... 692
SAVA VALENTIN ....................................................................................................................................................... 692 TUREATCÃ MANUELA VIOLETA .................................................................................................................................. 692
CREDITING THE AGRICULTURE - A PAST AND PRESENT CONCERN OF THE
ROMANIAN BANKING SYSTEM ........................................................................................ 698
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SBÂRCEA IOANA RALUCA ...................................................................................................................................... 698
ALGORITHM IN THREE STAGES FOR PORTFOLIO OPTIMIZATION -
APPLICATION IN CASE OF ITALIAN STOCK MARKET ............................................. 704
ŞERBAN FLORENTIN ................................................................................................................................................. 704 ŞTEFĂNESCU MARIA VIORICA ................................................................................................................................... 704 DEDU SILVIA............................................................................................................................................................ 704
INVESTMENT PROJECTS ANALYSE METHODOLOGY .............................................. 712
SIMEN ANTONETA .................................................................................................................................................... 712
POSSIBILITIES OF CREATING A CONSISTENT AND PREDICTABLE
FRAMEWORK IN TERMS OF COSTS AND REVENUES FOR RAIL
INFRASTRUCTURE MANAGEMENT IN ROMANIA ...................................................... 716
STANCIU JENI AURA ................................................................................................................................................. 716 ION CLAUDIA ........................................................................................................................................................... 716 MUNTEANU VICTOR ............................................................................................................................................... 716
A FINANCIAL PROGRAMMING MODEL – REPRESENTATIVE INDICATORS AND
SCENARIOS.............................................................................................................................. 725
STANICA NICOLAE CRISTIAN ...................................................................................................................................... 725
HOW DO OWNERSHIP FEATURES AFFECT CORPORATE GOVERNANCE
DISCLOSURE? – THE CASE OF BANKING SYSTEM ..................................................... 732
ŞTEFĂNESCU CRISTINA ALEXANDRINA ........................................................................................................................ 732
THE CURRENT INTERNATIONAL FINANCIAL CRISIS AND THE FINANCIAL
SUPERVISION INSTITUTIONAL ARRANGEMENTS EFFECTIVENESS IN THE
EUROPEAN UNION COUNTRIES ....................................................................................... 741
STOICA OVIDIU ....................................................................................................................................................... 741 CĂPRARU BOGDAN .................................................................................................................................................. 741
A FINANCIAL-ACCOUNTING APPROACH TO PERFORMANCE, IDENTIFYING
FINANCIAL KEY COMPONENTS ....................................................................................... 749
TANASĂ FLORENTIN-EMIL ......................................................................................................................................... 749 HOROMNEA EMIL .................................................................................................................................................. 749 UNGUREANU SEBASTIAN ......................................................................................................................................... 749
CONSIDERATIONS OVER THE METHODOLOGY OF FINANCIAL ANALYSIS AND
ITS LINKAGE WITH BANKABILITY OF EUROPEAN FUNDED INVESTMENT
PROJECTS ................................................................................................................................ 759
TRENCA IOAN ......................................................................................................................................................... 759 PETRIA NICOLAE ...................................................................................................................................................... 759 DROJ LAURENŢIU...................................................................................................................................................... 759
THE TOLERANCE AND OPERATIONAL RISK APPETITE IN BANKING ................ 769
TRENCA IOAN ......................................................................................................................................................... 769 PETRIA NICOLAE ...................................................................................................................................................... 769 MUTU SIMONA........................................................................................................................................................ 769
TAXATION AND SUSTAINABLE DEVELOPMENT ........................................................ 776
TUREATCÃ MANUELA VIOLETA .................................................................................................................................. 776 SAVA VALENTIN ....................................................................................................................................................... 776
ANALYSIS OF FACTORS INFLUENCING THE LEVEL AND DYNAMICS OF NET
PROFITS .................................................................................................................................... 783
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UNGUREANU SEBASTIAN ......................................................................................................................................... 783 TĂNASE FLORENTIN EMIL .......................................................................................................................................... 783
STUDY REGARDING THE EVOLUTION OF THE WORKING CAPITAL AND THE
NECESSARY WORKING CAPITAL FOR 20 ROMANIAN COMPANIES DURING 2008
– 2010 .......................................................................................................................................... 792
VASIU DIANA ELENA ................................................................................................................................................. 792 CIUDIN ADRIAN ....................................................................................................................................................... 792
STUDY OF DETERMINANT FACTORS OF DIVIDEND POLICY PROMOTED BY
COMPANIES LISTED ON BUCHAREST STOCK EXCHANGE ..................................... 803
VINTILĂ GEORGETA .................................................................................................................................................. 803 MOSCU RALUCA GEORGIANA ..................................................................................................................................... 803
PUBLIC DEBT SERVICE AND ITS IMPACT ON PUBLIC EXPENDITURES ............. 813
ZUGRAVU BOGDAN GABRIEL ..................................................................................................................................... 813 DOBRANSCHI MARIAN ............................................................................................................................................ 813
PUBLIC EXPENDITURES IMPACT ON ECONOMIC GROWTH: EVIDENCES FOR
ROMANIA ................................................................................................................................. 823
ZUGRAVU BOGDAN-GABRIEL .................................................................................................................................... 823 SAVA ANCA-ŞTEFANIA ............................................................................................................................................... 823
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CREDIT RISK TRANSFER MECHANISMS IN THE EU BANKING SECTOR
ROMAN Angela
Ph. D. Associate Professor, Faculty of Economics and Business Administration/Department of Business
Administration, Alexandru Ioan Cuza University, Iaşi, Romania, [email protected]
ŞARGU Alina Camelia
Ph. D. Student, Faculty of Economics and Business Administration/Department of Business Administration,
Alexandru Ioan Cuza University, Iaşi, Romania, [email protected]
Abstract: In the last two decades the usage of innovative financial instruments has increased in the
European banking sector. Traditional instruments like loans sales have been complemented by new ones like the
credit derivatives instruments. In this context, the aim of our research is to test if and how the usage of the credit
derivatives instruments and the loans sales operations can be influenced by a series of banks characteristics. In
order to achieve this we have used a multiple linear regression analysis, where the independent variables were
represented by a series of banks characteristics, like banks size, their profitability or capitalisation ratio and the
dependent variables were represented by the estimations made regarding the major European banks presence on
credit derivatives and loans sales markets. The sample used was comprised from the major 20 banking groups
located in the European Union and the analysed period was 2007-2009. The obtained results suggest that larger
banks, well capitalised and strongly geographically diversified tend to be the most active in credit derivatives
instruments operations, while loans sales operations tend to be dominated by the banks well diversified, highly
capitalise and that have very good loaning opportunities.
Key words: credit derivatives, loan sales, banks, regression analysis
JEL classification: C 39, G 15, G 21
1. Introduction
The traditional credit risks transfer instruments, like loans sales, have been used in practice for
quite some time, while the new mechanism for credit risks transfer, like credit derivative instruments,
have been developed and became very popular only in the last 10 years. The statistics of the British
Bankers Association underline that the size of the credit derivative market has grown dramatically in the
last years, from 893 billion USD in 2000 to 23000 billion USD in 2009. Different market researches (see
BBA, 2006) underline that approximately only 1/3 of the transactions with such instruments are related to
the banks loans portfolio. Despite all this, the credit derivatives instruments have quickly gained an
important role on the credit risk transfer market. More traditional instruments, like loans sales, have also
registered an increase in the last years, their value almost doubled from 112 billion dollars in 2002 to 221
billion dollars in 2009 (LSTA, 2009).
In this context, the aim of the paper is to test if and how a series of banks characteristics are
influencing the transactions undertaken by the major European Banks with credit derivatives instruments
and loans sales operations. In order to achieve this we have used a multiple linear regression analysis,
choosing a series of banks characteristics as the independent variables. In addition we have performed
also a T-test in order to establish if the banks from our sample are forming a homogenous group. The
obtained results underline that the larger banks tend to be involved in credit derivatives operations while
the banks more geographically diversified and with a high capitalisation ratio tend to be the most
involved institutions in loans sales operations.
In order to achieve this the reminder of the research is organised as follow: the second part is
dedicated to a review of the academic literature on this subject, the third part presents the data and
methodology employed in our research, part four presents the empirical results for the usage of credit
derivative instruments and loans sales operations and part five contains the concluding remarks.
2. Review of the academic literature
Many researches from the academic literature have tried over time to address the question on the
need of the existence of a loan sales market as well as of a credit derivatives market. According to this
literature, many of the arguments are consistent with those existing in the case of the financial
innovations in general.
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diversified are the main actors on this market. In regard to the loans sales operations, these are undertaken
especially by the well diversified banks, that have a high capitalisation ratio and that are having extremely
good loaning opportunities, these banking institutions dominating the secondary credit market in the
European Union.
6. Acknowledgments
I hereby acknowledge the support of the “Alexandru Ioan Cuza” University of Iasi, in the
development of this article through the grant POSDRU/88/1.5/S/47646, entitled “Studii doctorale: portal
spre o carieră de excelenţă în cercetare şi societatea cunoaşterii”, co-financed through the European
Social Fund, within the Sector Operational Programme Human Resources Development 2007-2013.
7. References
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