Special Issue: Financial Modeling and Investment Management

This is a special issue with papers on financial modeling, investment management and related topics.

Table of Contents

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Articles

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Authors:
Cornel Marian Iosif
Abstract:
Internal communication can be regarded either as a subsistent process of the organization, or as a process helping to decode and more easily understand them. Organizations are based on the internal communication process, because without it, information, ideas could not be sent, the organization’s goals and values could not be built, and its organizational culture would simply not exist. The internal communication process is centered on sending ideas, information in the organization. This is directly proportional with the efficiency of the organization. Internal communication allows for the best decision to be taken, for information to be sent towards the interior of the company, towards the employees, but also has the purpose of strengthening the relations between persons. Internal communication has at its basis the verbal and non-verbal communication, but they have great disadvantages, because: verbal communication has losses of information, depends on the moment of transmission, but also on the receiver.

Keywords: report, internal communication, neuro linguistic programming, company

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Authors:
Tiberiu Socaciu , Mirela Danubianu
Abstract:

A

bstract: in this paper we show how can estimate a financial derivative based on a support if assume for the support a Multi-Heston model.
Keywords: Euler Maruyama discretization method, Monte Carlo simulation, Heston model, Double-Heston model, Multi-Heston model.

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Authors:
Nicolae Morariu
Abstract:
The paper present a solution for the economic activity evolution diagnostic and prediction by means of a set of indicators. Starting from the indicators set, there is defined a measure on the patterns set, measure representing a scalar value that characterizes the activity analyzed at each time moment. A pattern is defined by the values of the indicators set at a given time. Over the classes set obtained by means of the classification and recognition techniques is defined a relation that allows the representation of the evolution from negative evolution towards positive evolution. For the diagnostic and prediction the following tools are used: pattern recognition and multilayer perceptron implemented in the REFORME software written by the author and the results of the experiment obtained with this software for macroeconomic diagnostic and prediction during the years 2005-2012 for diagnostic and 2013-2014 for prediction.

Keywords: pattern recognition, neural network, multilayer perceptron, indicators, diagnostic, prediction.

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Authors:
Mahdi Salehi , Mirsohrab Seyedghorbani
Abstract:
The present study is investigating the quality of annual accounting earnings in banking firms that have been listed in Tehran Stock Exchange (TSE) and it evaluates the most important information of accounting that is earnings and cash flows. The study also intends to investigate the relationship between earnings and cash flows regarding their relationship with the expected return of stocks and the extent of informing in the analysis of the inevitable return of stocks. The analyses of data during 6 years revealed that the earnings in comparison to the cash flows are very important as they have positive effects on the stock. Moreover, in the case of the relations of earnings and earnings changes with the expected return of stocks and the relation of cash flows and cash flow changes with the expected return of stock, it was found that there is only a meaningful relationship between earning changes and the expected return of stock in banking groups. However, there is no meaningful relationship between earning and cash flows with the expected return of stock. The result was that the informational content test didn’t support the value relation of earning and cash flows. Furthermore, the classifying of information through banking group indicated that the changes of earning was in the first rank and next were earning, the changes of cash flow and cash flows.

Keywords: Earnings; Cash flows; expected return; Value relevance; Banking risks

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Authors:
Tudor Colomeischi , Rozalia Kicsi
Abstract:

The current state of the global market pension was marked by the fact that pension systems in all countries have been strongly affected by the financial and economic crisis that broke out in the world, especially in 2008-2010. Its effects were felt primarily to pension schemes with defined
contributions (DC), the participants in these plans being increasingly skeptical about the ability to afford decent pensions. Type defined contribution plans requires, on the one hand, periods and higher contribution rates, and on the other investment plans and strategies for managing longevity risk appropriate to the market in which they operate and the characteristics of the participants in this market.
Currently in the world there are many types of retirement plans, the most important criteria to classify them are pension plan administrator, the connection with the employer participants, method of calculation of the benefit, the perspective of the pension plan, the way the pension plan is
fund or through the multi-pillar approach.

Keywords: defined benefit (DB type), defined contribution (DC type), pension system, annuity rate

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Authors:
Adrian Ioana , Tiberiu Socaciu
Abstract:

The article presents specific aspects of management and models for economic analysis. Thus, we present the main types of economic analysis: statistical analysis, dynamic analysis, static analysis, mathematical analysis, psychological analysis. Also we present the main object of the analysis: the technological activity analysis of a company, the analysis of the production costs, the economic activity analysis of a company, the analysis of equipment, the analysis of labor productivity, the analysis of the goods flow.

Keywords: Economic analysis, Models, Adoption of innovation

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Authors:
Ion Țuțuianu
Abstract:

Abstract

The small reform represented a significant step in the dynamics of the Romanian legal life. The amendments of the civil and criminal law prefigured the long waited big reform of the national legislation, to identify the mechanisms needed to accelerate the settlement of the processes as an essential coordinate of the constitutional state.  

The Law no. 202 from October 25, 2010 concerning some measures to accelerate the settlement of the processes brought in actuality several problems the activity of interpretation and law enforcement, of bridging modifying provisions with the existing ones in the Code of Civil Procedure and the Code of Criminal Procedure, at that time, but also concerning the application in time.

Keywords: reform, mediation, offense.