LUCIAN TATU

The economic and financial crisis generated by COVID-19 has determined a huge pressure on the state, to which is automatically assigned a dual role, with a major importance in relaunching the Romanian economy. The state authorities remains within the role of collecting the budgetary revenues of fiscal nature, necessary to ensure the smooth functioning of health, education, justice, etc. On the other hand, it is absolutely necessary the intervention of the state through measures that support the business environment and individuals in order to overcome the negative effects generated by the lack of liquidity. The intervention on the existing fiscal pressure requires rapid action, applicable as soon as possible, without exceptions and without excessive bureaucracy, with an involvement and collaboration between the state authorities and the business environment, respectively taxpayers, based on honesty, fairness and total transparency. The reduction of fiscal budget revenues (felt today) is indisputable. However, taking into consideration this context, measures as increasing taxation, maintaining the fiscal burden in order to obtain budgetary revenues to cover the existent budgetary expenditures represents only a clear path to the disaster of Romania’s economy. The only viable solution outlined is based on the resettlement of budget expenditures, simultaneously with the temporary waiver of part of the tax revenues in order to restart the activity of companies. The onset of the COVID-19 crisis means a total ‘restart’ of the business environment. On the other hand, it can also be an opportunity for the state authorities to intervene in the continuity of the activity of those companies that have shown ‘inappropriate tax behavior’ for long periods of time. © 2021, The Author(s), under exclusive license to Springer Nature Switzerland AG.

The paper aims at identifying the determinants of the sovereign rating for a panel comprising of 25 European Union countries over the period 2005-2012. We found that short run variation in inflation, unemployment, public debt to GDP ratio, real growth rate, GDP per capita and control of corruption are robust determinants of sovereign debt rating. We also showed that key socioeconomic and political indicators of sovereign credit risk vary with differences in countries’ development. In addition, a series of indicators such as real GDP growth rate and public debt to GDP ratio seems to act differently during the postcrisis period.

Contents The importance of the transition to IFRS for insurance companies in Romania  Costin A. ISTRATE, Dumitru BADEA / 9 The effect of implementation of insurance transparency mediation on the Danish and Finnish insurance markets  Paul DUMITRU / 22 The insurance market in 2014. Europe vs. Romania  Cătălin GOIA / 29 Specific procurement procedures-sources of risk in the management of structural funds in Romania  Dumitru BADEA, Ciprian NICOLAE / 35 Study regarding financial sustainability in Romania's health system  Tatiana BOGDAN / 45 Fraud in car insurance  Marian VELICA / 56 Modern indicators of measuring the societies ability to create value  Nicolae BALTEȘ, Alexandra-Gabriela-Maria DRAGOE / 62 Microeconomic factors affecting financial performance of Romanian companies listed on Bucharest Stock Exchange  Lavinia Mihaela GUŢU / 71 Legal framework of corporate governance in Romania and Greece: a comparative study  Ramona Iulia ȚARȚAVULEA (DIEACONESCU) / 80 Discussing ...

Include CD cu aplicații practice Cartea cuprinde: Elemente introductive în gestiunea portofoliului; Calculul rentabilității istorice a unui active; Estimarea rentabilității și riscului unui activ; Considerente privind comportamentul investitorilor; Modele de estimare a rentabilității utilizate în gestiunea portofoliului de acțiuni (modelul de piață, CAPM, modelul de arbitraj, discounturi și prime de lichiditate și control); Eficiența pieței financiare; Rentabilitatea și riscul portofoliilor; Standardele AIMR pentru calculul rentabilității portofoliilor Value-at-Risk (VaR); Modelul Markowitz de selecție a portofoliului; Aplicabilitatea CAPM în gestiunea portofoliului; Modele multifactoriale; Aplicabilitatea modelelor heteroskedastice în gestiunea portofoliului; Tehnici de acoperire a riscurilor asociate investițiilor în active financiare; Gestiunea portofoliului în context internațional; Cuantificarea performanțelor portofoliului; Asimetria de informații în gestiunea portofoliului. L...

... deficitul guvernamental duce la o reducere a ratei de economisire şi a ratei de creştere (Alogoskoufis, Rodrick, 1991). ... de integrare economică), trendurile de convergenţă sau divergenţă să depindă în mod decisiv de perioada analizată (Dickerson, Gibson, Tsakalotos, 1998, pp. ...

In the global economy, taxation is an important factor in the decision making process, especially for investment projects implementation in one state or another. Therefore, the level of corporate tax, providing tax relief, tightening the tax system may be elements that lead to fiscal competition between states to attract investments. Therefore, not the statutory tax rate, but the effective tax rate on profit is relevant in determining the tax benefits for a country. This paper aims to analyze the relationship between effective tax rate and statutory rate, based on the results recorded by the companies listed on Bucharest Stock Exchange during the period 1997-2009. It demonstrates that the unique statutory tax rate is a theoretical concept, and the effective rate differs from this level. Basically, the key element in calculating the corporate income tax is given by the deductibles.

The aim of this paper is to investigate the fairness and the redistributive effects of personal income tax (PIT) in seven Central and Eastern European countries, namely: Bulgaria, the Czech Republic, Estonia, Hungary, Latvia, Lithuania and Romania. Following Kakwani and Lambert (1998) methodology, we test tax equity and progressivity. We study the asymmetry of salary income distribution in order to examine the horizontal equity among individuals in the same group. We calculate the Gini coefficients in order to investigate the redistributive effects of PIT regulatory frameworks. We find that tax equity is fulfilled by all countries. However, PIT regulations does not allow for strong progressivity and for redistributive effects.

The paper focuses on Romanian experiences regarding the financial strategies used by managers from pre-university education. In Romania, local public authorities provide funds to pre-university institutions. Given the sharp economic recession and the austerity measures imposed by Romanian government, the public executives had to find solutions in collecting additional funds and in spending wisely the existing financial resources. Therefore, our paper aims at examining several practices regarding: (i) employees’ wages, (ii) EU funds implementing, (iii) self-financing activities, (iv) public procurement and (v) balancing strategies for the budgets, which could improve the financial management of public institutions. This also can contribute to the increase in the efficiency of spending at micro-level within public administration.

The mainstream in Finance studies recognizes the impact of tax shields on capital budgeting. This study offers some evidences regarding a bias in direct investment projects valuation in the case of taking into account of the allowance of recovery of the losses recorded in the past financial exercises from future profits as long as the classical indicators (e.g., Net Present Value) are used. Also, this tax regime seems to favour the adoption of less-performer projects by lessperformer companies, as long as these projects should be otherwise rejected by a performer company.

This paper analyzes the dividend payout by Romanian companies listed on the Bucharest Stock Exchange in connection with the changes in corporate taxes. If the tax burden on corporate gross incomes is increasing, the companies’ management can follow two reasons in deciding the dividend payout: to allocate more for investments, or to increase the dividend ratio. Each of these decisions can be argued based on Corporate Finance principles, depending on the management objectives. This paper found no significant correlation between the dividend policy and the corporate tax burden. However, the dividend payout reacted when the regulations related to the tax treatment of incomes were changed in 2005. Moreover, the dividend policy seems to be sensitive to the ownership structure, which can be explained by the impact of some agency problems.

ABSTRACT An important component of the transaction costs faced by investors in financial securities is the bid-ask spread set by market maker. The goal of this study is to determine the importance of the components of spread (order processing costs, inventory costs and adverse selection costs) using models based on autocovariance derived by Roll(1984), George, Kaul and Nimalendran (1991) and Stoll (1989). Also, we examine the relationship between some stock characteristics (such as daily volume of trading and average stock price) and spread. The data set contains information about Bucharest Stock Exchange (BSE) first tier quoted stocks, for the period 27.11.2006- 19.12.2006.This paper was presented at the 18th International Conference of the International Trade and Finance Association, meeting at Universidade Nova de Lisboa, Lisbon, Portugal on May 23, 2008Keywords: bid-ask spread, inventory cost, adverse selection cost, order cost

In the global economy, taxation is an important factor in the decision making process, especially for investment projects implementation in one state or another. Therefore, the level of corporate tax, providing tax relief, tightening the tax system may be elements that lead to fiscal competition between states to attract investments. Therefore, not the statutory tax rate, but the effective tax rate on profit is relevant in determining the tax benefits for a country. This paper aims to analyze the relationship between effective tax rate and statutory rate, based on the results recorded by the companies listed on Bucharest Stock Exchange during the period 1997-2009. It demonstrates that the unique statutory tax rate is a theoretical concept, and the effective rate differs from this level. Basically, the key element in calculating the corporate income tax is given by the deductibles. Keywords: corporate income tax, unique tax rate, emerging economies, Romania JEL Classification: H22, H...

The aim of this paper is to investigate the relationship between trade volume, number of transaction and daily volatility for Romanian Financial Investments Funds. There is a large debate on this topic. The empirical results of previous literature showed that there is a strong relationship between these varables. Using OLS regressions we found that trade volume has a larger impact

... comentarii foarte utile primite de la Delia Cataramă, Peter L. Jennergren, Joao Oliveira Soares, El Thalassinos şi Alexandru Todea. ... Corporate Finance, Irwin/McGraw-Hill Văcărel, I. (coordonator), Anghelache, G., Bercea, F., Bistriceanu, GD, Bodnar, M., Moşteanu, T., Georgescu ...